The New Nation - Internet Edition

BUSINESS REPORT

The 21st Annual General Meeting (AGM) of Eastland Insurance Company Limited was held on May 27, 2008 at the Bangladesh Institute of Administration and Management (BIAM) in Dhaka.

The meeting was presided over by Mahbubur Rahman, chairman of the company.

The chairman presented the report of the Directors, Audited Accounts of the company for the year ended 31st December, 2007 together with Auditors Report thereon. The chairman informed the meeting that the company earned a gross premium of Tk.316.87 million during 2007 through its 23 branches which is 21.82 per cent higher than that of the previous year. During the year, the company settled 198 claims for a total amount of Tk 71.35 million on account of fire, marine, motor and misc. insurance. Total assets of the company as on December 2007 stood at Tk 708.34 million.

The company declared 10 per cent cash dividend and 25 per cent stock dividend for the year 2007. Contribution of the company towards national exchequer during the year 2007 was Tk 50.70 million as income tax, VAT and stamp duty.

The chairman in his report further stated that despite volatile market situation and various prevalent negative factors the business of the company grew across all areas of its operation. He also expressed firm aspiration that such trend of growth would Inshallah be maintained in the years ahead as well.

A large number of shareholders attended the meeting and participated in the deliberations on Annual Report, Statement of Accounts and performance of the company.