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 504,883 policies in just 4 years of operation.
- Collected premium amounting to NPR 1,926 Million.
- Increased its distribution network by opening 85 network 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.