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Asian Life Insurance Company has got operating license as per Insurance Act 2049 from Beema Samiti
on 27th February, 2008 (Falgun 15, 2064) and started functioning on 3rd April, 2008 (Chaitra 21, 2064). After 6 years in Nepalese Life Insurance Business, Asian Life Insurance Company is the first life Insurance Company to receive operating License from Beema Samiti.
The Authorized Capital of the Company is Rs. 1000 million. Out of which 671.32 million is currently paid up (70% by the promoter and the remaining 30% by the general public).
There are 68 promoters of the company: 6 institutional and the remaining 62 individual promoters. Among the institutional promoters, there are reputed finance and development banks of Nepal. Following are the major institutional promoters:
- Mahalaxmi Finance Limited, Birgunj
- H & B Development Bank Ltd, Kathmandu (Former Himchuli Bikash Bank Ltd AND Birgunj Finance Limited)
- Malika Development Bank Limited, Dhangadi
- Guheshwori Merchant Bank and Finance Company Limited, Lalitpur
- Synergy Development Bank, Butwal (Former Butwal Finance Ltd.)
The member of the board of directors and other individual investors are leaders in other professions and business, such as banks, insurance companies, financial institutions, private enterprises etc. Some investors are from reputed position holders of ex-government services.
Since inception, the company has focused on policy holder's satisfaction. The company is equipped with modern technology to conduct the insurance business in a professional manner and is in the position to properly deal with all types of clients and ready to provide excellent service.
Our proud history of successful growth covers more than 1% Nepalese population with a sale of 313,468 policies within first 2 years and 3 months of its operation. The company has a strong presence in its existing markets with a base of more than 40,000 dedicated agents. And hence in fact, the company is one of the leading insurance companies in the country.
The company is reinsured with Scor Global Life Paris, France which is financially sound reinsurer of international repute. The reinsurer is in the standard and poor's 'A' rating category, (Ref: Reinsurer's Press Release 01 October, 2010).