Bangladesh General Insurance Company (BGIC) reported a 17% decline in profit to Tk 68.6 million for 2023, down from Tk 82.6 million in 2022. The drop is attributed to higher claim settlements, lower stock market earnings, and a sluggish business environment. BGIC’s earnings per share (EPS) fell to Tk 1.27 from Tk 1.53. The company’s board recommended a 10% cash dividend, the lowest in five years. Marine insurance business was particularly affected due to reduced letters of credit (LCs) amid a dollar crisis, and subdued export demand. Additionally, the stock market stagnated in 2023 due to a floor price imposition. BGIC’s net premium grew by 5% to Tk 399 million in the first nine months of 2023, but claim settlements surged by 58% to Tk 63.37 million. The net operating cash flow per share dropped to Tk 0.37 from Tk 1.85, while net asset value per share slightly increased to Tk 19.55.
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