This Company continues to develop a well balanced business portfolio which is not only dependent on any particular type of business or client. The Company is working to introduce new products and services. The business has continued to grow and credit for that is due to team effort by loyal and committed staff dedicated to their tasks. We are continuously striving to add value to our customers, reviewing our products on a regular basis and revamping where necessary.
You will also be glad to know that Eastern has been rated at “AA” by Argus Credit Rating Services Ltd. (ACRSL) based on its financial statements ended December, 2013. 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-insurers, sound internal control and experienced top Management etc.
As a whole 2014 was a challenging year for the economy due to unhealthy competition in the Insurance Industry, political unrest, liquidity crisis, 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 bonds between employees and I look forward to a continued commitment from all staff towards our success in 2015.
I would like to take this opportunity to express my deepest gratitude to all our stakeholders for their continued support and pledge. We also 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 all the guidance given to me to steer Eastern Insurance towards greater levels of success.
Mohammad Haroon Patwary