35th Annual General Meeting (AGM) of Eastland Insurance Co Ltd was held at 3:00pm Wednesday (20 July) on a virtual platform to avoid spreading of Covid-19.
The meeting was presided over by Mahbubur Rahman, chairman of the Company.
The meeting was joined by a good number of directors of the board. Executive Vice Chairman Ghulam Rahman & Chief Executive Officer Abdul Haque FCA also joined, reads a press release.
The chairman presented the "Directors' Report", "Audited Financial Statements" of the company for the year ended 31 December 2021 together with "Independent Auditor's Report" thereon at the meeting.
He also informed the shareholders, that the world economy has become squeezed due to the deadly effect of Covid-19. Amid this pandemic situation Eastland Insurance earned gross premium of Tk1011 million in 2021 and settled claims amounting to Tk3,438.55 million during the long 35 years tenure.
The chairman also stated that, the total assets of the company stood at Tk2650 million as on 31 December 2021. The shareholders approved 10% cash dividend for the year 2021 as recommended by the Board of Directors.
The chairman in his address stated that Bangladesh Insurance market is small in size to run 46 non-life Insurance companies. As a result the growth and profitability of companies are hindered and the insurance sector as a whole is failing to achieve expected growth.
The chairman added that, Eastland Insurance, from the very inception has been maintaining transparency and ethics in its business policy.
In recognition the company was awarded ''Best Corporate Award" by the Institute of Chartered Accountants of Bangladesh (ICAB) for the year 2020 and 2013.
Besides, South Asian Federation of Accountants (SAFA) also awarded the company in 2020 for Best Corporate Award.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) awarded the company the prestigious- "Best Presentation Annual Report Award" for four consecutive years 2012, 2013, 2014 and 2015.
The chairman informed that credit rating of the company for the year 2021 has been elevated to "AA+" (Double A plus) likewise the previous years by Credit Rating Information and Services Ltd. (CRISL).
The company is committed to strive hard to maintain the achievement further to reach the pinnacle of rating within soonest possible time.
The chairman expressed profound thanks to the Ministry of Finance, Insurance Development & Regulatory Authority (IDRA), Bangladesh Securities & Exchange Commission, DSE, CSE, SBC, NBR, BIA, Banks & other Agencies, valued Clients and the Shareholders for their continued support to Eastland.
Besides members of the Board of Directors, a large number of shareholders joined in the virtual Annual General Meeting.