FE Report

Pragati Insurance Limited (PIL) has approved 20 per cent cash and 15 per cent stock dividends for its shareholders for the year 2008.

The approval came at the 23rd annual general meeting (AGM) of the company at the Officers' Club in the city Sunday, said a press release.

PIL Chairman Abdul Awal Mintoo presided over the meeting, while all board members and a large number of shareholders of the company were present on the occasion.

During the year 2008, the company earned a gross premium of Tk 979 million, which was 22 per cent higher than the previous year.

Profit before tax of the company was Tk 198.82 million against Tk 176.84 million of the previous year.

The company's net claim settled during the year was Tk 49 million against Tk 58 million in 2007.

The company's total asset at the end of the year stood at Tk 2662.46 million.

The PIL chairman said that the company's performance had been satisfactory with 22 per cent increase in gross premium income. Major contributor to the growth was the motor insurance sector.

The company's board has given directives to the management to give vigorous drive into this market.

The board has also stressed upon mobilisation of resources and manpower for development of health insurance and crop insurance.

He also said equal stress had been given for development of e-governance and penetration into the populace with small business like PPA policy and universal coverage of SME sector.

A good number of shareholders took part in the discussion and expressed their full satisfaction with the performance of the company.

PIL Managing Director AKM Rafiqul Islam replied to the various points raised by the shareholders to their satisfaction.

The meeting reelected four directors from 'A' Group shareholders. They were Khalilur Rahman, Khan Mohammad Ameer, Syed M Altaf Hussain and Md Sarwar Kamal, and two directors from the public shareholders were Mohammad A Malek and Tabith Mohammad Awal.