2013- A landmark in the history of the country's Insurance sector which marked the commencement of operation of the private insurance companies. Today, it gives me immense pleasure to announce that IKBZ Insurance Company under the umbrella of the KBZ group has seamlessly blended both traditional values with contemporary trends and has successfully entered into its 2nd year of operations. It has managed to preserve its position in the Myanmar insurance market, benefiting from the economic reforms implemented under the visionary leadership of the present government.
We are aware that our country is on the path of economic development and we have witnessed notable transformations in all sectors. IKBZ is proud to have been a part of this "metamorphosis".
In the area of corporate governance. we have seen clear trends in the development of greater transparency and a strengthening of the position of shareholders.
The company realized good technical results and managed to expand its corporate and private individual customer base, in spite of strong competition in the Myanmar market which led to an increase in Gross Written Premiums (GWP) and improved technical profits. The company will continue to draw on the skills of its experienced technical staff to enhance its leading position in the Myanmar insurance market through the development of the current products and also anticipate to deal with new products in the near future under the esteemed guidance of the country's Insurance supervisory board (IBSB).
New initiatives include the creation of a customer-centric marketing strategy for all lines of business. In addition, the company is increasing the number of branches to uniformly cover the domestic market.
From a modest private insurance company catering with fewer products, we have grown to become one of the market leaders not just because of our renowned brand name but also due to the excellent leadership of the senior management. On this note, I would like to extend my and the board's sincere appreciations to all our stakeholders for their continued support and commitment and to all the directors of the Board for their dedication and involvement.
Lastly I would like to say that Success doesn't make us rest on our laurels. We are determined to scale greater heights by providing products and services that exceed customer expectations. Quality has always been our watchword and will remain so forever.
My fellow Board members and I would like to thank you for your continued support. Our commitment to you, our shareholders, and to our customers, employees and the communities in which we live and work, requires that we keep IKBZ in the front rank of the insurance industry through profitable growth. To guide us on this journey, we will maintain and further strengthen our corporate governance framework.
Once again, I extend my gratitude to our employees, business partners and customers for placing their trust in us and providing us the platform in making IKBZ Insurance Company what it is today!
I would like to wish all of us a very productive and successful Annual General Meet 2014.
U Aung Ko Win
Chairman of the Board of Directors