Kathmandu: The 15th Annual General Meeting of Prime Life Insurance Company held at Agarwal Bhavan, Kamalpokhari has endorsed the agenda to distribute 13 percent stock dividend and 0.6842 percent cash dividend. The cash dividend has been provided against the tax adjustment of stock and cash dividends.
The assembly also discussed and passed the annual report, balance sheet, audit report, profit and loss account, consolidated income expense account, and other schedules. It has also passed the proposal to appoint auditors and fix remuneration.
Likewise, the assembly has passed a resolution to maintain the ratio of promoter and general shareholder’s group shares at 51:49. A resolution has been passed to deliver authority to the board of directors to submit an application to the Nepal Insurance Authority for in-principle approval for the merger, to amend and change the company’s article of association and memorandum of association. The merger process among Prime Life, Gurans Life, and Union Life Insurance Company are underway.