Kathmandu. Himalayan Life Insurance has received ‘A+’ rating. Infomerics Credit Rating Nepal has given ‘A+’ issuer rating to Himalayan Life.
The company receiving this rating is considered to be sufficiently secure in terms of timely fulfillment of financial obligations. Such companies have less credit risk.
In a statement, Infomerics Credit Ratings said the rating also takes into account the joint support of Laxmi Sunrise Bank-led Himalayan Life’s Experienced Promoter Group and Prasidh Shankar Group, as well as the collective support of diverse and experienced management staff. “Similarly, while awarding this rating, the strong geographical coverage of 209 branches spread equally across all provinces of Nepal has also been taken into account. This has provided strong market penetration,” the statement said.
The a+ rating has also been given keeping in mind Himalayan Life’s diverse investment portfolio. “This includes strategic equity participation in Himalayan Investment Banker (licensed merchant banker and fund promoter), a subsidiary that owns 75 per cent of the company,” it said.
Prime Life Insurance, Gurans Life Insurance and Union Life Insurance have been merged with Himalayan Life Insurance. This merger has significantly strengthened the capital base of the company. As a result, the risk absorption capacity of the company has increased.
The merger has also significantly increased the company’s asset base, operating scale and market share. “This has placed Himalayan Life among the largest life insurance companies in Nepal,” the statement said.
