Citizen Life Insurance Concludes Ninth Annual General Meeting, Approves 20% Cash Dividend

Kathmandu — Citizen Life Insurance Company Limited has successfully concluded its Ninth Annual General Meeting (AGM). According to the company, the meeting was held at Amrapali Banquet, Bhatbhateni, Naxal, Kathmandu.

The AGM approved a proposal to distribute a 20 percent cash dividend (including tax) from the distributable profit of the previous fiscal year. Based on the company’s paid-up capital of NPR 5 billion, this amounts to a total dividend of NPR 1 billion.

During the meeting, shareholders discussed and endorsed the Chairman’s address along with the Board of Directors’ Annual Report for fiscal year 2024/25 (FY 2081/82). The AGM also approved the company’s audited financial statements, including the balance sheet, profit and loss account, statement of changes in equity, cash flow statement, and related schedules, together with the auditor’s report for the same fiscal year.

In line with Section 111 of the Companies Act, 2006, the AGM approved the appointment of an external auditor for fiscal year 2025/26 (FY 2082/83) based on the recommendation of the Audit Committee, and also fixed the auditor’s remuneration. The current auditor, SAR Associates, Chartered Accountants, was declared eligible for reappointment.

The meeting also acknowledged matters related to the appointment of an independent director in accordance with the Insurance Act, 2019 (2079), and approved proposals regarding remuneration and facilities for board members, as well as expenditures made by the company under donations and corporate social responsibility (CSR) initiatives.

The company stated that the AGM was conducted in accordance with prevailing laws and regulatory requirements.