arthoniter 30 din
:
Dear, Honorable Shareholders, As-Salamu Alaikum,
It is my great pleasure to welcome you all to the 21st Annual General Meeting (AGM) of Republic Insurance Company Limited (RICL). I also express my deepest condolences to those who have lost their near and dear ones during the Covid-19 pandemic and wish everyone with sound health and safety.
Dear Shareholders, the year 2020 has been a challenging one, to say the least, facing uncertainties both in economic and social spheres. At a time when the economy and insurance markets were thrown into disarray due to the pandemic, to the best support of the Management and Staff, the Company has completed another year of successful operation as one of the leading non-life insurance companies of Bangladesh. The situation of corona virus epidemic in 2020, RICL has made every effort to provide insurance services to ensure the safety and security of customers and other stakeholders.
Dear Shareholders, since its inception in 2000 Republic Insurance Company Limited has achieved a remarkable success and has committed to ensure the best of its service to the clients for all these years. The Management Team is pledge bound to maintain highest level of ethical standards, professionalism and transparency. We firmly believe that our Annual Report aptly reflects our openness and transparency in reporting our Company’s affairs.
Dear Shareholders, despite various obstacles for Economic growth Republic Insurance Company Limited has kept its steady growth in responding the needs and expectation of the customers. It is determined to run the Company as 100% compliance to the rules, regulations and circulars of the Insurance Development and Regulatory Authority and directives of Bangladesh Insurance Association (BIA), Bangladesh Insurance Forum (BIF) which helped it to improve operational quality and skills. It has achieved the target of 100% collection, Zero tolerance to outstanding, profit before tax and income of underwriting increased at the moderate rate.
Dear Shareholders, backed by strong performance of its investment portfolios, the Company earned Net Profit before Tax Taka 15.41 crore during the year. The total Assets of the Company at Taka 136.75 crore. We are confident that the Company will maintain its progress during the year 2021 and its gross premium income growth will receive further momentum as the Company consolidates its position. The Company has greatly appreciated the support of its customers under a very competitive environment and it continues to attach the highest importance in providing top class services to its clients aimed at ensuring long term business relationship. As per our existing practice, we will continue to create value for our customers, clients, and partners through our insurance products and service. As a result, our insurer through our consistent focus on delivering adorable and personalized products, services and solutions our bondage with them will be stronger and services will be faster and they feel safe. It is our wish that Republic Insurance will continue its endeavours to maintain its position and reputation as a sound insurance provider with first class financial security. I very much hope that, as before, you will continue to extend your support to the Company.
Dear Shareholders, Insurance Development and Regulatory Authority (IDRA) has rightly indentified the obstacles in insurance industries and it is trying to resolve those problems notable steps already taken are prohibition of undertaking risk with premium rate lower than tariff rate and stopping the tendency of issuing insurance documents without receiving premium. Insurance Companies and Bangladesh Insurance Association (BIA) have come forward in implementing the steps adopted by IDRA with sincerity. By this insurance companies are being benefited they are advancing gradually toward prosperity.
I would like to thank our Honorable Chairman and Honorable Board of Directors for their wise counsel, which has been particularly valuable in these times of financial and social stress. I would also like to thank all our esteemed stakeholders, well-wishers, Ministry of Finance, Insurance Development & Regulatory Authority (IDRA), Bangladesh Bank, Bangladesh Insurance Association (BIA), Bangladesh Insurance Academy, Bangladesh Securities & Exchange Commission (BSEC), Dhaka Stock Exchange Ltd., Chattogram Stock Exchange Ltd., our co-insurers and re-insurers for their support to the company. I am grateful to all Management Team for their valuable advices from time to time. I would also like to thank the members of standard for their loyalty and the devotion in maintaining the company’s high standard of business ethics.
Finally, I thank to all other stakeholders, our insurer, all branch managers and communities, for your continued support. We exist to serve you, and more determined than ever before to ensure the best possible outcomes for you.
We look forward to your continued trust and support.
Allah Hafez
Dr. AKM Sarwar Jahan Zamil
Chief Executive Officer
