Sherab Lhamo

The Royal Insurance Corporation of Bhutan Limited (RICB) celebrated its 50 years in the insurance business yesterday.

Her Royal Highness Princess Euphelma Choden Wangchuck graced the Golden Jubilee celebrations.

Established on January 7, 1975, under a Royal Charter envisioned by His Majesty the Fourth Druk Gyalpo, RICB has grown to become a cornerstone of Bhutan’s financial and insurance sector.

Her Royal Highness Ashi Sonam Choden Wangchuck served as its first Chairperson and Dasho Ugen Dorji as the founding Managing Director.

Highlighting the Corporation’s remarkable achievements during the event, RICB’s CEO, Karma, said that in 2024, the company provided Nu 76 billion in sum assured through 85 diverse services, with a total sum insured under general insurance alone amounting to Nu 450 billion.

Her Royal Highness Princess Eeuphelma Choden Wangchuck and the CEO of RICBL launched Coffee Table Book of RICBL during the company’s Golden Jubilee celebrations yesterday

RICB’s core services include life insurance, general insurance, securities and brokerage, credit and investment, and reinsurance services.

“The total contribution by RICB far exceeds the country’s Gross Domestic Product by many folds,” said the CEO.

In 2023, RICB recorded a profit after tax of Nu 1.2 billion, translating to a staggering Nu 2.9 million profit per employee.

The company’s general insurance segment earned Nu 1.2 billion in total premiums, while Nu 500 million was paid out in claims. Life insurance premiums exceeded Nu 1.4 billion, with over Nu 1.25 billion disbursed in claims.

The reinsurance operations contributed over Nu 117 million in premiums and Nu 123 million in claims paid.

RICB securities, established in 1993, also played a vital role in the financial markets, facilitating over Nu 346 million in traded value through 6,187 trades, serving a total of 15,729 registered clients.

By 2026, the corporation aims to achieve a 35 percent return on equity and a 15 percent return on capital annually.

RICB also plans to increase insurance penetration from 1.39 percent to 2 percent and expand its general insurance market share to 89 percent by 2026.

As a gesture of gratitude and commitment to national service, RICB donated a fire fighting truck and a D-Max pick-up truck to the Royal Bhutan Police to support their emergency response efforts.