Bangladesh General Insurance profit down 20% in 2022

Bangladesh General Insurance Company reported a 20 per cent slump in net profit for the year ending in December 2022, thanks to a reduction in premium income.

The listed insurer reported a net profit of Tk 8.26 crore in 2022, which was Tk 10.3 crore in the previous year.

The non-life insurance company reported earnings per share (EPS) of Tk 1.53 for the year ending December 31, 2022, which marks a decrease from Tk 1.92 reported for the previous year.

The company declared a cash dividend of 12 per cent to its shareholders for 2022, slightly lower than the 12.50 per cent cash paid in the previous year.

The final approval of the dividend distribution is expected to come from the annual general meeting (AGM) scheduled for August 3.

The record date for the dividend eligibility has been set for June 20, as stated in the filing submitted to the DSE.

The insurer reported a net asset value (NAV) per share of Tk 19.17 and a net operating cash flow per share (NOCFPS) of Tk 1.85 for the year ending December 31, 2022, which were compared to Tk 19.63 and Tk 2.28, respectively, for the previous year.

Bangladesh General Insurance Company shares closed at Tk 58.50 on the Dhaka Stock Exchange Tuesday, a 1.18 per cent decrease from that in the previous day.