Sonar Bangla Insurance Limited (SBIL) a Non Life Insurance Company was incorporated on March 14, 2000 as a Public Limited Company under the Companies Act, 1994 with the vision to become a premier non-life insurance Company. It obtained the certificate of registration for carrying insurance business from the Chief Controller of Insurance (Now IDRA) on April 26, 2000. The Company started its business with a paidup Capital of Tk. 6.00 crore against the authorized Capital of Tk. 20.00 crore being sponsored by group of re-noun business personalities and reported industrialist of the country having involvement diversified business. Presently its Authorized Capital is Tk. 100.00 crore and paidup Capital is Tk. 40,04,14,450/-

Mr. Sheikh Kabir Hossain is an eminent social personality in Bangladesh. He is the Hon'ble Chairperson of the Company and Chairman, Central Depository Bangladesh Ltd. & National Tea Company as well as the President of the Bangladesh Insurance Association. He is former Chairman of Bangladesh Red Crescent Society and International Director (2005-2007) of Lions Club International Bangladesh, Vice-Chairman of Islamia Eye Hospital, Member of Board of Governors, Bangladesh Open University etc. Besides, he takes parts important role to take important policy making regarding different issues on financial matter of the Country with participation of Insurance Development and Regulatory Authority (IDRA).

FROM THE DESK OF CHIEF EXECUTIVE OFFICER

Bismillahir Rahmanir Rahim,
Dear Honorable Shareholders,
Assalamu Alaikum,

I would like to express my gratitude to the Almighty Allah for his blessings to present before you the Annual Report along with Audited Financial Statements of Sonar Bangla Insurance Limited for the year 2023. It is my great pleasure to welcome you all to the 24th Annual General Meeting.
It is satisfying to observe that Sonar Bangla Insurance Limited considers as a trusted name in our Insurance market which becomes possible for your sincere support on us. You will be pleased to know that Sonar Bangla Insurance Limited completed another successful year in terms of financial performance facing all odd & hard challenges in the year 2023. Sonar Bangla Insurance is maintaining progress with good name & fame ensuring profit gain during last decade. To follow corporate governance is the strong step for operating our business quality. Human resources continues to be the most important asset of the Company. Sonar Bangla Insurance Limited always pays high attention to make its human resources by providing them a strong foundation through professional training, workshops and seminar. Dear Shareholders, despite various obstacles for Economic growth, Sonar Bangla Insurance Limited has kept its business in

responding to the needs and expectation of the customers. We believe that effective Corporate Governance Code bring the growth and development of an Organization. So, the issues of Corporate Governance are continuously complied priority basis and draw keen attention in all respects of the company's management.
Sonar Bangla Insurance Limited settled every claim within the shortest possible time. We attempt to improve our core competency in claims settlement. Sonar Bangla Insurance Limited has made every best effort to achieve the business. As a result, Sonar Bangla Insurance Limited has eared a satisfactory gross premium income of Tk. 59,83,22,028/- in 2023 and net profit before Tax was Tk. 9,99,23,438 /-.
Dear Shareholders, you will be happy to know that Alpha Credit Rating Ltd. has asses the rating of Sonar Bangla Insurance Ltd. as "AA+". Rating "AA+" means that the Company is able to settle claims with strong risk protection factors supported by good financial performance and solvency, secured re-insurance arrangement and adequate internal control helps to increase the image of the Company.
You will be also happy to know that considering the overall situation for the year 2023, the Board of Sonar
Bangla Insurance Limited has recommended 10% cash Dividend for the interest of the shareholders.
I humbly convey my gratitude to the Honorable Chairperson and all Honorable Members of the Board of Directors for their wise and in-depth suggestions and tireless guidance towards the management. I would like to convey my gratitude to all the shareholders and others stakeholders for their continuing trust and support in the company.
Also, I specially convey my gratitude to Insurance Development and Regulatory Authority (IDRA), Bangladesh Securities and Exchange Commission (BSEC), Registrar of Joint Stock Companies and Firms (RJC), Dhaka Stock Exchange Ltd. (DSE), Chittagong Stock Exchange Ltd. (CSE), Bangladesh Bank and all scheduled commercial Banks & Financial Institutions, Central Depository Bangladesh Ltd. (CDBL), Bangladesh Insurance Association (BIA), Bangladesh Insurance Academy & Sadharan Bima Corporation (SBC) for their continuous co-operation and facilitation that helped us to grow in many ways.
I express my heartiest appreciation for the employees, whose outstanding professionalism, commitment and initiative made the organization's growth and success possible.
May Allah bless us all.
With warm regards,

Md. Shamsul Huda
Chief Executive Officer

Bismillahir Rahmanir Rahim

Assalamu Alaikum

On this auspicious occasion of Centennial Birth Anniversary (Mujib Borsho) of the Father of Nation Bangabandhu Sheikh Mujibur Rahman, I fondly remember him with deep respect for his outstanding contribution in the insurance industry. From which I am also inspired to become a member of the insurance industry and accordingly I am working in the insurance industry following his footprint. Bangabandhu joined in Alpha Insurance Company on 01 March, 1960. After the confirmation of the matter from Mr. N. I. Khan, a resolution was adopted by the Bangladesh Insurance Association (BIA) to declare 01 March as "The National Insurance Day’ and the matter informed with honor to the President of 'Bangabandhu Trust' and Honorable Prime Minister Sheikh Hasina. She had gladly accepted the matter. Later on 01 March was declared as ‘The National Insurance Day’ by the order of the Government of the Peoples’ Republic

Sonar Bangla Insurance Limited always emphasized on professionalism and relied on the dynamic leadership. We believe that our skilled manpower is dedicated towards responding to customers' requirement with utmost transparency and efficiency. Therefore, fostering acquainted human resources remains one of our key priorities to be able to cater customers service better and establish competitive edge over our competitors. We used equal attention in launching our latest IT infrastructure and stretched network coverage to its optimum capacity.

The Credit Rating Result of Sonar Bangla Insurance Ltd is “AA+” and it has been Rated by alpha Credit Rating Ltd.

Insurance Development and Regulatory Authority (IDRA) has issued several directives in order to make insurance sector under a discipline. As we are following this regulatory compliance, we will also take these benefits to review our business operations and decision-making process and covert regulatory necessity into our business value. In addition, we see opportunities from the Regulatory directives that make financial stability in the insurance companies as well as the improvement of the insurance industry by contributing to the Gross Domestic Product (GDP) of Bangladesh.

May Allah shower on us unending blessings at all time.

With  warm regards,

(Sheikh Kabir Hossain)

Chairperson