Bismillahir Rahmanir Rahim

It is great pleasure to welcome you all. This year marks a significant milestone for Desh General Insurance Company Limited as our service and product. This momentous occasion is a testament to our enduring commitment to serving our clients and our strong and distinctive positioning in the customer durables insurance industry of Bangladesh. As we reflect on the journey and take pride in our rich legacy, we are excited and focused on the future and the emerging opportunities it presents for sustainable growth. On this pleasing note I extend my congratulations to you for your kind support and cooperation that have been immensely valuable to us.

A legacy of excellence, forged with integrity:

As we commemorate our remarkable journey in Bangladesh, we take pride in our rich legacy, guided by our principles and our proven time-tested capability to navigate and thrive in the ever-changing consumer landscape. The pursuit of excellence, the foundation of our journey, rests on a strong corporate governance, deep-rooted values and high-caliber leadership. An enabling culture that we have carefully nurtured over the years, permeates every organisational and functional aspect. It is the powerful thread of our synchronized actions, which drives us to deliver on our commitments while upholding high standards of ethics and integrity. As we progress towards a future full of purpose and possibilities, we have adopted a forward-thinking approach, leveraging new-age technologies and processes across our organization to enhance efficiency, elevate customer experience and unlock new avenues for innovation and growth. We have provided distinctive solutions and propositions to our customers with our range of varied products.

A future of purpose, driven by innovation:

In 2024, the global economy witnessed several challenges and phases of volatility, with escalating geopolitical tensions and disruptions in the supply chains leading to high levels of inflation. However, amid the climate of uncertainty, the economy of Bangladesh has shown resilience, with the GDP expected to grow by 6.5% in the 2023-24 fiscal year, as per Bangladesh Bank. Challenging external conditions can bear down heavily on developing countries. Yet, Bangladesh has been able to hold on to its position relatively well, attributable to pragmatic decisions and the timely loan package that was secured from the IMF. In addition, the focus on strengthening transport, digital and logistics infrastructure will provide a more secure foundation for sustained economic growth. Similar to the rest of the world, the inflation-driven price pressure was evident on the average consumer in Bangladesh too. Though there was some pressure to downshift, Bangladeshi society is an aspirational one, which somewhat held up demand. We supported this with our focus on affordability through price competitiveness and variety of customer offers.

During the year 2023 the Desh General Insurance Company Limited has earned a gross premium of Tk.433,399,927 in comparison to Tk. 429,058,247 of the immediate preceding year. In 2023, the Net Premium Income was 259.30 million taka and in 2022 it was 293.34 million taka. The overall Total Assets value from Taka 990.18 in 2022 to Tk. 973.35 million in 2023.

This growth was supported with our diversified multi-product portfolio across various categories, strong affiliation of insurer with the DGIC products and service. The world around us is transforming at a rapid pace. Technology is reshaping industries, customer expectations are changing, and new challenges and opportunities are emerging. In this dynamic scenario, we remain committed to staying relevant by constantly evolving our business in synch with the needs of the times.

A focus on expertise, led by passion:

DGIC is on the verge of operationalizing a modern insurance company at the Bangladesh. Therefore, the concept named 5P has applied, standing for purpose, pride, partnership, protection and personalization, as these five factors define the requirements that must be met, if the insurer s service is to be perceived to be of high quality, achieve client satisfaction and build client loyalty.

Insurers should be forward-thinking and leverage technology to attract and retain talent. Working for an insurer has a lot of advantages, but it is unknown. Therefore, the sector should showcase its modernity and relevance. Highlighting this impact on society, such as addressing sustainability challenges, can appeal to young professionals who want to make a difference.

Furthermore, reevaluating recruitment criteria based on personality and competencies rather than traditional criteria can help identify new talents with the potential to thrive in the evolving insurance landscape.

The way forward:

We are moving forward in spite of various difficulties in insurance sector. Strengthening is our financial capability and the scope of our business which is reflected in the continuous improvement of our Credit Rating. Now we are holding our Credit Rating for the year ended 31 December, 2023 and other qualitative and quantitative information, as AA+ (pronounced as double AA plus) for ensuring strong claims paying ability, quality business, efficient management and transparency of the company and we hope to ensure AAA (pronounced as Triple AAA) in near future. It was AA (pronounced as double AA) in the year 2021-2022. This continuous progress and development of credit rating bear the mark of the position and success of the organization and we hope that we will go further in the future, In Sha Allah.

Our board maintains an active role in policy-making in order to maintain best possible corporate governance. The board’s priority remains maximizing shareholder’s wealth through policies and guidelines that work toward long term profit sustainability, risk minimization, and good governance establishment in all spheres of the company’s operation. We hope that we will maintain this sustainability growth in the coming future, In Sha Allah.

Appreciation:

On behalf of the Board, I would like to thank the Management Team, led by MD & CEO Ms. Mohammodi Khanam, for the commendable performance achieved during the year. I would also like to thank all our employees for their passion, commitment and professionalism in discharging their responsibilities. . I have no hesitation in mentioning the dedication and professionalism of the management team of the Company.

My warmest gratitude to all the members of the Board of Directors for their valuable time and energy in supporting me to carry out my responsibilities during the meetings and strategy formulation to run the Company to a new height.

Once again, I would like to thank all our valuable Clients, our Stakeholders, our Directors and all of you for being with us through these years and we are looking forward to sharing the company’s success with you all also in the future.

I want to express my gratitude to all our shareholders for their faith and conviction. Thank you to our regulators too for their support and guidance. Thank you again to our clients for choosing us as your reliable partner. We will continue to serve your interests with passion, competence and capability. Finally, thank you to everyone who has been a part of our progress and for your steadfast support and trust which has strengthened the Company to its present glory.

Yours Sincerely,

Rokeya Quader
Chairman