Phoenix Insurance plans building sale to meet dues, diversify investments
In August, Phoenix Finance and Investments, a non-bank financial institution, announced its stake selling plan in a bid to ease its prolonged financial crisis and repay part of its depositors’ funds.
Phoenix Insurance Company, one of the first-generation leading general insurers in Bangladesh, has decided to sell its stake in a building, "Phoenix Bhaban," to enhance investment income through diversification and to meet other liabilities, according to a disclosure published on the Dhaka Stock Exchange (DSE) today (25 September).
The insurer holds a 50% ownership stake in the eight-storey commercial building, which measures 8.61 kathas and is located in the Dilkusha area of Dhaka. The property is currently held on a 50:50 basis with Phoenix Finance and Investment, a non-bank financial institution (NBFI). Both companies are publicly listed and operate under the same ownership.
In August, Phoenix Finance and Investments, a non-bank financial institution, announced its stake selling plan in a bid to ease its prolonged financial crisis and repay part of its depositors' funds.
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According to data from the Insurance Development & Regulatory Authority (Idra), in the first quarter of 2025, from January to March, total insurance claim was Tk55.46 crore, and the company settled Tk4.69 crore with a settlement ratio of 4.46%.
In the first half of 2025, the insurer made a profit of Tk2.74 crore in the January to June period, marking a slight increase from Tk2.55 crore in the same time of the previous year.
While in the H1, its gross premium income slightly declined to Tk39.58 crore, but solely in the second quarter during the April to June quarter, its gross premium income increased to Tk17.84 crore, which was Tk16.70 crore in the same time of the previous year, according to its financial statement.
However, in 2024, it had reported a 4% growth in gross premium income to Tk75 crore over the previous year, while underwriting profit increased to Tk7 crore, and reported profit of Tk6.09 crore.
It had paid a 10% cash dividend to its shareholders for 2024.
In stock market activity yesterday, the last trading session of the week, Phoenix Insurance's share price closed at Tk28.6 each, marking an increase of 5.54% over the previous session.
