United Ajod Insurance's integrated business begins

KATHMANDU:United Insurance Company (Nepal) Limited and Azod Insurance Limited have merged into one another and United Azod Insurance Company Limited has started its integrated business. The company commenced its integrated business from May 28, 2023, and has announced its aim to become one of the top five life insurance companies within the next four years. The Chairman of the Insurance Board of Nepal, Surya Prasad Silwal, transferred the Insurance Operations License to the newly appointed Chairman of the company, Ajad Shrestha, during a special event held in Kathmandu on Saturday.

The merged company has a total capital of NPR 1.9 billion. It has NPR 596.7 million in the General Reserve Fund and NPR 726.4 million in the Insurance Reserve Fund. The net worth of the company stands at NPR 3.26 billion. It currently has 100 branches and 581 employees. The number of policyholders is 192,825, with a total premium collection of NPR 2.3979 billion. The company has invested over NPR 3.9879 billion in areas prescribed by the regulatory body.

Chairman Silwal, addressing the event, emphasized the need for insurance companies to enhance customer trust by providing quality services and reducing risks while maintaining profitability. He suggested that the merged company should focus on synergy and deliver excellent services.

He also advised the company to explore ways to reduce the cost of insurance policies and provide additional benefits to policyholders. Although the regulatory authority currently does not allow opening branches beyond the provincial level, he mentioned that there could be opportunities in the future.

Ravibhakta Shrestha, Chairman of United Insurance Company (Nepal) Limited, expressed his commitment to providing quality services and reducing insurance costs through the merger. He stated that with increased capital, the company would expand into new areas, offer higher returns to investors, and provide quality service to policyholders.

Ajad Shrestha, Chairman of United Ajod Insurance Limited, stated that within four years, the company aims to be among the top five insurance companies by offering competitive prices, superior service, and innovative life insurance products.

He shared plans to include the company in the list of institutions that contribute to the financial security of individuals, businesses, and organizations, leverage technology for digital insurance transformation, and operate the company in a sustainable and ethical manner.

Rajendra Malla, Chairman of the Non Life Insurance Association of Nepal and President of the Nepal Chamber of Commerce, conveyed his best wishes to the new company and urged the regulatory authority to expedite the consideration process. Chanki Kshetri, President of the Nepal Insurers' Association, emphasized the need for insurance companies to reach the population that remains uninsured.