The Bangladesh insurance industry is facing a crisis of credibility following the announcement of the IDRA Insurance Excellence Award 2025. Industry analysts have expressed profound bewilderment as the insurance regulator, the Insurance Development and Regulatory Authority (IDRA), bestowed a top-tier honour upon Eastland Insurance PLC, despite the company recording a consistent decline in every major financial metric over the last three fiscal years.
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A Regulatory Paradox
In a formal circular signed by Executive Director Monira Begum, the IDRA justified the award by citing the firm’s “extraordinary performance” and “robust corporate governance.” However, the company’s audited financial statements tell a vastly different story. Since 2022, Eastland Insurance has seen its core revenue streams and profitability metrics shrink significantly, raising questions about the transparency of the regulator’s selection process.
Comparative Financial Downturn: 2022 vs 2024
| Metric | 2022 (Actual) | 2024 (Actual) | Performance Shift |
| Total Premium Income | 118.62 Crore BDT | 94.07 Crore BDT | -20.70% |
| Net Profit After Tax | 13.68 Crore BDT | 8.95 Crore BDT | -34.57% |
| Reserve Fund | 116.90 Crore BDT | 108.63 Crore BDT | -7.07% |
| Total Investments | 87.57 Crore BDT | 74.49 Crore BDT | -14.94% |
| Market Share Price | 24.40 BDT | 19.50 BDT | -20.08% |
Deteriorating Indicators and Investor Anxiety
The data suggests that Eastland Insurance is struggling to maintain its market position. The firm’s premium income dropped by approximately 25 crore BDT in just 24 months. Furthermore, the Earnings Per Share (EPS) has eroded from 1.63 BDT to 1.07 BDT, a sharp decline that has directly impacted the company’s valuation on the Dhaka Stock Exchange.
Investors and policyholders have also noted a steep reduction in claims settled, which fell from 37.90 crore BDT to 18.79 crore BDT. While some might view this as lower liability, industry experts warn that such a drastic drop in payouts often signals a loss of customer base or a decline in service quality, both of which are detrimental to long-term trust.
Impact on Sectoral Integrity
The IDRA established the Excellence Awards to bolster the image of the insurance sector and restore public confidence. By ranking Eastland Insurance alongside high-performing industry leaders like Pragati Insurance and MetLife, the regulator risks diluting the prestige of the accolade.
While Pragati Insurance secured the first position in the Non-Life category through documented growth, Eastland’s joint-fifth placement remains an outlier that the regulator has yet to explain. Repeated attempts to contact IDRA’s spokesperson and Eastland’s Chief Executive Officer, Mohammad Selim, were met with silence, leaving the industry to speculate on the criteria used to define “excellence” in an era of visible decline.