Federal Insurance’s premium income jumps 41%
In the April-June quarter, the net profit was Tk1.53 crore, which was Tk1.02 crore in the corresponding period of 2020
Federal Insurance Company Ltd posted a higher net premium income in the second quarter of 2021 riding on an increase in marine and fire insurance business amid the Covid-19 pandemic.
Company Secretary Sheikh Mohammad Anwar Uddin said the gross net premium income jumped 41% during the April-June quarter.
He said the company, which is engaged in marine, fire, motor, aviation, engineering, and miscellaneous insurance of its customers, is trying to strictly follow a regulatory order halting a 15% commission for agents.
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As a result, it did not pay any commission during the period, where Tk1.43 crore had to be paid as commission in the same period of 2020, he added.
In the April-June quarter, the net profit was Tk1.53 crore, which was Tk1.02 crore in the corresponding period of 2020.
The earnings per share were Tk0.23, which was 53.33% higher from the same period of 2020.
In the first half of 2021, its net profit stood at Tk11.62 crore, which was Tk6.41 crore in the corresponding period of last year.
The company was incorporated in November 1987 and got listed on local stock exchanges in 1995.
Sponsors and directors hold 38.26%, institutional investors 14.02%, and general investors 47.72% shares of the company.
At the end of Thursday's trading session, the closing price of each share was Tk38.70 on the DSE.
