Crystal Insurance Company Ltd recorded a 12 percent increase in profit year-on-year in 2023.

The insurer's profit was Tk 12.2 crore last year, up from the previous year's Tk 10.88 crore. Thus, earnings per share rose to Tk 3.05 from Tk 2.72, according to a filing on the Dhaka Stock Exchange. 

Crystal, however, suffered a 71.38 percent fall in net operating cash flow per share to Tk 1.74 in 2023 from Tk 6.08 in 2022. The company attributed a decrease in premium collections and a rise in claim payment to the cash flow slide. 

The board recommended a 7 percent cash and 10 percent stock dividend for last year.

In a separate filing, the insurer said the registered name of the company has been changed from "Crystal Insurance Company Limited" to "Crystal Insurance PLC". 

Last year, the central bank instructed companies to complete legal procedures to replace their company suffix "Limited" with PLC, in line with the amendment to the Company Act 1994.

Shares of Crystal declined 4.87 percent to Tk 111.3 today.