Reliance Insurance offers 25% cash dividend

Reliance Insurance Limited, a publicly traded general insurance company, saw a significant profit rise in the year 2022, thanks to an increase in premium income.

The insurer reported earnings per share (EPS) of Tk 5.86 for the year ending in December 2022 against EPS of Tk 5.59 for the previous year. With this count, the company’s earnings rose by 4.83 per cent year-on-year in 2022.

Meanwhile, the board of directors of the insurer recommended a 25 per cent cash dividend for the year, which is Tk 2.5 per share having a face value of Tk10 per share.

The earnings increased due to a rise in premium income, said the company in a filing posted on the Dhaka Stock Exchange (DSE) on Monday.

The insurer’s net asset value per share slipped to Tk 64.15 last year from Tk 64.39 in 2021.

Its net operating cash flow per share (NOCFPS) stood at Tk 6.60 in 2022 which was Tk 7.96 a year ago. The NOCFPS decreased due to an increase in agent commission expenses and reinsurance payments, the DSE filing read.

Reliance Insurance shares closed at Tk 61.4 per share on the DSE trading floor Monday.

For the year ended in December 2021, the company earned gross and net premium income of Tk 314 crore and Tk 114 crore respectively.