Reliance insurance’s profit decreases by 6%
Corporates
After a consecutive five years' profit increase, Reliance Insurance Limited posted a 6% decrease in net profit in 2020.
The company said earnings per share (EPS) decreased due to the decrease in premium income and investment income and net asset value per share increased due to increase in market value of investment in securities.
Despite the decrease in profit, the company recommended a 25% cash dividend for the shareholders, which was the same in the previous year.
The company has posted a profit of Tk54.81 crore for the year 2020 and EPS stood at Tk5.21. The share price of the company rose by 4.36% and reached Tk59.90 per share from Tk57.40 on Wednesday.
In 2019, the profit was Tk58.54 crore and EPS Tk5.57. Net asset value per share stood at Tk60.73, which was Tk52.60 in the previous year.
Reliance Insurance got listed on the stock exchanges in 1995 and is now placed under the 'A' category.
Reliance's products are fire, marine cargo, marine hull, engineering, personal accident, overseas Mediclaim and holiday, motor, various liability, aviation hull and liability and miscellaneous insurances.
The annual general meeting of the company will be held on 25 April through a digital platform.
Comments
While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.