Paramount Insurance’s profit declines by 38% in 2022

Paramount Insurance Company reported a 38 per cent drop in its net profit in 2022.

The insurer posted Tk 7.60 crore in net profit in 2022 which was Tk 12.32 crore in 2021, according to the company’s annual financial report.

Similarly, its earnings per share (EPS) declined from Tk 3.03 in 2021 to Tk 1.87 in 2022. However, the company’s net asset value (NAV) per share increased to Tk 25.81 in 2022 from Tk 25.25 in 2021.

Meanwhile, its net operating cash flow per share (NOCFPS) decreased to Tk 3.16 in 2022 from Tk 4.20 in 2021.

Despite the drop in profits, the company recommended a 10 per cent cash dividend to its shareholders for the year ending December 31, 2022. The insurer has a history of issuing consistent bonus shares ranging from 2 per cent to 20 per cent throughout the past 18 years until 2020.

The company will hold its annual general meeting (AGM) on June 12, 2023, and the record date has been fixed as May 3.