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Chairman Message

Bismillahhir Rahmanir Rahim


Dear Shareholders,

It is with great pleasure I welcome you all to the 23rd Annual General Meeting (AGM) of Republic Insurance Company Limited (RICL).

Dear Shareholders, I also thank everyone today for joining the AGM through the digital platform. I hope you and your family are all safe and keeping well. It is my pleasure to place before you the Financial Statements of 2022 of the Company along with its performance. I would like to start with a brief overview of the performance and strategy of our company. In 2022 Republic Insurance Company Limited stepped into the 23rd year of the Company’s business operation with its commitment to maintaining superior corporate governance and balancing of growth, profitability, and risk.

Dear Shareholders, the Annual Accounts of the Company for the year 2022 is being presented herewith, from which you will observe that due to fluctuation of US dollar exchange rate and despite global financial crisis, the Company has completed another successful year. Even in the midst of various adversities, during the year the Company attained a gross premium income of Taka 83.83 crore and pre-tax operating profit of Tk. 16.80 crore. The profit was contributed by both underwriting and investment incomes, and in particular the underwriting profit stood at Taka 15.85 crore in 2022.

Dear Shareholders, in light of Insurance Act 2010 and directives of Insurance Development and Regulatory Authority (IDRA), non-life insurance services to be dispersed to the rural areas as well as to the social sector. And as part of its, RICL has been providing insurance coverage to the insured by underwriting small and medium enterprise (SME) business through its branch network at the remote areas of the country. The Company has also 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.

Dear Shareholders, We are very much confident that the Company will maintain its momentum in achieving growth in business and profitability in the years to come. We are greatly appreciative of the continued support and patronage from our clients and Shareholders and would look forward to continuation of the same.

Dear Shareholders, based on the operation profits for 2022, Board of Directors have proposed 10.5% cash dividend to the Shareholders of the Company.

Dear Shareholders, to conceive in prudent underwriting RICL follows all applicable Rules, Regulations and Orders of IDRA meticulously. RICL has been sending information about policies to the Unified Messaging Platform (UMP) regularly at the end of every day’s business.

Dear Shareholders, with a view to making the securities market lively in the interest of the general investors, the BSEC constituted the Capital Market Stabilization Fund (CMSF) with the unclaimed or undistributed or unsettled cash or stock dividend or non refunded public subscription money or un-allotted rights shares from the issuer of listed securities lying with them for more than three years. The Company being a listed issuer, has transferred the required amount of unclaimed dividend to the said Fund in compliance with the rules of the Fund.
We with sincere gratitude always remember our clients and shareholders for their tremendous support and trust reposed on us. We would like to extend our sincere thanks to Banks and financial institutions with whom we have extensive daily dealings along with the Regulators, Dhaka Stock Exchange Ltd, Chattogram Stock Exchange Ltd, BAPLC, NBR, FRC, BSEC, IDRA, Sadharan Bima Corporation, related Government bodies and stakeholders for their persistent co-operation and support.

I would like to extend my wholehearted thanks to the honourable members of the Board for their continuous co-operation and valuable advices to administer the affairs of the company smoothly and also to the different Sub- Committees of the Board for performing their defined roles.

I also humbly seek forgiveness of departed soul of late Hedayet Hossain Chowdhury Founder Chairman of the Company.

On behalf of the Board of Directors, I would like to take the opportunity to express our sincere thanks to the Chief Executive Officer, management team, Branch Managers and members of the staff of the Company for their commendable performance in adhering to company’s vision. I am very much confident and hopeful that they will continue to be steadfast in the face of adversity and achieve better results in the years to come.

May Allah keep us in peace and bless of all.

(Mohd. Hanif Chowdhury)