Profits of many general ins cos down

Profits in most of the general insurance companies tumbled in the first-half (January-June) of the year compared to the same period a year-ago, due mainly to political unrest.
Industry insiders said the political turbulence prompted businesses to take a 'wait-and-see' approach to investment.
Of the total 46 insurance companies, both life and non-life listed with the DSE under insurance sector, 34 are general insurance and 12 belong to life insurance.
Insurance sector is also the largest sector in terms of number on the DSE that accounts for only 1.1 per cent of DSE's total market capitalisation.
Among the 34 general insurance companies listed with the DSE, 19 witnessed negative growth in the first half compared to the same period last year while 15 saw marginal growth.
The companies those  saw negative growth in their profits (un-audited) are Agrani Insurance, Asia Insurance, Central Insurance, Continental Insurance, Dhaka Insurance, Eastern Insurance, Eastland Insurance, Federal Insurance,  Islami Insurance, Janata Insurance, Karnaphuli Insurance, Mercantile Insurance, Paramount Insurance, Phoenix Insurance, Pioneer Insurance, Pragati Insurance, Republic Insurance, Sonar Bangla Insurance and Standard Insurance.
Consolidated profits (un-audited) of Agrani Insurance stood at Tk 22.58 million with earnings per share (EPS) Tk 0.89 in the first half in 2015 against Tk 25.11 million and Tk 0.99 respectively in the same period last year.
The profits of Asia Insurance came down to Tk 28.24 million with EPS 0.60 in first half in 2015 against Tk 56.48 million and Tk 0.99 in the corresponding period last year.
Central Insurance has reported profits at Tk 47.08 million with EPS Tk 1.05 in the current calendar year against Tk 70.40 million and Tk 1.57 respectively in the same period a year ago.
Continental Insurance's profits stood at Tk 47.33 million with EPS Tk 1.51 in the first half in 2015 against Tk 48.58 and Tk 0.1.55 in the corresponding period last year.
The profits of Dhaka Insurance came down to Tk 40.12 million with EPS Tk 1.00 in the January-June period in 2015 against Tk 48.55 million and Tk 1.21 in the corresponding period last year.
Federal Insurance's profits fell to Tk 22.64 million with EPS Tk 0.42 in the current year's first half against Tk 32.89 million and Tk 0.58 respectively in the corresponding period last year.
The profits of Islami Insurance dropped to Tk 17.67 million with EPS 0.63 in the first half in 2015 against Tk 21.60 million and Tk 0.77 respectively in the same period last year.
Janata Insurance's profits came down to Tk 16.10 million with EPS Tk 0.42 in the first half in 2015 against Tk 29.53 million and Tk 0.50 respectively in the same period of 2014.
The consolidated profits of Karnaphuli Insurance stood at Tk 25.64 million with EPS Tk 0.63 in the first half in 2015 which was Tk 26.86 million and Tk 0.66 in the corresponding period last year.
Mercantile Insurance's profits fell to Tk 42.23 million with EPS Tk 0.98 in the first half in 2015 against Tk 43.09 million and Tk 1.00 in the same period last year.
The profits of Paramount Insurance stood at Tk 11.86 million with EPS Tk 0.49 in the first half in 2015 against Tk 14.28 million and Tk 0.59 in the corresponding period a year ago.
Peoples Insurance's profits fell to Tk 50.82 million against Tk 55.90 million in the same period last year.
Phoenix Insurance's profits dropped to Tk 79.79 million with EPS Tk 1.98 in the first half in 2015 against Tk 86.72 and Tk 2.15 respectively in the same period last year.
Pioneer Insurance reported profits of Tk 109.42 million with EPS Tk 1.72 in the first half against Tk 127.23 million and Tk 2.00 in the same period last year.
Pragati Insurance's profits fell to Tk 40.03 million with Tk 0.72 in the first half in 2015 against Tk 67.83 million and Tk 1.22 respectively in the same period a year ago.
Republic Insurance reported profits of Tk 30.16 million with EPS Tk 1.09 in the first half in 2015 against Tk 45.10 million and Tk 1.63 in the same period last year.
Sonar Bangla Insurance has reported profits of Tk 26.76 million with EPS Tk 0.90 in the first half in the current year against Tk 29.73 million and Tk 1.00 in the same period a year ago.
Standard Insurance's profits fell to Tk 42.88 million with EPS Tk 1.45 in the first half in 2015 against Tk 44.36 million and Tk 1.50 in the same period last year.
Sheikh Kabir Hossain, president of the Bangladesh Insurance Association (BIA), blamed the political unrest of first quarter of 2015 for poor business of the general insurers.
"General Insurance's business depends on overall investments, exports and imports that were hampered by political unrest in the first quarter in 2015," said Mr Hossain, also the chairman of Sonar Bangla Insurance.
He, however, expressed optimism that the insurance business will see better  outlook in coming days amid growing economic activities in the country and stable political situation.
The companies which saw marginal profits are Asia Pacific Insurance, BGIC, City General Insurance, Eastern Insurance, Global Insurance, Green Delta Insurance, Nitol Insurance, Northern Insurance, Prime Insurance, Provati Insurance, Purabi General Insurance, Reliance Insurance, Rupali Insurance, Takaful Insurance and United Insurance.
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