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
