Hon’ble Shareholders, Members of the Board and Guests,

Assalamu Alaikum,

On this joyous eve I humbly take this opportunity to thank all our shareholders, valued clients & well-wishers for their constant co-operation and support & also for attending our 38th Annual General Meeting.

I also convey gratefulness to the Honorable Chairman and the Board of Directors of the Company who have been providing their generous guidance to the management team which has helped them much to grow and furnish inner qualities & confidence with time. We express our hearty appreciation to all of you for your efforts to stand by our side throughout this long time and wishing the same in future.

During the year 2023, the world continued to be disrupted and unpredictable for every person and organization due to the rage of COVID and outbreak of the ongoing War. However I am happy to say that we have managed through the global crisis ensuring wellbeing and health of our dear colleagues. Even in this uncharted environment we remained supported by the stability of our business foundations that are anchored on our enduring passion for customer innovation, product value, operational excellence and sustainable financial management. And with the efforts of our workforce we have achieved such financial improvements the details of which have already been presented broadly by our Honorable Chairman. Hence I would like to present a short review on our Company’s activities and its performance.

It is noticeable that despite all of the obstacles, the Company earned gross premium income to tune of Taka 590.92 million in 2023 as against Taka 507.69 in 2022 and earned net premium income of Taka 404.84 million in the year 2023 as against Taka 333.16 million in 2023 during the Financial Year 2023. This is undoubtedly a big achievement for us that our Company has achieved exceptional business which shall be considered as a great contribution to the overall socio-economic growth of our Company. In consideration and being pleased by the conquest, the Board of Directors are proposing 11% cash Dividend for the year ended 31st December 2023.

Besides we are making good progress on our enterprise-wide efforts focused on underwriting excellence, modernizing our operating infrastructure using Integrated Software in every department, developing client-employee experience and trying to become a more unified Company. Our most premium generating business classes are Fire, Marine, Motor and Miscellaneous. This year we have gained a healthy underwriting profit with an increase of 4.30%. As a result of the optimal financial condition we have received “AAA” for the year 2023 scrutinizing the Audited Financial Statements of December 31, 2023. This rating indicates that we have high claim paying capability with strong protection supported by better performance and sound solvency position.

We are focusing on finding out the key challenges including addressing competition and enhancing our profit margins. Our strategy in 2024 is to deliver sustainable, profitable growth in a changing and competitive business environment in order to maintain our challenger position in the industry.

At last, I would like to take the pleasure of expressing my heartfelt gratitude to our respected shareholders, clients, and well-wishers as well as colleagues for their faith in us continued support and immense contribution to the outstanding results of the company.

In Closing, I like to convey my heartiest thanks to the Branch Managers, Executives, Officers and Employees of the Company for their outstanding support.

We wish to the Almighty Allah for strength to conquer the future challenges with professionalism as always.

With best regards,

Mohammad Abu Bakkar Siddique
Chief Executive Officer