City General Insurance’s profit jumps 34pc in 2022

| Updated: February 16, 2023 20:23:51

City General Insurance’s profit jumps 34pc in 2022

City General Insurance has reported higher profit for the year that ended on December 31, 2022, on the back of higher premium earnings.

The general insurer reported earnings per share of Tk 2.25 for the year 2022 which was Tk 1.68 a year earlier, an increase of 34 per cent year-on-year.

“The EPS has increased due to increase of the company's premium income significantly,” said the company in a filing on the Dhaka Stock Exchange on Tuesday.

The net asset value per share, which is the value of an entity’s assets minus the value of its liabilities, rose to Tk 18.57 last year from Tk 17.53 in 2021, due to an increase in company’s investments in share, government treasury bond and FDR.

The net operating cash flow per share, which represents the cash impact of a company’s net income from its primary business activities, also jumped to Tk 5.59 last year which was Tk 2.75 a year ago due to a sharp increase in company’s premium income.

The board of directors of the insurer has recommended a 10.50 per cent cash dividend for the year ended December 31, 2022.

The final approval of the dividend will come during the AGM to be held on March 30. The record date is March 7.

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