Kathmandu: Citizen Life Insurance Company is celebrating its 5th anniversary. The company had launched its life insurance service delivery on 2nd Kartik 2074.
The company is celebrating the anniversary with various corporate social responsibilities activities. It has announced to conduct blood donation, sanitation, insurance awareness programme, health camp, stationery distribution, feeding the poor community etc.
Citizen Life has plan to meet the minimum paid-up capital requirement without any merger or acquisition. It has already collected additional 50 percent of the paid-up capital of Rs. 1.75 billion from it’s promoters. Now, it has paid-up capital of Rs. 2.62 billion. It has plan to issue 30 percent IPO to raise additional Rs.1.13 billion. After the IPO, the paid-up capital will be Rs.3.75 billion. Still it will need additional Rs.1.25 billion.
The minimum paid-up capital for the life insurers is Rs. 5 billion which they are obliged to meet by the end of Chaitra 2079.
In a period of 5 years, the company has managed to accumulate Rs. 5.81 billion in the life insurance fund and has a reserve fund of Rs.870 million. Within the span of five years, the company has earned Rs. 12.38 billion insurance premium. It’s bonus rate ranges from Rs. 25 to Rs. 73 per thousand.