SEBON's permission to issue IPO to Union Life Insurance Limited
IPO ISSUE OF UNION LIFE INSURANCE COMPANY LIMITED
Date: Jun 28, 2021
SEBON's permission to issue IPO to Union Life Insurance Limited
Union Life Insurance limited has received permission to issue an IPO. The Securities Board of Nepal (SEBON) has given permission to the company to issue shares on July 27. The company will issue 64,50,000 units IPO shares to the general public soon.
ICRA Rating of Union Life Insurance
The rating agency ICRA Nepal has given 'ICRNP-IR Triple B' rating to the IPO that the company is about to issue. This indicates that the investment in the company's primary shares has a moderate level of security and is able to meet financial obligations on time.
ICRA Nepal has assigned “[ICRANP] IPO Grade 4+” indicating below average fundamentals to the
proposed initial public offering (IPO) issue amounting to NPR 645 million of Union Life Insurance Company
Limited (ULICL). ICRA Nepal assigns IPO1 grading on a scale of IPO Grade 1 to IPO Grade 5, with Grade
1 indicating strong fundamentals and Grade 5 indicating poor fundamentals. For the grading categories 2,
3 and 4, the sign of + (plus) appended to the grading symbols indicates their relative positioning within the
grading categories concerned. Thus, the grading of 2+, 3+ and 4+ are one notch higher than 2, 3, and 4,
respectively. ULICL is proposing to come out with an IPO of 6,450,000 equity shares of face value of NPR 100.
The proposed issue is being launched to meet the minimum capital requirement for life insurers2
rolled out
by the regulator, Insurance Board of Nepal
IME Life Insurance IPO issue
Financial Status
With the permission of the board, the company will now issue 642 million shares equal to 642 million to the public. Currently, the company's issued capital is Rs 2.15 billion. The company's paid-up capital will reach Rs 2.15 billion after the IPO.
IPO Issue Manager
The company has selected Prabhu Capital as the disposal and sales manager.
IME Life Insurance IPO issue
About Company
A. INTRODUCTION TO COMPANY Union Life Insurance Company Ltd. has been established and registered under Company Act 2063 and Insurance Act 2049 in the year 2074 B.S (Regd. No. 168131/73/074) as a Public Limited Company and got a license to operate Life Insurance Business on 2074/03/20(04/07/2017). Union Life Insurance Company has been established with sole Nepalese Capital. The Company comprises of renowned & big promoters; Jagadamba Group, Golchha Group, Gadiya Group, Naupane Group, Rajesh hardware & Tibrewala Group.
B. AUTHORIZED AND PAID UP CAPITAL
The authorized capital of the Company is NRs. 215 crore. The promoters have contributed 70% of this, amounting to NRs. 150.50 Crore whereas the other Nepalese Citizens are to contribute the remaining 30% of this capital amounting to NRs. 64.50 Crore.
C. VISION
As the country turned into the globalization and diversification in the insurance sector, the Union life insurance company will supply all kinds of life insurance policy service as per the international standards level. It will develop and contribute to social as well as financial sectors towards making development of the nation .It will expand its networking in international market for providing maximum benefit to policyholders & stake holders.
D. MISSION
The mission of the company is to provide its customers with the range of different life insurance services that best meets their needs with total security, competitive rate of premiums, compensation and one-to-one service that treats the customer as an individual, not a number. Create resources and generate employment opportunities and developed saving habits of individuals for their financial stability and improvement of their living standard. Life insurance is not just a business, it is a social service as well. E. OBJECTIVES OF THE COMPANY
The primary objective of the company is to carry on all life insurance business including the health insurance. The company is to provide qualitative life assurance services to its valued customer/policyholders by introduction of latest technology and new product. The Company would actively involve itself in mobilization of domestic savings. Meanwhile the long-term target of the life insurance company would be as given below.
i) To become one of the famous & giant life insurance company in Nepal in terms of premium income, no. of policy, bonus, profit & high rate of return to its stakeholders.
ii) To become highly professional insurance company by implementing the good corporate governance.
F. PRESENT BOARD OF DIRECTOR'S COMPOSITION:
(i) Mr. Sulav Agrawal - Chairman
(ii) Mr.Sandeep Kumar Agrawal - Director
(iii) Mr.Jeewan Kumar Agrawal - Director
(iv) Mr. Debi Prasad Sharma - Independent Expert Director
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