Assalamualikum.

Dear Valued Shareholders & Stakeholders

I am pleased to welcome you all at the 28th Annual General Meeting of Prime Insurance Company Limited.

I would like to express my heartiest gratitude to you all, for being with us, and for inspiring us to face the erratic economic turmoil. The Pandemic Covid-19 results in high price oscillation of the economy, as well as it infected, affected, and destroyed the family, and fortune, and it became the fear of communal society. Moreover, Rasa & Ukrain war also affected our economy at a large with the whole world almost all the business entrepreneurs changed their strategies and focused on sustainability instead of thinking about aggressive revenue growth.

Global economic growth in 2022 compared to 2021 was weaker due to weak global demand and the trade dispute between the USA and China. Further, in 2022, the global economic growth became negative due to pandemic Covid effects as well as the RASA UKRAIN war. Almost governments of all the countries in the globe imposed lockdown, isolation and restriction on the movement of goods and transportation of those to protect the outbreak of the Corona Virus. Industrial and economic growth is required to be recovered which is dependent on the strategic planning and effective implementation of monitoring and the fiscal stimulus package, restoration of normal economic activities and fading of pandemic. In short, the projected global economic growth will pick up to 5.2% in 2022; however, it depends on the sustainability of the investment incentives and creating demand off products and services, and the availability of the transpiration, and transformation of the industrialization.

Many National and International manufacturing Companies in Bangladesh were closed down due to insufficient raw materials, liquidity crisis, the uncertainty of regaining the normal export and import transaction, and having the unusual demand and supply chain of the products and services.

Prime Insurance Company Ltd earned 1179.46 million in 2022 which was 715.65 in 2021. Retained earnings of 2022 were lower compared to the retained earnings of the year 2021. Profit of the Company was due to investment in share business, and income generated from the interest of FDRs. FDRs in the year 2022 were remarkable among the preceding 5 years.

Prime Insurance Company Ltd. is also planning to utilize the technology to cope with the global system. Digital marketing of the insurance products will be a future plan of the Company. Risk Management of the Company will also be measured and a research-based team will have to be formed to receive the information.

In line with the retained earnings of 2022 of the Company, this Year Company is forecasted to distribute at least a 10% cash dividend. However, the said proportion of dividends was average in comparison with the dividend payout ratio of the listed companies in Bangladesh operating in a similar context.

Thanks

Dr. Mohammad Sahadet Hossain, Ph.D

Chairman