Kathmandu: The BOD of Union Life Insurance Company Limited has given an extension to the tenure of CEO Mr. Manoj Kumar Lal Karna. The BOD has decided to extend the term for four years with effect from July 16,2021.
Karna’s term is coming to an end this mid-July. One month before the end of the term, the board of directors have decided to extend the term. Mr. Karna, who has more than two decades of experience in the insurance sector, has an MBA.
Union Life had started its life insurance business on September 19, 2008. Karna was appointed as the Chief Executive Officer of the company by the BOD in 2017. Union Life has been aggressively expanding its business, surpassing some of the older life insurance companies in just two years of operation.
Of the 10 new life insurance companies, Union Life has a market share of 26.84 percent. The company has already applied to the Securities Board of Nepal (SEBON) for the issuance of primary shares worth Rs. 645 million to the public.