Eastland Insurance declares 10% cash dividend

Eastland Insurance PLC has declared a 10 percent cash dividend for the financial year that ended on December 31, 2024.

The announcement was made during the company's 38th annual general meeting (AGM), which was held virtually on Monday, according to a press release.

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

In his address, Rahman remarked, "The global economy has contracted due to a prevailing economic recession, the impact of which has also shaken our domestic economy."

"In this context, Eastland Insurance generated a gross premium of Tk 94.1 crore in 2024 and, over its 38-year history, has settled claims totalling Tk 420.6 crore."

The chairman further noted that the total assets of the company stood at Tk 283.6 crore as of 31 December 2024.

He also informed shareholders that the company's credit rating has been upgraded to "AAA" by the Credit Rating Information and Services Limited.

He affirmed the company's commitment to maintaining this achievement and striving to attain the highest possible rating within the shortest feasible timeframe.

Rahman expressed concern over the fragmented nature of the domestic insurance industry, stating that the Bangladeshi market is insufficient to sustain 46 non-life insurance companies. This, he said, hinders the growth and profitability of individual firms and prevents the sector as a whole from achieving its full potential.

A large number of shareholders from across the country participated in the AGM, alongside members of the board of directors.

During the meeting, the shareholders approved the "Directors' Report and Audited Financial Statements" for 2024, along with the accompanying "Independent Auditor's Report".

They also approved the appointment of both the statutory auditor and the corporate governance compliance auditor for the year 2025.