Citizen Life Insurance Completes 9-Year Journey, Commits to Customer-Centric Service
Citizen Life Insurance has completed its 9-year journey and reaffirmed its commitment to providing customer-centric service. The company earned a profit of NPR 390.8 million in fiscal year 2082/83, which is 106 percent higher than the previous year.
Kathmandu. Citizen Life Insurance has completed its glorious 9-year journey. The company started its life insurance business on Kartik 2, 2074 BS, and received its operating license from the Nepal Insurance Authority on Bhadra 7, 2074 BS. In a short span, the company has succeeded in attracting customers to its insurance services.
The company has been providing services to customers through 135 branches and sub-branches across various parts of the country. Its strong and diverse service network has helped distribute a wide range of insurance products.
In compliance with regulatory laws, Citizen Life has made reinsurance arrangements with Nepal Reinsurance Company and Himalayan Reinsurance, as well as with foreign-based consulting actuaries. The company is focused on implementing international global practices of successful companies in the local market according to local needs based on the concept of glocalization. With the use of the latest technology, Citizen Life aims to reach the grassroots level and support families in the event of financial hardship following the loss of a breadwinner.
Citizen Life is fully focused on customer satisfaction. Through innovative insurance plans designed with social needs in mind, it provides value to customers and insured members while offering excellent service. The company has introduced various types of protection plans to help secure the future of the insured's family.
On the occasion of the company's ninth anniversary, CEO Poshak Raj Paudel expressed gratitude to all customers, professional Citizen Leaders, regulatory bodies, shareholders, the board of directors, the management team, employees, and all well-wishers for their continuous trust, support, and cooperation. "Assimilating the achievements and experience gained in this nine-year journey, we commit to providing even more quality, reliable, and customer-centric service in the days ahead," he said.
Additionally, CEO Paudel extended heartfelt best wishes for happiness, peace, good health, prosperity, and continuous progress to all Nepali brothers and sisters on the auspicious occasion of Badadashain, the great festival of Nepalis.
Citizen Life earned a profit of NPR 390.8 million by the end of Ashadh in fiscal year 2082/83, which is 106 percent higher than the previous year 2081/82.
Likewise, the company's life insurance fund stands at NPR 27.0266 billion and its catastrophe fund at NPR 269.4 million. The company's share premium is NPR 449.6 million, and its retained earnings are NPR 498.3 million.
With a paid-up capital of NPR 5 billion, the company succeeded in collecting NPR 9.37 billion in business by the end of Ashadh of the last fiscal year.
Currently, Pradeep Jung Pandey is the chairman of the company.