ljifo ;rL - licnepal.com.np · Corporate Information. Registered Office - Kathmandu Metropolitan...

Table ofContents{ ljifo ;"rL }

jflif{s ;fwf/0f ;ef ;DaGwL ;"rgf 1

;fwf/0f ;ef ;DaGwL ;fdfGo hfgsf/L 2

cWoIfHo"af6 k|:t't k|ltj]bg | Chairman Message 5-7

;+rfns ;ldltsf] k|ltj]bg | Director's Report 8-16

n]vf k/LIfssf] k|ltj]bg | Auditor's Report 19-20

jf;nft | Balance Sheet 21-22

gfkmf gf]S;fg lx;fa | Profit & Loss Account) 23-24

PsLs[t cfo Joo lx;fa | Consolidated Reveunue Account) 25-26

;fjlws hLjg aLdfsf] cfo Joo lx;fa | Revenue Account of Endowment Policy) 27-28

clu|d e'QmfgL ;fjlws hLjg aLdfsf] cfo Joo lx;fa Revenue Account of Anticipated Endowment Policy) 29-30

?kfGtl/t ;fjlws hLjg aLdfsf] cfo Joo lx;fa Revenue Account of Modified Endowment Policy) 31-32

cfhLjg hLjg aLdfsf] cfo Joo lx;fa | Revenue Account of Whole Life Polcy 33-34

DofbL hLjg aLdfsf] cfo Joo lx;fa | Revenue Account of Term Polciy) 35-36

ljz]if DofbL hLjg aLdfsf] cfo Joo lx;fa Revenue Account of Special term policy 37-38

cGo hLjg aLdf -Psn aLdfz'Ns_ sf] cfo Joo lx;fa Reveneu Account of other policy (Single Premium) 39-40

cGo hLjg aLdf -a}b]lzs /f]huf/ Psn aLdfz'Ns_ sf] cfo Joo lx;fa Reveneu Account of other policy (O.E. Single Premium) 41-42

gub k|jfxsf] ljj/0f | Cash Flow statment 43-44

OSo"6Ldf ePsf] kl/jt{g ;DaGwL ljj/0f | Details of changes in Equity 45-46

cg';"rL | Schedule 47-100

aLdf ;ldltsf] ;xdlt kq | Approval etter of beema samiti 101

LIC_14th_annual_report2072.indd 1 5/10/2016 11:07:23 AM

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Corporate Information

Registered Office - Kathmandu Metropolitan City Kathmandu, Nepal

Corporate Office - Bhagwati Bahal, Naxal, P.O.Box:21905, Kathmandu, NepalPrincipal Activities - Life Insurance BusinessChief Executive Officer - Mr. P.R. MishraCompany Secretary - Mr. Binod Kumar BhujelConsultant Actuaries - Mr.M.G.Diwan & Mr. Akshay Pandit M/s K.A.Pandit and Co. Consultant Actuaries 2nd Floor, Churchgate Hourse Veer Nariman Road, Fort, MumbaiAuditors-External - CA, B.K.Agrawal B.K. Agrawal & Co. Chartered AccountantsAuditors-Internal - CA, Rajanish Dahal M/s Dev Associates Chartered Accountants Patan Dhoka, P.O.Box 252, LalitpurLawyers - Sr.Adv.Mithlesh Kumar Singh Singh Law Company Ram Kunj, Tripureswor, KathmanduBankers - Bank of Kathmandu Ltd, Kathmandu Nepal SBI Bank Ltd. KathmanduRe-insurer - M/s Hanover Re, MalaysiaPan No. - 500213148

Incorporated in Nepal Under the Companies Act 2053 with Reg.No. - 765/057-58Registered with Beema Samiti on - 2058/04/23

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P.R.MishraDirector/CEO

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S.K.RoyChairmanChairman, LIC of India

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S.B.MainakDirectorManaging Director, LIC of India

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Ashok AgrawalDirectorManaging Director, Vishal Group Ltd.

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V.K.KukrejaIndependent Director

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P.R.MishraDirector/CEO

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Rajendra P. AryalNominees of Shareholders

al/i7 Aoj:yfkg ;d"xSenior Management Team

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Subash Chandra PattanayakCEO (Designate)

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Abhijit Ghosh DastidarDeputy General Manager

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Sudhir SagarManager (IT)

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Shreekhanda ShresthaAssistant Manager

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Mrs.Sirjana NepalAssistant Manager

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Bipin Kumar LalAssistant Manager


Dear Shareholders, Ladies and Gentlemen,

It is a great pleasure for me to deliver the key note remarks of LIC Nepal at this august gathering of shareholders. On behalf of entire LIC family, my greetings to you all and a warm welcome to this 14th Annual General Meeting of Life Insurance Corporation (Nepal) Ltd at Kathmandu.

The devastating earthquake of 25th April 2015 and the subsequent aftershocks have caused an enormous loss of lives and properties in Nepal. So, at first, I wish to pay my deepest tribute to those who lost their lives in the natural disaster and also wish for the speedy recovery of all injured sisters and brothers.

I strongly believe that LIC Nepal enjoys a robust foundation in Nepalese Insurance Industry. We have demonstrated our capabilities across products, customer services and markets. LIC Nepal intends to continue to leverage this solid platform to achieve its aspirations and deliver value to all our stakeholders. The confidence of you, the shareholders, has been a considerable source of strength for us. Over

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Chairman's

MESSAGE for 14th Annual General Meeting

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S.K. RoyChairmanChairman, LIC of India

5



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sDkgLk|lt /�fVg' ePsf]� ljZjf;nfO{ ;fsf/� kfg{ ;+rfns ;ldltn]� klg ;b}�j bQlrQ eP/� sfo{ ul/�/�x]�sf]� hfgsf/�L u/�fpg rfxG5' . cf=j= @)&!÷&@ df o; sDkgLn]� cfkm\gf]� ljlQo jf;nftsf]� ljljw kIfx¿df :�j:�Yos/� a[l4b/� xfl;n ug{ ;kmn ePsf]� 5 . o; aLdssf]� ljut !$ jif{sf]� rqmjtL{ jflif{s a[l4b/� @%=^*Ü /�x]�sf]� 5 /� o;n]� ;a}�sf]� Pstfa4 k|of;af6 sDkgLsf]� bl/�nf]� Pj+ lgoldt ljsf; e}�/�x]�sf]� k|dfl0ft ub{5 .

lg/�Gt/�sf]� cl:�y/� jhf/� cj:�yfsf]� afah'b klg cf=j= @)&!÷&@ df xfdLx¿n]� cfkm\gf]� k|ltj4tf adf]�lhdsf]� ;kmntf xfl;n ug{ ;s]�sf]� tYo o; ul/�dfdo ;efdf hfgsf/�L u/�fpg rfxG5' . pQm aif{df o; aLdsn]� s"n !,$(,&(^ gof‘ aLdfn]�vx¿ laqmL u/�L k|yd aLdfz"Ns cfDbfgL afkt ?= !*!=(! s/�f]�8 cfh{g ug{ ;kmn ePsf]� ;xif{ hfgsf/�L u/�fpg rfxG5' . ut aif{sf]� t'ngfdf cf=a= @)&!÷&@ df sDkgLn]� k|yd aLdfz"Ns cfh{gdf $!=&#Ü /� aLdfn]�v laqmLdf ^#=!)Ü sf]� a[l4b/� xfl;n ug{ ;kmn ePsf]� 5 . pQm jif{sf]� lgoldt gof‘ hLjg aLdfn]�v laqmL cGtu{t o; sDkgLn]� g]�kfnsf]� s"n hLjg aLdf Jofkf/�sf]� @(=$(Ü aLdfn]�v ;+Vofdf /� @!=^&Ü k|yd aLdfz"Ns cfh{gdf ahf/� lx:�;f lng ;kmn ePsf]� ;xif{ hfgsf/�L u/�fpg rfxG5' . sDkgLn]� @)&@ cfiff9 d;fGt;Dddf s"n %,!*,%$^ ;lqmo aLdfn]�vx¿nfO{ ;]�jf k|bfg u/�\of]� . k|lts"n /�fhg}�lts tyf cfly{s cj:�yfsf afah'b klg rfn' cf=a= @)&@÷&# sf]� gof‘ Jofkf/�df pNn]�Vo?kn]� a[l4 ul/�g]� s'/�fdf d}�n]� k"0f{ ck]�Iff lnPsf]� 5' . To;}�u/�L, xfdLn]� rfn' cf=a= @)&@÷&# sf]� cGTo;Dddf !,%),))) gof‘ aLdfn]�vx¿ laqmL u/�L k|yd aLdfz"Ns afkt ?= @ ca{ @% s/�f]�8 /�sd cfh{g ug]�{ dxTjsf+IfL nIo lnPsf 5f}�+ .

cf=j= @)&!÷&@ df sDkgLn]� hLjg aLdf sf]�ifdf ?= @,)@%s/�f]�8 /�sd hDdf ub}�{ Pp6f gof‘ prfO{ sfod ug{ ;kmn ePsf]� ;xif{ hfgsf/�L u/�fpg rfxG5' . ut aif{sf]� t'ngfdf pQm aif{ hLjg aLdf sf]�ifdf #)=%(Ü /� s"n nufgLtkm{ #!=^&Ü sf]� a[l4b/� /�x]�sf]� 5 . nufgLaf6 k|fKt x'g]� cfDbfgLdf sDkgLn]� o; aif{ !^=!^Ü sf]� a[l4b/� xfl;n u/�]�sf]� 5 . sf]�ifsf]� ;Dk"0f{ /�sdx¿ aLdf ;ldltn]� hf/�L u/�]�sf]� nufgL ;DaGwL lgb]�{lzsfsf]� clwgdf /�xL g]�kfnleqsf ;'/�lIft Pj+ pRr k|ltkmn k|fKt x'g]� If]�qx¿df nufgL ul/�Psf]� /� o;af6 u|fxsx¿nfO{ eljiodf cem a9L nfe ldNb}� hfg]� s'/�fdf ljZjf; lnPsf]� 5' .

sDkgLsf]� cf=a= @)&!÷&@ sf]� aLdfÍLo d"Nofs+g - @)&! >fj0f ! b]�lv @)&@ cfiff9 d;fGt;Ddsf]� _ >L aLdf ;ldltaf6 :�jLs[t eO{ k|fKt ePsf]� 5 . @)&@ cfiff9 d;fGt;Ddsf]� aLdfÍLo d"Nofs+gn]� s"n gfkmf ?= @$=() s/�f]�8 a/�fa/�sf]� /�sd xfd|f z]�o/�wgLx¿sf]� vftfdf b]�vfpg ;kmn ePsf]� 5 . ;+rfns ;ldlt a}�7ssf]� lg0f{o cg';f/� sDkgLn]� d'gfkmfaf6 z]�o/�wgLx¿nfO{ sDkgLsf]� at{dfg r'Qmf k"‘hLsf]� @^=#@Ü nfef+z lbg]� k|:�tfj u/�]�sf]� 5 h; cGtu{t @%Ü af]�g; z]�o/� /� ;f]� af]�g; z]�o/� lnP afkt g]�kfn ;/�sf/�nfO{ a'emfpg' kg]�{ s/� afktsf]� /�sd k|of]�hgfy{ !=#@Ü gub nfef+z k|:�tfljt 5g\ . o; ul/�dfdo ;efdf o; sDkgLsf]� xfnsf]� clws[t k‘"hL, hf/�L k‘"hL /� r'Qmf k‘"hL -;j}�df_ nfO{ a[l4 u/�L ?= !,)^,($,%#,!@% k'/�\ofpg ;d]�t k|:�tfj k]�z u/�]�sf 5f}� .

o; sDkgLn]� kl/�kSjtf nfe e'QmfgL, lhlat nfe e'QmfgL /� d[To' bfaL k"0f{?kn]� ;Dkfbg÷km5\of]�{6 ug{ ;kmn eO{ k"gM bfaL e'QmfgL ;Dkfbgdf g]�kfnsf]� hLjg aLdf pBf]�ud}� Ps pRrtd dfkb08 sfod ug{ ;kmn ePsf]� ;xif{ hfgsf/�L

the last 14 years, your Board has also focused its efforts on fulfilling the trust reposed by the shareholders, customers, stakeholders etc. The year 2071/72 witnessed the Company showing all round growth in various financial parameters. The Average Annual Growth Rate of business over the last 14 years stands at 25.68% and it's the testimony to the synchronized efforts of all concerned in steady progress of the Company.

I wish to share with you that we could deliver as per our commitments, despite a background of continuing market volatility in the year 2071/72. It is my pleasure to report to you that LIC Nepal has been able to collect Rs. 1819.18 million as First Premium Income by selling 149796 Policies in the financial year 2071/72. In terms of first premium collected and policies sold, the Company showed a growth of 41.73% and 63.10% respectively. In the market share in Nepal, we have achieved 29.49% in NoP & 21.67% in FPI in Regular new business. As at the end of Ashad 2072, we are servicing 518546 policies. In spite of the present unfavorable political and economic situation of Nepal, I still hope to have better growth in New Business performance of the Company during the current year too. Accordingly, we have taken a budget to procure 150000 new policies and to collect Rs 2.25 billion as first premium income in the year 2072/73.

Similarly in the year 2071/72, Life Fund of the Company grew to a new height of Rs 20.25 billion at the end of the fiscal. There has been a growth of 30.59% in life fund while the total investments grew by 31.67% in the year. The income from investments has risen at 16.16% in the fiscal. All the funds have been invested in Nepal as per the guidelines set by Insurance Board (Beema Samiti) of Nepal and efforts are being made to get the maximum advantages of higher returns on investments prevailing in the market in order to maximize the benefits to our esteemed customers.

The Company's Actuarial Valuations for 2071/72 (from Shrawan 1, 2071 to Ashaad end, 2072) has been approved. After the Valuation, the Company has shown a net profit of Rs. 249.04 million under Shareholders Account. The Board of Directors has proposed 26.32% of our paid up capital as dividends out of this profit and the same will be apportioned in 25% as bonus shares, 1.32% as cash dividends for adjustment against tax liabilities on dividends so declared to our valued shareholders. The Board has also proposed to increase the Authorized Capital, Issued Capital & Paid-up Capital of the Company to Rs. 1069.453125 Million.

Again, the Company has set benchmarks for best servicing standards in the industry when it achieved zero outstanding in maturity, survival benefit and death claims. The fact that 99% of these claims have been settled before the due date adds more shine to this achievement. Altogether the Company paid over Rs. 363.68 million as claim

Chairman's MESSAGEcWoIfHo"af6 k|:t't k|ltj]bg

6


14 thAnnual Report

7

Chairman's MESSAGE

u/�fpg rfxG5' . ((∞ tL bfaLx¿ aLdf lgodfjnLsf]� Dofbleq}� e'Qmfg ul/�Psf]� tYon]� ;f]� pknlJwdf cem ;'uGw ylkPsf]� 5 . cf=a= @)&!÷&@ df sDkgLn]� s"n bfaL e'QmfgL afkt ?= #^=#^ s/�f]�8 k|bfg u/�]�sf]� ;xif{ hfgsf/�L u/�fpg rfxG5' . cfhsf]� ldlt;Dddf o; sDkgLn]� #$ cf]�6f zfvf sfof{nox¿ /� !## hgf k"0f{sflng sd{rf/�Lx¿dfkm{t d'n'se/� cfkmgf]� ;]�jf k|bfg ub}�{ cfO/�x]�sf]� 5 . of]� jif{ klg sDkgLsf]�]� pkl:�yltnfO{ b]�zsf]� cGo efux¿df k'/�\ofpg]� nIo lnPsf 5f}�+ t/� lj:�tf/� ubf{ a}�1flgs /� sd vlr{nf]� t/�LsfnfO{ cjnDag ul/�g]� 5 . pQm aif{ gof‘ hLjg aLdfsf]� laqmo /� cGo ;]�jf k|bfg ug{ o; sDkgLdf b]�ze/� hDdf #!,(&@ hgf clestf{x¿ sfo{/�t /�x]�sf lyP\ .

g]�kfnsf]� hLjg aLdf pBf]�udf cfO{=P;=cf]�= k|dfl0fs/�0f ())!M@))* k|fKt ug]�{ klxnf]� Pj+ Ps dfq hLjg aLdf sDkgLsf]� tfh cem}� ;'/�lIft /�fVg ;kmn ePsf 5f}� /� la=;+= @)^* df k|fKt u/�]�sf]� of]� k|dfl0fs/�0f rfn' cf=a= sf]� nflu klg ;kmntfk'j{s gjLs/�0f ePsf]� 5 h;af6 o; sDkgLn]� cGt/�f{li6«o Joj;flos dfkb08nfO{ cjnDag u/�]�sf]� k|i6 kfb{5 . cfw'lgs cgnfOg ;"rgf k|ljlwsf]� k|of]�u ub}�{ PncfO{;L g]�kfnn]� clxn]� cfkm\gf u|fxsx¿nfO{ l56f]� /� ;lhnf]� ;]�jf pknAw u/�fpb}� cfPsf]� 5 . sDkgLsf z]�o/�k|df0fkqx¿nfO{ cef}�lts/�0f ul/�Psf 5g\ /� xfn z]�o/� ahf/�df k"0f{?kn]� cef}�lts z]�o/�sf]� dfq lsga]�r e}�/�x]�sf]� tYon]� PncfO{;L g]�kfnsf]� VoftLdf cem ;'uGw ylkPsf]� 5 . clxn]� z]�o/� ahf/�df o; sDkgLsf]� z]�o/� d"No ;s/�fTds /�xg'nfO{ cfd hg;d'bfon]� o; sDkgLk|lt 7"nf]� ljZjf; /� e/�f]�;f /�fv]�sf]� 5g\ eGg]� ?kdf lnPsf]� 5' . tkfO{sf]� o; sDkgLnfO{ g]�kfn ;/�sf/�n]� rf}�+yf]� /�fli6«o s/� lbj; @)&@ sf]� cj;/�df aLdf Joj;fo cGtu{t cf=a= @)&)÷&! df …�;j}�eGbf a9L cfos/� bflvnf ug]�{Ú� sDkgLsf]�?kdf ;Ddflgt u/�]�sf]� ;xif{ hfgsf/�L u/�fpg rfxG5' . sDkgLsf]� sfo{;Dkfbgsf]� lj:�t[t ljj/�0f ;+rfns ;ldltsf]� k|ltj]�bgdf 5'§]�}� lbOPsf]� ;d]�t hfgsf/�L u/�fpg rfxG5' .

cGTodf, lg/�Gt/� ;xof]�u, ;+/�IfsTj /� z'e]�R5f k|bfg ug]�{ ;j}� z]�o/�wgL /� u|fxsx¿nfO{ ;+rfns ;ldltsf]�tkm{af6 d s[t1tf 1fkg ug{ rfxG5' . To;}� u/�L, d g]�kfn ;/�sf/�, cy{ dGqfno, g]�kfn /�fi6« a}�+s, aLdf ;ldlt, sDkgL /�lhi6«f/� sfof{no, g]�kfn lwtf]�kq af]�8{, g]�kfn :�6s PS;r]�Gh ln=, l;l8P; P08 lSnol/�Ë ln= /� cGo ;/�sf/�L ljefux¿nfO{ pxf‘x¿af6 k|fKt lg/�Gt/� ;xof]�u /� dfu{ lgb{]�zgsf nflu cfef/� JoQm ug{ rfxG5' . xfd|f aLdfÍL, cfGtl/�s tyf jfXo b'j}� n]�vfk/�LIfsx¿ /� Joj;flos ;fem]�bf/�x¿ klg ;xof]�u /� dfu{ lgb{]�zgsf nflu k|z+;fsf]� kfq x'g'x'G5 .

sDkgLsf]� pTyfgk|lt uxg cle?lr, lgoldt lgodg, ax'd"No ;'emfj Pj+ ;do k|bfg ug'{ x'g]� ;+rfns ;ldltsf ;b:�ox¿nfO{ klg wGojfb 1fkg ug{ rfxG5' . cfkm\gf egfO{x¿ ;Sg'cl3, o; sDkgLsf]� ljleGg txdf a;]�/� ;]�jf, ;dk{0f /� of]�ubfg k/�\ofpg]� ;Dk"0f{ sd{rf/�Lx¿ tyf lkmN8kmf]�;{nfO{ klg pRr ;Ddfgsf;fy wGojfb lbg rfxG5' .

cfb/�0fLo dlxnf tyf ;Hhga[Gb, o; ul/�dfdo ;efdf oxf‘x¿nfO{ k'gM xfl{b{s :�jfut ub}�{ tkfO{x¿n]� k|bfg ug'{ ePsf]� ;do /� ;xeflutfsf]� nflu w]�/�}� w]�/�}� wGojfb .

P;= s]�= /�f‘ocWoIf

payments in the fiscal. As on the date, the Company delivers its products and services through 34 outlets manned by 133 full-time employees across the entire nation. This year too, we hope to increase our presence even in farther areas of the country keeping financial viability in mind. The Company has a total of 32972 Agents across the nation for procuring New Business and extending after sales service.

The crowning glory of all has been the ISO 9001:2008 certification received by the Company making it the first and only Life Insurance Company in Nepal since 2068 and the same is renewed this year too, vindicating the mark of the international standards being maintained and the continuation of professionalism in our sales as well as service operations. I am further happy to inform you that by leveraging information technology, LIC Nepal is providing easy and quick service to our valued customers. The physical share certificates of LIC Nepal has been dematerialized and share trading in market is now taking place in only dematerialized form which adds another milestone in Company's goodwill. I interpret the positive performance of our share price also as a strong vote of confidence in our company. Your company has been honoured with the title of 'highest tax paying company' amongst insurance companies of Nepal for the year 2070/71 by Government of Nepal on the occasion of "4th National Tax Day Celebration". Detailed review of the Company's performances is placed separately in the report of the Board of Directors.

At the end, I on behalf of the Board place on record its gratitude to the shareholders and customers for their continued support, patronage and goodwill. Similarly, I would like to thank and express our sincere appreciation to the honorable Government of Nepal, Ministry of Finance, Nepal Rastra Bank, Insurance Board, Company Registrar's Office, Securities Board of Nepal, Nepal Stock Exchange Limited, CDS and Clearing Ltd and all the other departments of the government for the help, guidance and encouragement given to the Company. Our Actuary, Auditors both statutory and internal and other business associates also deserve our appreciation for supporting and guiding the Company.

Members of the Board have been a source of strength through their continuous monitoring and guidance to the Company and I would like to thank them. Before closing my remarks, I would like to extend my sincere appreciation for the dedicated services rendered by the present team of employees and field force at all levels.

Ladies and Gentlemen, once again I extend a warm welcome to you all and thank you very much for your time and attention. S. K. RoyChairman

cWoIfHo"af6 k|:t't k|ltj]bg

7



88

Respected Shareholders, Ladies and Gentlemen !

We, the Board of Directors are delighted to greet and welcome all the shareholders present in this 14th Annual General Meeting of Life Insurance Corporation (Nepal) Ltd.

Hope that you have all gone through the Audited Financial Statements of the Company as at the end of Ashad, 2072. We now present the report of the Board of Directors for the fiscal year 2071/72 for discussion and approval. This is in compliance with the provisions of Section 109 of the prevailing Companies Act, 2063.

Nature of BusinessThe Company is engaged in the business of Life Insurance in Nepal under the regulations of Beema Samiti and other prevailing laws of the land.

Economic ScenarioThe fiscal year 2071/72 saw low economic growth rate, soaring rate of inflation, low Bank interest rates, high cash liquidity position, noticeable trade deficit and after effects of massive earthquakes in the country. The devastating earthquake of 25 April 2015 and the subsequent aftershocks have caused enormous loss of lives and properties. More than 8,800 people lost their lives and more than 22,000 were injured in the earthquake. According to the Post Disaster Needs Assessment (PDNA) report by the Government of Nepal, the earthquake has caused a total loss of Rs. 706 billion for the country. The GDP growth remained lower in 2071/72 compared to the previous year because of the contraction in the growth rate of agriculture sector due to delayed monsoon and the negative impact of the April 25 earthquake and subsequent aftershocks. According to the preliminary estimates of the Central Bureau of Statistics, the real GDP grew by 3.0 percent at basic price and 3.4 percent at producers' price in the review year. Such growth rates were 5.1 percent and 5.4 percent respectively in the previous year. Though the remittances through foreign employment and tourism sector have been satisfactory, the political situation could not become much favorable throughout the year. The disruption in production of necessary commodities and obstruction of supplies from Indian border to Nepal due to long drawn disturbances in Terai region has badly hampered the entire economy of the country. Though the banking system experienced excess liquidity during the year, stock market and real estate performed below the normal trend. The Nepalese currency remained slightly weaker against the USD and other convertible currencies in the later part of the year.

Despite all these adverse situations, the Company has been able to show 41.73% growth in the first premium income, 30.59% growth in total life fund, 31.67% growth in investments and 16.16% growth in income from investments in the fiscal year 2071/72. These could be possible because of the prudent financial management, hard work of employees & agents and the continued faith; the people of Nepal have in the Company.

cfb/0fLo z]o/wgL, dlxnf tyf ;Hhga[Gb .

nfOkm OG:�of]�/�]�G; skf]�{/�]�zg -g]�kfn_ lnld6]�8sf]� o; !$cf}�+ aflif{s

;fwf/�0f ;efdf pkl:�yt ;Dk"0f{ z]�o/�wgL dxfg'efjx¿nfO{ ;+rfns

;ldltsf]�tkm{af6 xflb{s clejfbg Pj+ :�jfut ug{ rfxG5f}� .

z]�o/�wgL dxfg'efjx¿n]� sDkgLsf]� n]�vfk/�LIf0f ePsf]� ljlQo ljj/�0f

cWoog ul/�;Sg' eof]� xf]�nf eGg]� ljZjf;sf ;fy xfdL oxf‘x¿ ;dIf

cfly{s aif{ @)&!÷&@ sf]� ;+rfns ;ldltsf]� k|ltj]�bg sDkgL P]�g, @)^#

sf]� bkmf !)( adf]�lhd 5nkmn tyf cg'df]�bgsf]� nflu k]�z ug{ rfxG5f}� .

Joj;fosf] k|s[lt

of]� g]�kfnsf]� k|rlnt sfg"g, aLdf P]�g Pj+ lgodfjnL /� aLdf ;ldltsf]�

k|ToIf lgodgdf /�xL hLjg aLdf Joj;fodf ;+nUg /�x]�sf]� sDkgL xf]� .

cfly{s kl/b[io

g]�kfnsf]� cf=a= @)&!÷&@ sf]� cfly{s kl/�b[iodf Go'g cfly{s a[l4b/�, pRr

dxËLb/�, Go'g a}�+s Aofhb/�, pRr gub t/�ntf, a9\bf]� Jofkf/� 3f6f /�

e"sDksf nuftf/� k|efjx¿ b]�lvof]� . @)&@ a}�;fv !@ ut]�sf]� ck|Toflzt

Pj+ ljgfzsf/�L e"sDk /� To;kl5 lg/�Gt/� cfPsf]� e"sDkLo k/�fsDkgx¿n]�

7"nf]� wghgsf]� Iflt ePsf]� cj:�yf ;j{ljlbt}� 5 . e"sDksf]� sf/�0f *,*))

eGbf a9Ln]� Hofg u'dfP eg]� @@,))) eGbf a9L 3fOt]� x'g k'u]�sf tYofÍ

b]�Vg ;lsG5 . g]�kfn ;/�sf/�n]� u/�]�sf]� e"sDkkl5sf]� hf]�lvd d"Nofs+g cg';f/�

/�fi6«df e"sDkn]� &=)^ va{ a/�fa/�sf]� Iflt k'/�\ofPsf]� 5 . l9nf]� dg;'gsf]�

z'?jftsf]� sf/�0f s[lif pAhgLdf sld /� nuftf/�sf]� k/�fsDkgsf sf/�0f ut

aif{sf]� t'ngfdf cf=a= @)&!÷&@ df b]�zsf]� s"n u|fx:�y pTkfbg 36]�sf]� 5 .

s]�lGb|o tYofÍ ljefusf]� k|f/�lDes cWoog k|ltj]�bg cg';f/� ;ldIff aif{df

jf:�tljs s"n u|fx:�y pTkfbg cGtu{t cfwf/�e"t d"Nodf #Ü /� pTkfbg

d"Nodf #=$Ü a9]�sf]� b]�lvG5 hals pQm zLif{sx¿df ut aif{ qmdzM %=!Ü

/� %=$Ü sf]� a[l4 /�x]�sf]� lyof]� . a}�b]�lzs /�f]�huf/�L /� ko{6g If]�q ;Gtf]�ifhgs

b]�lvPtf klg /�fli6«o /�fhgLlt jif{e/� g}� Joj;fo cg's"n aGg ;s]�g . t/�fO{df

pTkGg nfdf]� /�fhg}�lts cfGbf]�ng tyf cj/�f]�wsf sf/�0f ef/�tLo eG;f/�

gfsfx¿af6 cfk"lt{ ;xh x'g g;Sbf b]�zsf]� ;d:�t cy{tGqdf 7"nf]� gf]�S;fgL

k'Ug uof]� . a}�sLÍ If]�qdf jif{e/� g}� pRr t/�ntf b]�lvPtf klg z]�o/� jhf/�

/� 3/�hUuf Joj;fo ck]�Iffs[t x'g ;s]�g . aif{sf]� cGTolt/� cd]�l/�sL 8n/� /�

cGo ljb]�zL d'b|fsf]� t'ngfdf g]�kfnL ?k}�of sdhf]�/� b]�lvg uof]� .

o:�tf]� laifd kl/�l:�yltsf]� afah'b klg cf=a= @)&!÷&@ df o; sDkgLn]�

k|yd aLdfz'Ns cfDbfgLdf $!=&#Ü, s"n hLjg aLdf sf]�ifdf #)=%(Ü,

nufgLdf #!=^&Ü /� nufgLaf6 k|fKt cfodf !^=!^∞ sf]� a[l4b/� xfl;n

ug{ ;kmn ePsf]� ;xif{ hfgsf/�L u/�fpg rfxG5f}�+ . sDkgLsf]�]� pTs[i6 ljlQo

gLlt, sd{rf/�L tyf clestf{x¿sf]� d]�xgt /� g]�kfnL hg;d'bfox¿n]� u/�]�sf]�

ckf/� laZjf; Pj+ k"0f{ e/�f]�;faf6 oL pknlAwx¿ k|fKt x'g ;s]�sf x'g\ .

;+rfns ;ldltsf]

k|ltj]bgDirector's

REPORT


14 thAnnual Report

9

;+rfns ;ldltsf]

k|ltj]bgDirector's

REPORT

9

Joj;fosf] l;+xfjnf]sg

aLdfn]�vx¿sf]� laqmL ;+Vof

o; sDkgL;Fu @)&@ cfiff9 d;fGt;Dddf s"n ;lqmo hLjg aLdfn]�vsf]�

;+Vof %,!*,%$^ /�x]�sf]� ;xif{ hfgsf/�L u/�fpg rfxG5f}�+ .

Overview of PerformanceNumber of Policies sold.The Company has 518546 policies in its book as at 31st Ashad 2072.

Year 2067/68 2068/69 2069/70 2070/71 2071/72

No of Policy 46,404 59098 65022 91845 149796

k|yd aLdfz"Ns cfDbfgL

cf=a= @)&!÷&@ df sDkgLn]� aLdfn]�v laqmL ;+Vofdf ^#=!)Ü /� k|yd

aLdfz"Ns cfDbfgLdf $!=&#Ü sf]� a[l4b/� xfl;n u/�]�sf]� 5 . o; sDkgLsf]�

cf}�ift aLdfz"Ns k|lt aLdfn]�v ?= !@,!$$ /�x]�sf]� 5 . sDkgLn]� cf=a=

@)&!÷&@ df s"n aLdfz'Nsafkt ?= %$!=^! s/�f]�8 /�sd ;+sng ug{

;kmn ePsf]� ;xif{ hfgsf/�L u/�fpg rfxG5f}� .

rfn' aif{sf]� pknlJw M - @)&@ ;fn kf}�if !^ ;Ddsf]� _

b]�zsf]� /�fhg}�lts Pj+ cfly{s If]�q cl:�y/� /�x]�sf]� cj:�yfdf klg dflysf]�

cf‘s8fn]� rfn' cf=a= @)&@÷&# df aLdfn]�v ;+Vof /� k|yd aLdfz'Ns

cfDbfgL b'a}�df s]�xL]� a[l4 b]�Vg ;lsG5 . xfdL cfzf ub{5f}� ls sDkgLsf]� of]�

Joj;flos a[l4b/� cfufld dlxgfx¿df cem /�fd|f]� eP/� hfg]�5 .

Jofkf/ ;+rfng kl/b[io

b]�ze/� hDdf #$ zfvf sfof{nox¿ :�yfkgf u/�L cfkm\gf]� Joj;fo ;+rfng

ul/�/�x]�sf 5f}� . @)&@ cfiff9 d;fGtsf]� clen]�v cg';f/� hLjg aLdf

If]�qdf bIf Pj+ cg'ejL # ef/�tLo -PncfO{;L ckm Ol08ofaf6_ /� af‘sL

;a}� g]�kfnLx¿ ;lDdlnt hDdf !## hgf sd{rf/�Lx¿ o; sDkgLdf

sfo{/�t /�x]�sf 5g\ . ;+rfns ;ldltaf6 lgb]�{lzt pRr kbflwsf/�Lx¿

sDkgLsf]� cGo sd{rf/�Lx¿ /� lkmN8 kmf]�;{nfO{ s'zntfk"j{s ;+rfng

ub{5g\ . sDkgLdf Joj;flos Pj+ ;f}�xfb{k"0f{ jftfj/�0fdf pRr txsf

sfo{sf/�L;‘u ;a}� sd{rf/�Lx¿ 3'nldn ug{ ;Sg]� ;xh jftfj/�0f ljBdfg

/�x]�sf]� 5 . sd{rf/�L /� clestf{x¿sf]� bIftf a[l4 u/�L cem k|lt:�kwL{, ;an

/� lhDd]�jf/� agfpgsf nflu aif{e/�L ljleGg tflnd /� dfu{ lgb]�{zgsf

sfo{qmdx¿ ;+rfng ul/�b}� cfPsf 5g\ . rfn' cf=a= sf nflu sDkgLsf]�

d"n l;4fGt …�;+u7gM k|lqmofM pknlAwÚ� /�x]�sf]� 5 .

First Premium Income

We are happy to inform you that the Company could register 63.10% growth in number of policies and 41.73% growth in FPI as seen above in the just ended Financial Year. The average premium per policy is at Rs 12144. The total premium collected by the Company during 2071/72 stands at Rs.5416.14 Million.

Current year Performance (As at the end December 2015)

Even though the political & economic scenario of the country has not stabilized so far, you can observe that there is a marginal growth in the New Business of the Company, both in number of policies and first premium income, in the current year as well. We are hopeful that the growth trend will accelerate further in the months to come.

Operational OverviewThe Company operates through its 34 branches at present, which are spread across the country. As at the end of Ashad 2072, the Company has 133 staff members, three of whom are expatriates deputed from India with ample experience & knowledge in life insurance marketing and administrations, while others are all from Nepal itself. The top executives of the Company, ably supported by the Board, guide the employees and field force, and are easily accessible at any time. Several training and handholding sessions are conducted throughout the year, in addition to periodic reviews, in order to enhance the skills of the employees and agents so that they become vibrant and responsive in addition to remaining competitive in the market. The motto set by the Company for current year is 'PEOPLE: PROCESS: PERFORMANCE’.

Year 2067/68 2068/69 2069/70 2070/71 2071/72

FPI(In Millions) 496.7 844.24 918.94 1283.51 1819.18

2071/72 2072/73 Growth Rate

No. of Policy 53512 54941 2.67%FPI(In Millions) 602.49 640.03 6.23%



10

;+rfns ;ldltsf]

k|ltj]bgDirector's

REPORT

10

;+rfns ;ldlt kl/jt{g

!#cf}�+ aflif{s ;fwf/�0f ;efkl5 sDkgLsf]� ;+rfns ;ldltdf s'g}� kl/�jt{g

ePsf]� 5}�g .

sf/f]af/nfO{ c;/ kfg]{ tTjx¿

Joj;flos lqmofsnfk a[l4sf lgldQ sDkgLn]� lg/�Gt/�?kn]� clestf{

tflnd ;+rfng, gof‘ aLdf of]�hgf /� j}�1flgs Joj;flos /�0fgLlt clVtof/�

u/�L k|lts"n /�fhg}�lts tyf cfly{s cj:�yfdf klg pRr Jofkf/� a[l4df

pNn]�Vo of]�ubfg k'/�\ofpg ;s]�sf]� 5 .

bL3{sflng nufgLsf]� ;'–cj;/� aif{e/�L g}� k|fKt x'g g;Sg' rf;f]� /� lrGtfsf]�

ljifo /�xg uof]� . cf=a= @)&!.)&@ df cNksflng nufgLdf ;d]�t Aofhb/�

Go'g g}� /�xg uPsf]� 5 . To:�tf]� kl/�l:�yltdf klg, sDkgLn]� nufgLaf6 ahf/�df

pknAw Jofhb/�sf]� k"0f{ kmfObf lng ;dy{ ePsf]� 5 eg]� pknAw eP;Dd

w]�/�}�h;f]� nufgL bL3{sflng cjlwsf nflu ul/�Psf 5g\ . aif{sf]� cGTolt/�,

g]�kfnsf]� z]�o/� ahf/�df eg]� s]�xL ;s/�fTds kl/�0ffdx¿ b]�lvPsf lyP . o;

sDkgLsf]� @)&@ cfiff9 d;fGt;Ddsf]� gfkmfgf]�S;fg vftfn]� v'b d'gfkmfsf]�

?kdf ?= @$,(),$@,!&% b]�vfPsf]� ;xif{ hfgsf/�L u/�fOG5 . sDkgLsf]�

Aoj;fodf k|lts"n k|efj gkg]�{ t/�Lsfn]� Aoj:�yfksLo vr{nfO{ ;b}�j lgoGq0f

/� Go'gLs/�0f ug]�{ k|of; ul/�Psf]� 5 /� eljiodf klg o;nfO{ lg/�Gt/�tf lbOg]� 5 .

o; k|sf/�sf]� k|of;af6 eljiodf cem /�fd|f]� VoftL Pj+ kl/�0ffd k|fKt eO{ xfd|f

z]�o/�wgL /� laldtx¿nfO{ pRr nfe x'g]� ljZjf; lnPsf 5f}� .

n]vfk/LIfs

>L la= s]�= cu|jfn P08 sDkgLsf rf6{8 PsfpG6]�G6 >L la= s]�= cu|jfn

o; aflif{s ;fwf/�0f ;ef;Dd a}�wflgs n]�vfk/�LIfssf]� ?kdf x'g'x'G5 . >L

la= s]�= cu|jfn n]�vfk/�LIfssf]� ?kdf k'glg{o'lQm x'g of]�Uo x'g' eO{ cfkm'n]�

cfufld cf=a= @)&@÷&# sf nflu klg n]�vfk/�LIfssf]� ?kdf sfo{ ug{

OR5f JoQm ug'{ePsf]�n]� n]�vf ;ldltsf]� l;kmfl/�;df ;+rfns ;ldltn]�

pxf‘sf]� aflif{s ;]�jfz'Ns a[l4 u/�L ?=@,)),))) ± Eof6 lbg]� zt{df

k'glg{o'lQmsf]� nflu l;kmfl/�; ug]�{ lg0f{o u/�]�sf]� 5 . o; sDkgLsf]� cfGtl/�s

n]�vfk/�LIfssf]� ?kdf >L b]�j Pzf]�l;o6\;sf rf6{8 PsfpG6]�G6 >L /�hlgz

bfxfn x'g'x'GYof]� . ;+rfns ;ldltn]� n]�vf ;ldltsf]� l;kmfl/�;df cf=a=

@)&@÷&# sf]� nflu klg o; sDkgLsf]� cfGtl/�s n]�vfk/�LIfssf]� ?kdf

rf6{8 PsfpG6]�G6 >L /�hlgz bfxfnnfO{ g}� ?= %,)),)))±Eof6 aflif{s

;]�jfz'Ns k|bfg ug]�{ zt{df k'glg{o'lQm u/�]�sf]� 5 .

n]vfk/LIfssf] k|ltj]bg

o;}� k|ltj]�bg;fy ;+nUg ul/�Psf]� n]�vfk/�LIfssf]� dGtJo k|ltj]�bgåf/�f o;

sDkgLsf]� lx;fa lstfa k|rlnt sfg"g Pj+ k|rng cg';f/� /�fv]�sf]� ;fy}�

nufgL jt{dfg sfg"g Pj+ lgb]�{lzsf cg';f/� u/�]�sf]� ;xif{ hfgsf/�L u/�fpg

kfp‘bf o;n]� sDkgLsf]� k]�zfut Pj+ k|0ffnLut tl/�sf kf/�bzL{ /� :�ki6

ePsf]� bzf{Psf]� 5 . To;n]� xfdLnfO{ cem a9L cfTdljZjf; /� xf}�;nf

;d]�t k|bfg u/�]�sf]� 5 .

Changes in the Board of DirectorsThere has been no change in the Board of Directors after the 13th Annual General Meeting.

Factors influencing our business There has been heightened business activity in the Company with several ongoing trainings for Agents, introduction of new product, use of new initiatives & strategies, which has helped in improving New Business during the year, in the face of a tough political, physical and economic scenario.The lack of avenues for long term investment continued to be the major cause of concern throughout the year. The short-term interest also remained at low level in 2071/72. In that situation too, the Company was able to take full advantage of the best prevailing interest rates from investments and get most of the investments done for the longest available term during the year. At the year end, the share market stood corrected to some extent showing a rise in NEPSE Index. The P/L Accounts as at the end of Ashad 2072 shows a Net profit of Rs. 24,90,42,175/- , the cost of operations has been kept under strict control and efforts are being made to bring it down further without affecting our operations. All these would help in creating long term goodwill & result in bringing more values to our shareholders and policyholders in the days to come.

Auditors Chartered Accountant Sri B. K. Agrawal of M/s B. K. Agrawal & Co. had been our Statutory Auditor for the year gone-bye. He is eligible to offer himself for reappointment and has done so and, both the Audit Committee & Board of Directors recommend his reappointment for the financial year 2072/73 as well with an annual fee of Rs. 2,00,000 + VAT. Similarly, Sri Rajnish Dahal of M/S Dev Associates, Chartered Accountant had been our internal auditor last year. The Board of Directors on the recommendation of the Audit Committee has decided to reappoint him for the current year as well with an annual fee of RS. 5,00,000/- +VAT.

Auditor’s ReportThe opinion of the Auditors on the accounts and systems of the Company is appended to this report. Their opinions that the accounts and records of the Company have been maintained properly and that the investments are made as per the laws of the land gives us ample confidence about our professional workings and well laid systems.


14 thAnnual Report

11

;+rfns ;ldltsf]

k|ltj]bgDirector's

REPORT

11

z]o/sf] hkmt

sDkgLsf]� z'?jftb]�lv xfn;Dd s'g}� klg z]�o/�wgLsf]� z]�o/� sDkgLn]� hkmt

u/�]�sf]� 5}�g .

hLjg aLdf sf]if

ldlt @)&! cfiff9 d;fGt;Dddf hLjg aLdf sf]�ifdf ?= !,%%)=%@ s/�f]�8

/�x]�sf]�df To;df #)=%(Ü n]� a[l¢ eO{ ldlt @)&@ cfiff9 d;fGt;Dddf hLjg

aLdf sf]�ifdf ?= @,)@$=*# s/�f]�8 /�x]�sf]� ;xif{ hfgsf/�L u/�fpg rfxG5f}� .

Forfeiture of SharesSince the inception of the Company, no shares belonging to anyone have been forfeited.

Life FundAs at the end of Ashad 2072, the life fund of the Company stood at Rs 20,248.35 Million as against Rs 15,505.21 Million at the end of Ashad 2071. This means the life fund grew at the rate of 30.59% for the period.

1136.84 1989.86 2752.19 3425.61 4813.886651.46

8906.311775.6

15505.21

20248.35

Life Fund (Rs in Million)

Life Fund

2062-63 2063-64 2064-65 2065-66 2066-67

2067-68 2068-69 2069-70 2070-71 2071-72

nufgL

ldlt @)&! cfiff9 d;fGt;Dddf s'n nufgL ?= !,%#(=#* s/�f]�8 /�x]�sf]�df

ldlt @)&@ cfiff9 d;fGt;Dddf s'n nufgL -aLdfn]�v shf{ tyf 5f]�6f]�

cjlwsf]� nufgL ul/�_ ?= @,)@^=(@ s/�f]�8 /�x]�sf]� 5 . o; cg';f/� #!=^&Ü

n]� nufgLdf a[l¢ ePsf]� b]�lvG5 ;fy}� ;Dk"0f{ nufgLx¿ k|rlnt P]�g,

;+rfns ;ldltsf]� lgb]�{zg Pj+ >L aLdf ;ldltsf]� nufgL ;DjGwL gLlt

tyf lgb]�{lzsfsf]� clwgdf /�xL ul/�Psf 5g\ . o; sDkgLn]� g]�kfn ;/�sf/�sf]�

C0fkq, g]�kfn /�fi6« a}�ssf]� ljsf;kqx¿, afl0fHo a}�+s, ljsfz a}�+s /�

k|ltli7t laQLo ;+:�yfx¿sf]� d'2tL vftfx¿, gful/�s nufgL sf]�if, a+}�s

Pj+ k|ltli7t klAns lnld6]�8 sDkgLx¿sf]� lk|km/�]�Gz z]�o/� /� l8a]�Gr/�x¿df

nufgL u/�]�sf]� 5 . ahf/�sf]� cj:�yf Tolt cg's"n gePtf klg sDkgLsf]�

laj]�sk"0f{ nufgL gLltsf sf/�0f o; aif{ nufgLaf6 k|fKt x'g]�]� k|ltkmndf

!^=!^Ü sf]� a[l¢b/� xfl;n u/�]�sf]� 5 . pknAw hu]�8f /�sdnfO{ nufgL ubf{

laj]�sk"0f{ 9Ën]� ;'/�lIft /� pRrtd k|ltkmn lbg]� :�yfgx¿df dfq nufgL

ug{ xfdL k|of;/�t 5f}�+ .

InvestmentsThe total investments of the Company (including policy loans and short term investments) as at the end of Ashad 2072 stood at Rs 20,269.28 Million as against Rs 15393.80 Million as at the end of Ashad 2071. This shows an increase of 31.67% and investments have been done strictly as per the guidelines and rules existing in the country, as well as, as per directions of the Board of Directors and directives of the Regulator (Beema Samiti) from time to time. The investments have been made in Govt. Bonds, Development Bonds of Nepal Rastra Bank, Fixed deposits with various Commercial Banks, Development Banks, Finance Companies, Citizen's Investment Trust, and in Preference Shares and Debentures of Banks and reputed public limited Companies as well as in the equities of reputed public limited companies. Due to strict investment norms followed by the Company, the investment income has shown an increase of 16.16% in the just concluded financial year even though the market conditions were not so conducive. It is our endeavor to invest our surplus in a prudent manner keeping the safety of funds uppermost in our mind, but without losing sight of higher returns.

1345.31 2108.37 2578.063583.98

4663.376283.11

8103.36

10703.69

13631.66

17933.69

Investment (Rs. In Million)

Investments2062-63 2063-64 2064-65 2065-66 2066-67

2067-68 2068-69 2069-70 2070-71 2071-72



12

;+rfns ;ldltsf]

k|ltj]bgDirector's

REPORT

12

;+rfnsx¿åf/f ljlQo sf/f]af/

cfly{s aif{ @)&!÷&@ df k|d'v sfo{sf/�L clws[t hf]� ;+rfns ;d]�t /�xg'

ePsf]� 5, pxf‘nfO{ lbOPsf]� kfl/�>lds /� c? ;+rfnsx¿nfO{ k|bfg ul/�Psf]�

a}�7s eQf afx]�s sDkgL;‘u ;DalGwt ljQLo sf/�f]�af/�df ;~rfns /� lghsf]�

gft]�bf/�sf]� s'g}� ;+nUgtf /�x]�sf]� 5}�g .

cfDbfgL / Aoj:yfkg vr{

ut aif{eGbf @&=)%∞ sf]� a[l4 xfl;n eO{ o; aif{ sDkgLsf]� s"n cfDbfgL

?= ^($=&) s/�f]�8 /�x]�sf]� 5 . pQm cfDbfgLleq nufgLaf6 k|fKt ePsf]�

cfDbfgL -shf{ /� k]�ZsLaf6 k|fKt Aofh cfDbfgL ;lxt_ ;dfj]�z 5 h;sf]�

!^=!^∞ sf]� a[l4 /�x]�sf]� lyof]� . o; sDkgLsf]� s"n Joj:�yfksLo vr{

cg'kft g]�kfnsf]� hLjg aLdf pBf]�udf k|sflzt ePsf k|ltj]�bgx¿ x]�bf{

Go"g /�x]�sf]� b]�lvG5 . o; aif{sf]� Joj:�yfkg vr{ cg'kft ^=()Ü /�x]�sf]� 5 .

cfufld lbgx¿df Aoj:�yfkg vr{nfO{ sd ug]�{ tkm{ sDkgL k|of;/�t /�xg]�

5 . o; sDkgLsf]� s"n vr{ cg'kft @)=(@Ü x'g uPsf]� ;d]�t hfgsf/�L

u/�fOG5 .

;+rfns tyf kbflwsf/Lx¿nfO{ ul/Psf] e'QmfgL

sDkgLsf]� lgodfg';f/� o; cf=j= df sDkgLsf]� ;+rfnsx¿, k|d'v

sfo{sf/�L clws[t tyf cGo kbflwsf/�Lx¿nfO{ hDdf ?= @,%!,!^,*$#.—

e'QmfgL ul/�Psf]� 5 .

Financial Transactions by DirectorsDuring the fiscal year 2071/72, the Company has not entered into any financial transactions with either the Directors of the Company or their relatives in any manner whatsoever except payment of salary to the CEO, who is also a Director and payment of sitting fees to all the Directors.

Income and Management ExpensesThe total income of the Company during the year was Rs.6,947 million, showing a growth 27.05% over that of last year, with income from investment (including interest incomes from loans and advances) registering 16.16% growth during the year. The total management expense ratio of the Company continues to be one of the lowest in the industry as seen from the reports published. We are still maintaining the low level of management expenses ratio which is 6.90%. Every effort is being made to reduce these expenses further. The Overall Cost Ratio of the Company stands at 20.92%.

Payment to Directors and other ExecutivesA total of NRs. 2,51,16,843/- have been paid to Directors, CEO and other Executives of the Company as per laid down rules, in the year 2071/72.

Name Designation Amount Paid (Rs.) Type of Payment

Mr. S. K. Roy Chairman 24,000 Sitting Fee*Mr. S. B. Mainak Director 42,500 Sitting Fee*Mr. Ashok Agrawal Director 35,000 Sitting FeeMr. V. K. Kukreja Director 42,500 Sitting FeeMr. Rajendra Prasad Aryal Director 42,500 Sitting Fee

Mr. P.R. Mishra Director/CEO 30,000 Sitting Fee*1,13,94,196 Salary and other amenities

Mr. R.K. Choudhary Asst.General Manager 72,19,954 Salary and other amenitiesMr. Sudhir Sagar Manager IT 62,86,193 Salary and other amenities

Total 2,51,16,843

;+rfns tyf kbflwsf/�Lx¿nfO{ e'Qmfg ul/�Psf]� /�sd ljj/�0fM

*pxf‘x¿ ef/�tLo hLjg aLdf lgudsf]� sd{rf/�Lx¿ ePsf]� x'‘bf pQm a}�7s

eQfx¿ lgudsf]� gfddf e'QmfgL ul/�Psf 5g\ .

;Dklt vl/b

sDkgL P]�g, @)^# sf]� bkmf !$! adf]�lhd ;+rfns ;ldltn]� kfl/�t

u/�]�sf]� of]�hgf adf]�lhd ;jf/�L sf/�x¿ sDkgLsf]� clws[tx¿sf]� k|of]�hgfy{

lslgPsf 5g\ ;f]� afx]�s c? s'g}� klg ;Dklt vl/�b jf laqmL ul/�Psf]� 5}�g .

Statement of Remuneration of Directors and Executives is as under:

* These payments are made to L.I.C.of India as these directors are

employees of LICI.

Purchase of PropertyNo property has been purchased or sold by the Company during the year as per section 141 of the Companies Act, 2063, except purchase of cars for the use of officers as per the scheme approved by the Board.


14 thAnnual Report

13

;+rfns ;ldltsf]

k|ltj]bgDirector's

REPORT

13

aLdfsf]ifsf] d"Nof°g

aLdf ;ldltsf]� lgb]�{zg adf]�lhd aLdf sDkgLx¿n]� x/�]�s aif{ aLdfÍLo

d"Nofs+g u/�fpg' kg]�{ Joj:�yf /�x]�sf]� 5 . o; sDkgLsf]� cf=a= @)&!÷&@ sf]�

jflif{s aLdfÍLo d"Nofs+gaf6 art ?= @,*$,^!,!&,@(# k|fKt x'g cfof]� /�

;f]�af6 ?= @,!^,%$,!^,#*# af]�g;sf]� ?kdf laldtx¿nfO{ ljt/�0f ul/�Psf]� 5

h'g cf‘s8fx¿ oxf‘x¿n]� sDkgLsf]� cf=a= @)&!÷&@ sf]� ljlQo ljj/�0fdf

klg b]�Vg ;Sg' x'g]�5 .

cf=a= @)&!÷&@ ;Ddsf]� sDkgLsf]� ;f]�Ne]�G;L /� k‘"hL kof{Kttfsf]� ;Gbe{df

aLdfÍLo k|df0fLs/�0f o;}� k|ltj]�bg;fy ;+nUg ul/�Psf]� 5 .

laldtx¿sf] nflu af]g;

cf=a= @)&!÷&@ sf nflu laldtx¿nfO{ lgDgfg';f/�sf]� af]�g;b/� sfod

ul/�Psf]� 5 .

Valuation of Life FundAs per the instruction of Beema Samiti, a life Insurance Company is required to undertake valuation of its funds by an Actuary on yearly basis. Accordingly, annual valuation results for 2071/72 has shown a surplus of Rs.2,84,61,17,293 out of which Rs 216,54,16,383 is distributed to the Policyholders as Bonuses & these figures are reflected in the financial statements for 2071/72.

Certification of the actuary regarding solvency of the company and its capital adequacy up to 2071/72 is appended to the report.

Bonus to PolicyholdersThe Bonus rates of the company for 2071/72 are as below:

Policy Term Bonus Endowment (including Jeevan Anand) 5 to 19 61Endowment (including Jeevan Anand) 20 to 24 65Endowment (including Jeevan Anand) 25 and above 75Money Back 15 61Money Back 20 62Money Back 25 63

Premium Term Bonus

Jeevan Tarang 10 6115 6320 72

z]o/wgLx¿nfO{ nfef+z tyf af]g;

cf=a= @)&!÷&@ sf]� clGtd aLdfÍLo d'Nofs+gx¿af6 cfPsf]� kl/�0ffdnfO{

;dfj]�z u/�]�kZrft sDkgLn]� s"n gfkmf /�sd ?= @$=($Ü s/�f]�8 /�sd

z]�o/�wgL vftfdf /�fVg ;kmn ePsf]� 5 . o; sDkgLsf]� ;+rfns ;ldltn]�

pQm gfkmfaf6 xfd|f z]�o/�wgLx¿nfO{ sDkgLsf]� r'Qmf k"‘hLsf]� @^=#@Ü nfef+z

lbg]� k|:�tfj u/�]�sf]� 5 h; cGtu{t @%Ü af]�g; z]�o/� /� ;f]� af]�g; z]�o/� lnP

afkt g]�kfn ;/�sf/�nfO{ a'emfpg' kg]�{ s/� afktsf]� /�sd k|of]�hgsf nflu

!=#@Ü gub nfef+z k|:�tfljt 5g\ . ;+rfns ;ldltn]� sDkgLsf]� xfnsf]�

clws[t k‘"hL, hf/�L k‘"hL /� r'Qmf k‘"hLnfO{ a[l4 u/�L ?= !,)^,($,%#,!@% k'/�\

ofpg o; ul/�dfdo ;efdf k|:�tfj ug]�{ lg0f{o u/�]�sf]� 5 .

u|fxs ;]jfx¿

g]�6jsL{Ë, aLdfz"Ns e'QmfgL /� df]�afOn P;PdP; ;]�jf

sDkgLn]� cTofw'lgs ;"rgfk|ljlwsf]� k|of]�u ul/�/�x]�sf]� 5 . cfw'lgs ;"rgf

k|ljlwsf]� k|of]�u ub}�{ u|fxsx¿nfO{ ;kmntfk"j{s æh'g;'s}� zfvfaf6

aLdfz'Ns e'QmfgL ug{ ldNg]� ;]�jfÆ pknAw u/�fp‘b}� cfPsf]� 5 . To;}� u/�L,

Dividend & Bonus for shareholdersWith the closing of the books after the inclusion of the valuation results for 2071/72, the Company has shown Rs 249.04 Million as net profit in the Shareholders account. The Board of Directors proposes 26.32 % of our paid up capital amounting to Rs.22,51,48,026 as dividends out of this profit to our valued Shareholders, and from this dividends, 25% as Bonus Share, 1.32% as cash dividends to meet tax on the total dividends so declared are to be apportioned. The Board of Directors also proposes to increase the Authorized Capital & Paid up Capital of the Company to Rs. 1069.453125 Million.

Customer ServiceNetworking, Premium Payment & Mobile SMSThe Company has adopted the state of art IT system. LIC Nepal has successfully introduced “anywhere premium payment” system- it is now possible for a customer to pay his premium in any branch of LIC Nepal irrespective of where he/ she has taken the policy



14

;+rfns ;ldltsf]

k|ltj]bgDirector's

REPORT

14

xfn sDkgLn]� df]�afOn P;PdP; ;"rgf ;]�jf /� j]�e;fO6df cgnfOg

kf]�6{n ;]�jf k|bfg ul/�/�x]�sf]� 5 h;dfkm{t laldtx¿nfO{ aLdf cjlwsf]�

;dflKt, aLdfz'Ns /�sd e'QmfgL ug'{ kg]�{ af/�]� clu|d hfgsf/�L, aLdfz'Ns

e'QmfgL k|fKt ePsf]� hfgsf/�L, aLdfn]�v shf{ e'QmfgL, ;dk{0f, hLljt nfe

/� kl/�kSjtf nfe e'QmfgLx¿sf]� af/�]�df hfgsf/�L u/�fOG5 .

d[To' bfaL

cf=j= @)&!÷&@ df sDkgLn]� hDdf $$# j6f d[To' bfaLx¿ ;DkGg u/�L

?= !)=@( s/�f]�8 /�sd e'tmfgL u/�]�sf]� 5 . pQm cf‘s8f cGtu{t @& j6f

d[To' bfaLaf6 x'g cfpg]� ?= !=)@ s/�f]�8 /�sd e"sDk k|efljt kl/�jf/�nfO{

k|bfg ul/�Psf]� lyof]� . ;'?jftb]�lv xfn;Dd @,@($ j6f d[To' bfaLx¿ km5\

of]�{6 u/�L ?= #(=## s/�f]�8 /�sd e'tmfgL eO{ ;s]�sf]� 5 . cf=a= @)&!÷&@

df kl/�kSjtf nfe, lhlat nfe /� d[To' bfaL e'QmfgL k"0f{?kn]� km5\of]�{6 ug{

;kmn xF'b}� k"gM bfaL e'QmfgL ;Dkfbg sfo{df g]�kfnsf]� hLjg aLdf pBf]�u

d}� o; sDkgLn]� pRrtd dfkb08 sfod ug{ ;kmn ePsf]� ;xif{ hfgsf/�L

u/�fpg rfxG5f}� . sDkgLn]� e'QmfgL ug'{ kg]�{ ;a}� kl/�kSjtf nfe /� lhlat

nfe e'QmfgLx¿ aLdf lgodfjnLsf]� Dofbleq}� ;f]�xL cfly{s aif{df ;Dkfbg

ul/�Psfn]� sDkgLsf]� ;kmntfdf cem ;'uGw ylkPsf]� 5 . o; aif{ e'QmfgL

ePsf]� s"n bfaL -d[To'± kl/�kSjtf±lhljt nfe_ /�sd ?= #^=#^ s/�f]�8

/�x]�sf]� hfgsf/�L u/�fpFb5f}� .

cGo Aofkfl/s lqmofsnfkx¿

cf=a= @)&!÷&@ df sDkgLn]� #,%#@ hgf gof‘ clestf{x¿ lgo'Qm u/�]�sf]�

lyof]� . To;}� u/�L @)&@ cfiff9 d;fGt;Dddf sDkgLdf hDdf #@,(&@

hgf clestf{x¿ sfo{/�t /�x]�sf lyP h; dWo]� %,(%& hgf clestf{x¿n]�

aLdf Aofkf/�df ;lqmo of]�ubfg k'/�\ofpg' ePsf]� 5 . o; aif{ !*) hgf

clestf{x¿ ;tsaL/� /� *) hgf aLdf k]�zfsf]� ;Ddflgt MDRT CLUB

@)!% df ;b:�o aGg ;kmn ePsf 5g\ . sDkgLsf]� laqmL a9fpg]� p2]�Zon]�

gof‘ clestf{x¿nfO{ lgoldt ?kdf tflnd /� laBdfg clestf{x¿nfO{ cem

a9L Aoj;flos agfpg laqmLsnfsf cWoog ;fdfu|Lx¿ k|bfg, k"gtf{huL

tflnd tyf laqmosnfsf sfo{qmdx¿ ;+rfng ul/�b}� cfPsf 5g\ .

;+:yfksLo Aoj:yfkg

sDkgL ;+rfns ;ldltsf]� a}�7s P]�g adf]�lhd lgoldt ?kdf a:�g]� u/�]�sf]� 5 .

xfn;Dd &( j6f a}�7sx¿ ;DkGg e}�;s]�sf 5g\ . gLlt lgdf{0fsf]� cltl/�Qm

;+rfns ;ldltn]� sDkgLnfO{ /�0fgLlts lgb]�{zg lbg]�, lalQo cg'zf;g

/� hjfkmb]�lxtf sfod u/�fpg]�, aLldt /� cGo ;]�jfu|fxLx¿sf]� lxt/�Iffy{

lglZrttf k|bfg ug]�{ sfd u/�]�sf]� 5 . To;sf]� cltl/�Qm sDkgLn]� aLdssf]�

;+:�yfut ;'zf;g ;DaGwL lgb]�{lzsf, @)^( sf k|fjwfgx¿nfO{ s8fO{sf

;fy kfngf u/�]�sf]� 5 .

from. Likewise, the Company has been delivering “Mobile SMS Information Service” and “Online Portal” service in website to inform the policyholders regarding the policy completions, premiums dues, premiums received details and also for payment of policy loans, surrenders, survival benefits & maturity claims.

ClaimsDuring the fiscal year 2071/72, we have settled 443 death claims for an amount of Rs 102.90 Millions out of which 27 claims amounting to Rs 10.24 Mn have been paid to the families of earthquake victims. The total death claims settled since inception is 2294 in which we have paid Rs 393.30 Million. We are happy to inform you that the Company has achieved zero outstanding death, maturity and survival benefit claims which is an unparalleled achievement in the entire industry. All the maturity and survival benefit claims of the Company due in the fiscal, were settled in the fiscal itself, a unique feat in the Life Insurance Market of Nepal. The total claim (Death+ Maturity+ Survival Benefits) amount paid during the year is Rs. 363.68 Million.

Other Marketing ActivitiesDuring the year of review, the Company recruited 3532 new agents. As at the end of Ashad 2072, we had 32972 agents on roll out of which 5957 have contributed to the business of the Company. During the year just completed, 180 Agents have become Centurions and 80 Agents have qualified to be the member of prestigious MDRT-2015 Club for insurance professionals. A continuous exercise is being undertaken to enhance the selling skills of the agents, with refresher trainings, by providing them with literature on marketing and allied subjects and keeping them engaged through various innovative competitions. Corporate GovernanceCompany's Board of Directors meet regularly as per the prescribed rules. 79 such meetings have been held till date. In addition to policy matters, the Board also provides strategic direction, ensures financial discipline and accountability, and also ensures protection of interest of the policy holders and other stakeholders. The Board of Directors strictly acts as per the terms laid out in the Good Governance Guidelines for Insurers, 2069 issued by Beema Samiti.


14 thAnnual Report

15

;+rfns ;ldltsf]

k|ltj]bgDirector's

REPORT

15

;j}eGbf a9L cfos/ a'emfpg]df ;Ddflgt

rf}�yf]� /�fli6«o s/� lbj; @)&@ sf]� cj;/�df cf=j= @)&)÷&! sf nflu

aLdf Joj;fo cGtu{t g]�kfn ;/�sf/�af6 PncfO{;L g]�kfnnfO{ ;j}�eGbf

a9L cfos/� bflvnf ug]�{ aLdf sDkgLsf]� ?kdf ;Ddflgt ul/�Psf]� s'/�f

;uf}�/�j hfgsf/�L u/�fpg rfxG5f}� .

z]o/ k|df0fkqsf] cef}lts/0f

PncfO{;L g]�kfnn]� cfkm\gf]� sDkgLsf]� z]�o/� k|df0fkqx¿nfO{ cef}�lts/�0f

ug{sf nflu l;l8P; P08 lSnol/�Ë lnld6]�8;‘u ;Demf}�tf ;DkGg u/�]�sf]�

5 . xfn z]�o/� jhf/�df o; sDkgLsf]� z]�o/�x¿ k"0f{tM cef}�lts?kdf

sf/�f]�af/� e}�/�x]�sf]� hfgsf/�L u/�fp‘b5f}� .

skf]{/]6 sfof{nosf] :yfgfGt/0f

@)&@ a}�;fv !@ ut]�sf]� ljgfzsf/�L e"sDk /� lg/�Gt/�sf]� k/�fsDkgsf sf/�0f

hg;'/�Iffsf]� ljifonfO{ k|fyldstf lbb}� sDkgLsf]� skf]�{/�]�6 sfof{nonfO{

eujtLaxfn gS;fn, sf7df08f}�l:�yt ;'/�lIft ejgdf :�yfgfGt/�0f

ul/�Psf]� 5 .

e"sDk /fxt sf]ifdf of]ubfg

ut a}�;fv !@ ut]�sf]� e"sDkn]� 7"nf]� wghgsf]� Iflt ePsf]� ;j}�nfO{ ljlbt}�

5 . e"sDk k|efljtx¿nfO{ ;xof]�u ug{sf nflu k|wfgdGqL b}�aL k|sf]�k

/�fxt sf]�ifdf ? !% nfv hDdf u/�L of]�ubfg k'/�\ofOPsf]� 5 . xfdL e"sDkdf

Hofg u'dfpg' ePsfx¿k|lt xflb{s >bfGhnL ck{0f ub{5f}� ;fy}� 3fOt]� x'g'

ePsf ;Dk"0f{ bfh'efO{ lbbLalxgLx¿sf]� l;3| :�jf:�Yo nfesf]� nflu sfdgf

ub{5f}� .

;+rfnsx¿åf/f z]o/sf] v/Lb

cfly{s aif{ @)&!÷&@ df o; sDkgLsf ;+rfns tyf kbflwsf/�Lx¿åf/�f

s'g}� z]�o/� v/�Lb gul/�Psf]� tyf z]�o/� sf/�f]�af/�df lghx¿sf]� ;+nUgtf /�x]�sf]�

5}�g .

z]o/wgLx¿af6 k|fKt hfgsf/L

sDkgLsf]� sfo{z}�nL v'Nnf /� kf/�bzL{ ePsf]� x'‘bf z]�o/�wgL dxfg'efjx¿af6

k|fKt x'g]� ;'emfjnfO{ sDkgL ;b}�j :�jfut ub{5 . z]�o/�wgLx¿af6 k|fKt plrt

;'emfjx¿nfO{ sDkgLsf]� a[lt ljsf;df of]�ubfg k'/�\ofpgsf]� lglDt cjnDag

ug]�{ tkm{ xfd|f]� k|oTg ;b}�j /�xg]� 5 .

cGo v'nfpg' kg]{ s'/fx¿

k|rlnt P]�g tyf sfg"g adf]�lhd sDkgLsf]� cGo s'g}� s'/�f v'nfpg' kg]�{

5}�g .

LIC Nepal bags Highest Tax Payer Honor It is a matter of pride for the company that on the occasion of 4th National Tax Day celebration, Government of Nepal has honored LIC Nepal as the highest tax payer company amongst all the Insurance Companies in Nepal for the year 2070/71.

Dematerialization of SharesLIC Nepal has entered into an agreement with CDS and Clearing Ltd for dematerialization of Company’s shares. Now, a full-fledged dematerialized share trading has been taking place in stock market.

Change of Corporate Office locationDue to a devastating earthquake on 25 April, 2015 and its frequent aftershocks, Company’s Corporate Office has been shifted to a new building at Bhagawatibahal Naxal, Kathmandu considering the public safety first.

Donation to Earthquake Relief FundThe devastating earthquake of 25 April 2015 and the subsequent aftershocks have caused an enormous loss of lives and properties. LIC Nepal has contributed an amount of Rs. 15 lakh to Prime Minister’s Disaster Relief Fund intending to help the earthquake affected people. The Company pays deep tributes to those losing lives in the natural disaster and wishes for the speedy recovery of injured sisters and brothers.

Share purchased by DirectorsDuring the financial year 2071/72, neither Directors nor Officers of the Company have purchased any shares of the Company and they have not been involved in any transactions related thereto.

Information/Suggestion from ShareholdersWith our functioning being open and transparent, suggestions from shareholders are always welcome. We would be delighted to receive suggestions from your goodselves, for furthering the growth of the Company and would definitely give due consideration to these.

Any other matter to be disclosedApart from the above mentioned facts, there is no other mandatory disclosure by the Company in accordance with any of the existing laws of Nepal.



16

;+rfns ;ldltsf]

k|ltj]bgDirector's

REPORT

16

cfef/ AoQm

;+rfns ;ldlt o; sDkgLnfO{ lg/�Gt/� ;xof]�u /� dfu{ lgb{]�zg ug]�{

g]�kfn ;/�sf/�, cy{ dGqfno, g]�kfn /�fi6« a}�+s, aLdf ;ldlt, g]�kfn lwtf]�kq

af]�8{, sDkgL /�lhi6«f/� sfof{no, g]�kfn :�6s PS;r]�Gh ln=, l;l8P; P08

lSnol/�Ë ln= /� cGo ;DalGwt lgsfox¿nfO{ xflb{s cfef/� JoQm ug{

rfxG5 . To;}� u/�L ;+rfns ;ldlt o; sDkgLnfO{ lg/�Gt/� ;xof]�u /� dfu{

lgb{]�zg k|bfg ug]�{ ef/�tLo hLjg aLdf lgudsf ljleGg ljefux¿k|lt

s[t1tf JoQm ug{ rfxG5 . ;Dk"0f{ z]�o/�wgL /� ljldt dxfg'efjx¿nfO{

sDkgLk|lt ug'{ ePsf]� ;xof]�u, ;lbR5f /� cfTdljZjf;sf nflu xfdL

cfef/� JoQm ug{ rfxG5f}� .

pRr ;kmntfsf nflu nuglzntfsf;fy d]�xgt ug'{x'g]� ;Dk"0f{ ahf/�

k|ltlglwx¿ tyf sd{rf/�Lx¿nfO{ ;+rfns ;ldlt wGojfb lbg rfxG5 .

sDkgLsf]� n]�vf k|0ffnLnfO{ pTs[i6 sfod /�fVg dfu{ lgb]�{zg ug'{ x'g]�

aLdfÍL /� rf6{8 PsfpG6]�G6 Pj+ n]�vfk/�LIfs dxf]�box¿df klg s[t1tf

JoQm ug{ rfxG5f}� . nfOkm OG:�of]�/�]�G; skf]�{/�]�zg -g]�kfn_ ln= g]�kfnsf]�

aLdf pBf]�udf ;jf]�{Ts[i6 Pj+ Market Leader sf]� ?kdf /�xg ;sf]�;\ eGg]�

clek|fosf ;fy xfdL cfd hg;d'bfoaf6 eljiodf o:�t}� k|sf/�sf]� lg/�Gt/�

;xof]�u /� ;lbR5fsf]�]� ck]�Iff ub{5f}�+ .

wGojfb .

;+rfns ;ldlt

Expression of GratitudeThe Board of Directors acknowledges with gratitude the support received from the honorable Government of Nepal, the Ministry of Finance, Nepal Rastra Bank, Beema Samiti, Securities Board of Nepal, Office of the Company Registrar, Nepal Stock Exchange Limited, CDS and Clearing Limited and all other concerned Departments. The Board of Directors would also like to acknowledge the guidance and help received from the various departments of LIC of India. The Board also places on record its gratitude to the Shareholders and Policyholders of the Company, who have reposed their faith, trust and confidence in the Company by their continued patronage.

The Board of Directors would like to thank all the marketing intermediaries and all the members of staff of the Company for their unstinted support and hard work without which the Company would not have scaled these heights. Our gratitude is also due to our Consultant Actuaries, Charted Accountants and Auditors for their support and guidance, in maintaining the highest standards of corporate excellence. The Board of Directors and the Company sincerely solicit the continued support and patronage of the public of Nepal to make the Company emerge as market leader in the Insurance Industry of Nepal.

Thank you once again.Board of Directors


14 thAnnual Report

1717

DGM of LIC Nepal receiving the highest tax payer award from Finance Minister

Chairman of Insurance Board Dr. Prof. Fatta Bahadur K.C. inaugurating Chabahil Branch of LIC Nepal

Group photo of LIC Family with BoD during 13th AGM

GLIMPSES



1818

BM Coneference in Kathmandu

LIC Nepal participating at Earthquake Memorial Rally

Employees during 13th AGM

GLIMPSES


14 thAnnual Report

19



20


14 thAnnual Report

21

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDBalance sheet As On 31st Ashad 2072 (16th July 2015)

S.N. Particulars Schedule Current year Previous Year Sources 1 Paid up capital 16 855,562,500 658,125,000 2 Reserves & Surplus 17 347,536,537 332,093,482 3 Life Insurance Fund 11 20,248,350,632 15,505,209,419 4 Catastrophe Reserve 18 56,087,418 31,183,201 5 Long term loans & Borrowings 19 - - Total Sources 21,507,537,088 16,526,611,102 Uses 6 Fixed Assets (Net) 20 219,011,527 220,455,696 7 Long Term Investments 21 5,042,839,595 6,596,274,869 8 Policy Loans 3 2,335,591,061 1,756,142,060 9 Other Long Term Loans 23 27,237,215 25,247,706 Current Assets, Loans and advances: 10 Cash and Bank Balance 22 458,043,769 245,890,512 11 Short Term Investments 21 12,890,848,658 7,041,383,165 12 Other Short Term Loans 23 219,726,136 211,118,672 13 Other Assets 24 1,371,311,815 1,115,153,994 Total (A){10+11+12+13} 14,939,930,379 8,613,546,343 Current liabilities and provisions: 14 Current Liabilities 25 935,797,994 635,044,094 15 Provision for Unexpired Risk 26 64,693,019 15,202,135 16 Provision For outstanding Claims 9 12,193,483 7,215,454 17 Other Provision 26a 65,238,868 55,791,424 Total (B){14+15+16+17} 1,077,923,364 713,253,107 18 Net Current Assets C = (A-B) 13,862,007,015 7,900,293,236 19 Miscellaneous Expenses(To the extent not written off) 27 20,850,676 28,197,534 20 Loss Transferred From Profit & Loss Account - Total Uses (6+7+8+9+18+19+20) 21,507,537,088 16,526,611,102

Contingent Liabilities and Schedule 3,9,11& 16 to 29 are integral part of this Balance Sheet.

Contingent liabiltiesS.N. Particulars Current year Previous Year1 Unpaid Investment - - 2 Underwriting Commitment - - 3 Claim other than insurance business not accepted by the company - - 4 Guarantee issued by insured or on behalf of insured - - 5 Other (Death Claims Repudiated) 22,052,524 19,752,524 Total 22,052,524 19,752,524

Bipin Kumar Lal Abhijit Ghosh Dastidar P. R. Mishra Rajendra AryalAsst. Manager (F&A) Deputy. G. M. CEO/ Director Director

V. K. Kukreja Ashok Agrawal S.B.Mainak S. K. RoyDirector Director Director Chairman

As per our report of even date

CA. B. K. AgrawalManaging PartnerFor B. K. Agrawal & Co.Chartered Accountants



22

;+efljt bfloTjx?

qm=;+= ljj/0f o; aif{ ut aif{1 r'Qmf jf e'QmfgL x'g afFsL nufgL - - 2 k|Tofe"lt k|lta4tf - - 3 aLdfn]v cGtu{t eGbf afx]saf6 aLds pk/ bfjL k/]sf] t/ aLdsn] bfloTj :jLsf/ gu/]sf] - - 4 aLdsn] jf aLdssf] tkm{af6 lbOPsf] Uof/]06L - - 5 /]k'8]zg ul/Psf] d[To' bfjL 22,052,524 19,752,524 hDdf 22,052,524 19,752,524

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln= @)&@ cfiff9 d;fGtsf] jf;nft

qm=;+= ljj/0f cg';"rL o; aif{ ut aif{ >f]t 1 r'Qmf k"FhL !^ 855,562,500 658,125,000 2 hu]8f tyf sf]if !& 347,536,537 332,093,482 3 hLjg aLdf sf]if !! 20,248,350,632 15,505,209,419 4 dxf–ljkQL hu]8f !* 56,087,418 31,183,201 5 ltg{ afFsL bL3{sflng C0f tyf ;fk6L !( - - s"n >f]t 21,507,537,088 16,526,611,102

pkof]u 6 l:y/ ;DkQL -v'b_ @) 219,011,527 220,455,696 7 lb3{sflng nufgL @! 5,042,839,595 6,596,274,869 8 aLdfn]vsf] lwtf]df shf{ # 2,335,591,061 1,756,142,060 9 cGo bL3{sflng shf{ @# 27,237,215 25,247,706 Rffn' ;DkQL shf{ tyf k]ZsLx? M - 10 gub tyf a}+s df}Hbft @@ 458,043,769 245,890,512 11 cNksflng nufgL @! 12,890,848,658 7,041,383,165 12 cGo cNksflng shf{ @# 219,726,136 211,118,672 13 cGo ;DkQL @$ 1,371,311,815 1,115,153,994 hDdf -s_ -!)±!!±!@±!#_ 14,939,930,379 8,613,546,343 rfn' bfloTj tyf Joj:Yffx? M 14 rfn' bfloTj @% 935,797,994 635,044,094 15 c;dfKt hf]lvd jfkt Joj:yf @^ 64,693,019 15,202,135 16 e'QmfgL x'g afFsL bfjL afkt Joj:yf ( 12,193,483 7,215,454 17 cGo Aoj:yf @^s 65,238,868 55,791,424 hDdf -v_ -!$±!%±!^±!&_ 1,077,923,364 713,253,107 18 v"b rfn' ;DkQL -u_ = -s_ – -v_ 13,862,007,015 7,900,293,236 19 ckn]vg jf ;dfof]hg x'g afFsL ljljw vr{x? @& 20,850,676 28,197,534 20 gfkmf gf]S;fg lx;faaf6 ;f/]sf] gf]S;fg - - s"n pkof]u -^+&+*+(+!*+!(+@)_ 21,507,537,088 16,526,611,102

;+efljt bfloTjx? tyf cg';"rL #, (, !!, tyf !^ b]lv @( ;Dd o;sf cleGg c+u x'g\ .

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le=s]� s's\/�]�hf czf]�s cu|jfn P;= la= dfogfs P;= s]�= /�fFo;+rfns ;+rfns ;+rfns cWoIf

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;+nUg k|ltj]�bgsf]� cfwf/�df


14 thAnnual Report

23

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDProfit and Loss Account for the year of 2071/2072 (2014/2015)

S.N. Particular Schedule Current year Previous Year

Income 1 Transferred from Revenue A/c 10 2,239,523 (3,522,105)2 Transferred from Life Insurance fund 11 240,601,820 186,639,021 3 Income From Investment Loan and Others 2 65,069,802 50,378,359 4 Written Back Provision 12 7,104,928 13,231,566 5 Other Income - Total Income (A) 315,016,073 246,726,841

Expenses 6 Management expenses 7 37,360,026 29,641,367 7 Written off expenses 13 40,446 143,329 8 Share related expenses 13(A) 693,965 1,898,745 9 Other expenses 14 25,100 1,000 10 Provision for loss 15 - - 11 Provision for Employees housing 26(A) 12 Provision for Employees Bonus 26(A) 25,172,412 19,549,309 13 Adjusted Income tax A= (B-C) 8 2,681,949 663,391 14 B. Income Tax 2,924,343 15 C. Defferred Tax Assets 242,394 16 Transferred to Life Fund 11 - - Total Expenses (B) 65,973,898 51,897,141

17 Net profit/(loss) A = (B-C) 249,042,175 194,829,700 18 Expenses pertains to Prevoius year - 19 Profit transferred from previous year 72,819,858 117,002,306 Amount available for Appropriation 321,862,032 311,832,005 20 (a) Deferred tax reserve 17 242,394 - (b) Capital reserve 17 - (c) Special reserve 17 - (d) Other reserve 17 - (e) Proposed dividend (f) Bonus Share 17 213,890,625 197,437,500 (g) Cash dividend 26(A) 11,257,401 10,391,447 (h) Catastrophy reserve 18 24,904,217 31,183,201 Profit transferred to Balance sheet 71,567,394 72,819,858

Schedule 2,7,8 &10 to 15,17,18 &26A are integral part of this Profit & Loss Account.







24

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=cfly{s aif{ @)&!÷)&@ sf] gfkmf gf]S;fg lx;fa

qm=;+= ljj/0f cg';"rL o; aif ut aif{

cfDbfgL1 cfo Joo lx;faaf6 ;f/]sf] !) 2,239,523 –3,522,105_2 hLjg aLdf sf]ifaf6 ;f/]sf] !! 240,601,820 186,639,021 3 nufgL shf{ tyf cGoaf6 cfo @ 65,069,802 50,378,359 4 Joj:yf lkmtf{ !@ 7,104,928 13,231,566 5 cGo cfDbfgL -ljj/0f v'nfpg]_ hDdf cfDbfgL -s_ 315,016,073 246,726,841

vr{ 6 Joj:yfkg vr{ & 37,360,026 29,641,367 7 ckn]vg vr{ !# 40,446 143,329 8 z]o/ ;DalGw vr{ !# s 693,965 1,898,745 9 cGo vr{x? !$ 25,100 1,000 10 gf]S;fgLsf] nflu Joj:yf !% - - 11 sd{rf/L cfjf; Aoj:yf @^ s - 12 sd{rf/L af]g; Joj:yf @^ s 25,172,412 19,549,309 13 ;dfof]lht cfos/ - c_ Ö -cf_–-O_ * 2,681,949 663,391 14 cf_ cfos/ 2,924,343 15 O_ :yug s/ bfloTj 242,394 16 hLjg aLdf sf]ifdf ;f/]sf] !! - - hDdf vr{ -v_ 65,973,898 51,897,141

17 v"b gfkmf ÷-gf]S;fg_ -u_ = -s_ – -v_ 249,042,175 194,829,700 18 cl3Nnf] jif{;+u ;DalGwt vr{ 19 cl3Nnf] aif{af6 ;fl/Psf] gfkmf÷-gf]S;fg_ 72,819,858 117,002,306 afF8kmfF8sf] nflu pknAw /sd 321,862,032 311,832,006 20 -s_ :yug s/ hu]8f !& 242,394.00 - -v_ k"FhLut hu]8f !& - - -u_ ljz]if hu]8f !& - - -3_ cGo hu]8f -ljj/0f v'nfpg]_ !& - - -ª_ k|:tfljt nfef+z - - -c_ af]g; z]o/ !& 213,890,625 197,437,500 -cf_ gub nfef+z @^ s 11,257,401 10,391,447 -r_ dxf–ljkQL hu]8f !* 24,904,217 31,183,201 21 jf;nftdf ;f/]sf] gfkmf÷-gf]S;fg_ 71,567,394 72,819,858

cg';"rL @, &, * tyf !) b]lv !%, !&, !* / @^ s ;Dd o;sf cleGg c+u x'g\ .






14 thAnnual Report

25

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDConsolidated Revenue Account For the F. Y. 2071/072 (2014/15)

S.N. Particular Schedule Current year Previous Year INCOME 1 Net Premium 1 5,328,199,247 4,110,977,925 2 Re- Insurance Commission Income 7,305,411 4,509,268 3 Investment, Loan And Other Income 2 1,182,814,204 1,052,433,141 4 Income From Policy Loan 3 221,553,903 162,146,118 5 Other Direct Income 54,140,099 43,890,079 6 Provision for outstanding claims at the begin. Of year 7,215,454 5,454,984 7 Provision for unexpired risk at the beginning of the year 15,202,135 - Total Income (A) 6,816,430,452 5,379,411,515 Expenditure 8 Claim Payment (Net) 4 567,966,534 490,714,331 9 Agent commisions 5 690,041,079 530,987,423 10 Medical Fees 16,274,136 16,134,200 11 Re- Insurance Commission Expenses - - 12 Service Charges (Net) 6 53,281,992 41,109,777 13 Other Direct Expenses - - 14 Management Expenses 7 336,240,235 266,772,304 15 Income Tax 8 89,757,418 98,576,915 16 Provision for Outstanding claim to be paid at the end of the year 9 12,193,483 7,215,454 17 Provision for unexpired Risk to be paid at the end of the year 64,693,019 15,202,135 Total Expenditure (B) 1,830,447,897 1,466,712,540 18 Surplus Transferred to Life Fund (A-B) 4,983,743,033 3,916,221,080 19 Surplus / Loss Transferred to Profit & Loss Account 2,239,523 (3,522,105)

Schedule 1 to 9 are integral part of this Revenue Account.







26

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=cfly{s aif{ @)&!÷)&@sf] Plss[t cfo Joo lx;fa

qm=;+= ljj/0f cg';"rL o; aif{ ut aif{ cfo 1 aLdfz'Ns -v"b_ ! 5,328,199,247 4,110,977,925 2 k'gaL{df sldzg cfo 7,305,411 4,509,268 3 nufgL, shf{ tyf cGoaf6 cfo @ 1,182,814,204 1,052,433,141 4 aLdfn]vsf] lwtf]df shf{af6 cfo # 221,553,903 162,146,118 5 cGo k|ToIf cfo 54,140,099 43,890,079 6 cfly{s aif{sf] z'?sf] e'QmfgL x'g afFsL bfjL afkt Joj:yf 7,215,454 5,454,984 7 cfly{s aif{sf] z'?sf] c;dfKt hf]]lvd afkt Joj:yf 15,202,135 - hDdf cfo -s_ 6,816,430,452 5,379,411,515 Joo 8 bfjL e'QmfgL -v'b_ $ 567,966,534 490,714,331 9 clestf{ sldzg % 690,041,079 530,987,423 10 :jf:Yo k/LIf0f z'Ns 16,274,136 16,134,200 11 k'gaL{df sldzg vr{ - - 12 ;]jf z'Ns -v'b_ ^ 53,281,992 41,109,779 13 cGo k|ToIf vr{ - - 14 Joj:yfkg vr{ & 336,240,235 266,772,304 15 cfos/ * 89,757,418 98,576,915 16 cfly{s aif{sf] cGTodf e'QmfgL x'g afFsL bfjL afkt Joj:yf ( 12,193,483 7,215,454 17 cfly{s aif{sf] cGTodf c;dfKt hf]lvd afkt Joj:yf 64,693,019 15,202,135 hDdf Joo -v_ 1,830,447,897 1,466,712,540 18 hLjg aLdf sf]ifdf ;f/]sf] art 4,983,743,033 3,916,221,080 19 gfkmf gf]S;fg lx;fadf ;f/]sf] art÷-gf]S;fg_ 2,239,523 –3,522,105_

cg';"rL ! b]lv ( ;Dd o;sf cleGg c+u x'g\ .






14 thAnnual Report

27

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDRevenue Account of Endowment Policy For the F. Y. 2071/072

S.N. Particular Schedule Current year Previous Year INCOME

1 Net Premium 1 2,002,807,748 1,429,089,365 2 Re- Insurance Commission Income 1,955,150 598,893 3 Investment, Loan And Other Income 2 488,656,302 443,441,614 4 Income From Policy Loan 3 98,974,853 80,200,097 5 Other Direct Income 17,650,929 13,115,830 6 Provision for outstanding claims at the begin. Of year 1,556,238 642,563 7 Provision for unexpired risk at the beginning of the year - - Total Income (A) 2,611,601,221 1,967,088,362 Expenditure 8 Claim Payment (Net) 4 241,909,143 240,188,312 9 Agent commisions 5 286,141,333 196,185,408 10 Medical Fees 7,785,062 7,573,405 11 Re- Insurance Commission Expenses - - 12 Service Charges (Net) 6 20,028,076 14,290,894 13 Other Direct Expenses - - 14 Management Expenses 7 122,438,985 90,849,061 15 Income Tax 8 38,648,632 44,131,590 16 Provision for Outstanding claim to be paid at the end of the year 9 4,449,855 1,556,238 17 Provision for unexpired Risk to be paid at the end of the year - - Total Expenditure (B) 721,401,086 594,774,907 18 Surplus Transferred to Life Fund (A-B) 1,890,200,135 1,372,313,455 19 Surplus/ loss Transferred to Profit & Loss Account - -








28

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=cfly{s aif{ @)&!÷)&@ sf] ;fjlws hLjg aLdfsf] cfo Joo lx;fa

qm=;+= ljj/0f cg';"rL o; aif{ ut aif{ cfo 1 aLdfz'Ns -v"b_ ! 2,002,807,748 1,429,089,365 2 k'gaL{df sldzg cfo 1,955,150 598,893 3 nufgL, shf{ tyf cGoaf6 cfo @ 488,656,302 443,441,614 4 aLdfn]vsf] lwtf]df shf{af6 cfo # 98,974,853 80,200,097 5 cGo k|ToIf cfo 17,650,929 13,115,830 6 cfly{s aif{sf] z'?sf] e'QmfgL x'g afFsL bfjL afkt Joj:yf 1,556,238 642,563 7 cfly{s aif{sf] z'?sf] c;dfKt hf]]lvd afkt Joj:yf - - hDdf cfo -s_ 2,611,601,221 1,967,088,362 Joo 8 bfjL e'QmfgL -v'b_ $ 241,909,143 240,188,312 9 clestf{ sldzg % 286,141,333 196,185,408 10 :jf:Yo k/LIf0f z'Ns 7,785,062 7,573,405 11 k'gaL{df sldzg vr{ - - 12 ;]jf z'Ns -v'b_ ^ 20,028,076 14,290,894 13 cGo k|ToIf vr{ - - 14 Joj:yfkg vr{ & 122,438,985 90,849,061 15 cfos/ * 38,648,632 44,131,590 16 cfly{s aif{sf] cGTodf e'QmfgL x'g afFsL bfjL afkt Joj:yf ( 4,449,855 1,556,238 17 cfly{s aif{sf] cGTodf c;dfKt hf]lvd afkt Joj:yf - - hDdf Joo -v_ 721,401,086 594,774,907 18 hLjg aLdf sf]ifdf ;f/]sf] art -s–v_ 1,890,200,135 1,372,313,455 19 gfkmf gf]S;fg lx;fadf ;f/]sf] art÷-gf]S;fg_ - -







14 thAnnual Report

29





LIFE INSURANCE CORPORATION (NEPAL) LIMITEDRevenue Account of Anticipated Endowment Policy For the F. Y. 2071/072

S.N. Particular Schedule Current year Previous Year INCOME 1 Net Premium 1 606,631,212 589,554,268 2 Re- Insurance Commission Income 243,845 62,585 3 Investment, Loan And Other Income 2 197,859,029 194,199,823 4 Income From Policy Loan 3 27,977,413 21,110,321 5 Other Direct Income 10,060,083 9,752,613 6 Provision for outstanding claims at the begin. Of year 4,197,813 3,191,747 7 Provision for unexpired risk at the beginning of the year - - Total Income (A) 846,969,394 817,871,357 Expenditure 8 Claim Payment (Net) 4 173,370,678 144,561,369 9 Agent commisions 5 47,792,785 53,598,241 10 Medical Fees 527,402 671,475 11 Re- Insurance Commission Expenses - - 12 Service Charges (Net) 6 6,066,312 5,895,543 13 Other Direct Expenses - - 14 Management Expenses 7 39,902,143 39,601,068 15 Income Tax 8 16,669,931 19,350,065 16 Provision for Outstanding claim to be paid at the end of the year 9 5,336,033 4,197,813 17 Provision for unexpired Risk to be paid at the end of the year - - Total Expenditure (B) 289,665,286 267,875,574 18 Surplus Transferred to Life Fund (A-B) 557,304,108 549,995,783 19 Surplus/ loss Transferred to Profit & Loss Account - -




30

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=cfly{s aif{ @)&!÷)&@ sf] clu|d e'QmfgL ;fjlws hLjg aLdfsf] cfo Joo lx;fa

qm=;+= ljj/0f cg';"rL o; aif{ ut aif{ cfo 1 aLdfz'Ns -v"b_ ! 606,631,212 589,554,268 2 k'gaL{df sldzg cfo 243,845 62,585 3 nufgL, shf{ tyf cGoaf6 cfo @ 197,859,029 194,199,823 4 aLdfn]vsf] lwtf]df shf{af6 cfo # 27,977,413 21,110,321 5 cGo k|ToIf cfo 10,060,083 9,752,613 6 cfly{s aif{sf] z'?sf] e'QmfgL x'g afFsL bfjL afkt Joj:yf 4,197,813 3,191,747 7 cfly{s aif{sf] z'?sf] c;dfKt hf]]lvd afkt Joj:yf - - hDdf cfo -s_ 846,969,394 817,871,357 Joo 8 bfjL e'QmfgL -v'b_ $ 173,370,678 144,561,369 9 clestf{ sldzg % 47,792,785 53,598,241 10 :jf:Yo k/LIf0f z'Ns 527,402 671,475 11 k'gaL{df sldzg vr{ - - 12 ;]jf z'Ns -v'b_ ^ 6,066,312 5,895,543 13 cGo k|ToIf vr{ - - 14 Joj:yfkg vr{ & 39,902,143 39,601,068 15 cfos/ * 16,669,931 19,350,065 16 cfly{s aif{sf] cGTodf e'QmfgL x'g afFsL bfjL afkt Joj:yf ( 5,336,033 4,197,813 17 cfly{s aif{sf] cGTodf c;dfKt hf]lvd afkt Joj:yf - - hDdf Joo -v_ 289,665,286 267,875,574 18 hLjg aLdf sf]ifdf ;f/]sf] art 557,304,108 549,995,783 19 gfkmf gf]S;fg lx;fadf ;f/]sf] art÷-gf]S;fg_ - -







14 thAnnual Report

31





LIFE INSURANCE CORPORATION (NEPAL) LIMITEDRevenue Account of Modified Endowment Policy For the F. Y. 2071/072

S.N. Particular Schedule Current year Previous Year INCOME 1 Net Premium 1 2,264,372,324 1,823,924,790 2 Re- Insurance Commission Income 3,536,719 2,842,816 3 Investment, Loan And Other Income 2 446,515,692 381,710,297 4 Income From Policy Loan 3 88,193,102 57,364,446 5 Other Direct Income 24,113,504 19,798,507 6 Provision for outstanding claims at the begin. Of year 1,461,404 1,620,674 7 Provision for unexpired risk at the beginning of the year - - Total Income (A) 2,828,192,745 2,287,261,530 Expenditure 8 Claim Payment (Net) 4 128,560,359 96,950,825 9 Agent commisions 5 276,135,017 229,216,831 10 Medical Fees 5,391,866 5,188,653 11 Re- Insurance Commission Expenses - - 12 Service Charges (Net) 6 22,643,724 18,239,248 13 Other Direct Expenses - - 14 Management Expenses 7 142,662,021 118,343,431 15 Income Tax 8 32,067,104 32,963,823 16 Provision for Outstanding claim to be paid at the end of the year 9 2,407,595 1,461,404 17 Provision for unexpired Risk to be paid at the end of the year - - Total Expenditure (B) 609,867,686 502,364,215 18 Surplus Transferred to Life Fund (A-B) 2,218,325,059 1,784,897,316 19 Surplus/ loss Transferred to Profit & Loss Account - -




32

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=cfly{s aif{ @)&!÷)&@ sf] ?kfGtl/t ;fjlws hLjg aLdfsf] cfo Joo lx;fa

qm=;+= ljj/0f cg';"rL o; aif{ ut aif{ cfo 1 aLdfz'Ns -v"b_ ! 2,264,372,324 1,823,924,790 2 k'gaL{df sldzg cfo 3,536,719 2,842,816 3 nufgL, shf{ tyf cGoaf6 cfo @ 446,515,692 381,710,297 4 aLdfn]vsf] lwtf]df shf{af6 cfo # 88,193,102 57,364,446 5 cGo k|ToIf cfo 24,113,504 19,798,507 6 cfly{s aif{sf] z'?sf] e'QmfgL x'g afFsL bfjL afkt Joj:yf 1,461,404 1,620,674 7 cfly{s aif{sf] z'?sf] c;dfKt hf]]lvd afkt Joj:yf - - hDdf cfo -s_ 2,828,192,745 2,287,261,530 Joo 8 bfjL e'QmfgL -v'b_ $ 128,560,359 96,950,825 9 clestf{ sldzg % 276,135,017 229,216,831 10 :jf:Yo k/LIf0f z'Ns 5,391,866 5,188,653 11 k'gaL{df sldzg vr{ - - 12 ;]jf z'Ns -v'b_ ^ 22,643,724 18,239,248 13 cGo k|ToIf vr{ - - 14 Joj:yfkg vr{ & 142,662,021 118,343,431 15 cfos/ * 32,067,104 32,963,823 16 cfly{s aif{sf] cGTodf e'QmfgL x'g afFsL bfjL afkt Joj:yf ( 2,407,595 1,461,404 17 cfly{s aif{sf] cGTodf c;dfKt hf]lvd afkt Joj:yf - - hDdf Joo -v_ 609,867,686 502,364,215 18 hLjg aLdf sf]ifdf ;f/]sf] art 2,218,325,059 1,784,897,316 19 gfkmf gf]S;fg lx;fadf ;f/]sf] art÷-gf]S;fg_ - -







14 thAnnual Report

33

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDRevenue Account of Whole Life Policy For the F. Y. 2071/072


INCOME 1 Net Premium 1 357,105,112 224,040,7952 Re- Insurance Commission Income 1,527,921 972,5483 Investment, Loan And Other Income 2 38,884,527 26,196,4024 Income From Policy Loan 3 5,713,439 3,119,3465 Other Direct Income 2,253,404 1,162,1696 Provision for outstanding claims at the begin. Of year - -7 Provision for unexpired risk at the beginning of the year - - Total Income (A) 405,484,403 255,491,260

Expenditure 8 Claim Payment (Net) 4 11,148,786 4,645,7339 Agent commisions 5 68,130,444 46,383,03810 Medical Fees 2,414,702 2,422,75511 Re- Insurance Commission Expenses - -12 Service Charges (Net) 6 3,571,051 2,240,40813 Other Direct Expenses - - 14 Management Expenses 7 20,793,747 13,131,99115 Income Tax 8 1,909,205 1,635,18316 Provision for Outstanding claim to be paid at the end of the year 9 - - 17 Provision for unexpired Risk to be paid at the end of the year - - Total Expenditure (B) 107,967,935 70,459,10818 Surplus Transferred to Life Fund (A-B) 297,516,468 185,032,15319 Surplus/ loss Transferred to Profit & Loss Account - -








34

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=cfly{s aif{ @)&!÷)&@ sf] cfhLjg hLjg aLdfsf] cfo Joo lx;fa

qm=;+= ljj/0f cg';"rL o; aif{ ut aif{ cfo 1 aLdfz'Ns -v"b_ ! 357,105,112 224,040,795 2 k'gaL{df sldzg cfo 1,527,921 972,548 3 nufgL, shf{ tyf cGoaf6 cfo @ 38,884,527 26,196,402 4 aLdfn]vsf] lwtf]df shf{af6 cfo # 5,713,439 3,119,346 5 cGo k|ToIf cfo 2,253,404 1,162,169 6 cfly{s aif{sf] z'?sf] e'QmfgL x'g afFsL bfjL afkt Joj:yf - - 7 cfly{s aif{sf] z'?sf] c;dfKt hf]]lvd afkt Joj:yf - - hDdf cfo -s_ 405,484,403 255,491,260 Joo 8 bfjL e'QmfgL -v'b_ $ 11,148,786 4,645,733 9 clestf{ sldzg % 68,130,444 46,383,038 10 :jf:Yo k/LIf0f z'Ns 2,414,702 2,422,755 11 k'gaL{df sldzg vr{ - - 12 ;]jf z'Ns -v'b_ ^ 3,571,051 2,240,408 13 cGo k|ToIf vr{ - - 14 Joj:yfkg vr{ & 20,793,747 13,131,991 15 cfos/ * 1,909,205 1,635,183 16 cfly{s aif{sf] cGTodf e'QmfgL x'g afFsL bfjL afkt Joj:yf ( - - 17 cfly{s aif{sf] cGTodf c;dfKt hf]lvd afkt Joj:yf - - hDdf Joo -v_ 107,967,935 70,459,108 18 hLjg aLdf sf]ifdf ;f/]sf] art 297,516,468 185,032,153 19 gfkmf gf]S;fg lx;fadf ;f/]sf] art÷-gf]S;fg_ - -

cg';"rL ! b]lv ( ;Dd o;sf cleGg c+u x'g\ . ljlkg s'df/� nfn clelht 3f]�if bl:�tbf/� lk=cf/�= ld> /�fh]�Gb| cof{n;xfos k|aGws -ljQ=_ gfoj dfxf k|aGws k|= sf= c=÷;+rfns ;+rfns





14 thAnnual Report

35

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDRevenue Account of Term Policy For the F. Y. 2071/072


INCOME 1 Net Premium 1 11,176,975 11,789,624 2 Re- Insurance Commission Income 36,350 30,123 3 Investment, Loan And Other Income 2 2,269,006 1,899,050 4 Income From Policy Loan 3 - - 5 Other Direct Income 22,207 20,176 6 Provision for outstanding claims at the begin. Of year - - 7 Provision for unexpired risk at the beginning of the year - - Total Income (A) 13,504,538 13,738,973

Expenditure 8 Claim Payment (Net) 4 650,000 1,800,000 9 Agent commisions 5 1,769,598 1,935,329 10 Medical Fees 132,302 250,621 11 Re- Insurance Commission Expenses - 12 Service Charges (Net) 6 111,770 117,896 13 Other Direct Expenses - 14 Management Expenses 7 676,015 729,664 15 Income Tax 8 168,116 146,364 16 Provision for Outstanding claim to be paid at the end of the year 9 - - 17 Provision for unexpired Risk to be paid at the end of the year - Total Expenditure (B) 3,507,800 4,979,874 18 Surplus Transferred to Life Fund (A-B) 9,996,738 8,759,098 19 Surplus/ loss Transferred to Profit & Loss Account - -








36

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=cfly{s aif{ @)&!÷)&@ sf] DofbL hLjg aLdfsf] cfo Joo lx;fa

qm=;+= ljj/0f cg';"rL o; aif{ ut aif{ cfo 1 aLdfz'Ns -v"b_ ! 11,176,975 11,789,624 2 k'gaL{df sldzg cfo 36,350 30,123 3 nufgL, shf{ tyf cGoaf6 cfo @ 2,269,006 1,899,050 4 aLdfn]vsf] lwtf]df shf{af6 cfo # - - 5 cGo k|ToIf cfo 22,207 20,176 6 cfly{s aif{sf] z'?sf] e'QmfgL x'g afFsL bfjL afkt Joj:yf - - 7 cfly{s aif{sf] z'?sf] c;dfKt hf]]lvd afkt Joj:yf - - hDdf cfo -s_ 13,504,538 13,738,973 Joo 8 bfjL e'QmfgL -v'b_ $ 650,000 1,800,000 9 clestf{ sldzg % 1,769,598 1,935,329 10 :jf:Yo k/LIf0f z'Ns 132,302 250,621 11 k'gaL{df sldzg vr{ - 12 ;]jf z'Ns -v'b_ ^ 111,770 117,896 13 cGo k|ToIf vr{ - 14 Joj:yfkg vr{ & 676,015 729,664 15 cfos/ * 168,116 146,364 16 cfly{s aif{sf] cGTodf e'QmfgL x'g afFsL bfjL afkt Joj:yf ( - - 17 cfly{s aif{sf] cGTodf c;dfKt hf]lvd afkt Joj:yf - hDdf Joo -v_ 3,507,800 4,979,874 18 hLjg aLdf sf]ifdf ;f/]sf] art 9,996,738 8,759,098 19 gfkmf gf]S;fg lx;fadf ;f/]sf] art÷-gf]S;fg_ - -







14 thAnnual Report

37

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDRevenue Account of special term policy For the F. Y. 2071/072


INCOME 1 Net Premium 1 2,434,939 2,185,784 2 Re- Insurance Commission Income 5,426 2,303 3 Investment, Loan And Other Income 2 892,924 832,223 4 Income From Policy Loan 3 - - 5 Other Direct Income 39,971 37,297 6 Provision for outstanding claims at the begin. Of year - 7 Provision for unexpired risk at the beginning of the year - - Total Income (A) 3,373,260 3,057,607

Expenditure 8 Claim Payment (Net) 4 100,000 100,000 9 Agent commisions 5 244,115 234,515 10 Medical Fees 10,766 10,234 11 Re- Insurance Commission Expenses - 12 Service Charges (Net) 6 24,349 21,858 13 Other Direct Expenses - 14 Management Expenses 7 157,033 144,279 15 Income Tax 8 77,662 86,105 16 Provision for Outstanding claim to be paid at the end of the year 9 - - 17 Provision for unexpired Risk to be paid at the end of the year - - Total Expenditure (B) 613,926 596,991 18 Surplus Transferred to Life Fund (A-B) 2,759,334 2,460,616 19 Surplus/ loss Transferred to Profit & Loss Account - -








38

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=cfly{s aif{ @)&!÷)&@ sf] ljz]if DofbL hLjg aLdfsf] cfo Joo lx;fa

qm=;+= ljj/0f cg';"rL o; aif{ ut aif{ cfo 1 aLdfz'Ns -v"b_ ! 2,434,939 2,185,784 2 k'gaL{df sldzg cfo 5,426 2,303 3 nufgL, shf{ tyf cGoaf6 cfo @ 892,924 832,223 4 aLdfn]vsf] lwtf]df shf{af6 cfo # - - 5 cGo k|ToIf cfo 39,971 37,297 6 cfly{s aif{sf] z'?sf] e'QmfgL x'g afFsL bfjL afkt Joj:yf - 7 cfly{s aif{sf] z'?sf] c;dfKt hf]]lvd afkt Joj:yf - - hDdf cfo -s_ 3,373,260 3,057,607 Joo 8 bfjL e'QmfgL -v'b_ $ 100,000 100,000 9 clestf{ sldzg % 244,115 234,515 10 :jf:Yo k/LIf0f z'Ns 10,766 10,234 11 k'gaL{df sldzg vr{ - 12 ;]jf z'Ns -v'b_ ^ 24,349 21,858 13 cGo k|ToIf vr{ - 14 Joj:yfkg vr{ & 157,033 144,279 15 cfos/ * 77,662 86,105 16 cfly{s aif{sf] cGTodf e'QmfgL x'g afFsL bfjL afkt Joj:yf ( - - 17 cfly{s aif{sf] cGTodf c;dfKt hf]lvd afkt Joj:yf - - hDdf Joo -v_ 613,926 596,991 18 hLjg aLdf sf]ifdf ;f/]sf] art 2,759,334 2,460,616 19 gfkmf gf]S;fg lx;fadf ;f/]sf] art÷-gf]S;fg_ - -







14 thAnnual Report

39

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDRevenue Account of other policy (Single Premium) For the F. Y. 2071/072


INCOME 1 Net Premium 1 11,987,648 13,165,679 2 Re- Insurance Commission Income - - 3 Investment, Loan And Other Income 2 2,891,910 3,060,505 4 Income From Policy Loan 3 695,095 351,908 5 Other Direct Income - 3,487 6 Provision for outstanding claims at the begin. Of year - 7 Provision for unexpired risk at the beginning of the year - - Total Income (A) 15,574,653 16,581,579

Expenditure 8 Claim Payment (Net) 4 6,507,100 2,189,943 9 Agent commisions 5 239,773 263,502 10 Medical Fees 12,036 17,057 11 Re- Insurance Commission Expenses - 12 Service Charges (Net) 6 119,875 131,656 13 Other Direct Expenses - - 14 Management Expenses 7 837,909 952,976 15 Income Tax 8 216,768 263,785 16 Provision for Outstanding claim to be paid at the end of the year 9 - - 17 Provision for unexpired Risk to be paid at the end of the year - Total Expenditure (B) 7,933,462 3,818,919 18 Surplus Transferred to Life Fund (A-B) 7,641,191 12,762,659 19 Surplus/ loss Transferred to Profit & Loss Account - -








40

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=cfly{s aif{ @)&!÷)&@ sf] cGo hLjg aLdf -Psn aLdfz'Ns_ sf] cfo Joo lx;fa

qm=;+= ljj/0f cg';"rL o; aif{ ut aif{ cfo 1 aLdfz'Ns -v"b_ ! 11,987,648 13,165,679 2 k'gaL{df sldzg cfo - - 3 nufgL, shf{ tyf cGoaf6 cfo @ 2,891,910 3,060,504 4 aLdfn]vsf] lwtf]df shf{af6 cfo # 695,095 351,908 5 cGo k|ToIf cfo - 3,487 6 cfly{s aif{sf] z'?sf] e'QmfgL x'g afFsL bfjL afkt Joj:yf - 7 cfly{s aif{sf] z'?sf] c;dfKt hf]]lvd afkt Joj:yf - - hDdf cfo -s_ 15,574,653 16,581,579 Joo 8 bfjL e'QmfgL -v'b_ $ 6,507,100 2,189,943 9 clestf{ sldzg % 239,773 263,502 10 :jf:Yo k/LIf0f z'Ns 12,036 17,057 11 k'gaL{df sldzg vr{ - 12 ;]jf z'Ns -v'b_ ^ 119,875 131,657 13 cGo k|ToIf vr{ - - 14 Joj:yfkg vr{ & 837,909 952,976 15 cfos/ * 216,768 263,785 16 cfly{s aif{sf] cGTodf e'QmfgL x'g afFsL bfjL afkt Joj:yf ( - - 17 cfly{s aif{sf] cGTodf c;dfKt hf]lvd afkt Joj:yf - - hDdf Joo -v_ 7,933,462 3,818,919 18 hLjg aLdf sf]ifdf ;f/]sf] art 7,641,191 12,762,659 19 gfkmf gf]S;fg lx;fadf ;f/]sf] art÷-gf]S;fg_ - -







14 thAnnual Report

41

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDRevenue Account of other policy (O.E Single Premium) For the F. Y. 2071/072


INCOME 1 Net Premium 1 71,683,289 17,227,620 2 Re- Insurance Commission Income - - 3 Investment, Loan And Other Income 2 4,844,814 1,093,228 4 Income From Policy Loan 3 - - 5 Other Direct Income - - 6 Provision for outstanding claims at the begin. Of year 7 Provision for unexpired risk at the beginning of the year 15,202,135 - Total Income (A) 91,730,238 18,320,848

Expenditure 8 Claim Payment (Net) 4 5,720,467 278,149 9 Agent commisions 5 9,588,014 3,170,559 10 Medical Fees - - 11 Re- Insurance Commission Expenses 12 Service Charges (Net) 6 716,833 172,276 13 Other Direct Expenses - - 14 Management Expenses 7 8,772,383 3,019,834 15 Income Tax 8 - - 16 Provision for Outstanding claim to be paid at the end of the year 9 - - 17 Provision for unexpired Risk to be paid at the end of the year 64,693,019 15,202,135 Total Expenditure (B) 89,490,716 21,842,953 18 Surplus Transferred to Life Fund (A-B) - 19 Surplus/ loss Transferred to Profit & Loss Account 2,239,523 (3,522,105)








42

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=cfly{s aif{ @)&!÷)&@ sf] cGo hLjg aLdf -a}b]lzs /f]huf/ Psn aLdfz'Ns _ sf] cfo Joo lx;fa

qm=;+= ljj/0f cg';"rL o; aif{ ut aif{ cfo 1 aLdfz'Ns -v"b_ ! 71,683,289 17,227,620 2 k'gaL{df sldzg cfo - - 3 nufgL, shf{ tyf cGoaf6 cfo @ 4,844,814 1,093,228 4 aLdfn]vsf] lwtf]df shf{af6 cfo # - 5 cGo k|ToIf cfo - 6 cfly{s aif{sf] z'?sf] e'QmfgL x'g afFsL bfjL afkt Joj:yf - 7 cfly{s aif{sf] z'?sf] c;dfKt hf]]lvd afkt Joj:yf 15,202,135 - hDdf cfo -s_ 91,730,238 18,320,848 Joo 8 bfjL e'QmfgL -v'b_ $ 5,720,467 278,149 9 clestf{ sldzg % 9,588,014 3,170,559 10 :jf:Yo k/LIf0f z'Ns - - 11 k'gaL{df sldzg vr{ - 12 ;]jf z'Ns -v'b_ ^ 716,833 172,276 13 cGo k|ToIf vr{ - - 14 Joj:yfkg vr{ & 8,772,383 3,019,834 15 cfos/ * - - 16 cfly{s aif{sf] cGTodf e'QmfgL x'g afFsL bfjL afkt Joj:yf ( - - 17 cfly{s aif{sf] cGTodf c;dfKt hf]lvd afkt Joj:yf 64,693,019 15,202,135 hDdf Joo -v_ 89,490,716 21,842,953 18 hLjg aLdf sf]ifdf ;f/]sf] art - - 19 gfkmf gf]S;fg lx;fadf ;f/]sf] art÷-gf]S;fg_ 2,239,523 –3,522,105_







14 thAnnual Report

43

LIFE INSURANCE CORPORATION (NEPAL)LTD.Cash Flow Statement For The Period Of 17th July 2014 To 16th July 2015

S.N Particulars Current year Previous yearA Cash flow from operating activities: Premium Income 5,416,137,435 4,154,512,503 Late fee Income - - Re-Insurance Income - - Re-Insurance Commission Income 7,305,411 4,509,268 Other Direct Income 54,140,099 43,890,079 Claimed recevory from Re-Insurer 25,066,505 6,849,082 Re-Insurance Premium Paid (95,130,769) (26,691,045) Re-Insurance commission payment - - Agent commission payment (655,716,260) (561,800,425) Medical examination fee payment (16,857,966) (16,815,288) Death claim payment (99,129,461) (77,143,660) Maturity claim payment (130,253,761) (130,066,236) Partial-maturity claim payment (130,359,493) (111,461,372) Surrender value claim payment (227,214,426) (174,395,725) Other claim payment (6,075,897) (2,467,355) Service fee payment (40,665,742) (31,250,695) Other Direct Expenses (693,965) (1,898,745) Management expenditure payment (361,488,744) (278,785,821) Bonus Paid to Employees (19,609,229) (27,309,852) Income Tax Paid (174,675,079) (176,812,267) (Increase)/decrese in current assets 17,819,239 (167,576,089) (Increase)/decrese in current liabilities 175,224,050 14,962,228 Net Cash Flow from Operaing activities (A) 3,737,821,945 2,440,248,584 B Cash flow from Investing Activities: (Increase)/Decrease in fixed assets (6,897,578) (13,821,426) (Increase)/Decrease in investment in government guaranteed securities. 304,400,000 431,175,000 (Increase)/Decrease in investment in fixed deposit of bank and financial institution. (2,420,000,000) (1,927,500,000) (Increase)/Decrease in investment in other deposit of bank and financial institution. (1,591,402,353) (917,927,019) Increase/Decrease in Equtity Share Investments (450,104,613) (364,613,046) (Increase)/Decrease in investment in preference share/debenture (138,923,253) (155,104,000) (Increase)/Decrease in other investment (Premium On Investment) - - (Increase)/Decrease in loans against insurance Policy (579,489,447) (466,641,577) (Increase)/Decrease in other loans and advances (10,596,973) (59,176,177) Interest Income From Investment 1,217,659,769 1,140,314,991 Dividend Received 14,778,065 8,758,833 Rental income - - Interest On Policy Loan 143,348,570 102,705,192 Others Indirect Income 1,950,572 930,806 Gain on sale of Investment - 6,260,438 Net Cash Flow from Investing Activities (B) (3,515,277,241) (2,214,637,985)C Cash flow from Financing Activities Amount received from Shares - 162,401,801 (Increase)/Decrease in o/s debt - - Increase/Decrease in short term debt - (415,831,998) Interest Paid on Loan and Debt - (7,084,355) Dividend paid (10,391,447) (7,993,421) Net cash flow from Financing Activities ( C) (10,391,447) (268,507,973) Net cash flow from overall activities of this year = (A + B + C) 212,153,257 (42,897,374) Opening Balance of Cash & Bank Balance 245,890,512 288,787,886 Closing Balance of Cash & Bank Balance 458,043,769 245,890,512







44

NffOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=@)&! >fj0f ! b]lv @)&@ cfiff9 d;fGt;Ddsf] gub k|jfxsf] ljj/0f

qm=;+= ljj/0f o; jif{ ut jif{s sf/f]af/ ;+rfngaf6 gub k|jfx M aLdf z'Ns cfDbfgL 5,416,137,435 4,154,512,503 ljnDa z'Ns cfDbfgL - - k'gaL{df z'Ns cfDbfgL - - k'gaL{df sldzg cfDbfgL 7,305,411 4,509,268 cGo k|ToIf cfDbfgL 54,140,099 43,890,079 k'gaL{dsaf6 k|fKt bfjL l/se/L 25,066,505 6,849,082 k'gaL{df z'Ns e'QmfgL –95,130,769_ –26,691,045_ k'gaL{df sldzg e'QmfgL - - clestf{ sldzg e'QmfgL –655,716,260_ –561,800,425_ :jf:Yo k/LIf0f z'Ns e'QmfgL –16,857,966_ –16,815,288_ d[To' bfjL e'QmfgL –99,129,461_ –77,143,660_ cjlw ;dfKtL bfjL e'QmfgL –130,253,761_ –130,066,236_ cf+lzs cjlw ;dfKtL bfjL e'QmfgL –130,359,493_ –111,461,372_ ;dk{0f d"No bfjL e'QmfgL –227,214,426_ –174,395,725_ cGo bfjL e'QmfgL –6,075,897_ –2,467,355_ ;]jf z'Ns e'QmfgL –40,665,742_ –31,250,695_ cGo k|ToIf vr{ –693,965_ –1,898,745_ Joj:yfkg vr{ e'QmfgL –361,488,744_ –278,785,821_ sd{rf/L af]g; e'QmfgL –19,609,229_ –27,309,852_ cfos/ e'QmfgL –174,675,079_ –176,812,267_ Rffn' ;DklQdf -j[l4_÷sdL 17,819,239 –167,576,089_ Rffn' bfloTjdf j[l4÷-sdL_ 175,224,050 14,962,228 sf/f]af/ ;+rfngaf6 v"b gub k|jfx -s_ 3,737,821,945 2,440,248,584 v nufgL ultljwLaf6 gub k|jfx l:y/ ;DklQdf -j[l4_ sdL –6,897,578_ –13,821,426_ ;/sf/L / ;/sf/sf] hdfgt k|fKt ;]So"l/6Ldf nufgLdf -j[l4_÷sdL 304,400,000 431,175,000 a}+s tyf ljQLo ;+:yfsf] d'2tL lgIf]kdf nufgLdf -j[l4_÷sdL –2,420,000,000_ –1,927,500,000_ a}+s tyf ljQLo ;+:yfsf] cGo lgIf]k nufgLdf -j[l4_÷sdL –1,591,402,353_ –917,927,019_ OSo"6L z]o/ nufgLdf -j[l4_÷sdL –450,104,613_ –364,613,046_ cu|flwsf/ z]o/÷l8j]Gr/df nufgLdf -j[l4_÷sdL –138,923,253_ –155,104,000_ cGo nufgLdf -j[l4_÷sdL - - aLdfn]vsf] lwtf]df shf{df -j[l4_÷sdL –579,489,447_ –466,641,577_ k]ZsL tyf cGo shf{df -j[l4_÷sdL –10,596,973_ –59,176,177_ e'QmfgL k|fKt Aofh cfDbfgL -nufgLdf_ 1,217,659,769 1,140,314,991 e'QmfgL k|fKt l8le8]G8 14,778,065 8,758,833 ef8f cfDbfgL - - e'QmfgL k|fKt Aofh cfDbfgL -shf{df_ 143,348,570 102,705,192 cGo ck|ToIf cfDbfgL÷vr{ 1,950,572 930,806 nufgL laqmLdf gfkmf - 6,260,438.00 nufgL ultljwLaf6 v"b gub k|jfx -v_ –3,515,277,241_ –2,214,637,985_u ljQLo >f]t sf/f]af/af6 gub k|jfx z]o/af6 k|fKt /sd - 162,401,801 ltg{ afFsL ;fk6Ldf -j[l4_÷sdL - - cNksflng C0fdf -j[l4_÷sdL - –415,831,998_ C0f ;fk6Ldf Aofh e'QmfgL - –7,084,355_ nfef+z e'QmfgL –10,391,447_ –7,993,421_ ljQLo >f]t sf/f]af/af6 v"b gub k|jfx -u_ –10,391,447_ –268,507,973_ o; jif{sf] ;Dk"0f{ ultljwLaf6 v"b gub k|jfx = -s_±-v_±-u_ 212,153,257 –42,897,374_ gub tyf a}+sdf /x]sf] z'? df}Hbft 245,890,512 288,787,886 gub tyf a}+sdf /x]sf] clGtd df}Hbft 458,043,769 245,890,512






14 thAnnual Report

45

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14 thAnnual Report

47

(C) D

IREC

T IN

SUR

ANCE

PR

EMIU

M

S.N

. Ty

pes

of In

sura

nce

Firs

t Yea

r Pre

miu

m

Ren

ewal

Pre

miu

m

Sing

le P

rem

ium

To

tal d

irec

t Pre

miu

m

Cu

rren

t yea

r Pr

evio

us y

ear

Curr

ent y

ear

Prev

ious

yea

r Cu

rren

t yea

r Pr

evio

us y

ear

Curr

ent y

ear

Prev

ious

yea

r1

Endo

wm

ent

770

,843

,335

5

35,5

13,3

30

1,2

38,1

24,2

49

896

,739

,102

-

-

2

,008

,967

,584

1

,432

,252

,432

2

Antic

ipat

ed E

ndow

men

t 7

5,09

6,38

8

76,

392,

725

5

32,1

45,6

12

513

,376

,850

-

-

6

07,2

42,0

00

589

,769

,575

3

Mod

ified

End

owm

ent

648

,935

,455

4

75,0

54,1

43

1,6

30,9

03,0

03

1,3

59,6

33,7

04

-

-

2,2

79,8

38,4

58

1,8

34,6

87,8

47

4 W

hole

Life

Pol

icy

172

,689

,062

1

31,6

06,9

76

189

,120

,601

9

4,77

4,31

8

-

-

361

,809

,663

2

26,3

81,2

94

5 Te

rm In

sura

nce

Polic

y 6

,846

,196

7

,348

,716

4

,524

,855

4

,704

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-

-

1

1,37

1,05

1

12,

052,

727

6 Sp

ecia

l Ter

m P

olic

y 3

19,0

28

418

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2

,135

,469

1

,777

,025

-

-

2

,454

,497

2

,195

,740

7

Oth

er L

ife In

sura

nce

-

-

-

-

11,

988,

659

1

3,16

7,04

8

11,

988,

659

1

3,16

7,04

8

(End

owm

ent S

ingl

e Pr

emiu

m)

8 O

ther

Life

Insu

ranc

e

1

32,4

65,5

23

44,

005,

840

1

32,4

65,5

23

44,

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840

(S

ingl

e Pr

emiu

m O

.E)

To

tal

1,6

74,7

29,4

64

1,2

26,3

34,6

05

3,5

96,9

53,7

89

2,8

71,0

05,0

10

144

,454

,182

5

7,17

2,88

8

5,4

16,1

37,4

35

4,1

54,5

12,5

03

Sche

dule

- 1

(A) I

NSU

RAN

CE P

REM

IUM

(NET

)

S.N

. Ty

pes

of In

sura

nce

Gro

ss In

sura

nce

Prem

ium

R

e-in

sura

nce

Prem

ium

pai

d (c

eded

) In

sura

nce

Prem

ium

(Net

)

Cu

rren

t Yea

r La

st Y

ear

Curr

ent Y

ear

Last

Yea

r Cu

rren

t Yea

r La

st Y

ear

1 En

dow

men

t 2

,008

,967

,584

1

,432

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6

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3

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2

,002

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1

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2

Antic

ipat

ed E

ndow

men

t 6

07,2

42,0

00

589

,769

,575

6

10,7

88

215

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6

06,6

31,2

12

589

,554

,268

3

Mod

ified

End

owm

ent

2,2

79,8

38,4

58

1,8

34,6

87,8

47

15,

466,

134

1

0,76

3,05

7

2,2

64,3

72,3

24

1,8

23,9

24,7

90

4 W

hole

Life

Pol

icy

361

,809

,663

2

26,3

81,2

94

4,7

04,5

51

2,3

40,4

99

357

,105

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2

24,0

40,7

95

5 Te

rm In

sura

nce

Polic

y 1

1,37

1,05

1

12,

052,

727

1

94,0

76

263

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1

1,17

6,97

5

11,

789,

624

6 Sp

ecia

l Ter

m P

olic

y 2

,454

,497

2

,195

,740

1

9,55

8

9,9

56

2,4

34,9

39

2,1

85,7

84

7 O

ther

Life

Insu

ranc

e

(End

owm

ent S

ingl

e Pr

emiu

m)

11,

988,

659

1

3,16

7,04

8

1,0

11

1,3

69

11,

987,

648

1

3,16

5,67

98

Oth

er L

ife In

sura

nce

(S

ingl

e Pr

emiu

m O

.E)

132

,465

,523

4

4,00

5,84

0

60,

782,

234

2

6,77

8,22

0

71,

683,

289

1

7,22

7,62

0

Tota

l 5

,416

,137

,435

4

,154

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,503

8

7,93

8,18

8

43,

534,

578

5

,328

,199

,247

4

,110

,977

,925

(B) G

RO

SS IN

SUR

ANCE

PR

EMIU

M

S.N

. Ty

pes

of In

sura

nce

Dir

ect P

rem

ium

Re

-insu

ranc

e Pr

emiu

m re

ceiv

ed (a

ccep

ted)

G

ross

Insu

ranc

e Pr

emiu

m

Cu

rren

t yea

r Pr

evio

us y

ear

Curr

ent y

ear

Prev

ious

yea

r Cu

rren

t yea

r Pr

evio

us y

ear

1 En

dow

men

t 2

,008

,967

,584

1

,432

,252

,432

-

-

2

,008

,967

,584

1

,432

,252

,432

2

Antic

ipat

ed E

ndow

men

t 6

07,2

42,0

00

589

,769

,575

-

-

6

07,2

42,0

00

589

,769

,575

3

Mod

ified

End

owm

ent

2,2

79,8

38,4

58

1,8

34,6

87,8

47

-

-

2,2

79,8

38,4

58

1,8

34,6

87,8

47

4 W

hole

Life

Pol

icy

361

,809

,663

2

26,3

81,2

94

-

-

361

,809

,663

2

26,3

81,2

94

5 Te

rm In

sura

nce

Polic

y 1

1,37

1,05

1

12,

052,

727

-

-

1

1,37

1,05

1

12,

052,

727

6 Sp

ecia

l Ter

m P

olic

y 2

,454

,497

2

,195

,740

-

-

2

,454

,497

2

,195

,740

7

Oth

er L

ife In

sura

nce

11,

988,

659

1

3,16

7,04

8

-

-

11,

988,

659

1

3,16

7,04

8

(End

owm

ent S

ingl

e Pr

emiu

m)

8 O

ther

Life

Insu

ranc

e 1

32,4

65,5

23

44,

005,

840

-

-

1

32,4

65,5

23

44,

005,

840

(S

ingl

e Pr

emiu

m O

.E)

To

tal

5,4

16,1

37,4

35

4,1

54,5

12,5

03

-

-

5,4

16,1

37,4

35

4,1

54,5

12,5

03

Bipi

n Ku

mar

Lal

Ab

hijit

Gho

sh D

astid

ar

P. R

. Mis

hra

Raje

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alAs

st. M

anag

er (F

&A)

D

eput

y. G

. M.

CEO

/ Dire

ctor

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irect

or

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. Kuk

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k S.

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ctor

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irect

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rman

As p

er o

ur re

port

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ven

date

CA. B

. K. A

graw

alM

anag

ing

Part

ner

For B

. K. A

graw

al &

Co.

Char

tere

d A

ccou

ntan

ts



48

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fz'Ns

-v

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cg';

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!

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dfs

f] ls

l;d

s"n a

Ldfz

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k'gaL

{df z

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L -C

eded

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if{ ut

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if{ ut

jif{

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84

1,4

32,252,432

6

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3,163

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2,80

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2

clu

|d e'Qmfg

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6

07,242,00

0

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2

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4

1,82

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4,790

4

cfh

Ljg

3

61,809

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2

26,381

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4

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2

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3

57,105

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5

Dof

bL

11,37

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1

12,05

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1

94,076

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97

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1

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99,2

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4

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14 thAnnual Report

49

Income from Investment, Loans and Other Sources Schedule -2

S.N. Particulars Current year Previous year1 Income from Government Securities & Securities Guaranteed by Govt. 145,481,456 184,554,943 2 Income from fixed deposit of Commercial Banks 809,901,412 673,556,815 3 Income from fixed deposit of Development Banks 95,350,443 79,502,603 4 Income from Investment in CIT 1,443,800 1,440,000 5 Income from fixed deposit of Finance Company 55,754,159 51,720,492 6 Dividend income from the ordinary shares of housing finance company - 7 Dividend income from ordinary shares of other public company 14,773,775 8,753,646 8 Dividend income from preference share of bank and financial institution 4,289 5,187 9 Income from debenture of bank and financial institution 97,118,012 83,424,524 10 Income from Others (Loans& Advances) 18,519,160 13,398,599 11 Income from Loan - - 12 Income from Other Deposit (Except Fixed) 14,945,580 9,929,125 13 Profit on sale of investment - 7,703,438 Less: Loss on sale of Investment - (1,443,000)14 Profit on purchase of investment - - Less: Loss on purchase of Investment (7,346,858) (10,717,144)15 Profit on sale of fixed assets 351 65,954 Less: Loss on sale of Fixed Assets (12,145) (14,488)16 Written Off/ Amortized - 17 Incomes related to Previous year's 284,298 - 18 Other Income (Share Transaction) 36,270 48,320 19 Other Miscellaneous Income 1,300,004 882,486 20 Interest on Gratuity Fund 330,000 - 21 Income from Insurance Pool - - Total 1,247,884,006 1,102,811,500 Appopriation of income from investment, loan and others Transferred to profit and loss account 65,069,802 50,378,359 Transferred to Reveue Account of Endowment 488,656,302 443,441,614 Transferred to Revenue Account of Anticipated Endowment 197,859,029 194,199,823 Transferred to Revenue Account of Modified Endowment 446,515,692 381,710,297 Transferred to Revenue Account of Whole Life Policy 38,884,527 26,196,402 Transferred to Revenue Account of Term Insurance Policy 2,269,006 1,899,050 Transferred to Revenue Account of SpecialTerm Insurance Policy 892,924 832,223 Transferred to Revenue Account of Other Insurance Policy 2,891,910 3,060,504 Transferred to Revenue Account of Other Insurance Policy O.E 4,844,814 1,093,228 Total 1,247,884,006 1,102,811,500







50

nufgL, shf{ tyf cGoaf6 cfo cg';"rL–@

qm=;+= ljj/0f o; aif{ ut aif{1 ;/sf/L / ;/sf/sf] hdfgt k|fKt ;]So"l/6Laf6 cfo 145,481,456 184,554,943 2 jfl0fHo a}+ssf] d'2tL lgIf]kaf6 cfo 809,901,412 673,556,815 3 ljsf; a}+ssf] d'2tL lgIf]kaf6 cfo 95,350,443 79,502,603 4 gful/s nufgL of]hgfaf6 cfo 1,443,800 1,440,000 5 ljQLo ;+:yfsf] d'2tL lgIf]kaf6 cfo 55,754,159 51,720,492 6 cfjf; ljQ sDkgLsf] ;fwf/0f z]o/af6 nfef+z - - 7 cGo klAns sDkgLsf] ;fwf/0f z]o/af6 nfef+z 14,773,775 8,753,646 8 a}+s tyf ljQLo ;+:yfsf] cu|flwsf/ z]o/af6 nfef+z 4,289 5,187 9 a}+s tyf ljQLo ;+:yfsf] l8j]Gr/af6 cfo 97,118,012 83,424,524 10 cGo af6 cfo 18,519,160 13,398,599 11 shf{af6 cfo - - 12 cGo lgIf]kaf6 -d'2tL afx]s_ cfo 14,945,580 9,929,125 13 nufgL laqmLdf gfkmf - 7,703,438 Go"g nufgL laqmLdf gf]S;fg - –1,443,000_14 nufgL -v/Lb_ df gfkmf - - Go"g nufgL -v/Lb_ df gf]S;fg –7,346,858_ –10,717,144_15 l:y/ ;DkQL laqmLaf6 gfkmf 351 65,954 Go"g l:y/ ;DkQL laqmLaf6 gf]S;fg –12,145_ –14,488_16 vftf ckn]vg - 17 cl3Nnf] jif{;+u ;DalGwt cfo 284,298 - 18 cGo cfo -z]o/ sf/f]jf/_ 36,270 48,320 19 cGo cfo 1,300,004 882,486 20 pkbfg sf]ifdf Aofh 330,000 - 21 OG:of]/]G; k'naf6 k|fKt cfo - - hDdf 1,247,884,006 1,102,811,500 nufgL, shf{ tyf cGoaf6 cfosf] afF8kmfF8 gfkmf gf]S;fg lx;fadf ;f/]sf] 65,069,802 50,378,359 ;fjlws hLjg aLdfsf] cfo Aoo lx;fjdf ;f/]sf] 488,656,302 443,441,614 clu|d e'QmfgL ;fjlws hLjg aLdfsf] cfo Aoo lx;fjdf ;f/]sf] 197,859,029 194,199,823 ?kfGtl/t ;fjlws hLjg aLdfsf] cfo Aoo lx;fjdf ;f/]sf] 446,515,692 381,710,297 cfhLjg hLjg aLdfsf] cfo Aoo lx;fjdf ;f/]sf] 38,884,527 26,196,402 DofbL hLjg aLdfsf] cfo Aoo lx;fjdf ;f/]sf] 2,269,006 1,899,050 ljz]if DofbL hLjg aLdfsf] cfo Aoo lx;fjdf ;f/]sf] 892,924 832,223 cGo HfLjg aLdf - Psn aLdfz'Ns_ sf] cfo Aoo lx;fjdf ;f/]sf] 2,891,910 3,060,504 cGo hLjg aLdf -a}b]lzs /f]huf/ Psn aLdfz'Ns_ sf] cfo Aoo lx;fjdf ;f/]sf] 4,844,814 1,093,228 hDdf 1,247,884,006 1,102,811,500






14 thAnnual Report

51

Polic

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nd In

com

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om P

olic

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an

Sche

dule

-3

S.N

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of In

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1 En

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52

aLd

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hf{a

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clu

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;xfos

k|aGw

s -ljQ=_

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s

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14 thAnnual Report

53

Agen

t's C

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5

S.N.

Ty

pes

of In

sura

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54

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14 thAnnual Report

55

A) Management Expenditure Schedule -7

S.N. Particulars Current year Previous year1 Employee Expenses (Anx 7.1) 82,231,437 80,662,876 2 Building Rent 15,943,225 12,588,393 3 Water & Electricity 2,167,955 2,213,165 4 Repair & Maintenance A. Building 83,016 3,800 B. Vehicle 551,887 529,332 C. Office Equipment 652,956 546,920 D. Others - - 5 Communication 2,348,489 2,699,686 6 Printing and Stationery 8,252,260 9,119,118 7 Non Capital Office Items 201,676 155,030 8 Transportation 3,504,145 3,589,754 9 Travelling Expenses (Including Allowance) A. Internal 325,249 579,724 B. International 428,565 - 10 Agent Trainning 3,604,229 3,226,898 11 Other Agents Expenses 209,456,698 132,009,295 12 Insurance premium 1,200,057 1,146,927 13 Security Expenses 383,760 415,738 14 Legal and Consultancy Fees 198,833 86,500 15 Books & Periodicals 134,185 107,705 16 Advertisement and Publicity 6,650,429 8,026,526 17 Business promotion - - 18 Entertainment Expenses 300,000 264,956 19 Donation and Awards 1,500,000 3,000 20 Board Committee Expenses A. Meeting Allowance 169,000 165,000 B. Others 1,647,883 2,062,361 21 Other Committee/ Sub Committee Expenses - - A. Meeting Allowance 47,500 45,000 B. Others 287,356 271,952 22 Expenses relating general meeting 427,780 397,655 23 A. Acturial Service Fee 1,010,353 531,766 B. Acturial Expenses - - 24 Audit Expenses - - A. Audit Fee 197,750 175,152 B. Tax Audit Fee 146,900 48,025 C. Long Form Audit Fee 149,725 50,850 D. Other Fee 11,224 11,300 E. Internal Audit Fee 378,550 372,900 F. Others Expenses 281,272 213,961 25 Interest - 7,084,355 26 Bank charges 157,904 50,864 27 Fee and charges 4,254,118 4,254,118 28 Depreciation 8,329,953 7,233,158 29 Stamps 2,616,734 1,603,860



56

Joj:yfkg vr{ cg';"rL– &

qm=;+= ljj/0f o; aif{ ut aif{1 sd{rf/L vr{ -cg';"rL &=! adf]lhd_ 82,231,437 80,662,876 2 3/ ef8f 15,943,225 12,588,393 3 lah'nL tyf kfgL 2,167,955 2,213,165 4 dd{t tyf ;Def/

-s_ ejg 83,016 3,800 -v_ ;jf/L ;fwg 551,887 529,332 -u_ sfof{no pks/0f 652,956 546,920 -3_ cGo - - 5 ;+rf/ 2,348,489 2,699,686 6 5kfO{ tyf d;nGb 8,252,260 9,119,118 7 vr{ x'g] sfof{no ;fdfg 201,676 155,030 8 kl/jxg 3,504,145 3,589,754 9 e|d0f vr{ -eQf ;d]t_

-s_ cfGtl/s 325,249 579,724 -v_ j}b]lzs 428,565 - 10 clestf{ tflnd 3,604,229 3,226,898 11 clestf{ cGo 209,456,698 132,009,295 12 aLdfz'Ns 1,200,057 1,146,927 13 ;'/Iff vr{ 383,760 415,738 14 sfg"gL tyf k/fdz{ z'Ns 198,833 86,500 15 kq klqsf tyf k':ts 134,185 107,705 16 lj1fkg tyf k|rf/ k|;f/ 6,650,429 8,026,526 17 Jofkf/ k|j4{g - - 18 cltyL ;Tsf/ 300,000 264,956 19 rGbf tyf pkxf/ 1,500,000 3,000 20 ;+rfns ;ldlt ;DaGwL vr{

-s_ a}7s eQf 169,000 165,000 -v_ cGo 1,647,883 2,062,361 21 cGo ;ldlt÷pk–;ldlt ;DaGwL vr{ - -

-s_ a}7s eQf 47,500 45,000 -v_ cGo 287,356 271,952 22 ;fwf/0f ;ef ;DaGwL vr{ 427,780 397,655 23 -s_ aLdfÍLo ;]jf z'Ns 1,010,353 531,766

-v_ aLdfÍLo vr{ - - 24 n]vf k/LIf0f ;DaGwL vr{ - -

-s_ n]vf k/LIf0f z'Ns 197,750 175,152 -v_ s/ n]vf k/LIf0f z'Ns 146,900 48,025 -u_ lj:t[t n]vf k/LIf0f k|ltj]bg z'Ns 149,725 50,850 -3_ cGo z'Ns 11,224 11,300 -ª_ cfGtl/s n]vf k/LIf0f vr{ 378,550 372,900 -r_ cGo vr{ 281,272 213,961 25 Aofh - 7,084,355 26 a}s rfh{ 157,904 50,864 27 z'Ns tyf b:t"/ 4,254,118 4,254,118 28 Xf; s§L 8,329,953 7,233,158 29 x'nfs l6s6 2,616,734 1,603,860


14 thAnnual Report

57





S.N. Particulars Current year Previous year30 Other - - Staff Refereshment Expenses 1,466,577 1,185,136 Office Upkeep and Cleaning Expenses 550,140 419,102 Conferrence Expenses (Admin) 1,723,383 2,016,785 Other Miscellaneous Expenses 1,572,889 2,032,773 Battery Expenses For Inverter 910,036 1,561,849 Information Publication Expenses 569,334 344,947 Office Shifting Expenses 396,435 - Rates & Taxes (Vehicles) 430,790 320,173 Licience Renewal Fee (Beema Samiti) 50,000 50,000 Networking Expenses 5,659,866 5,854,675 Mucipality Tax 37,760 79,412 Land Tax - 1,199 Total 373,600,261 296,413,671

Total for Distribution Transferred to profit and loss account 37,360,026 29,641,367 Transferred to Reveue Account of Endowment 122,438,985 90,849,061 Transferred to Revenue Account of Anticipated Endowment 39,902,143 39,601,068 Transferred to Revenue Account of Modified Endowment 142,662,021 118,343,431 Transferred to Revenue Account of Whole Life Policy 20,793,747 13,131,991 Transferred to Revenue Account of Term Insurance Policy 676,015 729,664 Transferred to Revenue Account of Special Term Insurance Policy 157,033 144,279 Transferred to Revenue Account of Other Life Insurance Policy (End. Sing. Premium) 837,909 952,976 Transferred to Revenue Account of Other Life Insurance Policy (Sing. Premium O.E.) 8,772,383 3,019,834 Total 373,600,261 296,413,671

Employee Expenses Schedule -7.1

S.N. Particulars Current year Previous year1 Salaries 33,778,749 33,553,215 2 Allowances 24,545,199 28,582,800 3 Dasain Expenses 3,840,952 3,525,097 4 Company Contribution Providend Fund 2,940,886 2,456,516 5 Training expenses - - 6 Dress Allowance - - 7 Medical Expenses 748,658 683,328 8 Insurance 379,475 338,390 9 Provision on pension and gratuity 1,959,678 2,237,424 10 Expenses & Provision For Leave Encashment 4,438,330 3,506,369 11 Provision for Other Facilities - - 12 Other A. Education Expenses 2,536,226 243,442 B. Incentive to Marketing Officials 2,463,977 1,981,085 C. Recruiting Expenses - - D. Employee Benefit Misc. - - E. Relocation Expenses 406,935 486,526 F. Wages 4,191,726 3,063,604 g. Stipend Expenses 645 5,080 Total 82,231,437 80,662,876



58

qm=;+= ljj/0f o; aif{ ut aif{30 cGo - -

sd{rf/L tfhuL vr{ 1,466,577 1,185,136 sfof{no ;/–;kmfO{ vr{ 550,140 419,102 ;ef–;Dd]ng vr{ -k|zf;g_ 1,723,383 2,016,785 cGo ljljw vr{ 1,572,889 2,032,773 Aof6«L vr{ 910,036 1,561,849 ;'rgf tyf k|sf;g vr{ 569,334 344,947 sfof{no :yfGt/0f vr{ 396,435 - ;]af / b:t'/ -;af/L ;fwg_ 430,790 320,173 Ohfhtkq gjLs/0f z'Ns -aLdf ;ldlt_ 50,000 50,000 g]6jls{ª vr{ 5,659,866 5,854,675 gu/kflnsf s/ 37,760 79,412 hUuf s/ - 1,199 hDdf 373,600,261 296,413,671

sd{rf/L vr{ cg';"rL &=!

qm=;+= ljj/0f o; aif{ ut aif{!= tna 33,778,749 33,553,215@= eQf 24,545,199 28,582,800#= bz}+ vr{ 3,840,952 3,525,097$= ;~rosf]ifdf yk 2,940,886 2,456,516%= tflnd vr{ - -^= kf]zfs - -&= cf}ifwf]krf/ 748,658 683,328*= aLdf 379,475 338,390(= k]G;g tyf pkbfg vr{ tyf Joj:yf 1,959,678 2,237,424!)= ljbf afktsf] vr{ tyf Joj:yf 4,438,330 3,506,369!!= cGo ;'ljwf afkt vr{ tyf Joj:yf - -!@ cGo -

s= z}lIfs vr{ 2,536,226 243,442 v= ahf/ clwsf/Lx?nfO{ k|f]T;fxg /sd 2,463,977 1,981,085 u= gofF sd{rf/L egf{ vr{ - - 3= sd{rf/L ;'ljwf -ljljw_ - - ª= sd{rf/L ;?jf vr{ 406,935 486,526 r= Hofnf 4,191,726 3,063,604 5= eQf (Stipened Expenses) 645 5,080 hDdf M 82,231,437 80,662,876

afF8 kmfF8sf] nflu hDdf 373,600,261 296,413,671 gfkmf gf]S;fg lx;fadf ;f/]sf] 37,360,026 29,641,367 ;fjlws hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] 122,438,985 90,849,061 clu|d e'QmfgL ;fjlws hLjg aLdfsf]cfo Aoo lx;fadf ;f/]sf] 39,902,143 39,601,068 ?kfGtl/t ;fjlws hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] 142,662,021 118,343,431 cfhLjg hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] 20,793,747 13,131,991 DofbL hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] 676,015 729,664 ljz]if DofbL hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] 157,033 144,279 cGo hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf]-Psn aLdfz'Ns_ 837,909 952,976 cGo hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf]-a}b]lzs /f]huf/ Psn aLdfz'Ns _ 8,772,383 3,019,834 hDdf 373,600,261 296,413,671






14 thAnnual Report

59

Income Tax Schedule - 8

S.N. Particulars Current year Previous year1 Income Tax of current year 92,681,761 101,172,422 Total Income Tax For Appropriation 92,681,761 101,172,422 Appropriation Transferred to profit and loss account 2,924,343 2,595,507 Transferred to Reveue Account of Endowment 38,648,632 44,131,590 Transferred to Revenue Account of Anticipated Endowment 16,669,931 19,350,065 Transferred to Revenue Account of Modified Endowment 32,067,104 32,963,823 Transferred to Revenue Account of Whole Life Policy 1,909,205 1,635,183 Transferred to Revenue Account of Term Insurance Policy 168,116 146,364 Transferred to Revenue Account of Special Term Insurance Policy 77,662 86,105 Transferred to Revenue Account of Other Life Insurance Policy (End. Sing. Premium) 216,768 263,785 Transferred to Revenue Account of Other Life Insurance Policy (Sing. Premium O.E.) - - Total 92,681,761 101,172,422







60

cfos/ cg';"rL– *

qm=;+= ljj/0f o; aif{ ut aif{!= o; aif{sf] cfos/ 92,681,761 101,172,422 afF8kmfF8sf] nflu cfos/sf] hDdf 92,681,761 101,172,422 afF8kmfF8 gfkmf gf]S;fg lx;fadf ;f/]sf] 2,924,343 2,595,507 ;fjlws hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] 38,648,632 44,131,590 clu|d e'QmfgL ;fjlws hLjg aLdfsf]cfo Aoo lx;fadf ;f/]sf] 16,669,931 19,350,065 ?kfGtl/t ;fjlws hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] 32,067,104 32,963,823 cfhLjg hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] 1,909,205 1,635,183 DofbL hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] 168,116 146,364 ljz]if DofbL hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] 77,662 86,105 cGo hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf]-Psn aLdfz'Ns_ 216,768 263,785 cGo hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf]-a}b]lzs /f]huf/ Psn aLdfz'Ns _ - - hDdf 92,681,761 101,172,422






14 thAnnual Report

61

Provision For Outstanding Claim at the end of the Fiscal Year Schedule - 9

SN Types of Insurance Outstanding Death claim Outstanding Maturity claim Outstanding Partial Outstanding Surrender Maturity claim value claim current year previous year current year previous year current year previous year current year previous year1 Endowment - - - - - - - -

2 Anticipated Endowment - -

3 Modified Endowment 100,000 100,000

4 Whole Life Policy - -

5 Term Insurance Policy - -

6 Special Term Policy - -

7 Other Life Insurance (Endowment Single Premium)

8 Other Life Insurance (Single Premium O.E.)

Total 100,000 100,000 - - - - - -

Other Outstanding calim Claim IBNR (Estimated) Total Outstanding claim Share of re-insurer on total Provision for claim of payment outstanding claim current year previous year current year previous year current year previous year current year previous year current year previous year 3,869,439 1,353,250 - - 3,869,439 1,353,250 - - 4,449,855 1,556,238

4,640,029 3,650,272 - - 4,640,029 3,650,272 - - 5,336,033 4,197,813

1,993,561 1,170,786 - - 2,093,561 1,270,786 - - 2,407,595 1,461,404

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

10,503,029 6,174,308 - - 10,603,029 6,274,308 - - 12,193,483 7,215,454

Amount Transferred From Revenue Accounts To P& L A/c Schedule - 10

S.N. Particulars current year previous year1 Transferred to Reveue Account of Endowment - - 2 Transferred to Revenue Account of Anticipated Endowment - 3 Transferred to Revenue Account of Modified Endowment - 4 Transferred to Revenue Account of Whole Life Policy - 5 Transferred to Revenue Account of Term Insurance Policy - 6 Transferred to Revenue Account of Special Term Insurance Policy 7 Transferred to Revenue Account of Other Life Insurance Policy (End. Sing. Premium) 8 Transferred to Revenue Account of Other Life Insurance Policy (Sing. Premium O.E.) 2,239,523 (3,522,105) Total 2,239,523 (3,522,105)







62

cfly{s jif{sf] cGTodf e'QmfgL x'g afFsL bfjL afkt Joj:yf cg';"rL – (

qm=;+= aLdfsf] lsl;d e'QmfgL x'g afFsL e'QmfgL x'g afFsL e'QmfgL x'g afFsL cf+lzs e'QmfgL x'g afFsL e'QmfgL x'g afFsL d[To' bfjL cjlw ;dfKtL bfjL cjlw ;dfKtL bfjL ;dk{0f d"No bfjL cGo bfjL o; jif{ ut jif{ o; jif{ ut jif{ o; jif{ ut jif{ o; jif{ ut jif{ o; jif{ ut jif{1 ;fjlws - - - - - - - - 3,869,439 1,353,2502 clu|d e'QmfgL ;fjlws - - - - - - - - 4,640,029 3,650,272 3 ?kfGtl/t ;fjlws 100,000 100,000 - - - - - - 1,993,561 1,170,786 4 cfhLjg - - - - - - - - - - 5 DofbL - - - - - - - - - - 6 ljz]if DofbL - - - - - - - - - - 7 cGo hLjg aLdf - Psn aLdfz'Ns_ - - - - - - - - - - 8 cGo hLjg aLdf - a}b]lzs - - - - - - - - - - /f]huf/ Psn aLdfz'Ns _ hDdf M 100,000 100,000 - - - - - - 10,503,029 6,174,308

;[hgf ePsf] t/ hfgsf/Ldf e'QmfgL x'g afFsL e'QmfgL x'g afFsL hDdf e'QmfgL x'g afFsL gcfPsf] bfjL -cg'dflgt_ hDdf bfjL bfjLdf k'gaL{dssf] lx:;f bfjL afkt Joj:yf o; jif{ ut jif{ o; jif{ ut jif{ o; jif{ ut jif{ o; jif{ ut jif{ - - 3,869,439 1,353,250 - - 4,449,855 1,556,238 - - 4,640,029 3,650,272 - - 5,336,033 4,197,813 - - 2,093,561 1,270,786 - - 2,407,595 1,461,404 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 10,603,029 6,274,308 - - 12,193,483 7,215,454

cfo Joo lx;fax?af6 gfkmf gf]S;fg lx;fadf ;f/]sf] /sd cg';"rL–!)

qm=;+= ljj/0f o; aif{ ut aif{! ;fjlws hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] - - @ clu|d e'QmfgL ;fjlws hLjg aLdfsf]cfo Aoo lx;fadf ;f/]sf] - - # ?kfGtl/t ;fjlws hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] - - $ cfhLjg hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] - - % DofbL hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] - - ^ ljz]if DofbL hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf] - - & cGo hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf]-Psn aLdfz'Ns_ - - * cGo hLjg aLdfsf] cfo Aoo lx;fadf ;f/]sf]-a}b]lzs /f]huf/ Psn aLdfz'Ns _ 2,239,523 –3,522,105_

hDdf 2,239,523 –3,522,105_






14 thAnnual Report

63

LIFE

INS

UR

AN

CE

FUN

D

Sch

edul

e-11

S.N

. Ty

pes

of In

sura

nce

Life

Insu

ranc

e Fu

nd

Tran

sfer

red

From

Tr

ansf

erre

d Fr

om

Tran

sfer

red

From

Li

fe In

sura

nce

Fund

Bef

ore

Adj

ustm

ent

Rev

enue

Acc

ount

pr

ofit&

Los

s A

/C

Res

erve

& s

urpl

us

Bef

ore

Adj

ustm

ent

(Beg

inni

ng O

f the

Yea

r)

(E

nd O

f the

Yea

r)

cu

rren

t yea

r pr

evio

us y

ear

curr

ent y

ear

prev

ious

yea

r cu

rren

t yea

r pr

evio

us y

ear

curr

ent y

ear

prev

ious

yea

r cu

rren

t yea

r pr

evio

us y

ear

1 En

dow

men

t 6

,636

,643

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5

,336

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,490

1

,890

,200

,135

1

,372

,313

,455

-

-

-

8,

526,

843,

758

6,

708,

856,

945

2 A

ntic

ipat

ed E

ndow

men

t 2

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2

,261

,642

,056

5

57,3

04,1

09

549

,995

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-

-

-

3,

351,

292,

680

2,

811,

637,

840

3 M

odifi

ed E

ndow

men

t 5

,629

,174

,785

3

,926

,758

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2

,218

,325

,059

1

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-

-

-

7,

847,

499,

845

5,

711,

655,

849

4 W

hole

Life

Pol

icy

364

,605

,641

1

93,8

68,8

57

297

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1

85,0

32,1

52

-

-

-

662

,122

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3

78,9

01,0

09

5 Te

rm In

sura

nce

Pol

icy

24,

860,

700

1

6,10

1,60

1

9,9

96,7

38

8,7

59,0

99

-

-

-

34,

857,

438

2

4,86

0,70

0

6 S

peci

al T

erm

Pol

icy

11,

106,

509

8

,645

,893

2

,759

,334

2

,460

,616

-

-

-

1

3,86

5,84

3

11,

106,

509

7 O

ther

Life

Insu

ranc

e

(E

ndow

men

t Sin

gle

Pre

miu

m)

44,

829,

588

3

2,06

6,93

0

7,6

41,1

91

12,

762,

660

-

-

-

5

2,47

0,78

0

44,

829,

588

8 O

ther

Life

Insu

ranc

e

(S

ingl

e P

rem

ium

O.E

.)

-

-

-

-

-

-

-

-

-

-

To

tal

15,

505,

209,

419

11,

775,

627,

360

4,

983,

743,

033

3

,916

,221

,079

-

-

-

-

20,4

88,9

52,4

52 1

5,69

1,84

8,43

9

S.N

. Ty

pes

of in

sura

nce

Una

lloc

ated

Am

ount

Li

fe in

sura

nce

fund

at t

he e

nd o

f the

yea

r

cu

rren

t yea

r pr

evio

us y

ear

curr

ent y

ear

prev

ious

yea

r1

Endo

wm

ent

131

,722

,838

3

94,3

80,8

24

8,4

32,7

70,8

83

6,6

36,6

43,6

25

2 A

ntic

ipat

ed E

ndow

men

t 3

88,5

60,7

81

483

,096

,926

3

,331

,276

,723

2

,793

,988

,571

3 M

odifi

ed E

ndow

men

t (

129,

022,

779)

4

80,7

91,0

05

7,7

44,7

95,3

53

5,6

29,1

74,7

85

4 W

hole

Life

Pol

icy

120

,911

,489

5

0,63

2,66

3

638

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,613

3

64,6

05,6

41

5 Te

rm I

nsur

ance

Pol

icy

33,

514,

327

2

4,41

2,75

3

34,

857,

438

2

4,86

0,70

0

6 S

peci

al T

erm

Pol

icy

(99

2,50

6)

5,2

10,7

38

13,

865,

843

1

1,10

6,50

9

7 O

ther

Life

Ins

uran

ce (

Endo

wm

ent

Sin

gle

Pre

miu

m)

(4,

126,

875)

(

2,65

0,51

7)

52,

470,

780

4

4,82

9,58

8

8 O

ther

Life

Ins

uran

ce (

Sin

gle

Pre

miu

m O

.E.)

(

100,

468,

185)

(

31,9

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43)

-

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440

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1

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2

0,24

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0,63

2

15,

505,

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Adj

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in li

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fund

S.N

. Ty

pes

of in

sura

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Life

Insu

ranc

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nd B

efor

e Tr

ansf

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d To

Pro

fit

Liab

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ies

Und

er P

olic

y P

rovi

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for

Bon

us

Pro

visi

on F

or S

olve

ncy

Mar

gin

Adj

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End

Of t

he Y

ear)

&

Los

s A

ccou

nt

cu

rren

t yea

r pr

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ear

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ent y

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yea

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yea

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ear

1 En

dow

men

t 8,

526,

843,

758

6,7

08,8

56,9

45

94,

072,

875

7

2,21

3,32

0 7

,442

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5,

580,

137,

780

8

46,6

55,8

73

649

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-

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2 A

ntic

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ndow

men

t 3

,351

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2,

811,

637,

840

2

0,01

5,95

7

17,

649,

269

2,7

57,9

87,5

94

2,14

7,25

2,36

8

180

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1

58,8

43,4

21

- -

3 M

odifi

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ndow

men

t 7

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5,

711,

655,

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1

02,7

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92

82,

481,

064

6,9

38,5

25,8

34

4,39

6,51

3,70

1

924

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7

42,3

29,5

76

- -

4 W

hole

Life

Pol

icy

662

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3

78,9

01,0

09

23,

808,

496

1

4,29

5,36

8

302

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1

84,9

02,9

93

214

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1

28,6

58,3

10

- -

5 Te

rm I

nsur

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Pol

icy

34,

857,

438

2

4,86

0,70

0

-

-

1,3

31,4

54

440

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-

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6 S

peci

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13,

865,

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1

1,10

6,50

9

-

-

14,

834,

397

5

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-

-

-

-

7 O

ther

Life

Ins

uran

ce

(E

ndow

men

t S

ingl

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rem

ium

) 5

2,47

0,78

0

44,

829,

588

-

-

5

6,51

1,07

6

47,

381,

122

-

-

- -

8 O

ther

Life

Ins

uran

ce

(S

ingl

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rem

ium

O.E

.)

-

-

-

-

100,

337,

171

3

1,98

1,14

3

-

-

-

-

To

tal

20,

488,

952,

452

15,

691,

848,

440

2

40,6

01,8

20

186

,639

,021

17

,614

,539

,472

12,

394,

491,

347

2,

165,

416,

383

1

,679

,751

,192

-

-

Bipi

n Ku

mar

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Ab

hijit

Gho

sh D

astid

ar

P. R

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hra

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Ary

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Char

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ccou

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ts



64

hLj

g a

Ldf s

f]if

cg';

"rL–

!!

qm=;

+= aL

dfs

f] ls

l;d

;dfo

f]hg

cuf8

Lsf] h

Ljg

cfo

Joo lx;

faaf

6 ;

f/]s

f]

gfkm

f gf

]S;fg

h

u]8f s

f]ifa

f6

;dfo

f]hg

cuf8

Lsf] h

Ljg

aLdf s

f]if -j

if{s

f] z

'?df_

lx

;fa

af6 ;

f/]s

f] ;f/

]sf]

aLd

fsf]if -jif{s

f] cGTodf_

o; j

if{

ut j

if{

o; j

if{

ut j

if{

o; j

if{

ut j

if{

o; j

if{

ut j

if{

o; j

if{

ut j

if{

1 ;

fjlw

s

6,636

,643,62

3 5,336

,543,490

1,89

0,20

0,13

5

1,37

2,31

3,455

-

-

- 8,526

,843,758

6,708

,856,94

52

clu

|d e'Qmfg

L ;fj

lws

2

,793

,988

,571

2,261

,642,05

6 5

57,304

,109

5

49,99

5,784

-

-

-

3,35

1,29

2,68

0 2,81

1,63

7,840

3 ?

kfGt

l/t

;fj

lws

5

,629

,174,785

3,92

6,758,533

2,21

8,32

5,059

1,784

,897

,316

-

-

-

7,847,4

99,845

5,711

,655,849

4

cfh

Ljg

3

64,605

,641

1

93,868

,857

297

,516

,468

1

85,032

,152

-

-

-

6

62,122

,109

3

78,90

1,00

9 5

Dof

bL

24,860

,700

1

6,10

1,60

1

9,996

,738

8

,759,09

9

-

-

-

34,857,4

38

24,860

,700

6

ljz

]if Do

fbL

11,10

6,509

8

,645,893

2

,759,33

4

2,4

60,616

-

-

-

1

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14 thAnnual Report

65

Provision Witten Back Schedule -12

S.N. Particulars Current year Previous year1 Provision For Loss On Investment Written Back 788,360 13,231,566 2 Provision For Loss on Loan WrittenBack - - 3 Provision For Doubtful Debt Written Back - - 4 Other Provision Written Back 6,316,568 - TOTAL 7,104,928 13,231,566

Written Off Expenditure Schedule - 13

S.N. Particulars Current year Previous year1 Preliminary expenses - - 2 Pre-operation expenses - - 3 Deferred expenses - - 4 Investment Written Off - 5 Loan Written Off 40,446 143,329 6 Debtors Written Off - - 7 Other Written Off - - Total 40,446 143,329

Expenses Related to Shares Schedule - 13 A

S.N. Particulars Current year Previous year1 Share Issuing Expenses 25,611 1,220,397 2 Share Registration Expenses 75,400 - 3 Share Listing Expenses 592,954 611,348 4 Dividend Distribution Expenses - - 5 Other Expenses (Share Related) - 67,000 Total 693,965 1,898,745





Other expenditures Schedule - 14

S.N. Particulars Current year Previous year1 Fine & Penalties - -2 Late Fee & Fine 25,100 1,000 3 Other - - Total 25,100 1,000



66

Joj:yf lkmtf{ cg';"rL–!@

qm=;+= ljj/0f o; aif{ ut aif{!= nufgLdf gf]S;fgLsf] nflu Joj:yf lkmtf{ 788,360 13,231,566 @= shf{df gf]S;fgLsf] nflu Joj:yf lkmtf{ - - #= z+sf:kb cf;fdL Joj:yf lkmtf{ - - $= cGo Joj:yf lkmtf{ 6,316,568 - hDdf 7,104,928 13,231,566

ckn]vg vr{x? cg';"rL–!#

qm=;+= ljj/0f o; aif{ ut aif{1 k|f/lDes vr{x? - - 2 k"j{ ;+rfng vr{x? - - 3 k/ ;fl/Psf vr{x? - - 4 ckn]vg ul/Psf] nufgL - - 5 ckn]vg ul/Psf] shf{ 40,446 143,329 6 ckn]vg ul/Psf] cf;fdL - - 7 cGo ckn]vg - - hDdf 40,446 143,329

z]o/ ;DaGwL vr{ cg';"rL !#s

qm=;+= ljj/0f o; jif{ ut jif{1 z]o/ lgZsf;g vr{ 25,611 1,220,397 2 z]o/ /lhi6«];g vr{ 75,400 - 3 z]o/ ;"lrs/0f vr{ 592,954 611,348 4 nfef+z ljt/0f vr{ - - 5 z]o/ ;DaGwL cGo vr{ - 67,000 hDdf 693,965 1,898,745

cGo vr{x? cg';"rL–!$

qm=;+= ljj/0f o; aif{ ut aif{1 b08 hl/jfgf - - 2 ljnDa z'Ns hl/jfgf 25,100 1,000 3 cGo - - hDdf 25,100 1,000






14 thAnnual Report

67

Provision For Losses Schedule -15

S.N. Particulars Current year Previous year1 Provision For loss on Investment - -

2 Provision For loss on loan - -

3 Provision For Doubtful Debt - -

4 Other Provision - -

TOTAL - -

A. Share Capital Schedule - 16

S.N. Particulars Current year Previous year1 Authorised capital

A. 8555625 Equity Shares worth Rs. 100/- Each 855,562,500 658,125,000

B…………. Non Reedeemable Preferred worth Rs. …. Each - -

C…………. Reedeemable Preferred worth Rs. …. Each - -

2 Issued Capital




3 Paid up capital


Less: Receivable Paid up ….. Shares worth ….



Total 855,562,500 658,125,000

C) Details Having One or more than one percentage of Shares

S.N. Particular Current year Previous year % of ownership Amount % of ownership Amount1 Life Insurance Corporation Of India 55% 470,559,375 55% 361,968,750

2 Vishal Group ( Nepal) 25% 213,890,625 25% 164,531,250

B) Ownership Structure of Share

Share Holder Current year Previous year No.of equity share % of ownership No.of equity % of ownershipPromotor

Nepali Organised institution 213,890,625 25% 164,531,250 25%

Nepalese citizen - - - -

Foreigner 470,559,375 55% 361,968,750 55%

Total 684,450,000 80% 526,500,000 80%

General public 171,112,500 20% 131,625,000 20%

Other

Total 855,562,500 100% 658,125,000 100%







68

gf]S;fgLsf] nflu Joj:yf cg';"rL–!%

qm=;+= ljj/0f o; aif{ ut aif{!= nufgLdf gf]S;fgLsf] nflu Joj:yf - - @= shf{df gf]S;fgLsf] nflu Joj:yf - - #= z+sf:kb cf;fdL Joj:yf - - $ cGo Joj:yf - - hDdf - -

-s_ z]o/ k"FhL cg';"rL–!^

qm=;+= ljj/0f o; aif{ ut aif{!= clws[t k"FhL s_ ? !)) b/sf] *%%%^@% yfg ;fwf/0f z]o/ 855,562,500 658,125,000 v_ ?============b/sf] ====yfg ckl/jt{gLo cu|flwsf/ z]o/ - - u_ ?========== b/sf] ====== yfg kl/jt{gLo cu|flwsf/ z]o/ - - @= hf/L k"FhL 855,562,500 658,125,000 s_ ? !)) b/sf] *%%%^@% yfg ;fwf/0f z]o/ - - v_ ?============b/sf] ====yfg ckl/jt{gLo cu|flwsf/ z]o/ - - u_ ?========== b/sf] ====== yfg kl/jt{gLo cu|flwsf/ z]o/ #= r'Qmf k"FhL s_ ? !)) b/sf] *%%%^@% yfg ;fwf/0f z]o/ 855,562,500 658,125,000 Go"g e'QmfgL k|fKt x'g afFsL ?==== b/sf] ===yfg ;fwf/0f z]o/ - - v_ ?============ b/sf] ====yfg ckl/jt{gLo cu|flwsf/ z]o/ - - u_ ?========== b/sf] ====== yfg kl/jt{gLo cu|flwsf/ z]o/ - - hDdf 855,562,500 658,125,000

-v_ z]o/ :jfldTjsf] ;+/rgf

z]o/wgL o; aif{ ut aif{ ;+:yfks ;fwf/0f z]o/ ;+Vof :jfldTjsf] Ü ;fwf/0f z]o/ ;+Vof :jfldTjsf] Ü g]kfnL ;+ul7t ;+:yfx? 213,890,625 @% k|ltzt 164,531,250 @% k|ltzt

g]kfnL gful/s - – - – ljb]zL 470,559,375 %% k|ltzt 361,968,750 %% k|ltzt hDdf 684,450,000 *) k|ltzt 526,500,000 *) k|ltzt ;j{;fwf/0f 171,112,500 @) k|ltzt 131,625,000 @) k|ltzt cGo s"n 855,562,500 !)) k|ltzt 658,125,000 !)) k|ltzt

-u_ Ps k|ltzt jf a9L z]o/ :jfldTj ePsf z]o/wgLx?sf] ljj/0f

qm=;+= ljj/0f o; aif{ ut aif{ :jfldTjsf] Ü /sd :jfldTjsf] Ü /sd!= ef/tLo hLjg aLdf lgud %% k|ltzt 470,559,375 %% k|ltzt 361,968,750 @= ljzfn u|'k @% k|ltzt 213,890,625 @% k|ltzt 164,531,250






14 thAnnual Report

69

Reserve and Surplus Schedule -17

S.N. Particulars current year previous year1 Deferred Tax Reserve 926,717 684,323

2 Capital reserve - -

3 Special reserve - -

4 Other reserve ( Details) - -

5 Share premium 61,151,801 61,151,801

6 Proposed Bonus Share 213,890,625 197,437,500

7 Uncapitalized Bonus Share - -

8 Profit transferred from profit and loss a/c 71,567,394 72,819,858

Total 347,536,537 332,093,482

Catastrophe Reserve Schedule -18

Catastrophe Reserve at the Beginning Of the Year Transferred From P& L A/c Catastrophe Reserve at the End Of the Year Current Year Previous Year Current Year Previous Year Current Year Previous Year 31,183,201 - 24,904,217 31,183,201 56,087,418 31,183,201

31,183,201 - 24,904,217 31,183,201 56,087,418 31,183,201

Long Term Loan and Borrowing Schedule -19

SN. Particulars Current Year Last Year 1 Debenture / Bond - -

2 Bank - -

3 Financial Institution - -

4 Others ( Detail to be discloed) - -

Total - -







70

hu]8f tyf sf]if cg';"rL–!&

qm=;+= ljj/0f o; aif{ ut aif{1 :yug s/ hu]8f 926,717 684,323 2 k"FhLut hu]8f - - 3 ljz]if hu]8f - - 4 cGo hu]8f - - 5 z]o/ lk|ldod 61,151,801 61,151,801 6 k|:tfljt af]gz z]o/ 213,890,625 197,437,500 7 k"hLs[t x'g afFsL af]g; z]o/ - - 8 Gffkmf gf]S;fg lx;faaf6 ;f/]sf] gfkmf 71,567,394 72,819,858 hDdf 347,536,537 332,093,482

dxf–ljklQ hu]8f cg';"rL–!*

jif{sf] z'?df dxf–ljklQ hu]8f gfkmf gf]S;fg lx;faaf6 ;f/]sf] jif{sf] cGTodf dxf–ljklQ hu]8f o; jif{ ut jif{ o; jif{ ut jif{ o; jif{ ut jif{ 31,183,201 - 24,904,217 31,183,201 56,087,418 31,183,201 - - - - - - - - - - - - - - 24,904,217 31,183,201 56,087,418 31,183,201

ltg{ afFsL bL3{sflng C0f tyf ;fk6L cg';"rL–!(

qm=;+= ljj/0f o; aif{ ut aif{! l8j]Gr/ ÷ a08 – – @ a}+s – – # ljQLo ;+:yf – – $ cGo -ljj/0f v'nfpg]_ – – hDdf – –






14 thAnnual Report

71

Fixe

d as

sets

Sc

hedu

le -

20

Parti

cula

rs

Cos

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prec

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61

Bipi

n Ku

mar

Lal

Ab

hijit

Gho

sh D

astid

ar

P. R

. Mis

hra

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ndra

Ary

alAs

st. M

anag

er (F

&A)

De

puty

. G. M

. CE

O/ D

irect

or

Dire

ctor

V. K

. Kuk

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hok

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rect

or

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CA. B

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Partn

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& C

o.Ch

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red

Acc

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72

l:y

/ ;

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Q

c

g';"r

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ljj/

0f

k/n d

f]n

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f] o;

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ut j

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g 1

83,692

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5 1

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g 1

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14 thAnnual Report

73

Inve

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14 thAnnual Report

75

Investment in shares Schedule -21.1

S.N. Company Net Amount Face Value Purchase price Market Price Loss on Investment

1 Kumari Bank Ltd. 65421Unit of Share (Including 12731 Unit Of Bonus Share) 9,711,301 6,542,100 9,711,301 25,841,295 -

2 Kumari Bank Ltd. 132559 Unit of Share (Promotor) (Including 45130 Unit Of Bonus Share) 8,742,900 13,255,900 8,742,900 25,053,651 -

3 Chilime Hydro Power Co. Ltd.11924 Unit Of Share (Incl. 7724 unit of Bonus Share) 1,788,000 1,192,400 1,788,000 20,068,092 -

4 Siddhartha Bank Ltd.21150 Unit of Share (Including 6636 Unit Of Bonus Share) 4,375,360 2,115,000 4,375,360 14,339,700 -

5 Nepal SBI Bank Ltd. 33720 Unit of Share (Including 18348 Unit Of Bonus Share) 16,446,638 3,372,000 16,446,638 29,909,640 -

6 Bank Of Kathmanu Ltd.11512 Unit of Share( Including 6658 Unit Of Bonus Share) 4,275,376 1,151,200 4,275,376 6,573,352 -

7 Sanima Bikash Bank Ltd. 36226 Unit Of Share( Including 8032 Unit Of Bonus Share) 4,640,600 3,622,600 4,640,600 20,105,430 -

8 Nepal Investment Bank Ltd.19667 Unit Of Share (Including 9074 Unit Of Bonus Share) 7,678,474 1,966,700 7,678,474 13,845,568 -

9 Nepal Investment Bank Ltd.682200 Unit Of Promoter Share (Including 15000 Unit Of Bonus Share) 288,750,780 68,220,000 288,750,780 354,744,000 -

10 Nabil Bank Ltd. 330632 Unit Of Share (Promoter) (Including 78604 Unit of Bonus Share) 302,908,648 33,063,200 302,908,648 437,756,768 -

11 Nabil Bank Ltd.17404 Unit Of Share (Including 5802 Unit Of Bonus Share) 20,013,505 1,740,400 20,013,505 33,241,640 -

12 Himalayan Bank Ltd.17828 Unit Of Share(Including 6002 unit Of Bonus Share) 11,338,174 1,782,800 11,338,174 14,494,164 -

13 Everest Bank Ltd.8067 Unit Of Share (Including 5318 unit of Bonus Share) 6,252,768 806,700 6,252,768 17,102,040 -

14 Everest Bank Ltd.688 Unit Of Preference Share CP 696,253 68,800 696,253 703,824 -

15 Butwal Power Co. Ltd.2143 Unit Of Share (Including 126 Unit of Bonus Share) 1,322,231 214,300 1,470,100 1,322,231 147,869

16 Lumbini Bank Ltd.6476 Unit Of Share (Incl.1120 units of Bonus Share) 1,402,656 647,600 1,402,656 2,214,792 -

17 Machchapuchre Bank Ltd.2289 Unit Of Share( Including 638 unit Of Bonus Share) 1,096,651 228,900 1,096,651 1,290,996 -

18 GRAND Bank Ltd.2198 Unit Of Share (Including 371 Unit of Bonus Share) 404,432 219,800 808,125 404,432 403,693

19 GRAND Bank Ltd.200000 Unit Of Share (PROMOTER) 22,398,920 20,000,000 22,398,920 24,000,000 -

20 NMB Bank Ltd.15533 Unit Of Share ( Including 3130 unit Of Bonus Share) 4,871,348 1,553,300 4,871,348 7,875,231 -

21 Standard Chartered Bank Nepal Ltd. 33281 Unit Of Share (incl. 21345 Unit of Bonus share) 61,150,385 3,328,100 61,150,385 64,664,983 -

22 Unilever Nepl Ltd.378 Unit Of Share 3,348,880 37,800 3,348,880 8,150,058 -

23 ACE Development Bank Ltd.1430 Unit Of Share(Incl. 284 Unit of Bonus Share) 328,900 143,000 566,396 328,900 237,496

24 Nepal Share Market Ltd. 6593 Unit Of Share (Including 112 Unit of Bonus Share) - 659,300 3,077,900 - 3,077,900

25 Siddhartha Devlepment Bank Ltd. 9908 Unit of Share 1,961,784 990,800 3,831,100 1,961,784 1,869,316

26 ILFC Ltd. 10230 Unit Of share 1,473,120 1,023,000 2,920,500 1,473,120 1,447,380

27 JANTA BANK LTD 24419 Units of share (incl. 813 Unit of Bonus share) 2,360,600 2,441,900 2,360,600 6,690,806 -

28 CIVIL BANK LTD 20483 units of share 2,048,300 2,048,300 2,048,300 5,530,410 -

29 LAXMI BANK LTD 6273 units of share (incl. 1173 Unit of Bonus share) 1,591,200 627,300 1,591,200 2,509,200 -

30 Global IME Bank Limited 102843 units of share (incl. 1173 Unit of Bonus share) 49,261,797 10,284,300 52,428,052 49,261,797 3,166,255

31 Nepal Bank Ltd 1094052 units of share 150,948,752 109,405,200 150,948,752 333,685,860 -

32 Yeti Dev Bank Ltd. 30 units of share 2,070 3,000 2,070 3,990 -

33 Uddham Bikash Bank Ltd. 22 units of share 220 2,200 220 1,870 -

34 Rara Dev Bank Ltd. 32 units of share 2,336 3,200 2,336 2,624 -

35 Narayani National Finance Pro. 8068 units of share (incl. 384 Unit of Bonus share) 261,256 806,800 261,256 2,226,768 -

36 Godwil Finance Limited 3297 units of share (incl. 195 Unit of Bonus share) 353,628 329,700 353,628 675,885 -

37 Nawa Durga Finance 908 units of share (incl. 82 Unit of Bonus share) 59,472 90,800 59,472 103,512 -

38 Nepal Awas Bikash 356 units of share (incl. 20 Unit of Bonus share) 31,248 35,600 31,248 49,484 -

39 Nepal Insurance co. Ltd. 1428 units of share 325,584 142,800 325,584 555,492 -

40 NLG Insurance Co. Ltd. 2438 units of share 216,982 243,800 216,982 1,362,842 -

41 Bottlers Nepal Terrai ltd 1280 units of share 1,355,520 128,000 1,355,520 2,764,800 -

42 Nepal Lube Oil Ltd 300 units of share 63,900 30,000 64,500 63,900 600

43 Soaltee Hotel Ltd.69619 units of share (incl. 34099 Unit of Bonus share) 8,880,000 6,961,900 8,880,000 29,588,075 -

44 Nepal Film Dev. Ltd 154 units of share 1,540 15,400 1,540 5,290 -

45 Rural Micro Development Centre Ltd. 550 units of share (incl. 50 Unit of Bonus share) 90,000 55,000 90,000 360,250 -

46 Mega Bank Limited 8186 units of share (incl. 877 Unit of Bonus share) 730,900 818,600 730,900 3,233,470 -

47 Agriculture Development Bank Ltd 15913 units of share (incl. 1041 Unit of Bonus share) 6,874,416 1,591,300 7,293,204 6,874,416 418,788

48 Century Coomercial Bank Limited 32749 units of share (incl. 1853 Unit of Bonus share) 3,089,600 3,274,900 3,089,600 10,446,931 -

49 Prime Commercial Bank Limited 218573 units of Promoter Share (incl. 34898 Unit of Bonus share) 35,265,600 21,857,300 35,265,600 46,993,195 -

50 Prime Commercial Bank Limited 1833 units of Share (incl. 192 Unit of Bonus share) 834,015 183,300 836,763 834,015 2,748

51 Clean Energy Development Bank Limited 700 units of share (incl. 63 Unit of Bonus share) 171,990 70,000 171,990 191,100 -

52 ICFC Finance Limited 570 units of share (incl. 70 Unit of Bonus share) 144,780 57,000 152,000 144,780 7,220

Total 1,052,343,790 329,453,300 1,063,123,055 1,631,626,453 10,779,265

Note: 1) Insurer's investment in share of sister/Holding company and joint investment company has to be mentioned separately. 2) investment made in share not enlisted as per rule has to be

mentioned seperetly. 3) Seperately to be disclosed of promotor share and other ordinary share.







76

z]�o/�df nufgL cg';"rL–@!=!

qm=;+= sDkgL v'b /sd c+lst d"No k/n d"No ahf/ d"No1 s'df/L a}+s ln= sf] ^%$@! yfg z]o/ -!@&#! lsQf af]g; z]o/ ;lxt_ 9,711,301 6,542,100 9,711,301 25,841,295 2 s'df/L a}+s ln= sf] !#@%%( yfg z]o/ - ;+:yfks z]o/_ -$%!#) lsQf af]g; z]o/ ;lxt_ 8,742,900 13,255,900 8,742,900 25,053,651 3 lrlnd] xfO8«f] kfj/ sDkgLsf] !!(@$ yfg ;fwf/0f z]o/ -&&@$ lsQf af]g; z]o/ ;lxt_ 1,788,000 1,192,400 1,788,000 20,068,092 4 l;¢fy{ a}+s ln sf] @!!%) yfg ;fwf/0f z]o/ - ^^#^ Af]fg; z]o/ ;lxt_ 4,375,360 2,115,000 4,375,360 14,339,700 5 g]kfn P;= la= cfO= a}+s ln= sf] ##&@) yfg ;fwf/0f z]o/ -!*#$* af]g; z]o/ ;lxt_ 16,446,638 3,372,000 16,446,638 29,909,640 6 a}+s ckm sf7dfG8f} ln sf] !!%!@ yfg ;fwf/0f z]o/ -^^%* lsQf af]g; z]o/ ;lxt_ 4,275,376 1,151,200 4,275,376 6,573,352 7 ;flgdf ljsf; a}+s ln= sf] #^@@^ yfg ;fwf/0f z]o/ -*)#@ lsQf af]g; z]o/ ;lxt_ 4,640,600 3,622,600 4,640,600 20,105,430 8 g]kfn Oge]i6d]G6 a}+s ln= sf] !(^^& yfg ;fwf/0f z]o/ - ()&$ af]g; z]o/ ;lxt_ 7,678,474 1,966,700 7,678,474 13,845,568 9 g]kfn Oge]i6d]G6 a}+s ln= sf] ^*@@)) yfg - ;+:yfks z]o/_ - !%))) af]g; z]o/ ;lxt_ 288,750,780 68,220,000 288,750,780 354,744,000 10 glan a}+s ln=sf] ##)^#@ yfg ;fwf/0f z]o/ - ;+:yfks z]o/_ -af]g; z]o/&*^)$ lsQf_ 302,908,648 33,063,200 302,908,648 437,756,768 11 glan a}+s ln=sf] !&$)$ yfg ;fwf/0f z]o/ -af]g; z]o/%*)@ lsQf_ 20,013,505 1,740,400 20,013,505 33,241,640 12 lxdfnog a}+s ln= sf] !&*@* yfg z]o/ -^))@ lsQf af]g; z]o/ ;lxt_ 11,338,174 1,782,800 11,338,174 14,494,164 13 Pe/]i6 a}+s ln= sf] *)^& yfg ;fwf/0f z]o/ -%#!* af]g; z]o/ ;lxt_ 6,252,768 806,700 6,252,768 17,102,040 14 Pe/]i6 a}+s ln= sf] ^** yfg c3|flwsf/ z]o/ 696,253 68,800 696,253 703,824 15 a'6jn kfj/ sDkgL ln= sf] @!$# yfg ;fwf/0f z]o/ -!@^ af]g; z]o/ ;lxt_ 1,322,231 214,300 1,470,100 1,322,231 16 n'lDjgL a}+s ln= sf] ^$&^ yfg ;fwf/0f z]o/-!!@) af]g; z]o/ ;lxt_ 1,402,656 647,600 1,402,656 2,214,792 17 df5fk'R5«] a}+s ln= sf] @@*( yfg ;fwf/0f z]o/ - ^#* af]g; z]o/_ 1,096,651 228,900 1,096,651 1,290,996 18 u}|08 a}+s ln= sf] @!(* yfg ;fwf/0f z]o/ - #&! af]g; z]o/_ 404,432 219,800 808,125 404,432 19 u}|08 a}+s ln= sf] @))))) yfg ;fwf/0f z]o/ - ;+:yfks z]o/_ 22,398,920 20,000,000 22,398,920 24,000,000 20 PgPdla a}+s ln= sf] !%%## yfg ;fwf/0f z]o/ -#!#) lsQf af]g; z]o/ ;lxt_ 4,871,348 1,553,300 4,871,348 7,875,231 21 :6|of088{ rf6{8 a}+s ln= sf] ##@*! yfg ;fwf/0f z]o/-@!#$% lsQf af]g; z]o/_ 61,150,385 3,328,100 61,150,385 64,664,983 22 o'lglnj/ g]kfn ln= sf] #&* yfg ;fwf/0f z]o/ 3,348,880 37,800 3,348,880 8,150,058 23 P; ljsf; a}+s ln= sf] !$#) yfg ;fwf/0f z]o/ @*$ lsQf af]g; z]o/_ 328,900 143,000 566,396 328,900 24 g]kfn z]o/ dfs]{6 ln= sf] ^%(# lsQf ;fwf/0f z]o/ -!!@ lsQf af]g; z]o/_ - 659,300 3,077,900 - 25 l;¢fy{ ljsf; a}+s ln sf] (()* yfg ;fwf/0f z]o/ 1,961,784 990,800 3,831,100 1,961,784 26 cfO{PnPkm;L ln= sf] !)@#) lsQf ;fwf/0f z]o/ 1,473,120 1,023,000 2,920,500 1,473,120 27 hgtf a}+s ln sf] @$$!( yfg ;fwf/0f z]o/ -*!# lsQf af]g; z]o/_ 2,360,600 2,441,900 2,360,600 6,690,806 28 l;len a}+s ln sf] @)$*# yfg ;fwf/0f z]o/ 2,048,300 2,048,300 2,048,300 5,530,410 29 nlId a}+s ln sf] ^@&# yfg ;fwf/0f z]o/ -!!&# lsQf af]g; z]o/_ 1,591,200 627,300 1,591,200 2,509,200 30 Unf]]an cfO=Pd=O=a}+s ln sf] !)@*$# yfg ;fwf/0f z]o/ -!!&# lsQf af]g; z]o/_ 49,261,797 10,284,300 52,428,052 49,261,797 31 g]kfn a}+s ln !)($)%@ yfg ;fwf/0f z]o/ 150,948,752 109,405,200 150,948,752 333,685,860 32 dgsfdgf lasf; a}+s ln #) yfg ;fwf/0f z]o/ 2,070 3,000 2,070 3,990 33 pBd lasf; a}+s ln @@ yfg ;fwf/0f z]o/ 220 2,200 220 1,870 34 /f/f lasf; a}+s ln #@ yfg ;fwf/0f z]o/ 2,336 3,200 2,336 2,624 35 gf/fo0fL g]zgn kmfOgfG; ln= *)^* yfg ;fwf/0f z]o/ -#*$ lsQf af]g; z]o/_ 261,256 806,800 261,256 2,226,768 36 u'8ljn kmfOgfG; ln #@(& yfg ;fwf/0f z]o/ -!(% lsQf af]g; z]o/_ 353,628 329,700 353,628 675,885 37 gjb'uf{ kmfOgfG; ln ()* yfg ;fwf/0f z]o/-*@ lsQf af]g; z]o/_ 59,472 90,800 59,472 103,512 38 g]kfn cfjf; ljsf; #%^ yfg ;fwf/0f z]o/ -@) lsQf af]g; z]o/_ 31,248 35,600 31,248 49,484 39 g]kfn OG:of]]]]/]G; sDkgL ln !$@* yfg ;fwf/0f z]o/ 325,584 142,800 325,584 555,492 40 Pg Pn hL OG:of]]]]/]G; sDkgL ln @$#* yfg ;fwf/0f z]o/ 216,982 243,800 216,982 1,362,842 41 af]6n;{ g]kfn t/fO ln !@*) yfg ;fwf/0f z]o/ 1,355,520 128,000 1,355,520 2,764,800 42 g]kfn No'j cfon ln #)) yfg ;fwf/0f z]o/ 63,900 30,000 64,500 63,900 43 ;f]lN6 xf]6]n ln ^(^!( yfg ;fwf/0f z]o/-#$)(( lsQf af]g; z]o/_ 8,880,000 6,961,900 8,880,000 29,588,075 44 g]kfn lkmNd 8]enkd]G6 ln !%$ yfg ;fwf/0f z]o/ 1,540 15,400 1,540 5,290 45 ?/n dfO{qmf] kmfO{gfG; 8]enkd]G6 ;]G6/ ln=%%) yfg ;fwf/0f z]o/ -%) lsQf af]g; z]o/_ 90,000 55,000 90,000 360,250 46 d]3f a}+s ln *!*^ yfg ;fwf/0f z]o/ -*&& lsQf af]g; z]o/_ 730,900 818,600 730,900 3,233,470 47 s[lif ljsf; a}+s ln= !%(!# yfg ;fwf/0f z]o/ -!)$! lsQf af]g; z]o/_ 6,874,416 1,591,300 7,293,204 6,874,416 48 ;]Gr'/L sd{l;on a}+s ln=#@&$( yfg ;fwf/0f z]o/ -!*%# lsQf af]g; z]o/_ 3,089,600 3,274,900 3,089,600 10,446,931 49 k|fOd sd{l;on a}+s ln @!*%&# yfg ;+:yfks z]o/ -#$*(* lsQf af]g; z]o/_ 35,265,600 21,857,300 35,265,600 46,993,195 50 k|fOd sd{l;on a}+s ln !*## yfg ;fwf/0f z]o/ -!(@ lsQf af]g; z]o/_ 834,015 183,300 836,763 834,015 51 lSng Og{lh ljsf; a}+s ln= &)) yfg ;fwf/0f z]o/ -^# lsQf af]g; z]o/_ 171,990 70,000 171,990 191,100 52 cfO=;L=Pkm;L=lalQo ;+:wf lnld6]8 %&) yfg ;fwf/0f z]o/ -&) lsQf af]g; z]o/_ 144,780 57,000 152,000 144,780

hDdf 1,052,343,790 329,453,300 1,063,123,055 1,631,626,453

gf]6 M != aLdssf] ;xfos sDkgL÷xf]lN8Ë sDkgL tyf ;+o'Qm nufgL ePsf] sDkgLsf] z]o/df ePsf] nufgLnfO{ 5'§f–5'§} v'nfpg' kg]{5 . @= lgodfg';f/ ;""lrs[t gePsf z]o/df ePsf] nufgLnfO{ 5'§} v'nfpg' kg]{5 . #= ;+:yfks z]o/ / cGo z]o/df ePsf] nufgLnfO{ 5'§f5'§} v'nfpg' kg]{5 .






14 thAnnual Report

77

Cash and Bank Balances Schedule -22

S.N. Particular Current Year Previous Year1 Cash Balance 140,928,118 94,633,363 Total (A) 140,928,118 94,633,3632 Bank Balance

Deposit In Commercial Banks 317,115,652 151,257,149

Deposit In Development Banks - -

Deposit of Financial Institutions - -

Other - -

Total (B) 317,115,652 151,257,149 Total (A+B) 458,043,769 245,890,512

Other loans Schedule -23

S.N. Particular Current Year Previous Year(A) Long Term Loans

1 Loan To Agents

2 Loans To Employees 27,237,215 25,247,706

3 Other - -

Total (A) 27,237,215 25,247,706 (B) Short Term Loan

1 Loans To Agents 219,726,136 211,118,672

2 Loans To Employees

3 Other - -

Total (B) 219,726,136 211,118,672 Total (A+B) 246,963,351 236,366,378







78

gub tyf a}+s df}Hbft cg';"rL–@@

qm=;+= ljj/0f o; aif{ ut aif{! gub df}Hbft 140,928,118 94,633,363 hDdf 140,928,118 94,633,363 @ a}+s df}Hbft jfl0fHo a}+sx?sf] df}Hbft 317,115,652 151,257,149 ljsf; a}+sx?sf] df}Hbft - - ljQLo ;+:yfx?sf] df}Hbft - - cGo -ljj/0f v'nfpg]_ - - hDdf 317,115,652 151,257,149 s"n 458,043,769 245,890,512

cGo shf{ cg';"rL–@#

qm=;+= ljj/0f o; aif{ ut aif{-s_ bL3{sflng shf{ != clestf{nfO{ shf{ - - @= sd{rf/LnfO{ shf{ 27,237,215 25,247,706 #= cGo -ljj/0f v'nfpg]_ - - hDdf -s_ 27,237,215 25,247,706 -v_ cNksflng shf{ != clestf{nfO{ shf{ 219,726,136 211,118,672 @= sd{rf/LnfO{ shf{ - - #= cGo - - hDdf -v_ 219,726,136 211,118,672 hDdf -s±v_ 246,963,351 236,366,378






14 thAnnual Report

79





Other Assets Schedule -24

S.N. Particular current year previous year1 Interest Receivable Against Investments 179,454,439 158,884,980

2 Interest Receivable Against Policy Loans 246,504,725 168,299,392

3 Other Interest Receivable against loan(except of Policy Loan) 571,987 287,194

4 Receivable From Other Insurer (Insurance Pool) - -

5 Due from re-Insurer - -

6 Miscellaneous Debtors 829,433 2,688,543

7 Advance Tax 729,931,102 555,256,023

8 Staff advances 47,870 44,346

9 Other advances 80,209,073 76,171

10 Security Deposits 251,000 251,000

11 Outstanding insurance premuim - -

12 Less: outstanding insurance premium suspense - -

13 Others - -

a) Prepaid S.B. Claims - -

b) Prepaid Expenses 10,896,563 4,443,287

c) Debenture/ Share Application 50,166,667 205,000,000

d) Gratuity Fund at CIT 7,683,366 7,056,307

e) Cheque deposited but not credited by Banks 63,838,874 12,182,428

f) Defferred Tax Assets 926,717 684,323

Total: 1,371,311,815 1,115,153,994

Current Liability Schedule - 25

S.N. Particular current year previous year1 Due to Agents 72,299,234 37,974,416

2 Due to other Insurer - -

3 Due to re-insurer 9,855,556 17,048,137

4 Short term loans - -

5 Deposit premium 28,998,145 14,360,360

6 Unidentified Premium 20,701,464 17,710,110

7 Miscellaneous creditors 39,332,840 26,185,380

8 Due to Associate/Holding company - -

9 TDS Payable 6,266,127 2,851,092

10 VAT Payable - -

11 Income Tax Payable 365,369,899 272,688,138

12 Service Charges Payable to Beema Samiti 54,161,374 41,545,125

13 Payable To Directors - -

14 Others - -

Defferred Tax - -

Cheque issued But Not Encashed 335,121,901 199,751,464

Medical Fee Payable 1,246,402 1,830,232

Calls in Advance - -

Salary Payable 2,445,051 3,099,640 Total 935,797,994 635,044,094



80

cGo ;DklQ cg';"rL–@$

qm=;+= ljj/0f o; aif{ ut aif{1 nufgLaf6 k|fKt x'g afFsL cfo 179,454,439 158,884,980 2 aLdfn]vsf] lwtf]df shf{af6 k|fKt x'g afFsL Aofh 246,504,725 168,299,392 3 cGo -aLdfn]vsf] lwtf]df afx]s_ shf{af6 k|fKt x'g afFsL Aofh 571,987 287,194 4 cGo aLdsaf6 k|fKt x'g afFsL - - 5 k'gaL{dsaf6 k|fKt x'g afFsL - - 6 ljljw cf;fdL 829,433 2,688,543 7 clu|d s/ 729,931,102 555,256,023 8 sd{rf/L k]ZsL 47,870 44,346 9 cGo k]ZsL 80,209,073 76,171 10 w/f}6L 251,000 251,000 11 c;'n x'g afFsL aLdfz'Ns - - Go"g M c;'n x'g afFsL aLdfz'Ns d'NtjL -suspense_ - - 12 cGo M - - s=clu|d e'QmfgL cf+lzs kl/kSj bfjL - - v= clu|d e'QmfgL vr{x? 10,896,563 4,443,287 u= z]o/÷l8j]Gr/ lgj]bg 50,166,667 205,000,000 3= pkbfg sf]if gful/s nufgL sf]ifdf 7,683,366 7,056,307 ª a}sdf r]s hdf ePsf] t/ s]|l86 k|Kt gePsf] 63,838,874 12,182,428 r= :yug s/ 926,717 684,323 hDdf 1,371,311,815 1,115,153,994

rfn' bfloTj cg';"rL–@%

qm=;+= ljj/0f o; aif{ ut aif{1 clestf{nfO{ lbg afFsL 72,299,234 37,974,416 2 cGo aLdsnfO{ lbg afFsL - - 3 k'gaL{dsnfO{ lbg afFsL 9,855,556 17,048,137 4 cNksflng shf{ - - 5 aLdfz'Ns w/f}6L 28,998,145 14,360,360 6 k"0f{ ljj/0f gv'n]sf] aLdfz'Ns 20,701,464 17,710,110 7 ljljw ;fx" 39,332,840 26,185,380 8 ;xfos÷xf]lN8Ë sDkgLnfO{ lbg afFsL - - 9 >f]tdf s§f ul/Psf] s/ ltg{ afFsL 6,266,127 2,851,092 10 d"No clea[l4 s/ ltg{ afFsL - - 11 cfos/ ltg{ afFsL 365,369,899 272,688,138 12 ;]jf z'Ns ltg{ afFsL 54,161,374 41,545,125 13 ;+rfnsnfO{ lbg afFsL - - 14 cGo M - - :yug s/ - - r]s hf/L ePsf] t/ e'QmfgL gePsf] /sd 335,121,901 199,751,464 e'QmfgL gePsf] d]l8sn z'Ns 1,246,402 1,830,232 z]o/ jfkt k]ZsL (Calls in Advance) - - tna tyf eQf vr{ Joj:yf 2,445,051 3,099,640 hDdf 935,797,994 635,044,094






14 thAnnual Report

81

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14 thAnnual Report

83

cg';"rL – @*

nfOkm OG:of]/]G; skf]{/]zg -g]kfn_ lnld6]8

ljQLo ljj/0f;+u ;DalGwt k|d'v n]vf gLltx¿

!= ;fdfGo hfgsf/L M!=! sDkgLsf]� kl/�ro M

nfOkm OG:�of]�/�]�G; skf]�{/�]�zg -g]�kfn_ ln= g]�kfnl:�yt Ps

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afx]�s oL gLltx¿ lg/�Gt/� ?kdf nfu' /�x]�sf 5g\ .

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clwsf/� k|fKt lgsfo xf]� . pQm lgb]�{lzsfdf pNn]�v gePsf

ljifo a:�t'nfO{ g]�kfn n]�vfdfgdf Aoj:�yf eP cg';f/�

Schedule-28

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDSignificant Accounting Policies

1. General Information:1.1 Identity of the Company:

Life Insurance Corporation (Nepal) Limited is a limited liability company domiciled in Nepal. The Company was incorporated under the Nepal Companies Act, on December 26, 2000. The address of its registered office is Naxal, Kathmandu. The Company has a primary listing on the Nepal Stock Exchange Limited.

1.2 Nature of Business:

The company obtained regulatory approval to undertake Life Insurance business on September 1, 2001 from Beema Samiti (Insurance Regulatory Authority in Nepal). Under the approval, the Company is authorized to carry Life Insurance Business.

1.3 Promoters and shareholders:

The principal promoters of the company are Life Insurance Corporation of India (55%) and Vishal Group of Nepal (25%). The General Public holds 20% shares in the company.

1.4 Authorizationtoissuefinancialstatements:

The financial statements were authorized for issue by the Board of Directors on 78th Board Meeting dated 04.01.2016 and by the Insurance Board on 31.03.2016

2. Summaryofsignificantaccountingpolicies: The principal accounting policies applied in the

preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 Basis of Preparation (NAS 1):

Financial statements have been prepared in accordance with formats prescribed by Financial Directives 2065 of Insurance Board of Nepal. The Insurance Board is authorized by the Insurance Act to



84

ul/�Psf]� 5 .

ljQLo ljj/�0fx¿ g]�kfnL ?k}�+ofdf k|:�t't ul/�Psf 5g\ .

gub k|jfx jfx]�ssf ljQLo ljj/�0fx¿ P]�ltxfl;s nfut

l;¢fGt tyf cGoyf pNn]�v ul/�Psf]� cj:�yfdf afx]�s

k|f]�befjL (Accrual) l;¢fGt cg'?k tof/� ul/�Psf]� 5 .

@=@ g]�kfn n]�vfdfg;+usf k|d'v leGgtfx¿ M

s= aLdfz'Ns /� cGo cfDbfgLx¿ -aLdfz'Ns df Aofh_ nfO{

aLdf ;ldltsf]� lgb]�{zg adf]�lhd gub cfwf/�df hgfOPsf]�

tyf n]�vfÍg ul/�Psf]� 5 h'g g]�kfn n]�vfdfg & df lgb]�{lzt

ul/�Psf]� Aoj:�yf cg'?k 5}�g . g]�kfn n]�vfdfg cg':�ff/� k|fKt

ePsf]� /� k|fKt x'g afFsL /�sd ;d]�t cfDbfgLdf n]�vfÍg

ul/�g' kb{5 .

v= kl5 e'QmfgL ug'{kg]�{ sd{rf/�L ;'ljwfx¿ ljj/�0f tof/�

ubf{sf]� ldltnfO{ cjsf; ldlt dfgL ;f]� ldltdf sfod

x'g cfpg]� /�sdsf]� cfwf/�df u0fgf ul/�Psf]� 5 h'g g]�kfn

n]�vfdfg !$ cg';f/� 5}�g . g]�kfn n]�vfdfg !$ (NAS 14) cg';f/� sDf{rf/�L ;]�jf afktsf]� bfloTjsf]� nfutsf]� jt{dfg

d"Nodf u0fgf ul/� n]�vfÍg ug'{ kb{5 .

#= a}�b]lzs d'b|f -g]kfn n]vfdfg !!_ M ljb]�zL d'b|fdf ul/�Psf]� sf/�f]�jf/�nfO{ sf/�]�fjf/� ePsf]� ldltdf

sfod ljlgdo b/�cg'?k g]�kfnL d'b|fdf ?kfGt/�

ul/�Psf]� 5 . sDkgLsf]� s'g}�klg ;DklQ tyf bfloTj ljb]�zL

d'b|fdf /�x]�sf]� 5}�g .

$= l:y/ ;DklQ M :�jfldTjdf ePsf]� ;DklQ -g]�kfn n]�vfdfg ^_ M

l:�y/� ;DklQ nfO{ nfut d"Nodf x|f; s§L /� Iflt gf]�S;fg

36fO{ b]�vfOPsf]� 5 . nfut d"Nodf vl/�b d"No /� To;nfO{

ck]�lIft pkof]�u x'g]�ul/� sfo{ ug{ ;Sg]� cj:�yfdf Nofpg

nfu]�sf]� cGo ;j}� vr{x¿ ;dfj]�z 5g\ .

x|f; s§L M

s= l:�y/� ;DklQsf]� x|f; s§L 36\bf]� Xf; k|0ffnLsf]� b/�n]�

-cg'dflgt cfo'sf]� cfwf/�df_ ul/�Psf]� 5 . ljljw

;DklQ zLif{sx¿ cGtu{t lgDgfg';f/�sf]� Xf; s§L

b/� ckgfOPsf]� 5 -zLif{sx¿ aLdf ;ldltaf6 tf]�lsP

adf]�lhd /�flvPsf]� 5_ .

prescribe format for preparation of financial statements. Whereas the said format does not address a particular issue, Nepal Accounting Standard has been applied.

The financial statements are presented in Nepalese Rupee. The financial statements, except cash flow statement, are prepared in accordance with the historical cost convention, on accrual basis of accounting (except otherwise stated).

2.2 Significant Deviations from Nepal AccountingStandards:

a. Premium and some of the other incomes (interest on premium) are recognized and accounted on cash basis which is a deviation from the recognition of revenue prescribed in NAS 7 which requires recognition of revenue at the fair value of consideration received and receivable.

b. Post employment benefits of employees are measured at the amount payable on the date of preparation of financial statement assuming retirement on that date. This is deviation from the measurement and recognition prescribed in the NAS 14 which requires recognition of post employment benefits at present value of defined benefit obligations and current service cost.

3. ForeignCurrency(NAS11): Transactions in foreign currencies are translated to Nepalese

Rupee at the foreign exchange rate ruling at the date of the transaction. The Company has no monetary or non-monetary assets and liabilities denominated in foreign currency.

4. Fixed Assets (NAS 6): Owned Assets:

Fixed Assets are stated at cost less accumulated depreciation (see below) and impairment losses. The cost includes purchase price and any cost directly attributable to bringing the assets to its working condition for its intended use.

Depreciation:

a) Depreciation is charged on Written down Value method over the estimated useful lives of fixed assets. The depreciation rates applied for various assets categories are as follows (Categories prescribed by


14 thAnnual Report

85

Beema Samiti).

TypesofProperty Depreciationrate

Furniture & Fixtures 25% Office Equipment 25% Computer and EDP 25% Intangible Assets 25% Lease Hold Assets 25% Vehicles 20% Other Assets 25%

b) Depreciation is provided on the fixed assets from the subsequent month of the acquisition date to the prior month of disposal unless it is fully depreciated before its disposal.

c) Capital Items for less than Rs. 5000/- are treated as Revenue Expenditure in the year of acquisition and charged to Profit and Loss Account and Revenue Account.

5. Investments:a) Classification:

Investments maturing within twelve months from the date of financial statements are classified as short-term investments. Investments other than short-term investments are classified as long-term investments.

a) Valuation:

Government securities:

Government securities are stated on cost price or face value whichever is less. Premium (excess of cost price over face value) is amortized on a straight line basis over the holding/maturity period. Similarly discount (excess of face value over cost price) is accounted as gain on investment on a straight line basis over the holding/maturity period.

Fixed Deposit of Banks/ Financial Institutions:

Fixed deposits in commercial banks and other financial institutions are accounted on principal amount.

;DklQsf]� k|sf/� Xf; s§L b/�

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vr{ n]�Vg]� Aoj:�yf ul/�Psf]� 5 . ljqmL tyf ckn]�vg

ul/�Psf]� l:�y/� ;DklQsf]� xsdf laqmL tyf ckn]�vg

x'g'eGbf cufl8sf]� dlxgf;Dd Xf; s§L ul/�Psf]� 5 .

u= ? %,)))÷– eGbf sd d"No ePsf]� k'FhLut ;fdfgsf]�

vl/�bnfO{ vl/�b u/�]�sf]� jif{dfg}� gfkmf–gf]�S;fg lx;fa

/� cfo–Aoo lx;fjdf vr{ n]�vL n]�vfÍg ug]�{ gLlt

lnOPsf]� 5 .

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kl/�kSjx'g]� nufgLnfO{ cNksflng nufgLdf /�flvPsf]� 5 .

cNksflng afx]�s cGo ;a}� nufgLnfO{ bL3{sflng nufgL

cGtu{t juL{s/�0f ul/�Psf]� 5 .

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;/�sf/�L lwtf]�kqM

;/�sf/�L lwtf]�kqx¿df ul/�Psf]� nufgLnfO{ nfut d"No jf

c+lst d'No dWo]� 36Ldf n]�vfÍg ul/�Psf]� 5 . c+lst d'No

eGbf nfut d'No al9 ePsf]� v08df a9L /�sd -lk|ldod_

nfO{ ;f]� ;/�sf/�L lwtf]�kqsf]� e'QmfgL cjlwleq k|To]�s jif{

;dfg'kflts ?kdf ckn]�vg ul/�Psf]� 5 . nfut d'No

eGbf c+lst d'No al9 ePsf]� v08df To:�tf]� /�sd -5'6_

nfO{ ;f]� ;/�sf/�L lwtf]�kqsf]� e'QmfgL cjlwleq k|To]�s jif{

;dfg'kflts lx;fan]� nufgLdf d'gfkmf zLif{s cGtu{t

n]�vfÍg ul/�Psf]� 5 .

a}�+s tyf ljQLo ;+:�yfsf]� d'2tL lgIf]�k M

a}�+s tyf ljQLo ;+:�yfdf ul/�Psf]� d'2tL lgIf]�knfO{ ;fFjf

/�sddf n]�vfÍg ul/�Psf]� 5 .



86

klAns ln= sDkgLsf]� z]�o/�x¿ M

klAns ln= sDkgLx¿sf]� ;fwf/�0f z]�o/�df ul/�Psf]�

nufgLnfO{ nfut d"Nosf]� cfwf/�df n]�vfÍg ul/�Psf]� 5 .

klAns sDkgLsf]� C0fkqx¿ M

klAns ln= sDkgLsf]� C0fkqnfO{ nfut d"No /� c+lst

d"No dWo]� h'g sd 5 ;f]�xL c'g;f/� b]�vfO{Psf]� 5 . c+lst

d"No eGbf nfut d"No al9 ePsf]� v08df To:�tf]� al9 /�sd

-lk|ldod_ nfO{ To:�tf]� C0fkqsf]� e'QmfgL cjlwleq k|To]�s jif{

;dfg'kflts ?kdf ckn]�vg ul/�Psf]� 5 . nfut d'No eGbf

c+lst d'No al9 ePsf]� v08df To:�tf]� /�sd -5'6_ nfO{ ;f]�

C0fkqsf]� e'QmfgL cjlwleq k|To]�s jif{ ;dfg'kflts lx;fan]�

nufgLdf d'gfkmf zLif{s cGtu{t n]�vfÍg ul/�Psf]� 5 .

gf]�S;fgL M

lwtf]�kq ahf/�df ;'lrs[t ul/�Psf lwtf]�kqx¿nfO{

ahf/�of]�Uo lwtf]�kq (Marketable Securities) elgG5 .

To; k|sf/�sf]� lwtf]�kqsf]� ahf/� d"Nodf ePsf]� kl/�at{gn]�

ubf{ ePsf]� gf]�S;fgL /�sdnfO{ nufgLdf ePsf]� gf]�S;fg

Aoj:�yf zLif{sdf hgfO{ gfkmf–gf]�S;fg lx;fj vr{ n]�vfÍg

ul/�Psf]� 5 . nufgL laqmL gx'Fbf;Dd ahf/�d"Nodf ePsf]�

km]�/�abnaf6 ePsf]� gfkmfnfO{ cfDbfgL hgfO{Psf]� 5}�g .

%=!= gub /� a}�+s df}�Hbft M

gub /� a}�+s df}�Hbft cGtu{t gub df}�Hbft, d'2tL lgIf]�k

afx]�ssf]� a}�s df}�Hbft /� cGo pRr t/�n ;DklQx¿ /�x]�sf

5g\ . a}�+s clwljsif{, sDkgLsf]� gub Aoj:�yfkgsf]� cleGg

c+usf]� ?kdf /�x]�sf]� 5 . To; k|sf/�sf]� a}�s clwljsif{nfO{

jf;nftdf rfn' bfloTj cGt/�u{t cNksfnLg shf{

zLif{sdf b]�vfOPsf]� 5 .

^= z+sf:kb cf;fdL M o; aif{ sDkgLsf]� s'g}�klg z+sf:�kb cf;fdL /�x]�sf]� 5}�g,

t;y{ ;f]� afktsf]� /�sd Aoj:�yf ul/�Psf]� 5}�g .

&= c;dfKt hf]lvd Aoj:yf M a}�b]�lzs /�f]�huf/� aLdf Joj;fo cGtu{t aLdfÍLo d"Nof+sg /�

afFsL aLdf cjlwsf]� ;dfg'kflts aLdfz'Ns dWo]� h'g a9L x'G5,

;f]� a/�fa/�sf]� /�sd c;dfKt hf]�lvd Joj:�yf ul/�Psf]� 5 . cGo

aLdfdf o:�tf]� Joj:�yf ul/�Psf]� 5}�g .

Shares of public Companies:

The investments made in ordinary shares of public companies are accounted on cost price.

Debentures of Public Companies:

Debentures of public companies are stated on cost price or face value whichever is less. Premium (excess of cost price over face value) is amortized on a straight line basis over the holding/maturity period. Similarly discounts (excess of face value over cost price) are accounted as gain on investment on a straight line basis over the holding/maturity period.

Impairment:

Securities that are listed in stock exchange are considered as marketable securities. Any loss arising from change in market value is credited to Provision to Loss on Investment by charging to Profit and Loss Account. Gain arising from change in market price is adjusted in the provision to loss on investment to the extent of such provision. Gain arising from change in market price not adjusted is not recognized as revenue unless disposed.

5.1 Cash and Bank Balances:

Cash and bank balance comprises cash balances, bank balances other than fixed deposits and other highly liquid materials. Bank overdrafts that are repayable on demand and form an integral part of the company’s cash management are included within borrowings in current liabilities on the Balance Sheet.

6. LoantoPolicyholders: Loan to policy holder in excess of surrender value of

the Policy is written off in the year in which outstanding loans exceeds surrender value.

7. Provisionforunexpiredrisk: Provision for unexpired risk in Overseas Employment

insurance is made on the basis of actuary valuation or proportionate premium to the remaining term whichever is higher. No such provisions are made for other insurance.


14 thAnnual Report

87

*= ckn]vgug{ afFls ljljw vr{ M o; cGtu{t sDkgLn]� nufgLdf e'QmfgL u/�]�sf]� lk|ldod

/�sd /�x]�sf]� 5 .

(= cfo n]vf°g ljlw -g]kfn n]vfdfg &_ M (=! aLdfz'Ns cfDbfgL M

aLdfz'Ns cfDbfgLnfO{ aLdf ;ldltsf]� lgb]�{lzsf cg'?k

gub cfwf/�df n]�vfÍg ul/�Psf]� 5 .

(=@ k'gaL{df sldzg M

lgoldt k'gaL{df sldzgnfO{ k|f]�befjL ( Accrual) cfwf/�df

n]�vfÍg ul/�Psf]� 5 . k'gaL{dfdf gfkmf sldzg cfonfO{

gubL cfwf/�df n]�vfÍg ul/�Psf]� 5 h'g g]�kfn n]�vfdfg &

adf]�lhd /�x]�sf]� 5}�g .

(=# cGo cfo M

Aofh -sn lgIf]�k df k|fKt Aofh ;lxt_ cfo nfO{ k|f]�befjL

(Accrual) cfwf/�df n]�vfÍg ul/�Psf]� 5 . z]�o/� nfef+z

cfDbfgLnfO{ nfef+z 3f]�if0ff ePsf]� ldltsf]� cfwf/�df n]�vfÍg

ul/�Psf]� 5 .

(=$ shf{ /� k]�ZsL af6 k|fKt Aofh cfDbfgL M

aLdfn]�v lwtf]�df k|bfg ul/�Psf]� shf{ /� sd{rf/�L Pj+ clestf{

nfO{ e'QmfgL ul/�Psf]� cGo shf{af6 k|fKt Aofh cfDbfgLnfO{

k|f]�befjL ( Accrual) cfwf/�df n]�vfÍg ul/�Psf]� 5 .

!)= cfo—Aoo afF8 kmfF8 gLlt Ms= AofFh /� nfef+z cfDbfgLnfO{ aLdf ;ldltåf/�f hf/�L

ul/�Psf]� ljQLo lgb]�{lzsf @)^% cg'?k gfkmf–gf]�S;fg

lx;fa /� cfo–Aoo lx;fadf afF8 kmfF8 ul/�Psf]� 5 .

v= aLdf Aoj;fo;+u ;DjlGwt vr{nfO{ cfo–Aoo lx;fadf

n]�vfÍg ul/�Psf]� 5 .

u= aLdf ;ldltåf/�f hf/�L ul/�Psf]� ljQLo lgb]�{lzsf @)^%

cg'?k Aoj:�yfkg vr{sf]� !)Ü /� ()Ü /�sd nfO{

qmdzM gfkmf gf]�S;fg lx;fj /� cfo Aoo lx;fjdf

afF8 kmfF8 ul/�Psf]� 5 .

!!= bfjL !!=! bfjL e'QmfgL M M

bfjL e'QmfgL cGtu{t bfjL km5\of}�{6sf]� nflu cfjZos k/�fdz{

8. MiscellaneousExpendituretotheextentnotwrittenoff: Miscellaneous expenditure to the extent not written off

comprises of premium paid on investments as stated in policy.

9. RevenueRecognition:(NAS-07):9.1 Premium Income:

Premium Income has been recognized on cash basis as required under directives of the Insurance Board.

9.2 Re-insurance Commission:

Regular Re-insurance commissions are recognized on accrual basis. Profit commissions on re- insurance are recognized on cash basis which is not in accordance with NAS 07.

9.3 Other Income:

Interest (including interest on call deposit) income is recognized on accrual basis. Dividend income is recognized as income when right to receive is established.

9.4 Incomefromloansandadvances:

Incomes on loan against insurance policies and other loans provided to agents and staffs are accounted for on accrual basis.

10. IncomeandExpenditureAllocationPolicy:a) Interest and Dividend incomes are allocated to

Profit and Loss Account and Revenue Account as prescribed in the Financial Directives 2065 issued by Insurance Board.

b) Expenses related to insurance business are charged to Revenue Account.

c) As prescribed in the Financial Directives 2065 issued by Insurance Board, Management expenditure is allocated in the ratio of10:90 to Profit & Loss Account and Revenue Account respectively.

11 Claim Payment: Claims paid include specific claim settlement costs

such as investigation/legal fees and other directly attributable following a loss accepted. Claims are accounted for on accrual basis.



88

tyf cg';Gwfg vr{ /� bfloTj :�jLsf/� u/�]�afktsf]� cGo k|ToIf

vr{x¿nfO{ ;dfj]�z ul/�Psf]� 5 . bfJfL e'QmfgL k|f]�befjL

(Accrual) cfwf/�df n]�vfÍg ul/�Psf]� 5 .

!!=@ aLdf bfjL Aoj:�yf M

bfjL /�sdnfO{ hfgsf/�Ldf cfPsf]� ldltdf s"n sjf]�n

bfloTj /�sddf k'gaL{df sDkgLaf6 kfpg'kg]�{ /�sdnfO{

g36fO{ u0fgf ul/�Psf]� 5 . e'QmfgL ug{ afFsL bfjL jfktsf]�

;Defljt bfloTjnfO{ aLdf lgodfjnL @)$( , v08 !%-

3_ cg'?k !!% k|ltzt sf]� b/�n]� AolStut bfjLsf]� cfwf/�df

Aoj:�yf ul/�Psf]� 5 .

!!=# dxfljklQ sf]�if

>L aLdf ;ldlt sf]� ldlt @)&!.)^.)* kl/�kq g+ lj= lj=

zf= ^& -)&!.)&@_ r=g= *#^ adf]�lhd jfF8kmfF8sf]� nfuL

pknAw /�sdsf]� !)% /�sd dxfljklQ sf]�ifdf ;fl/�Psf]� 5 .

!@= aLdf Aoj;foaf6 k|fKt cfosf] u0fgfM aLdf s/�f/�af6 pTkGg aLdf bfloTjx¿sf]� n]�vfÍg :�jtGq

aLdfÍL d'NofÍgsf]� cfwf/�df ul/�Psf]� 5 . To;

k|sf/�sf]� aLdfÍL d'NofÍgaf6 cfPsf]� /�sdnfO{ cfosf]� ?kdf

gfkmf gf]�S;fg lx;fjdf aLdf ;ldlt¢f/�f hf/�L ul/�Psf]�

ljQLo lgb]�{lzsf @)^% cg'?k n]�vfÍg ul/�Psf]� 5 .

!#= sd{rf/L ;'ljwf -g]kfn n]vfdfg !$_ M cNksflng sd{rf/�L ;'ljwf M

cNksflng sd{rf/�L ;'ljwfnfO{ k|f]�befjL cfwf/�df u0fgf

ul/�Psf]� 5 .

cNksflng labfafktsf]� /�sd M

labf afktsf]� e'QmfgLug{ afls tnj /�sdnfO{ k|f]�befjL

cfwf/�df u0fgf ul/�Psf]� 5 .

cjsfz ;'ljwf M

sDkgLåf/�f sd{rf/�Lx¿sf]� nflu cjsfz ;'ljwfsf]� nfuL

lglZrt ;'ljwf e'QmfgL x'g]� Aoj:�yf ul/�Psf]� 5 . To;

Aoj:�yf cg'?k sd{rf/�Lx¿n]� kfpg]� cjsfz ;'ljwfdf

pkbfg jfktsf]� kfpg]� /�sd d'Votof sd{rf/�Lsf]� pd]�/�,

;]�jf cjlw /� tnj ;'ljwf cflb cg';f/� lgwf{/�0f x'g]� ub{5 .

pkbfg ;'ljwf jfktsf]� of]�ubfg /�sd sDkgL /� gful/�s

nufgL sf]�if aLr ePsf]� ;Demf}�tf cg';f/� gful/�s nufgL

11.1 ProvisionforInsuranceClaim:

Claims are recognized on the date of intimation of the loss without deducting amount recoverable from reinsurers. Estimated liability for outstanding claims is determined on the basis of individual claim and is provided at 115% of outstanding claim as prescribed in section 15(d) of Insurance Regulation 2049.

11.2 CatastropheReserve:

As per the instruction issued by Beema Samiti vide their letter dated 2071.06.08, circular no. B.B.Sa. 76/(071/72) dispatch no. 836, a catastrophe reserve equal to 10% of the amount available for appropriation i.e. Rs.3,21,86,203/-has been made.

12. RecognitionofincomefromInsuranceBusiness: The insurance liability arising from the insurance

contracts is estimated by independent actuarial estimation. Amount recommended, on such actuarial valuation, to recognize as income is recognized in Profit and Loss Account in accordance with Financial Directives 2065 issued by Insurance Board.

13. EmployeeBenefits(NAS14):Short term employee benefits:

Short term benefits to employees are recognized on accrual basis.

Short term compensated absences:

Salary in lieu of leave is recognized on accrual basis.

Retirement Benefits:

The Company has defined benefit plan for retirement benefits of employees. A defined benefit plan is a retirement plan that defines an amount of gratuity benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The Company pays contributions to Citizen Investment Trust on a contractual basis. The contributions are recognized as employee benefit expenses when they


14 thAnnual Report

89

sf]�ifdf hDdf ul/�G5 . of]�ubfg /�sd e'QmfgL ug'{kg]�{ lbgdf

vr{ hgfpg]� ul/�G5 .

!$= cfos/ -g]kfn n]vfdfg (_ M Afif{sf]� Gffkmf gf]�S;fg lx;fadf cfos/� cGtu{t rfn' /�

:�yug cfos/� ;dfj]�z /�x]�sf 5g\ . OSo'6Ldf n]�vfÍg

ul/�Psf]� /�sd afx]�s cfos/� /�sdnfO{ gfkmf gf]�S;fg lx;fa

/� cfo Aoo lx;fjdf n]�vfÍg ul/�Psf]� 5 .

Rffn' s/� M

cfos/� P]�g /� ;f]� P]�g cGtu{t ag]�sf]� lgodfjnL adf]�lhd x"g cfpg]� s/� of]�Uo cfodf jf;nftsf]� ldltdf sfod /�x]�sf]� cfos/� b/� cg";f/� cfos/� u)fgf ul/� cfos/� Joj:�yf ul/�Psf]� % .

:�yug s/� M

ljlQo ljj/�)f /� cfos/� cfwf/� jLr b]�lvPsf]� s/� ;dfof]�hg x"g ;Sg]� c:�yfO{ km/�snfO{ :�yug s/� ;DklQ÷bfloTjdf n]�vf°g ul/�Psf]� % . :�yug s/� ;DklQ÷bfloTjnfO{ jf;nftsf]� ldltdf sfod /�x]�sf]� cfos/� b/� sf]� cfwf/�df kl/�df)fLs/�)f ul/�Psf]� % .

Gffkmf gf]�S;fg lx;fa /� cfo Aoo lx;fadf afF8 kmfF8 M

cfos/�nfO{ gfkmf gf]�S;fg lx;fa /� cfo Aoo lx;fadf

aLdf ;ldlt¢f/�f hf/�L ul/�Psf]� ljQLo lgb]�{lzsf @)^%

cg'?k lgsflnPsf]� ef/�sf]� cfwf/�df afF8 kmfF8 ul/�Psf]�

5 .

!%= l:y/ ;Dkltsf] Ifo -g]kfn n]vfdfg !*_ M l:�y/� ;Dkltdf cfGtl/�s Pj+ afx\o sf/�0faf6 s'g}� Ifo eP

gePsf]� ;DaGwdf k|To]�s jf;nft ldltdf k'g/�fjnf]�sg

ul/�G5 . l:�y/� ;Dkltsf]� k|fKtJo d"No (Fair Value) eGbf

n]�vflÍt /�sd (Carrying Amount) a9L ePdf Ifo x|f;

ePsf]� dflg vr{ n]�lvG5 .

!^= C0f nfut -g]kfn n]vfdfg )*_ M l:�y/� ;Dklt k|flKtsf]� qmddf C0f /� ;fk6L nfutx¿

nfO{ l:�y/� ;Dklt nfutsf]� ?kdf k"Flhs[t ul/�Psf]� 5 .

cGo nufgL tyf ;fk6L nfutx¿nfO{ cfDbfgL lx;fadf

hgfOPsf]� 5 .

are due.

14. IncomeTax(NAS9): Income tax on the profit or loss for the year comprises

current and deferred taxes. Income tax is recognized in the Profit and Loss Account and Revenue Account except to the extent that it relates to items recognized directly to equity, in which case it is recognized in equity.

Current Tax:

Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period. Current tax liabilities (assets) for the current and prior periods are measured at the amount expected to be paid to (recovered from) the taxation authorities, using the tax rates that have been enacted by the Balance Sheet date

Deferred Tax:

Deferred tax asset is recognized for all temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates that have been enacted or substantively enacted by the balance sheet date.

Allocation between Profit and Loss Account and Revenue Account:

Income Tax is allocated between Profit & Loss Account and Revenue Account as per the derived weights of Profit & Loss Account and Revenue Account as prescribed by Financial Directives 2065 issued by the Insurance Board.

15. ImpairmentofAssets:(NAS-18) The carrying amounts of assets are reviewed at

each balance sheet date, if there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount.

16. FinancingandBorrowingCost:(NAS-08) Financing/Borrowing costs attributable to the

acquisition of the asset is capitalized as part of the cost of the asset. Other Financing/Borrowing costs are charged to the Income Statement.



90

!&= ;+efljt bfloTjx¿ / ;+efljt ;Dkltx¿sf] k|fjwfgx¿ -g]kfn n]vfdfg !@_ M

lautdf ePsf]� s'g}� 36\gfsf]� sf/�0f at{dfgdf bfloTj

l;h{gf e}� ;f]�sf]� nflu ;|f]�taf6 lgsf;f cfjZos x'g uPdf

/� bfloTj k'/�f ug{ ljZjzlgo /�sdsf]� th'{df ug{ ;lsG5

eg]� sDkgLn]� cfjZos k|fjwfgsf]� Joj:�yf u5{ .

s'g}� ;+efljt bfloTj jf at{dfgdf s'g}� bfloTj x'g ;Sg]� -hf]�

;+ejt x'b}�g_ nfO{ ;|f]�taf6 s]�xL lgsf;f cfjZos ePdf

;+efljt bfloTjsf]� k|fjwfg Joj:�yf ul/�G5 . olb ;+efljt

bfloTj jf at{dfg bfloTjsf nflu ;|f]�taf6 lgsf;f ug{

g;lsg]� ePdf o:�tf]� k|fjwfg /�flvb}�g .

ljQLo ljj/�0fdf ;+efljt ;Dkltx¿nfO{ n]�vfÍg ul/�b}�g .

t}�klg ;+efljt ;Dkltx¿nfO{ lg/�Gt/�?kn]� d"Nofs+g

ul/�Psf]� x'G5, olb cjf:�tljs?kdf cfly{s nfe cfFpg]�

lglZrt ePdf ;f]� ;Dklt /� ;Da4 cfDbfgLnfO{ kl/�jt{g

b]�lvPsf]� cjlwdf n]�vfÍg ul/�G5 .

!* k|lt z]o/ cfDbfgL -g]kfn n]vfdfg @^_ M cfwf/�e"t k|lt z]�o/� cfDbfgL lgsfNbf s'g}� tf]�lsPsf]� cjlwdf

z]�o/�wgLx¿nfO{ k|fKt x'g]� s"n gfkmf jf gf]�S;fgnfO{ ;f]�

cjlwdf laBdfg s"n z]�o/� ;+Vofn]� efu ul/�Psf]� x'G5 .

!(= t'ngfTds hfgsf/L -g]kfn n]vfdfg !(_ M M n]�vf gLlt jf cfwf/�e"t uNtLsf]� sf/�0faf6 kl/�jt{g ePsf]�

zLif{sdf ;fk]�lIfs hfgsf/�L k'gM jlu{s/�0f ul/� pNn]�v

ul/�Psf]� 5.

@)= Aoj;fo v08sf] ljj/0f -g]kfn n]vfdfg @#_ M sDkgLn]� k|of]�hgdf NofPsf]� ljleGg lsl;dsf]� ;]�jf /�

zt{ ;lxtsf]� aLdf of]�hgfnfO{ ljlEfGGf pko'Qm Aoj;fo

v08df ( Business Segment) /�fvL ;f]�xL cg';f/� cnu–

cnu cfo Aoo lx;fa tof/� ul/�Psf]� 5 .

17. Provisions, Contingent Liabilities and Contingent Assets(NAS-12)

The Company creates a provision when there is a present obligation as a result of past events that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent assets are not recognized in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an economic benefit will arise, the asset and related income are recognized in the period in which the change occurs.

18. EarningsperShare(NAS26): Basic earnings per share are calculated by dividing the

net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

19. Comparativeinformation: Comparative information has not been restated in

respect of any items due to change in accounting policies or fundamental errors.

20. SegmentReporting(NAS23): A segment is a distinguishable component of

the Company that is engaged either in providing products or services (business segment) which is subject to risks and rewards that are different from those of other segments. These business segments are reported through separate revenue accounts.






14 thAnnual Report

91

cg';"rL — @(

nfOkm OG:of]/]G; skf]{/]zg -g]kfn_ lnld6]8

ljQLo ljj/0f;+u ;DalGwt n]vf ;DalGw l6Kk0fLx¿

!= ;Defljt bfloTjx¿ M

s_ of]� aif{ r'Qmf jf e'QmfgL x'g afsL nufgL 5}�g .

v_ of]� aif{ sDkgLn]� s'g}� k|Tofe"lt k|lta4tf u/�]�sf]� 5}�g .

u_ of]� aif{ aLdfn]�v cGtu{teGbf afx]�s cGo s'g}� bfjL

cfPsf]� 5}�g .

3_ of]� aif{ sDkgLn]� jf sDkgLsf]� tkm{af6 s'g}� Uof/�]�G6L

lbg]� sfd ePsf]� 5}�g .

ª_ c:�jLs[t d[To' bfjL /�sd ? @@)=%# nfv afx]�s cGo

s'g}� bfloTj /�x]�sf]� 5}�g .

@= aLdfÍLn]� aLdssf]� bfloTj d"NofÍg ubf{ cjnDag u/�]�sf]�

cfwf/�x¿ M

ut aLdfÍLo d"NofÍg -!^=)&=@)!%_df aLdfÍLåf/�f s'n

(Gross) lk|ldod ljlw ckgfOPsf]� 5 /� cfufdL aLdfÍLo

d"NofÍg !%=)&=@)!^ sf]� lalQo ljj/�0f sf]� cfwf/�df ug'{kg]�{5 .

#= sDkgLsf]� ;DklQdf s'g}� lsl;dsf]� ;Lldttf tyf

ljjfbx¿ /�x]�sf]� 5}�g . sDkgLn]� xfn;Dd v/�Lb u/�]�sf]�

;Dk"0f{ ;DklQ sDkgLsf]� :�jfldTjdf /�x]�sf]� 5 /� To;df

s'g}� bfjL jf ljjfb /�x]�sf]� 5}�g .

$= aLdf ;ldltsf]� lgb]�{zfg'zf/� cf=a= @)&).@)&! sf]� hLjg

sf]�if, afFsL d[To[ bfjL /� c;dfKt hf]�lvd a/�fa/�sf]� nufgL

/�sd ? !%,%@&,^@&=))& xhf/�nfO{ Oo/�dfs{ ul/� aLdf

;ldltdf /�flvPsf]�5 .

%= shf{, nufgL tyf l:�y/� ;Dkltsf]� nflu sDkgLn]� xfn;Dd

s'g}� lsl;dsf]� k|lta4tf AoQm u/�]�sf]� 5}�g .

^= nufgL;+u ;DalGwt b]�xfosf v/�Lb laqmL ;Demf}�tfx/�msf]� d"No M

s_ v/�Lb ul/�Psf]� ;DklQsf]� :�jfldTj k|fKt gePsf]� s'g}�

;DklQ g/�x]�sf]� .

v_ laqmL ul/�Psf]� ;DklQsf]� e'QmfgL k|fKt x'g jf+sL g/�x]�sf]� .

&= aif{e/�L ul/�Psf]� nufgLsf]� ljj/�0f M

s_ nufgLx¿ M

nufgL ePsf]� lwtf]�kq ÷;+:�yf /�sd ?=c_ ;/�sf/�L lwtf]�kq /� af]�G8 —

Schedule 29

LIFE INSURANCE CORPORATION (NEPAL) LIMITEDNotes to Accounts related to Financial Statements

1. Contingent Liabilities:A. There are no unpaid investments.B. The Company has no underwriting commitments

for shares or other securities.C. There is no claim beside the insurance contracts

which are disclosed in the financial statements.D. There is no guarantee given by the company or

on behalf of the company.E. There are no other liabilities except repudiated

death claims of Rs. 220.53 lakh.

2. Basis adopted by Actuary while evaluatingInsurer’s liabilities:

In the last valuation (till 16.07.2015), the gross Premium method of valuation was adopted. Next valuation will be done on the basis of financial statement of 15.07.2016, as per regulation of Insurance Board.

3. There are no dispute and limitation regarding the company’s property. The company owns all the properties and assets that are purchased by the Company and there is no dispute on any properties.

4. Investments equal to life fund, outstanding death claims & unexpired risk of Financial year 2070/71(2013/14) amounting to Rs.15,527,627.007 thousand are earmarked in the name of Insurance Board of Nepal as per their instruction.

5. The company has not made any commitments on its loans, investments and fixed assets.

6. Amount relating to purchase/sale agreements of Investment:

i. There are no acquired properties/assets of which ownership has not been obtained by the company.

ii. There is no amount due against sales of the company’s property.

7. Detailofinvestmentsmadeduringtheyearisasfollows.A. Investments:

Particulars AmountA. Government Securities & Bond -



92

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p_ laleGg sDkgLx¿sf]� z]�o/�÷Psf°

tyf C0fkqx¿ %),#@,*!,&@^

hDdf -s_ &,!$,#@,*!,&@^÷—

v_ o; aif{ cjlw kl/�kSj eO{ laqmL ul/�Psf nufgL ljj/�0fx¿ M

nufgL ePsf]� lwtf]�kq ÷;+:�yf /�sd ?=

c_ ;/�sf/�L lwtf]�kq /� af]�G8 #),$$,)),)))

cf_ jfl0fHo a}�+sx¿ #,$%,)),)),)))

O_ ljsf; a}�+sx¿ %,)),)),)))

O{_ kmfOgfG; sDkgLx¿ !$,)),)),)))

p_ laleGg sDkgLx¿sf]� z]�o/� tyf C0fkqx¿ —

hDdf kl/�kSj ePsf]� nufgL #,(%,$$,)),)))

*= sDkgLn]� ;a}� a}�+sx¿af6 a}�+s df}�Hbft ljj/�0f k|fKt u/�]�sf]� /�

;f]� d'tfljs sDkgLsf]� lx;fa ldnfg ul/� ljj/�0fsf]� nut

Jojl:�yt /�flvPsf]� 5 .

(= aLds÷k'gaL{dsaLrsf]� sf/�f]�af/� lx;fanfO{ ;DalGwt

aLds÷k'gaL{dssf]� ;dy{g ;lxtsf]� lx;fa ldnfg ljj/�0f

tof/� kfl/�Psf]� 5 .

!)_ aLdf lgodfjnL tyf aLdf ;ldltaf6 tf]�lsP adf]�lhdsf]�

lgb]�{zg cg';f/� sDkgLn]� nufgL u/�]�]�sf]� 5.

-s_ ;DalGwt kIf;+u ePsf]� sf/�f]�af/� M ef/�tLo hLjg aLdf lgud;+usf]� ;Demf}�+tf cg';f/� k|fljlws

;]�jf z"Ns jfkt ?= $@,%$,!!* -Eof6;lxt_ e'QmfgL

ul/�Psf]� afx]�s sDkgLåf/�f sDkgLsf]� ;+rfns jf ;+rfns;+u

;DalGwt JolQm jf ;+:�yf;+u s'g}� sf/�f]�af/� ul/�Psf]� 5}�g .

k|fljlws ;]�jf z"Ns ;Demf}�+tf aLdf ;ldltaf6 ldlt hgj/�L

!, @)!# af6 nfu" x'g]� u/�L % aif{sf nfuL :�jLs[t /�x]�sf]� 5 .

-v_ ;+rfns tyf d"Vo Joj:�yfksnfO{ lbOPsf]� tna, eQf Pj+ e|d0fjfktsf]� cNksflng ;'ljwfx¿M

;+rfnsx¿nfO{ ;+rfns ;ldlt a}�7s eQf ? !,^(,)))

Nf]�vf ;ldlt ;b:�ox¿nfO{ a}�7s eQf ? $&,%))

;+rfnsx¿nfO{ e|d0f eQf ? @#,#$,#!#

>L kL=cf/�=ld> -k|d'v sfo{sf/�L clws[t_ ? !,!#,($,!(^

>L /�fh]�z s'df/� rf}�w/�L -;xfos dxfk|aGws_ ? &@,!(,(%$

>L ;'lw/� ;fu/� -k|aGws cfO=6L=_ ? ^@,*^,!(#

B. Deposit in Commercial Banks 5,870,000,000/-

C. Deposit in Development Banks 730,000,000/-

D. Deposit in Finance Companies 40,000,000/-

E. Shares/ Units/Debenture of Various Companies 503,281,726/-

Total (A) 7,143,281,726/-

B. Details of matured and sold Investments duringthefinancialyear:

Particulars AmountA. Government Securities & Bond 304,400,000/-

B. Deposit in Commercial Banks 3,450,000,000/-

C. Deposit in Development Banks 50,000,000/-

D. Deposit in Finance Companies 140,000,000/-

E. Shares/ Debenture of Various Companies

Total (A) 3,954,400,000/-

The company has received bank statements of all bank accounts and all bank accounts are reconciled.

8. Description of transactions of re-insurance is approved by Re-insurer along with reconciliation.

9. The company has made investments according to the relevant insurance rules and criteria prescribed by Insurance Board.

10. Related party:

A. Holding Company 55% of shares of the Company are held by Life

Insurance Corporation of India. Hence, this company is a subsidiary of Life Insurance Corporation of India.

B. Other Related Party Bishal Group of Nepal holds 25% of shares of the

Company and is entitled to nominate a director in the Company. Hence Bishal Group of Nepal is a related party.

C. Payments to Holding Company A Technical Service Fee amounting to Rs.4,254

thousand (including VAT) to Life Insurance Corporation of India. The Technical Service Fee is paid as per agreement approved by Insurance board of Nepal for the period of 5 years w.e.f. January 1, 2013.

D. TransactionswithDirectorsorpersonsassociatedwith them

The company has not made any transaction and investments with Directors of the company or other person and organization associated to Directors except meeting fees and traveling expenses as stated below:


14 thAnnual Report

93

pk/�f]�St tna eQf afx]�s a:�gsf]� nflu 3/�sf]� Aoa:�yf

;d]�t ul/�Psf]� 5 .

!!_ sDkgLn]� cf=a= @)&)÷&! ;Ddsf]� cfo ljj/�0f bflvnf

ul/� ;s]�sf]� 5 . cf=a= @)^%÷^^ ;Ddsf]� s/� bfloTj jfkt

s'g}� cltl/�Qm /�sd dfu gePsf]�n]� cf= a= @)^$÷^% /�

@)^%÷^^ sf]� cfos/� Joj:�yf ?= $@,()^=$! Xhf/� clu|d

cfos/�df ;dfof]�hg ul/�Psf]� 5 . ldlt @)&!÷)^÷#)=df

cf=a= @)^^÷)^& sf]� k'gM s/� lgwf{/�0f ul/� ;f]� jif{sf]�

s/� of]�Uo gf]�S;fg ?= @%*%%)^=)* n]� 36fOPsf]� 5 .

o; cltl/�Qm >f]�tdf sd s§L ul/�Psf]� elg s/� /� z'Ns

jfkt ?= #$@!&)=%) dfu ePsf]� 5 . cfGtl/�s /�fh:�j

sfof{nosf]� pQm cfb]�zdf sDkgLnfO{ lrt ga'em]�sf]�n]�

sfg"gL pkrf/�sf]� k|lqmofdf /�x]�sf]� 5 . cf=a= @)^^÷)^&

kl5sf]� cfos/� Joj:�yf /� clu|d s/�nfO{ s|dzM ltg{' kg]�{

s/� /� clu|d cfos/� zLif{s cGtu{t 5'§f5'§}� b]�vfOPsf]� 5 .

!@_ of]� aif{ sDkgLn]� s'g}� aLdfz'Ns lkmtf{ u/�sf]� 5}�g .

!#_ sDkgLn]� aLldtnfO{ cf= a= @)&!÷)&@ ;Ddsf]� af]�g;sf]�

b/� 3f]�if0ff u/�]�sf]� 5 . xfn ;Dd cGtl/�d af]�g;sf]� ?kdf

nfu" ul/�Psf]� ljj/�0f lgDg cg';f/� /�x]�sf]� 5 M

;fjlws aLdf /� hLjg cfgGb aLdfn]�vx¿df jif{ cjlw %—!( @)—@$ @% jf ;f]� eGbf al9

af]�g; b/� ^!=)) ^%=)) &%=))

wglkmtf{ aLdf aif{ cjlw !% @) @%

af]�g; b/� ^!=)) ^@=)) ^#=))

hLjg t/�+u aLdf aif{ cjlw !) !% @)

af]�g; b/� ^!=)) ^#=)) &@=))

af]�g;b/� k|ltxhf/�df nfu" x'g]�5 .

!$_ l9nf]� aLdfz'Ns e'QmfgLdf lanDa z'Ns, aLdfn]�vsf]� lwtf]�df

k|bfg ul/�g]� shf{, clestf{ /� sd{rf/�LnfO{ k|bfg ul/�Psf]�

shf{df sDkgLn]� b]�xfo adf]�lhd Aofh b/� lgwf{/�0f u/�]�sf]� 5 .

l9n]�f aLdfz'Ns e'QmfgLdf lanDj z'Nssf]� Aofhb/� !)Ü k|ltaif{

aLdfn]�vsf]� lwtf]�df lbOg]� shf{sf]� Aofhb/� !)Ü k|ltaif{

clestf{ shf{sf]� Aofhb/� ^=% Ü—!)Ü k|ltaif{

sd{rf/�L shf{sf]� Aofhb/� &Ü—(Ü k|ltaif{

Meeting Fees Paid to Board Members Rs. 1, 69,000.00 Meeting Fees paid to Audit Committee Members Rs. 47,500.00 Travelling & Board meeting Expenses Rs. 23, 34,313.00

E. Compensation paid to Key Management Personnel Compensations paid to Key Management Personnel

during the year are as below:

Mr. P.R. Mishra (CEO) Rs. 1, 13, 94,196.00 Mr. Rajesh Kumar Choudhary (Asst. G.M.) Rs. 72, 19,954.00 Mr. Sudhir Sagar (Manager IT) Rs. 62,86,193.00

In addition to above, furnished house is provided to CEO, Asst. G.M. and Manager IT.

11. The company has filed tax returns up to F.Y. 2070-71. There is no demand of additional tax, fines or interest up to F/Y 2065/66. The tax authorities have reassessed tax of F/Y 2066/67 on 2071.06.30 and have decreased carried forward loss by Rs.25,85,506.08 for that year. Additionally, the tax authorities have demanded fines and interest on short withheld tax (as assessed) amounting to Rs.342170.50.The Company is not satisfied with the assessment and is considering legal course of action in this regard. Tax payable and advance tax for after F/Y 2066/67 to F/Y 2070/71 is separately shown as payable and receivable respectively.

12. The company has not refunded any premium during the year.

13. The company has declared Vested Bonus up to 2071/072 which is applicable as interim bonus till date as follows:

ENDOWNMENT&JEEVANANANDPOLICIES: TERM YEAR 5- 19 20- 24 25- and above BONUS RATE 61.00 65.00 75.00

MONEY BACK POLICIES: TERM YEAR 15 20 25 BONUS RATE 61.00 62.00 63.00

JEEVANTARANGPOLICIES: TERM YEAR 10 15 20 BONUS RATE 61.00 63.00 72.00

Bonus rates are applicable for per thousand.

14. The company has determined the interest rate on late premium payment, loans against insurance policies, agent’s and employee's loans as follows:



94

!%_ ckn]�vg x'g afFsL vr{sf]� ljj/�0f M

;/�sf/�L C0fkqsf]� vl/�bdf e'StfgL ul/�Psf]� lk|ldod

/�sdnfO ;f]� C0fkqsf]� e'Stfgcjlw leq ckn]�vg ul/�g]�

gLlt /�x]�sf]� 5 . of]� /�sdnfO cg';'rL @& df b]�vfOPsf]� 5 .

!^_ cGo Joj:�yf lkmtf{ ljj/�0f M

z]�o/�df nufgL lzif{s cGt{ut ePsf]� gf]�S;fgL dWo]� o;

cf=a=df ?= &,**,#^)÷— tyf ut cf=a=df clestf{

cGo vr{ cGt{ut Joj:�yf a9L ePsf]�df ?=^#,!^,%^*÷—

lkmtf{ ePsf]� 5 h;nfO{ cg';'lr !@ df b]�vfOPsf]� 5 .

!&_ r'Qmf k'FhLdf o; cf= a= lgDg adf]�lhdsf]� km/�s ePsf]� 5 .

z]�o/� k'FhL cf= a=sf]� z'?df ^,%*,!@% xhf/�

af]�g; z]�o/� hf/�L ul/�Psf]� !,(&,$#&=%) xhf/�

s'n z]�o/� k'FhL *,%%,%^@=%) xhf/�

o; aif{;Dd e'QmfgL k|fKt x'g afFsL -Call in arrears_ /�

hkmt ul/�Psf t/� k'gM lgisfzg gul/�Psf z]�o/� s'n r'Qmf

k'FhLdf /�x]�sf]� 5}�g .

!*_ of]� aif{ lnhxf]�N8 ;DklQdf s'g}� /�sd ckn]�vg ul/�Psf]� 5}�g .

!(_ o; jif{ sDkgLsf]� jf;nft aflx/�sf]� s'g}� sf/�f]�af/� /�x]�sf]� 5}�g .

@)_ ut aif{;Ddsf]� c:�jLs[t d[To' bfaLx¿dWo]� ? @@)=%# nfv

a/�fa/�sf]� d'To' bfaL dWo]� k'g/�fj]�bg cbfnt kf6gdf Pp6f

d'2f xfn larf/�fwLg /�x]�sf]�n]� ? ! nfvnfO{ e'QmfgL x'g

d[To'bfaL zLif{s cGtu{t /�flvPsf]� 5 .

@!_ s/� M

@!=! :�yug s/� M

o; aif{sf]� cGTo;Dddf sDkgLsf]� gfkmf gf]�S;fg lx;fadf

:�yug s/� ;DklQ afkt ?= (,@^,&!& /�sd n]�vfÍg ul/�Psf]�

5 . of]� /�sd lstfaL gfkmf /� s/�of]�Uo gfkmfsf]� ;dofGt/�af6

x'g cfPsf]� xf]� h;sf]� ljj/�0f lgDgfg';f/� /�x]�sf]� 5 .

:�yug s/� bfloTj /� ;DklQsf u0fgfM

ljj/�0f>fj0f !, @)&!

sf]� df}�Hbfto; aif{sf]�

/�sdcfiff9 #@, @)&@

sf]� df}�Hbft

:�yug s/� ;DklQ -bfloTo_

:�fdo leGgtf af6 cfPsf]� lx;fa

s_ l:�y/� ;DklQ -((,($)_ -@,^^,#!@_ -#,^^,@%@_

Interest Rate on late payment of Premium 10% p.a. Interest Rate on loans against Policies 10% p.a. Interest Rate on Agent's loans 6.5% to 10% p.a. Interest Rate on Employees loans 7% to 9% p.a.

15. Detailsofexpensesnotwrittenoff:

Premium paid on acquisition of government securities (Investment) is written off over the maturity period of investment. Amount to be written off is disclosed in annexure 27.

16. DetailsofOtherprovisionwrittenoff:

Loss on investment of shares has been written back amounting Rs. 788,360/- and expenses excess booked in previous year against agents other expenses now being written back amounting Rs. 63,16,568/- and shown in Annexure. 12

17. Change in share capital during the year is as bellow:

Share capital in the beginning of the year 658,125 thousand.

Issue of Bonus share 197,437.50 thousand. Total Share Capital 855,562.50 thousand

There are no calls in arrears and forfeited shares in the total paid up capital.

18. There is no amortization amount in leasehold property up to this year.

19. There are no off Balance sheet transactions in this financial year.

20. Out of Repudiated Death claim amounting to Rs. 220.53 lakhs till 16.07.2015, claim amounting to one lakh is under dispute and the case is pending with Appellate Court, Patan.

21. TAX

21.1 DeferredTax:

The Company has recognized deferred tax assets amounting to Rs 926,717/- which resulted from the timing differences between the Book Profit and Tax Profit, up to current year ended Ashad 31,2072( July 16,2015 ) in Profit & Loss Account, the details of which is as under:

ParticularsBalance as on Shrawan 1, 2071

Arising during the year

Balance as at Ashad 31, 2072

DeferredTaxAssets (Liabilities)On account of timing difference in:


14 thAnnual Report

95

v_ :�yug vr{ –22,50,186_ !@,@^,*!* -!),@#,#^*_

u_ nufgL 26,79,286 -*,$@,%&!_ 18,36,715

3_ pkbfg÷ljbf afktsf]� /�sd

3,55,163 1,24,459 4,79,622

v'b - bfloTj_ 6,84,323 2,42,394 9,26,717

@!=@ lalto gfkmf /� s/� of]�Uo gfkmf larsf]� lx;fa ldnfg

ljj/�0f /�sd /�sd

cfo Joo lx;fjsf]� art 4,98,37,43,033

hDdf:� cfos/� Joj:�yf 8,97,57,418 5,07,35,00,451

gfkmf gf]�S;fg lx;fasf]� gfkmf

24,90,42,175

:�yug s/� 26,81,949 25,17,24,123

s/� clwsf]� gfkmf 5,32,52,24,574

s/� of]�Uo gfkmf lalto laj/�0f adf]�lhd

1,33,13,06,144

ljlTfo gfkmfdf cfos/�

cfos/� s/� adf]�lhdsf]� km/�s

hLjg ladf sf]�ifaf6 ;f/�]�sf]� gfkmf

–6,01,50,455_

z]�o/� nfef+; –36,94,516_

x|f; –30,082_

gf]�S;fgLdf Joj:�yf –17,76,232_

c;dfKt hf]�lvd Joj:�yf 1,23,72,721

nufgL vl/�bdf g]�S;fg 18,36,715

bfloTj lg;u{af6 gf]�S;fgL 2,948

s§L ug{ gkfpg]� vr{ 20,91,536

rGbf 3,50,000

:�yug nufgL lk|ldod –8,13,347_

ljdf z'Ns cfDbfgL 5,32,81,99,247

jfFsL bfjL Joj:�yfdf kl/�jt{g

–49,78,029_

bfjL km5f}�{6 e'QmfgL –56,79,66,534_

v'b cfDbfgL 4,75,52,54,684

cfos/� ad]�lhd 5'6 - -

4,75,52,54,684 –1,18,88,13,671_

cfos/� ad]�lhd km/�s –1,23,86,24,382_

cfos/� ad]�lhd v'b s/� 9,26,81,761

cfos/� Joa:�yf

cfo Joo lx;fj 8,97,57,417

gfkmf gf]�S;fg lx;fa 29,24,343 9,26,81,761

km/�s

a) Fixed assets (99,940) (2,66,312) (3,66,252)b) Deferred Expenditure (22,50,186) 12,26,818 (10,23,368)

c) Investment 26,79,286 (8,42,571) 18,36,715d) Gratuity/ Leave Encashment 3,55,163 1,24,459 4,79,622

Net (Liabilities) 6,84,323 2,42,394 9,26,717

21.2 Reconciliation between Financial profit andtaxableprofit:

Particulars Amount Amount in '000Surplus as per Revenue Account 4,983,743,033

Add: Provision for Income Tax 89,757,418 5,073,500,451

Profit as per Profit and Loss Account 249,042,175

Deferred Tax 2,681,949 251,724,123

Surplus/Profit before Tax 5,325,224,574 IncomeTaxasperFinancialSurplus/Profit 1,331,306,144

TaxdifferencesasperIncomeTaxProfit recognized from Life Fund (60,150,455)

Dividend from shares (3,694,516)

Depreciation (30,082)

Repairs and Maintenance -

Provision for Loss (1,776,232)

Amortization - Profit /Loss transferred from Revenue A/c -

Provision for unexpired risk 12,372,721

Loss on purchase of investment 1,836,715

Loss from Disposal of Assets 2,948

Expenses Disallowed 2,091,536

Donation 350,000

Deferred Premium (813,347)

Premium Income 5,328,199,247 Change in provision for outstanding claim (4,978,029)

Claims Paid (567,966,534)

Net Income 4,755,254,684 Allowed as per Income tax act -

4,755,254,684 (1,188,813,671)



96

@@_ sd{rf/�L cfjf; sf]�if M

sDkgLn]� sd{rf/�Lx¿nfO{ cfjf; shf{ pknAw u/�fpg

z'? u/�]�klg k|rlnt >d P]�g cg';f/� sd{rf/�L af;:�yfg

sf]�if v8f ul/�Psf]� 5}�g .

@#_ sd{rf/�L af]�g; Joj:�yf M sd{rf/�Lx¿sf]� nfuL s/� of]�Uo

cl3sf]� gfkmfaf6 @ !)% af]�g;sf]� Aoj:�yf ul/�Psf]�

5 .

@$_ dxf–ljklQ hu]�8f M

aLdf ;ldltsf]� lgb]�{zg adf]�lhd o; aif{sf]� gfkmf af6

afF8kmfF8sf]� nfuL pknAw /�sdsf]� !)% dxfljklQ

hu]�8f sf]�if /�fVg' kg]�{ Joj:�yf cg';f/� hDdf ?=

%^,)*&=$@ xhf/� 5'§fofOPsf]� 5 .

@%_+ kF"hL;DaGwL k|lta4tf M 5}�g .

@^_ k|lt z]�o/� cfDbfgL M k|lt z]�o/� cfDbfgLsf]� u0fgf ?=@

( ul/�Psf]� 5, ut aif{ k|lt z]�o/� cfDbfgL ?= #) /�x]�sf]�

lyof]� .

@&_ cl3Nnf]� jif{sf]� c+sx¿ cfjZostf cg';f/� k'gMjuL{s/�0f

tyf k'gM;d'lxs/�0f ul/�Psf]� 5 /� c++sx¿nfO{ lgs6td

?k}�ofdf b]�vfOPsf]� 5 .

TaxdifferencesasperIncomeTax - (1,238,624,382)

NetTaxasperIncomeTax - 92,681,761

22. Staff Housing Fund:

Since the Company has been extending housing loan to its employees, provision for staff housing fund as required by the labour Act has not been made.

23. Staff Bonus:

Staff bonus has been provided during the year @10% on before tax profit.

24. CatastropheReserve:

As per regulation of Beema Samiti 10% of distributable profit earned during the year has been appropriated as Catastrophe Reserve which amounts to Rs. 56,087.42 thousand.

25. Capital Commitment: There is no capital commitment.

26. Earnings Per share:

The Basic earnings per share have been calculated as Rs.29 and previous year Rs. 30.

27. Re-grouping:

Previous year’s figures have been regrouped and rearranged, wherever necessary to make them comparable with the figures of current year and figures are shown in nearest Rupees.










14 thAnnual Report

97

Mai

n In

dica

tor

Sche

dule

-30

SN.

Parti

cula

rs

Indi

cato

r Fi

scal

Yea

r Fi

scal

Yea

r Fi

scal

Yea

r Fi

scal

Yea

r Fi

scal

Yea

r

2071

-072

20

70-0

71

2069

-070

20

68-0

69

2067

-068

(2

014/

15)

(201

3/14

) (2

012/

13)

(201

1/12

) (2

010/

11)

1 Ne

t wor

th

Rs.

1,2

02,1

72,3

20

989

,534

,159

6

73,8

77,3

06

408

,576

,178

2

44,9

59,6

44

2 No

. of S

hare

s Nu

mbe

r 8

,555

,625

6

,581

,250

4

,050

,000

2

,500

,000

2

,500

,000

3 Bo

ok v

alue

per

sha

re

Rs

141

1

50

166

1

67

98

4 Ne

t pro

fit

Rs

249

,042

,175

1

94,8

29,7

00

277

,346

,216

1

71,7

74,4

28

(25,

128,

308)

5 Ea

rnin

g pe

r sha

re(E

PS)

Rs

29

3

0

68

6

9

(10)

6 Di

vide

nd p

er s

hare

(DPS

) Inc

ludi

ng B

onus

sha

re

Rs

26.

32

31.

58

65.

79

65.

26

-

7 M

arke

t pric

e pe

r sha

re (M

PPS)

Rs

2

,799

4

,095

1

,320

8

70

415

8 Pr

ice

Earn

ing

Ratio

(PE

Ratio

) Ra

tio

96

1

38

19

1

3

(41)

9 Fi

rst Y

ear P

rem

ium

Rs

1

,819

,183

,646

1

,283

,507

,493

9

18,9

44,3

52

844

,236

,401

5

02,6

12,9

78

10

Tota

l Pre

miu

m

Rs

5,4

16,1

37,4

35

4,1

54,5

12,5

03

3,1

68,6

04,1

26

2,5

37,6

46,9

38

1,8

75,6

22,0

36

11

Net P

rem

ium

/ To

tal P

rem

ium

%

9

8

99

9

9

100

1

00

12

Net P

rofit

/ To

tal P

rem

ium

%

5

5

9

7

(1

)

13

Tota

l Pre

miu

m /

Tota

l Ass

ets

%

24

2

4

24

2

6

26

14

Inco

me

from

loan

, inv

estm

ent/T

otal

Loan

, inv

estm

ent

%

7

8

9

9

8

15

Tota

l Inv

estm

ent,

loan

/ Li

fe fu

nd

%

100

9

9

102

1

00

102

16

Re-in

suran

ce C

ommi

ssion

inco

me / T

otal r

e-ins

uran

ce pr

emium

%

8

1

0

24

1

9

20

17

Man

agem

ent e

xpen

ses

/ Tot

al p

rem

ium

%

6

.90

7

.13

7

.00

9

.79

9

.13

18

Agen

ts E

xpen

ses

/ Tot

al p

rem

ium

%

1

2.74

1

2.78

1

2.00

1

2.81

1

2.18

19

No. o

f Age

nts

Num

ber

32,

972

2

9,43

8

26,

441

2

5,14

2

22,

189

20

No. o

f Sta

ffs

Num

ber

133

1

28

110

9

7

91

21

No. o

f Bra

nche

s Nu

mbe

r 3

2

31

2

7

15

1

5

22

Empl

oyee

exp

ense

s / M

anag

emen

t Exp

ense

s %

2

2

27

2

0

15

1

7

23

Empl

oyee

exp

ense

s / N

o. o

f sta

ff Rs

6

18,2

81

630

,179

3

79,8

08

375

,471

3

26,9

38

24

O/s

clai

m a

mou

nt/ P

aid

clai

m

%

2

1

2

2

2

25

No. o

f tot

al p

olic

ies

Num

ber

518

,546

4

05,8

17

321

,683

3

44,5

53

285

,455

26

Curre

nt ye

ar's

rene

wed

polic

ies \

last y

ear's

tota

l pol

icies

%

9

3

93

9

3

90

8

9

27

No. o

f pol

icie

s of

cla

ims/

Tot

al p

olic

ies

%

0.0

1

0.0

1

0.0

1

0.0

1

0.0

8

28

Solv

ency

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gin

%

2.0

4

4.3

8

2.8

1

2.0

5

N.A

.

29

Vest

ed B

onus

Rat

e Rs

. per

thou

sand

6

1-75

6

1-75

6

1-75

5

5-71

5

2-70

30

Inte

rim B

onus

Rat

e Rs

. per

thou

sand

6

1-75

6

1-75

6

1-75

5

5-71

5

2-70

Bipi

n Ku

mar

Lal

Ab

hijit

Gho

sh D

astid

ar

P. R

. Mis

hra

Raje

ndra

Ary

alAs

st. M

anag

er (F

&A)

De

puty

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. CE

O/ D

irect

or

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ctor

V. K

. Kuk

reja

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hok

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wal

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k S.

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ctor

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rect

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Chai

rman

As p

er o

ur re

port

of e

ven

date

CA. B

. K. A

graw

alM

anag

ing

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erFo

r B. K

. Agr

awal

& C

o.Ch

arte

red

Acc

ount

ants



98

k|d'v

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f°x?

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207

1-07

2

207

0-07

1

206

9-07

0

206

8-06

9

206

7-06

8 !

g]6 j

y{ ?=

1

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,172

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9

89,5

34,159

6

73,877

,306

4

08,5

76,178

2

44,959

,644

@ z

]o/ ;

+Vof

;+Vof

8

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6

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4

,050

,000

2

,500

,000

2

,500

,000

#

k|lt

z]o/

lstf

jL d

"No

?=

141

1

50

166

1

67

98

$

v"b

gfkm

f ?=

2

49,04

2,17

5

194

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2

77,346,21

6

171

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–

25,128

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k|lt

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(EPS

) ?=

2

9

30

6

8

69

–

10_

^ k|l

t z

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fef+z

(DPS

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2

6.32

3

1.58

6

5.79

6

5.26

-

&

k|lt

z]o/

ah

f/ d"N

o (M

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4

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8

70

415

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d"No

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fgL c

g'kft

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6

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13

–

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1

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9

18,944,352

8

44,236

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5

02,612

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s

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'Ns

?=

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16,137

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4

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3

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2

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8

1,875

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14 thAnnual Report

99

Actu

ary

Repo

rt Sc

hedu

le -

31

S.No

. Ty

pes o

f Ins

uran

ce

In-fo

rce

No. O

f Pol

icies

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tal S

um A

ssur

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at R

isk

Sum

at R

isk

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orne

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Cu

rrent

Yea

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ear

Curre

nt Y

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Prev

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Yea

r Cu

rrent

Yea

r Pr

evio

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Curre

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r Cu

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r Pr

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us Y

ear

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55

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000

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30

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2

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3

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17,

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712,

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2 An

ticip

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End

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ent

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568

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5

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5

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3 M

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ed E

ndow

men

t 1

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8 Ot

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8 2

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8,39

1,78

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7,88

8,69

2,38

2 3

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Bipi

n Ku

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Ab

hijit

Gho

sh D

astid

ar

P. R

. Mis

hra

Raje

ndra

Ary

alAs

st. M

anag

er (F

&A)

De

puty

. G. M

. CE

O/ D

irect

or

Dire

ctor

V. K

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reja

As

hok

Agra

wal

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B.M

aina

k S.

K. R

oyDi

rect

or

Dire

ctor

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rect

or

Chai

rman

As p

er o

ur re

port

of e

ven

date

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. K. A

graw

alM

anag

ing

Partn

erFo

r B. K

. Agr

awal

& C

o.Ch

arte

red

Acc

ount

ants



100

aLd

f°s

f] ljj

/0f

cg';

"rL –

#!

qm=;

+= aL

dfsf

] lsl;

d sf

od /

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sfod

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fn]v

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:s (S

um a

t Ris

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n]vsf

] ;+Vo

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fÍ

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at R

isk)

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(Sum

at R

isk)

o; j

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o; j

if{ ut

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s

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17

9,955

37

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3

8,611

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2 c

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6

109

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sn a

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4

19

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17,500

3

9,807

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4

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8

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18,5

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405

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0 75

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103

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67

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89

47,8

88,6

92,38

2 37

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s

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s

le=s

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cz

f]�s c

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s

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s

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14 thAnnual Report

101



102


14 thAnnual Report

103


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Chabahil Branch Chabahil, Kathmandu Phone: 01 - 4481686

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