Eastland Insurance Company Limited a public limited company incorporated on 5 November 1986 under the companies act 1994 to carry out general insurance business as per the Insurance Act 1938 and other related applicable laws and rules. It commenced business on 22 November 1986. The authorised capital of the company is Tk 100 million divided into 1 million ordinary shares of Tk 100 each. Its paid up capital was Tk 60 million on 31 December 1999. The sponsors paid 50% of its share capital and the rest was paid by members of the public. The company has not yet been listed with stock exchanges.

The company underwrites risks involved in trade and properties and thus provides their security through insurance and reinsurance services. The major risk underwriting business of the company covered fire insurance, marine cargo and hull insurance, motor insurance and miscellaneous insurance. The company participates in the co-insurance business. It re-insured risks undertaken with the sadharan bima corporation, the lone state-owned general insurance company in Bangladesh.

Eastland Insurance Company maintained a steady growth in its business performance. It diversified its investment to augment the market-base and profitability. During the year 1999, the company earned a net premium income of Tk 97.60 million and settled net claims of Tk 46.87 million. The underwriting profit of the company was Tk 4.89 million in 1999. Besides the underwriting profits, the company had a substantial amount of investment income, which rose from Tk 13.05 million in 1995 to Tk 17.31 million in 1999. Net profit before tax was Tk 29.70 million in 1995 but dropped to Tk 19.41 million in 1999. Earning per share of the company was Tk 32.88 in 1995 and Tk 24.45 in 1999. The investment portfolio of the company in 1999 comprised National Investment Bonds, debentures and shares of companies/corporate bodies, FDR and ICB Mutual Funds. As a part of its investment diversification, the company invested Tk 10 million in the equity of a non-bank financial institution, the national housing finance and investment limited.

Eastland Insurance Company has its head office at Dhaka. On 31 December 1999, it had 34 branches throughout the country. The management team of the company includes 31 executive officers led by the managing director and a 29-member board of directors. [S M Mahfuzur Rahman]