Eastland Insurance approves 10% cash dividend in 36th annual general meeting

The 36th annual general meeting of the Eastland Insurance Co Ltd was held on Sunday (25 June) at 3:00 pm. 

The meeting was presided over by Mahbubur Rahman, chairman of the company, joined by directors and shareholders, said a press release. 

Chief Executive Officer Abdul Haque FCA placed different information to the shareholders.

The chairman presented the directors' report and audited "financial statements" of the company for the year ended December 31, 2022 along with the 'Independent Auditor's Report' in the meeting and shareholders approved the same. 

The shareholders approved a 10% cash dividend for the year 2022 as recommended by the board of directors. Shareholders also approved appointment of both statutory auditor and corporate governance compliance auditor for the year 2023.

The chairman stated that post-Covid-19 world economy has become squeezed due to the Russia-Ukraine war. Amid this situation Eastland Insurance earned gross premium of Tk1,186 million during the 2022 and settled claims amounting to Tk3,818 million during the long 36 years. 

He said, Eastland Insurance, from the very inception has been maintaining transparency and ethics in its business policy. In recognition the company was given the National Award for ''Best Presented Annual Report" by the Institute of Chartered Accountants of Bangladesh (ICAB) for the year 2020 and 2013. South Asian Federation of Accountants (SAFA) also awarded the company a "Certificate of Merit" in 2020 for Best Presented Annual Report. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) awarded the Company the prestigious- "ICMAB Best Corporate Award" for 4 consecutive years 2012, 2013, 2014 & 2015.

The chairman informed that credit rating of the Company for the year 2022 has been elevated to "AA+" (Double A plus) like 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 the shortest possible time.

The chairman in his address 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 the 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.