Eastland Insurance holds 37th AGM

The 37th Annual General Meeting (AGM) of Eastland Insurance Co. Ltd. was held on Tuesday, April 30, 2024 at 11:30 a.m. through Virtual platform. The Meeting was presided over by Mr. Mahbubur Rahman, Chairman of the Company.

A remarkable numbers of Directors of the Board also joined in the AGM. Chief Executive Officer (C.C.) Mr Shahid-E-Monjoor Morshaed also joined and placed different information to the shareholders, reads a press release.

The Chairman presented the Directors' Report and Audited Financial Statements" of the Company for the year ended December 31, 2023 along with the 'Independent Auditor's Report' thereon in the meeting and shareholders approved the same. The Shareholders approved total 10% Cash Dividend for the year 2023 for the public shareholders only (except the Sponsors and Board Members) as recommended by the Board of Directors. Shareholders also approved appointment of both Statutory Auditor and Corporate Governance Compliance Auditor for the year 2024 and also approved change of name of the company to- Eastland Insurance PLC.

The Chairman stated that world economy has become squeezed due to the economic recession. Impact of world recession also shaken our economy. In this situation Eastland Insurance earned Gross Premium of Tk.1029 million during the 2023 and settled claims amounting to Tk.4018 million during the long 37 years tenure. The Chairman also stated that, the total Assets of the Company stood at Tk.2565 million as on December 31, 2023.

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 for ''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 04 consecutive years 2012, 2013, 2014 & 2015.

The Chairman informed that credit rating of the Company for the year 2023 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 also stated that Bangladesh Insurance market is not enough to run 46 non-life Insurance Companies. As a result the growth and profitability of Companies are hindered and Insurance sector as a whole is failing to achieve expected growth.

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.