Sunday, 21 July 2024

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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 2022. It is my great pleasure to welcome you all to the 23rd Annual General Meeting.

The year 2022 was challenging one, due to Russia-Ukraine war which affects the global economy as well as domestic economy. When the economy and insurance market was thrown into disarray due to Russia-Ukraine war, to the best support of the management and staff, the Company has completed another year of successful operation as one of the Non-Life Insurance Company of Bangladesh. The situation of Russia-Ukraine war, 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. 59,45,19,604/- in 2022 and net profit before Tax was Tk. 11,67,70,491 I-.

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.

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 2022, the Board of Sonar Bangla Insurance Limited has recommended 10% cash & 5% bonus share as 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 of 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.