Eastland Insurance approves 10pc cash dividend for public shareholders

The 38th Annual General Meeting (AGM) of Eastland Insurance PLC was held on Monday afternoon on a virtual platform, according to a press release.

The meeting was presided over by Mr. Mahbubur Rahman, the chairman of the company. A number of directors of the board also joined in the AGM.

Chief Executive Officer Mr Mohammed Salim also joined and provided different information to the shareholders. Besides members of the board of directors, a large number of shareholders joined in the virtual Annual General Meeting.

The chairman presented the Directors’ Report and Audited Financial Statements of the company for the year ended December 31, 2024, along with the ‘Independent Auditor’s Report’ thereon in the meeting and shareholders approved the same.

The shareholders approved total 10 per cent cash dividend for the year 2024 for the public shareholders only (except the sponsors and board members) as recommended by the Board of Directors. Shareholders also approved appointment of both Statutory Auditor and Corporate Governance Compliance Auditors for the year 2025.

The chairman stated that world economy has become squeezed due to the economic recession. Impact of world recession also hit our economy. In this situation Eastland Insurance earned Gross Premium of Tk. 941 million during the 2024 and settled claims amounting to Tk. 4206 million during the long 38 years tenure. The Chairman also stated that, the total Assets of the Company stood at Tk. 2836 million as on December 31, 2024.

The chairman added that, Eastland Insurance, from the very inception has been maintaining transparency and ethics in its business policy. In recognition the company was awarded for ‘’Best Corporate Award” by the Institute of Chartered Accountants of Bangladesh (ICAB) for the year 2020 and 2013. Besides, South Asian Federation of Accountants (SAFA) also awarded the Company in 2020 for Best Corporate Award. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) awarded the Company the prestigious- “Best Presentation Annual Report Award” for 04 consecutive years 2012, 2013, 2014 & 2015.

The Chairman informed that credit rating of the Company for has been elevated to “AAA” (Triple A) by the 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 soonest possible time. The Chairman also 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 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.