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It is my immense pleasure to take the opportunity on behalf of the Board of Directors of Asia Insurance Limited to present your Company’s achievements and progress of 2021 and cordially welcome you all to this great occasion the 22nd Annual General Meeting (AGM). I am also delighted to place before you the Annual Report and the Auditors’ Report for the year ended on 31 December 2021

I would like to remember with great respect the contribution of those honorable shareholders, valued clients and all stakeholders who breathed their last and are no more with us. Without their contribution the success of Asia Insurance Limited would not be possible either. I express my deep condolences to their bereaved families. This is also my great pleasure to recall that this Company was incorporated in the year 2000 under the profound leadership of the founder Chairman Mr. Abul Bashar Chowdhury in close cooperation and assistance of a group of business conglomerate of this country and this year, the Company has completed 22 years of its anniversary. This tremendous journey of two decades has become possible because of continuous efforts of our Board members. In two decades, Asia Insurance Limited has grown in a very enduring way. Today this Company is a renowned and trusted name among the top Non-Life Insurance Companies in the private sector of the country.

Dear Shareholders

The year 2021, the 50th anniversary of Bangladesh independence and 100th birth centenary of Bangabandhu Sheikh Mujibur Rahman, was a milestone in more ways than one. Today, Bangladesh is no longer remembered as an impoverished and resource-poor nation subjected to frequent natural calamities. 2021 marks the 50th year of positive annual GDP growth without recording a single year of negative growth.  The size of the economy at USD 400 billion is more than 50 times its sized in 1972, with a per capita income over 25 times (USD 2500 against USD 90); food production today at 38.7 million MT is nearly four times 1972 production, making Bangladesh with 165 million near self-sufficient unthinkable in 1972; exports as USD 38 billion in a competitive world market of 2021 has risen more than 100 times the 1972 value of USD 355 million.

The economy’s growth is still driven by investment rather than consumption. Relying on past data the economy’s capital-output ratio (which defines investment requirement for output growth) works out to 4.5 so that to achieve targeted growth rates of 7-8%, the economy needs investment-GDP ratio of 31.5% or more.

The government’s commitment and efforts were further strengthened with support from multilaterals and development partners like World Bank, Asian Development Bank, International Corporation (IFC) and USAID, who had been actively working on multiple levels towards facilitating trade.

Bangladesh’s economy continues to fight back with the spread of the COVID-19 pandemic since March 2020. As a result, all major economic and social segments of the country faced trouble in Financial Year 2020-20221, especially affected heavily during the second wave of the pandemic. The consequences of COVID-19 pandemic and multiple lockdowns during Financial Year 2021 pushed Bangladesh off its growth trajectory. After achieving above 7.0 percent growth since Financial Year 16 to three consecutive fiscal years, GDP growth reached 8.15 percent in Financial Year 19 which was praised worldwide. However, the COVID-19 pandemic poses negative effects on the Bangladesh’s economy. According to Bangladesh Bureau of Statistics (BBS), GDP growth decelerated to 3.51percent in Financial Year20, which has been estimated to 5.47 percent in Financial Year 2021. Bangladesh’s economy is projected to grow 6.9 percent in fiscal year 2022-23. In Bangladesh, the insurance business, after an early stage of dislocation, adventure and experimentation through last 42 year has now being established as a promising industry distributed between the public and private sectors. At present in private sector there are 47 non-life insurance companies running in Bangladesh. The growth of Bangladeshi Non-life insurance companies’ premium income in 2021 was -16.78% percent (approx), which was -6.71% in 2020. The non-life insurance sector earned approx. TK. 3681 million (estimated and un-audited), in 2021 and it was TK. 4402.06 in 2020.

Honorable Shareholders

Despite CORONAVIRUS PANDEMIC, Asia Insurance Limited had its efforts to shape up things up through changing and adjusting its operational style and are relentlessly striving to become a leading Non-Life Insurance Company in Bangladesh. While overall growth in the both Life and Non- life Insurance Company suffered a negative growth in terms of Premium Collections, Earnings, Assets, your Company  tremendously managed to overcome the situation with a positive growth in all business segments and finally able to declare 15.00% Cash dividend for the year 2021 for its shareholders compared to 12.00% cash dividend for the year 2020. Consolidated gross premium earnings of the Company increased to Tk. 757.81 million in 2021 compare to Taka 702.13 million in 2020. Underwriting profit has been increased to 193.28 million in 2021 compared to Taka 85.40 million in 2020. Profit after Tax has been 155.07 million in 2021 from Taka 110.36 million of the previous year. NAV per share was Taka 26.57 per share in 2021 compared to Taka 24.52 per share in 2020.Whereas NOCFS was Increase to Taka 6.83 per share compared to Taka 5.99 per share. We have been managing our liquidity in wisely and profitable way. Net claim for the year under report was Taka 127.39 million against Taka 171.16 million in 2020. GP ratio on turnover was 28.34% in 2021 compared to 21.51% % of 2020.

As per section 76(1) of Insurance Act 2010, Board may have 12 (Twelve) sponsors, 6 (Six) public and 1 (One)Independent Directors. The Board of the Company has been constituted with 12 Directors. All sponsor shareholders are the members of the Board. The other members of the Board are also eminent personalities from financial, trading and manufacturing sectors. The Board of Directors of Company is moderately diverse without having any significant changes during the period under surveillance.

We are looking forward to introduce new customized products and services that are tailored to different economic class of businessmen of this country and also undertaken some programs to expand our area of operation to the districts headquarters gradually considering importance, business strategy and business feasibility. Enormous emphasis has been given to create a technology-based environment realizing the facts that spending on widespread technology would be an Investment to support our growth and accordingly your Company has been relentlessly pursuing technology driven operations and services.

Despite the CORONAVIRUS PANDEMIC, we have taken the year 2021 as a challenge with the promise to increase the stakeholders’ values. Considering the stands and commitments towards stakeholders, the Company has prepared financial budget for the year 2021 setting of a target for Gross Premium Tk. 900.00 million, Net Premium Tk.630.00 million, Investment income Tk..52.5.00 million and Underwriting Profit Tk. 171.85 million which is realistic and challenging. Adopting new strategic business policy, your Company will leave no stone unturned to boost business in all areas of operation to achieve its corporate goal. Asia Insurance Limited emphasis on employment generation, environment friendly environment for equitable distribution of resources over geographical territory for sustainable growth of macro economy of the country. The pro-active management team of the Company with their talent & skill has been working continuously to achieve success in the performance of the Company. Bangladesh is vulnerable to natural disaster which exposes Asia Insurance Limited to catastrophic risk. In conclusion, I would like to thank and convey my sincere gratitude to my fellow board members for their generous support and also express my deep sense of gratitude on behalf of the Board of Asia Insurance Limited to IDRA, Well-wishers, Shareholders, and Stakeholders, Bangladesh Securities and Exchange Commission and other regulators for their sincere support, cooperation and guidance. I also place on record my appreciation to the efforts made by the management of the Company, for their hard work and deep-rooted commitment towards achieving our cherished goals. We also declare that your Company has CAT excess of loss treaty with SBC to protect the risk in fire business from which it can cover loss of Tk.7.00 million in excess of Tk.3.00 million. However, Asia Insurance Limited did not encounter any catastrophic loss in 2021 and 2020 .

Best regards,
Thanking you

Yussuf Abdullah Harun FCA & MP