Kathmandu: Three life insurance companies, Prime Life, Gurans Life, and Union Life Insurance are scheduled to sign the final memorandum of understanding(MoU) for mergers on Sunday. A preliminary MoU was signed on Baisakh 29, 2079 regarding the merger between these companies.
With the agreement in the final MoU, these three companies will call an annual general meeting or special general meeting to get approval for the integrated business. Preparations are being made to kick off the integrated business within two months. The proposed name of the new company is Himalayan Life Insurance.
Union Life Insurance Chairman Shulabh Agarwal will continue to lead the Board of Directors of the integrated company. Similarly, it has been agreed that Manoj Kumar Lal Karn, the Chief Executive Officer of Union Life Insurance, will be the CEO of the new company. In addition, Nirmal Dahal, Chief Executive Officer of Prime Life, and Bipin Kumar Lal, Chief Executive Officer of Gurans Life Insurance will be in charge of Senior Deputy Chief Executive Officer.
Prime Life and Gurans Life have been in operation since 2064, while Union Life Insurance started the insurance business in 2074. The main promoters of Prime Life is Khetan Group, Guras Life’s Dugad Group, Union Life’s Shankar Group, and Golcha Group. The successful mergers among these three companies will limit the number of life insurers to 16 from 18.
Earlier Surya Life and Jyoti Life Insurance successfully completed the mergers process and kicked off their integrated business on the 7th of Paush.