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