Written by The Banking Post
Sonali Life Insurance Limited has reported a sharp decline in its life insurance fund, which fell by nearly Tk 770 million over a one-year period, alongside a drop in operating capacity.
According to its latest financial statements, published on Wednesday through the Dhaka Stock Exchange (DSE), the insurer’s life fund stood at Tk 7.92 billion at the end of September 2024, compared to Tk 8.69 billion a year earlier. This reflects a year-on-year decline of Tk 769.9 million.
On the same day, the company also released its financial statements for the first three quarters of 2024 (January–March, April–June, and July–September). However, under the rules of the Bangladesh Securities and Exchange Commission (BSEC), companies are required to publish quarterly reports within 60 working days of the quarter’s end. Sonali Life failed to meet this requirement, effectively breaching regulatory obligations.
The company’s cash flow per share has also deteriorated. As of September 30, 2024, per-share cash flow from operations dropped to Tk 16.03, compared to Tk 54.69 in the same period of the previous year.
