Kathmandu: IGI Prudential Insurance Limited has successfully concluded its 28th Annual General Meeting. The meeting was held today at Amrapali Banquet, Bhatbhateni, Naxal, Kathmandu, with the participation of shareholders and company officials.
Welcoming all shareholders at the meeting, Chairman Hemraj Dhakal said that insurance plays a vital role as a protective shield against financial crises arising from natural and human-induced risks. He noted that by safeguarding individuals’ lives, property, businesses, and liabilities, insurance has become an essential pillar of modern economic and social security systems.
Dhakal emphasized that the development, reach and credibility of the insurance market are widely regarded as key indicators when assessing a country’s overall economic health, business expansion, and sustainability. Guided by this understanding, IGI Prudential has successfully completed 28 years of operation with a clear focus on maintaining market stability, enhancing credibility, and expanding the scope and impact of insurance. He reaffirmed the company’s long-standing commitment to protecting policyholders’ rights while promoting a clean, transparent, and reliable insurance market.
The Annual General Meeting unanimously approved a proposal to distribute a cash dividend equivalent to 5 percent of paid-up capital to shareholders. Dhakal also informed the meeting that construction of the company’s own building at Panipokhari has been completed. The building, developed on 2 ropani 6 aana 2 paisa 3 daam of land, covers nearly 60,000 square feet and includes two basement parking levels and eleven storeys.
The structure has already been handed over by the contractor, and the company plans to relocate its head office from Narayanchaur, Naxal to the new Panipokhari building by mid-February 2026. IGI Prudential will use up to four floors for its own operations, while the remaining floors will be rented out to generate additional income.
Addressing recent challenges in the insurance sector, Dhakal noted that during the Gen Z protests held on September 8 and 9 of the current fiscal year, non-life insurance claims worth approximately Rs 23.44 billion were filed. In addition, continuous rainfall, floods, and landslides starting from October 4 resulted in claims of around Rs 4 billion. Despite these pressures, he expressed optimism that ongoing policy initiatives by the government, gradual improvements in key economic indicators, and positive signals from the stock market would help strengthen overall economic activity and improve the long-term business environment.
Dhakal further highlighted that in an era of intense global competition, delivering fast, secure, and efficient services through information technology has become unavoidable. Keeping this in mind, the company has been prioritizing technology-driven services and aims to become even more digital, simple, and customer-friendly in the current fiscal year.
Speaking at the meeting, Chief Executive Officer Yugesh Bhakta Bade Shrestha also welcomed shareholders and outlined the company’s nationwide presence. He said IGI Prudential is serving customers through a strong network of 90 branches across all seven provinces, supported by 531 employees, 430 agents, and 192 surveyors. He added that by the end of mid-February 2026, all head office services will be delivered from the company’s own building in Panipokhari.
Shrestha noted that with a paid-up capital of Rs 3.02 billion, IGI Prudential is the largest non-life insurance company in Nepal, and its business has continued to grow steadily. He explained that although business growth was expected to accelerate due to improved liquidity and lower interest rates in the banking sector during the review year, credit expansion remained weaker than anticipated despite lending rates falling to single digits. As a result, overall business growth fell short of expectations. He also pointed out that low government capital expenditure directly affected large-scale development projects across the country.
In fiscal year 2023/24, total premium income of Nepal’s non-life insurance sector stood at Rs 41.17 billion. During the review year, this increased by 6.77 percent to Rs 43.95 billion. IGI Prudential’s own premium income grew by 6.32 percent, rising from Rs 3.6361 billion in the previous fiscal year to Rs 3.8659 billion in the review year.
During the same period, the company settled around 18,500 claims, paying out a total of Rs 2.4633 billion. Shrestha also highlighted the company’s contribution to national development, stating that IGI Prudential paid Rs 798.7 million to the Government of Nepal in various taxes.
He said the company is focused on institutionalizing its achievements by strengthening internal control systems, complying strictly with policies, rules, and regulations, and following directives issued by the Insurance Authority and other regulators. By maximizing the effective use of available resources and improving information and communication systems, the company aims to ensure smooth and efficient service delivery from both branch offices and the head office.
Shrestha emphasized that IGI Prudential continues to move forward in full compliance with instructions issued by the Nepal Insurance Authority and other regulatory bodies. He added that the company is giving special priority to quality business growth in line with its paid-up capital, with ongoing efforts to further strengthen and upgrade its position in the insurance market.
In his closing remarks, Chairman Hemraj Dhakal thanked all participants for attending the 28th Annual General Meeting and approving all proposed agendas. He expressed his sincere appreciation for the trust, support, and valuable suggestions provided by shareholders. He also extended gratitude to government agencies, the Nepal Insurance Authority, other regulators, and the company’s customers for their continued cooperation and confidence.
Comment Here