Bismillahhir Rahmanir Rahim
I am highly delighted to welcome you all in the 18th Annual General Meeting (AGM) of Republic Insurance Company Limited. The Annual Accounts of the Company for the year 2017 is being presented herewith, from which you will observe that the Company has completed another successful year of operation and fulfilled the avowed corporate objectives as determined by the Board of Directors. It was not an easy task, particularly in highly competitive non-life insurance market environment in Bangladesh.
The Company attained a gross premium income of Taka 47.82 crore in the year 2017, a growth of 4.38% in 2017 and a pre-tax operating profit of Tk. 8.84 crore. The profit was contributed by both underwriting and investment incomes, and in particular the underwriting profit stood at Taka 7.97 crore in 2017.
The Company has been diversifying its business portfolio by increasing segments of medium and smaller clients and thus achieving a desirable spread of business which is fundamental to insurance sector. This is an on-going process and the Company will strive to develop a well balanced business portfolio which is not overly depended on any particular type of business or clients. We are very much confident that the Company will maintain its momentum in achieving growth in business and profitability in the year to come. We are greatly appreciative of the continued support and patronage received from our clients and shareholders and would look forward to continuation of the same. Based on the operation profits for 2017, we have proposed 12.50% stock dividend to the Shareholders of the Company and then the Paid up Capital of the Company will stand at Tk. 39.39 crore with the disbursement of stock dividend.
Dear Shareholders, I express my sincere gratitude to all our stakeholders and reiterate my deep appreciation for the continuous guidance and support extended to us by the Ministry of Finance, Insurance Development & Regulatory AUthority (IDRA), Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange Ltd, Chittagong Stock Exchange Ltd, Sadharan Bima Corporation, Bangladesh Insurance Association, local banks, insurance companies and other financial institutions and I also extend my sincere gratitude to the Managing Director and to all the employees of the Company for their tireless dedication, devotion and effort made to continually improve the Company's performance.
I would like to convey my sincere thanks to my fellow directors for their support and co-operation. The management team and the staff worked very hard to take the Company forward and in delivering excellent results. I would also like to recognize their dedicated and unflinching services and convey my appreciation and thanks to all of them.
May Allah keep us in peace and bless of us all.
Mohd. Hanif Chowdhury