Padma Islami Life’s revenue declines
Padma Islami Life Insurance has reported a decline in its life revenue account for the second quarter of the year.
The listed life insurer that has been losing its reputation for non-settlement of insurance claims found its life revenue account shrinking by Tk77.6 lakh in the April-June quarter, while over the same period of the previous year it declined by Tk1.67 lakh.
At the end of June, its life insurance fund stood at Tk12.4 crore.
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Earlier, in the January-March quarter, Padma Life secured an increase of Tk71 lakh in its life revenue account which helped its life insurance fund to grow to over Tk13 crore.
However, the decline in the second quarter has resulted in a Tk6.8 lakh drop in its life revenue account.
Premium from clients is the key revenue income of life insurers, while the total of the collected premium that the companies invest in various sectors for a return helps them pay insurance claims or a bonus to clients after policy maturity.
Padma Islami Life Insurance was listed on the stock market in 2012.
Over one-third of shares of the Tk38.88 crore paid-up capital of the company are held by its sponsor-directors, 21.74% by institutional investors and the remaining 43.47% by the general public.
For 2021, Padma Life announced 2% cash dividends.
Padma Life shares closed at Tk48.7 each on the Dhaka Stock Exchange on Tuesday.
