AICL to offer bonus shares

Himalayan News Service

Kathmandu, April 3:

Alliance Insurance Company Ltd (AICL) has decided to provide 10 per cent bonus shares to its shareholders at its ninth annual general meeting held today.

Chairman of the AICL, Govind Das Shrestha made the proposal at the meeting, which was unanimously passed by the shareholders and promoters.

As per the annual report of the insurance company, it registered a growth of 6.04 per cent in insurance premium collection in fiscal year 2003-04 compared to only 2.14 per cent last year. The company has insurance businesses such as fire, marine, motor insurance, engineering, air and others. In the review financial year 2003-04, the company had 84.58 per cent of payment for motor insurance segment out of the total amount of insurance. “The motor insurance sector businesses also contributed over 58 per cent of the total income,” said the company report.

In financial year 2003-04, the company registered a net saving of over Rs 41

million which was a rise by over Rs 11 million over the last year.