May 29: Following the successful merger, United Insurance Company (Nepal) Limited and Ajod Insurance Limited have started their joint transaction under the name ‘United Ajod Insurance Company Limited’ from Sunday. The merged company has declared its aim to rank within best five non-life insurance companies within the next four years.
During a special ceremony held in Kathmandu on Sunday, the Chairman of the Insurance Board, Surya Prasad Silwal, handed the insurance operation license to the new company's Chairman, Aajad Shrestha.
Addressing the ceremony, Chairman Silwal emphasized the need for insurance companies to enhance customer trust. He suggested that the merged company strive to provide excellent services.
Silwal also emphasized the importance of establishing a system for prompt and easy payment of claims up to the specified amount and maintaining good governance and transparency.
Former Chairman of United Insurance Company (Nepal) Limited, Rabibhakta Shrestha, said that the companies had merged to provide quality services and reduce the costs. Shrestha said that the company aims to invest in new sectors and provide high returns to investors and quality services to policyholders.
Chairman of United Ajod Insurance Limited, Aajad Shrestha, highlighted the company's goal to become one of the top five non-life insurance companies by providing competitive rates, quality services, and new products within four years. He emphasized the need for a fast and reliable service flow, focusing on customer satisfaction and prompt claim settlements.
Following the merger, the company’s paid-up capital has reached Rs 1.90 billion. The company has Rs 59.67 crore in reserve fund, while the insurance fund stands at Rs 72.64 crore.
Additionally, the company has a total of 100 branches across the country and has a workforce of 581 employees.
The number of policies issued by the company stands at 192,825, with a total premium of Rs 2.39 billion.