Financial Investments

To further diversify its portfolio of products and services, Vriddhi Incorporation made an entry by becoming co-founders, promotors and directors at various financial institutions. It started its services in this sector with the incorporation of Everest Insurance Company in the 1990s. Later, in 2000s, further investments were made into this sector by establishing Laxmi Bank and Prime Life Insurance Limited.

Laxmi Bank

Vriddhi group of companies is one of the major co-founders at Laxmi Bank. With the aim to increase its reach in the financial institution market and provide the market with innovative products and technologically progressive system and security, Vriddhi works as a promoter and director at Laxmi Bank.

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Laxmi Bank, one of the leading commercial bank of Nepal, was incorporated in April 2002 as the 16th commercial bank of Nepal. The bank was founded with an investment of NPR. 15 billion in Birgunj. In 2004 it merged with HISEF Finance Limited, a first generation financial company.  In 2005 it was upgraded to a national level Bank and subsequently moved its head office to the country’s capital – Kathmandu. Laxmi Bank is a Category ‘A’ Financial Institution and re-registered in 2006 under the “Banks and Financial Institutions Act” of Nepal. The Bank’s shares are listed and actively traded in the Nepal Stock Exchange (NEPSE).

Laxmi Bank is a pioneer in introducing various innovative products and have a claim to many ‘firsts’ in the Nepalese financial market. Laxmi bank is a technologically driven progressive bank. Its technology has been rated ‘’Highly Secure’ by an independent, internationally accredited, information system auditors firms. Laxmi Bank also has very strong risk and corporate governance foundations. Laxmi Bank’s award winning Annual Reports has set the standards for quality, presentation and disclosure for the Nepalese corporate sector to follow since 2005.

Laxmi bank offers various personal and commercial financial services. The major products offered are: loans, deposits, credit and debit cards, savings, bancassurence, and microfinance. With the help of its strong technology, Laxmi Bank also offers ATM services, and various electronic banking and internet banking services to its customers.

Laxmi Bank has been performing very well in the market. Laxmi Bank’s net interest income has risen to NPR 64.25 crore in the second quarter of 2016 as compared to NPR 46.03 crore in the corresponding quarter in 2015. In second quarter of 2016, Laxmi Bank’s earnings per share (EPS) stands at Rs.19.96, net worth per share at Rs.153.77, and P/E ratio at 28.81 times.

Everest Insurance

Vriddhi Group of Companies first entered the financial service market by establishing the Everest Insurance Company. It holds the position of co-founder, promoter and director at the insurance firm.

Everest Insurance Company, established in 1994, is one of the leading insurance company for its finest property and casualty insurance products and services. The strength of the Company lies in its smooth management, dynamic staff members and countrywide network of 300 agents.

Since its establishment it has been able to win the trust of more than 25000 clients. As a result of its innovative and huge variety of insurance products, it has been able to serve the needs of a diversified clientele ranging from hotels, airlines to various banks, manufacturing industries and embassies.

In addition to its own insurance services, Everest insurance has also successfully associated with a number of security companies around the world and works as a reinsurer. It has joined hands with companies like General Insurance Corporation of India, Melle Re – Turkey, Tokyo Fire and Marine – Japan, and many more.

To meet the growing needs of today’s world, Everest insurance has been continuously upgrading its range of products and policies.

Prime life Insurance

After successfully establishing Everest Insurance Company and Laxmi Bank, Vriddhi Group of Companies extended its services to the life insurance market by founding Prime Life Insurance. It takes the standing of a co-founder, promoter and director at Prime Life Insurance.

Prime Life Insurance Company Limited was incorporated in June 2007 with the mission to provide a complete range of life insurance products bundled with innovation and superior services along with strong financial security to all its customers.  It also focuses on making PrimeLife appealing to the target consumers by raising the awareness level of the market through ‘Sunya wa Teen’ campaign, which provides the following benefits to the customers: Saving, Life Security and Tax Benefit.

The company started with a NPR 500 million paid up capital and a 70 % promoter shareholding. In the first year itself the company earned a profit of NPR 56.75 million. This was a first-time achievement for any company in the Nepal Insurance sector. Since then the company has been among the fastest growing life insurance companies in Nepal. It has successfully commenced 105 branches and sales offices and has proudly sold over 1,234,605 policies in these 5 years of operation.

In the modern context, insurance distribution is not only the old “Feet on Street” (FOS) agency model but has also become sophisticated and more effective with technology playing a greater role in enhancing services. The company has introduced an SMS system, through which all the policyholders receive notification for payment of policies. This system helps the policyholders to continuously receive life insurance benefits.