- Net profit stood at Tk9.8 crore
- Gross premium was Tk46.19 crore
- Paid claims around Tk5 crore
- EPS stood at Tk2.04
- NAV per share was Tk33.04
United Insurance Company Ltd, which got listed on the Dhaka Stock Exchange (DSE) in 1990, has posted a 13% increase in its net profit in 2020 amid the Covid-19 pandemic.
In that year, the company's net profit was Tk9.8 crore, which was Tk8.68 crore in the previous year.
The company has recommended an 11% cash dividend for its shareholders for the year 2020.
Its earnings per share (EPS) was Tk2.04 as of 2020, which was Tk1.95 in the previous year.
Company sources said the net profit surged because United Insurance gave commissions to its insurance agents as per regulatory requirements.
Besides, the import of raw materials in the pharmaceuticals sector increased during the Covid-19 pandemic, giving a rise to the marine insurance business of the company.
The management expenses and claims of the company reduced during the period, resulting in the increase in net profit, added sources.
In that year, the company's gross premium was Tk46.19 crore, down from Tk51.13 crore in the previous year.
Its net asset value per share was Tk33.04 as of 31 December 2020.
The company paid claims of Tk5 crore in 2020, which was Tk5.5 crore in the previous year.
Sponsors and directors hold 42.94%, institutions 37.17%, and general investors 19.89% shares of the company.
On Wednesday, the last trading price of each share of the company was Tk45.20 at the DSE.
The principal activities of United Insurance are to offer general insurance including fire insurance, marine insurance (hull and cargo), motor insurance, and miscellaneous insurance. Revenue under these activities is derived primarily from the insurance premium.