Joint Transaction of IME General Insurance and Prudential Insurance Company to Start From Baisakh 27

The final procedure for a merger between IME General Insurance Limited (IGI) and Prudential Insurance Company Limited (PICL) has been completed. The company had signed a merger deal at a swap ratio of 1:1.

"IGI Prudential Insurance Limited" has been agreed upon as the name of the new company that will be formed as a result of the merger. The companies signed the Memorandum of Understanding (MoU) on Magh 27, 2079.

Likewise, in accordance with the letter from the Nepal Insurance Authority and the Office of the Registrar of Companies, the merger has also gained final permission. Therefore the companies will start the joint business on Baisakh 27 i.e. May 10, 2023.

The paid-up capital of IGI at present is Rs. 1,803,750,600. Meanwhile, the paid-up capital of PICL is Rs. 1,225,584,100. The total paid-up capital of the newly merged company will be Rs. 3.02 Arba.

IGI and PICL also declared dividends of 6.32% and 3.5% respectively for the Fiscal Year 2078/79.