Bismillahir Rahmanir Rahim,
I convey my greetings to you and welcome you all to the 22nd Annual General Meeting. We are celebrating our 22nd anniversary this year, and today, I am delighted to inform you that Republic Insurance Company Limited (RICL) has been successful in fighting back the adverse impacts of the pandemic and returned to the course of recovery with satisfying profitability and resilient results. During the COVID-19 pandemic in 2021, RICL has made every effort to provide insurance services to ensure the safety and security of customers and other stakeholders.
Dear Shareholders, despite challenging conditions of COVID-19 pandemic situation, the Company has earned a remarkable gross premium during the year. As one of the 3rd generations non-life insurance companies in the national market, this achievement has been made possible by the hard work of Company’s Management Team and your steady support towards the Company. RICL was successful to gain trust and goodwill among the customers and successfully provided the best insurance service to the customers and increased profitability by identifying and addressing risks efficiently. This success was a result of the strong forecasting of the market scenario by the Board and timely implementation of the decisions by the Management Team. Both internal and external risks were taken care of and the underwriting result began improving immediately. The hard work of the employees has enabled the Company to carefully assess, analyze the underlying risks and made the pricing balanced. As a result, Balance Sheet of the Company has been satisfactory, considering the ongoing economic challenges. RICL has also emphasized tech-based operations. The statistical analysis and strong decision making have endorsed the Company against all odds. Dear Shareholders, as always, we maintain a healthy underwriting profit due to continuous striving for professionalism. Our most premium generating business classes are Fire, Marine, Motor and Miscellaneous. RICL is trying its level best in order to enhancing our underwriting capabilities so, that we can generate significant premium from other unexplored Market.
Dear Shareholders, we definitely believe that RICL, with its world class insurance services, will remain committed to overcome the challenges of the future and regain momentum for prudential business growth in years to come. The Government has been trying its best with appropriate steps to revive and rebuild the economy under the most challenging situations. Similarly, we are directing all our efforts in gearing up our business activities to the full potential, thereby recouping business lost during the conditions created by COVID-19 pandemic. We are confident and looking forward to the successful business operation of our company in 2022.
Dear Shareholders, we always comply with Rules & Regulation and guidelines of Insurance Development and Regulatory Authority (IDRA) time to time. To digitalize and improving Bangladesh insurance sector, IDRA has been implementing various steps. In continuation of this, to development, transparency and bringing confidence of insurer of insurance industry, IDRA had implemented Unified Messaging Platform (UMP). As a result, insurance related services are being provided to customer through UMP which including Digital Policy Repository/ Central Database, SMS and E-mail Notification System, E-Receipt, Policyholder Portal and Mobile App of insurance information. Moreover, IDRA had also implemented Agent Licensing Online (ALO) Module and Business Intelligence Tools (BI), and all service relating insurance agent are being provided through it. For implementation of the mentoined services, the Insurer is now receiving service through online at home and is constantly receiving information through mobile day by day.
Dear Shareholders, despite the rescheduling of insurance tariff rates and closed of motor insurance, with the cooperation of all, the company has been able to achieve a gross premium Tk. 74.84 crore in 2021. The net profit after Tax Tk. 11.42 crore and EPS Tk. 2.38 during the year. We hope that to back by strong performance of the Management, Branch Incharges and employees of RICL the Company will be able to increase premium in the forthcoming year.
I would like to convey thanks to our Honorable Chairman and Honorable Members of the Director 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, Ministry of Finance, Insurance Development & Regulatory Authority (IDRA), Sadharan Bima Corporation (SBC), Bangladesh Bank, Bangladesh Insurance Association (BIA), Bangladesh Insurance Academy, Bangladesh Securities & Exchange Commission (BSEC), Dhaka Stock Exchange Ltd., Chattogram Stock Exchange Ltd., Co-insurers and Re-insurers for their support to the Company. I am grateful to the Management Team for their valuable support from time to time.
Finally, I express my thanks to all Shareholders, Insurers, Branch Incharges and employees of all level for your continued support and co-operation.
(Dr. A K M Sarwar Jahan Zamil)
Chief Executive Officer