Sagarmatha Insurance and Union Life’s Proposed Stock Dividends Revised by Authority

Kathmandu: Nepal Insurance Authority has instructed two insurance companies to revise the proposed dividend for FY 2077-78. The Authority has instructed Sagarmatha Insurance to reduce the stock dividends from 12.50 percent to 12.40 percent.

In the meeting of the board of directors held on Paush 5, 2079 the company proposed to distribute a stock dividend of 12.50 percent of the paid-up capital. When the proposal was submitted to the Insurance Authority for the nod, the Authority reduced it to 12.40 percent after scrutinizing the financial audit report of the company. Now, the company will propose a 12.40 percent to the upcoming annual general meeting (AGM).

Likewise, Union Life Insurance has been instructed to increase the stock dividends to 8.97 percent from 8.65 percent. The BODs of Union Life had proposed 8.65 percent stock dividends and 0.4553 percent cash dividends for tax purposes on stock and cash dividends on Paush 12, 2079. Now, Union Life will also present the revised dividends for endorsement by the upcoming AGM.

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