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The board of directors of two insurance companies – Reliance Insurance and United Insurance – have recommended dividends for the year ended on December 31, 2020, according to separate official disclosure on Thursday.
Reliance Insurance: Reliance Insurance has recommended 25 per cent cash dividend for the year ended on December 31, 2020.
The annual general meeting (AGM) will be held on April 25 at 11:00am using the digital platform. The record date is April 4.
The non-life insurer has also reported EPS of Tk. 5.21, NAV per share of Tk. 60.73 and NOCFPS of Tk. 6.50 for the year ended on December 31, 2020 as against Tk. 5.57, Tk. 52.60 and Tk. 4.66 respectively for the same period of the previous year.
The company has also informed that the reason for significant deviation in EPS, NAV per share, and NOCFPS: EPS decreased due to decrease of premium and return on investment income. NAV per share increased due to increase of market value of investment in securities.
The NOCFPS increased due to an increase of claim recovery and decrease of management expenses.
There will be no price limit on the trading of the shares of the company today following its corporate declaration; however, as per the BSEC order dated March 19, 2020, the floor price shall be applicable accordingly.
Each share of the company, which was listed on the Dhaka Stock Exchange in 1995, closed at Tk 58.50 on Wednesday.
In 2019, the company also disbursed 25 per cent cash dividend.
United Insurance: The board of directors of United Insurance has recommended 11 per cent cash dividend for the year ended on December 31, 2020.
The annual general meeting (AGM) will be held on April 28 at 11:00 am using the digital platform. The record date is April 4.
The company has also reported EPS of Tk. 2.04, NAV per share of Tk. 33.04 and NOCFPS of Tk. 3.60 for the year ended on December 31, 2020, as against Tk. 1.95, Tk. 31.87 and Tk. 2.32 respectively for the same period of the previous year.
The insurer has also informed that the EPS was higher in 2020 due to lower payment of claims, management expenses, and unrealized gain in investment in shares.
The NOCFPS was higher in 2020 than the previous year due to lower payment of claims, reinsurance premium and management expenses, and collection of outstanding premium.
The increase of NAV per share in 2020 compared to 2019 due to the increase in the value of the investment in shares.
There will be no price limit on the trading of the shares of the company today following its corporate declaration; however, as per the BSEC order dated March 19, 2020, the floor price shall be applicable accordingly.
Each share of the company, which was listed on the Dhaka Stock Exchange in 1990, closed at Tk 45.50 on Wednesday.
In 2019, the company also disbursed 11 per cent cash dividend.