The integrity of the Insurance Development and Regulatory Authority (IDRA) has come under intense scrutiny following the announcement of the “IDRA Insurance Excellence Award 2025”. In a move that has baffled market analysts, the regulator bestowed the prestigious honour upon Eastland Insurance PLC, despite the company’s audited financials revealing a comprehensive decline across every key performance indicator over the past three years.
A Steep Trajectory of Decline
Far from the “extraordinary performance” claimed by the IDRA, Eastland’s financial health appears to be in a state of systemic erosion. Between 2022 and 2024, the firm’s total premium income—the primary lifeblood of any insurer—contracted by 20.70 per cent, dropping from 118.62 crore BDT to 94.07 crore BDT.
The contraction is not limited to revenue. The company’s net profit after tax plummeted by nearly 35 per cent, while its investment portfolio shrank by 14.94 per cent. Such figures typically signal a retreating market presence rather than the “excellence” suggested by the regulatory body.
Financial Health Check: Eastland Insurance PLC (2022–2024)
| Performance Indicator | 2022 Figures | 2024 Figures | Variance |
| Total Premium Income | 118.62 Cr BDT | 94.07 Cr BDT | -24.55 Cr |
| Net Profit (After Tax) | 13.68 Cr BDT | 8.95 Cr BDT | -4.73 Cr |
| Claims Settled | 37.90 Cr BDT | 18.79 Cr BDT | -19.11 Cr |
| Reserve Fund | 116.90 Cr BDT | 108.63 Cr BDT | -8.27 Cr |
| Share Market Price | 24.40 BDT | 19.50 BDT | -4.90 BDT |
Deteriorating Trust and Market Valuation
The most alarming metric for policyholders is the precipitous drop in claims settled, which halved from 37.90 crore BDT in 2022 to 18.79 crore BDT in 2024. Industry experts warn that a downward trend in claim disbursements often correlates with a diminishing customer base and a crisis of confidence.
The capital market has reflected this internal decay. Shareholders have seen the value of their holdings evaporate by 20 per cent, with the share price falling to 19.50 BDT. Simultaneously, the Earnings Per Share (EPS) has been severely diluted, falling from 1.63 BDT to 1.07 BDT in just two years.
Regulatory Silence Amidst Scepticism
The IDRA’s decision to include Eastland Insurance in the same bracket as industry stalwarts like Pragati Insurance and MetLife has raised serious questions regarding the selection criteria. While the regulator aims to “establish a positive image” for the sector, critics argue that rewarding poor performance achieves the opposite effect.
Despite the mounting controversy, both IDRA’s official spokesperson and Eastland’s CEO, Mohammad Selim, have remained unavailable for comment. As the industry awaits clarification, the 2025 Excellence Awards remain overshadowed by the stark disconnect between Eastland’s balance sheet and its new regulatory trophy.