Introduction of Prime life insurance Company Limited

Introduction of Prime life insurance Company Limited

Company Overview

MR. RESTA JHA, -CEO

PRIME LIFE AT A GLANCE • Came into existence in June 2007 • The promoters represent Nepal's leading and highly prominent business groups having widely diversified business interests and expertise • It reinsures with SCOR Global Life, which is a top 5 Life Re-Insurer of the world • It is powered by international operating software called 'SohamLife' • Introduced an SMS System, through which all the policy holders receive notification for payment of policies

INTRODUCTION Over the last decade, Nepalese insurance industry has undergone a substantial change, from being the domain of nationalized players to attracting private sector companies. Globalization and the consequent creation of new companies have sharply increased the competitive intensity and dynamism of the insurance business. This has fostered a need for greater flexibility in operations and processes to gain competitive advantage.

As the industry has changed, so too has the customer- provider relationship. In the modern context, insurance distribution is not only the old “Feet on Street” (FOS) agency model but has also become sophisticated and more effective with technology playing a greater role in enhancing services.

PrimeLife at a glance

Prime Life Insurance Co. Ltd. (PrimeLife) came into existence in June 2007. Promoted by eminent business groups, PrimeLife has carved a niche for itself in the insurance sector and has achieved the following:
Earned net profit of NPR 56.75 million in the first fullyear operation. This is an unprecedented achievement in the Nepalese Life Insurance Industry.
More than 165,000 policies in just 2 years of operation.
Collected premium amounting to NPR 330 million.
Increased its distribution network by opening 44 points of representations (including Branches and Sales Offices) all over Nepal.
Continues to be among the fastest growing life insurance company with incremental growth in premium, quality of business, customer service and assurance of good returns.
The share holding constitutes of the promoters holding 70 percent and 30 percent is to be offered to general public. The promoters represent Nepal’s leading and highly prominent business groups having widely diversified business interests and expertise. Laxmi Bank Limited, one of the leading commercial banks in Nepal, is one of the major promoters with 15 percent stake. We are expecting approval from Securities Exchange Board for Initial Public Offerings (IPO) amounting to NPR 108 million by the end of January 2010. After the completion of IPO, company’s capital base will increase to NPR 360 million from existing NPR 252 million.

Our Values

Our values are based on high standards of corporate governance, transparency and professionalism. Governed by our values, we are in the mission to:
Provide complete range of life insurance products bundled with innovation and superior customer services in order to achieve excellent business growth and provide superior value to all our stakeholders.
To make Prime Life appealing to the target consumer in terms of the following benefits earned:• Savings; • Life security; and • Tax benefits

We expect to achieve our overall vision through an excellent team work.