United Insurance posts lower profit in Q2

United Insurance Company Ltd posted about 8 per cent lower profit at Tk 3.60 crore in the second quarter of 2023.

The profit stood at Tk 3.92 crore in the identical April-June quarter in 2022.

Thus, the earnings per share were Tk 0.81 in April-June this year against Tk 0.88 in the same period last year.

The profit stood at Tk 4.58 crore in January-June, down 13.44 per cent from Tk 5.29 crore in the first half a year ago. So, the EPS declined to Tk 1.03 from Tk 1.19 during the period.

The EPS decreased due to higher claim payments and lower dividend incomes, said the insurer in a filing on the Dhaka Stock Exchange yesterday.

The net operating cash flow per share improved to Tk 0.89 in January-June of 2023 against Tk 0.79 in the first half of 2022.

The NOCFPS increased due to the higher collection of premium income and other incomes, said the filing.

The net asset value per share was Tk 32.69 on June 30 this year and Tk 32.68 on December 31, 2022.

Shares of United Insurance slipped 4.17 per cent to Tk 39.10 on the DSE yesterday.