Sanima Life Insurance Merges With Reliance Life Insurance | Joint Operation From Today
March 23, 2023 | Investopaper
Sanima Life Insurance Company Limited (SLI) and Reliance Life Insurance Company Limited (RLI) have successfully merged with each other. After the merger, the joint transaction will commence in the name of ‘Sanima Reliance Life Insurance Limited’ from Chaitra 9, 2079 BS.
The merger received approval from the respective Special General Meeting of both companies held on Falgun 12, 2079 BS. Likewise, Nepal Insurance Authority provided final approval for merger on Falgun 18, 2079 BS.
Earlier, both the companies had signed a preliminary agreement (MOU) for merger on Ashad 29, 2079 BS.
As per the direction of Nepal Insurance Authority, the regulatory body, the life insurance companies are required to meet the minimum capital of Rs. 500 crores by the end of Chaitra, 2079 BS. Hence, these two life insurance companies have opted for merger in order to reach the capital requirement.
As of Poush’s end 2079 BS, Sanima Life Insurance has a paid-up capital of Rs. 208.40 crores while Reliance Life Insurance has a paid-up capital of Rs. 210 crores.
After the merger, the capital of ‘Sanima Reliance Life Insurance Limited’ will reach Rs. 418.40 crores.
Previously, Surya Life Insurance and Jyoti Life Insurance has merged successfully and started joint operation in the name of ‘SuryaJyoti Life Insurance Limited’ from Poush 7, 2079 BS.
Recommended:
when will the halted share of SLI in NEPSE be ready to be sell again?