Company Overview 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 lnsurance Co. Ltd. (PrimeLife) came into existence in June 2007. Promoted by eminint business groups, PrimeLife Iras 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 1,650,000 policies in just 10+ years of operation. Collected premium amounting to NPR 8,465 Million. Increased its distribution network by opening 115 network points of representations (including Branches and Sub branch 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 paid up capital of PrimeLife is NPR 2,007.9 million and the shareholding constitutes of the promoters holding 70 percent and general public group holding 30 percent of the share. The promoters represent Nepal's leading and highly prominent business groups having widely diversified business interests and expertise. Laxmi Bank Limited, one olthe leading commercial banks in Nepal is one of the major promoters with 15 pecrcent stake. 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.
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