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Chairman Message

Bismillahhir Rahmanir Rahim

Dear Shareholders,

As-Salaamu-Alaikum

It is a great pleasure to me to welcome you to the 22nd Annual General Meeting of Republic Insurance Company Limited. On behalf of the Board of Directors, I would like to express my heartfelt thanks and profound gratitude to all of you for your continuous support and co-operation. I extremely honored in having the opportunity to present the report of the Board of Directors and Audited Financial Statements for the year 2021. I do hope that all of you have are safe and keeping well during the COVID-19 outbreak and I pray to almighty Allah for showering His blessings and also to protect all of us from pandemic situation.

Dear Shareholders, the year 2021 will be forever remembered as one when COVID-19 continued to change everything we define as everyday life. COVID-19 has brought disruption, strain, and sorrow for millions of people around the world, and my heart goes out to all who have lost a friend, family member, or loved one during the pandemic. This difficult period has reaffirmed RICL’s vital role in an industry that safeguards families’ financial futures, especially during times of deep uncertainty and fair loss. Throughout 2021, our operational and financial resilience was put to the test, and I am incredibly proud of how our employees and our business have responded by continuing to deliver on our promises to our clients, our investors and the communities in which we live and work.

Dear Shareholders, the insurance industry continues to evolve both worldwide, as well as in local setting, such as the Bangladesh insurance market. While the insurance sector is systemically important to the growth of a country’s economy, it has been slow in gaining that recognition, particularly in developing nations. As governments become sensitive to the importance of the insurance industry’s contribution to a nation’s economic development and growth, increased focus is gaining traction in the necessity of modernizing its insurance supervisory framework and helps steer the market to reach underserved segments and reduce the protection gap.

Dear Shareholders, although the coronavirus continued in 2021 as in 2020, the global economy was able to overcome the recession in 2021. According to International Monetary Fund (IMF), Global growth is projected to rise from an estimated -3.5 percent 2020 to 5.5 percent in 2021 and 4.2 percent for 2022. The progress to get back to pre-pandemic level of Global economy is slow though recovery of China has been faster than expected

Dear Shareholders, in spite of various adversities, the Company earn gross premium of Tk. 74.84 crore during the year. The net profit before Tax Stands at Tk. 16.56 crore and the total assets at Tk. 151.58 crore in the Accounts. If the motor insurance had not been stopped by the Government, the Gross premium would have gone up a lot more. However, this achievement indicates that the Company has maintained a sustainable financial position with steady business growth in the insurance sector of our country.

Dear Shareholders, the Company has been diversifying its business portfolio by increasing segments of medium and smaller clients and thus achieving a desirable spread of business which is fundamental to insurance sector. This is an on-going process and the Company will strive to develop a well balanced business portfolio which is not overly depended on any particular type of business or clients. We are very much confident that the Company will maintain its momentum in achieving growth in business and profitability in the year to come. We are greatly appreciative of the continued support and patronage received from our clients and shareholders and would look forward to continuation of the same.

Dear Shareholders, based on the operation profits for 2021, we have proposed 15% (5% stock dividend & 10% Cash) Dividend to the Shareholders of the Company and then the Paid up Capital of the Company will stand at Tk. 520,991,971 crore with the disbursement of stock dividend.

Dear Shareholders, I express my sincere gratitude to all our stakeholders and reiterate my deep appreciation for the continuous guidance and support extended to us by the Ministry of Finance, Insurance Development & Regulatory Authority (IDRA), Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange Ltd, Chattogram Stock Exchange Ltd, Sadharan Bima Corporation, Bangladesh Insurance Association, local banks, insurance companies and other financial institutions and I also extend my sincere gratitude to the Chief Executive Officer and to all the employees of the Company for their tireless dedication, devotion and effort made to continually improve the Company's performance.

Finally, I would like to convey my sincere thanks to my fellow directors for their support and co-operation. I would also like to give thanks to Shareholders, Regulatory Bodies, Valued Clients and the Management Team and the staff for their moral support and hard worked to take the Company forward and in delivering excellent results. I would also like to recognize their dedicated and unflinching services and convey my appreciation and thanks to all of them.

May Allah keep us in peace and bless us all.

(Mohd. Hanif Chowdhury)
Chairman