Asian Life Insurance Holds 17th AGM, Approves 5.10% Bonus Shares and Elects New Board

Kathmandu – Asian Life Insurance Company Limited successfully concluded its 17th Annual General Meeting (AGM) today at Hotel Ichchha in Simara, Bara. The meeting was held under the chairmanship of Deepak Kumar Shrestha, Chairman of the company’s Board of Directors.

The AGM approved the annual report for the fiscal year 2080/81, presented by Shrestha on behalf of the board. Key financial proposals were endorsed, including the distribution of 5.10 percent bonus shares from the paid-up capital of Rs. 3.39 billion, amounting to Rs. 173.3 million. Additionally, a cash dividend of Rs. 9.1 million (0.2684 percent) was approved to meet tax liabilities related to the bonus shares and dividends.

The shareholders also passed the balance sheet, profit and loss account, and cash flow statement for the fiscal year ending Ashar 2081, prepared as per Nepal Financial Reporting Standards (NFRS), along with the attached schedules.

The meeting saw new appointments to the company’s Board of Directors. From the founding shareholders’ Group ‘A’, Deepak Kumar Shrestha, Sushant Chachan, and Achyutraj Sapkota were elected, while Shaurabh Rungta and Shila Rajbhandari were elected from the general shareholders’ Group ‘B’.

Furthermore, the AGM approved the appointment of the external auditor for the fiscal year 2081/82 and finalized their remuneration. A resolution was also passed authorizing the board to amend the company’s memorandum of association and regulations in accordance with the decisions of the AGM and as per the directives of regulatory authorities.

Following the AGM, the newly formed board unanimously re-elected Deepak Kumar Shrestha as Chairman. The board also nominated Hem Bahadur Karki as an independent director.