In fact your Company has done well during the period under report in relation to previous year. Your Company has earned gross premium of Tk. 36.07 crore against Tk. 34.96 crore of the previous year. The Company could able to maintain growth in its underwriting profit also. The net profit has increased by Tk. 0.59 crore.
The Board has taken certain steps to increase Company's gross premium income and also the retention. If this action plan can be implemented there will be increase of premium as well as profit.
You are aware that, as per Insurance Act 201O, 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.
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, 2013 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 momentums 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 the same.
Our object is to prove our efficiency and credibility to the clients by extending sincere and meritorious services to them. It is our motto to always extend advice on prudent underwriting in relation to Insurance requirements of the client and make prompt settlement of the genuine claims.
In the end, I would like to offer my deep appreciation and sincere thanks to our valued clients, esteemed shareholders, my colleagues in the Board and the employees of the Company for their continuous support and full co-operation.
With best regard