Dear Shareholders,

I welcome you all to this auspicious occasion of the 11thAnnual General Meeting of the Company. Though it is the 11th Annual General Meeting, but actually the thirdone with our respected general shareholders since the Company entered into the capital market in November 2021. Let me begin with my humble gratitude to Almighty Allah and my higher authority, who entrusted me with the noble task of looking after a very well reputed organization like Sena Kalyan Sangstha (SKS) and all its sister concerns as their Chairman. It is indeed a great honor and pleasure to convey my felicitation to you and all members of your esteemed organizations as the Chairman of the Board of Directors of Sena Kalyan Insurance Company Limited (SKICL).
On behalf of the Board of Directors, I express my heartfelt thanks and gratitude to you all for your continued support and co-operation. I would like to mention here that your confidence and trust on us have helped Sena Kalyan Insurance Company Ltd to become the country’s fastest growing insurance company in the insurance sector.

The global insurance industryis facing significant challenges due to theeconomic consequences for geopolitical conflicts,rising inflation, interest rate pressure, climatechange, and unpredictable market disruptions. To thrive, insurers must implementagile talent, technological strategies andimprove operational efficiency to meet theever-changing customer expectations. This willpave the way for insurers to unlock invaluableinsights, reduce costs, mitigate risks, and createan innovation-driven and customer-focusedecosystem. Besides technology, there are otherpressing issues like environment and climatechange and it is becoming increasingly importantfor insurers to differentiate themselves throughtheir environmental, social, and governance (ESG)initiatives. The success will be measured by how effectively organizations are able to mitigateenvironmental risks, reduce carbon emissions, promote diversity in workforce, improve inclusivityand increase transparency and accountability intheir governance structures.

The year 2023 was a good year for the non-life insurance industry in Bangladesh in general. In the January to September period, the overall general insurance business grew around 20% from the last year. Usually, general insurers provide services to their clients in fire, marine, engineering, motor, aviation insurance, overseasmediclaim and miscellaneous areas. The Insurance Development and Regulatory Authority (IDRA) has introduced several reforms during this financial year, to expand the insurance market and increase insurance penetration, such as mandating KYCs, encouragingrollout of innovative and customized products, modification in sandbox, endorsement of Bancassurance and issued Corporate Governance Guideline for Insurance companies. Theseinitiatives are truly transformative andwill certainly help to improve insurancepenetration, thus benefitting the entireinsurance ecosystem.

SKICL has always emphasized on professionalism and relied on the dynamic leadership. We believe that our skilled manpower is dedicated to responding to customers’ requirements with utmost sincerity, transparency and efficiency. Therefore, fostering appropriate human resources remains one of our key priorities to be able to serve customers in a better way and establish a competitive edge over our competitors. We used equal attention in launching our latest IT infrastructure and stretched network coverage to its optimum capacity.

I’mpleased to report that despite a tangibleeconomic crisis that hit the country in the second quarter of theyear, Sena Kalyan Insurance Company was able to sustain their positive trend of growth in business, with the unwavering dedication of the staff members. In 2023,our net profit grew by 20% and stands at Tk.136.66mn, which was Tk.114.33 mn in 2022. Our recurring revenue model proved resilient,producing record highs in annual net premium income of Tk.420.90mn and gross premium income of Tk.999.50mn.There was an impressive increase of 9.19% in underwriting profit to Tk.89.85mn as opposed to Tk.82.29 mn in 2022.Despite the challenges and complying with all the instructions of our regulators, the financial strength of our Company gradually increased having the total assets standing at Tk.1,600.54mnagainst Tk. 1,483.71 mn in 2022.

Sena Kalyan Insurance Company Limited has been maintaining a good track record in payment of its dividends. Accordingly, based on the profits for 2023, we have recommended 13.5% cash dividend amounting to Tk. 54 million for declaration in the AGM by the respected shareholders.

Since 2013, we have consistentlymaintained our position as one of themostcompliant and trusted general insurancecompanies in Bangladesh. This achievementis a testament of our unwaveringcommitment to providing our customerswith superior products and services.Our comprehensive product portfolio ismade available through a wide-rangingdistribution network in the country. We have a vast network to give our customers easy access to our products and services.

As a trusted brand witha growing footprint in Bangladesh, I believe our Company is in a wellpositionto build on the positive and sustainable impactit has already made. Indeed, we look forward with energy, enthusiasm, and positivity to continue delivering on our mission to use our insurance expertise to do good for individuals, businesses and society as well. Though much haschanged, what remains unchanged is our emphasis oncreating sustainability for all our stakeholders.

I again, thank all our shareholders and mycolleagues in the Board of Directors for theirguidance and support. I also convey my sincereappreciation to the management and staff ofSKICL. I am also thankful to the Insurance Development and Regulatory Authority, Bangladesh Bank,Bangladesh Securities & Exchange Commission(BSEC), Registrar of Joint Stock Companiesand Firms, the DSE & CSE and other stakeholders for their support.We look forward to another successful year with hope andconfidence.

Thank you,

Major General Md Habib Ullah, SGP, SPP, ndc, afwc, psc, M Phil
Chairman
Sena Insurance PLC