Eastland Insurance’s AGM approves 40pc cash dividend
Dhaka, June 9 (UNB) - The 25th Annual General Meeting (AGM) of Eastland Insurance Company Ltd has approved 40 percent cash dividend for the year 2011.
Chairman of the Company and International Chamber of Commerce, Bangladesh (ICC,B) president Mahbubur Rahman presided over the meeting held at the Officers Club in the city on Thursday, said a press release on Saturday.
The Chairman presented the report of the directors and audited accounts of the Company for the year ended on December 31, 2011.
He informed the meeting that the Company earned a gross premium of Tk 550.16 million during the year 2011 through its 23 branches, the amount being 13.29 percent higher than the previous year.
Net premium income also increased a record 12.04 percent to Tk 304.24 million compared to that of the previous year.
The company during the year settled 322 claims for a total amount of Tk 212.05 million on account of fire, marine, motor and others.
Total assets of the Company as on December 2011 stood at Tk 1317.35 million. The company approved 40 percent cash dividend for the year 2011.
Contribution of the Company towards the national exchequer during the year 2011 was Tk 9.79 million as income tax, VAT and stamp.
Mahbubur Rahman said that despite stiff market competition, performance of the Company grew in 2011 in all areas of its operation due to maintaining of pragmatic and business friendly policy strictly adhering to regulatory principles and business ethics.
He hoped that the newly established Insurance Development and Regulatory Authority (IDRA) will formulate Insurance Laws and Rules in line with international standards to bring much awaited discipline in the sector.
Chairman of the Company and International Chamber of Commerce, Bangladesh (ICC,B) president Mahbubur Rahman presided over the meeting held at the Officers Club in the city on Thursday, said a press release on Saturday.
The Chairman presented the report of the directors and audited accounts of the Company for the year ended on December 31, 2011.
He informed the meeting that the Company earned a gross premium of Tk 550.16 million during the year 2011 through its 23 branches, the amount being 13.29 percent higher than the previous year.
Net premium income also increased a record 12.04 percent to Tk 304.24 million compared to that of the previous year.
The company during the year settled 322 claims for a total amount of Tk 212.05 million on account of fire, marine, motor and others.
Total assets of the Company as on December 2011 stood at Tk 1317.35 million. The company approved 40 percent cash dividend for the year 2011.
Contribution of the Company towards the national exchequer during the year 2011 was Tk 9.79 million as income tax, VAT and stamp.
Mahbubur Rahman said that despite stiff market competition, performance of the Company grew in 2011 in all areas of its operation due to maintaining of pragmatic and business friendly policy strictly adhering to regulatory principles and business ethics.
He hoped that the newly established Insurance Development and Regulatory Authority (IDRA) will formulate Insurance Laws and Rules in line with international standards to bring much awaited discipline in the sector.
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