The life fund of National Life Insurance (NLI), a listed company – has gone up by 71.57 per cent in the last ten years. The figure reached from Tk 3,135 crore recorded in 2015 to Tk 5,579 crore until March this year.
Besides, during the 1985-2000 timeframe, the National Life Insurance life fund amount stood at Tk 97 crore. This figure was Tk 540 crore in 2005, and Tk 1,763 crore in 2010, shows an analysis of the company financial report submitted to the Dhaka Stock Exchange (DSE) web portal.
Speaking to The Business Post, NLI Chief Executive Officer Kazim Uddin said, “Since the inception of our company, NLI has covered 67 lakh customers. Besides, it has directly and indirectly contributed to the country’s economic development by providing employment to nearly 2 lakh people.
“Due to a number of hurdles at foreign and domestic levels, including the Covid-19 pandemic, the country’s insurance business has been hampered in the past years.”
He pointed out, “But we have maintained corporate good governance through proper planning, efficient management and following the guidelines of regulatory agencies. As a result, National Life is ahead of any other company in terms of life funds and other financial parameters.”
The company on Sunday released its unaudited financial report for the first quarter (January-March) this year, stating, as per consolidated life revenue account of the company for Jan-Mar 2024; excess of total income over total expenses including claims (Surplus) was Tk 78.33 crore.
As against excess of total income over total expenses including claims (Surplus) of Tk 46.67 crore in the corresponding previous period 2023.
Accordingly, consolidated balance of Life Insurance Fund as on March 31 this year was Tk 5,379.43 crore, compared to Tk 4,847.26 crore until March 31, 2023, resulting in a net increase of Tk 532.16 crore, it added.
On the same day, the company announced a dividend to the shareholders after reviewing the financial report on December 31, 2023 on the DSE website. The company also announced a 38 per cent cash dividend in the previous year and 35 per cent in 2021.
The National Life Insurance posted a 27 per cent drop in net profit in 2023. The insurer's net profit dropped to Tk 45.90 crore for 2023 from Tk 62.72 crore recorded in the previous year.
The company's posting earnings per share (EPS) of Tk 4.23 for 2023 against Tk 5.78 for the previous year. The insurer's net asset value (NAV) per share decreased to Tk 51.02 at the end of 2023 from Tk 68.22 for 2022.
Meanwhile, its net operating cash flow per share (NOCFPS) stood at Tk 46.51 posted in 2023 is an increase from Tk 24.10 recorded in the previous year. The company is scheduled to hold its annual general meeting (AGM) on June 30.
The company has fixed the record date as June 12 for share splits. It got listed on the DSE in 1995. During the last three months, the share price of NLI fluctuated from Tk 179 to Tk 102.
NLI's paid-up capital is Tk 108 crore, authorised capital is Tk 200 crore, and the total number of securities is 10.85 crore.
Sponsor-directors own 55.88 per cent stake in the company, while institutional investors own 14.64 per cent, foreign investors 0.18 per cent and general public 29.30 per cent as on April, 2024, show the DSE data.
