Kathmandu: Asian Life Insurance Company Limited (ALICL) has declared 15.26 percent dividend from the profit of fiscal year 2077-78. ALICL is the first life insurer to declare dividend for the FY 2077-78. The meeting of the board of directors(BODs) of the company held on Friday evening has proposed 14.5 percent bonus shares from the profit and reserve fund of the financial year 2077/78 and 0.76 percent cash dividend for tax purposes on the bonus shares.
The current paid up capital of the company is Rs. 2.53 billion. The 14.5 percent bonus shares accounts to Rs. 368.2 million. The paid up capital will be Rs. 2.90 billion after bonus share distribution. The company will need additional Rs. 2.1 billion to meet the minimum paid-up capital for a life insurers. The minimum paid up capital for a life insurer is Rs. 5 billion. The company’s management may be hopeful to distribute bonus share from the profit of financial year 2079-80 too which will support to increase the paid-up capital.
The shareholders will receive the proposed dividend only after it is passed by the annual general meeting(AGM) convened by the company. Before that, the proposed dividend should also be approved by the Insurance Board.
