Eastland Insurance approves 10pc dividend

The 33rd annual general meeting (AGM) of Eastland Insurance Co. Ltd. was held on September 03 at 3:00pm. Due to the effect of Covid-19, the meeting was held through virtual platform.

Presided over by Mahbubur Rahman, Chairman of the company, the meeting was also attended by a good number of Directors of the Board, says a statement.

The Chairman presented the "Directors' Report", "Audited Financial Statements" of the company for the year ended December 31, 2019 together with "Independent Auditor's Report" thereon at the meeting.

He also informed the shareholders that the company earned a gross premium of Tk 1,035.32 million during the year 2019. Net profit of the company after tax stood at Tk 112.48 million in 2019.

The Chairman informed the meeting that the company during the last 33 years settled claims amounting to Tk 3,048.39 million. Total assets of the company stood at Tk 2,595.23 million as on December 31, 2019.

The shareholders approved a total of 10 per cent dividend (5.0 per cent cash dividend and 5.0 per cent stock dividend/bonus share) for the year 2019 as recommended by the Board of Directors.

The Chairman in his address stated that Bangladesh insurance market is very 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 the expected growth.

The Chairman also stated that Eastland Insurance, from the very inception, has been maintaining transparency and ethics in its business policy. Sound marketing strategy followed by obtaining best bargain from the global market of the insurance are the basic policy of the company. The company was awarded with ''Best Corporate Award" by the institute of Cost and Management Accountants of Bangladesh (ICMAB) for four times and "Best Presentation Annual Report Award" by the Institute of Chartered Accountants of Bangladesh (ICAB).

The Chairman informed that rating of the company for the year 2016-2019 have since been elevated to "AA+" (Double A plus) in consideration of the Audited Financial Statements, December 31, 2019. The company is committed to strive 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 and 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 were present at the meeting.