The Bangladesh Insurance Association (BIA) held its 38th Annual General Meeting on Monday at the Samson H Chowdhury Centre of Dhaka Club Limited.
The meeting was presided over by BIA First Vice-President Adeeba Rahman, with Vice-President Quazi Sakhawat Hossain Lintoo, members of the executive committee, and chairmen, vice-chairmen, directors and chief executive officers of life and non-life insurance companies in attendance.
Senior industry figures, including Eastland Insurance Chairman and International Chamber of Commerce Bangladesh President Mahbubur Rahman, former Federation of Bangladesh Chambers of Commerce and Industry President Mir Nasir Hossain and former BIA President Nasir Uddin Ahmed Pavel, were also present.
According to the annual report, total premium income of private sector life insurance companies declined to Tk11,389.7 crore in 2024 from Tk11,510.7 crore in 2023.
First-year premium of life insurers fell to Tk2,885.8 crore in 2024 from Tk3,208.1 crore a year earlier.
Renewal premium rose to Tk7,372.6 crore in 2024 from Tk7,288 crore in 2023, while the life fund increased to Tk33,232.2 crore from Tk31,918.2 crore.
Total investment of private sector life insurance companies grew to Tk34,292.9 crore in 2024 from Tk33,461.3 crore in 2023.
Total assets of life insurers increased to Tk11,916.7 crore in 2024 from Tk11,647.4 crore a year earlier.
In the non-life segment, gross premium of private sector insurers rose to Tk4,349.5 crore in 2024 from Tk4,235.1 crore in 2023.
Total investment of non-life insurers declined to Tk5,614 crore in 2024 from Tk5,772 crore a year earlier.
Total assets of non-life insurance companies stood at Tk11,916.7 crore in 2024, up from Tk11,647.4 crore in 2023.
Representatives of member companies discussed the Annual Report 2024 and highlighted BIA activities during the meeting.
The AGM unanimously approved the Annual Report 2024, the Audit Report 2024 and the appointment of auditors for 2025 along with the fixation of their remuneration.
