Kathmandu: The meeting of the board of directors(BODs) of Nepal Reinsurance Company Limited (NRIC) has proposed 4..99 percent dividends from the accumulated profits of the last financial year 2078-79. The meeting of the BODs held on Sunday proposed to distribute a 4.74 percent bonus share and 0.25 percent cash dividends for capital gains tax propose.
The reinsurer has a total paid-up capital of NPR12.23 billion. Its shareholders will get bonus shares worth NPR 515.8. NRIC will seek a nod from the Ministry of Finance and the Nepal Insurance Authority. After the nod, the agenda will be forwarded to the upcoming annual general meeting.
NRIC is a state-owned reinsurance company. In recent years its gradually losing its market share to its competitor Himalayan Reinsurance Company. Himalayan Reinsurance is a private-sector reinsurance company.