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Esteemed Shareholders, Board of Directors &

Assalamu Alaikum Wa Rahmatullah,

I stand before you today as the CEO of Asia Insurance Limited, a leading one non-life insurance company in Bangladesh. It is my privilege to address you at our 24th Annual General Meeting, and I extend a warm welcome to each one of you.

The year 2023 proved to be a challenging period for our company, as we faced various external factors that significantly impacted our operations and the insurance sector as a whole. The restrictions on imports due to the dollar crisis, along with the effects of the Ukraine-Russia war, resulted in a slowdown in industrialization and economic growth, not only in Bangladesh but globally.

Despite these formidable challenges, Asia Insurance Limited demonstrated resilience, adaptability, and a steadfast commitment to our policyholders and stakeholders. We faced the hurdles head-on and successfully settled numerous claims, ensuring that our valued policyholders received the necessary support during times of distress. We navigated the ban on obligatory third-party insurance as per the BRTA Controversial circulars, adapting to new Bangladesh Road
Transport Authority Act -2018.

Furthermore, we witnessed an overall downturn in the stock market of Bangladesh that squeezed up our investment portfolio. However, we prioritized the well being and protection of our policyholders by payments of reinsurer’s premium in time. This commitment ensured that our policyholders’ interests were safeguarded even during challenging times.

While we may not have achieved our desired targets in 2023, it & survive important to acknowledge the positive steps we have taken to position ourselves for success in the future. We have invested in a team of highly skilled and professional degree holders who bring fresh perspectives and expertise to our organization. Their contributions will undoubtedly strengthen our capabilities and drive our growth in the coming years.

Dear Shareholders

Looking ahead to 2024, we are optimistic about the opportunities that lie before us. We have made a plan to diversify our product offerings, particularly in the nontraditional insurance products. By expanding our range of services, we aim to cater to the evolving needs of our clients and provide comprehensive coverage that meets their specific requirements.

Looking ahead, we remain Committed to our core values of integrity, transparency and Customers satisfaction. We understand that the Insurance landscape is evolving rapidly; and we are determined to stay ahead of the Curve. By constantly adapting to changing market dynamics exploring new business opportunities and embracing emerging technologies. We will continue to trying sustainable growth and profitability.

I extend my heartfelt appreciation to our dedicated colleagues, whose hard work and commitment have been instrumental in our achievements. It is their relentless pursuit of excellence that has enabled us to navigate through difficult times and emerge stronger. Together, we will continue to build on our  successes and drive sustainable growth.

In conclusion, I am confident that Asia Insurance Limited is well-positioned to thrive in the coming year. We will leverage the skills and expertise of our team, the trust and support of our stakeholders, and the resilience that has defined our journey thus far. Together, we will overcome challenges, seize opportunities, and steer our company towards a successful future.

I invite you all too actively participate in today’s Annual General Meeting, sharing your valuable insights, suggestions, and concerns. Your feedback is invaluable
in shaping our future direction and ensuring that we continue to meet and exceed your expectations.

Thank you for your unwavering support, and I look forward to a fruitful and improving Annual General Meeting.

Md. Imam Shaheen, ABIA
Chief Executive Officer