It is with immense pleasure and gratitude that I welcome you all to reflect on our achievements and challenges while reaffirming our commitment to a promising future for the Company. First and foremost, I extend my heartfelt appreciation to you, our valued stakeholders, for the trust and confidence you have placed in Pioneer Insurance Company Limited. Your unwavering support has been the cornerstone of our progress and resilience in navigating an ever-evolving business landscape.

The year 2024 was marked by significant economic headwinds for Bangladesh. Challenges such as a banking sector crisis, rising inflation, constraints on foreign exchange reserves, import restrictions and a slowdown in export growth collectively impacted the country’s GDP growth.

Additionally, private sector investment faced hurdles due to the Government’s stringent monetary policies aimed at curbing inflation. The non-life insurance sector, in particular, was affected by the devaluation of the local currency against the US dollar, import restrictions and limited foreign exchange reserves. It is worth noting that Bangladesh's insurance penetration rate in GDP is very insignificant and lowest in Asia. These challenges underscored the importance of resilience, adaptability and prudent management within the insurance industry.

Our focus remains on safeguarding profitability, empowering our dedicated employees and enhancing operational systems to ensure sustainable growth. We are steadfast in our mission to provide exceptional service to our clients while maintaining the highest standards of integrity and transparency. I would also like to express my deepest appreciation to my esteemed colleagues on the Board for their invaluable guidance and commitment to maintaining the highest standards of corporate governance, ensuring effectiveness, transparency, ethical business practices and accountability in all its activities. Additionally, I commend our Chief Executive Officer and the entire management team for their dedication and hard work in achieving the Company’s objectives.

Their efforts have been pivotal in positioning Pioneer Insurance as a leader in the industry. Our gratitude extends to the Ministry of Finance, the Insurance Development & Regulatory Authority (IDRA), Bangladesh Bank, the Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock Exchange PLC, Chittagong Stock Exchange PLC and our co-insurers, reinsurers, and well-wishers for their unwavering support and cooperation.

In closing, I thank you all once again for your steadfast support and look forward to an even brighter future for Pioneer Insurance Company Limited.