Paramount Insurance Company s net profit plunged 38 per cent year-on-year to Tk 76.04 million in 2022 mainly due to a decrease in premium income from the marine insurance segment.FEIn 2021, the general insurer made a profit of Tk 123.07 million.The insurer s earnings per share (EPS) stood at Tk 1.87 for 2022, down from Tk 3.03 a year before, according to its audited financial statements published on Tuesday.The company is yet to disclose its gross premium income in 2022.Mohammad Arif Hossain, chief financial officer of the company, said profit declined due to a decrease in gross premium income and lower earnings from the maritime business segment.Interest income from fixed deposit receipts and stock market investments also fell due to the bearish market trend.The company has a significant exposure to the stock market battered by macroeconomic instability caused by higher imports, dollar shortage, and runaway inflation.A slowdown in underwriting business and the third-party insurance was also responsible for the fall in profits.The marine insurance business fell as the opening of the letters of credit (LCs) plummeted in 2022 due to the dollar shortage.Third-party insurance is a policy purchased by the insured from the insurer for protection against claims by a third party. For example, the owner of a vehicle pays a premium to an insurance company to cover the damage in a road accident involving the vehicle.In Bangladesh, no one buys third-party insurance products since it is not mandatory under the Road Transport Act 2018 in effect.The CFO said the company looked forward to a business rebound as the government was likely to make insurance mandatory for all types of vehicles, including motorcycles, cars and buses.The Insurance Development and Regulatory Authority (IDRA)) has sent a proposal recently to the finance ministry to take an initiative to amend the 2018 act.Paramount Insurance provides insurance coverage for fire, marine cargo, personal accident, overseas medical claims, motor vehicles etc.The insurer is also trying to enhance underwriting capabilities so that the company can generate higher premium income in days to come, said Mr Hossain.The board of the company has recommended 10 per cent cash dividend for 2022 as was the case in the previous year.The final approval of the dividend will come at the annual general meeting (AGM) scheduled for June 12. The record date is May 3.The company has also reported net asset value per share of Tk 25.81 and net operating cash flow per share of Tk 3.16 for 2022, as against Tk 25.25 and Tk 4.20 in 2021.The stock price of the general insurer hit the floor price of Tk 38.40 on March 14 and has been stuck there since.Presently 56 insurers -- both life and non-life - are listed in the country s capital market.