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Daily Business News All Daily Business News
02 Feb 2014
STOCK WATCH :: Eastland Insurance Company Ltd

Eastland Insurance Company being sponsored by a group of entrepreneur exposed to various economic sectors including financial institutions, Trading, garments, Pharmaceuticals, Press, Construction, Cold Storage etc., started its journey as one of the first generation General Insurance Companies in the private sector from 5th November, 1986. Eastland was listed as a public limited company with Dhaka Stock Exchange in 1994 and its Tk 30 million shares with 40per cent premium were over-subscribed by more than 12 times! Ever since, its performance remained steady with average annual growth rate of 20per cent over the last 5 years.

Eastland Insurance Company, one of the leading Non-life Insurance Companies has been awarded Certificate of Merit as the Best Corporate in the General Insurance Sector for the best published Annual Report 2011 under the Insurance Sector. While evaluating the Annual Reports 'The Institute of Cost and Management Accountants of Bangladesh' took into consideration among others, Compliance of BAS, Companies Act, Insurance Act, SEC Ordinance and Rules, DSE and CSE Regulations in presentation of Annual Reports, the style of presentation, presentation of graphical/ pictorial data, production quality of the report, segment analysis, timelines in holding AGM, the aspects of corporate Governance etc.

Such award reflected the financial soundness, good governance, compliance to the Rules and Regulations, adherence to the Bangladesh Accounting Standard, transparency and adequacy of disclosures in Financial Statement of Eastland Insurance Company. As per Financial Statement ending 31st December 2012 total assets of the company stood at Tk 1547.73 million, Reserve Fund Tk 689.63 million and Investment Tk 758.60 million. The company has so far settled claims amounting to Tk 1291.26 million and has been paying 'double digit' dividends to its shareholders ever since its inception plus stock Bonus in recent times. The company has also been rated 'AA' by the Credit Rating Information Service Limited for its high claim paying ability with strong protection factors supported by good financial performance and sound solvency position.

Eastland has been offering comprehensive range of insurance packages from its 24 branches throughout Bangladesh, which include: Fire, Marine, Hull, Motor, Industrial All Risks, Engineering, Aviation, Personal Accident, Medi-claim and Miscellaneous risks. Eastland is a proud insurer of host of clients ranging from distinguished individuals to big trading firms, Banks & Financial Institutions as well as large national & multinational companies. The company is living up to its promised slogan: The name you have learnt to Trust by upholding its personalised services in both Sunny & Rainy days! As such, Eastland's name has been embedded in the hearts of thousands of its clients.

Mission:

o     To create and deliver risk solutions and services that makes our clients risk-free and successful.

o     To be among its peers in the market by providing fastest personalised services to the clients through utmost good faith, good conduct, sincerity and integrity.

Vision:

o     To contribute actively for the betterment of the policyholders, shareholders and well being of the society at large through comprehensive insurance protection and creative investment.

o     To double sales revenue over the next five years by providing maximum security for the properties of the existing and potential clients.

Source :: The New Age