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Four listed life insurance companies witnessed positive revenue growth, while three witnessed negative growth in second quarter.
In the capital markets, 13 life insurance companies are listed. Seven of these companies were able to report their second-quarter revenue reports. The four companies are yet to release their final 2021 financial reports.
Furthermore, two companies were not able to disclose financial reports as a result of financial wrongdoing and a lack of good governance.
Four corporations reported higher second-quarter revenues (April-June, 22) than the previous year, while three reported lower revenues.
EPS is calculated by dividing a company’s net profit by the number of common shares it has outstanding. However, in the case of life insurance companies, life fund money is prioritized.
Life insurance premiums are more difficult to get than general insurance premiums. In this case, an insurance policy is taken against human life. According to an insider, as a result, policyholders do not want to insure if they do not trust the company.
Insurance never covers epidemic deaths but even throughout the Covid-19 time life insurance firms did well and still they are going on well, he added.
Popular Life Insurance Company Limited was at the top to report the Q2 result, posting a 148 percent growth in life revenue. Its life revenue stood at Tk136 crore for April-June 2022 against Tk55.5 crore during the same period a year ago.
And Balance of Life Insurance fund as of 30 June 2022 was Tk1, 560 crore against Tk1678 crore during the same period in 2021.
Sonali Life Insurance Company posting a 134 percent growth in life revenue account was the second highest.
Its life revenue stood at Tk59 crore for April-June 2022 against Tk25.25 crore for April-June 2021 with a total life insurance fund of Tk400 crore against Tk193.53 crore for the same period of the previous year.
Increase in 50 percent consolidated life revenue account of National Life Insurance for April-June 2022 was Tk144.72 crore with consolidated total life insurance fund of Tk45,50.59 crore against Tk96.12 crore and Tk41,20.64 crore respectively for the same period of the previous years.
National Life Insurance Company Chief Executive Officer (CEO) Kazim Uddin on Wednesday told the Business Post: “We have an excellent reputation for paying customers back, which is helping us get new business.”
As a result, he said, they had good business during and after the Corona pandemic. “And that’s why our life fund has now crossed four and a half thousand crores of taka.”
Improvement in life revenue was also seen in the Q2 of 2022 by Pragati Life Insurance. Its life revenue stood at 45 percent or Tk3.76 crore for April-June 2022 against Tk2.58 crore for April-June 2021
Padma Islami Life Insurance, Rupali Life Insurance Company and Sunlife Insurance Company witnessed negative earnings per share during the period.
Following the third quarter (July-September) of 2021, Meghna Life Insurance, Prime Islami Life Insurance and Sandhani Life Insurance Company have not issued any fresh financial reports.
Progressive Life Insurance Company was only one company that disclosed the Q3 report of the July-September 2020.
There is no financial report available for Delta Life Insurance Company and Fareast Islami Life Insurance Company.
