Pragati Insurance Ltd, a publicly traded general insurer, has posted a 12.22 per cent year-on-year lower profit in the January-June period of the year 2023 driven by lower premium income.
The listed insurer reported Tk 18.24 crore in net profit for first half of the current year, down from Tk 20.78 crore in the same period a year ago.
Similarly, the company’s earnings per share (EPS) fell to Tk 2.65 in January-June 2023 from Tk 3.02 reported for the same period last year, as per a regulatory filing posted with the Dhaka Stock Exchange (DSE) on Sunday.
The general insurer’s net premium income fell by 5.59 per cent year-on-year in the first six months of 2023.
Its net premium income in the first six months of 2023 was Tk 61.65 crore, against Tk 65.62 crore in the same period the year before.
Besides, the insurance company’s gross premium income also declined by 10.46 in the first half this year on a year-on-year basis.
The company’s gross premium income in the first six months of 2023 declined to Tk 129.13 crore from Tk 144.23 crore in the same period of 2022.
The insurer cut its commission expenditure by about 11 per cent in H1 of the ongoing calendar year on a year-on-year basis.
During the period of 2023, the company spent Tk 18.14 crore on this segment, compared to Tk 20.61 crore in the same period of 2022.
Meanwhile, the insurer reported Tk 10.37 crore in net profit in the April-June quarter this year, down from Tk 12.45 crore in the same quarter the
Its second quarterly earnings per share (EPS) stood at Tk 1.46 against Tk 1.81 for the same quarter last year.
The company’s gross premium income in the first six months this year was Tk 129.13 crore, which was Tk 144.23 crore in the same period last year.
The company’s net premium income in the current year’s first half was Tk 61.98 crore, compared to Tk 65.62 crore in the same period a year earlier.
The insurer’s net asset value (NAV) per share stood at Tk 56.74 and the net operating cash flow per share (NOCFPS) Tk at 1.85 as on June 2023, which were Tk 59.01 and Tk 3.54 respectively till 31 December 2022.
The general insurer disbursed a 7.0 per cent cash dividend to its shareholders for the year ended in December 2022.
Pragati Insurance shares rose 2.20 per cent to Tk 60.50 each on the DSE trading floor on Sunday.