People’s Insurance Company Limited held its 40th Annual General Meeting and declared a cash dividend of 10.50%.

The 40th Annual General Meeting of People’s Insurance Company Limited, the country’s top local insurance company, was held today, Monday, June 30, 2025, through a digital platform in compliance with all the rules and regulations of the Bangladesh Securities and Exchange Commission. The meeting was presided over by the Chairman of the company, Mr. Zafar Ahmed Patwary, and was attended by the chairpersons of all committees of the Board of Directors, all directors, representatives of the statutory auditors, scrutineers, observers of DSE, CSE and BSEC and more than 220 shareholders through a virtual link.

Vice Chairperson of the Company Mr. Mohammad Anwarul Haque, Director Mr. Amir Humayun Mahmud Chowdhury, Director and Chairperson of the Investment Committee Mr. Mohammad Ali Hossain, Director Mr. Md. Farhad Ahmed Akand, Mr. Saiful Arefin Khaled, Mr. Kabir Ahmed, Mrs. Farzana Jahan Ahmed, Mr. Md. Mahbubur Rahman Patwari, Mr. Md. Azizul Haque, Dr. Jotsna Ara Begum, Mr. Mohammad Mizan Victor Mohsin, Independent Director and Chairperson of the Risk Management Committee Mr. Dilshad Ahmed, Independent Director and Chairperson of the Policyholder Protection and Compliance Committee Mr. M.M.G. Sarwar, Independent Director and Chairperson of the Audit, Nomination and Remuneration Committee Mr. Parayon Chandra Deb Barman, Advisor Mr. Mohammad Hossain Khaled, Chief Executive Officer Mr. S. M. Azizul Hossain, former chairmen of the company Shahzada Mahmud Chowdhury and Abul Bashar Mukul and high-ranking officials were present in the meeting. The meeting was presided over by the Company Secretary Mr. Sheikh Md. Sarfaraz Hossain FCS. The shareholders approved the audited financial statements for the year 2024, the report of the Board of Directors, and the 10.50 percent cash dividend for the year 2024. They also decided and approved the election and appointment of directors, the statutory auditor and the compliance auditor for the year 2025.

At the beginning of the meeting, the Company Secretary introduced everyone including the associated directors and outlined all the instructions regarding voting in the meeting. Immediately after conducting the prayers, the Chairman gave permission to conduct the meeting, and the Chief Executive Officer of the company gave a welcome speech to the shareholders and presented an overview of the company. Before approving the audited financial statements of the company for the year 2024, the Chairperson of the Audit Committee told the shareholders that the operations of People’s Insurance Company have been continuous since inception. No additional ordinary activities have taken place during the year and no such reflection has been observed in the financial statements. As per the definition of related party in the Related Party Disclosure of Bangladesh Accounting Standard 24, People’s Insurance Company has been conducting all transactions with all parties on an arm’s length basis on the same terms and conditions applicable to third parties and at commercial rates. No significant deviations have been observed between the quarterly and the year-end results. The financial statements prepared by the management of the company, the amount of operating results, cash flows and changes in equity are specifically mentioned.

An analysis of the financial statements of the company shows that the general reserve fund has increased by Tk 27.5 million to Tk 55.5 million during the current year. The profit and loss account has increased by Tk 2.92 million to Tk 52.39 million. The balance of fire insurance business fund has increased by Tk 8.91 million to Tk 52.94 million. The balance of marine insurance business fund has increased by Tk 19.14 million to Tk 150.96 million. The balance of motor insurance business fund has decreased by Tk 2.04 million to Tk 15.04 million. The balance of miscellaneous insurance business fund has increased by Tk 0.48 million to Tk 4.49 million.

Last year, the deposit premium has increased by Tk 7.32 million to Tk 18.50 million. Then, the estimated liability in terms of outstanding or notified claims has increased by Tk 23.94 million to Tk 326.59 million. The amount due in respect of other persons or organizations carrying on insurance business – General Insurance Corporation and others has decreased by Tk 91.16 million to Tk 24.09 million. The amount of sundry debtors has increased by 19.27 million taka to 46.84 million taka. The amount of unclaimed dividend fund payable to shareholders has stood at 2.29 million taka which is being deposited in the EIDHAR: The company’s long-term assets increased to Tk 792.48 million and short-term assets increased by Tk 42.04 million compared to last year to reach Tk 700.80 million. Cash and cash equivalents decreased by Tk 21.08 million from Tk 1,524.26 million to Tk 1,503.18 million this year. Of this, fixed deposits with banks increased but cash on hand and cash in banks decreased due to cash outflows.

The Chairman of the Company delivered the closing speech and told the shareholders that the total premium income of People’s Insurance Company Limited in 2024 was 788.19 million taka, which was 745.99 million taka in 2023, an increase of 42.20 million taka compared to the previous year. In 2024, the net premium income after paying and receiving reinsurance premiums stood at 495.08 million taka, compared to 436.76 million taka last year, i.e. an increase of 58.32 million taka this year. In the context of the developing economy of our country, with the tireless efforts of the last 40 years, the reserves and total assets have been able to increase from 0.61 million taka and 42.41 million taka respectively, and with the full support of the shareholders, they have been able to increase to 946.09 million taka and 2,996.46 million taka respectively by the end of 2024. Shareholders expressed satisfaction with the prudent management of the company’s operations by the authorities over the past year.