Neco Insurance Ltd. is a limited liability company registered under the Companies Act, 2021 BS. It was established on 1^st Poush, 2051(16^th December, 1994). It has been operating general insurance business in Nepal since 17^thJestha, 2053 (30^th May, 1996) as per the license granted by Insurance Board of Nepal. The registered office of the company is at Gyaneshwor, Kathmandu and it is operating its business through various service outlets nationwide. Neco Insurance enjoys a reputation of expertise, stability and strength. Our competitive edge, extensive range of products, wide network, claim servicing capabilities and the ability to provide all possible general insurance solutions under one roof makes us the most preferred partner for our valued customers. Neco Insurance has been known in the market as being innovative and having a well-established relationship with the various reinsurance markets of the world. We are proud to be the local insurance partner of AIG (American International Group).

Strategic Objectives

The main objectives of the company are:

• To “MAKE A VISIBLE DIFFERENCE” in insurance market by providing best general insurance services nation-wide
• To be the first and final choice of customers of every business segment of the country
• To ensure that all stakeholders achieve a long-term, competitive and stable return

Capital Structure

The paid-up capital of the company is NPR 1,521,633,738 as of 15th July, 2021 and has declared a bonus share of Rs. 228,245,060 increasing the effective paid-up capital to Rs. 1,749,878,798. In terms of capital, Neco Insurance Ltd is one of the leading insurance company of general insurance sector. The shareholding patterns of the company are 51% of promoters and the remaining 49% of the public. The major promoters of the company are:

• Mahato Group
• Rastriya Banijya Bank Ltd.(RBB)
• Citizen Investment Trust
• Agriculture Development Bank Limited
• Vinayak Group
• Fund Management Company Ltd

Support Team

To support the operational activities, prudence in claim and technical risk analysis, we have outsourced the support team comprising of qualified Chartered Accountants, Doctors and Engineers which also supports management.

Branch Network

With the strategic vision of aggressive growth in business and providing better and quality service to a client, Neco has established an efficient and effective expansion of footprint all over Nepal. Company has altogether 81 networks all over Nepal with 30 branches, 47 sub-branches, 3 TP-Counter and 1contact office.

Recent Market and Regulatory Development Impact on Company

There are altogether 19 non-life insurance companies, 19 life insurance companies and 2 re-insurance companies running in the country. The overall, life as well as general, insurance business in Nepal is at growing phase. As Insurance Sector has contribution on national GDP is 3.67 %. On around 22.74% average annual growth rate has been accounted over the past 5 years in non-life insurance sector.