You will be happy to know that in 2018 underwriting profit achieved by the Company was Tk.8.77 crore as against Tk.7.57 crore in 2017. Pre-tax profit in 2018 increased to Tk.20.03 crore from Tk.19.10 crore in 2017. The underwriting result along with income from investment even in this tight insurance and investment market has exhibited positive growth. Total reserve has gone up to Tk.130.70 crore in 2018 as against Tk.123.98 crore 2017.
The Company continues to develop a well balanced business portfolio which is not only depended on any particular type of business or client. The Company is working to introduce new products and services.
Our other goal of doing business is the speedy settlement of the claims. We believe that insurer must seen as being in the business of indemnifying policyholders when misfortune strikes. Insurers have to pay valid claims quickly to the satisfaction of the clients.
We believe that adequate service levels, good corporate governance practices and compliance with regulation can have a significant impact on the company’s sustainability. We always try to execute all operation regulations which are introduced by the Insurance Development and Regulatory Authority (IDRA) of Bangladesh.
You will also be gold to know that our Company has been rated at “AA+” by Argus Credit Rating Services Ltd. (ACRSL) based on its financial statements ended December, 2017. This rating has been assigned in consideration of its good fundamentals such as good financial & technical performance, sound solvency position, re-insurance arrangements with local and foreign re-insurer, sound internal control and experienced top Management etc.
As a whole 2018 was a challenging year for the economy due to unhealthy competition in the insurance industry, unhealthy trend in domestic capital market, several exchange rate fluctuation of foreign currency, inflation rate, affect of
monitoring policy, continuous shortage of energy supply etc. Despite the above adverse situation in the economy and imposition of some effective measures by Insurance Development and Regulatory Authority (IDRA) in the insurance industry the entire insurance sector in the country has moved ahead.
I wish to extend my thanks to the loyal, dedicated and committed staff of the Eastern family who often have gone above and beyond the call of duty to support the growth of the company. The working environment that exists Eastern has contributed to strengthen the bands between employees and I look forward to a continued commitment from all staff towards our success in 2019.
I would like to express our appreciation to the Regulator for their untiring efforts to improve the standards of the Industry.
I conclude this Report with an expression of deep appreciation to our Chairman and Board of Directors for the continued guidance rendered to me steer Eastern Insurance Company towards greater levels of success.
Mohammad Haroon Patwary
Managing Director & CEO