Asia Insurance, a publicly traded general insurer, has posted a paltry 0.74 per cent profit rise in the January-June period of the current year on a year-on-year basis.
The insurer reported a net profit of Tk 6.73 crore in the first six months this year, slightly up from Tk 6.68 crore made in the same period last year.
The listed entity’s earnings per share (EPS) stood at Tk 1.43 for January-June 2023 against Tk 1.42 recorded for the same half last year, as per a regulatory filing posted with the Dhaka Stock Exchange (DSE) on Tuesday.
The insurer’s premium income in H1 this year stood at Tk 23.38 crore, which was Tk 22.90 crore in the last year’s first half.
The insurance company paid about 42.09 per cent year-on-year less claims in the first half of the ongoing year.
From January to June 2023, it paid claims of Tk 3.37 crore against the claim costs of Tk 5.82 crore in the first six months of 2022.
The company also disclosed its June quarter report, where it posted 40.34 per cent year-on-year higher profit.
The general insurer reported Tk 5.74 crore in net profit in April-June quarter of 2023, up from Tk 4.09 crore made in the same quarter a year ago.
Its earnings per share stood at Tk 1.22 for April-June 2023 against Tk 0.87 for the same period last year.
The insurer’s net asset value (NAV) per share was Tk 427.29 as on June 30, 2023 which was Tk 26.42 as on June 30, 2022.
The company got listed with Dhaka and Chittagong Stock Exchanges on June 25, 2009.
The insurer carries its business operations through its headquarters and 22 other branches.
The company recommended an 11 per cent cash dividends for the year ended in December 2022.
Sponsors and directors jointly held 42.67 per cent of the company’s total shares, while institutions owned 5.63 per cent, and the general investors 51.70 per cent till June 30 this year.
Asia Insurance shares closed at Tk 53.70 each of the DSE trading floor on Monday.
