Eastland insurance approves 10pc dividend

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Economic Reporter :
The 34th Annual General Meeting (AGM) of Eastland Insurance Co Ltd was held on Thursday virtually.
The meeting was presided over by Mahbubur Rahman, Chairman of the Company while Executive-Vice Chairman Ghulam Rahman, Chief Executive Officer Arun Kumar Saha and directors were also joined in the meeting.
In the meeting, the chairman said that the Eastland Insurance earned gross premium of Tk. 859.50 million, and settled claims amounting to Tk. 400.50 million during the 2020.
He also stated that the total assets of the company stood at Tk. 2,689.82 million as on December 31, 2020. The shareholders approved total 10 per cent dividend (7% cash dividend and 3% stock dividend/bonus share) for the year 2020 as recommended by the Board of Directors.
“Insurance market is small in size to run 46 non-life insurance companies in the country. As a result the growth and profitability of Companies are hindered and insurance sector as a whole is failing to achieve expected growth,” Mahbub said.
The Chairman informed that credit rating of the Company for the year 2020 has been elevated to “AA+” (Double A plus) likewise the previous years by Credit Rating Information and Services Ltd. (CRISL). The Company is committed to strive hard to maintain the achievement further to reach the pinnacle of rating within the shortest possible time.

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