Peoples Insurance Company declares 10.50% cash dividend at 40th AGM

Peoples Insurance Company Limited, one of the leading insurance companies in the country, has declared a 10.50% cash dividend for the year 2024. The announcement was made during the company's 40th Annual General Meeting (AGM), held virtually on Monday, 30 June, in compliance with all guidelines of the Bangladesh Securities and Exchange Commission (BSEC).

The meeting was presided over by Chairman Zafar Ahmed Patwary. Vice Chairperson Mohammad Anwarul Haque, Investment Committee Chairperson Mohammad Ali Hossain, directors Amir Humayun Mahmud Chowdhury, Md Farhad Ahmed Akand, Saiful Arefin Khaled, Kabir Ahmed, Mrs. Farzana Jahan Ahmed, Md Mahbubur Rahman Patwary, Md Azizul Haque, Dr. Jyotsna Ara Begum, and Mohammad Mizan Victor Mohsin, along with several independent directors and senior officials including Chief Executive Officer S.M. Azizul Hossain, were also present, according to a press release. 

Over 220 shareholders, along with observers from DSE, CSE, and BSEC, statutory auditors, and other officials joined the meeting through a digital platform. Company Secretary Sheikh Md Sarfaraz Hossain FCS moderated the session.

Shareholders unanimously approved the audited financial statements for 2024, the board of directors' report, and the proposed 10.50% cash dividend. They also approved the appointment and reappointment of directors and statutory as well as compliance auditors for the year 2025.

In his welcome address, CEO S.M. Azizul Hossain presented an overview of the company's performance. He reported that the company had experienced stable operations without any extraordinary activities during the year. All related-party transactions were conducted at arm's length and under fair commercial terms.

Audit Committee Chairperson informed the shareholders that there were no significant discrepancies between quarterly and annual results. Financial statements accurately reflected the operational results, cash flow, and equity changes.

According to the financial analysis, the general reserve increased by Tk27.5 million, reaching Tk55.5 million. The profit and loss appropriation account grew by Tk2.92 million to Tk52.39 million. The fire insurance fund rose to Tk52.94 million, up by Tk8.91 million, while the marine insurance fund increased by Tk19.14 million to Tk150.96 million. However, the motor insurance fund decreased by Tk2.04 million, standing at Tk15.04 million.

The company's total premium income in 2024 stood at Tk788.19 million, up from Tk745.99 million in 2023—an increase of Tk42.20 million. Net premium income after reinsurance rose to Tk495.08 million, compared to Tk436.76 million in the previous year, marking an increase of Tk58.32 million.

Notable growth was also seen in the Bangladesh government treasury bond investment, which rose to Tk192.60 million from Tk122.60 million, and in total long-term assets, which reached Tk792.48 million. Short-term assets grew by Tk42.04 million to Tk700.80 million, while cash and cash equivalents slightly decreased to Tk1,503.18 million from Tk1,524.26 million due to operational outflows.

Chairman Zafar Ahmed Patwary, in his closing remarks, expressed satisfaction with the company's performance and acknowledged shareholders' continued support. He noted that the company had grown its reserves and total assets from Tk0.61 million and Tk42.41 million respectively at inception to Tk946.09 million and Tk2,996.46 million at the end of 2024. Shareholders expressed appreciation for the board's prudent leadership and consistent growth over the past four decades.