Bismillahir Rahmanir Rahim

Distinguished Shareholders,

It is a great pleasure to extend a warm welcome to all of you for your kind presence in the 38th Annual General Meeting (AGM) of Central Islami Insurance PLC.

Let me express my heartfelt gratitude for your continued support for the company. It is because of your kind patronage and persistent support that we are recognized as a promising insurer in the insurance industry in Bangladesh.

On behalf of the Board, I am very glad to present the Annual Report of the Company for the year ended on 31st December, 2025, with the Audited Accounts before you. In this 36th Annual Gathering of the valued shareholders of CIIC, I would like to draw your attention to some major achievements of the Company in 2023.

Basically, in 2023, the main focus of our company was enhancing profit growth from underwriting business, protecting clients in the face of large claims and strategic implementation of Integrated Software in the operation of the Company. .

Global Upsets

You know, the global economy faced a new challenge after the Great Depression of the 1930s due to COVID-19 and Russia-Ukraine War impact resulting in higher inflation rate of the Globe. Global output was contracted by a significant percentage in 2023, reflecting above expectation growth in some of the largest economies and the prudent extension of pandemic-era stimulus programs by some governments. The global economy continues to be weakened by the war through significant disruptions in trade and food and fuel price shocks, all of which are contributing to high inflation and subsequent tightening in global financing conditions. The only measures should be policy instruments: income protection measures and job protection measures.

Fortunately, in Bangladesh, this government has shown remarkable success in keeping both the budget deficit and debt levels at sustainable and bearable levels for the past 15 years. However, we all know the risk of a negative impact on Bangladesh's balance of payments was raised due to the Covid-19 and Russia-Ukraine war, together with the sluggish global economic growth, supply chain disruptions, rising prices for fuel, gas, food, consumer goods, industrial raw materials, and freight on the international market.

Bangladesh is one of the fastest growing economies in the world. As per WTO, after the global pandemic in fiscal year 2022-23, Bangladesh registered a GDP growth rate of 6.1% where Global Growth was only 4 percent.

The global economy is expected to have a somewhat slower growth in 2023 due to tighter financial conditions and geographical tensions. Emerging economies and developing countries were in troublesome condition to keep constant growth of their economies; projected growth of developed economies, especially in Europe, would decline. However, the insurance sectors in emerging economies are expected to rise in 2023. Inadequate policy responses in some areas of the institutional investors had a negative impact on both global and local industry. Total economic growth of the globe, however, has been forecasted to slow down. Forecasting growth of the insurance industry in Bangladesh is yet to be projected.

As a result, while the world fears an increasing recession, Bangladesh is also going through its own social, economic and financial challenges and all the acknowledgments should be gives to the government for taking stable and assertive policies.

We are fortunate

Our company has been able to contribute value to our stakeholders over the years by increasing in growth-oriented segments, such as:

• In a product mix built on innovation and diversification
• In a skilled and dedicated workforce
• Unwavering focus on sustainability and environmental
• Social and Governance (ESG)standards
• A large and loyal customers
• Intermediary partners

It is the company’s responsibility to maintain our investment in digital and technological infrastructure. So that the customers and distribution partners receive better service. Moreover, this will help in optimizing the expenses by enabling the maintenance of functional paperwork. Also, improve the operational efficiency and ensure that the company provides prompt, equitable and competent service across the board to all our customers. Moreover our ground work is solid and the company possesses the knowledge, tools and expertise that is essential for success. Customers and partners have higher expectations towards our company, also we have a strong fiscal management standard to back up our conviction as a large and stable insurance conglomerate. More to this, each department in our organization is comprised of skilled professionals who share a commitment in providing exceptional service to our clients, as a result, the company will keep setting boundaries to per-sue company’s goal.

However, CIIC has been maintaining a good track record in payment of its dividend, from divisible profits of 2023, we recommended a 12% cash dividend from Net Profit Tk. 105.03 million to be declared as DIVIDEND for the year 2023 in this AGM by the honorable shareholders. The paid-up capital of the company has reached 531.45 million taka and leaves a remarkable position among non-life insurance companies in Bangladesh.

IDRA Issues and Rural Business

The Insurance Act, 2010 requires non-life insurance services to be dispersed to the rural as well as to the social sector. Conceived in prudent underwriting, CIC follows all applicable rules, regulations and orders of IDRA meticulously. CIC has been sending information about policies to the Unified Messaging Platform (UMP) regularly at the end of every day’s business. Also, the company has been providing insurance coverage to the insured party by underwriting Small and Medium Enterprise (SME) businesses through its branch network at remote areas of the company. It is also known that, in most of the cases this small sector remains unprofitable.

Capital Market Stabilization Fund (CMSF)
For the general investor interests, a steady securities market is enabled. Thus, Bangladesh Securities and Exchange Commission (BSEC) constituted the Capital Market Stabilization Fund (CMSF) with the unsettled cash or stock dividend and non-refunded public subscription money or un-allocated rights shares from the issuer of listed securities lying with them for more than three years. CIIC, being a listed issuer, has transferred the required amount of unclaimed dividend in the fund, maintaining compliance with the rules

Future Outlook
It is known that the economic condition might not go well in Bangladesh like the world economy in the year 2024. The International Monetary Fund (IMF) has lowered the projection of gross domestic products (GDP) growth for Bangladesh to 6% for the first half of the year 2024. Therefore, the inflation rate is higher than it was expected.

To conclude my comments, I would like to convey our deepest sympathy and compassion to all those affected by the tragic war taking place in Ukraine. We really hope for an early and peaceful solution to the conflict. However, we do believe that Bangladesh will definitely be able to cover up the difficulties posed by the crisis. CIC with its prudent insurance services will remain committed to overcome any challenges of the future and to be in momentum for prudential business growth in 2024.

Conclusion
To sum up, from the Board of Directors, I would like to thank our shareholders, regulators, stakeholders and government i.e., Ministry of Finance, Bangladesh Securities and Exchange Commission (BSEC), DSE, CSE, CDBL, IDRA, Bangladesh Insurance Association (BIA) and Bangladesh Insurance Forum (BIF), Bankers and Customers for their continued support during this challenging time.

My warmest gratitude to all the members of the Board of Directors for their valuable time and energy in supporting me to carry out my responsibilities during the meetings and strategy formulation to run the Company to a new height. I have no hesitation in mentioning the dedication and professionalism of the management team of the Company.

Once again, I would like to thank all our clients, our stakeholders, our directors and all of you for being with us through these years and we are looking forward to sharing the company’s success with you all also in the future.

Thank you to everyone who has been a part of our development and for your steadfast support and trust which has strengthened the company to its present glory.