Message from Chairman

It is an honor and privilege to address you all unwavering support and at the 24th Annual General Meeting of Asia Insurance Limited. As the Chairman of the Company, I extend a warm welcome to each and every one of you. Your presence here today reflects your unwavering support and trust in our organization, and we are grateful for your continued belief in our vision. I am also delighted to place before you the annual report and the Auditors’ Report for the year ended 31 December, 2023 .

 The year 2023 proved to be an extraordinary challenge for Insurance sector too. We faced numerous external factors that significantly impacted our operations and the insurance industry as a whole. I would like to take this opportunity to highlight some of the key challenges we encountered throughout the year.

 First and foremost, the Ukraine-Russia war and the subsequent geopolitical tensions caused a ripple effect on the global economy. This war unrest led to a decline in trade activities , affectng the opening of letter of credits and made slow down of industrial growth indeed. These circumstances, in turn, had an adverse impact on our business operations indeed.

 The downturns of the stock market have also impacted to our financial position. The payment of re-insurers for significant risk transfer at home and abroad impacted the net premium income. However we successfully faced these challenges making decision to safe guard the interests of our company as well as the valued clients.

Additionally, the slowdown in economic growth and the restrictions on imports in Bangladesh had a direct impact on industrialization. As a result, the demand for insurance products experienced a decline during this period.

Despite these formidable hurdles, I am proud to report that Asia Insurance Limited demonstrated resilience, adaptability, and a steadfast commitment to its core values. We weathered the storm and continued to serve our valued clients with integrity and dedication.

Throughout the year, we made concerted efforts to optimize our internal processes, enhance risk management frameworks, and develop innovative solutions to meet the evolving needs of our customers. We have expanded our digital capabilities, allowing for greater accessibility and convenience in accessing insurance services.

In light of the challenges we faced, it is important to acknowledge the dedication and hard work of our employees, their unwavering commitment, professionalism and resilience have been instrumental in overcoming obstacles and driving our success. I would like to express my sincere appreciation to each member of our Asia Insurance family. It is mentionable here that we may not achieve our business target but we were always aware of our clean & standard image prevailed in the Non-Life Insurance market. We strongly believe that the Asia Insurance is one of the most compliant General Insurance Company in Bangladesh.

Your sincere support and trust in Asia Insurance Limited have been a source of strength for us. We remain committed to upholding the highest standards of corporate governance, transparency, and ethical practices. We are focused on delivering long-term sustainable growth and maximizing shareholder value.

I would like to reiterate our gratitude for your trust and confidence in Asia Insurance Limited. Together; we will overcome obstacles and emerge stronger. Our commitment to excellence, customer- centricity, and financial prudence remains unwavering. I invite you to actively participate in today’s Annual General Meeting, providing your valuable insights and suggestions. Your voice is vital in shaping the future of our company.

The board of directors is satisfied with the net profit considering the extraordinary unexpected significant impact such as unfair competition for business grasping, Ukraine-Russia war banned on motor 3rd Party insurance as per BRTA’s controversial circular, downfall of overall stock market portfolio and restrictions on the import had a negative impact on the operational result to the some extent during the year-2023.