I would like to express my humble gratitude to Almighty Allah for keeping us safe and closing the year 2024 as a successful business year despite all odds and challenges. I am honored and humbled to be able to lead our great team of Sena Insurance PLC (SIPLC). SIPLC has a strong 12 years of legacy and I am proud to be associated in this journey since inception to see the Company starting from scratch and now it is considered as one of the most promising insurance companies in the country. This has become possible only by the grace of Allah and with the continuous support of the respected Chairman & other members of the Board, respected stakeholders, valued partners, distinguished patrons, and well-wishers.

I would like to start with a brief overview of the current economic condition, performance, and strategy of our Company. In 2024, SIPLC stepped into various business operations with its commitment to maintaining superior corporate governance practices and balancing growth, profitability and risk.

In spite of the hurdles, Sena Insurance PLC was able to sustain its positive trend of growth in business, with the unwavering dedication of the staff & board of directors. In 2024, SIPLC earned a premium income of Tk 1,018.88 million, registering a growth of 1.93% compared to the previous year. Tenet premium income is Tk 370.64 million, which has been decreased by 11.94% from the previous year, mainly due to an increase in re-insurance premium ceded.

Our Company is little different from others. 60% of the sponsored shares are owned by Sena Kalyan Sangstha (SKS). Such a viable sponsor helps us to abide by the rules of the government and IDRA. You may know that we commenced our business in the latter part of 2013 and reached break-even within a year. We started paying dividends since 2015 and successfully reached out to our valued clients. Within a short span of 12 years, we have acquired sizeable assets and grown 621%with a continuous ascending graph.

We are the youngest general insurance Company in the country. SIPLC continuously screened the business and shortlisted the risk-based products and services. In this regard, the number of customers have been increasing day by day in the 12 years since its inception due to timely payment of insurance claims and abiding by existing rules. We cherish the credible image of our beloved Armed Forces and do justice to it through our services. Our Company’s expertise in the General Insurance industry is driven by our comprehensive & customer-centric products portfolio coupled with a multichannel distribution strategy that is dynamically reviewed to adapt to the changing market demand.

Every year our income and profit have been steadily increasing. We pay the insurance claims to the customers on time, and that’s why customers have trust in us. We want to reach peoples’ doorsteps through new services. Promulgation of Bancassurance could be a good opening in this regard. This channel, leveraging the existing banking infrastructure, has the potential to revolutionize access to insurance amongst the masses. The opening up of bancassurance has led to the government’s emphasis on generalizing insurance, which is very important for the insurance sector.

However, we have all witnessed that the power of togetherness, intellect and resilience can help human to navigate even in the most challenging circumstances. We at SIPLC are proactively drafting our Strategies to stay ahead of the curve and mapping out solutions for the challenges of the present and the future. We intend to expand across distribution, digital, technology & claims services and in order to provide insurance services to the majority of people in the country; we intend to focus significantly in the agriculture sector, livestock and public transport to provide insurance services.

Progressive plan of this Company has following highlights:

a. We have 12 (twelve) branches now and want to have a network of 15 branches by 2026.
b. Plan to have network in all divisional headquarters by 2026.
c. We are in a process to engage in cattle and crop insurance at moderately larger scale.
d. We have launched a special App to reach out to all sectors of people.
e. We plan to ensure our growth by 10% each year through innovative products.
Since our Company is owned by the Armed Forces, all our profits are spent on supporting humanitarian cases. Hence, anyone can be encouraged to be a part of this noble initiative. Sena Insurance PLC cordially invites all to be our valued partners through availing the best possible risk management schemes for your business and affiliated facilities.

We got listed with Dhaka and Chittagong Stock exchanges in 2021 and within only 3 (three) years time achieved the following prestigious awards for our performance, good governance and compliance:

a. 5th Emerging Asia Insurance Awards-2024.
b. 13th& 14thICMAB Best Corporate Award-2022 & 2023.
c. 9th& 11thICSB National Award for Corporate Governance Excellence-2021 & 2023.
d. 23rd ICAB National Award for the Best Presented Annual Reports-2022.
e. RTV Bima Awards-2023 as the Best Promising General Insurance Company.

We will remain “A Trusted Risk Manager” at all times for our partners and at the same time add value to their investments as a sustainable financial institution. We hope that our respected shareholders, valued clients & other stakeholders will always be with us in our steady and successful journey ahead.

Thank you for keeping us in your trust.

Brig Gen Md Shafique Shamim, psc (Retd), MDS, MBA, CII (cert), ABIA
Managing Director & CEO