All of the 42 general insurance companies listed on the capital market are doing well in the first quarter [January-March] of 2024, as most of the companies reported good returns on their investments while keeping management costs under control.
This was confirmed in an analysis of unaudited financial reports for the January-March period of 2024, released by 40 of the 42 such listed companies in recent times.
During this period, the profits of some companies increased in the above mentioned period compared year-on-year, while for some companies it did not, but not a single company incurred losses.
Market insiders say general insurance companies’ income comes mainly from insurance policies in the import and export sectors. Besides, the income of this industry comes through motor insurance and property insurance.
As a result, if there are no major mishaps in the country, there is no complication with the insurance claims of general insurance companies. As a result, their income is always higher than life insurance.
Reliance Insurance Ltd has the highest earnings per share in the first quarter. This firm registered a 23.26 per cent quarter to quarter rise in profit to Tk 20.61 crore in the Q1 of 2024.
Their profits stood at Tk 16.72 crore in the same period of 2023, according to a post on the Dhaka Stock Exchange (DSE).
The insurer, thus, reported consolidated earnings per share of Tk 1.96 for the January-March period of 2024, which was Tk 1.59 in the first quarter of 2023. The consolidated net operating cash flow per share dropped to Tk 2.41 from Tk 4.23.
The consolidated net asset value per share slipped to Tk 64.75 on March 31 this year from Tk 66.85 on December 31, 2023.
Pioneer Insurance Company reported earnings per share of Tk 1.65 for January-March of 2024, which was Tk 1.82 in the first quarter of 2023.
The company’s profits stood at Tk 16.13 crore in the same period of 2023. Pioneer Insurance net operating cash flow per share negative to Tk 6.73 from Tk 1.08.
The net asset value per share slipped to Tk 49.73 on March 31 this year from Tk 47.98 on December 31, 2023.
In the first quarter, the Asia Pacific General Insurance Company earnings per share stood at Tk 1.21, Pragati Insurance Ltd earned Tk 1.20 and Paramount Insurance Company Ltd Earned Tk 1.13.
Meanwhile, Sena Kalyan Insurance Company Ltd posted a 37.31 per cent increase in earnings per share compared to the same period of the previous year.
Company Secretary MM Sajedul Islam FCS said, EPS has been increased for the period of January-March, 2024 due to investment and others income has been increased and management expenses have been decreased compared to January-March, 2023.
Sena Kalyan Insurance reported earnings per share (EPS) of Tk 0.92 for January-March of 2024, which was Tk 0.67 in the first quarter of 2023.
The company's quarter to quarter rise in profit to Tk 3.68 crore in the first quarter of 2024 and Tk 2.68 crore in the same quarter of 2023, according to the financial statement.
City General Insurance Company Ltd posted 57.40 per cent earnings per share compared to the first quarter of the same period last year. Its EPS has increased because of investment, other income has increased steadily, and management expenses have decreased.
City General Insurance Company reported earnings per share of Tk 0.85 for the January-March period of 2024, compared to Tk 0.54 in the first quarter of 2023.
Net operating cash flow per share (NOCFPS) was Tk 0.79 for the January-March period of 2024, compared to Tk. 0.48 year-on-year.
NOCFPS has increased because the company's management expenses and re-insurance payment have decreased, the firm added in the note.
The Prime Insurance Company Ltd witnessed an 8.69 per cent year-on-year increase in income per share in the first quarter of 2024 (January-March). Besides, EPS has been increased due to high premium income, non-payment of reinsurance premium, and provisional expanses.
Prime Insurance Company reported earnings per share of Tk 0.75 for January-March of 2024, which was Tk 0.69 in the first quarter of 2023. Phoenix Insurance Company EPS was Tk 0.48 for January-March 2024 as against Tk 0.67 for the January-March period of 2023.
Company insiders say the EPS decreased due to a drop in other income and commissions, while management expenses increased from Q1 of 2023.
The NOCFPS of Phoenix Insurance stood at Tk 0.92 for the January-March period of 2024, compared to Tk 0.60 recorded year-on-year. NAV per share stood at Tk 35.27 as on March 31, 2024 and Tk 37.52 as on March 31, 2023.
