MESSAGE FROM THE DESK OF THE
MANAGING DIRECTOR & CEO
I would like to express my gratitude to the Almighty Allah for successful closing of the year 2021 with overall business success despite the outbreak of Corona Virus which has changed the world forever requiring unprecedented response from government. The year 2020 & 2021 may be characterised as the years of general holiday, quarantine, social distancing, stay at home, restriction on social gathering, ban on international flights etc. The most significant challenge that the COVID-19 pandemic poses to the global economy is to make a trade-off between human lives and livelihoods. COVID 19 affected every sector in Bangladesh specially; readymade garments, real estate, tourism, health, education, airlines, transport, financial sectors and SME sector. The regulators have made coordinated efforts with the Government in various fronts by combining fiscal and monetary stimulus, regulatory and supervisory measures and financial policy innovations to overcome the adverse impacts of the pandemic on our economy.
Despite CORONAVIRUS PANDEMIC, Asia Insurance Limited has completed a journey of more than two decades with a continuous and steady growth for which I want to thank for the continuous support and pragmatic guidance of the respected Members of the Board of Directors and the dedicated hardworking employee force of the Company. I sincerely and cordially thank you all from the core of my heart for your invaluable support and contribution towards the growth of the Company in this critical COVID-19 situation for which the entire world has an unbearable suffering in daily normal life and business.
Hope you all are aware that non-life Insurance business is operating in a hard-competitive segment of insurance market in Bangladesh. Considering this, we tried our best to make headway in our core business in this COVID-19 situation and successfully overcome. We undertook a series of measures both in policy level and operational level to address the pandemic situation to protect the Company resulting from any means of failure of internal and external system etc. since we are involved in a large number of complex transactions with clients, brokers and reinsurers. As a result of our all-out efforts,Shareholders’ Equity of
the Company increased in the year under report and stood at Y2021 Tk. 1067.80 million which was Tk. 975.17 million in 2020. Total Asset of the Company stood at Tk 2,520.52 million and Tk 2,032.95 million as on 31st December, 2021 and 2020 respectively. Balance in Investment in Govt. Bond, Shares, FDR Account as on 31st December 2021 was Tk. 1,398.32 million compared to Tk. 1,081.58 million in the same date of 2020 indicating 29.28% growth.
To provide developed and quick services to customers with full satisfaction is a very challenging job in the competitive business era. Keeping this challenge in view, we have focused on the development of human resources and best HR practices. To this end, recruitment of fresh blood and retention of competent personnel are our number one priority. Asia Insurance Limited always tries to sort out all possible ways it deems beneficial to promote its employees’ professional skill and efficiency. We recognize our personnel by awarding most competitive pay scale and incentives including different types of long-term benefits like Provident Fund, Gratuity etc. Depending on the market and growth of the Company, we review the pay structure on a regular interval basis.
AIL practices good Corporate Governance inside the Company and with the outside world. Management of Asia Insurance Limited is always free from the outside pressure and always follows unique rules and code for all. Board and its Committee take active part in decision decisionmaking and policy making activities and follow rules relating to the Articles of Association, IDRA guidelines, Company Act 1994, Insurance Company Act 2010, Corporate Governance Code 2018 of BSEC etc. while dealing with appointment, retirement, meeting, decision etc. Regulatory compliances with the different authority like IDRA, BSEC, RJSC, Bangladesh Bank, Income Tax Authority, VAT Authority etc, are our top priority. It is our strength, which facilitates good corporate governance, and adequate service levels, brining sustainability.
We sincerely hope that our respected shareholders, valued clients & other stakeholders will always be with us towards our journey. We assure you that Asia Insurance Limited is always ready to accept the upcoming challenges and are committed to maintain our momentum in business growth and profitability in the years ahead.
Md. Imam Shaheen
Chief Executive Officer