History
Neco Insurance Limited was incorporated as a Public Limited Company on 16th December 1994. The Company started its General Insurance business on 30th May 1996 when the company was provided the License by Beema Samiti (Insurance Board) to transact all types of Non-Life (General) Insurance in Nepal .
Present Position
Premium written of Neco Insurance in the year 2006/2007 of NRs.118,864,828/-. Company's current number of Agents are around 50. Neco have One Regional Office at Hetauda and Branch Offices in Biratnagar, Birtamod (Jhapa), Birgunj, Narayanghadh, Butwal, Nepalganj and Pokhara.
International Relationship & Reinsurance
NecoInsurance has Reinsurance relationship directly or through Brokers with various Reinsurers of different countries like India , Japan , Korea , Turkey , Thailand , Mauritius , Africa etc. The principle Reinsurers participating in our bouquet of Treaties are:
	• African Reinsurance Corporation, Mauritius • Asian Reinsurance Corporation, Thailand • B.E.S.T Reinsurance, Malasiya • F.A.I.R. Non Life Reinsurance Pool, Turkey • General Insurance Corporation (G.I.C.) of India, India • Korean Reinsurance, Korea • Milli Reassurans T.A.S., Turkey • Mitsui Sumitomo Reinsurance Limited, Singapore • The Oriental Insurance Co. Ltd., India • Tokio Marine Global Re Ltd.
We work through various Brokers for Aviation and other Reinsurance which includes UK and India based Brokers.
	Our Broker
		• AON Limited, UK • Cobra Gal Limited, UK • Griffiths & Armour Limited, UK • J.B.Boda Reinsurance Brokers Pvt. Ltd., India • J.B.Boda & Co. (UK) Limited, UK • Willis Limited, UK • Others as and when necessary
Our Strength
Our current staff number so far are around 70 and most of the executive staff are well experienced and known personalities in Domestic Insurance as well as in the International Reinsurance Markets.
Leading Roles
From the very inception we have transacted the Aviation Insurance Business as one of the leading insurers to do this class of Insurance. We have pioneered the Overseas Travel Medical Insurance, with reasonable benefits at affordable cost, for the Nepalese visiting abroad. In the past, we had also devised the Domestic Medical Insurance for resident Nepalese with facility to go abroad for treatment and Expatriate Medical Insurance for Nepalese residing abroad.
Our Objectives
	•To promote general insurance business to develop and expand the volume of the general Insurance premiums of the country •To provide financial security to various sectors of the society, e,g, individuals, •Industry, trade and commerce by covering the risks of unforeseen financial losses with various types of Insurance products.
Our Commitments to our clients
	•Door to door services •Better Protections •Prompt Claims settlement •Maintain transparency •Adherence to Beema Samiti (Insurance Board) guidelines in protecting clients' interest

Director

Board Of Directors
1.	Mr. Janardan Aacharya		Chairman
2.	Mr. Ashok Kumar Paudel		Director
3.	Mr. Yogendra Pd. Shrestha		Director
4.	Mr. Bhoj Raj Sharma		Director
5.	Dr. Hemraj Bhandari		Director
6.	Mr. Amir Das Ranjit		Director
7.	Mr. Keshab Kumar Sharma		Director
Management
Mr. Yogendra Pd. Shrestha		Executive Director	Off: 977-1-4427355 Fax: 977-1-4418761 Email: yogendra@necoins.com.np
Mr. Bishwo Timila		Sr. Vice President Head Office	Off: 977-1-4427355 ext. 131 Fax: 977-1-4418761 Email:bishwo@necoins.com.np
Mr. Pushkar Mahat		Vice President Regional Office, Hetuda	Off: 977-57-521828 Fax: 977-57-524662 Email:necohtd@mail.com.np
Mr. Binod Nepal		Vice President Head Office	Off: 977-1-4427355 ext. 138 Fax: 977-1-4418761 Email: binod@necoins.com.np

NecoInsurance Limited

Comparative 5 years

Balance Sheet

Particulars

2002-2003

2003-2004

2004-2005

2005-2006

2006-2007

(2059-2060)

(2060-2061)

(2061-2062)

(2062-2063)

(2063-2064)

Assets

NRs

Fixed Assets

9,014,931

7,445,888

10,664,831

11,916,385

12,665,981

Investment

100,025,000

100,596,429

101,096,429

91,021,429

Premilinary / Deferred Expenses (not written off)

957,715

702,311

467,001

233,500

2,089,501

Current Assets

63,563,773

81,425,670

84,286,949

72,973,771

45,361,135

Total Assets

173,561,419

190,170,298

196,515,210

186,220,085

151,138,046

Liabilities

Share Capital

50,000,000

55,000,000

Beema Reserve

24,078,785

26,295,561

27,047,362

27,195,229

Reserve for Unexpired Risk

15,060,232

16,964,259

21,334,561

16,982,312

19,744,798

Profit& Loss A/C

3,382,879

5,599,651

76,845

224,712

(5,649,916)

Current Liabilities

81,039,523

91,310,827

98,056,442

86,817,832

54,847,935

Total Liabilities

173,561,419

190,170,298

196,515,210

186,220,085

151,138,046

NecoInsurance Limited Comparative 5 years Profit & Loss Account

Particulars	2002-2003	2003-2004	2004-2005	2006-2007	2005-2006
	(2059-2060)	(2060-2061)	(2061-2062)	(2062-2063)	(2063-2064)
A) Revenue	NRs.	NRs.	NRs.	NRs.	NRs.
Retain Premium	29,198,614	33,088,071	40,701,379	28,806,825	35,582,784
Reinsurance Commission	22,505,346	17,469,791	15,809,447	20,376,543	20,102,090
Opening Reserve	16,666,556	14,640,009	15,980,388	18,755,565	15,028,906
Opening Claim	7,970,885	6,606,608	9,343,897	9,809,593	10,621,285
Interest Income	7,689,416	7,177,027	5,871,255	5,166,382	5,734,509
Miscellanous Income	1,242,993	4,931,141	345,188	906,756	1,331,027
Total Revenue	85,273,810	83,912,647	88,051,554	83,821,464	88,400,601
B) Expenditure
Management Cost	22,446,712	21,540,203	24,609,583	23,190,282	24,293,176
Beema Service Charge	1,680,914	966,518	1,139,850	1,196,467	1,188,648
Depreciation	2,245,209	1,588,534	2,091,846	2,447,894	2,756,147
Reserve Provided	14,599,307	16,544,037	20,350,690	14,403,314	17,791,392
Agency Commission	9,827,086	9,259,470	10,093,969	8,774,240	10,105,642
Aviation Premium (refund)	2,915,554	-	-	-	-
Re-insurance Premium	-	-	-	4,357,572	1,522,592
Bad debt Provision	-	-	-	-	2,239,446
Written of expenses	-	-	-	1,936,374	7,506,697
Deferred Expenses	379,129	255,405	235,310	233,501	423,455
Claim Paid & Provided	20539264	26,183,398	26,556,963	23,760,327	23,585,379
Total Expenditure	74,633,175	76,337,565	85,078,211	80,299,971	91,412,574
C) Represented ( A - B )
Surplus Before Tax & Bonus	10,640,635	7,575,082	2,973,343	3,521,493	(3,011,973)
Bonus Provided	1,064,064	757,508	297,334	352,149	0
Surcharges	320,118	113,525	55,829	-	-
Tax Provision	3,201,180	2,270,504	1,116,579	2,873,610	2,503,708
Profit After Bonus & Tax	6,055,273	4,433,545	1,503,601	295,734	(5,515,681)

Head Office

Kathmandu

Regional Office

Hetauda

Branch Office

Biratnagar

Butwal

Sub Branches

Bharatpur

Birgunj

Pokhara

Birtamod

Nepalgunj

Agent

How to become an Agent ?
Anybody wishing to work as Company's Agent has first to participate in the Non-Life Insurance Agents Training organised by Beema Samiti (Insurance Board) from time to time. The samiti then issues Licence to the trainee to act as agent of a particular company of the trainee's choice.

Surveyors

Surveyors have to be duly qualified and must have obtained licence from Beema Samiti to work as Surveyors. Persons wishing to be the Company's Surveyor must apply to the company with a copy of his Surveyor's Licence, his certificate of qualification and background of his experience.

The Surveyors are appointed by the Company to survey and make assessment of the loss when claims intimated to the company.

Third Party Administration

We have named specialty claims of U.K. to assist and settle the claims worldwide under our Travel Medical Insurance Policies.

In absence of duly registered Third Party Medical Assistant firms in Nepal, we have our own in-house call centre to cater the hospitalisation cases within Nepal under our Medical Insurance Schemes.