STAR BUSINESS DESK

Eastland Insurance Company recently declared a 10 percent cash dividend for the year that ended on December 31, 2023.

The announcement came at the insurer’s 37th annual general meeting (AGM), which was held virtually, the non-life insurer said in a press release.

Mahbubur Rahman, chairman of the insurer, presided over the meeting, where he presented the “Directors’ Report and Audited Financial Statements” alongside an “Independent Auditor’s Report”.

The chairman said that the world economy had been squeezed by economic pressures.

“The impact of the world recession shook our economy. In this situation, Eastland Insurance earned a gross premium of Tk 1,029 million during 2023. It has settled claims amounting to Tk 4,018 million during its long 37-year tenure,” Rahman said.

“The total assets of the company stood at Tk 2,565 million as of December 31, 2023,” the chairman also said.

Since its inception, Eastland Insurance has been maintaining transparency and ethics, he added.

In recognition of that, the company received the ‘Best Corporate Award’ from the Institute of Chartered Accountants of Bangladesh (ICAB) in 2020 and 2013. The South Asian Federation of Accountants (SAFA) also awarded the insurer with the “Best Corporate Award” in 2020.

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) awarded the insurer with the “Best Presentation Annual Report Award” in four consecutive years from 2012 to 2015.

The chairman informed that the insurer’s credit rating for 2023 had been elevated to “AA+ (Double A plus)” like in previous years by the Credit Rating Information and Services. Among others, Shahid-E-Monjoor Morshaed, chief executive officer (current charge), also joined the meeting.