22nd May, 2012
KOTA KINABALU: It cannot be denied that the insurance sector faces stiff competition, and constantly needs to address new challenges.And, coupled with periodical financial instability in different parts of the world, it is certainly not easy to be a player in the insurance sector.“But I must commend Progressive Insurance for its achievements over the years. The figures quoted by the chairman just a moment ago is testimony of how well this company is doing.“I believe that your achievement is a culmination of efficient management and commitment to your core business,” Chief Minister Datuk Seri Musa Haji Aman said at the Progressive Insurance Berhad dinner here yesterday.Musa who is also Finance Minister added that as one of the main shareholders of Progressive Insurance, the State government was pleased to note that the company has not backed down from charting milestones and improving what it could offer shareholders.“I am pleased to note that you have even revised upwards your projected revenue for this year, and to learn that in the last eight years, you have declared gross dividends of over RM50 million to shareholders,” he said.As a main shareholder, he said the State government had benefited from these dividend payouts.The Chief Minister also said the State government was pleased to receive a gross dividend payment of RM3,309,623 from Progressive Insurance yesterday evening.“It is through dividends that we can help further develop Sabah, and improve the wellbeing of the people,” he added.Musa also hoped that Progressive Insurance would remain on top of changes in financial markets and the insurance sector.By staying alert, he said the company could take quick steps to overcome projected challenges whenever a problem or issue started impacting the ever changing insurance industry.“It is important that you continue to uphold sound management practices, good corporate governance makes transparency, accountability and efficiency part of your daily operations.“And, with a forward looking management team, and with investment that the company has put in training its employees and agents, I am confident that Progressive Insurance will continue to chart higher dividends for its shareholders in the coming years,” he said.Meanwhile, Musa said Sabah’s development was on track via both State and Federal projects.Investors, he said, were continuing their interest in what Sabah has to offer, including in the oil and gas sector apart from agriculture, tourism and manufacturing.Existing businesses and prospective ventures require insurance “and so I wish to call on Progressive Insurance to offer relevant and attractive packages to meet demand from new and existing business ventures in Sabah, and beyond the State”.
New Sabah Times
0 comments:
Post a Comment