Kathmandu: Union Life Insurance (ULI) has announced its first dividend for its shareholders from the profit of the financial year 2077-78. The meeting of the board of directors(BODs) held on 12 Paush 2079 has proposed to distribute an 8.35 percent stock dividend and 0.4553 percent cash dividend for tax purposes of the dividends.
The dividend will be distributed after approval from Nepal Insurance Authority and endorsed by the upcoming Annual General Meeting. ULI expects to add additional funds to its paid-up capital prior to the completion of the merger process with Gurans Life Insurance (GLICL) and Prime Life Insurance (PLIC).
The current paid-up capital of ULI is Rs.2.15 billion including a 30 percent stake from the public shareholders. Among 10 life insurance companies established in the year 2074, ULI has been aggressive in the first premium income and renewal premium income for the last four years. Recently, its business seems in a downward trend amid the ongoing merger process with two other life insurers.
ULI has announced its policyholders’ bonus rate for the FY 2077-78. It’s declared bonus rate for the FY ranges from Rs.19 to 73.
