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Eastland Insurance approves 10pc cash dividend in 35th AGM

July 21, 2022 00:00:00

Chairman of Eastland Insurance Co. Ltd. Mahbubur Rahman (top, left) presides over the 35th Annual General Meeting of the company held virtually on Wednesday. Members of the Board of Directors, Executive Vice Chairman Ghulam Rahman and Chief Executive Officer Abdul Haque FCA joined the AGM

The 35th Annual General Meeting (AGM) of Eastland Insurance Co. Ltd. was held on Wednesday through a virtual platform to avoid spreading of Covid-19, says a press release.

The meeting was presided over by Mahbubur Rahman, Chairman of the company. A good number of directors of the Board, Executive Vice Chairman Ghulam Rahman and Chief Executive Officer Abdul Haque FCA also joined the meeting.

The Chairman presented the 'Directors' Report', 'Audited Financial Statements' of the company for the year ended December 31, 2021 together with 'Independent Auditor's Report' 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 Tk 1,011 million in 2021 and settled claims amounting to Tk 3,438.55 million during the long 35 years of tenure.

The Chairman also stated that the total assets of the company stood at Tk 2,650.00 million as on December 31, 2021.

The shareholders approved 10 per cent 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 the Eastland Insurance, from the very inception, has been maintaining transparency and ethics in its business policy. In recognition, the company was awarded the 'Best Corporate Award' by the Institute of Chartered Accountants of Bangladesh (ICAB) for the year 2020 and 2013. Besides, the South Asian Federation of Accountants (SAFA) also awarded the company the 'Best Corporate Award' in 2020. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) awarded the company the prestigious 'Best Presented Annual Report Award' for four consecutive years -- 2012, 2013, 2014 and 2015.

The Chairman informed that the credit rating of the company for the year 2021 has been elevated to "AA+" (Double A plus) likewise the previous years by the Credit Rating Information and Services Ltd. (CRISL).

The company is committed to striving hard to maintain the achievement further to reach the pinnacle of rating within soonest possible time, he added.

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 and other agencies, valued clients and the shareholders for their continued support to Eastland.

Besides the members of the Board of Directors, a large number of shareholders joined the virtual AGM.

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