Eastland Insurance approves 10% cash dividend for public shareholders
Eastland Insurance Co. Ltd. held its 38th Annual General Meeting (AGM) virtually on 30 June 2025. The meeting was presided over by Mr. Mahbubur Rahman, Chairman of the company. Several members of the Board of Directors, including CEO Mr. Mohammed Salim, participated in the meeting along with a large number of shareholders.
During the AGM, the Chairman presented the Directors' Report and the Audited Financial Statements for the year ended 31 December 2024, along with the Independent Auditor's Report. These reports were approved by the shareholders.
The shareholders approved a 10% cash dividend for the year 2024, applicable only to public shareholders (excluding sponsors and board members), as recommended by the Board of Directors. The appointment of both the Statutory Auditor and the Corporate Governance Compliance Auditors for 2025 was also approved.
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Mr. Rahman noted the challenges posed by the global economic recession, which has affected Bangladesh's economy. Despite these difficulties, Eastland Insurance earned a gross premium of Tk. 941 million in 2024 and settled claims totaling Tk. 4,206 million over its 38 years of operation. The company's total assets stood at Tk. 2,836 million as of 31 December 2024.
The Chairman highlighted the company's commitment to transparency and ethical business practices, noting recognition through awards such as the "Best Corporate Award" by the Institute of Chartered Accountants of Bangladesh (ICAB) in 2013 and 2020, and by the South Asian Federation of Accountants (SAFA) in 2020. Eastland Insurance also received the "Best Presentation Annual Report Award" from the Institute of Cost and Management Accountants of Bangladesh (ICMAB) for four consecutive years (2012-2015).
The company's credit rating was upgraded to "AAA" by Credit Rating Information and Services Ltd. (CRISL). The Chairman expressed determination to maintain and improve this rating. He also noted the challenges facing the insurance sector due to the presence of 46 non-life insurance companies in a limited market, which impacts growth and profitability.
The Chairman extended thanks to the Ministry of Finance, Insurance Development & Regulatory Authority (IDRA), Bangladesh Securities & Exchange Commission, Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), SBC, NBR, banks, valued clients, and shareholders for their continued support.
