Business Report :
The life fund of National Life Insurance (NLI), a life insurance company listed in the capital market, has increased at Tk 532.16 crore in one year. In the last ten years the company’s life fund has increased by 71.57 per cent.
DSE website says that the consolidated balance of Life Insurance Fund as on March 31, 2024 was Tk 53,79.43 crore as against Tk 4847.26 crore as on March 31, 2023 resulting in a net increase of Tk 532.16 crore, it’s added.
It is reported that the life fund of National Life Insurance in 2015 was Tk 3135 crore, from there the life fund stood at Tk 5579 crore till March 2024.
Besides, from 1985-2000 the amount of life fund of National Life Insurance was Tk 97 crore, in 2005 the amount of life fund was Tk 540 crore, in 2010 the amount of life fund was Tk 1763 crore.
This information was obtained by reviewing the financial report of the company.
National Life Insurance Chief Executive Officer kazim uddin told The New Nation that since its inception, National Life has covered 67 lakh customers under insurance services. Besides, it has directly and indirectly contributed to the economic development of the country by providing employment to nearly 2 lakh people.
He said that due to various adversities at the national and international levels, including the Corona epidemic, the country’s insurance business has been hampered in the past years, but it has maintained corporate good governance through proper planning, efficient management and following the guidelines of regulatory agencies. As a result, National Life is ahead of any other company in terms of life funds and other financial parameters.
On Sunday, the company released its unaudited financial report for the first quarter (January-March) of 2024, saying, as per consolidated life revenue account of the company for Jan-Mar 2024; excess of total income over total expenses including claims (Surplus) was Tk 78.33 crore. As against excess of total income over total expenses including claims (Surplus) of Tk 46.67 crore in the corresponding previous period 2023.
Accordingly, consolidated balance of Life Insurance Fund as on March 31, 2024 was Tk 53,79.43 crore as against Tk 4847.26 crore as on March 31, 2023 resulting in a net increase of Tk 532.16 crore, it’s added.
On the same day the company announced the dividend to the shareholders after reviewing the financial report on December 31, 2023 on the DSE website.
The company also announced a 38 per cent cash dividend in the previous year and 35 per cent in 2021.
National Life Insurance posted a 27 per cent drop in net profit in the ended year 2023. The insurer’s net profit dropped to Tk 45.90 crore for ended 2023 from Tk 62.72 crore in the previous year.
The company’s posting earnings per share (EPS) of Tk 4.23 for 2023 against Tk 5.78 for the previous year.
The insurer’s net asset value (NAV) per share decreased to Tk 51.02 at the end of 2023 from Tk 68.22 for 2022.
Meanwhile, its net operating cash flow per share (NOCFPS) stood at Tk 46.51 for 2023 rose from Tk 24.10 for the previous year. The company is scheduled to hold its annual general meeting (AGM) on June 30.
It has fixed the record date as June 12 for share splits.
The company was listed on the DSE in 1995. During the last three months, the share price of NLI fluctuated from Tk 179 to Tk 102.
The Company’s paid-up capital is Tk 108 crore, authorized capital is Tk 200 crore and the total number of securities is 10.85 crore.
Sponsor-directors own 55.88 per cent stake in the company while institutional investors own 14.64 per cent, foreign investors 0.18 per cent and general public 29.30 per cent as on April, 2024, the DSE data showed.
The company’s market capitalisation is Tk1,258 crore.
As of April 2023, sponsor-directors held 55.88% of the company’s total shares, institutional investors owned 19.52% stake, foreign investors had 0.18% and general shareholders held 29.30%, according to the DSE.
