Peoples Insurance Company Limited held the 39th Annual General Meeting (AGM) in a hybrid system maintaining all rules and regulations at Bangladesh Institute of Administration and Management in Dhaka on Sunday.
The company’s Chairman Jafar Ahmed Patwari presided over the meeting where directors, board of directors, representatives of statutory auditors, scrutinisers, observers from DSE/CSE and above 220 shareholders joined the AGM digitally.
Shareholders at the meeting approved the audited financial statements for 2023, a 10 per cent cash dividend for 2023, and appointed statutory auditors and compliance professionals for 2024 and a number of important issues, according to a press release.
Chief Executive Officer MH Khaled, the company’s former chairman SM Azizul Hossain and senior officials also attended the AGM. The meeting was moderated by Company Secretary Sk Md Sarfaraz Hossain.
Khaled delivered the opening speech and the chairman delivered the closing remarks. The speakers told the shareholders that the General Reserve Fund has been increased by Tk 60 lakh to Tk 280 crore this year.
The Dividend Equalization Fund has been increased by Tk 2.5 crore to Tk 14.95 crore this year. The Profit or Loss Appropriation Account has decreased by Tk 42.3 lakh to Tk 4.947 crore.
The balance of the Fire Insurance Business Fund has decreased by Tk 76.6 lakh to Tk 4.403 crore. The balance of the Motor Insurance Business Fund decreased by Tk 1.8 crore to over Tk 1.71 crore, read the press release.
The balance of the Miscellaneous Business Fund increased by Tk 7 lakh to Tk 40 lakh.
Last year, the deposit premium increased by Tk 18.1 lakh to Tk 1.2 crore.
The estimated liability in respect of outstanding claims whether due or intimated increased by Tk 61 lakh to Tk 30.27 crore.
Amount due to other persons or bodies carrying on insurance business – Sadharan Bima Corporation and others decreased by Tk 3.564 crore to Tk 11.525 crore. Sundry Creditors have decreased to Tk 1.122 crore from Tk 2.757 crore.
The unclaimed dividend account paid to the shareholders and the fund stood at Tk 21.1 lakh. There are no changes in the Gratuity Reserve. Provision for Income tax has been increased by Tk 8.9 crore to Tk 54.63 crore. Share Investment at cost value has stood at Tk 7.249 crore after the selling of a few shares at Tk 11.7 lakh.
Bangladesh Government Treasury Bonds have been raised to Tk 12.26 lakh from Tk 11.26 lakh by investing Tk 1 crore, said the press release.
Non-Current Asset increased to Tk 67.162 crore and Current assets of the company increased by Tk 6.749 crore from the last year and stood at Tk 65.875 crore. The cash and cash equivalents have been increased to Tk 152.426 crore by Tk 75.6 lakh this year from Tk 151.671 crore.
Among them, Fixed Deposits with banks and cash in hand increased but short-term investment and cash at banks decreased due to cash outflow. The shareholders expressed their satisfaction with efficient management in running the affairs of the company.
