United Insurance’s profit goes up on marine business

The net profit of United Insurance Company Ltd increased by 6% for 2022, riding on higher premium collection and interest income, and it recommended a 10% cash dividend for its shareholders.

In 2022, the gross premium of the non-life insurer, which was incorporated in 1985 and listed on the Dhaka Stock Exchange in 1990, stood at Tk58.57 crore compared to Tk54.33 crore in the previous year.

Consequently, its profit after tax stood at Tk7.79 crore, which was Tk7.35 crore in 2021.

Its earnings per share was Tk1.75 and its net asset value per share stood at Tk32.68.

Khawja Manzer Nadeem, managing director of United Insurance, said the company has made good business in marine insurance, essential products, garments, and pharmaceutical raw materials over the year.

But it has decreased by 20% to 30% due to the dollar crisis that began in July last year, he added.

The company's annual general meeting (AGM) will be held on 18 May 2023. For this, the record date has been fixed on 9 April.

Its net operating cash flow per share has decreased due to higher claim payments and reinsurance premium payments. Its net asset value per share has decreased due to a drop in the fair value of an investment in shares of United Finance Ltd, said the company in the disclosure.

As of 28 February 2023, of its total shares, sponsors and directors held 48.61%, institutional investors 30.53%, and general investors 20.86%.

Its share price ended at Tk37.90 on the DSE on Sunday.

The company transacts a wide range of general insurance businesses in Bangladesh, including health and overseas medical claim insurance, and has goodwill and expertise in the field of insurance with a sound and stable financial position.