At the very outset, on behalf of the Board of Directors and as the Founder Chairman of Nitol Insurance Company Limited (NICL), I would like to extend my heartiest welcome to all our valued stakeholders to the 26th Annual General Meeting of NICL. I am deeply grateful for your unwavering trust and incredible support, which serve as a continuous source of inspiration for us to strive towards a sustainable and resilient future.

The economy faced severe inflation and touched the highest point of 11.38% in November 2024 against 9.49% in November 2023. Moody's Ratings downgraded Bangladesh's ratings to B2; changes the outlook to negative. The ADB estimated GDP growth at 5.8% for FY24, down from the 6.1% projected in April 2024, but consistent with the growth rate in FY23.

Despite the instability of the non-life insurance market you will be delighted to know that your company being compliant with the rules and regulations underwrote a gross premium of Tk. 632.32 million against Tk. 670.13 million in 2023. The slightly reduce of the business were main causes due to the political unrest war in Europe, Middle East, etc in the last year. Nitol Insurance Company Limited now can underwrite the larger risks in collaboration with the world's best reinsurers. In the risk management process we have to shift adequate risk to the state owned reinsurers Sadharan Bima Corporation (SBC) and Overseas rated Reinsurers as well.

NICL strategic objectives are of three types-(i) Process Focus; (ii) Business Focus and (iii) People/Learning Focus and each of the strategic objectives has detail values of performance. The achievement of the strategic objectives of NICL is being measured through the key performance indicators (KPIs) namely Policy Rates, Precise Underwritting Process and Risk Management, Customer Acquisition Cost, Claim Settlement Ratio, Loss Ratio, Combined Ratio, Customer Retention Rate, Average Revenue per Customer (ARPC), Profitability Ratio, Expenses Ratio etc.

The Board of Directors are responsible for the overall performance of the company to its Hon'ble shareholders. With a view to achieving the performance of the company through the Management led by the Chief Executive Officer (CEO), with defined role, which is followed up by the Directors of different subcommittees of the Board, The Board also reviews the activities of the sub-committees regularly and advises the sub-committees as and when required which is conveyed to the CEO and thus the overall performance of the company is achieved.

Everyone is accountable to the board and accordingly the Board of Directors are also accountable to its vigilant shareholders. The Board values and records the presence of each Director in all the meetings including the subcommittee meetings and also records their effective role in all the meetings.

Presently through an instruction, the code of conduct of the Chairperson, other Board Members, and role of CEO is executed. The Audit Committee, the Nomination & Remuneration Committee (NRC), Investment Committee, Risk Management Committee and Policyholder Protection and Compliance Committee are formd. The Independent Directors are being governed by the Corporate Governance Code issued by BSEC and Insurers Corporate Governance Guidelines. However, NICL is in the process to further develop the system of evaluation of performance of the Board Members including the Members on the sub-committees.

You will be pleased to know that NICL started its business with the capital of Tk. 60 million only and collected another Tk. 90 million from market with a total paid-up capital of Tk. 150 million only. With the prudent business activities and shareholders continuous support. NICL could increase its paid-up capital to a significant level of Tk. 402.08 million gradually. Hitherto, your company has been continuing a very good track record in payment of cash dividend to you. With that intent, from the divisible profits of 2024, the Board of Directors recommended for 10% (5% cash & 5% Stock) dividend for declaration in the 26th Annual General Meeting and with a view to strengthen the general reserve of the company against all foreseeable odds, transferred Tk. 10,530,000 to General Reserve to secure steady dividend payment in future.

Nitol Insurance has been thriving underwriting of insurance risks in the rural and social sector covering small and medium enterprise (SME) business through its branch network at the remote areas of the country and as well as through bancassurance. You would be happy to know that as part of social welfare commitment NICL provides its insurance umbrella for marginal cattle farmers acros the country. Besides NICL is also working on health insurance to meet the people's requirement.

IDRA is keen to run the insurance industry with positive move and has already issued an important regulations for both life and non-life insurers the much awaiting Solvency Margin Regulations along with the relevant Gazette Notification for its implementation.

The Executive Committee of Bangladesh Insurance Association (BIA), has been reformed. The new management of BIA would take required steps to remove the obstacles of our insurance industry

Sadharan Bima Corporation (SBC) being the only stateowned non-life insurer of all the public proper ties and reinsurer of the private sector insurers, to the extent it accepts risks of the individual private sector insurer of Bangladesh issuing distinct certificates of coverage to every private insurers. Nitol Insurance Company Limited pays substantial amount of reinsurance premium to SBC every year under treaty and also places facultative portion of risk paying relevant premium to that extent as SBC wants to receive. NICL wants to maintain the accounts with SBC at an updated position always.

The Central Rating Committee (CRC) headed by the Chairman, IDRA, as envisaged in Section 17 of Insurance Act, 2010, determines the rates of premium for non-life insurance business in consultation with the Committee, and the insurers are bound to comply with such rates. NICL is always appreciative to the Authority for taking positive measures about the premium rates.

The BSEC constituted Capital Market Stabilization Fund (CMSF) with the unclaimed or undistributed or unsettled cash or stock dividend or non-refunded public subscription money or un-allotted rights shares from the issuer of listed securities lying with them for more than three years, has shown its performance to make the bourses vibrant. NICL has been transferring the required amount of unclaimed dividend to the CMSF in compliance with the rules of the Fund on a regular basis.

It is indeed very tough for unveiling new non-life insurance products in absence of sufficient insurance database in the country. With its professional and expert risk writers, NICL has been working on it, particularly for development of personal lines business. It is actively pursuing unconventional lines of businesses such as Cyber Liability, Pollution Legal Liability and Area Yield Crop Insurance. These areas represent emerging risks in the modern world, and NICL sees opportunities for growth in these areas. NICL is also extending its R&D work to develop Crop and Livestock Insurance products in the micro insurance level and its viability in the context of the tough weather environment of Bangladesh due to global warming like drought, sudden and prolonged flood, tornados and unusual frequent cyclones etc. This initiative aligns with the company's broader strategy of diversification and adaptation to changing market dynamics and demonstrates its commitment to serving a broader segment of the population and increase insurance awareness.

NICL has always emphasized on efficiency relying on the robustness inculcated through its highly qualified personnel in all departments including branches, who have rendered keen services over the years to reach its present position. Therefore, fostering suitable human resources development remains one of our key priorities in order to provide better services to clients. We invest regularly to enhance professionalism by participating in various tanning, workshop, seminar and fieldworks. NICL guarantees the corporate culture for all its members of the staff, both at head office and branches, with pertinent rewards which ultimately limit the employee turnover.

In 2024, Bangladesh faced various challenges in its economy along with higher inflation, an alarmingly high rate of non-performing loans (NPLs) in the banks, grounded bourses, low balance of payments and massive depreciation of taka. The interim government with its members trying to reform the different institutes to address the problems in view of a long-term positive intent.

We always acknowledge our sincere gratitude to all our valued policyholders and shareholders for their tremendous support and trust to NICL. We are extending our sincere thanks to the banks and financial institutions with whom we have extensive daily dealings; along with the Regulators, IDRA, Dhaka and Chittagong Stock Exchanges, BAPLC, NBR, FRC, BSEC, BIA, Sadharan Bima Corporation (SBC), Bangladesh Bank, related Government bodies and stakeholders for their persistent co-operation and support. I would like to extend my wholehearted thanks to the honorable members of the Board for their continuous co-operation and valuable advices to administer the affairs of the company smoothly and also to the different Sub-Committees of the Board for performing their defined roles in a befitting manner. On behalf of the Board of Directors, I would like to take the opportunity to express our sincere thanks to the Chief Executive Officer (CEO) and also to the members of the staff of the company for their sincere dedication and persistent effort in achieving the goal set for them. I am confident and encouraged that the way they are serving the company, it would reach to a further height and will be continuing its operation as one of the leading nonlife insurance company in Bangladesh insurance industry.

May Allah (SWT) protect us and guide us towards a prosperous future. Ameen.

Thank you all.