Business Report :
Sunlife Insurance Company Ltd, listed on the stock market, has bounced back after Green Delta Insurance Company took entire share of former Health Minister Zahid Maleque and his family.
After the change of ownership it announced dividends for the first time in two years.
Additionally, the life insurance company has indicated an increase in the Life Fund in the first quarter of 2024.
On Tuesday, Sunlife Insurance reviewed its audited financial report for 2023 and announced dividends on the Dhaka Stock Exchange website. It also published its unaudited financial report for Q1 of 2024.
It has been revealed that former Health Minister Zahid Maleque and his family, the owners of the publicly listed life insurer, have sold their entire holding in the company to Green Delta Insurance Company, a listed non-life insurer, and its subsidiaries.
In its financial results for Q1 of 2024, Sunlife Insurance showcased significant improvements in key metrics. For the period from January to March 2024, it reported a deficit of Tk 5.76 crore, reflecting a marked reduction from the Tk 9.71 crore deficits recorded in Q1 of 2023.
The company’s balance of the Life Insurance Fund has also shown a positive trend, standing at Tk 51.54 crore as of March 31, 2024. This is an increase of Tk 4.27 crore compared to Tk 47.27 crore on March 31, 2023, indicating strong growth in the fund over the past year.
Also, the Net Operating Cash Flow per Share (NOCFPS) for Q1 of 2024 was reported as negative Tk 0.51. This is a notable improvement from the negative Tk 1.70 recorded for Q1 of 2023, demonstrating the company’s enhanced cash flow management and operational efficiency.
Dividend for 2023
Meanwhile, Sunlife Insurance Company announced a 0.5 per cent cash dividend for the year that ended on December 31, 2023. This decision, recommended by the Board of Directors, will be presented for approval at the upcoming Annual General Meeting (AGM) scheduled for August 20, 2024.