It is with profound and honor that I welcome you to the 29th Annual General Meeting of Pioneer Insurance Company Limited. Today, we convene not only to reflect on the successes and challenges that have shaped our journey but also to chart a course toward a future defined by innovation, resilience and sustainable growth. The year 2024 has been a crucible, testing the mettle of business worldwide. The global economy has grappled with a confluence of headwinds, including persistent inflationary pressures, geopolitical uncertainties and the lingering effects of the pandemic. These challenges have reverberated across industries, demanding agility, foresight and an unwavering commitment to prudent risk management.

Within Bangladesh, the non-life insurance sector stands at a dynamic crossroads. The demand for comprehensive coverage and sophisticated risk management solutions is raising, fueled by a growing awareness of the importance of safeguarding against unforeseen events. Yet, this landscape is not without its complexities. We observe a concerning trend where some domestic insurers, in contravention of local regulations, cede their entire risk to foreign reinsurers, thereby diminishing our nation’s foreign currency reserve.

At Pioneer, we recognize that navigating these turbulent waters requires a steadfast commitment to our core principles:

Integrity & Compliance: We remain unwavering in our adherence to the highest ethical standards and regulatory requirements. Our reinsurance practices strictly comply with local laws, ensuring that we contribute to the stability and resilience of our nation’s financial ecosystem.

Customer-Centricity: We are dedicated to providing exceptional service and crafting bespoke

insurance solutions that precisely address the unique needs of our clients. This commitment is the bedrock of our sustained success.

Innovation and Adaptability: We embrace innovation as a driving force, constantly seeking

new ways to enhance our product offerings and expand our reach. Our strategic focus on health and personal accident insurance reflects our commitment to meeting the evolving needs of our customers.

Social Responsibility: We believe that businesses have a profound responsibility to contribute to the well-being of society. Our microinsurance initiatives and partnerships with national and international NGOs are testaments to our dedication to empowering underserved communities and fostering inclusive economic growth. Looking ahead, we are confident that the non-life

insurance sector in Bangladesh holds immense growth potential. Pioneer Insurance, with its robust foundation, unwavering commitment to excellence and deep understanding of the market, is ideally positioned to capitalize on these opportunities.

I extend my sincere gratitude to our Board of Directors for their invaluable guidance, our dedicated employees for their tireless efforts and our loyal stakeholders for their continued trust and support. Together, we will navigate the challenges that lie ahead and seize the opportunities that emerge, ensuring that Pioneer Insurance remains a beacon of stability, innovation and social responsibility in the years to come.

Thank you.