It is my great pleasure to welcome you all to the 18th Annual General Meeting (AGM) of Republic Insurance Company Limited. With your continued patronage and support, the Company has completed another year of successful operation as one of the leading non-life insurance companies of Bangladesh.
Compliance to regulations introduced by "Insurance Development and Regulatory Authority (IDRA)" is our top priority. It is our strength, which facilitates good corporate governance, and adequate service levels, brining sustainability. We also abide by the regulatory changes made by Bangladesh Banks and Bangladesh Securities and Exchange Commission.Dear Shareholders, during the year the company earned total operating profit of Taka 7.97 crore. The total assets of the Company stands at Taka 100.55 crore and total reserves at Taka 13.86 crore. We are confident that the Company will maintain its progress in the year 2018, and its gross premium income growth will receive further momentum as the Company consolidates its position. Furthermore underwriting Income of the Company has been increasing and it is in a stable position compared to market scenario. Our most premium generating portfolios are Fire, Marine, Motor and Miscellaneous. With a view to generating significant premium, we have already introduced some new portfolios for the clients and also trying our level best making use of our underwriting capabilities.
32 Annual Report 2017 Republic Insurance Company Limited In our way to settle every valid claim in a shorter span of time, we attempt to improve our core competency in claims management because we want to reflect in our every dealing that insurers must be the ones who are in the business of indemnifying policyholders when misfortunes do strike. The Company greatly appreciates the support of its clients under a very competitive environment and it continues to attach the highest importance in providing top class services to its clients aimed at ensuring long term business relationship. Since human resource is the back bone of the Company, it has been continuously striving to ensure availability of skilled and experienced manpower through proper recruitment, training of its existing staff. Likewise development of information technology facilities has been receiving high priority in order to ensure efficient functioning of the Company. Dear Shareholder, As a CEO of the Company it is my first AGM. I hope you would continue your support and cooperation to the Company as you provided before. I would like to convey my sincere thanks to honourable the Chairman and the Directors for their valuable supports and co-operations received during the year. I would also like to record my appreciation for the role of the Management Team and the staff, who have worked hard with devotion in taking the Company forward. Dear Shareholders, it is our wish that Republic Insurance will continue its endeavours to maintain its position and reputation as a sound insurance provider with first class financial security. I very much hope that, as before, you will continue to extend your support to the Company.
In conclusion, I would like to thank each and every employee for their sincere dedication, commitment and extreme hard work throughout the year. I thank every customer for reposing their faith in us and the regulators for their constant support. I sincerely thank each and every shareholder for their unflinching support and trust to the Company. I assure all shareholders that we will make all efforts to honour your trust by running the Company with the highest regards for ethics, integrity and honesty.
With best wishes,
Chief Executive Officer (CEO)