Sonar Bangla Insurance Limited (SBlL) a Non Life Insurance Company was incorporated on March 14, 2000 as a Public Limited Company under the Companies Act, 1994 with the vision to become a premier non-life insurance Company. It obtained the certificate of registration for carrying insurance business from the Chief Controller of Insurance (Now IDRA) on April 26, 2000. The Company started its business with a paidup Capital of Tk. 6.00 crore against the authorized Capital of Tk. 20.00 crore being sponsored by group of renoun business personalities and reported industrialist of the country having involvement diversified business. Presently its Authorized Capital is Tk. 100.00 crore and paidup Capital is Tk. 42,04,35,170/-.

Sonar Bangla Insurance Limited went into Initial Public Offering (IPO) in 2005 to raise its paidup Capital from 6.00 crore to 15.00 crore and listed with the Dhaka and Chittagong Stock Exchange Ltd. in 2006. Sonar Bangla Insurance Limited obtained 'M+" Credit Rating from Alpha Credit Rating Limited. 'M+" means that the Company is able to settle claims with strong risk protection factors supported by good financial performance and solvency, prudent underwriting, skilled HR, well reinsurance arrangement and adequate internal control helps to increase the image of the Company. The Company has been operating its business with a network of 32 branches in different districts of the country.

Our objective is to prove our integrity and credibility to the clients by extending sincere and meritorious services to them. It is our vow to extend expert advice on prudent Underwriting of the client's insurance requirements and make expeditious settlement of Claim . As a result, Sonar Bangla Insurance Limited has been awarded the best Claim Paid Certificate and Crest on National Insurance Day on 1st March, 2023 in recognition of its success in paying insurance claims.

That's why, we always consider our clients as the member of our family and extend our all sorts of co-operations and prompt services to them in appropriate way. As a result, our clients always repose their full trust on us. We always extend our technical support to our clients to cater their insurance requirements aiming at maximum benefit with appropriate cost.

The future plans of Sonar Bangla Insurance Limited not only development of new products and services, but also marketing activities aimed at tapping the hitherto untapped segments of the market. The Company is fully aware of its social responsibilities and would like to aim its future developments activities in the direc tion which bring insurance services and benefits to the reach of the common people of Bangladesh.

FROM THE DESKOF CHIEF EXECUTIVE OFFICER

Bismillahir Rahmanir Rahim,

Dear Honorable Shareholders,

Assalamu Alaikum,

It is my great pleasure to welcome you all to the 25th Annual General Meeting of Sonar Bangla Insurance Limited. I would like to express my gratitude to the Almighty Allah for his blessings to present before you the Annual Report along with Audited Financial Statements of the Company for the year 2024.

Due to the economic recovery process and the ongoing conflicts in Countries of Ukraine, Palestine, Syria, Marine Premium has declined, additionally the currency fluctuation has caused a difficult situation in business of the Country. Nevertheless, Sonar Bangla Insurance Limited completed another successful year in terms of financial performance facing all odd & hard challenges in the year 2024. The Company is maintaining progress with good name & fame ensuring profit gain during last decade.

In Bangladesh, the insurance sector has a huge opportunity to grow and expand, and Sonar Bangla Insurance Limited is ready to play a key role in this success story as a dedicated non-life Insurance Company. We are planning to extend our operation in Micro Insurance for Micro business. We also extending our product range for health and personal accident insurance.

To follow corporate governance is the strong step for operating our business quality. We believe that effective Corporate Governance Code bring the growth and development of an Organization. So, the issues of Corporate Governance are continuously complied priority basis and draw keen attention in all respects of the company's management.

Sonar Bangla Insurance Limited settled every claim within the shortest possible time. We attempt to improve our core competency in claims settlement. As a result, Sonar Bangla Insurance Limited has made every best effort to achieve the business. As a result, Sonar Bangla Insurance Limited has earned a satisfactory gross premium income of Tk. 64,54,75,253/- m 2024 and net profit before Tax was Tk. 10,27,23,992/-.

Dear Shareholders, you will be happy to know that Alpha Credit Rating Ltd. has asses the rating

of Sonar Bangla Insurance Ltd. as ' A+': Rating ' A+" means that the Company is able to settle claims with strong risk protection factors supported by good financial performance and solvency, secured reinsurance arrangement and adequate internal control helps to increase the image of the Company.

You will be also happy to know that considering the overall situation for the year 2024, the Board of Sonar Bangla Insurance Limited has recommended 10% cash Dividend for the interest of the shareholders.

I humbly convey my gratitude to the Honorable Members of the Board of Directors for their wise and in-depth suggestions and tireless guidance towards the management.

I would like to convey my gratitude to all the shareholders and others stakeholders for their continuing trust and support in the company.

Also, I specially convey my gratitude to Insurance Development and Regulatory Authority (IDRA), Bangladesh Securities and Exchange Commission (BSEC), Registrar of Joint Stock Companies and Firms (RJC), Dhaka Stock Exchange Ltd.(DSE), Chittagong Stock Exchange Ltd.(CSE), Bangladesh Bank and all scheduled commercial Banks & Financial Institutions, Central Depository of Bangladesh Ltd. (CDBL), Bangladesh Insurance Association (BIA), Bangladesh Insurance Academy & Sadharan Bima Corporation (SBC) for their continuous co-operation and facilitation that helped us to grow in many ways.

I express my heartiest appreciation for the employees, whose outstanding professionalism, commitment and initiative made the organization's growth and success possible.

May Allah bless us all.

With warm regards,

Md. Shamsul Huda

Chief Executive Officer

MESSAGE FROM THE ACTING CHAIRPERSON

Bismillahir Rahmanir Rahim.

Dear Honorable Shareholders,

Assalamu Alaikum,

In the name of Almighty Allah, the most merciful and the most graceful. It is a great pleasure and honor to welcome you at the 25th Annual General Meeting of Sonar Bangla Insurance Limited. I, on behalf of the Board of Directors and myself, would like to express my profound gratitude to all of you for your continuous support and co-operation in achieving good performance of the Company. I am extremely honored in having the opportunity to present the Report of the Board of Directors and Audited Financial Statements for the year 2024.

I believe, our commitment to looking forward and pioneering new opportunities will continue to be benchmark for the Insurance Industry in Bangladesh. We are always creating the path to make insurance as a safeguard for our larger community and we are focused on our sustainable growth for achieving the goal.

Despite the adverse situation in the insurance sector, the company is able to underwrite satisfactory amount of business due to earnest enthusiasm and relentless efforts by all of our employees, support from the respected clients, shareholders and the valued guidance and monitoring of the Board.

As our Board is committed to engaging with shareholders and made enhancements to our Corporate Governance practices. The Board regularly evaluates the company's strategy, operating environment, performance and the progress of your company is making towards its goals.

The global economy is facing a challenging situation. Despite various initiatives and efforts, the global economic situation is not promising. The Israel-Palestine, Russia-Ukraine wars and continuous political instability in the Middle East and South Asian countries have adversely affected the global economy. Despite the adverse effects of global financial tensions in the economic environment, the South Asian economy has been able to maintain growth. As well as the growth of Bangladesh remained stable in 2024 like at the same level as the previous year.

Sonar Bangla Insurance Limited succeeded to maintain a sustainable growth during the year 2024 due to outstanding support of the valued shareholders, good guidance from the experienced Board of Directors and initiative taken by the competent management in time. It was really a challenging task for the management. You will be happy to learn that during the year 2024, Sonar Bangla Insurance Limited has earn a gross premium of Tk. 64,54,75,253/- where the underwriting profits stands at Tk. 8J3,50,869/- and net profit before tax stands at Tk. 10,27,23,992/-.

We are very much confident that the Company is poised to accept challenges for the future, capital ize the opportunities arising and maintain its momentums on growth of business and profitability. We are most obliged and appreciate you for the continued support and patronage which we have received from our valued clients and shareholders and would look forward to continuation of the same.

You will be happy to know that Alpha Credit Rating Ltd. has rated Sonar Bangla Insurance Ltd. as ' A+': Rating ':AA+" means that the Company is able to settle claims with high risk protection factors supported by good financial performance and solvency, secured reinsurance arrangement and adequate internal control helps to increase the image of the Company.

You will also be happy to know that considering the overall situation for the year 2024, the Board of Sonar Bangla Insurance Limited has recommended 10% cash Dividend for the interest of the shareholders.

Insurance Development and Regulatory Authority (IDRA) is keen to run the Insurance Industry with positive move and has issued several directives in order to make insurance sector under a discipline. We see opportunities from the Regulatory directives that make financial stability in the insurance companies as well as the improvement of the insurance industry by contributing to the Gross Domestic Product (GDP) of Bangladesh.

Dear Hon'ble Shareholders, your support and belief is our greatest source of strength. I would like to take this opportunity to extend my sincere gratitude to our shareholders and customers for their continuous support and trust on us.

I also thank my fellow directors for their concerted effort and insights like the past years. Special thanks to our management team for their dynamic activities, prudent underwriting commitment and outstanding professionalism.

I express my heartiest appreciation to Insurance Development & Regulatory Authority (IDRA) for their guidance and strong regulation policies for the development of the industry.

Finally, on behalf of the Board I take this opportunity to record my sincere thanks and gratitude to including Ministry of Finance, Ministry of Commerce and all our esteemed stakeholders, well-wishers, Bangladesh Insurance Association (BIA), Bangladesh Securities and Exchange Commission (BSEC), Registrar of Joint Stock Companies & Firms (RJC), Central Depository Bangladesh Limited (CDBL), Dhaka Stock Exchange Limited (DSE), Chittagong Stock Exchange Limited (CSE), our co-insurers and re-insurers for the support to the company. I would also like to thanks the members of staff for their loyalty and the devotion in maintaining the Company's high standard of business ethics.

We sincerely look forward for welcoming you at our 25th Annual General Meeting (AGM).

May Allah shower on us unending blessings at all time.

With best regards,

(Md. Motaleb Hossain)

Acting Chairperson