I begin with profound gratitude to the Almighty Allah for His countless blessings, guidance and mercy that have enabled us to navigate another year successfully. It is with great honor and privilege that I present to you the Annual Report 2025 along with the proceedings of the 26th Annual General Meeting of Crystal Insurance PLC.
The year 2025 has been a significant period for our company, marked by both challenges and opportunities in the dynamic landscape of the insurance sector. Throughout this period, our unwavering commitment to professionalism, innovation and customer-centric service has allowed Crystal Insurance PLC to sustain growth, strengthen its market presence and uphold the trust of our esteemed policyholders, shareholders and stakeholders.
From the beginning of the year, we tied with our plans, to progress business growth economically and profitably by accomplishing responsible work socially and keeping lime environment by implementing our policies and technology in the interest of the company. Professionalism and quality service track indicates clients’ confidence and market image of the company. We have 42 branches and those are able to underwrite the insurance policy from any districts because our technology permits us for this wider facility. By this time, the Company is able to create market image and goodwill in the industry.
The confidence level of our business partners and clients is very high on the Company’s operations. Business growth of the Company is optimistic compared to previous years. All of you know how severe the competition is in a small market like ours. Due to our market research, effective business model, sincerity, hard work, transparency, corporate governance culture and accountability, we have been able to bring an outstanding brand image in the market.
Therefore, this year has been recognized as a great successful year of Crystal Insurance PLC. In this happy moment, I express my heartfelt thanks and gratitude to all our valued clients, business partners, all our regulatory bodies, honorable Members of the Board for giving me the opportunity to lead the operations of the company with their marvelous support.
Crystal Insurance PLC remains committed to achieving sustainable growth, embracing technological advancements, enhancing customer experience, and adhering to the highest standards of corporate governance. We pledge to continue our journey with resilience, integrity, and innovation, creating value for all our stakeholders and contributing positively to the insurance industry in Bangladesh.
We focus on steady, sustainable growth built on client satisfaction and a clear understanding of market needs. Our diverse, innovative products offer strong risk-management features, and we continually research new ideas to improve and create socially responsible insurance solutions.
To stay ahead, we have embraced digital transformation making online services faster and easier for our clients. At the same time, we are expanding our branch network and distribution channels to reach more customers across Bangladesh. We are also expanding our branch network and distribution channels to reach more customers across Bangladesh.
Our dedicated management team and dynamic Board ensure quick problem-solving and strategic guidance, while ongoing employee training and development strengthen service quality and professional expertise.
The enriched and diversified product portfolio has made Crystal Insurance PLC as a distinctive company in comparison of other insurance companies in the industry. The Company already enhanced its regular products i.e. marine, fire, burglary, engineering and various types of miscellaneous accidental insurance.
I am confident that we have taken up the right strategy in delivering the products and services which are required by the clients and at the same time making the company profitable.
We recognize that effective risk management and governance are critical to long-term success. This year we strengthened our internal control and compliance frameworks, carried out comprehensive risk assessments covering underwriting, operational and market risks and ensured full adherence to the regulations of the Insurance Development and Regulatory Authority (IDRA), Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) and the Bangladesh Bank (BB).
Crystal Insurance PLC remains committed to making a positive impact on society and the environment. Over the year, we have supported community development initiatives in healthcare, education, and disaster relief, while implementing environmentally friendly practices across our offices and operations. In addition, we have actively promoted employee volunteerism to encourage greater community engagement and social responsibility.
This year presented several challenges, including market volatility and increasing competition. By leveraging strategic planning and operational agility, we were able to maintain robust claim settlement processes, enhance customer trust and loyalty and identify opportunities for process improvements and efficiency gains, strengthening our overall resilience and performance.
The insurance industry plays a crucial role in economic development by providing financial protection and reducing uncertainty for individuals and businesses. By pooling risks and mobilizing savings, insurance companies create funds that can be invested in industries, infrastructure, and other productive sectors, stimulating growth. It also encourages entrepreneurship, protects assets, and builds consumer confidence, which in turn boosts spending and investment. In Bangladesh, the insurance sector’s contribution to GDP remains modest but expanding coverage in areas like health, crop, motor, and travel insurance could significantly enhance its impact on national economic growth.
We are contemplating to make the Company into an institution of excellence and prominence. As such, we are always moving forward with our commitment delivering diversified but exclusive products and faster services to our valued clients engaging different approaches keeping in mind that clients’ happiness is our ultimate aspiration.
We are maintaining Company’s focus on improving response time in customer services, the Company realized the necessity of using updated technology in every possible area of service and accordingly, developed information technology (IT) infrastructure, including efficient software solution based on entirely online system which are designed to offer excellent customer services as well as prompt settlement of claims.
In conclusion, it is my sincere belief that our nation and the global economy will stand at stable position. In the upcoming years, with the best wishes from all of you, and sincere efforts put in by our colleagues, we expect to do better than before.
I would like to express my sincere gratitude and appreciation to our respected business partner clients and the regulatory bodies.
I would also like to extend my warmest gratefulness to the management and employees for being the backbone of the company. It was their unrelenting commitment, dedication and diligence throughout the year that led the company to achieve solid all-round performance in 2024 that will always be remembered in times to come.
Crystal Insurance PLC will execute long-term strategy successfully and meet the goals with the continuous dedication and commitments for future affluence success.
Finally, I extend my sincere gratitude to the chairman of the Board of Directors of Crystal Insurance PLC for his constant support and guidance at all times. My whole-hearted appreciation goes to our Directors, shareholders, stakeholders, IDRA, SBC, BSEC, DSE, CSE, RJSC, BIA and valued clients for their continued support and for keep faith on us
We are proud of you all and look forward to your continued support as we stride ahead to take Crystal Insurance PLC forward as a leading non-life insurance Company in Bangladesh.
With warm regards,
S M Shahidullah
Chief Executive Officer