Phoenix Insurance posts lower profit in 2022

Phoenix Insurance Company Ltd registered an 8 per cent year-on-year decline in profit to Tk 8.14 crore last year.

The profit stood at Tk 8.87 crore in 2021, according to a disclosure on the Dhaka Stock Exchange.

Thus, the insurer reported earnings per share of Tk 2.02 for the year that ended on December 31, which was Tk 2.2 in 2021.

Phoenix Insurance said its EPS fell as dividend income and other incomes went down.

The consolidated net asset value per share dropped to Tk 37.10 in 2022 from Tk 39.9 in 2021, owing to the fall in the prices of most of the shares where the insurer has investments.

The consolidated net operating cash flow per share plummeted to Tk 1.37 from Tk 4.06 because of lower premium deposits and other incomes.

The board of directors of Phoenix Insurance recommended a 15 per cent cash dividend for 2022.