Message from M.D. & CEO

At the mercy of the Almighty, Eastern Insurance Company Limited could accomplish another triumphal year adding many more achievement and awards in our golden basket for which I express sincere thanks and gratitude to all concerned, specially to our dynamic Board, all shareholders, stakeholders, partners in business and efficient Management team including dedicated member staffs of the Company.

In 2019, our Company achieved Tk. 9.54 from underwriting profit as against Tk. 8.77 crore in 2018. Pre-Tax profit in 2019 increased to Tk. 20.28 from Tk. 20.03 crore in 2018. Our total reserve has gone up to Tk. 139.06 as against Tk. 130.70 crore in 2018.

You will be happy to learn that our Company has been rated “AA+” by Argus Credit Rating Services Ltd. based on its financial statements ended December 2018. Another Prestigious International Award styled as “Emerging Asia Insurance Award” has also been rewarded to the Company in 2019. On behalf of the company I myself attended the Conference held in Bangkok, Thailand organized by Indian Chamber of Commerce and received the Certificate of Excellence and the Souvenir/Medal as well.

Ladies and gentlemen,
In spite of tough competition in the Insurance Industry, our Company was able to maintain its on-going growth in every section including an increase of gross premium in 2019. And, as you know by this time that on the basis of Company’s overall financial strength, our Board of Directors recommended 20% cash dividend in 2019 like previous year. We do hope, our proven efficiency and credibility to the clients in respect of sincere and meritorious services to them will continue in the coming days also.

Dear presence,
With the promulgation of circular in 2nd July 2019 by the regulator IDRA. The General Insurance Sector has experienced a new turn in the market. We all are bound to comply with the instructions laid down in the circular including compliance of agency commission within the prescribed limit of 15%. Higher agency commission than the prescribed regulatory limit for acquiring business, if happens, may peril this Industry as is opined by the experts. However, we hope that this sector will further flourish in the coming days with the strict compliance and with all-out efforts and support from all concerned amidst any adverse situation.

As always , I would like to extend gratitude to our Board of Directors for their continued guidance, sincere & special thanks to BIA, IDRA, BSEC, DSE, CSE and other offiliated organizations & institutions for their co-operation and facilitations in discharging our tasks and responsibilities.

Last, but not the least, we lost many of our colleagues including the CEO in our sector who died due to the Pandemic Covid-19 and other diseases. Especially I must mention with encumbered & depressed heart the name of our Company’s SVP Khairul Alam who breathed his last by corona on 7th July 2019. We pray for the departed soul and extend heat-felt sympathy for the bereaved family members. May Allah grant him and all others Jannah.

Thanking You
Mohammad Haroon Patwary
Managing Director & CEO