Speech
Bismillahhir Rahmanir Rahim
As-Salaamu-Alaikum
Dear Honorable Shareholders,
It is my great pleasure to welcome you all to the 24th Annual General Meeting (AGM) of Republic Insurance Company Limited (RICL). I convey my sincere thanks to all of you for joining in the AGM of the Company virtually through digital platform.
I would like to express my heartfelt gratitude to Almighty Allah for keeping us safe and successfully closing the year 2023 despite of all economies challenges. RICL successfully maintained a steady growth rate of 20% in 2023, exceeding industry benchmarks. Through strategic initiatives and a focus on customer service, Republic Insurance achieved consistent year-over-year growth in its key business segments. We always remember, insurance is not just a product, it’s a promise. And we take that promise to heart, making sure of our contribution to our customer’s value chain. Despite challenging market conditions, Republic Insurance’s commitment to innovation and operational efficiency allowed it to maintain a strong growth trajectory.
Dear Shareholders, we are happy to announce that the Company was able to perform well and the gross premium of the Company has promoted to hundred in 2023. During the year the Company earned a gross premium Tk. 100.96 corresponding to Tk. 83.83 crore in 2022. Summarized position of the financial indicators is presented below:
Amount in BDT in Crore
|
Particulars
|
2023
|
2022
|
Growth
|
Gross premium
|
100.96
|
83.83
|
20%
|
Gross claims
|
93.97
|
3.42
|
175%
|
Net profit after tax
|
12.05
|
10.21
|
18%
|
Earnings per Share
|
2.31
|
1.96
|
18%
|
Furthermore underwriting income of the Company has been increasing and it is in a stable position compared to market scenario. Our most premium generating portfolios are Fire, Marine, Motor and Miscellaneous. With a view to generate significant premium, we have already introduced some new portfolios for the clients and also trying our level best making use of our underwriting capabilities.
Dear Shareholder, compliance at RICL isn’t just a priority, it’s our foundation for success. We rigorously adhere to regulations set by IDRA, Bangladesh Bank, and Bangladesh Securities and Exchange Commission, ensuring strong corporate governance, quality service, and sustainable growth. Beyond compliance, we embrace self-regulation, empowering us to proactively set high standards and exceed expectations. This commitment positions us as a market leader, earning trust and driving long-term value for all stakeholders.
Dear Shareholders, aiming to bring transparency to the insurance industry, IDRA launched a digital ecosystem called 'Unified Messaging Platform (UMP)' in 2020, through which small messages were initially sent to policyholders' mobiles urging them to deposit premiums and later another small message regarding confirmation of premium deposits. About 35 types of information are currently being stored through this technology including customer identity, insurance policy tenure, details of premium deposited. At present policy repository, E-receipt, E-KYC, mobile app for insurance information, insurance customer portal, Electronic Report, Business Intelligence Tools, Agent Licensing Online (ALO) module services have been added by increasing the scope of services. IDRA has taken various steps to develop business friendly in insurance sector. Among these, the Corporate Governance Guidelines, Insurers’ Regulatory Sandbox Guidelines, Corporate Agent (Bancassurance) Guidelines and Insurers’ Customer Protection Guidelines. We hope that if the guidelines of IDRA are fully implemented, the insurance industry will gain momentum and play an important role in the economy of the country.
Dear Shareholders, 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.
Dear Shareholder, since human resource is the back bone of the Company, it has been continuously striving to ensure availability of skilled and experienced manpower through proper recruitment and training of its existing staff, within the country as well as in abroad. Likewise development of information technology facilities has been given high priority in order to ensure efficient functioning of the Company.
Dear Shareholders, it is our wish that Republic Insurance will continue its endeavours to maintain its position and reputation as a sound insurance provider with adequate financial security. We are very much hopeful that, as before, you will continue to extend your support to the Company and we assure that we will make all efforts to honour your trust by running the Company with the highest regards for ethics, integrity and honesty.
Dear Shareholders, I would like to thank 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 esteemed stakeholders, well-wishers, Ministry of Finance, Insurance Development and Regulatory Authority (IDRA), Bangladesh Bank, Bangladesh Insurance Association (BIA), Bangladesh Insurance Forum, Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock Exchange PLC., Chattogram Stock Exchange PLC., Co-insurer and re-insurer for their patronage support.
Finally, I would like to thank Management Team, Branch Managers and staff members for their sincere dedication, commitment and extreme hard work throughout the year and also thank every customer for reposing their faith in us and the regulators for their constant support.
Thank you and best wishes to you and your family.
(Dr. A K M Sarwar Jahan Zamil)
Chief Executive Officer