IGI Prudential Insurance Declines to Pay Dividend for FY 2079/80

GP Chudal
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igi-prudential-insurance

IGI Prudential Insurance Declines to Pay Dividend for FY 2079/80 Amid Profit Drop

IGI Prudential Insurance Company Limited (IGI), a joint venture between IME Group and Prudential International Insurance Holdings, has announced that it will not pay any dividend to its shareholders for the fiscal year 2079/80. The decision was made by the board of directors of the company after approving the financial statements for the year.

According to the company, the financial report will be submitted to the Nepal Insurance Authority for the final approval. The company has not disclosed the reason for skipping the dividend distribution, but it is likely that the company faced a decline in its net profit due to the impact of the COVID-19 pandemic and the merger process with Prudential Insurance.

The company had reported a net profit of Rs 20.42 crores in the fiscal year 2079/80, a decrease of 6.67 percent from the previous year. The company’s earnings per share (EPS) stood at Rs 6.75, while its net worth per share was Rs 157.82. The company’s paid-up capital as of Ashad’s end 2080 BS was Rs 302.93 crores.

In the previous fiscal year 2078/79, the company had distributed a 6.84 percent dividend, comprising a 6.5 percent bonus share and a 0.34 percent cash dividend (for tax purposes). The company had also issued a 40 percent right share in the same year to meet the minimum capital requirement of Rs 300 crores for non-life insurance companies.

The company is one of the leading non-life insurance companies in Nepal, offering a range of products and services, such as fire, marine, motor, engineering, aviation, liability, and health insurance. The company has a network of 66 branches and sub-branches across the country.

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