Company Info Neco Insurance Ltd. is a limited liability company registered under the Companies Act, 2021 BS. It was established on 1stPoush, 2051(16th December, 1994). It has been operating general insurance business in Nepal since 17thJestha, 2053 (30th May, 1996) as per the license granted by Insurance Board of Nepal. The registered office of the company is at Anamnagar, Kathmandu and it is operating its business through 27service outlets nationwide.Neco Insurance enjoys a reputation of expertise,stability and strength. Our competitive edge,extensive range of products,wide network,claim servicing capabilities and the ability to provide all possible general insurance solutions under one roof, makes us the most preferred partner for our valued customers. Neco Insurance has been known in the market as being innovative and having a well-established relationship with the various reinsurance markets of the world. Strategic Objectives The main objectives of the company are: To “Make A Visible DIFFERENCE” in insurance market by providing best general insurance servicesnation-wide. To be the first and final choice of customers of every business segment of the country. To ensure that all stakeholders achieve a long-term, competitive and stable return. Capital Structure The authorized capital of the company is NPR 2000 million. The current paid up and issued capital of the company is NRs. 1,176,278,400. The shareholding patterns of the company is as under: Promoters Holding 60% Public Holding 40% The company is promoted by mainly renowned institutions of the country. Thus, the credibility of the company is not comparable with others in insurance market. The major promoters of the company are as under: Rastriya Banijya Bank Ltd.(RBB) - Holds 20% of total share Mahto Group: Holds 20.24% of total share Vinayak Group:Holds 12.94% of total share Fund Management Company Ltd: Holds 4.51% of total share Recent Market and Regulatory Development Impact on Company There are altogether 17 non-life and 8 life insurance companies running in the country. The overall, life as well as general, insurance business in Nepal is at growing phase. Around more than 25% average annual growth rate has been accounted over the past 5 years in insurance sector. The regulatory body of insurance business in Nepal is Insurance Board (Beema Samitee). It has issued directive on the "Corporate Governance" for the insurance companies which focused to protect interest of stakeholders mainly insured, staffs and investors.As per the regulator directive, the minimum paid up capital of non-life insurance should be NRs. 250 million, which is supposed to be increased very soon. The Board has introduced Agriculture and Cattle Insurance policies to assist in commercial agriculture, a plan being implemented by Government of Nepal through budget of recent fiscal years.
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