Final Merger Agreement Between Prime, Gurans and Union Life Insurance Completed; 'Himalayan Life Insurance' Has Been Agreed to be the New Name

The final merger agreement between three life insurance companies, Union Life Insurance Co Ltd (ULI), Gurans Life Insurance Co Ltd (GLICL), and Prime Life Insurance Co Ltd (PLIC) has been completed. The companies signed the merger agreement aimed at strengthening the company's capital base. This is the first merger in the country's life insurance sector. 1:1:1 share ratio of ULI, GLICL, and PLIC has been maintained.

Following the merger, it has been decided that Manoj Kumar Lal Karn will serve as the company's CEO and Sulabh Agarwal will be the chairman. Additionally, it has been agreed that the company's name following the merger will be Himalayan Life Insurance Limited.

After the merger, the company will have a paid-up capital of Rs 7.52 Arba, making it the largest life insurance company in Nepal.

Earlier, the Insurance Authority the regulatory body of the insurance companies instructed all the life and non-life insurance companies to raise their minimum paid-up capital to Rs 5 Arba and Rs 2.5 Arba by end of Chaitra 2079. 

Also, it has been decided that the company's merger and other operations will be conducted on a regular basis, and that the work related to staff management and branch management will be continued. It has also been decided that the overall integrated business will begin as soon as possible.