Annual Conference-2017 of Eastland Insurance Co. Ltd. was held on Saturday, the 14th of January, 2017 in the Auditorium of the DHAKA CHAMBER OF COMMERCE AND INDUSTRY.
Mr. Mahbubur Rahman, Chairman of the Company inaugurated the Conference. The Chairman in his speech expressed satisfaction on overall performance of the Company during the year-2016. The Chairman called upon the participants to face the challenge ahead and maintain the trend of growth through dynamic and professional excellences complying with directives/guidelines of the Insurance Development & Regulatory Authority (IDRA).
Mr. Arun Kumar Saha, Managing Director & CEO in his speech evaluated the performance made during the year 2016 and congratulated the Executives, Branch in-charges and other marketing and Non-Marketing personnel, for their splendid performances. He also outlined the business programme set for the year 2017 and gave directives to Executives and Officers accordingly.
Executives and Officers of the branches from all over the country participated in the conference. The Chairman also distributed prizes/awards among Executives, Branch In-Charges and Officers who made their mark.
Among others, a good number of Directors of the Company were also present in the conference.
(Q3 Un-audited): EPS was Tk. 0.13 for July-September, 2016 as against Tk. 0.06 for July-September, 2015; EPS was Tk. 0.74 for January-September, 2016 as against Tk. 1.18 for January-September, 2015. NOCFPS was Tk. 0.15 for January-September, 2016 as against Tk. 0.34 for January-September, 2015. NAV per share was Tk. 23.02 as of September 30, 2016 and Tk. 22.47 as of December 31, 2015.
Credit Rating Information Services Limited (CRISL) has reaffirmed the claim paying ability (CPA) rating of Eastland Insurance Company Limited to “AA” based on the audited Financial Statements ended on December 31, 2015 and half yearly financial statements on 2016. “AA” indicates very high claim paying ability, good financial and sound solvency of the company.
ICMAB BEST CORPORATE AWARD-2015: Eastland Insurance Company Limited has been awarded best corporate award 2015 in non-life insurance sector by the Institute of Cost and Management Accountants of Bangladesh (ICMAB)
Mr. Arun Kumar Saha, Managing Director received the award from Mr. Abul Mal Abdul Muhith, Hon’ble Minister, Ministry of Finance at a function at Dhaka on 26th October, 2016.
ICMAB identified best of the best after due consideration to many quantitative and qualitative factors in general and sector wise in particular and evaluated a company under the measurement of internationally and widely used standards.
The Managing Director of the Company said that Eastland maintained the maximum level of transparency, accountability and good governance during the period which helped it to get such an award.
The Managing Director thanked all members of ICMAB Best Corporate Award Committee for selecting Eastland Insurance Company as one of the recipients of this prestigious award and shared this achievement with valued clients, shareholders, members of the Board and the employees of the company.
(Q2 Un-audited): EPS was Tk. 0.29 for April-June, 2016 as against Tk. 0.52 for April-June, 2015; EPS was Tk. 0.61 for January-June, 2016 as against Tk. 1.11 for January-June, 2015. NOCFPS was Tk. 0.12 for January-June, 2016 as against Tk. 0.14 for January-June, 2015. NAV per share was Tk. 21.45 as of June 30, 2016 and Tk. 22.47 as of December 31, 2015.
The Cash dividend (along with the payment of the sale proceeds of fractional shares) for the year ended on December 31, 2015 has been credited to the respective shareholders' Bank Accounts through Bangladesh Electronic Fund Transfer Network (BEFTN) System on June 30, 2015. The Bonus has been credited on June 26, 2015 through Central Depository System to respective BO Account of the eligible Shareholders.
(Q1): As per un-audited quarterly accounts for the 1st quarter ended on 31st March 2016 (Jan'16 to March'16) EPS of Tk. 0.35 as against Tk. 0.65 for January-March, 2015. NOCFPS of Tk. 0.10 as against Tk. 0.32 for January-March, 2015. NAV per share of Tk. 24.53 as of March 31, 2016 and Tk. 24.72 as of December 31, 2015.
The Board of Directors of Eastland Insurance Company Limited has recommended 10% cash and 10% stock dividend for the year ended on December 31, 2015. Date of AGM: 05.06.2016, Time: 3:30 PM, Venue: Spectra Convention Centre Limited, House No: 19, Road No: 7, Gulshan-1, DHaka-1212. Record date: 08.05.2016. The Company has Net Profit after Tax of Tk. 120.24 million, EPS of Tk. 2.02, NAV per share of Tk. 24.72 and NOCFPS of Tk. 1.10 for the year ended on December 31, 2015 as against Tk. 157.98 million, Tk. 2.65, Tk. 25.05 and Tk. 1.37 respectively for the year ended on December 31, 2014.
Eastland Insurance Company Limited (EICL), a first generation general insurance company was incorporated on November 5, 1986 as a public limited company under the Companies Act 1913 (at present 1994) with the vision to be one of the premier non-life insurance companies in Bangladesh. It obtained the Certificate of Registration for carrying on insurance business from the Chief Controller of Insurance on November 22, 1986. The company started its business with a paid up capital of Tk. 30.00 million against authorized capital of Tk. 100.00 million being sponsored by a group of renowned business personalities and reputed industrialists of the country having involvement in diversified business.
Meanwhile, both authorized and paid up capital of the company have been enhanced to Tk. 1000.00 million and Tk. 654.41 million respectively as on December 31, 2015. EICL floated Initial Public Offerings (IPO) in 1994. The shares of the company are listed with both the bourses of the country under “A” category issue. EICL received “AA (Double A)” Surveillance Rating (Stable outlook) from CRISL based on
its sound financial performance and claim paying ability. The Company has been operating its business with a network of 27 branches in different districts of the country. The company earned gross premium of Tk. 820.46 million in 2015 against Tk. 700.45 in 2014 .The Company made underwriting profit of Tk.20.66 million and profit after tax (PAT) of Tk. 120.24 million in FY 2015. The company has been carrying on its business from its Head Office located at 13, Dilkusha C/A, Dhaka-1000.
Mr. Mahbubur Rahman, Chairman is an eminent business personality in Bangladesh. He is the President of International Chamber of Commerce (ICC) Bangladesh, Chairman Bangladesh International Arbitration Center (BIAC), Member Business Advisory Council (BAC) of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), Bangkok, Member, Board of Governors, Institute of Business Administration (IBA), University of Dhaka, Member of the Board of Bangladesh Open University (BOU) and Dhaka Stock Exchange Limited. He is the former Chairman of National Bank Ltd. and National Bank foundation, former President of Federation of Bangladesh Chamber of Commerce & Industry (FBCCI) and Dhaka Chamber of Commerce & Industry (DCCI). Besides, he is associated with host of Social Organizations at home and abroad.
Management team consists of a group of experienced professionals and is headed by Mr. Arun Kumar Saha as the Managing Director & CEO, with over 33 years of experience in the insurance industry. Mr. Saha started his career with Sadharan Bima Corporation as Trainee Officer in 1981. He worked in Underwriting, Claim, Re-Insurance, Export Credit Guarantee & Administration Department from 1981 to 2011. He retired from SBC as General Manager.
Eastland is focuses on providing professional services of the highest quality to its clientele which include many reputed large national and multinational conglomerates. Over the years, Eastland has established its track record as a sound and dependable insurer, providing insurance solution to the individual needs of its clients and consistently meeting its commitments.
Financial performance of the Company has been positive, delivering both underwriting and investment income and giving attractive returns to its shareholders. The Company has been maintaining over the years strong corporate culture, corporate governance, ethical standards, corporate social responsibilities, superior underwriting skills and abilities and dynamic investment management.
Eastland encompass not only development of new products and services, but also marketing activities aimed at tapping the hitherto untapped segments of the market. The Company is fully aware of its social responsibilities and aims its future developments activities to bring insurance services and benefits to the reach of the common people of Bangladesh.