Central Insurance Company has posted a 16 per cent lower profit in January-June of 2023 on a year-on-year basis, caused by higher number of claims settled.
The general insurer reported Tk 5.58 crore in net profit in the current year’s first six months, down from Tk 6.64 crore reported in the same period a year ago.
The listed company’s earnings per share dropped to Tk 1.05 in January-June this year from Tk 1.25 for the same period last year, as per a regulatory filing posted with the Dhaka Stock Exchange (DSE) on Sunday.
The insurer’s premium income stood at Tk24.65 crore in H1 this year, which was Tk 22.66 crore in the previous year’s H1.
The company paid about 86 per cent higher claims in the first six months of 2023 on a year-on-year basis.
From January to June this year, it settled claims worth Tk 4.51 crore against Tk 2.44 crore settled in the corresponding period last year.
Meanwhile, the insurer in the June quarter of 2023, posted a 5.26 per cent year-on-year lower profit.
Its profit in April-June 2023 was Tk 2.86 crore, against Tk 3.02 crore in the same quarter one year ago.
Its earnings per share stood at Tk 0.54 for Q2 this year, compared to Tk 0.57 reported for the same period last year.
The company’s net asset value (NAV) per share was Tk 49.02 (with revaluation) as on June 30, 2023 and Tk 49.48 till December 31, 2022.
Incorporated in 1987, Central Insurance Company got listed on the Dhaka Stock Exchange (DSE) in 1995.
The company’s key insurance schemes include fire, marine cargo, marine hull, engineering, overseas mediclaim and holiday, motor, various liability, aviation hull and liability and miscellaneous insurances.
The company recommended 15% cash dividends for 2022.
Till 30 June this year, sponsors and directors jointly held 38.73%, Govt 1.32%, institutions 15.90%, and general investors 44.05% shares of the company.
The last trading price of each DSE share of the company was Tk37.20 on Sunday.
