Sonali Life’s net premium grows by 47% in H1

The net premium income of Sonali Life Insurance Company grew by 47.54 per cent in the first half of 2023 on a year-on-year basis.

The life insurer’s net premium income in January–June 2023 rose to Tk 346.08 crore from Tk 234.57 crore reported in the same period last year.

Meanwhile, the company’s life fund balance climbed to Tk 759.34 crore in the first half this year, up 89.83 per cent from that in the same period last year.

The board of directors of Sonali Life recommended a 20 per cent cash dividend for its shareholders for the year ended in December 2022.

The insurer issued 1.9 crore shares through an initial public offering in 2021 to raise Tk 19 crore from the stock market.

In February this year, the company’s board agreed to change the company from a conventional life insurance business to an Islamic one.

According to an auditor’s ‘emphasis of matter’ published on the DSE website on August 1, the listed business acquired office spaces on various levels of the building where its current office is housed, but no floors are yet to be registered through a transferred deed.

When an auditor wants to draw attention to a major problem that investors and the regulator should be aware of, they typically highlight the issue in the financial report of the company.

Sponsors and directors jointly held 54.85 per cent of the company’s total shares, while institutions owned 6.26 per cent, and the general public 38.89 per cent as on June this year.

Sonali Life shares closed at Tk 92.30 per share on the DSE on Sunday.