Reliance Insurance declares 25% cash dividend

The 35th annual general meeting (AGM) of Reliance Insurance Ltd was held virtually on Thursday with its Chairman Rajiv Prasad Shaha in the chair.

A large number of shareholders participated in and showed keen interest in the company’s proceedings, says a press release.

The shareholders expressed their appreciation for the judicious steps taken by the management in running the company’s affairs. They also proposed their recommendations which were duly noted by the management.

The shareholders in the AGM declared 25 per cent cash dividend for the year ended on December 31, 2022.

During 2022, the company achieved a gross premium income of Tk 352 crore and earned pre-tax profit of Tk 88.2 crore.

For the year ended in December 2021, the company earned gross and net premium income of Tk 314 crore and Tk 114 crore respectively. Shahzreh Huq and Abdullah Al Mamun were re-elected as public subscriber’s directors of the company, according to the release.

The AGM was followed by the 274th Board of Directors Meeting where they discussed about the future course of action and also unanimously elected Shamsur Rahman and Shahnaz Rahman as Chairman and Vice-Chairman, respectively.

The new Board of Directors of the Company is now comprised of Shamsur Rahman as chairman, Shahnaz Rahman as vice-chairman, Rajiv Prasad Shaha as chairman of the board of directors, Zakia Rouf Chowdhury, Samira Alam, Arshad Waliur Rahman, Imran Faiz Rahman, Iftekharul Huq, Shahzreh Huq, Srimati Shaha, Sabra Yesmin Chowdhury, Amiran Hossain, Abdullah Al Mamun, Azizur Rashid, Anis-uz-Zaman Khan, Md Habibur Rahman Molla, Prof Mohammad Abdullah and Md Khaled Mamun as the CEO.

As on February 14, 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, according to a DSE filing.