NECO Insurance Company Limited (NIL)

About Neco Insurance Limited

Delivering Trusted General Insurance Solutions Across Nepal Since 1994

Neco Insurance Limited is a leading public limited general insurance company in Nepal, incorporated under the Companies Act, 2021 B.S. on 1st Poush, 2051 (December 16, 1994). The company commenced its non-life insurance operations on 17th Jestha, 2053 (May 30, 1996) after obtaining a license from the Insurance Board of Nepal (now the Nepal Insurance Authority).

Headquartered in Gyaneshwor, Kathmandu, Neco Insurance has grown into one of Nepal's trusted non-life insurance providers, delivering comprehensive risk protection through an expanding nationwide network. The company has built a strong reputation for financial stability, technical expertise, innovative insurance solutions, and customer-focused service.

A Trusted Partner in General Insurance

For nearly three decades, Neco Insurance has been committed to helping individuals, businesses, and institutions manage financial risks through reliable and comprehensive general insurance solutions. Its broad portfolio of insurance products, efficient claims management, technical expertise, and nationwide service network enable customers to access a complete range of non-life insurance services under one roof.

The company is recognized in Nepal's insurance market for its innovation, strong underwriting capabilities, and long-standing relationships with leading international reinsurance markets. Neco Insurance is also proud to serve as the local insurance partner of AIG (American International Group), reflecting its commitment to maintaining internationally recognized insurance standards.

Strategic Objectives

Neco Insurance is guided by clear strategic objectives that support sustainable growth and long-term value creation:

• Make a Visible Difference in Nepal's insurance market by delivering high-quality general insurance services across the country.

• Become the first and preferred choice for customers across every business and customer segment.

• Generate sustainable, competitive, and long-term value for shareholders, customers, employees, business partners, and other stakeholders.

Strong Financial Foundation

Neco Insurance maintains a strong capital base to support its underwriting capacity and future growth.

The company's paid-up capital is NPR 2,691,532,500, with a shareholding structure consisting of:

• 51% Promoter Shareholding

• 49% Public Shareholding

The company's major promoters include:

• Mahato Group

• Rastriya Banijya Bank Limited (RBB)

• Citizen Investment Trust (CIT)

• Agriculture Development Bank Limited (ADBL)

This diversified promoter base provides financial strength, sound governance, and strategic business leadership.

Expert Technical Support

To strengthen operational excellence and prudent risk management, Neco Insurance works with a team of qualified external professionals, including:

• Chartered Accountants

• Medical Doctors

• Engineers

These specialists support underwriting, claims assessment, technical risk evaluation, and management decision-making, ensuring professional and objective handling of complex insurance matters.

Nationwide Branch Network

Committed to expanding insurance accessibility across Nepal, Neco Insurance has established an extensive service network consisting of 81 service outlets, including:

• 30 Branch Offices

• 47 Sub-Branches

• 3 Third-Party (TP) Counters

• 1 Contact Office

This nationwide presence enables the company to provide prompt customer service, policy support, and claims assistance throughout Nepal while maintaining strong relationships with policyholders.

Supporting Nepal's Growing Insurance Industry

Nepal's insurance industry continues to experience steady growth, supported by increasing awareness of financial risk management and insurance protection. Neco Insurance actively contributes to the development of Nepal's non-life insurance sector by expanding insurance penetration, strengthening underwriting practices, and providing customer-focused insurance solutions.

The company remains committed to supporting the sustainable growth of Nepal's insurance industry while adapting to evolving regulatory requirements, market trends, and customer expectations.

Comprehensive General Insurance Products

Neco Insurance underwrites a wide range of general insurance risks through a diversified portfolio of non-life insurance products across seven major categories:

• Property Insurance

• Motor Insurance

• Aviation Insurance

• Marine Insurance

• Engineering Insurance

• Agriculture Insurance

• Miscellaneous Insurance

These insurance solutions are designed to protect individuals, businesses, industries, and institutions against a broad spectrum of financial risks and unforeseen events.

Professional Underwriting and Risk Management

The company operates a dedicated Underwriting Department responsible for evaluating insurance proposals submitted by marketing teams and agents. Every proposal undergoes careful assessment based on the nature and level of risk before acceptance.

For complex or high-value risks, underwriting decisions are made collectively by senior management, and where necessary, the company seeks advice from independent technical experts to ensure prudent risk selection and sound underwriting practices.

Sustainable Growth Strategy

Neco Insurance prepares an annual business plan and operating budget that establishes strategic business targets, financial objectives, and expense controls. The annual budget is reviewed and approved by the Board of Directors and serves as the company's operational roadmap for each fiscal year.

Business growth targets are determined by considering:

• Overall insurance industry growth

• Market opportunities

• Business expansion strategies

• Customer demand

• Operational capabilities

This disciplined planning approach enables the company to achieve sustainable growth while maintaining financial stability and operational efficiency.

Committed to Innovation, Trust, and Long-Term Value

Neco Insurance Limited continues to strengthen its position as one of Nepal's leading general insurance companies through innovation, sound corporate governance, prudent risk management, and customer-centric service. By combining financial strength, technical expertise, international partnerships, and a nationwide presence, the company remains dedicated to protecting people, businesses, and assets while creating long-term value for policyholders, shareholders, employees, and the communities it serves.