The net profit of United Insurance Company Ltd jumped 216% in the second quarter of 2021 riding on an enhanced dividend income amid the Covid-19 pandemic.
In the April-June quarter, the company's net profit was Tk4.14 crore, which was Tk1.31 crore in the corresponding period of the previous year.
The earnings per share (EPS) stood at Tk0.93, which is 210% higher from the same period of 2020.
Khawja Manzer Nadeem, managing director and chief executive officer (CEO) of United Insurance, said the net profit surged because the company has closed agent commissions by complying with regulatory requirements.
During the three-month period from April this year, the interest, dividend, and other income were Tk4.84 crore, a significant increase from Tk73 lakh in the same period of 2020.
The company has received Tk36 lakh from the capital market investment income which has also contributed to the net profit.
During the period, its gross premium was Tk12.78 crore, which was Tk10.30 crore in the same period of the previous year.
In the first half of 2021, its net profit was Tk5.41 crore and gross premium was Tk23.17 crore.
United Insurance got listed on the Dhaka Stock Exchange (DSE) in 1990.