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Managing Director Message

Bismillahir Rahmanir Rahim,

As-Salaamu Alaikum,

Dear Honorable Shareholders,

It is my great pleasure to welcome you all to the 23rd Annual General Meeting (AGM) of Republic Insurance Company Limited. I convey my sincere thanks to all for joining in the AGM of the Company virtually through digital platform.

I would like to express my heartfelt gratitude to Almighty Allah for keeping us safe and successfully closing the year 2022 despite of all economies challenges. With continued patronage and support, the Company has completed another successful but rushing year 2022 amid stiff pressure from the market dynamics whether it be financial or regulatory on the face of hard reinsurance market worldwide due to major catastrophic losses in the North American region.

Despite fluctuation of US dollar exchange rate and slowdown of economic activities in the post covid scenario along with war-stricken world, we strived for maintaining the status quo.

Dear Shareholders, we are happy to announce that the Company was able to perform well and has registered a growth in 2022. Our gross premium income stood at Tk. 83.83 crore in 2022 corresponding to Tk. 78.25 crore in 2021 which constitutes a growth of 12 percent.

Dear Shareholders, our top priority is to comply the rules and regulations imposed by “Insurance Development and Regulatory Authority (IDRA)”. Our aim is to facilitate good corporate governance, and adequate service levels, bringing sustainability. We also comply with the regulatory changes made by Bangladesh Securities and Exchange Commission, Dhaka Stock Exchange Ltd. and Chattogram Stock Exchange Ltd.

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 generate significant premium, we have already introduced some new portfolios for the clients and also trying our level best making use of our underwriting capabilities.

We try to settle every valid claim in a shorter span of time. We attempt to improve our core competency in claims management. During the year 2022 the Company has settled gross claims amounting to Tk. 34.23 crore.

Dear Shareholders, digital marketing in insurance is the process of engaging with the prospects to create awareness and drive action. In order to modernize and digitalize the insurance services, the Insurance Development Regulatory Authority (IDRA) had been launched Unified Messaging Platform (UMP) and for which, whenever a policy is issued a SMS automatically sent to respective customer's Mobile. IDRA also monitore all activities of the Companies through UMP. Recently IDRA has added E-money receipt portal in UMP. We hope that in future through UMP we will able provide better service to the insurered and bring transparency to the insurance industry.

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.

Dear Shareholders, 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 and training of its existing staff, within the country as well as in abroad. Likewise development of information technology facilities has been given high priority in order to ensure efficient functioning of the Company.

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 adequate financial security. we are very much hopeful that, as before, you will continue to extend your support to the Company and we assure that we will make all efforts to honour your trust by running the Company with the highest regards for ethics, integrity and honesty.

Dear Shareholders, I would like to thank Honorable Chairman and Honorable Board of Directors for their wise counsel, which has been particularly valuable in these times of Financial and social stress. I would also like to thank all esteemed stakeholders, well-wishers, Ministry of Finance, Insurance Development and Regulatory Authority (IDRA), Bangladesh Bank, Bangladesh Insurance Association (BIA), Bangladesh Insurance Forum, Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock Exchange Ltd, Chattogram Stock Exchange Ltd, Co-insurer and re-insurer for their patronage support.

Finally, I would like to thank Management Team, Branch Managers and staff members for their sincere dedication, commitment and extreme hard work throughout the year and also thank every customer for responsing their faith in us and the regulators for their constant support.

Thank you and best wishes to you and your family.

(Dr. A K M Sarwar Jahan Zamil)
Chief Executive Officer