Sonali Life’s net premium income grows 48% in H1 2023

The net premium income of Sonali Life Insurance Company increased by 47.54% in the first half of 2023, compared to the same period last year.  

In this January-June period, the life insurer's net premium income stood at Tk346.08 crore, which was Tk234.57 crore in the same period of 2022.

Net premium income is the gross amount of revenue derived from premiums minus any returned premium.

In this year's first half, the company's life fund balance increased by 89.83% year-on-year to Tk759.34 crore.

Its investment stood at Tk402.57 crore at the end of June 2023, which was Tk274.30 crore at the end of December 2022.

The company recommended a 20% cash dividend to its shareholders for 2022.

Back in 2021, Sonali Life Insurance raised Tk19 crore from the stock market by issuing 1.9 crore shares through an initial public offering.

The company launched over 86 branches and service centres across the country. Its paid-up capital is Tk47.50 crore.

In February this year, Sonali Life Insurance's board of directors decided to convert the company into an Islamic life insurance business from a traditional one.

Islamic insurance operations, also known as Takaful, mainly embrace the principles of mutual cooperation and shared responsibility, instead of the traditional insurance business of risk transfer.

As of 30 June 2023, the sponsors and directors jointly held 54.85% shares, institutions 6.26%, and the general public 38.89% shares of the company. 

Its shares closed at Tk90.8 each at the Dhaka bourse on Thursday.