It is a great privilege and pleasure on the part of me to meet you all in the 33 rd Annual General Meeting of the Company. I take the opportunity to offer heartiest welcome to all of you here attending this meeting on my own behalf as well as on behalf of the Board of Directors of the Company. Before going to the subject, I would like to express my deep condolence to those members of the Company who have departed from us during the last year. May Allah grant them eternal peace.
In spite of huge competition in the Insurance Industry, your Company could able to maintain its growth during the period under report in relation to the previous year. Your Company has earned gross premium of Tk. 46.08 crore against Tk. 41.89 crore of the previous year which is an increased of 10%. The Company also registered growth in its underwriting profit and net profit also.
The Board has taken certain steps to increase Company’s gross premium income and also the retention. If this action plan can be implements there will be increase of premium as well profit.
You are aware that, as per Insurance Act 2010, Paid up Capital of Non Life Insurance Company should be Tk. 40 crore. The Paid up Capital of the Company has already reached to Tk. 43.11 crore. Considering this fact, the Board recommended 20% cash dividend for the year 2014.
The Company has a Subsidiary Company in the name of EIC securities Ltd. to carry out share trading business as stock broker and stock dealer. This Company is now operation its business under Chittagong Stock Exchange Ltd. The financial statement and brief of business operations of this Company is also included with this Annual Report.
The Board of Directors recommended 20% Cash Dividend for the year 2018 subject to the approval of shareholders in the AGM. This declaration has been announced on the basic of assessing Company’s Revenue, Cash flows, financial condition, Capital requirement, Current year’s profitability, Liability position, Reserve, Dividend consistency, Future expansion plans etc.
You will also be appreciated to know that Eastern Insurance has been rated “AA+” by Argus Credit Rating Services Limited (ACRSL) based on its financial statements ended December 31, 2017 which indicated high claims paying ability, good financial performance and sound solvency position of the Company.
We are very much confident that the Company is poised to accept challenges of the future capitalize the opportunities arising and maintain its momentum in growth of business and profitability in the years to come. We are most obliged and appreciative of the continued support and patronage received from our clients and shareholders and would look forward to continuation of
With best regards,