Assalamu Alaikum Wa Rahmatullah
It is an honor and privilege to address you all today at the 23rd 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, 2022.
The year 2022 proved to be an extraordinary challenge for Asia Insurance Limited. 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 unrest led to a decline in trade activities, affecting the opening of letter of credits and creating a dollar crisis. These circumstances, in turn, had an adverse impact on our business operations.
Furthermore, Asia Insurance limited experienced in claim payments due to unforeseen events. We fulfilled our commitment to policyholders by ensuring timely and fair claim settlements. However, the magnitude of these claims put a strain on our financial resources. Besides Reintroduction of the agency commission by IDRA’s circular dated: 24.10.2021 increased business procurement cost during the year 2022.
The downturn of the stock market and the payments of the reinsurers for significant risks underwritten added further complexities to our financial position. We actively managed these challenges, making prudent decisions to safeguard the interests of our policy holders.
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 exceptional 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.
Your unwavering 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.
As we move forward, we recognize that the road to recovery may still be challenging, but we are confident in our ability to adapt and seize new opportunities. We will continue to innovate, diversify our product offerings, and expand our market presence.
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 re-introduction of agency commission expenses as per IDRA’s circular dated 24.10.2021, Ukraine-Russia war, banned on motor 3rd Party insurance as per BRTA’s controversial circular, downfall of overall stock market portfolio, claim payments and re-insurance payment etc had a negative impact on overall operational result to the some extent during the year-2022.
Your company has always maintained a sustainable dividend policy and has been paying reasonable dividend constantly. During the year ended on 31st December, 2022 the board of directors of the company in its 155th board meeting held on 9th April, 2023 recommended 11% (eleven) cash dividend to its honorable share holders subject to approval in the 23rd Annual General meeting.
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.
Thank you once again for your unwavering support, and I look forward to a fruitful Annual General Meeting.
Yussuf Abdullah Harun FCA, MP