Even amid the pandemic, Eastland Insurance earned a gross premium of Tk859.50 million
Eastland Insurance Co. Ltd. held its 34th annual general meeting (AGM) virtually on Thursday, where the shareholders approved 10% dividend.
The meeting was presided over by Mahbubur Rahman, chairman of Eastland Insurance. Ghulam Rahman, executive vice president, and Arun Kumar Saha, CEO, attended the meeting, along with a number of directors of the board, said a press release.
The shareholders approved a total 10% Dividend (7% cash and 3% stock dividend/bonus share) for the year 2020 as recommended by the board of directors.
The chairman presented the directors’ report and audited financial statements of the company for the year ended December 31, 2020, as well as the independent auditor’s report.
He informed the shareholders that even amid the pandemic, Eastland Insurance earned a gross premium of Tk859.50 million, and settled claims amounting to Tk.400.50 million during 2020.
The total assets of the company stood at Tk2,689.82 million as of December 31, 2020.
In his address, the chairman stated that the Bangladeshi insurance market is relatively small to be able 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.
He added that Eastland Insurance has maintained transparency and ethics in its business policy from its very inception.
The chairman expressed profound thanks to the Ministry of Finance, Insurance Development & Regulatory Authority (IDRA), Bangladesh Securities and Exchange Commission, DSE, CSE, SBC, NBR, Bangladesh Insurance Association (BIA) and other agencies, valued clients, and the shareholders for their continued support to Eastland.
Credit Rating Information and Services Ltd. (CRISL) elevated the company’s credit rating for the year 2020 to “AA+” (Double A plus).
In the previous years, the company was awarded the ‘Best Corporate Award’ by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) for four consecutive years, and the “Best Presented Annual Report Award” by the Institute of Chartered Accountants of Bangladesh (ICAB) for one year.