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Company Profile

Sagarmatha Insurance Company Limited
Bhagwati Marg, Naxal, Kathmandu

COMPANY PROFILE

Sagarmatha Insurance Company Limited has been providing insurance services since July 1996 duly approved by Controller of Insurance, Ministry of Finance. It has been jointly promoted by the prominent and leading industrialist of Nepal under the joint venture with Ceylinco Insurance PLC, Sri Lanka. The MOU with Ceylinco Insurance, PLC was signed in November 1997 and two senior officials were deputed to develop new products and train the marketing personals.

The joint venture agreement was signed between Sagarmatha Insurance Co. Ltd. and Ceylinco Insurance PLC in May 1999 after the investment of 20% equity on share capital. Mr. Ajith R. Gunawardena, Managing Director, and Mr. Patrick Alwis, Dy. Chief Executive Director of Ceylinco Insurance PLC was representing the Board.

Sagarmatha Insurance Co. Ltd believes in attaining the trust of its customers by providing variant insurance services that match the needs of existing customers and potential prospects. The company works to provide dedicated service to its customers through qualitative and innovative solutions. The company is rendering the services under the management and supervision of our highly experienced professionals. The main objective of the Company is to provide the wide range of security against physical loss and best insurance related services to our clients.

The Company has an authorized capital of NRs. 2 Billion and Paid-Up capital Rs.1.001 Billion. Out of the Paid-Up capital 51 % is paid by Promoters, 20 % by Ceylinco Insurance Company, PLC, and the balance 29% by public shareholders. 

Sagarmatha Insurance has been regularly promoted by the prominent entrepreneurs and leading industrial groups and the workflow is managed by a team of dedicated experts and persistence employees. Our directors who are representing many Industrial Organization, Engineering and Construction Projects are handling this organization very efficiently. We attempt to give their names below:

 

1. Mr. Ram Krishna Manandhar, Chairman

    (Chairman, Image Channel & Image Group of Companies)

2. Mr. Lokmanya Golchha, Director

    (Chairman, Golchha Organization)

3. Mr. Siddhartha Mani Rajbhandari, Director

    (Managing Director & CEO, NCEC Group)

4. Mr. Ajith R. Gunawardena, Director

    (Managing Director & CEO, Ceylinco Insurance Co. PLC, Colombo, Sri Lanka)

5. Mr. Rajendra Man Sherchan

    (Public Director)

6. Mr. Gajendra Lal Shrestha,  

    (Public Director, Jwagal, Lalitpur)

7. Mr. Padma Jyoti

    (Alternate Director)

8. Mr. Patrick Alwis

   (Alternate Director)


In addition, we are having excellent reinsurance arrangement with the support of International Reinsurers, and we can handle any major projects under our Reinsurance Treaties. Furthermore, we have specific facility to place the risk under Facultative Reinsurance. We are having re-insurance support from the following companies.

·         General Insurance Corporation of India, Mumbai India.

·         Asian Reinsurance Corporation, Bangkok, Thailand.

·         ZEP-RE (PTA Reinsurance Company) Nairobi, Kenya.

·         Hanover Reinsurance Company Malaysia.

·         Kenya Reinsurance Corporation Ltd., Nairobi, Kenya.

·         Oriental Insurance Co. Ltd., New Delhi, India

·         Trust Int. Insurance & Reinsurance Co. BSC, Bahrain

We feel delighted to mention that we have maintained good business relationship with almost all commercial banks, development banks, Finance Companies, malls, schools/colleges and construction companies of the country including National Industries & Business/Trading Houses. The followings are few of our valuable customers that we are pleased to serve:

 ·        Government of Nepal – Melamchi Water Supply Development Board

·         Agni Incorporated Pvt. Ltd.

·         Laxmi Group

·         Surya Nepal Pvt. Ltd

·         Sipradi Trading

·         Nabil Bank

·         SBI Bank

·         Everest Bank

·         Bank of Kathmandu

·         Varun Beverages

·         K.L Duggar Group

·         Nepal Hydro Developer Pvt. Ltd.

·         Goenka Group

·         Hansraj Hulas

·         Ashok Steel Industries Pvt Ltd

·         Bhatbhateni Supermarket Department Store

·         Saleways Department Store

·         Civil Mall Pvt Ltd

·         Varun Developers (Park View Horizon Apartment) 

List of our major Hydro Customers:

·         Aako Khola

·         Sanvi Pvt Ltd

·         Mandakini Hydropower

·         Madi Power Pvt Ltd

·         Alliance Power Pvt Ltd

This company is handled by a team of professional and technical staffs with vast experience and competency in insurance industry. The energetic and vibrant family of Sagarmatha Insurance Co. Ltd, including employees across the country is responsible for the smooth and successful running of the organization. This dynamic team is spearheaded by Mr. Chunky Chhetry, Chief Executive Officer and his distinguished team.

 

Mr. Chunky Chhetry has been with this company since 1998 having previously served at Oriental Insurance and United Insurance Co. ltd. Mr. Chhetry has participated in various insurance related seminars and training programs in Bahrain, Bangkok, Sri Lanka, India, Malaysia, Germany, Singapore and Nepal. He gives guest lecture on insurance service in various colleges and seminars organized by Beema Samiti and other institutions. He holds EMBA degree with more than 25 years working experience in the Insurance industry.

Email: chunky@sagarmathainsurance.com.np

We hold the position of one of the leading Insurance Company of Nepal in terms of Premium collection, Policy Underwriting & Profit. The financial highlights of the company are provided below:

(Amount in Rs. 000)

 

Particular

FY 2015-16

FY 2016-17

FY 2017-18 (NFRS)

Paid-Up Capital

441,223

538,292

538,292

Gross Written Premium

1,112,122

1,409,085

1,837,944

Gross Claim Paid

1,035,443

1,270,538

1,177,035

Net-Profit

206,754

276,207

332,904

Net Worth

1,018,094

1,291,339

1,543,585

Spanning a history of over 23 years, we have been providing our clients with stability and confidence of securities, and our shareholders with consistent returns. Our main motive is to build a culture of meeting and serving our customer’s needs. Through our customer-driven service packages, personalized service delivery, and technology-focused operations, our clients enjoy value and benefits that are unparalleled in the insurance industry

Contact Detail

Sagarmatha Insurance Co. Ltd.

Bhagwati Marg, Naxal, Kathmandu

P.O.Box 12211, Kathmandu, Nepal
Phone: +977-1-4529043, +977-1-4529042
Fax: +977-1-4512378
info@sagarmathainsurance.com.np
www.sagarmathainsurance.com.np