March 24: Following the successful merger, Sanima Life Insurance and Reliance Life Insurance Company have started integrated business transaction from Thursday.
After the merger, the joint transaction will be carried out under the name “Sanima Reliance Life Insurance”. The two companies were merged with a swap ratio of 1:1.
The Nepal Insurance Authority had given final approval to Sanima and Reliance Life Insurance Company for merger on March 2. Likewise, the two companies were granted merger approval by the Office of the Company Registrar for merger on March 13.
After the merger, the paid-up capital of the merged entity has reached Rs 4.18 billion. Prior to the merger, Sanima Life Insurance Company had the paid-up capital of Rs 2 billion, while the paid-up capital of Reliance Life Insurance Company was Rs 2.10 billion.