September 7, 2023 | Investopaper
With the directive of Nepal Insurance Authority to increase the minimum paid-up capital of life insurance companies to Rs 5 billion and non-life insurance companies to Rs 2.5 billion, several insurance companies have undergone merger/acquisition in order to meet the minimum capital requirement.
As of Ashad’s end 2080 BS, there are 14 non-life or general insurance companies and 14 life insurance companies operating in Nepal. So far, 10 non-life insurance companies have successfully completed merger to form 5 new insurance companies. Likewise, 9 life insurance companies have merged and commenced joint operation in the name of 4 new life insurance companies.
The table below presents the list of the companies which have successfully merged and started integrated transaction.
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Mergers/Acquisitions Of Non-Life Insurance Companies
|S.N.||Non-Life Insurance Companies||Merger/Acquisition||Name Of Company After Merger/Acquisition|
|1||Ajod Insurance Limited and United Insurance Company (Nepal) Limited.||Merger||United Ajod Insurance Limited|
|2||Sanima General Insurance Limited and General Insurance Company Nepal Limited||Merger||Sanima GIC Insurance Limited|
|3||Sagarmatha Insurance Company Limited and Lumbini General Insurance Limited||Merger||Sagarmatha Lumbini Insurance Company Limited|
|4||Siddhartha Insurance Limited and Premier Insurance Company (Nepal) Limited||Merger||Siddhartha Premier Insurance Limited|
|5||Everest Insurance Company Limited and Himalayan General Insurance Company Limited||Merger||Himalayan Everest Insurance Limited|
Mergers/Acquisitions Of Life Insurance Companies
|S.N.||Life Insurance Companies||Merger/Acquisition||Name Of Company After Merger/Acquisition|
|1||Prabhu Life Insurance Limited and Mahalaxmi Life Insurance Company Limited||Merger||Prabhu Mahalaxmi Life Insurance Company Limited|
|2||Sanima Life Insurance Company Limited and Reliance Life Insurance Limited||Merger||Sanima Reliance Life Insurance Limited|
|3||Surya Life Insurance Company Limited and Jyoti Life Insurance Company Limited||Merger||SuryaJyoti Life Insurance Company Limited|
|4||Gurans Life Insurance Company Limited, Union Life Insurance Company Limited and Prime Life Insurance Company Limited||Merger||Himalayan Life Insurance Limited|
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