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Bangladesh Securities and Exchange Commission (BSEC) has sought explanations from Sunlife Insurance Company for its failure in declaring ‘no dividend’ for 2021.
On Sunday, the stock market regulator wrote to the company asking for clarifying its position on the failure and to file relevant documents within three working days of the issuance of the letter.
The insurer recommended no dividend for the year ended December 31, 2021. “The overall performance of the organisation for some years is under our observation,” said the letter.
According to the un-audited financial statement, the decrease in the life revenue account for Jan-Mar 2022 was Tk 10 crore with a total life insurance fund of Tk 115 crore as against a decrease in the life revenue account of Tk 3 crore and Tk179 crore respectively for the same period of the previous year.
The increase in life revenue account for Apr-Jun ‘22 was Tk 20 lakh with a total life insurance fund of Tk 115 crore as against a decrease of Tk 3.43 crore and Tk 179 crore respectively for the same period of the previous year.
The decrease in life revenue account for Jan-Jun ‘22 was Tk 10 crore with a total life insurance fund of Tk 115 crore as against a decrease of Tk 5 crore and Tk 176 crore respectively for the same period of the previous year, according to the company.
The insurance company disbursed a 1 per cent cash dividend for 2020.
On Monday, Sunlife Insurance’s share rose 0.97 per cent to Tk 73.10 on the Dhaka Stock Exchange.
Sunlife Insurance was listed on the Dhaka Stock Exchange in 2013. The company belongs to the ‘B’ category and its paid-up capital is Tk 36 crore.
In June this year, the BSEC, in a similar move, sought explanations from three banks—Rupali Bank, National Bank, and ICB Islamic Bank—for unjustified dividend declarations for the last year.
