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The Financial Express

Two insurers declare dividend

FE Online Report | Published: March 22, 2020 11:59:35 | Updated: March 24, 2020 11:01:06


Picture used for representational purpose - Collected Picture used for representational purpose - Collected

The boards of directors of two insurers - United Insurance and Bangladesh General Insurance Company have recommended 11 per cent cash dividend each for the year ended on December 31, 2019.

United Insurance: The board of directors of United Insurance has recommended 11 per cent cash dividend for the year ended on December 31, 2019.

The AGM will be held on April 30 and the record date is April 13.

The insurer has also reported earnings per share (EPS) of Tk 1.95, net asset value (NAV) per share of Tk 31.87 and net operating cash flow per share (NOCFPS) of Tk 2.32 for the year ended on December 31, 2019 as against Tk 2.06 (restated), Tk 31.10 (restated) and Tk 0.40 (restated) respectively for the same period of the previous year.

The company has further noted that the lower EPS in 2019 was due to unrealised loss in share market investment and higher depreciation resulting in application of accounting for leases for office Rent under, “IFRS 16”.

The higher NOCFPS in 2019, due to lower payment of claims, lower management expenses and income tax payment than previous year and implementation of accounting for leases for Office Rent under “IFRS 16”.

The increase of NAV in 2019 is due to increase of shareholders equity.

BGIC: The board of directors of Bangladesh General Insurance Company has recommended 11 per cent cash dividend for the year ended on December 31, 2019.

The AGM will be held on April 28 and the record date is April 13.

The company has also reported EPS of Tk. 1.08, NAV per share of Tk. 18.65 and NOCFPS of Tk. 0.94 for the year ended on December 31, 2019 as against Tk. 1.04, Tk. 19.63 and Tk. 1.31 respectively for the same period of the previous year.

There will be no price limit on the trading of the shares of these companies today following their corporate declarations.

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