Annual Report 2014 - pioneerinsurance.com.bd · Annual Report 2014 Registered & Head Ofﬁce Symphony (5th Floor), Plot # SE(F)9, Road # 142,

Annual Report 2014

Registered & Head OfficeSymphony (5th Floor), Plot # SE(F)9, Road # 142,

South Avenue, Gulshan-1,Dhaka-1212, Bangladesh. Tel: 8817512 (Hunt), Fax: +88-02-8817234, 8817264

E-mail: [email protected], [email protected]: www.pioneerinsurance.com.bd

AuditorsARTISAN

Chartered AccountantsBSEC Bhaban (Level-10),102, Kazi Nazrul Islam Avenue,

Kawran Bazar, Dhaka-1215

Working together works 003

Letter of Transmittal 004

Credit Rating 005

Notice of The 19th Annual General Meeting 006

Vision & Mission 007

Focus & Proposition 007

Core Values 008

Strategic Objectives 009

Company Profile 010

Products of Pioneer Insurance 011

Sharing Pioneer’s Recognication 012

Corporate Memoir 013

Composition of Board 014

Chairman since Inception 015

Directors’ Profile 016

Highlight 2014 034

Profile of CEO & Managing Director 035

Executive Roster 038

Network of Branches 041

Condolence 046

Pictorial Views 047

Member of International Organization 050

Global Insurance Outlook 051

World’s Non-Life Insurance Premium 052

Graphical Composition of Financial Position 053

Message from the Chairman 059

Message from the CEO &Managing Director 061

Directors’ Report 063

Pattern of Shareholding 074

Directors’ Report in Bangla 075

Corporate Governnance 084

Responsibility Statement of Chief Executive Officer & Chief Financial Officer 092

Value Added &Market Value Added Statement 093

Auditors’ Report & Financial Statement 094

Statement of Financial Position 096

Statement of Comprehensive Income 098

Consolidated Revenue Account 100

Fire Insurance Revenue Account 102

Marine Insurance Revenue Account 104

Misc. Insurance Revenue Account 106

Statement of Cash Flows 108

Statement of Changes in Equity 109

Notes to the Financial Position 110

Form - “AA” 128

Contents

Annual Report 2014 003 Working together works

Workingtogether works

There’s no limit to what a man can do, as long as he doesn’t mind who

takes the credit. Team building works. Build a core group around

yourself. As American billionaire oil tycoon, J. Paul Getty calls them “Men

with the millionaire mentality. People, who are forward thinking, cost

conscious and profit oriented.” And, they will build teams around

themselves. It sure will become a pyramid reaching for the moon.

All Shareholders,Bangladesh Securities and Exchange Commission,Insurance Development and Regulatory Authority,Registrar of Join Stock Companies & Firms,Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited.

Dear Sir(s),

ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2014.

The undersigned has the privilege of forwarding a copy of the Annual Report 2014 of Pioneer Insurance Company Limited together with Audited Financial Statements including Statement of Financial Position as at December 31, 2014 and Statement of Comprehensive Income, Cash Flow Statements for the year ended December 31, 2014 along with notes thereon for kind information and record.

Sincerely yours,

S.M. Mizanur RahmanCompany Secretary

Annual Report 2014004Letter of Transmittal

Letter of Transmittal

Annual Report 2014 005 Credit Rating

Notice of The 19th Annual General MeetingNotice is hereby given to all Shareholders of Pioneer Insurance Company Limited whose names appear in the Share Register on Monday, May 04, 2015 that the 19th Annual General Meeting of Pioneer Insurance Company Limited will be held on Thursday, May 21, 2015 at 11 A.M., at Of�cers Club, 26 Baily Road, Dhaka-1000 to transact the following businesses:

01. To receive and approve the report of the Board of Directors regarding the affairs of the company for the year ended 31st December 2014.

02. To receive, consider and adopt the Statement of Comprehensive Income of the Company for the year ending 31st December, 2014 and the Statement of Financial Position as of that date together with the Auditor’s Report.

03. To declare Dividend for the year ended 31st December 2014.

04. To appoint Auditors for the year 2015 and �x their remuneration.

05. To elect Directors (from Group A & Group B) as per Articles of Association of the Company.

BY ORDER OF THE BOARD OF DIRECTORS

S.M. Mizanur Rahman Company Secretary

Notes : The “Record Date” is Monday, May 04, 2015, Shareholders, whose names are found recorded in the share register on the “Record Date”, shall be entitled to attend the meeting and to receive the dividend.

A member entitled to attend and vote at the above meeting may appoint a proxy (as per Articles of Association, proxy shall be a member of the Company) on his/her behalf. The Proxy form duly stamped and signed shall be submitted at the registered of�ce of the company at least 72 hours before the meeting.

Entry to the Annual General Meeting is reserved only for the Shareholder or his / her proxy on production of the Attendance Slip printed with the Annual Report. No Guests and Children shall be allowed entrance in the meeting.

The Annual Report 2014 and Proxy Form will be available at the Pioneers website www.pioneerinsurance.com.bd from May 06, 2015 onward.

01.

02.

03.

04.

April 20, 2015

Annual Report 2014006Notice of the 19th AGM

Annual Report 2014 007 Vision & MissionFocus & Proposition

Vision Mission

FocusTimely and optimally efficient service

delivery in every operation and

from all echelons of the

management.

PropositionWe know your life can go on without Pioneerbut if you give us a chance we will sincerely tryharder to make your ventures more secure tomaximize your happiness and offer you a tensionfree healthy life.

We provide professional insurance

services to enable every insured

an anxiety free life. We help

entrepreneurs and businessmen to

build and expand the economy for a

better and stronger Bangladesh

where every citizen may benefit from

economic prosperity.

• To establish good governance at all levels within the company and to motivate and influence the insurance industry as a whole in that direction.

• To optimize the retention of non-life insurance business and thereby saving hard-earned foreign currency for Bangladesh.

• To use Risk Management Technologies to minimize national loss.

• To protect the interest of the shareholders by deliver-ing best returns against investment.

• To maximize profit without cutting corners and to ensure the welfare of the employees.

• To introduce non-traditional social insurance products for mass people, to bring them under the insurance umbrella for enhanced social security.

Annual Report 2014008Core Values

Core Values

CustomerService

We treat our customers as our

partners in progress and growth. We offer

them responsible, proactive, customized

service with a smile.

01

Teamwork

We respect each other and understand the

differences in our opinions to reach our

common goal.

02

Professionalism

We value learning, feedback, coaching and

mentoring so that we can be the most

efficient, responsible and caring

professionals.

03

Commitment

We are honor-bound to perform each

individual and corporate action at all

times with utmost sincerity, honesty and

integrity.

04

Integrity &Ethics

Conduct business with ethics, dignity, fairness

and transparency.

05

Our People

In Pioneer we work like a family. Everyone is treated with respect

and without discrimination on any

count.

06

Annual Report 2014 009 Strategic Objectives

Ethics and Business Practices

Pioneer believes in conducting all its operations ethically and with integrity. Recruiting right staff, providing training and nurturing them and promoting only through merit based evaluation. It is also committed to provide safe and healthy working conditions for its employees, honour its social responsibilities and contribute to community activities as a responsible corporate citizen while working within the bounds of laws and regulations and appropriate financial reporting. The Board of Directors, executives and all other employees observe and maintain confidentiality wherever so required, safeguard Company’s assets and avoid conflicts of interest with timely disclosures.The Board is committed and tries its best to ensure compliance with the above practices.

Our Quality Policy

We are committed to provide best services to our valued policy holders to their satisfaction by assessing all risk factors , tailoring products to mitigate those risks and to make fastest possible settlement of claims , if and when the client suffers a calamitous situation or mishap in relation to the insured property or goods. We believe the key to our growth is through prompt settlement of claims of our clients. Compliance with and continuous improvement of the Quality Management System is an article of our faith.

Pioneer Insurance Company Limited is one of the leading insurance companies of Bangladesh. Our strategic objective is to fairly increase our market share by maintaining a high level of service and commitment to the welfare of our clients. We are keen to achieve our objective by diversifying our portfolio, relying on niche areas by developing new products, sustaining profitable growth through employee training and continuously improving service to our customers.

Strategic Objectives

Pioneer Insurance Company Limited was sponsored & founded as a publicly traded company having authorized capital of Tk.1000 million & paid up capital of Tk. 508.95 million. The Company is enlisted with Dhaka and Chittagong Stock Exchanges and has been declaring dividend every year since inception. The Company has been assigned “AA” rating by Credit Rating Information and Services Limited (CRISL), where AA stands for very high claim paying ability.

Pioneer Insurance Company Limited has always had the advantage of visionary leadership. Our Current Chairman Mr. A.K.M. Rahmatullah is an Honorable Member of Parliament and Managing Director of Apex Tannery Limited. Our immediate past Chairman Mr. Tapan Chowdhury is also the Managing Director of Square Group and was an Adviser of the Care Taker Government of the People’s Republic of Bangladesh in 2007. Our founder Chairman Syed Manzur Elahi is the Chairman of Apex Group and was an Adviser to the Care Taker Government of the People’s Republic of Bangladesh twice: in 1996 and again in 2001. Our former Chairman Mr. M Anis Ud Dowla, Chairman of the ACI Group is one of the most successful and highly respected entrepreneurs of the country.

The company has a good number of dedicated and highly professional employees supported by qualified, experienced & technically sound executives. The Managing Director of the company Mr. Q.A.F.M. Serajul Islam has a post-graduate degree in science and a Diploma in General Insurance from Bangladesh Insurance Academy. He was Deputy Managing Director of Pragati Insurance Ltd. and Deputy General Manager of Sadharan Bima Corporation. He has successfully completed 08 (eight) years of service as the Managing Director & CEO of Pioneer Insurance Company Limtied.

010Company ProfileAnnual Report 2014

Company ProfileA group of renowned and celebrated entrepreneurs established Pioneer Insurance Company Limited in 1996 to carry out non-life insurance business with an object to:

To bring a positive change in the general insurance sector consistent with the national objective of economic growth

Work as a team to prosper

Join forces to create a better environment for our next generation.

2

56

Annual Report 2014 011 Products of Pioneer Insurance

Products of Pioneer InsuranceDuring the year, the Company continued to offer its products through a mix of distribution chanels comprising of agents and Direct Sales Team. The Company has presence in 22 districts with 40 branch offices across Bangladesh.

Fire Insurance: Fire and Allied Perils Insurance Insurance of Consequential Loss Household Insurance Due to Fire & Allied Perils Hotel Owners All Risks Insurance Industrial All Risks Insurance

Marine Insurance: Marine Cargo Insurance Marine Hull Insurance Marine Freight Insurance

Engineering Insurance: Contractors All Risks Insurance (CAR) Contractors Plant & Machinery Insurance (CPM) Erection All Risks Insurance (EAR) Machinery Insurance (MB) Machinery Loss of profit Insurance (MLoP) Electronic Equipment Insurance (EEI) Deterioration of Stock Insurance (DOS) Energy Risks Insurance (Offshore & Onshore) Power Plant Insurance Boiler and pressure Vessels Insurance Lift, Escalator and Hoisting Equipment Insurance

Miscellaneous Insurance:All Risks Insurance, Cash / Property in Premises, Money / Cash in Transit InsuranceCash in ATM Insurance, Burglary Insurance, General/Public Liability InsuranceComprehensive General Liability InsuranceEmployers Liability InsuranceProducts Liability InsuranceProfessional Indemnity InsuranceDirectors and Officers Liability InsurancePersonal Accident InsurancePeople's Personal Accident Insurance

Overseas Mediclaim InsuranceCellular Mobile Phone InsuranceFidelity Guarantee InsuranceHole in One Golf Tournament InsuranceNeon Sign InsurancePlate Glass InsuranceRubber Plantation InsuranceLockers InsuranceGroup Hospitalization Plan Insurance Abandonment of Cricket Match InsuranceAir Travel InsuranceCredit Card Holder InsurancePoultry InsuranceSafe Deposit box (Bank Lockers)

1

Aviation Insurance: Hull Insurance Deductible Insurance Liability Insurance Loss of License Insurance Crew Personal Accident Insurance WAR Insurance

43 Motor Insurance:

Comprehensive Insurance Act Only Liability Insurance Increased Liability Insurance

012Pioneer’sRecognition

Annual Report 2014

Sharing Pioneer’s recognitionwith Valued Clients

Pioneer feels honoured to share its recognition with its valued clients for beingawarded ICMAB Best Corporate Award 2014 in Non Llife Insurance Sector

Corporate Memoir

Year

199620012009200920102011 20122013

2014 (Proposed)

Particulars

As per MOA & AOAInitial Public Offering

25% Bonus20% Rights 25% Bonus 30% Bonus 20% Bonus 20% Bonus

25% Bonus

Paid up capital in Taka Cumulative Paid-up capital

60,000,00090,000,00037,500,00037,500,00046,875,00081,562,50070,687,50084,825,000

1,27,237,500

60,000,000150,000,000187,500,000225,000,000271,875,000353,437,500424,125,000508,950,000

636,187,500

Paid Up Capital’s Memoir

Incorporation of the Company

Signing of First Insurance business

Consent from SEC for issuance of public share of BDT 90 million

Publication of prospectus

Subscription Opened

Subscription Closed

Listed with Dhaka Stock Exchange Limited

First Trading of Shares on Dhaka Stock Exchange Limited

Listed with Chittagong Stock Exchange Limited

First Trading of Shares on Chittagong Stock Exchange Limited

First Dividend Declared in the AGM

Agreement sign with CDBL

First Trading by CDBL System

Purchase of Office space for the Company :

Tajmahal Tower (3rd Floor), 66 Moulovi Bazar, Dhaka-1100.Gulfesha Plaza, Suit # D-4 (4th Floor), 69, Quarter Circular Road, Mogbazar, Dhaka-1212Banani Complex , Banani Complex project, Tower -2, 2nd Floor, Agrabad C/A, ChittagongMANS TRADE CENTER, Ramjoy Mohajon Lane, Khatungonj, Chittagong for Khatungonj branch.

Registered Bainanama was executed for :

Change in the denomination of Face Value (BDT Tk.10/-) and market lot (from 50 to 500)

Shifting Registered Office :

Symphony (5th Floor), Plot # SE(F)9, Road # 142, South Avenue, Gulshan-1, Dhaka-1212.

ICMAB Best Corporate Award-2012Member, Federation of Afro-Asian Insurers and Reinsurance (FAIR)Membership, Association of Insurers and Reinsurers of Developing Countries (AIRDC)

25-03-1996

25-03-1996

13-05-1996

28-03-2001

29-03-2001

16-04-2001

30-04-2001

23-07-2001

23-07-2001

23-07-2001

23-07-2001

24-08-1998

12-04-2004

16-05-2004

03-06-2010

17-08-2011

29-06-2000 25-11-2009 29-09-201014-07-201107-02-2014

31-10-2013

11-06-2013

26-11-2011

31-01-2010

14-01-201327-10-2010April, 2014

Annual Report 2014 013 Corporate Memoir

Syed Nasim Manzur

M Anis Ud Dowla

Shusmita Anis

M.A. Majed

Rozina Afroze

A Matin Chowdhury

Sanchia Chowdhury

Alamgir Shamsul Alamin

Tapan Chowdhury

Syed Abdus Sobhan

Fahama Khan

Abdul-Muyeed Chowdhury

Captain A B Tejul Islam (Retd.), MP

Parveen Akhter

Annual Report 2014014Composition ofBoard

Managing Director Q. A. F. M. Serajul Islam

Directors

Chairman A.K.M. Rahmatullah, MP

Composition of Board

Annual Report 2014 015 Chairman since Inception

01

02

03

04 05

06

07

08

Syed Manzur Elahi

Period25-03-1996 to 27-12-1998

M Anis Ud Dowla

Period28-12-1998 to 23-09-2002

Tapan Chowdhury

Period24-09-2002 to 24-09-2004

A.K.M. Rahmatullah

Period25-09-2004 to 25-08-2007

Syed Manzur Elahi

Period26-08-2007 to 29-09-2009

M Anis Ud Dowla

Period30-09-2009 to 11-09-2011

Tapan Chowdhury

Period12-09-2011 to 08-09-2013

A.K.M. Rahmatullah

Period09-09-2013 to Present

Chairman since Inception

Directors’

PROFILE

Annual Report 2014 017 Directors’ Profile

ChairmanF B Footwear Ltd.Foodbed Foot wear Ltd.

Standing committee onministry of Information

Managing DirectorApex Tannery Ltd.Daichipex Textile Mills Ltd.Apex Property Development Ltd.

Chief AdviserBangladesh Finished Leather, Leather goods and Footwear Exporters' Association (BFLL & FEA)Dhaka Mahanagar Samity (Dhaka Samity)

FounderA.K.M. Rahmatullah University CollegeBeraid, Gulshan, Dhaka

Roushan Ara Girls High SchoolBeraid, Gulshan, Dhaka

A.K.M. Rahmatullah, MPChairman

Member of Parliament(1986-1988,1996-2001 & 2008-2013 & 2014-till)

Member Parliamentary Standing Committee on Ministry of Posts, Telecommunication and Information Technology.

Annual Report 2014018Directors’ Profile

ChairmanAdvanced Chemical Industries Ltd. ACI Formulations Ltd.ACI Salt Ltd. ACI Pure Flour Ltd.ACI Foods Ltd. PremiaFlex Plastics Ltd.Creative Communication Ltd. ACI Motors Ltd.ACI Godrej Agrovet Private Ltd. ACI Logistics Ltd. ACI Health Care Ltd. Apex Leathercraft Ltd.Neem Laboratories (Pvt.) Ltd. Aloe Organics (Pvt.) Ltd.Green Business and Marketing Company BD. Ltd.

Managing Director Consolidated Chemicals Ltd. Director ACI Agro Chemicals Ltd. ACI Edible Oil Ltd.ACI Chemicals Ltd. Credit Rating Agency of Bangladesh Ltd. Stochastic Logic Ltd.

M Anis Ud DowlaDirector

Director of non-profit organization ACI Foundation Committee Member Metropolitan Chamber of Commerce & Industry, DhakaBangladesh Employers' FederationPresidentBangladesh Seed AssociationFormer President Metropolitan Chamber of Commerce & Industry, DhakaBangladesh Employers' FederationBangladesh Crop Protection AssociationTrustee Independent University of Bangladesh (IUB)


Managing Director Square Pharmaceuticals Ltd.Square Textiles Ltd.Square Knit Fabrics Ltd. Square Hospitals Ltd. Square Fashions Ltd. Square Denims Ltd.Sabazpur Tea Company Ltd.Square Apparels Ltd.

Director Square Toiletries Ltd. Square Informatix Ltd. Square Food and Beverage Ltd.Central Depository Bangladesh Ltd.Guardian Life Insurance Ltd.Bangladesh Institute of Capital MarketBangladesh Chamber of Industries Commodities and Derivatives Exchange Ltd.Square Yarns Ltd. Square Consumer Products Ltd. Square Securities Management Ltd. Square Agro Development and Processing Ltd. Square Herbal and Nutraceuticals Ltd. Square Air Ltd.Astras Ltd.Maasranga Communications Ltd. (Maasranga Television)Square Formulations Ltd.Square Texcom Ltd. Mediacom Ltd.Square Spinning Mills Ltd.FBCCI

Former Adviser of the Caretaker Government of BangladeshFormer PresidentMetropolitan Chamber of Commerce & Industry, Dhaka, Bangladesh YMCA, Bangladesh Baptist Church Fellowship (BBCF)

Tapan ChowdhuryDirector

ChairmanBangladesh Association of Publicly Listed Companies (BAPLC), National Christian Fellowship of Bangladesh (NCFB), Bangladesh Baptist Church Fellowship Trust (BBCFT), Koinonia.Development Committee of Kurmitola Golf ClubPresidentBTMA.Bangladesh Employers Federation (BEF)Bangladesh Herbal Products Manufacturing AssociationExecutive Committee Member Board of Governors of Bangladesh Enterprise Institute (BEI),Board of Directors of Bangladesh Textile Mills Association,Bangladesh Association of Pharmaceutical Industries (BAPI) Bangladesh Foreign Trade Institute (BFTI) Board of DirectorsCredit Rating Agency of Bangladesh Limited (CRAB) Board of Directors

MemberAdvisory Committee, Ministry of Commerce


ChairmanLandmark Footwear Ltd.

Managing DirectorApex Footwear Ltd.Apex Enterprises Ltd.

DirectorApex Tannery Ltd.Apex Pharma Ltd.Apex Investments Ltd. Grey Advertising Bangladesh Ltd. Quantum Consumer Solutions Ltd.Blue Ocean Footwear Ltd.Guardian Life Insurance Ltd.

Syed Nasim Manzur Director

PresidentMetropolitan Chamber of Commerce & Industry (MCCI), DhakaLeathergoods & Footwear Manufacturers & ExportersAssociation of Bangladesh (LFMEAB)


Managing DirectorShamsul Alamin Real Estate Ltd.SAMCO Retail Ltd.Shopper's World Ltd.SEASONS

DirectorFuad Spinning Mills Ltd.S.A. Spinning Mills Ltd.

Alamgir Shamsul AlaminDirector


Nominee Director & Managing Director ACI Formulations Ltd.Director ACI Foundation ( Non profitable Organization)

Shareholding DirectorConsolidated Chemicals Ltd.

Shusmita Anis Director

Nominee DirectorAdvanced Chemical Industries Ltd.ACI Health Care Ltd.ACI Salt Ltd. ACI Pure Flour Ltd.ACI Foods Ltd. ACI Logistics Ltd. ACI Motors Ltd. Premia Flex Plastics Ltd.Creative Communication Ltd.ACI Chemicals Ltd. Stochastic Logic Ltd.Neem Laboratories (Pvt.) Ltd.Aloe Organics (Pvt.) Ltd.Green Business and Marketing Company BD. Ltd.


Managing DirectorMississippi Knitwear Ltd.Seaboard Labels & Accessories Ltd.

DirectorFloral Accessories Ltd.

Syed Abdus SobhanDirector


Executive DirectorApex Tannery Ltd.DirectorAlliance Leather Goods & Footware Ltd.

Corporate DirectorAlliance Focus Footware Ltd.

M.A. MajedDirector


DirectorHedayetullah Securities Ltd.Apex Leathercraft Fashion & Accessories Ltd.Apex Property Ltd.Footbed Footwear Ltd.

Former Sponsor DirectorMutual Trust Bank Ltd.

Fahama KhanDirector


Sanchia Chowdhury Director

DirectorSquare Fashions Ltd.Square Securities Management Ltd.


Managing DirectorParvin Properties & Technologies Ltd.

Parveen AkhterDirector


DirectorBaridhara Corporation Ltd.

Rozina AfrozeDirector


Abdul-Muyeed ChowdhuryDirector

FormerAdviser in the Caretaker Government of Bangladesh, 2001Secretary to the Govt. of Bangladesh (1994-2000)Chairman- NBRManaging Director- Biman Bangladesh AirlinesPresident- National Shooting Federation of BangladeshChairman-SME FoundationVice President, Bangladesh Olympic AssociationExecutive Director, BRAC

At presentChairperson- BRACNET Ltd.CEO-Tiger Tours Ltd.Member of Governing Body -Bangladesh Youth Enterprise Advice and Help Center (B'Yeah)

Member BRAC University Trustee Board.

Nominated DirectorMJLL Bangladesh Ltd.Omera Fuels Ltd.Omera Petroleum Ltd.Omera Cyllinders Ltd.

Independent DirectorSummit Alliance Port Ltd.ACI Limited.

Chairman Underprivileged Children’s Education Programs (UCEP)Education, Science, Technology and CulturalDevelopment Trust ( ESTCDT)Shaheed Khalek and Major Salek Bir Uttom Trust

Founder Trustee Independed University Bangladesh (IUB), Chittagong Independent University, Bangladesh University of Health Science Trust (BUHS Trust)

Managing DirectorMalek Spinning Mills Ltd.Knit Asia Limited.New Asia Limited.Former Chairman Bangladesh Textile Mills Association (BTMA)

Member National Council of Diabetic Association of Bangladesh (DAB)Bangladesh Legal Aid & Services Trust (BLAST)


A Matin ChowdhuryDirector


Ex. State Minister of Ministry of Liberation War Affairs

ChairmanStanding Committee on Ministry of Liberation War Affairs

Capt. A B Tajul Islam (Retd.) MPDirector

A.K.M. Rahmatullah, MPChairman


Syed Abdus SobhanDirector

Shusmita AnisDirector

Sanchia ChowdhuryDirector

Syed Nasim ManzurDirector

M.A. MajedDirector

Parveen AkhterDirector

Annual Report 2014032

Annual Report 2014 033

Alamgir Shamsul AlaminDirector

Tapan ChowdhuryDirector

Abdul-Muyeed ChowdhuryDirector

Rozina AfrozeDirector

Fahama KhanDirector

Q.A.F.M. Serajul IslamManaging Director

A Matin ChowdhuryDirectorCapt. A B Tajul Islam (Retd.) MP

Director

Annual Report 2014034Highlights 2014

Highlights 2014

Written Premium Tk.

2,135.47million

Shareholder’s EquityTk.

1,340.00million

Investment / Other Income Tk.

104.53million

Earnings Per ShareTk.

3.90

Underwriting ResultTk.

227.53million

Total AssetsTk.

2,274.50million

Investments

Net Premium RevenueTk.

998.28million

Tk. 1,172.11

million

Profile of

CEO & ManagingDirector

Annual Report 2014036Profile of the CEO &Managing Director

Q.A.F.M. Serajul IslamCEO & Managing Director

Annual Report 2014 037 Profile of CEO &Managing Director

Profile of CEO & Managing Director

Mr. Q. A. F. M. Serajul Islam, CEO & Managing Director, commenced his thirty seven years of journey in the insurance industry in 1978, at the state owned Insurance Organization Sadharan Bima Corporation (SBC). He held important positions in different departments of SBC, before voluntarily retiring in 2003 as a Deputy General Manager and joined Pragati Insurance Limited as Deputy Managing Director.

In September 2005, he switched to Pioneer Insurance Company Limited as an Additional Managing Director and has been serving as the CEO & Managing Director of the company since 14th January 2007. In 2011, under his skillful leadership, Pioneer Insurance Company Limited became the second largest company in terms of premium income amongst forty three non-life insurance companies in the private sector. He has negotiated reinsurance treaties of SBC, Pragati Insurance Limited and Pioneer Insurance Company Limited with reinsurance companies of the UK, France, Germany, Switzerland, Malaysia, Singapore, India, Bahrain etc.

Mr. Islam obtained Post-Graduate Degree in Physics in 1972. Besides his educational degree, he also obtained the professional degree, BIA Diploma in General Insurance, from the Bangladesh Insurance Academy (BIA) in 1986, and since then has been associated with BIA as a resource person. He took part in several training courses on General Insurance and Reinsurance both at home and abroad, which included a three-week in-house training course on Reinsurance at Tysers, UK. He attended various International seminars and conferences on insurance and reinsurance. Mr. Islam also represents Pioneer Insurance Company Limited in three renowned International Insurance & Reinsurance Forums – FAIR, AIRDC & EAIC which have adorned the Company with their prestigious membership at his initiative.

Annual Report 2014038Executive Roster

Executive Roster

Q.A.F.M. Serajul Islam

Dipak Kumar Chakraborty Al Moeiz Laiwala Salimur Reza Chowdhury Shamima Faizy Showkat Hossain Siddiki Shariful Islam Chowdhury Mohd. Abu TaiyabAbdul Momen

Md. Zakir HossainA.K.M. Jashim Uddin AhmedShabbir Ahamedullah SinhaMonjurul Hoque Gazi Md. Sarwarul AlamTarik Ur RahmanMr. Md. Khairul Alam

CEO & Managing Director

Dhruba Kumar GuhaChief Financial Officer

S.M. Mizanur RahmanDeputy Managing Director & Company Secretary

Deputy Managing Director

Md. Abidul HaqueSalim Sajjad HaqueMd. Nazrul Islam TalukderMd. Mahabbatur Rahman Khan

Khandoker Saad UllahSk. Rahat AhmedGazi Shawkat Hossain (Munim)Md. Shahidul Islam

Assistant Managing Director

Md. Nurunnabi SiddiqueAva DuttaAhmed Tazdiqul MowlaRuhei Dash Karmaker

Md. Musa Reza SiddiquiMd. Abdul Mannan

Executive Director

Md. Maqsudul Haq A.S.M. SalahuddinKazi Mizanur RahmanMosharraf HossainChandan Bikash ChowdhuryMd. Aman Ullah AmanMosharaf Hossain MajumderMd. Shahanur Rahaman

Abul Kalam Md. Rashedur ShazzadMd. Jahangir AlamS.M. Jasim Uddin Md. Zakir HossainKazi Zobaidul HoqueMd. Belal UddinMd. Amirul IslamMd. Imam Hossain

General Manager

Biswa Nath BhattachargeeShamsun NaharMd. Abul HashemKamrul AlamS.M. Nazmul Islam BhuiyanAbdul Hannan ChowdhuryM. Nazib IqbalNasima RahmanS.M.A. Ahsan Tuhin

Md. Fazlul KarimMd. Abdullah Al-NomanMd. Arifur RahmanHabibur Rahaman ChowdhuryMohammad Babul HossainMd. Yeakub Hossain (Kabul)Akbar Hossain

Senior Deputy General Manager

Annual Report 2014 039 Executive Roster

Amirul Hoque

Utpal Barua

A.K.M. Abdul Alim

Kazi Saifuzzaman

Md. Shahnoaz Chowdhury

Md. Rejaul Haque

Syed Moinuddin Baharam

Mohammad Al-Amin

Md. Abul Kashem

Syed Shamim Hossain

Bipul Majumder

Md. Ali Abbas

Md. Farid Uddin

Md. Abu Taher Mollah

Arunanagsha Banik

A.K.M. Dewan Ali Akbar

Md. Mafiz Uddin Sikder

Md. Zulfiker Hossain Chowdhury

Ajit Chandra Bhowmick

Md. Mizanur Rahman

Md. Obydur Rahman Khan

Ehsan Mahmood

A.T.M. Mustafa Kamal

Mohammad Kamal Hossen

Deputy General Manager

Aslam Mostafa Md. Moniruzzaman Md. Tofayel AhmedLutfur RahamanMd. Badrul AlamChandan Kanti DharMd. Abu Baker SiddiqueAbdullah Al MamunRafiqul IslamMd. Mahfuzur RahmanS.M. Fakhrul IslamMridul Kanti BasakFazle Ghani Quader (Farid)Md. Sazzad HossainMohammed HasnainS.S. Zubair AhmedJahanara Akther BhuiyanMd. Nazrul IslamMd. Mahabub AlamYasmin AktherMd. Shamsul Arefin

Md. Shahjahan KhanFazlur RahmanA.K.M. Jahangir AlamMohammed Monir Ahmed KhanMd. Abdullah Al-MamunMd. Masudur RashidFarzana AminMd. Shahadat Hossain PatwaryMd. Mizanur RahmanRezwanul KarimMd. Sayedul HaqueMd. Jasim UddinPijush Kumar DuttaKhandaker Nasir UddinKazi Md. Mizanur RahmanKazi Siratul HaqueAbu Naser Md. Shakawath Hossain

Rabeya Akter (Shimu)Md. Rajibul Haque ChowdhuryMasrur Ferdous KhanSyed Kashed MahmudMohammad Iftakar Uddin

Assistant General Manager

Annual Report 2014040Executive Roster

Md. Aminul Islam Farhana Yasmine Redwanul HaqueIftekharul HuqS.M. KamalMuhammad Abdur RakibRatna BaruaEhtesham HusainAshiqur Rahman ChowdhuryNiger SultanaJesmin AkterNurer ZamanMd. KamruzzamanAnjuman Ara BegumS.M. Ahsanul KarimM. Rezaul HuqueUmmul Ara BegumMd. Abdus SalamMohammad Obaydur Rahman MondolAbead Bin HelalyMohammad Eqtiar UddinMd. Mohabbet HossainMd. Matiur RahmanFahmida BegumShahinur AkterA.M. Nasirullah BhuiyanSyed Ziaul IslamShahadat Khan SiddiqueMd. Salim

Nitai Kumar SarkarMd. Abdul HalimMd. Al-aminAbu Syed Md. Insan Ali KhanMd. Abul Hasan TohaMd. Abdul Kuddus KhanMd. Wahid Hossain MiaHasibur RahmanMd. Nazmuz Shadoth HossainMohammad Omar FarukJamil Uddin Ali AhmadNarayan Chandra SarkerPrasanta Kumar GuhaJahir Uddin MajumderMd. Harunor RasidMd. Amzed AliMd. MasuduzzamanMd. Shafiqul IslamKazi Sumona ParvinMukhlesur Rahman SarkerMohammad Rafiq UddinSagar DattaQuazi Ahamadul IslamBadiul Alam

Manager

Network ofBRANCHES

Network of BranchesBranch Offices and In-charges

Annual Report 2014042Network ofBranches

Name of Branch & Address Officer-in-charge PhoneLocal OfficeSymphony (5th Floor), Plot# SE(F) 9, Road# 142, South Avenue, Gulshan-1, Dhaka-1212

Imamgonj BranchTajmahal Tower Ltd. (3rd Floor)66 Moulovi Bazar, Dhaka- 1100.

Mr. Salimur Reza ChowdhuryDeputy Managing Director

Mr. Md. Imam HossainGeneral Manager

Ph-9885785, 8817512 (Hunt)Ex.-104M-01711543332Fax: 8802-8817234, 8802-8817264E-mail: [email protected]: www.pioneerinsurance.com.bd

Ph-7318028, Fax: 7341091M-01755693451E-mail: [email protected]: [email protected]: www.pioneerinsurance.com.bd

Dilkusha BranchJiban Bima Bhaban (6th Floor)10, Dilkusha C/A, P.S.: MotijheelDhaka-1000.

Mr. Shabbir Ahamedullah SinhaDeputy Managing Director

Ph-9564717,9564663Fax: 8802-9553430M-01713-033441E-mail: [email protected]: [email protected]: www.pioneerinsurance.com.bd

Motijheel BranchHaque Chamber (5th Floor)3, D.I.T. Avenue (Ex.)Motijheel C/A, Dhaka-1000.

Mr. Kazi Zobaidul HoqueGeneral Manager


B.B. Avenue BranchBabylon Center (3rd Floor)26, B.B. Avenue, Dhaka-1000.

Mr. Md. Abidul HaqueAssistant Managing Director

Ph/Fax: 9573165, 9557872M-01713431352E-mail: [email protected]: [email protected]: www.pioneerinsurance.com.bd

V.I.P. Road BranchCity Heart (9th Floor)Suit No. 10/2 & 10/767, Naya PaltanV.I.P. Road, Dhaka-1000.

Mr. Shariful Islam ChowdhuryDeputy Managing Director

Ph-9359951,8319117,8322827Fax: 9343268M-01713431388E-mail: [email protected]:[email protected]: www.pioneerinsurance.com.bd

Shantinagar BranchNovel House (1st Floor)137, Shantinagar, Dhaka-1217.

Mr. Monjurul HoqueDeputy Managing Director


Moghbazar BranchGulfesha Plaza (4th Floor) 69, Outer Circuler RoadOffice space No. D-4,Near Moghbazar ChourastaDhaka-1217.

Mr. Mosharaf Hossain MajumderGeneral Manager

Ph-8333951, 833923Fax: 8333467M-01730013436E-mail: [email protected]: www.pioneerinsurance.com.bd

Kawran Bazar BranchLatif Tower (10th Floor)47, Kawran Bazar, Dhaka-1215.

Mr. Md. Mahabbatur Rahman KhanAssistant Managing Director


New Market BranchRajdhani Complex (6th Floor)237/2, New Elephant Road, Dhaka-1205.

Mr. Ruhie Dash KarmakerExecutive Director

Ph-9672608, Fax: 8631072M-01730789255E-mail: [email protected]: www.pioneerinsurance.com.bd

Dhaka Division

Annual Report 2014 043 Network ofBranches

Name of Branch & Address Officer-in-charge PhoneAgrabad Branch Banani Complex (Cinema & Shopping) Ltd.Tower-B building (2nd Floor)942/A, Sk. Mujib Road, Agrabad, C/A, Chittagong.

Mr. D.K. Chakraborty Deputy Managing Director

Ph-031-718526-7,2517630-1,2511182Fax: 723507 M-01713431387E-mail: [email protected]: www.pioneerinsurance.com.bd

Sheikh Mujib Road BranchLokman Tower (2nd Floor), 1646, Sk. Mujib RoadAgrabad, Chittagong-4100.

Mr. Md. Musa Reza SiddiquiExecutive Director

Ph-031-723791,031-716397Fax: 718806, M-01713431376E-mail: [email protected]: www.pioneerinsurance.com.bd

Kadamtali Branch669/695 Alam Mansion (3rd Floor), D.T. Road, Dewanhat, Kadamtali, P.S.: Double Mooring, Chittagong

Mr. Abdul Hannan ChowdhurySr. Deputy General Manager

Ph-2528145-46, Fax: 03125377M- 01730332185E-mail: [email protected]: www.pioneerinsurance.com.bd

G.E.C.'S More BranchM.M. Tower (1st Floor)(Oposite of Nasirabad Govt. Boys High School)1105, CDA Avenue, East Nasirabad, Chittagong.

Mr. Amirul HoqueDeputy General Manager

Ph-031-2554296, Fax: 031-2554297M-01730315981E-mail: [email protected]: www.pioneerinsurance.com.bd

Jubilee Road Branch175, Jubliee Road (1st Floor), Chittagong.

Mr. Md. Aman Ullah (Aman)General Manager


Chittagong Division

Dhanmondi BranchK.B. Square (6th Floor), 736, Shatmosjid RoadDhanmondi, Dhaka.Gulshan BranchRupayan Golden Age (4th Floor)Plot # 06, Block # CWN( C )99 Gulshan Avenue, Dhaka-1212

Mr. Md. Zakir HossainGeneral Manager

Mr. Showkat Hossain SiddikiDeputy Managing Director

Ph-9125012, M-01713431398E-mail: [email protected]: www.pioneerinsurance.com.bd

Ph-8833543Fax: 88-02-9895509M-01713431372, 01817518887E-mail: [email protected]: [email protected]: www.pioneerinsurance.com.bd

Mirpur BranchRazia Plaza (5th Floor-6/D)184, Senpara Porbata, Mirpur, Dhaka-1216.

Mr. Md. Amirul IslamGeneral Manager

Ph-9026331, M-01777737406E-mail: [email protected]: www.pioneerinsurance.com.bd

Uttara BranchHouse # 18 (5th Floor)Sonargaon Janapath RoadSector # 9, Uttara, Dhaka-1230.

Mr. Md. Nazrul Islam TalukderAssistant Managing Director

Ph-8957881, Fax: 8802-8957841M-01730-315982E-mail: [email protected]: [email protected]: www.pioneerinsurance.com.bd

Narsingdi BranchAsgar Mansion (1st Floor)Holding No. 234, D B Road, Boacur More, Narsingdi.

Mr. Md. Badrul AlamAssistant General Manager

Ph-9452130, M- 01730703586E-mail: [email protected]: www.pioneerinsurance.com.bd

Tangail BranchDewan Monjil (1st Floor)Mosjid Road, Tangail

Mr. Md. MasuduzzamanManager

Ph-0921-62732, M-01730338455E-mail: [email protected]: www.pioneerinsurance.com.bd

Faridpur BranchArzu Super Market (2nd Floor)124, Mujib Sarak, Faridpur.

Mr. S.M.A Ahsan TuhinSr. Deputy General Manager

Ph/Fax: 0631-66755, M-01713423497E-mail: [email protected]: www.pioneerinsurance.com.bd

Madaripur BranchHowlader Harun Plaza (2nd Floor)Puran Bazar, Madaripur

Mr. Md. Rejaul HaqueDeputy General Manager

Ph-0661-62578, M-01713431371Web: www.pioneerinsurance.com.bd

Narayangonj Branch81/D, B.B. Avenue, 2 No.Rail Gate, Narayangonj-1400.

Mr. Md. Abdul HalimManager

Ph/Fax: 7640892, M-01755518825E-mail: [email protected]: www.pioneerinsurance.com.bd

Name of Branch & Address Officer-in-charge Phone

Annual Report 2014044Network ofBranches

Khatungonj BranchMans Trade Center (5th Floor), Ramjoy Mohajan LaneKhatungonj, Chittagong

Mr. Gazi Md. Sarwarul AlamDeputy Managing Director


Cox's Bazar BranchMallicka Complex (2nd Floor)Burmese Market, Main Road, Cox's Bazar.

Mr. S.M. Fakhrul IslamAssistant General Manager

Ph/Fax: 0341-51214, M-01730061742E-mail : [email protected]: www.pioneerinsurance.com.bd

Comilla Branch"Gani Bhuiyan Mansion"New Building (1st Floor), Manoharpur, Comilla.

Mr. Mohammad Al-AminDeputy General Manager

Ph-081-63803, Fax-081-61936M-01713-431374E-mail: [email protected]: www.pioneerinsurance.com.bd

Name of Branch & Address Officer-in-charge PhonePabna Branch Arman Center (3rd Floor), ward No-2 , Holding No-305Shahid Amin Uddin RoadLahiri Para, Gopalpur, Pabna

Mr. Md. Ali Abbas Deputy General Manager

Ph/Fax-0731-66629M- 01730703581E-mail: [email protected]: www.pioneerinsurance.com.bd

Sirajganj BranchMa Mansion (1st Floor)Station Road, Moktarpara, Sirajganj

Mr. Md. Sazzad HossainAssistant General Manager

M-01755625909E-mail: [email protected]: www.pioneerinsurance.com.bd

Bogra BranchGafur Mansion (2nd Floor)Barogola, Bogra.

Mr. Md. Jahangir AlamGeneral Manager

Ph-051-69149, M-01711573407E-mail: [email protected]: [email protected]: www.pioneerinsurance.com.bd

Chapainawabgonj BranchSayed Mansion (2nd Floor)Jhilim Road, Baroindara More, Chapainawabgonj

Mr. Md. Rajibul Haque ChowdhuryAssistant General Manager

M-01766667514Web: www.pioneerinsurance.com.bd

Rajshahi Division

Name of Branch & Address Officer-in-charge PhoneKhulna Branch Hazi Hanif Complex (2nd Floor)12, 13, Khanjahan Ali RoadKhulna.

Mr. Sk. Rahat AhmedAssistant Managing Director

Ph- 041-731015, Fax: 041-733726M-01730312751E-mail: [email protected]: www.pioneerinsurance.com.bd

Jessore BranchMahasin Super Market (2nd Floor), 10, R.N. Road, Jessore Sadar, Katwali, Jessore.

Mr. Md. Abul KashemDeputy General Manager

Ph/Fax: 0421-68793M-01713431361E-mail : [email protected]: www.pioneerinsurance.com.bd

Jhenaidah BranchMallick Bhaban, 2, Shahid Moshiur Rahman Sarak, Jhenaidah.

Mr. S.M. KamalManager

Ph-0451-61464M-01713431394Web: www.pioneerinsurance.com.bd

Khulna Division

Name of Branch & Address Officer-in-charge PhoneSylhet BranchLaldighir Par, Sylhet.

Mr. Ahmed Tazdiqul MowlaExecutive Director

Ph-0821-720166, 720129M-01730332188E-mail: [email protected]: www.pioneerinsurance.com.bd

Sylhet Division

Name of Branch & Address Officer-in-charge Phone

Annual Report 2014 045 Network ofBranches

Name of Branch & Address Officer-in-charge PhoneBarisal BranchS.S.Tower (4th Floor)109, Sadar Road, Barisal.

Mr. Md. Shahidul IslamAssistant Managing Director

Ph/Fax: 0431-61293M-01730312754E-mail :[email protected]: www.pioneerinsurance.com.bd

Barisal Division

Rangpur BranchKeramot Bhaban (1st Floor)Holding # 2681, Payra Chattar, Rangpur.

Mr. D.A.K. Mynur RahmanAssistant Manager

Ph-0521-62147M-01730013439E-mail: [email protected]: www.pioneerinsurance.com.bd

Dinajpur BranchAlam Plaza (1st Floor), Basuniapotty, P.S.: Kotwali, Dist.: Dinajpur.

Mr. A.K.M. Rashedur ShazzadGeneral Manager

Ph-0531-66207, M-01730792360E-mail: [email protected]: www.pioneerinsurance.com.bd

Gaibandha BranchAainjibi Super Market (1st Floor)Kachari Bazar, Station Road, Gaibandha.

Mr. Udayan SarkerDeputy Manager

M-01713431368E-mail : [email protected]: www.pioneerinsurance.com.bd

Kurigram Branch2nd floor, DadamoarKurigram.

Mr. A.K.M. Dewan Ali AkbarDeputy General Manager

Ph- 0581-51042, M- 01730312753E-mail: [email protected]: www.pioneerinsurance.com.bd

Rangpur DivisionName of Branch & Address Officer-in-charge Phone

Annual Report 2014046Condolence

LATE MD. KORBAN ALIEx-Assistant Manager (Dev.)Comilla Branch Expired -25.10.2014

Condolence

LATE MOHAMMAD MANIRUZZAMAN KHANEx-Deputy ManagerIT DepartmentHead OfficeExpired -21.02.2015

We are deeply saddened by the loss of our dear colleagues.We pray to the almighty Allah for salvation of the departed souls.May Allah grant them Jannah!We express our deepest sympathy for their families.

PictorialVIEWS

Pictorial Views

Annual Report 2014048Pictorial Views

A view of Board of Directors at 18th Annual General Meeting

A view of Shareholders at 18th Annual General Meeting

Managing Director handing over the cheque to theChairman of Zaber & Zubair Fabrics Ltd. against their �re claim of Tk. 10,66,95,954.00

Managing Director handing over the cheque to the Director (Production) of Aswad Composite Mills Ltd. against their �re claim of Tk. 147,95,06,490.00

Annual Report 2014 049 Pictorial Views

A section of jubilant crowd on the occasion of Pohela Baishakh with our humble gift

Managing Director handing over the cheque to theChairman of Oshin Spinning Mills Ltd.against their �re claim of Tk. 1,65,92,922.00

Managing Director handing over the cheque to theManaging Director of Monno Ceramicsagainst their �re claim of Tk. 25,34,536.00

Managing Director handing over the cheque to theDirector (Finance) of PRAN-RFL Group against their �re claim of Tk. 6,22,51,274.00

Managing Director addressing at the Branch Conference

Member of InternationalOrganization

Annual Report 2014050Member ofInternational Organization

F.A.I.R. was established in 1964 with a view to enhancing the sharing of knowledge and expertise as well as business relations and therefore to encourage cooperation among insurance and reinsurance companies in Africa and Asia.

Member :Federation of Afro-Asian Insurers and Reinsurers (FAIR)

The AIRDC is organized to develop and expand international collaborationand cooperation in the fields of Insurers and Reinsurers. The Association has as its objectives to strengthen the insurance market in developing countries and to foster Inter-regional cooperation within the industry.

Member :Association of Insurers and Reinsurers of Developing Countries (AIRDC)

The EAIC was founded in 1962 with the aim of furthering and developing international collaboration in the field of insurance of every sort.

Associate Member (Life) :East Asian Insurance Congress (EAIC)

Annual Report 2014 051 Global insuranceoutlook

In 2015, the macroeconomic environment across much of the world shows significant improvement, with GDP rising in many countries and both the middle class and high net worth populations expanding in number as well as in volume of financial resources. These factors bode well for international property-casualty and life-annuity insurance companies.

Key challenges in 2015 include rising competition, generally soft pricing conditions and tight profit margins. To effectively surmount these problems, many insurers are investing in technological solutions that improve front-end sales, distribution and customer service, and enhance back-end operational efficiency and expense management. If one word could sum up the focus of insurers in 2015, it is “technology.” Many insurers are investing in digital platforms that strengthen their relationships with customers across all product classifications and geographies. Their goal is to empower both businesses and consumers to better shop for insurance, making products more transparent, easier-to-understand and compare.

Across all regions, insurers are capitalizing on data analytics, cloud computing and modeling techniques to sharpen their market segmentation strategies, reduce claims fraud and strengthen underwriting and risk management. They are also investing in technology solutions to optimize processes, increase collaboration across the enterprise, and demonstrate capital adequacy and financial solvency for regulatory compliance purposes. Now that much of the world has returned to more stable economic conditions, it makes eminent sense for property-casualty and life-annuity insurance companies to invest in digital solutions that widen margins and provide competitive differentiation. But, technology is a two-edged sword, as the shocking number of data breaches clearly demonstrates. Thus, one last important “spend trend” in 2015 for international insurers—cyber security. Our comprehensive Global insurance outlook explores the various challenges and opportunities confronting global insurance organizations in 2015.

2015 Global insuranceoutlook

World’s Non-Life Insurance Premium 2013, 2012, 2011 & 2010

ASIA2013 - 19% 2012 - 19%2011 - 18%2010 - 17%PREMIUM

(US$ in Billion)2013- USD 2,0332012- USD 1,992 2011- USD 1,9702010- USD 1,819

EUROPE 2013-34% 2012- 33%2011- 36%2010- 36%

AMERICA2013-44% 2012- 44%2011- 42%2010- 44%

AFRICA 2013 - 1%2012 - 1%2011 - 1%2010 - 1%

OCEANIA 2013 - 2%2012 - 3%2011 - 3%2010 - 2%

Annual Report 2014052World’s Non-Life Insurance Premium

ASSET

Annual Report 2014 053GraphicalComposition ofFinancial Position

Graphical Composition ofFinancial Position

20132014

20132014

Current Asset 57%Non Current Assets 43%

Current Asset 61%Non Current Assets 39%

SHAREHOLDERS’ EQUITY AND LIABILITIES

Share Capital & Reserves 59%Current Liabilities 40%Non Current & Other Liabilities 1%

Share Capital & Reserves 59%Current Liabilities 40%Non Current & Other Liabilities 1%

Annual Report 2014054GraphicalComposition ofFinancial Position

GROSS PREMIUM & NET PREMIUM

GROSS PREMIUM (SEGMENT WISE) 2014

Taka in Million

Taka in Million

2014

500

1000

1500

2000

2013 2012 2011 2010

876.

03

998.

28

792.

48

718.

51

531.

31

1,25

2.37

1,58

9.61

1,70

1.27

1,87

4.91

2,13

5.46

Gross Premium Net Premium

Fire909.64 Marine

722.79

Motor260.80

Misc242.23


2014 2013 2012 2011 2010

255.

02

876.

03

227.

53

998.

28

792.

48

718.

51

531.

31

216.

57

123.

61

61.9

5

Net Premium Underwriting Result

NET PREMIUM & UNDERWRITING RESULT Taka in Million

100

200

300

400

500

600

700

800

900

1000

NET PROFIT & INVESTMENT INCOME

2014

100

200

300

2013 2012 2011 2010

297.

84

95.0

2

274.

63

104.

52

109.

18

123.

22

117.

34

277.

17

204.

52

130.

30

Net Pro�t Investment Income

Taka in Million


2014 2013 2012 2011 2010

836.

58

2,02

6.70

934.

50

2,27

4.50

1,77

2.58

1,52

1.66

998.

05

761.

33

715.

27

510.

54

Assets Current Liabilities

ASSETS & CURRENT LIABILITIES Taka in Million

100

200

300

400

500

600

700

800

900

1000

2000

3000

TOTAL ASSETS & INVESTMENT

2014 2013 2012 2011 2010

1,15

4.23

2,02

6.70

1,17

2.11

2,27

4.50

1,77

2.58

1,52

1.66

998.

05

1,18

1.24

904.

98

513.

85

InvestmentTotal Assets

500

1000

1500

2000

2500

Taka in Million


2014 2013 2012 2011 2010

622.

00

687.

05

513.

81

390.

51

268.

51

508.

95

424.

12

353.

44

271.

88

187.

50

Paid up Capital Reserve

RESERVE & PAID UP CAPITAL Taka in Million

Fire Marine Motor Misc

GROSS CLAIM (CLASS - WISE) Taka in Million

100

200

300

400

500

600

700

800

900

100

200

300

400

500

600

700

800

94.5

2

2014

79.0

5

83.6

0

741.

36

5.12

2010

51.1

7

42.1

2158.

01

18.0

9

2011

63.3

6

37.4

4

65.4

9

26.1

0

2012

57.4

4

26.5

6

280.

92

13.7

8

2013

64.7

0

76.6

1

182.

00


2014 2013 2012 2011 2010

30%

30%

30%

30%

25%

DIVIDEND

10%

20%

15%

25%

30%

PROFIT DISTRIBUTION - 2014

152.69

95.37Reserve for Exceptional Losses

Dividend

Provision for Tax

Share Fluctuation Fund

Balance after distribution

76.395.956.65

Taka in Million

Annual Report 2014 059 Message from theChairman

Dear Shareholders,

Pioneer Insurance Company limited has completed another year of successes and accomplishments. We witnessed two landmark achievements in 2014 – reaching the BDT. 2 billion premium income and settlement of largest property claim of BDT. 1.48 billion since liberation. These two achievements had been possible due to the Company’s enduring commitment to offer innovative services and commitment.

AGM is an occasion when the management not only apprises the shareholders of the state of the financial health and profitability of the Company but also exchanges views & receives guidance and suggestions from the owners at large.

This is the annual corporate parliament of every company where governance and management accountability are established.

It is also a time when management shares its future plans and prospects for growth and development of the Company with the shareholders.

The suggestions and opinions of the shareholders help the management fine tune those plans and programmers. Pioneer Insurance has always been benefited by innovative ideas generated during all past Annual General Meetings. That is why in this company we give great importance to the AGM instead of treating it as a annual legal formality.

The Pioneer Insurance Company Limited ('PICL' or 'the Company') came into existence in the year 1996. Since 2005 PICL has grown rapidly and now turned into second largest non-life insurance company of Bangladesh..

Message from the Chairman

Annual Report 2014060Message from theChairman

With an aim to relentlessly cater to the needs of its customers and clients across the nation, PICL has established a wide network (with one of biggest network of branches) of its offices through out the country. With an unrelenting drive to expand and further establish itself, PICL has enhanced its presence in almost all areas of business. The Company's proven ability to manage associated risks, along with its substantial risk absorption capacity, provides significant cushioning to make inroads into relatively high-risk areas. PICL continues to maintain reinsurance agreements with highly reputable and world renowned reinsurers.

The global economic scenario continues to show gradual and sustained improvement with signs of recovery both in US and Europe. On the other hand, emerging economics, which were considered the growth engines pulling the world out of a slowdown, seem to be facing some issues in terms of tepid domestic growth and inflationary concerns. I believe that these are temporary hurdles and economic scenario would further improve shortly across developed emerging economies.

Like the previous years, in 2014, the Board of Directors, were pragmatic to the duties incumbent upon it in accordance with the law and the statutes. We allowed the management of the company to work independently, playing the role of top supervisors and advised them about the running of the business. We were also involved in the policy making decisions of fundamental importance to the company.

Our ability to achieve large-scale growth year-on-year demonstrates the strength and diversity of PICL’s franchise, our rigorous financial discipline and our ability to convert the considerable opportunities. It is this rare and powerful combination that differentiates PICL from its competitors and ensures that we remain well positioned for the future.

Our focus remains on executing our clear growth strategy to sustain our core competitive advantages, as we continue to build on The Pioneer Insurance Company Limited’s unrivalled position as the leading insurance company in Bangladesh.

I believe “A sales call which is put off till tomorrow is usually never made. Do it now!” I would like to take this opportunity to acknowledge the contribution of the Pioneer Family in building a large and trustworthy organization that has been able to deliver high quality risk management solutions to our esteemed customers. I am confident that Pioneer will continue to strengthen its position as the significant player in non-life insurance industry of Bangladesh in the years to come.

I, on behalf of the Board of Directors, assure you of our commitment to the relentless pursuit of innovation and diversification of products and high standards of services to our customers. We will continue to strive for delivering respectable dividend to our shareholders in the coming years too. May Allah bless you all.

A.K.M.RahmatullahChairman

Annual Report 2014 061Message from theCEO &Managing Director

Message from the CEO &Managing Director

Honorable Shareholders,

It gives me great pleasure to report that 2014 was another very successful year for Pioneer Insurance Company Limited (PICL) and welcome you all to the 19th Annual General Meeting of the Company.

The general insurance business seems to be a paradox as most of the contracts are annual but the business itself is long term in nature. The business grows year on year, and if done sensibly, it is good for the customers, for the employees and for the shareholders. But if not handled properly it gets spoiled. If an insurance company is not careful about protecting its bottom line or do not give the best of services to its customers or do not innovate or improve efficiency or do not care about employee satisfaction, then it can be on the road to oblivion by each passing year.

Over the past 19 years, PICL has consolidated its position as the second largest private sector non-life Insurance Company. The company has achieved this by focusing on its core value and relentlessly pursuing its vision over the years. As we step into the new financial year, we are sure that our partnership with the company will grow stronger in times to come.

Annual Report 2014062Message from theCEO &Managing Director

The diligence, professionalism and commitment of our employees and agents are essential to PICL’s continued success. The results for the year 2014 surpassed forecasts, marking a dramatic shift from 2013. One urgent management task is to improve underwriting profitability in the non-life insurance business. PICL will make full use of its strengths to become even closer to customers as an insurance company, and to contribute to customers and local communities

Our Operating Philosophy is “Doing the Right Thing, in the Right Way, with the Right People” I believe in my team and look forward to achieve better results in the years ahead, with it, I am ambitious to add more value to the investment of our shareholders in the upcoming years. While statistics on industry for the year 2014 are yet to be published, Pioneer’s performance on a few key financial indicators for 2013 & 2012 may be helpful to understand the nature of growth of the company.

We live in an age where change is taking place with an irreversible force and the World is inevitably undergoing dramatic reform from old to the new. A company which wants to excel against all others in the industry must have the ability to make strategic decisions intuitively, have great strength to manage its organization and carry through implementations, be supported by an excellent professional team, and especially have the courage to revolutionize itself to transform ahead of the market, as well as have a keen observation of customers’ needs and experience. A revolution will not take place quietly, but will always be accompanied by thunderstorms. PICL has become ready to face the tremendous challenges arising from the evolution of modern technology and innovation of business model. We endeavored to develop traditional and non-traditional businesses simultaneously, in an effort to make PICL the “leading Non Life Insurance company in Bangladesh”, ultimately fulfilling our strategic vision.

Special thanks to the Chairman and all Board Members for their diligence and valuable advice to and support for the management team during a year of transition.

I like to take the privilege to recognize and commend my team for all their hard work, diligence and professionalism in the year and hope they will continue to extend their support and commitment to reaching the corporate goals in the ensuing years. My appreciation is also extended to our customers, IDRA, reinsurers, intermediaries, other business partners and all our stakeholders for the continued trust placed in our journey towards achieving our corporate vision.

In fine, I believe that there is no easy walk-over to success anywhere, and many of us will have to pass through the valley of shadow again and again before we reach the mountain top of our desire.

Q.A.F.M. Serajul Islam

Gross Premium Income

Pioneer 1,871.55 1,701.27 10%Private sector 20,771.56 19,216.17 8%SBC 1,909.61 2,189.00 -13%Total 22681.17 21,405.17 6%

Taka in million 2013 2012 Growth

Taka in million 2013 2012 Growth

Assets

Pioneer 2,026.70 1,772.58 14%Private sector 54,874.90 48,926.52 12%SBC 18,470.86 15,732.77 17%Total 73,345.76 64,659.29 13%

Taka in million 2013 2012 GrowthUnderwriting Profit

Pioneer 255.02 216.57 18%Private sector 3,190.96 2,873.72 11%SBC 1,361.79 1,023.09 33%Total 4,552.75 3,896.81 17%

Directors’

REPORT

Directors’ Report

Annual Report 2014064Directors’ Report

Dear Shareholders,

It gives me great pleasure to welcome you to the 19th Annual General Meeting of the Pioneer Insurance Company Limited on behalf of the Board of Directors of the company and on my own behalf. I am also pleased to be able to present the Annual Report of the Directors for the year ended December 31, 2014 along with the Audited Accounts containing State-ment of Financial Position, Statement of Comprehensive Income, Revenue Accounts, and other relevant Financial State-ments for the year 2014 for your information, consideration and approval. I have placed these documents before you in compliance with the provisions of Section 184 of the Companies Act, 1994; Rule 12 (and the Schedule thereunder) of the Securities and Exchange Rules, 1987 and IAS-1 (International Accounting Standards– 1) Codes as adopted by the Institute of Chartered Accountants of Bangladesh (ICAB).

Global Economy: An Overview

All of us are aware that the world economic activities gained momentum during the second half of 2013. That trend continued in 2014 without a major disaster. The global economy grew at 3.3 percent in 2014 as against 2.5 percent in 2013. International Monetary Fund (IMF) made a forecast before the beginning of 2014 that the advanced economies would strengthen during the year and that actually happened during the year under review. The economies of the U.S. and the UK gained strength. Thus there was a growth trend in the global economy. An economic forum known as BRICS (Brazil, Russia, India, China and South Africa) was formed with much expectation as all these countries were enjoying satisfactory growth at that time. Unfortunately Brazil has been facing trouble at home and Russian economy is under pressure of economic blockade imposed by the west because of the Ukraine issues. Moreover, crude oil prices have fallen drastically impacting on the already affected Russian economy even though this fall in price of oil will be giving a boost to the developing as well as the developed countries which are heavily dependent on import of oil. They will be able to utilize the windfall savings from oil bill for their domestic economic development. Euro zone continued to grow but could not sustain the momentum. Western sanction against Russia has also affected Germany, Europe’s traditional economic power as its exports to Russia has declined. The oil producing countries are facing a crunch because of this sudden downturn in oil prices. However, we can draw this conclusion that overall economic performance of the world during the year 2014 was good and also gave the indication that this trend would continue in 2015.

Bangladesh Economy: A Brief Review

Bangladesh economy with US$ 130 Billion GDP occupies 44th place in the world. It has been maintaining a steady and respectable growth at the rate of around 6 percent per annum for more than a decade. Per capita income has increased from US$ 1054 to US$ 1200 during the year under review.

Mobile banking service is considered as a very important indicator for measuring the economic activities of a country. In this sector Bangladesh has a meteoric achievement. Among the countries rendering mobile banking services Bangladesh stands 7th in the world. In spite of unfortunate political turmoil Bangladesh economy has not slowed down. Bangladesh’s achievements on infant and child mortality, maternal death, primary school enrollment, girl’s enrollment in school, empow-erment of women have earned her a place of pride in the comity of nations as a fast achiever of many of the Millennium Development Goals ahead of time. It may also be mentioned that GDP growth rate, point to point in�ation, Foreign Direct Investments (FDI), Readymade Garments (RMG) Exports, Remittance In�ow, Rate of population growth, Employment generation and poverty reductions are the sectors where the achievements have been signi�cant. In achieving the target of Millennium Development goals (MDGS) Bangladesh has earned accolades from the international community and multilateral agencies.

The economy of the country is at major risk for the political uncertainties and continued violence. People across all segments and stakeholders of all economic sectors are seriously affected by these prolonged events. Besides a socio psychological insecurity, the economy is affected through less foreign and local direct investment and reduction in export orders.

Annual Report 2014 065 Directors’ Report

Blue Economy

The concept of Blue Economy has opened a new horizon for economic development of the coastal countries through utilizing sea and marine resources at national and international level. The concept has become a house hold word in Bangladesh in view of the fact that our sovereign rights have been established on more than 1,18,000 sq. km of maritime territory, 2000 nautical miles (NM) of exclusive economic Zone and 354 NM of continental shelf after positive verdicts in international courts. In the same way, the verdict with India declared on July 7, 2014 also allowed Bangladesh’s sovereign rights on all the living and mineral resources of the Continental shelf extending up to 354 nautical miles. Proper exploration and harvesting of the marine resources will have a salutary impact on our national economy and de�nitely push up the GDP growth much higher than what has been achieved so far.

Digitization

ICT (information and communications technologies) is the backbone of any digital initiative. ICT covers the vast areas of information technology, communication technology and the telecommunication technology. ICT is also a combination of physical backbone and intellect. Computer systems, network machinery, software, wire and wireless connectivity systems, broadcast hardware and many other hardware and accessories are the physical backbone. Digitization is an idea that includes the IT use for management, administration and governance to ensure transparency, accountability and answerability at all levels of society and state.

Pioneer Insurance is seriously proceeding with computerization of activities at all levels. All the branches within Dhaka city are already connected through an IT network. Of�ces in Chittagong and other parts of the country are also being gradually brought online. Our dynamic website contains comprehensive information, annual report, information on various types of insurance products available and necessary forms along with specimen policy copies to facilitate easy understanding of our valued customers. ICT is being increasingly harnessed by the Company for hassle free, faster and better services to our clients eliminating the need for visiting our of�ces as much as possible. We believe that “ Good communication can result in the elimination of undesirable activities.”

Events arising since the end of the reporting period

Nothing untoward has happened since the end of the �nancial year 2014 which has affected or may signi�cantly affect the operations of the Company or the state of affairs of the Company in 2015.

Going Concern

The annual report and accounts have been prepared on a going concern basis as the Directors are satis�ed that PICL has the resources to continue in business for the foreseeable future. In making this assessment, the Board has considered a wide range of information relating to present and future conditions including future pro�tability, cash �ows and capital resources.

Contribution to the National Exchequer

The company has contributed TK.26 crore (Taka twenty six crore) to the National Exchequer during the year in the form of direct and indirect taxes and other mandatory contributions.

Environmental and Social Obligations

Pioneer Insurance Company is committed to conduct its business in a socially responsible and environmentally sustainable manner. This commitment is consistent with our corporate objectives and is essential to continued business success. We:

• comply with all applicable environmental and social laws and requirements;• seek to reduce energy use;• focus on conserving water to help preserve an increasingly scarce resource;• use resources responsibly, from purchase to use and • minimize the consumption of car fuels and reduce harmful emissions, airborne pollutants, traf�c and parking lot congestion.


Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR) has ushered in a new horizon in the corporate world. It has totally removed the old concept that capitalism only exploits people and amasses fortune for the share holders. Primarily CSR activities were con�ned to the welfare of the people working in the company concerned or living around it. But now its activities are transcending and becoming multidirectional. Environmental sustainability is now an important area of work under CSR. Poverty alleviation projects and education programmes are also taken up under CSR. Funding for high pro�le events do not now come within the purview of CSR.

Pioneer Insurance Company Limited endeavors to play its role as a good corporate citizen by supporting worthy causes which aim to improve the lives of our people, and make our country a better place to live in. Any function which is to be �nanced under CSR must be a pro-people one. Your Company is very particular about the causes and issues it supports with CSR funds to ensure that greatest number of poor and disadvantaged people bene�t from such efforts.. We have participated in National Immunization Day, National Plantation Movement and Plants Exhibition, National Income Tax Day, Prevention of Misuse of Drugs and Anti-smuggling International Day, Beauti�cation of Road-islands in Dhaka and many other public welfare and mass awareness events. We are keen to safeguard the interesst of our employees and hence have made it compulsory for them to have Group Hospitalization policy and Personal Accident Insurance policy.

Board Committees

The Audit committee comprises of non-executive members of the Board. The committee is acting in accordance with the guidelines provided in the Noti�cation dated 7th August, 2012 of BSEC. The Board has constituted six Committees to deal with Claims, Budget, Audit, Investment, Branding and Calendar.

The Directors have con�rmed that none of the Independent Directors is serving as a Director in more than 3(three) listed companies and that the tenure of the the independent Directors complies with the policy laid down by the Bangladesh Securities and Exchange Commission.

Non-Life Insurance Industry of Bangladesh

In a developing country like Bangladesh, insurance companies are playing a very important role for the growth and expansion of the economy. Insurance industry plays a major role in the growth and development of national economies of the D8 countries. However, lack of public awareness, centralization, poor economic conditions, higher cost of business, political instability, lack of quali�ed personnel, non-modernization of work processes, and lack of public motivation are preventing the insurance industry from playing that catalytic and pivotal role in Bangladesh.

Re- insurance

The year 2014 was marked by a large number of major losses such as a heavy snowstorm in Japan in February , an earthquake on the north coast of Chile, a heavy summer rainfall in the northeast of the USA , a strong hailstorm in Brisbane, Australia, an explosion at a Russian re�nery. The losses from the crash of two Malaysia Airlines aircraft impacted huge loose. Bangladesh also suffered huge loss in Garments, Textiles and power sectors. The consequent burden on the reinsures worldwide has resulted in severe capacity shrinkage and hardening of reinsurance prices.

The focus on reinsurance treaty program has been designed to transfer company’s liability as far as possible to safeguard the Statement of Affairs at most competitive cost of reinsurance. With sound underwriting strategies, Pioneer Insurance continues to have re-insurance arrangement through a carefully designed balanced re-insurance program with state owned Sadharan Bima Corporation as well as with some of the renowned overseas reinsurers holding strong �nancial rating led by Malaysian Re.

Regulatory and Supervisory Authority:

Insurance Development & Regulatory Authority (IDRA) was formed in January, 2011 to replace the Of�ce of the Chief Controller of Insurance set up in the aftermath of the liberation of the country in 1972 as per Insurance Act 1938.

IDRA is assigned with the responsibility of development of Bangladesh insurance industry as well as to regulate the industry within the purview of the Insurance Act 2010 so as to ensure a level playing �eld for all companies and safeguard the interest of the insurance sector in the country.

The mission of IDRA is to protect the interest of the policy holders and other stakeholders under insurance policy, supervise and regulate the insurance industry effectively, ensure orderly and systematic growth of the insurance industry and for matters connected therewith or incidental thereto.


IDRA’s vision is to make the insurance industry the premier �nancial service provider in the country focusing on ef�cient corporate sector and capital market to secure ever growing aspirations of the society while penetrating deep into all segments for high economic growth

Main Objectives of The Insurance Act-2010

The new insurance law has the following objectives: • To correct the existing defects in the insurance market and strengthen the regulatory system of insurance. • To replace the existing Department of Insurance with a new regulatory authority i.e. the Authority with a view to

strengthening the role of the regulator in the public as well as private sector for effective enforcement of insurance laws.

• To improve the capitalization and administration of insurance industry, remove prevailing malpractices, strengthen the role of insurance intermediaries and surveyors and improve their quality of services. Also introduce insurance brokers in the market.

• To improve and strengthen the �nancial soundness of insurance companies by enhancing their level of minimum paid up capital and solvency requirements.

• To introduce market conduct provisions for developing capital market and establish criteria for sound and prudent management of insurers, as well as protect the rights of policy holders.

• To gradually liberalize and make reinsurance arrangements more effective.

Appointment of Director

Captain A B Tajul Islam (Retd.) MP was appointed as an Independent Director of the company in the 180th Board Meeting held on 31-08-2014.

Risk Management

Risk is a multi-dimensional phenomenon and a constant feature of everyday life. Fires, accidents, thefts, explosions, natural calamities and terrorism are the more common types of risk the community faces.

The dimensions and effects of such loss making incidents/events have since long assumed major signi�cance for entire economies. The question of how to predict and prevent such risks is accordingly the subject of intensive discussion in the political sphere, in the business world and among the public at large. The complex realities of modern economic life and the growing awareness of the people place increasing demand on companies to pursue appropriate and far-sighted policies about risk. The same applies to insurers in determining their underwriting policies. The rapid development of new technologies and the changing nature of production processes necessitate a constant analysis of risk pro�les. Both entrepreneurs and insurers therefore face enormously growing need for analytical and advisory services. Pioneer Insurance works closely with clients to identify various risk exposures before providing speci�c insurance proposals. This helps in loss prevention and reduction of protection cost. Our market-driven teams are technically quali�ed and manned by experienced personnel who are aware of current issues and problems. They are on call for necessary professional advice to clients at all times. Our linkages with overseas specialists are of major value to our clients. In addition to insurance protection, it is our practice to provide risk mitigation advice to clients and assist them in developing preventive capabilities to avert mishaps and disasters.

Business Risk

The company continuously monitors and controls the risks to the business. The following are the major risks faced by the company:

• Economic and Political Risk Volatile economic, political and �nancial market conditions coupled with poor infrastructure in the country may

cause hurdle in overall business scenario of the country. The insurance sector will also face challenges arising from the economic and political scenario. The company has cautious underwriting approach to deal with such risks and increase market share without compromising pro�tability.


• Insurance Risk The principal risk the Company faces under insurance contracts is the possibility of occurrence of the insured

event and the uncertainty of the amount of the resulting claims. The Company manages these risks through its underwriting strategy, adequate reinsurance arrangements and proactive claims handling. The underwriting Strategy aims to minimize insurance risks with a balanced mix and spread of business classes and by observing underwriting guidelines and limits.

• Liquidity Risk The Company manages its liquidity by ensuring suf�cient liquidity to meet its claims and other liabilities when due

under both normal and stressed conditions without incurring unacceptable losses or risking damage to the Company's reputation.

International Exposure

Insurers and reinsurers throughout the world speak the same language. Insurance business is globally interrelated. Risk of a particular area is usually shared among global insurers/ reinsurers. Hence relationship with insurers and reinsurers of the global market is of utmost importance for an insurance company.

In view of the above, Pioneer Insurance Company Limited became a member of Federation of Afro-Asian Insurers & Re-insurers (FAIR). It is a professional association dedicated to the cause of regional co-operation and the development of the insurance industry in Afro-Asian countries.

In 2013 delegates of Pioneer Insurance attended The 6th India Rendezvous 2013 in Mumbai, The 17th Insurance Congress of Developing Countries (ICDC), Colombo, Sri-Lanka and The 12th Singapore International Reinsurance Conference (SIRC), Singapore. All these international get together provided the opportunity to introduce Pioneer Insurance of Bangladesh to almost all renowned & reputed insurers, reinsures & brokers of the world.

Corporate Performance:

The Company completed its 19 years of operations. During the year, despite tough competition, the Company improved its market position amongst private players and has been able to retail the second position occupied by it last year. Gross Underwriting Premium of the Company rose by 14% from Tk. 1,874.91million to Tk.2,135.47 million.

Class –wise Premium Portfolio Analysis

Fire This class of business constitutes 43% of the total portfolio. During the year under review, the Company had underwritten a gross premium of Tk. 909.64 million (2013:Tk. 806.13 million) registering an increase of 13% in this portfolio.

MarineMarine business constitutes 34% of the total portfolio. The Company underwrote a gross premium of Tk. 722.79million (2013:Tk. 647.93 million) in 2014 registering an increase of 12% in this portfolio.

MotorDuring the year under review, the Company underwrote a gross premium of Tk. 260.80 million (2013:Tk. 230.57 million) which contributes 12% of the total portfolio and registering an increase of 13% in this portfolio.

MiscellaneousThis class constitutes 11% of the total portfolio. The miscellaneous class of business showed a growth 27% over last year with gross premium of Tk. 242.23 million (2013 Tk. 190.27 million).


Earning per share

Earning per share after tax (restated)Earning per share after tax & reserve forexceptional losses (restated)

2014

3.90

2.02

4.18

2.51

2013

Profit The company earned a net pro�t before tax Tk. 274.63 million in 2014 as against Tk. 297.84 million in 2013.

Appropriation of Profit

The Board of Directors have proposed and recommended for appropriation of pro�t as follows:

Taka in Million

a) The un-appropriated pro�t from previous year 62.42

b) Net pro�t for the year 2014 274.63

c) Total fund available for appropriation 337.05

d) Appropriation of fund:

(i) Reserve for exceptional losses 95.37

(ii) Provision for Taxes 76.39

(iii) Share �uctuation fund 5.95

(iv) Proposed Dividend 152.69

(v) Net un - appropriated Pro�t 6.65

Claims ServiceThe Company believes that excellent claims service delivery is central to any insurance company’s existence. Accordingly, all the claims systems are designed to provide better service to customers at every stage of claims settlement. The claims management systems ensure sharing claims information with the insured at every stage of claim settlement. This is done through regular persuasion over phone, e-mails and personal contact with the insured at all stages of claim settlement.


The Company’s Operating Performance is summarized below

Five Year Performance Summary(Taka in million)

Proposed Dividend

The Board of Directors of Pioneer Insurance Company Ltd. recommended declaration of dividend at the rate of 25 (twenty �ve)% stock and 5 (�ve)% cash for the year ended December 2014 amounting to Tk. 152,685,000.00 subject to approval in the 19th Annual General Meeting.

Enhancement of Capital

The Company issued 25% stock during the year which added Tk. 127,237,500 to the paid up share capital of the Company resulting in a total paid up share capital of Tk. 636,187,500.

Reserve

Reserve is a key indicator of the �nancial strength of a company. Accordingly, an exceptional loss reserve of Tk .95.37 million has been proposed for the year out of the pro�t earned. Thus at the end of 2014, the total reserve amount will be Tk.523.21 million as against Tk 427.84 million at the end of 2013 which is a growth of 22%.

Investment

The Investment function supports the core business of the Company. The investments of the Company are made in accordance with the Investment Policy of the Company as approved by the Board of Directors. The Investment Committee oversees the implementation of the Investment Policy. Investment strategy re�ects the coordination between Assets and Liabilities of the Company while keeping in perspective the Regulatory framework.

Human Resources Development (HRD)

Your Company believes that Quality of Human Resource is the key to a productive and performance oriented work culture. We strive to ensure employee satisfaction by creating a performance based and transparent work environment. Learning is part of the company culture. Each employee, at all levels, is conscious of the need to upgrade continuously his/her knowledge and skills. Guiding and coaching is provided to each employee via on the job training and mentoring to make each one progress in his/her position.

Gross Premium

Net Premium

Commission Earned

Net Claim

Underwriting Pro�t

Investment Income

Pro�t before Tax

Pro�t after Tax

Fixed Deposit

Investment

Fixed Assets

Total Assets

Paid Up Capital

Share holders’ Equity

Total Reserves

Net Assets value per share (NAV)

Earning per Share

Dividend

Net Cash �ow per share

2014

2,135.47

998.28

223.01

341.76

227.53

104.52

274.63

198.24

810.04

1,172.11

548.56

2,274.50

508.95

1,340.00

687.05

26.33

3.90

30%

5.13

1,874.91

876.03

196.55

283.50

255.02

95.02

297.84

212.84

792.55

1154.23

418.62

2,026.70

424.42

1,190.12

622.00

28.06

5.02

30%

9.30

2013 2012

1,701.27

792.48

177.77

195.82

216.57

109.18

277.17

207.17

887.89

1,181.24

100.47

1,772.58

353.44

1,011.25

513.81

23.84

5.86

30%

4.57

1,598.60

718.51

172.45

185.95

123.61

123.22

204.52

174.52

619.35

904.98

100.30

1,521.66

271.88

806.39

390.51

22.81

6.42

30%

13.82

2011

1,252.37

531.30

148.12

169.53

61.95

117.58

130.30

110.30

274.12

531.85

80.05

998.04

187.50

487.51

268.51

17.93

5.88

25%

6.30

2010


The company continued to implement appropriate human resource management policies to develop employees and optimize their contribution towards the achievement of corporate objectives. These policies and procedures ensure the equitable treatment of all employees. The company also adopts equal opportunity for all employees irrespective of ethnic origin, religion, political opinion, gender, marital status or physical disability. People are our most valuable asset. Development plans for employees are a key priority to motivate and retain them.

Good Corporate Governance

Good Corporate Governance requires a transparent, ef�cient and effective system of decision-making. It aims for a high level of transparency in the company’s operation. It has always been the Company’s endeavor to excel through better governance. The management strictly adheres to two basic principles of corporate governance i.e. transparency and disclosure. The Board Meetings are held regularly where policy decisions are taken on the basis of open discussion and consensus, keeping the interests of all share holders and stakeholders of the company in mind. Since the inception of the company the Board of Directors has been fully committed to build a strong and empowered management team. This has helped us to maintain good corporate governance. Listed below are our speci�c positions with respect to speci�c compliance requirements:

The �nancial statements together with the notes forming an integral part of these statements have been prepared by the management of the Company in conformity with the law; present fairly its state of affairs, the results of its operations, cash �ows and changes in equity.Proper books of accounts of the Company have been maintained.Appropriate Accounting Policies have been consistently applied in preparation of these �nancial statements and accounting estimates are based on reasonable and prudent judgment.Approved Accounting Standards, as applicable in Bangladesh, have been followed in preparation of these �nancial statements and any departures there from has been adequately disclosed and explained.The system of internal controls is sound in design and has been effectively implemented and monitored through-out the year. Internal controls and their implementation are reviewed continuously by the Internal Audit depart-ment and any weakness in controls is timely addressed.There are no signi�cant doubts upon the Company’s ability to continue as going concern.There has been no material departure from the best practice of Code of Corporate Governance as detailed in the listing regulations.There are no statutory payments due on account of taxes, duties, levies and charges which are outstanding as at 31 December 2013, except as disclosed in the �nancial statements. All such dues primarily related to the dues of last month of the �nancial year 2014 and were subsequently deposited in Government treasury in time.

There is no significant deviation from the operating result of last year.

Securities & Exchange Commission’s Compliance Report is enclosed herewith.Key operating and �nancial data of last �ve years have been presented in summarized form in this report under the head “Five Year Performance Summary”.The Audit Committee of the Board of Directors consisting of three non-executive has been formed in compliance with the guidelines of BSEC’s noti�cation.The CEO and the CFO had duly endorsed the Financial Statements of the Company before those were placed in the board meeting.The meetings of the Board of Directors were presided over by the Chairman. Written notices of the Board meetings mentioning agenda along with working papers were circulated ahead of the meeting; minutes were correctly recorded, signed by the Chairman and circulated. Minutes were also shared with IDRA.

Seven Board Meetings took place during the year 2014 and attendance by each Director was as follows:

•

• •

•

•

•

•

• •

•

•

•

•

•

•


Retirement of Directors

From Group AIn accordance with the provision of Article No. 112, 113 & 114 of the Articles of Association the following Directors retire and being eligible, offer themselves for re-election:

1. Mr. A.K.M. Rahmatullah 2. Mr. Syed Abdus Sobhan

From Group B

In accordance with the Articles referred above, the following 02 (two) Directors fromGroup-B shareholders retire from of�ce and being eligible, offer themselves for re-election:

1. Sahana Rahmatullah (Alternate Director Ms. Fahama Khan) 2. Mrs. Rozina Afroze

As required by Insurance Act and Rules, election of Directors from public shareholders (from Group-B shareholders) will be held in the 18th Annual General Meeting. A noti�cation for election of the same was published in two national dailies namely “The Financial Express.” and “The Samakal” on 19-03-2014

Auditors

The Auditors of the company, ARTISAN, Chartered Accountants, will not be able to qualify for re appointment. The Board in their 185th Board Meeting has appointed M/s Sha�q Basak & Co Chartered Accountants, 3/1 & 3/2, Bijoy Nagar, Motijheel , Dhaka -1000, as Auditors of the Company for the year 2015 which may kindly be considered.

Future Outlook

Business environment is likely to remain tough during 2015 .The economy of Bangladesh is facing mixed pressures from multiple aspects out of which the law and order is the most critical to resolve. The Company hopes to take its performance further despite the volatile risks it is exposed to. The Board and the management of your Company are fully cognizant of the challenges for an insurance company. Presently, general insurance companies are operating in a highly competitive environment.

Our vision to be better than the best and sustain our position as the leading empowered non life insurer in the country remain central to all our action, and we are con�dent that, through delivery of our key strategic areas of focus - customer-driven business, �nancial and investment strategy based on further strengthening the statement of �nancial position, sound risk management policies and operational ability by maintaining quality leadership, we will deliver against our future growth aspirations. The stress on underwriting discipline, with the aim to improve underwriting pro�tability will be the key factor of Company's operation in 2015.

Name of Directors No. of Attendance

Mr. A.K.M. Rahmatullah, MPMr. M Anis Ud DowlaMr. Tapan ChowdhuryMr. Syed Nasim ManzurMr. Alamgir Shamsul Alamin Ms. Shusmita AnisMr. Syed Abdus SobhanMr. M. A MajedMs. Fahama KhanMs. Sanchia ChowdhuryMs. Parveen Akther Ms. Rozina AfrozeMr. Abdul Muyeed Chowdhury (Independent Director)Mr. A Matin Chowdhury (Independent Director)Captain A B Tajul Islam (Retd), MP (Independent Director)

744166477677552


Appreciation

We would like to acknowledge, with thanks, the contributions made by Insurance Development and Regulatory Authority (IDRA); Registrar of Joint Stock Companies and �rms; Sadharan Bima Corporation; General Insurance Corporation of India; Best Re, Malaysia; Malaysian Re, Malaysia; Labuan Re, Malaysia; ICICI Lombard, India; National Insurance Company Limited, India; Oman Re, Oman; Trust Re, Bahrain; Asian Reinsurance Corporation, Thialand; Sompo Japan Reinsurance Company Ltd., Malaysia; Arab Union Re, Syria; Sen Re, Senegal; Allianz, London; Aveni Re, Cote d' Ivoire; ARIG-Re, Bharain, PTA Re , Kenya, Prestige Re, Nigeria, Unity Re, Russia, New India Assurance, India, Kiln, London, Ingosstrakh Re, Russia, Becon underwriters , Hongkong, BzSEC; DSE; CSE; CDBL; Credit Rating Information and Services Ltd, , Bangladesh Insurance Academy, all scheduled Banks, all Non Banking Financial Institutions and Bangladesh Bank authorities in bringing improved results in year 2014, without their efforts and support these results would not have been possible. The Directors also place on record their sincere thanks for the support and cooperation extended by the Policyholders, Insurance Agents. Last but not the least the Board of Directors expresses its deep sense of appreciation of all the employees, whose outstanding professionalism, commitment and initiative made the organization’s growth and success possible.

A.K.M.Rahmatullah Chairman

Total Share as at 31.03.2015

Sl. No. Shares held by

Parent/ Subsidiary/ Associated companies and other related parties.

Mr. Syed Manzur ElahiMrs. Niloufer ManzurMrs. Jahanara Alamin

Directors, Chief Executive Of�cer, Company Secretary, Chief �nancial Of�cer, Head of Internal Audit and their spouses and minor children

Chairman :A.K.M Rahmatullah

Directors :Astras Limited ( Represented by Mr. Tapan Chowdhury) Consolidated Chemicals Ltd ( Represented by Mr. M Anis Ud Dowla)Mr. Alamgir Shamsul AlaminMr. Syed Nasim ManzurPalmal Garments Hosiery Ltd. ( Represented by Mr. Syed Abdus Sobhan)Ms. Shahana Rahmatullah ( Alternate Director Ms. Fahama Khan)ACI Foundation ( Represented by Ms. Shusmita Anis)Mrs. Parveen Akhter Mrs. Rozina AfrozeMr. M.A. MajedSquare Securities Management Ltd. ( Represented by Ms. Sanchia Chowdhury)

Chief Executive Officer :Mr. Q.A.F.M. Serajul Islam

Company Secretary :Mr. S.M Mizanur Rahman

Chief Financial Officer :Mr. Dhruba Kumar Guha

Head of Internal Audit :Mr. S.M. Nazmul Islam Bhuiyan

Spouses and minor children:Mrs. Halima RahmatullahMr. Mohammad WakiluddinAbu Su�an

Executives

Share holding ten percent (10%) or more voting interest in the company:

Square Pharmaceuticals Ltd.

3,393,000300

86,640

2,205,440

1,866,1401,866,1401,043,3201,696,5001,526,8401,696,5001,696,5001,357,200

848,2401,696,5001,696,500

Nil

Nil

Nil

Nil

33,920848,240339,300

Nil

5,089,500

(i)

(ii)

(iii)

(iv)

Annexure-1Pattern of Shareholding

Annual Report 2014074Pattern of

Shareholding

Directors’

REPORTin Bangla


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mykxj A_©bxwZ

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(Blue Economy)

Annual Report 2014077 Directors’ Report

wWwRUvB‡Rkb

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cwi‡ek Ges mvgvwRK `vqe×Zv

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wbqš¿Y Ges ZË¡veavbKvix KZ„©cÿ

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weeiY

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1,874.91

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100.47

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353.44

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513.81

5.86

23.84

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Corporate

Governance

Annual Report 2014085 Corporate Governance

Compliance Certi�cate

Corporate Governance ComplianceCertificate

Status of Compliance with BSEC Notification

Annual Report 2014086Status of

Compliance

Remarks(If any)

Complied NotComplied

Condition No.

Title

Compliance Status ( “ ” has been put in the appropriate column)

Board of Directors:

Board Size

Independent Directors

At least one �fth(1/5) of the total number of Director in the Company’s Board shall be Independent Director

“Independent Director” means a director –who either does not hold any share in the Company or holds less than one percent (1%) shares of the total paid-up shares of the Company

Who is not a sponsor of the Company and is not connected with the Company’s any sponsor or Director or shareholder who holds one percent (1%) or more shares of the total paid-up shares of the Company on the basis of family relationship. His/her family members also should not hold above mentioned shares in the company

Who does not have any other relationship, whether pecuniary or otherwise, with the Company or its subsidiary/associated Companies

Who is not a member, Director, or of�cer of any stock exchange

Who is not a shareholders, Director or of�cer of any member of stock exchange or any intermediary of the capital market

Who is not a partner or an executive or was not a partner or an executive during the preceding 3(three) years of the concerned Company’s statutory audit �rm

Who shall not be an Independent Director in more than 3(three) listed Companies

Who has not been convicted by a court of competent jurisdiction as a defaulter in payment of any loan to a bank or a Non-Bank Financial institution(NBFI)

Who has not been convicted for a Criminal Offence involving moral turpitude

The Independent Director(s)shall be appointed by the Board of Directors and approved by the shareholders in the Annual General Meeting(AGM)

The post of independent director(s)cannot remain vacant for more than 90(ninety)days

The Board shall lay down a Code of Conduct of allBoard Members and Annual compliance of the code to be recorded

The tenure of of�ce of an independent director shall be for a period of 3(three) years, which may be extended for 1(one) term only.

1.

1.1

1.2

1.2 (i)

1.2 (ii) (a)

1.2 (ii) (b)

1.2 (ii) (c)

1.2 (ii) (d)

1.2 (ii) (e)

1.2 (ii) (f)

1.2 (ii) (g)

1.2 (ii) (h)

1.2 (ii) (i)

1.2 (iii)

1.2 (iv)

1.2 (v)

1.2 (vi)

As per InsuranceAct

Status of compliance with the conditions of Corporate Governance Guidelines as set by Bangladesh Securities & Exchange Commission (BSEC) by the noti�cation # SEC/CMRRCD/2006-158/134/Admin/44 dated 07 August 2012 and subsequently amended through their noti�cation # SEC/CMRRCD/2006-158/147/Admin/48 dated 21 July 2013 issued under section 2CC of the Securities and Exchange Ordinance, 1969:

(Report under Condition No. 7.00)

Annual Report 2014087 Status of

Compliance

Remarks(If any)


Condition No.

Title


Quali�cation of Independent Director

Independent Director shall be a knowledgeable individual with integrity who is able to ensure compliance with �nancial, regula-tory and corporate laws and can make meaningful contribution to business.

The person should be a Business leader /corporate leader /Bureaucrat/university teacher with economics or Business studies or law background /professional like Chartered Account-ants, Cost & management Accounts ,Chartered Secretaries. The independent Director must have at least 12(twelve) years of corporate management/professional experiences

In special cases the above quali�cations may be relaxed subject to prior approval of the Commission

The positions of the Chairman of the Board and Chief Executive Of�cer of the Company shall be �lled by different individuals. The Chairman of the Company shall be elected from among the directors of the Company. The Board of Directors shall clearly de�ne respective roles and responsibilities of the Chairman and the Chief Executive of�cer

The Directors’ Report to Shareholders

Industry outlook and possible future developments in the industry

Segment-wise or product-wise performance

Risks and concerns

A discussion on Cost of Goods sold, Gross Pro�t Margin and Net Pro�t Margin

Discussion on continuity of any Extra-Ordinary gain or loss

Basis for related party transactions- a statement of all related party transactions should be disclosed in the annual report

Utilization of proceeds from public issues, rights issues and/or through any others instruments

An explanation if the �nancial results deteriorate after the company goes for initial Public Offering (IPO), Repeat Public Offering (RPO), Rights Offer, Direct Listing, etc

If signi�cant variance occurs between Quarterly Financial perfor-mance and Annual Financial Statement the management shall explain about the variance on their Annual Report

Remuneration to directors including independent directors

The �nancial statements prepared by the management of the issuer company present fairly its state of affairs, the result of its operations, cash �ows and changes in equity

Proper books of account of the issuer company have been maintained

Appropriate accounting policies have been consistently applied in preparation of the �nancial statements and that the account-ing estimates are based on reasonable and prudent judgment.

1.3

1.3 (i)

1.3 (ii)

1.3 (iii)

1.4

1.5

1.5 (i)

1.5 (ii)

1.5 (iii)

1.5 (iv)

1.5 (v)

1.5 (vi)

1.5 (vii)

1.5 (viii)

1.5 (ix)

1.5 (x)

1.5 (xi)

1.5 (xii)

1.5 (xiii)

Not Applicable.


Compliance

Remarks(If any)


Condition No.

Title


International Accounting Standards (IAS)/ Bangladesh Account-ing Standards (BAS)/ International Financial Reporting Stand-ards (IFRS)/ Bangladesh Financial Reporting Standards (BFRS), as applicable in Bangladesh, have been followed in preparation of the �nancial statements and any departure there-from has been adequately disclosed.

The system of internal control is sound in design and has been effectively implemented and monitored.

There are no signi�cant doubts upon the issuer company’s ability to continue as a going concern. If the issuer company is not considered to be a going concern, the fact along with reasons thereof should be disclosed.

Signi�cant deviations from the last year’s operating results of the issuer company shall be highlighted and the reasons thereof should be explained.

Key operating and �nancial data of at least preceding 5 (�ve) years shall be summarized.

If the issuer company has not declared dividend (cash or stock) for the year, the reasons thereof shall be given .

The number of Board meetings held during the year and attend-ance by each director shall be disclosed.

Share held by Parent/Subsidiary/Associated Companies and other related parties (name wise details);

Share held by Directors, Chief Executive Of�cer, Company Secretary, Chief Financial Of�cer, Head of Internal Audit and their spouses and minor children (name wise details);

Share held by executives; (Top 5 salaried)

Share held by shareholders holding ten percent (10%) or more voting interest in the company (name wise details)

A brief resume of the director;

Nature of his/her expertise in speci�c functional areas

Names of companies in which the person also holds the directorship and the Membership of committees of the board.

Chief Financial Of�cer (CFO), Head of Internal Audit and Company Secretary (CS)

The company shall appoint a Chief Financial Of�cer (CFO), a Head of Internal Audit (Internal Control and Compliance) and a Company Secretary (CS). The Board of Directors should clearly de�ne respective roles, responsibilities and duties of the CFO, the Head of Internal Audit and the CS

The CFO and the Company Secretary of the companies shall attend the meetings of the Board of Directors, provided that the CFO and/or the Company Secretary shall not attend such part of a meeting of the Board of Directors which involves consideration of an agenda item relating to their personal matters

1.5 (xiv)

1.5 (xv)

1.5(xvi)

1.5(xvii)

1.5(xviii)

1.5 (xix)

1.5 (xx)

1.5 (xxi) (a)

1.5 (xxi) (b)

1.5 (xxi) (c)

1.5 (xxi) (d)

1.5 (xxii) (a)

1.5 (xxii) (b)

1.5 (xxii) (c)

2

2.1

2.2


Compliance

Remarks(If any)


Condition No.

Title


Audit Committee

The company shall have an Audit Committee as a sub-commit-tee of the Board of Directors

The Audit Committee shall assist the Board of Directors in ensuring that the �nancial statements re�ect true and fair view of the state of affairs of the company and in ensuring a good monitoring system within the business

The Audit Committee shall be responsible to the Board of Directors. The duties of the Audit Committee shall be clearly set forth in writing.

Constitution of the Audit Committee

The Audit Committee shall be composed of at least 3 (three) members

The Board of Directors shall appoint members of the Audit Committee who shall be directors of the company and shall include at least 1 (one) independent director

All members of the audit committee should be “�nancially literate” and at least 1 (one) member shall have accounting or related �nancial management experience.

When the term service of the committee members expires or there is any circumstance causing any committee member to be unable to hold of�ce until expiration of the term of service, thus making the number of the committee members to be lower than the prescribed number of 3 (three) persons, the Board of Directors shall appoint the new Committee member(s) to �ll up the vacancy (ies) immediately or not later than 1 (one) month from the date of vacancy (ies) in the Committee to ensure continuity of the performance of work of the Audit Committee

The company secretary shall act as the secretary of the Committee

The quorum of the Audit Committee meeting shall not constitute without at least 1 (one) independent director

Chairman of the Audit Committee

The Board of Directors shall select 1 (one) member of the Audit Committee to be Chairman of the Audit Committee, who shall be an independent director

Chairman of the audit committee shall remain present in the Annual General Meeting (AGM)

Role of Audit Committee

Oversee the �nancial reporting process.

Monitor choice of accounting policies and principles.

Monitor Internal Control Risk management process

Oversee hiring and performance of external auditors

Review along with the management, the annual �nancial statements before submission to the board for approval.

Review along with the management, the quarterly and half yearly �nancial statements before submission to the board for approval.

3

3 (i)

3 (ii)

3 (iii)

3.1

3.1 (i)

3.1 (ii)

3.1 (iii)

3.1 (iv)

3.1 (v)

3.1 (vi)

3.2

3.2 (i)

3.2 (ii)

3.33.3 (i)

3.3 (ii)

3.3 (iii)

3.3 (iv)

3.3 (v)

3.3 (vi)

Not Applicable


Compliance

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Remarks(If any)


Condition No.

Title


Review the adequacy of internal audit function.

Review statement of signi�cant related party transactions submitted by the management

Review Management Letters/ Letter of Internal Control weakness issued by statutory auditors

When money is raised through Initial Public Offering (IPO)/Re-peat Public Offering (RPO)/ Rights Issue the company shall disclose to the Audit Committee about the uses/applications of funds by major category (capital expenditure, sales and market-ing expenses, working capital, etc), on a quarterly basis, as a part of their quarterly declaration of �nancial results. Further, on an annual basis, the company shall prepare a statement of funds utilized for the purposes other than those stated in the offer document/prospectus

The Audit Committee shall report on its activities to the Board of Directors.

Report on con�icts of interests

Suspected or presumed fraud or irregularity or material defect in the internal control system;

Suspected infringement of laws, including securities related laws, rules and regulations;

Any other matter which shall be disclosed to the Board of Directors immediately

Reporting to the AuthoritiesIf the Audit Committee has reported to the Board of Directors about anything which has material impact on the �nancial condition and results of operation and has discussed with the Board of Directors and the management that any recti�cation is necessary and if the Audit Committee �nds that such recti�ca-tion has been unreasonably ignored, the Audit Committee shall report such �nding to the ignored, the Audit Committee shall report such �nding to the Commission, upon reporting of such matters to the Board of Directors for three times or completion of a period of 6 (six) months from the date of �rst reporting to the Board of Directors, whichever is earlier

Reporting to the Shareholders and General Investors:Report on activities carried out by the Audit Committee, includ-ing any report made to the Board of Directors under condition 3.4.1 (ii) above during the year, shall be signed by the Chairman of the Audit Committee and disclosed in the annual report of the issuer company.

External/statutory Auditors:

Appraisal or valuation services or fairness opinions.

Financial information systems design and implementation

Book-keeping or other services related to the accounting records or �nancial statements

Broker-dealer services

Actuarial services

Internal audit services

3.3 (vii)

3.3 (viii)

3.3 (ix)

3.3 (x)

3.4.1 (i)

3.4.1 (ii) (a)

3.4.1 (ii) (b)

3.4.1 (ii) ( c )

3.4.1 (ii) (d)

3.4.2

3.5

4

4 (i)

4 (ii)

4 (iii)

4 (iv)

4 (v)

4 (vi)


Compliance

Remarks(If any)


Condition No.

Title


Any other service that the Audit Committee determines

No partner or employees of the external audit �rms shall possess any share of the company they audit at least during the tenure of their audit assignment of that company

Audit/certi�cation service on compliance of Corporate Governance

Subsidiary Company:

Provisions relating to the composition of the Board of Directors of the holding company shall be made applicable to the compo-sition of the Board of Directors of the subsidiary company

At least 1 (one) independent director on the Board of Directors of the holding company shall be a director on the Board of Directors of the subsidiary company

The minutes of the Board meeting of the subsidiary company shall be placed for review at the following Board meeting of the holding company

The minutes of the respective Board meeting of the holding company shall state that they have reviewed the affairs of the subsidiary company also

The Audit Committee of the holding company shall also review the �nancial statements, in particular the investments made by the subsidiary company

Duties of Chief Executive Of�cer (CEO) and Chief Financial Of�cer (CFO) (the CEO and CFO shall certify to the Board that they have reviewed �nancial statements for the year and that to the best of their knowledge and belief

These statement do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

These statement together present a true and fair view of the company’s affairs and are in compliance with existing account-ing standards and applicable laws

There are, to the best of knowledge and belief, no transactions entered into by the company during the year which are fraudu-lent, illegal or violation of the company’s code of conduct.

Reporting and Compliance of Corporate Governance:

The company shall obtain a certi�cate from a Professional Accountant/Secretary (Chartered Accountant/Cost & Manage-ment Accountant/Chartered Secretary) regarding compliance of conditions of Corporate Governance Guidelines of the Commis-sion and shall send the same to the shareholders along with the Annual Report on a yearly basis

The directors of the company shall state, in accordance with the Annexure attached, in the directors’ report whether the company has complied with these conditions

4 (vii)

4 (viii)

4 (ix)

5

5 (i)

5 (ii)

5 (iii)

5 (iv)

5 (v)

6

6 (i)( a)

6 (i) (b)

6 (ii)

7

7 (i)

7 (ii)

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Annual Report 2014

(Including duties as per condition no-6 of Corporate Governance Guidelines)

The financial statement is prepared in accordance with Bangladesh Accounting Standard and in compliance with Insurance Act, 2010, Company Act 1994, the Securities and Exchange Commission Rules 1987 and the listing Regulations of the Dhaka and Chittagong Stock Exchange.The management of an enterprise has primarily responsible for the preparation and presentation of the Financial Statements. To ensure that we have introduced proper internal control system. We have designed such control or caused such control to be designed under our supervision, to ensure that material information relating to the company is made known to us and for safeguarding the Company’s assets and preventing and detecting fraud and error.We have evaluated the effectiveness of the Company’s internal control system and are satisfied that the internal control system were effective as of the end of the period under review. Moreover significant estimates and accounting policies that involve a high degree of complexity and judgment were discussed with our external auditors and the Audit Committee of the Board.

We certify to the Board that:

(1) We have reviewed the Financial Statements for the year under review and that to the best of our knowledge and belief:

(a) These statements do not contain any material untrue statement or omit any material fact or contain statements that might be misleading; (b) These statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards and applicable laws. (2) There are, to the best of our knowledge and belief, no transactions entered into by the company during the year which are fraudulent, illegal or violation of the company’s code of conduct.

092

Responsibility Statement of ChiefExecutive Officer & Chief Financial Officer

ResponsibilityStatement

Q.A.F.M Serajul IslamManaging Director

(Dhruba Kumar Guha)Chief Financial Officer

Annual Report 2014093 Value Added

Statement

Value Added Statement

Market Value Added Statement For the year ended31st December 2014

For the year ended31st December 2014

Head of Accounts Taka

Gross PremiumCommission on R/IInterest, Dividend & other income

Total

Application:

Net ClaimReinsurance PremiumManagement ExpensesAgency CommissionUnexpired Risk AdjustmentIncome tax to Govt.Deferred taxShare Fluctuation fundRetained EarningsReserve for exceptional losses

Total

Market Value Added (MVA) is an indicator of company’s performance based on market value of the share compared with the book value at the end of a period. MVA is the difference between the market value of the equity of a company and the book value of the equity invested in the company.

The higher MVA is the batter indication. A high MVA indicates the company has created substantial wealth for the shareholders. A negative MVA means that the value of management’s actions and investments are less the value of the capital contributed to the company by the capital market.

As of 31st December 2014, the market value of Pioneer Insurance Compa ny Ltd. Stood at Taka-2,264.82 million whereas the book value of the shareholder’s stood at 508.95 million, resulting a Market Value Added of Taka-1,755.87 million. Calculation is given below:

2,135,470,643223,013,001104,525,319

2,463,008,963

341,760,0471,137,185,678

331,716,733318,705,420

59,010,85776,100,000

291,2185,947,717

96,918,45795,372,836

2,463,008,963

%

86.709.054.25

100.00

13.8846.1713.4712.94

2.403.090.010.243.933.87

100.00

Particulars Total ValueTaka in Million

Market Value of Shares Outstanding

Book Value of Shares Outstanding

Market Value Added

2,264.82

508.95

1,755.87

Value pershare (Taka)

44.50

10.00

No. of Share

50,895,000

50,895,000

Auditors’ Report& Financial

Statements

Auditors’ Report to theShareholders

Annual Report 2014095 Auditors’ Report to

the Shareholders

We have audited the accompanying �nancial statements of Pioneer Insurance Company Limited which comprise the Statement of Financial Position as at 31st December 2014 the Statement of Comprehensive Income, Statement of Appropriation Account, related Revenue Accounts, Statement of Cash Flows, Statement of Changes in Equity and Notes to the Financial Statements for the year then ended.

We also Report that:(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof;(b) In our opinion, proper books of account as required by law have been kept by the Company as far as it appeared from our examination of those books;(c) The Company’s Statement of Financial Position, Statement of Comprehensive Income and its cash flows dealt with by the report is in agreement with the books of account; (d) The expenditure incurred was for the purpose of Company’s business;(e) As per section 63 (2) of the Insurance Act, 2010 as amended, we certify that to the best of our knowledge and belief and according to the information and explanations given to us, all expenses of management wherever incurred and whether directly or indirectly, in respect of insurance business of the company transacted in Bangladesh during the year under report have been fully debited to the Revenue Accounts and the Comprehensive Income of the company;

andf) As per Insurance Act, 2010 ,we certify that according to the best of our information and as shown by its books, during the year under report, the company has not paid any person any commission in any form outside Bangladesh in respect of any of any business re-insured abroad.

The Managements’ Responsibility for the Financial StatementsThe Management is responsible for the preparation and fair presentation of these financial statement in accordance with Bangladesh Financial Reporting Standards (BFRSs) and internal control system as management determines necessary to enable the preparation of the financial statements that are free from material misstatement arising from any error.

Auditors' ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BASs). Those standards require that we comply with ethical requirements and plan and perform to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedure to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of the material misstatement of the financial statements, whether due to error. In making those risk assessments, the auditor considers internal control

relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion: In our opinion, the financial positions read in conjunction with our remarks appended to the notes to the accounts, the financial position prepared in accordance with Bangladesh Accounting Standards (BAS) give a true and fair view of the state of the Company's affairs as of 31st December, 2014 and of the results of its operations and its cash flows for the year ended and comply with the Companies Act, 1994, the Insurance Act, 2010, The Securities & Exchange Rules, 1987, regulations its financial performance for the period then ended in accordance with Bangladesh Financial Reporting Standards (BFRSs) and other applicable laws.

Dated: Dhaka, 20th April 2015 CHARTERED ACCOUNTANTS

Annual Report 2014096Statement of

Financial Position

Authorised Capital(100,000,000 Ordinary Shares of @ Tk.10/= each)

Shareholders' Equity Issued, Subscribed & Paid- Up Capital(50,895,000 Ordinary Shares of @ Tk. 10/= each)

Share Premium Reserve or Contingency Account Reserve for Exceptional LossesGeneral Reserve Statement of Appropriation Account Balance of Funds & Accounts Fire Insurance Business Account Marine Insurance Business Account Motor Insurance Business Account Miscellaneous Insurance Business Account Premium Deposit Liabilities & Provisions Estimated liabilities in respect of outstanding claims whether due or intimated

Amount due to other persons or bodies carrying on insurance business Sundry Creditors

Total Liabilities & Equity Net Assets Value per Share (NAV)

Restated Net Assets Value per share

03.1

03.2

04

05

06

07

08

09

10

28

28

1,000,000,000

1,339,999,420

508,950,000

144,000,000

687,049,420

523,207,307 4,500,000

159,342,113

426,047,949

73,110,437 184,482,032 102,790,165 65,665,315

27,986,171

480,469,821

83,283,083

31,104,817

366,081,921

2,274,503,361

26.33

1,000,000,000

1,190,120,627

424,125,000

144,000,000

621,995,627

427,834,471 4,500,000

189,661,156

367,037,092

68,041,735 161,335,131 91,092,881 46,567,345

21,538,373

448,004,242

87,589,110

37,641,045

322,774,087

2,026,700,334

28.06

23.38

Statement of Financial Position As at 31st December 2014

Capital & Liabilities Notes 2013Taka

2014Taka

Dated: Dhaka, 20th April 2015 Capt. A B Tajul Islam (Retd).Independent Director


The accompanying notes form an integral part of these �nancial statements.

Annual Report 2014097 Statement of

Financial Position

Statement of Financial Position As at 31st December 2014

1112

13

14

15

16

Property & Assets Notes 2013Taka

2014Taka

Investment (at cost) Bangladesh Govt. Treasury Bond Investment with Shares Interest, Dividend & Rent Accrued But Not Received

Sundry Debtors (Including advance, deposits and prepayments)

Cash & Cash Equivalents Fixed Deposit Account Cash at Bank Cash in Hand

Other Accounts Non Current Assets: (Poperty, Plant & Equipment) Stock of Printing & Stationery Insurance Stamps in hand

Total Property & Assets

362,069,711

25,000,000 337,069,711

23,731,521

365,773,152

968,779,459

810,043,317 155,099,846

3,636,296

554,149,518

548,558,771 2,307,418 3,283,329

2,274,503,361

361,676,985

25,000,000 336,676,985

27,620,434

311,571,238

903,026,127

792,552,716 107,774,074

2,699,337

422,805,550

418,622,351 2,072,523 2,110,676

2,026,700,334

(ARTISAN)Chartered Accountants

A.K.M. RahmatullahChairman


Signed as per our annexedreport of even date


Statement ofComprehensiveIncome

Statement of Comprehensive Income For the year ended 31st December 2014

Statement of Appropriation Account For the year ended 31st December 2014

19

20

Particulars Notes 2013Taka

2014Taka

Management Expenses: (Not Applicable to any Fund or Account)Advertisement & Publicity

DepreciationOther ExpensesDirector's FeeRegistration Renewals & other FeesLegal and Professional feesAudit feesDonation and Subscription

Net Profit/ (Loss) transferred to Statement of Appropriation Account

Total

25,351,446

21,778,825 10,297,498

408,600 8,470,108

943,790 325,000 150,000

274,630,228

332,057,997

23,033,947

17,022,708 12,222,402

442,800 8,883,602

676,000 325,000

1,895,000

297,840,328

350,119,385

10 (B)21

24

24


2014Taka

Reserve for exceptional lossesProvision for Income tax Provision for Deferred tax Share Fluctuation Fund

Balance transferred to Statement of Financial Position

Total

Earning per share after Tax (EPS)

Earning per share after Tax & Reserve forexceptional losses

95,372,83676,100,000

291,2185,947,717

159,342,113

337,053,884

84,831,58085,000,000 -(1,378,801)

189,661,156

358,113,935




Restated'13 4.18

2.51

3.90

2.02

Actual'135.02

3.02


Statement ofComprehensiveIncome

Statement of Comprehensive Income For the year ended 31st December 2014

Statement of Appropriation Account For the year ended 31st December 2014

17

18


2014Taka

Investment Income(Not Applicable to any Fund or Account)

Profit/(Loss) Transferred from Consolidated Revenue Account

Fire Insurance Revenue AccountMarine Insurance Revenue Account Motor Insurance Revenue AccountMisc. Insurance Revenue Account

Miscellaneous Income

Total

104,515,803

227,532,678

(48,538,881) 176,000,075 103,742,755

(3,671,271)

9,516

332,057,997

95,019,854

255,023,915

(43,172,997) 194,307,204 90,134,998 13,754,710

75,616

350,119,385

24.2


2014Taka

Balance being Pro�t brought forward fromprevious year

Net Profit/ (Loss) for the year transferred from Statement of Comprehensive Income

Total

62,423,656

274,630,228

337,053,884

60,273,607

297,840,328

358,113,935





Claim under Policies Less Re-Insurance Paid during the year Total estimated liability in respect of outstanding claims at the end of the year whether due or intimated

Less: Outstanding Claims at the end of the previous year Agency Commission Expenses of Management Profit /(Loss) transferred to Statement of Comprehensive Income Balance of Accounts at the end of the year as shown in Statement of Financial Position Reserve for unexpired Risks being 40% of the net premium income of the year and 100% of Hull & Aviation.

Total

22

341,760,047

346,066,074

83,283,083

429,349,157

87,589,110

318,705,420

274,288,964

227,532,678

426,047,949

1,588,335,058

283,497,465

262,589,701

87,589,110

350,178,811

66,681,346

274,627,498

233,540,545

255,023,915

367,037,092

1,413,726,515

Consolidated Revenue Account For the year ended 31st December 2014


2014Taka

Annual Report 2014100Consolidated

Revenue Account




Consolidated Revenue Account For the year ended 31st December 2014


2014Taka

Balance of accounts at the beginning of the year

Reserve for unexpired Risks

Premium less Re-Insurance

Commission on Re-Insurance ceded

Total

367,037,092

998,284,965

223,013,001

1,588,335,058

341,149,100

876,026,573

196,550,842

1,413,726,515

Annual Report 2014101 Consolidated

Revenue Account






Less: Outstanding Claims at the end of the previous year Agency Commission Expenses of Management Profit /(Loss) transferred to Statement of Comprehensive Income Balance of Accounts at the end of the year as shown in Statement of Financial Position Reserve for unexpired Risks being 40% of the net premium income of the year

Total

22

133,759,404

133,356,065

25,850,803

159,206,868

25,447,464

135,675,681

117,240,326

(48,538,881)

73,110,437

411,246,967

133,068,132

119,605,581

25,447,464

145,053,045

11,984,913

120,456,335

100,960,175

(43,172,997)

68,041,735

379,353,380

Fire Insurance Revenue Account For the year ended 31st December 2014


2014Taka

Annual Report 2014102Fire Insurance

Revenue Account




Fire Insurance Revenue Account For the year ended 31st December 2014


2014Taka

Balance of account at the beginningof the year




Total

68,041,735

182,776,092

160,429,140

411,246,967

59,709,383

170,104,338

149,539,659

379,353,380

Annual Report 2014103 Fire Insurance

Revenue Account





Annual Report 2014104Marine Insurance

Revenue Account


Less: Outstanding Claims at the end of the previous year Agency Commission Expenses of Management Profit /(Loss) transferred to Statement of Comprehensive Income Balance of Accounts at the end of the year as shown in Statement of Financial Position Reserve for unexpired Risks being 40% of the net premium income of the year

Total

22

67,788,618

66,555,975

21,455,030

88,011,005

20,222,387

107,630,485

92,130,753

176,000,075

184,482,032

628,031,963

61,492,358

70,167,558

20,222,387

90,389,945

28,897,587

94,977,808

80,097,172

194,307,204

161,335,131

592,209,673

Marine Insurance Revenue Account For the year ended 31st December 2014


2014Taka




Annual Report 2014105 Marine Insurance

Revenue Account

Marine Insurance Revenue Account For the year ended 31st December 2014

Particulars 2013Taka

2014Taka

Balance of account at thebeginning of the year




Total

161,335,131

414,027,360

52,669,472

628,031,963

179,664,624

375,055,086

37,489,963

592,209,673






MiscellaneousInsurance RevenueAccount

Claim under Policies LessRe-Insurance Paid during the year Total estimated liability inrespect of outstanding claimsat the end of the year whetherdue or intimated

Less: Outstanding Claims at the endof the previous year Agency Commission Expenses of Management(Notes # 22) Profit /(Loss) transferred toStatement of ComprehensiveIncome Balance of Accounts at the endof the year as shown in Statementof Financial Position Reserve for unexpired Risksbeing 40% of the net premiumincome of the year & 100% of aviation

Total

140,212,025

146,154,034

35,977,250

182,131,284

41,919,259

75,399,254

64,917,885

100,071,484

168,455,480

549,056,128

88,936,975

72,816,562

41,919,259

114,735,821

25,798,846

59,193,355

52,483,198

103,889,708

137,660,226

442,163,462

71,523,110

71,049,369

16,186,200

87,235,569

15,712,459

37,312,042

30,158,639

(3,671,271)

65,665,315

200,987,835

68,688,915

75,104,665

19,791,050

94,895,715

26,206,800

38,087,212

34,759,246

103,742,755

102,790,165

348,068,293

Miscellaneous Insurance Revenue Account For the year ended

31st December 2014

Particulars Motor Misc. 2013Taka

2014Taka





MiscellaneousInsurance RevenueAccount

Miscellaneous Insurance Revenue Account For the year ended

31st December 2014

Particulars 2013Taka

2014Taka

Balance of account at thebeginning of the year



Commission on Re-Insuranceceded

Total

137,660,226

401,481,513

9,914,389

549,056,128

101,775,093

330,867,149

9,521,220

442,163,462

46,567,345

144,506,101

9,914,389

200,987,835

91,092,881

256,975,412

348,068,293

Motor Misc.





Annual Report 2014108Statement of

Cash Flows

A. Cash Flows from operating activities:

Collections from Premium and other receiptsPayment for Management Expenses, Re-Ins,Claims & OthersIncome Tax

Net Cash flows from operating activities

B. Cash flows from investing activities:

Acquisition of �xed assetsInvestment in SharesPurchase of Bangladesh Govt. Treasury Bond

Net Cash flows from investing activities

C. Cash flows from financing activities:Dividend

Net Cash flows from financing activities

Net Cash flows/ (Outflows) for the year (A+B+C)

Opening Cash & Cash equivalents

Closing Cash & Cash equivalents

Net Operating Cash�ow Per Share (NOCFPS)

A/3A/2

29

2,422,352,612

(2,113,302,628) (47,889,181)

261,160,803

(152,602,245) (392,726)

-

(152,994,971)

(42,412,500)

(42,412,500)

65,753,332

903,026,127

968,779,459

5.13

2,235,324,503

(1,804,449,669) (36,381,178)

394,493,656

(335,177,336) (52,325,942) (16,000,000)

(403,503,278)

(35,343,750)

(35,343,750)

(44,353,372)

947,379,499

903,026,127

7.75 (Restated)

Statement of Cash Flows For the year ended 31st December 2014


2014Taka

Dated: Dhaka, 20th April 2015





Capt. A B Tajul Islam (Retd).Independent Director


Signed as per our annexed report of even date

Annual Report 2014109 Statement of Changes

in Equity

Statement of Changes in Equity For the year ended 31st December 2014

Dated: Dhaka, 20th April 2015






Particulars Total Equity

Balance as on January 01, 2014

Stock Dividend Cash Dividend

Net Pro�t for the year 2014 after tax (Notes # 24.1) Share Fluctuation Fund (Note # 21) Trasfer to Reserve for Exceptional losses

Balance as on December 31, 2014

Balance as on January 01, 2013

Stock Dividend Cash Dividend Net Pro�t for the year (after tax) Share Fluctuation Fund Transfer to Reserve for Exceptional losses Balance as on December 31, 2013

1,190,120,627

-

(42,412,500)

198,239,010

(5,947,717)

-

1,339,999,420

1,011,245,248

-

(35,343,750)

212,840,328

1,378,801

-

1,190,120,627

RetainedEarnings

189,661,156

(84,825,000)

(42,412,500)

198,239,010

(5,947,717)

(95,372,836)

159,342,113

166,304,857

(70,687,500)

(35,343,750)

212,840,328

1,378,801

(84,831,580)

189,661,156

Reserve forexceptional

losses

427,834,471

-

-

-

-

95,372,836

523,207,307

343,002,891

-

-

-

-

84,831,580

427,834,471

GeneralReserve

4,500,000

-

-

-

-

4,500,000

4,500,000

-

-

-

-

-

4,500,000

SharePremium

144,000,000

-

-

-

-

144,000,000

144,000,000

-

-

-

-

-

144,000,000

ShareCapital

424,125,000

84,825,000

-

-

-

-

508,950,000

353,437,500

70,687,500

-

-

-

-

424,125,000



Amount in Taka


Notes to theFinancial Statements

Notes to theFinancial Statements

01. Legal Form of the Company:

The Company was incorporated on 25th March 1996 and obtained the Certi�cate of commencement of business on 6th May 1996 from the Registrar of Joint Stock Companies and Firms (RJSC) of Bangladesh vide registration# C- 30456(1672)/ 1996 and the Certi�cate of Commencement of Insurance Business from the Chief Controller of Insurance, Government of the People's Republic of Bangladesh {newly formed Insurance Development & Regulatory Authority (IDRA)} on 11th May 1996.

02. Basis of Presenting Accounting & Significant Accounting Policies:

02.1 Basis of preparation of financial statements:

a) These accounts have been prepared on a going-concern basis under Generally Accepted Accounting Principles according to the historical cost convention. b) International Accounting Standards as adopted in Bangladesh and as are applicable in case of Insurance Business have been adopted by the Company.

c) The Financial Position has been prepared in accordance with the regulations as contained in Part-I of the First Schedule and as per Form “A” as setforth in Part-II of that Schedule, Statement of Comprehensive Income and Statement of Appropriation Account has been prepared in accordance with the regulations as contained in Part-I of the Second Schedule and as per Form “B” & “C” as setforth in part-II of that Schedule respectively and the Revenue Accounts of each class of General Insurance Business has been prepared in accordance with the regulation as contained in part-I of the Third Schedule and as per Form “F” as setforth in part-II of the schedule of the Insurance Act, 1938. The Statement of Cash Flows has also been included as per requirement of the Securities and Exchange Rules 1987.

d) The accounts have been drawn up on accrual basis.

e) Wherever considered necessary �gures of previous year have been rearranged for comparison purposes.

f) Figures appearing in these accounts have been rounded off to the nearest taka.

02.2 Significant Accounting Policies:

a) Underwriting Business:

(i) Premium income is recognized when Insurance policies are issued, but the premium of company’s share of Public Sector Insurance Business (PSB) is accounted for in the year in which the statements of accounts from Sadharan Bima Corporation are received. Accordingly Insurance Premium relating to the Public Sector Business have been incorporated into the account upto 2nd quarter of the year 2014.

(ii) Interest on Bangladesh Govt. Treasury Bond and FDRs are recognized on accrual basis. Interest on STD account and dividend on shares and other income are recognized on cash basis.

b) Balance of Fund & Accounts:

These have been arrived at after making provision for unexpired Risks @ 40% of net premium income on all business except marine hull & aviation insurance where provision has been made at 100% on net premium Income.


Annual Report 2014111 Notes to the

Financial Statements

c) Re-Insurance Accounts:

While preparing the Revenue Accounts necessary adjustments in respect of re-insurance business ceded and accepted have duly been given. Re-insurance accounts have been incorporated in the accounts upto 4th quarter of the year 2014.

d) Recognition of Non Current Assets & Depreciation: Non Current Assets are stated at cost less accumulated depreciation in accordance with IAS- 16 "Property,

Plant & Equipments." Cost represents cost of purchase price and other directly attributable cost of bring ing the assets to working conditions for its intended use, but do not include any capitalized borrowing cost. As per Para 55 of IAS-16, depreciation on addition of assets has been charged from the month (irrespective of date) when the related assets are put into use.Depreciation on all �xed assets are computed using the reducing balance method in amounts suf�cient to write off depreciable assets over their estimated useful life. Expenditure for maintenance and repairs are expensed; major replacements, renewals and betterment capitalized. The cost and accumulated depreciation of depreciable assets retired or otherwise disposed off are eliminated from the assets and accumulated depreciation and any gain or loss on such disposal is re�ected in operations for the year.

The annual depreciation rates applicable to the principal categories are:

e) Debtors and other Receivables: These are carried at billed amount, unsecured and considered good and collectible.

f) Cash & Cash Equivalents:

According to IAS-7 “Statement of Cash Flows”, cash comprises cash in hand and demand deposits and cash equivalents are short term, highly liquid investments that are readily convertible to know amounts of cash and which are subject to an insigni�cant risk of changes in value. IAS-I "Presentation of FinancialStatements" provides that Cash and Cash equivalents are not restricted in use. Considering the provisions of IAS- 7 and

IAS- I, Cash in hand and Bank Balances have been considered as cash and cash equivalents.

g) Creditors and Accruals: Liabilities are recognized for amounts to be paid in the future for services received, whether or not billed by

the supplier.

h) Stock of Printing & Stationery :

Stock of printing & stationery have been valued at cost.

i) Public Sector Business:

Company's shares of public sector business are accounted for the year in which the statement of accounts from the Sadharan Bima Corporation is received. Upto 31st December 2014 statements of accounts for the period from 1st July 2013 to 30th June 2014 have been received from the Sadharan Bima Corporation and accordingly, the company's share of public sector business for that period has been accounted for the

accompanying accounts. This practice is being followed consistently.

Name of Assets

Of�ce EquipmentElectrical EquipmentFurniture & FixtureMotor VehiclesOf�ce Renovation

15%15%10%20%20%

Rate of Depreciation

Annual Report 2014112Notes to the


j) Provision for Income Tax: Provision for income tax has been made on the basis of Finance Act, 2014.

k) Employees Bene�t Plans:

The company operate a gratuity scheme & provident fund, provision in respect of which has been made in the accompanying account covering all of its eligible employees bene�t policy of the company as well as BAS - 19.

K.1) Provident Fund:

The company operates a contributory provident fund for its permanent employees, provision for which is being made annually as per rules. The fund is recognized by the Income Tax Authorities and is administrated by a Board of Trustees.

K.2) Gratuity:

Employees are entitled an unfunded gratuity bene�t after completion of minimum 05 years con�rmed service in the company. The gratuity is calculated on the last basic pay and is payable at the rate of one months basic pay for every completed year of service.

l) Valuation of Assets:

The value of all assets at 31st December 2014 as shown in the Financial Position have been reviewed and the said assets have been setforth in the �nancial position on amounts at their respective book value which in the aggregate do not exceed their aggregate market value & in the classi�ed summary of assets on Form “AA” annexed at amounts not exceeding their book value.

m) Earning Per share (EPS):

Earning per Share (EPS) has been computed by dividing the basic earnings by the weighted average number of Ordinary Shares outstanding during the year as per IAS-33 which is shown on the face of the Statement of Comprehensive Income and the computation is stated in Note - 24.

n) Basic Earning Per share:

This has been calculated by dividing the basic earning by the weighted average number of ordinary shares outstanding during the year.

o) Basic Earnings:

This represents earnings for the year attributable to ordinary shareholders. As there was no preference dividends, minority interest or extra ordinary items, the net pro�t of the year after tax has been considered as fully attributable to the ordinary shareholders.

p) Diluted Earning Per share:

No diluted EPS is required to be calculated for the year as there was no scope for dilution during the year under review.

q) Statement of Cash Flows:

Statement of Cash Flows is prepared principally in accordance with IAS- 7 "Statement of Cash Flows" and the cash �ow from the operating activities have been presented under direct method as prescribed by the Securities and Exchange Rules 1987.

02.3 Additional Information on Financial Statement:

a) Responsibility for Preparation and Presentation of Financial Statements: The Management is responsible of the preparation and fair presentation of the �nancial statement in accor dance with Bangladesh Financial Reporting Standard (BFRS).As per Sec-6 of BSEC noti�cation no-SEC/C MRRCD/2006-158/134/Admin/44,dated 30 August 2012, Managing Director & CFO certify to the Board that the �nancial statement do not contain any material untrue and present a true and fair view of the company’s affairs.The Boards of Directors is responsible for the presentation of �nancial statements under section 183 of the Companies Act, 1994 and as per the provision of "The International Accounting Standards Committee" (IASC).



b) Components of the Financial Statements:

According to the International Accounting Standard (IAS-I) "Presentation of Financial Statements" the Complete set of Financial Statements includes the following components:

i) Statement of Financial Position as at 31st December 2014, ii) Statement of Comprehensive Income for the year ended 31st December 2014, iii) Statement of Appropriation Accounts for the year ended 31st December 2014, iv) Related Revenue accounts for the year ended 31st December 2014, v) Statement of Cash Flows for the year ended 31st December 2014, vi) Statement of Changes in Equity for the year ended 31st December 2014, vii) Notes to the Financial Statements for the year ended 31st December 2014.

c) Risk and uncertainties for use of estimates in preparation of Financial Statements:

The preparation of Financial Statements in conformity with the International Accounting Standards requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the affect �nancial statements and revenue and expenses during the period reported. Actual results could differ from those estimates. Estimates are used for accounting of certain items such as long term contracts, provision for doubtful accounts, depreciation and amortization, employees bene�t plans, taxes, reserves, and contingencies. d) Reporting Period:

Financial Statement of the Company cover on calendar year from 1st January 2014 to 31st December 2014.

e) Reporting Currency and Level of Precision:

The �gures in the Financial Statements represent Bangladesh Currency (Taka), which have been rounded off to the nearest taka except where indicates otherwise.

f) Comparative Information:

Comparative information have been disclosed in respect of the year 2013 for all numerical information in the Financial Statements and also the narrative and descriptive information when it is relevant for understanding of the current period's �nancial statements.

Figures of the year 2013 have been rearranged whenever considered necessary to ensure comparability with the current period.

2013Taka

2014Taka

1,000,000,000 1,000,000,000

508,950,000 424,125,000

Capital & Liabilities

03. Share Capital:

03.1 Authorized Share Capital:(100,000,000 Ordinary Shares of @ Tk. 10/= each)

03.2 Issued, Subscribed and Paid-up Capital: (50,895,000 Ordinary Shares of @ Tk. 10/= each)



Particulars

Particulars

Premium (on 900,000 Ordinary shares of @ Tk. 35/= each)Premium (on 375,000 Right shares of @ Tk. 300/= each)

Total

No. of Shares2014Taka

Mr. Syed Manzur ElahiMr. A. K. M. RahmatullahMr. Mohammed NasirullahM/S. Consolidated Chemical Ltd.M/S. Astras LimitedMr. Abu Su�anMr. Mohammad Wakiluddin Mr. Syed Nasim ManzurMr. Md. HedayetullahMr. Sha�at SobhanMrs. Halima RahmatullahMrs. Niloufer ManzurM/S. Palmal Garments Hosiery Ltd.M/S. Rumki Industries Ltd.Mrs. Yasmeen RahmanMrs. Jahanara AlaminMr. Jahangir AlaminMr. Alamgir Shamsul AlaminMr. Ara�n Shamsul AlaminMrs. Afroza Islam ChowdhuryMrs. Nazma AkterMrs. Sanjida RahmanMr. Tasfuqur RahmanMrs. Tanijnur Rahman MeemMs. Shahana RahmatullahMr. ShafyatullahM/S. ACI FoundationM/S. Square Pharmaceticals Ltd.M/S. East West Property Devt. Ltd.Mrs. Parveen AkhterM/S. Square Securities Management Ltd.Mrs. Rozina AfrozMr. M. A. MajedMrs. Fahama KhanGeneral Public

Total

3,393,0002,205,440

305,6961,866,1401,866,140

339,300848,240

1,696,500109,73690,80033,920

3001,526,8401,018,592

599,04886,640

311,9281,043,320

236,174158,928106,264115,263247,402212,002

1,696,500848,240

1,696,5005,089,500

5,1201,357,2001,696,500

848,2401,696,500

111,49517,431,592

50,895,000

31,500,000112,500,000

144,000,000

31,500,000112,500,000

144,000,000

33,930,00022,054,4003,056,960

18,661,40018,661,4003,393,0008,482,400

16,965,0001,097,360

908,000339,200

3,00015,268,40010,185,9205,990,480

866,4003,119,280

10,433,2002,361,7401,589,2801,062,6401,152,6302,474,0202,120,020

16,965,0008,482,400

16,965,00050,895,000

51,20013,572,00016,965,0008,482,400

16,965,0001,114,950

174,315,920

508,950,000

Issued, Subscribed and Paid-up Capital consists of 50,895,000 Ordinary shares of Tk. 10/= each fully paid-up. The break-up of Issued, Subscribed and Paid-up Capital is as follows:

The shares are listed in the Dhaka and Chittagong Stock Exchanges and quoted at Tk. 44.50 and Tk.43.60 per share respectively on 31st December 2014.

04. Share Premium: Tk. 144,000,000.00The amount represents premium received for issuance of ordinary shares as details:

2013Taka

2014Taka



05. Reserve for Exceptional Losses: Tk. 523,207,307.00

This includes a sum of Tk. 95,372,836/= provided as reserve for exceptional losses and represents 10% of net premium income of the year excluding Marine Hull and Aviation since 100% reserve their against have been made for unexpired risks.

06. Balance of Fund & Accounts: Tk. 426,047,949.00

This represents reserve for unexpired risks provided from Net premium Income of the year including Publice Sector Business as shown below:

The Company has provided the above fund for risk cover as per Insurance Act, 2010.

07. Premium Deposit: Tk. 27,986,171.00

This represents amount received against Marine (Cargo) cover notes, shipment of which is yet to be made and will be adjusted after issuance of policies. If shipment is not made, the amount to be refunded.

08. Estimated Liabilities in Respect of Outstanding Claims Whether Due or Intimated: Tk. 83,283,083.00Break-up of the above is as under:

All the claims of which the management is aware of as per intimation upto the year ended have been taken into consideration. There is no other disputed claim.

09. Amount due to other Persons or Bodies Carrying on Insurance Business: Tk. 31,104,817.00

This represents amount due to Sadharan Bima Corporation and other overseas re-insurer.

Fire Insurance business accountMarine Insurance business accountMotor Insurance business accountMiscellaneous Insurance business account

Total

73,110,437184,482,032102,790,16565,665,315

426,047,949

68,041,735161,335,13191,092,88146,567,345

367,037,092

2013Taka

2014TakaName of the Business


Total

25,850,80321,455,03019,791,05016,186,200

83,283,083

25,447,46420,222,38726,206,80015,712,459

87,589,110

2013Taka




Particulars

Particulars

Opening Balance as on 01.01.2014Add: Provision during the yearLess: Payment & Adjustments

Total

2013Taka

2014Taka

2013Taka

2014Taka

Provision for Income tax (Notes # 10. A)

Provision for Deffered tax (Notes # 10. B)

VAT (Notes # 10. C)

Deposit Premium (Open Cover Notes)

Provision for Pro�t Bonus

Amount due to other Insurance Companies on Co-Insurance scheme

Provision for Audit fees (Notes # 10. D)

Provision for Commission

Benevolent fund

Security against enlistment of Printing

Received against Vehicles Scheme

Provision for Leave pay & Gratuity

Provision for diminution in Investment Value

Provision for I. T. Deducted at Source- Commission

I. T. Deducted at Source

VAT Deducted at Source

Total

251,797,156

291,218

20,522,576

6,569,935

33,500,000

3,960,565

945,000

5,000,000

-

35,000

6,928,066

21,638,385

12,520,656

1,895,263

269,087

209,014

366,081,921

218,217,80076,100,00042,520,644

251,797,156

185,728,29685,000,00052,510,496

218,217,800

218,217,800

-

18,844,300

5,068,169

30,000,000

11,278,653

745,000

5,000,000

208,181

35,000

6,900,242

18,473,331

6,572,939

865,156

279,672

285,644

322,774,087

10. Sundry Creditors: Tk. 366,081,921.00

Break-up of the above is as under:

Deposit premium (open cover notes) represent amount received from Insured against Marine (Cargo) Open Cover Notes/ Open Policies. Provision for Pro�t Bonus is made for the employees of the Company.

10. A Provision for Income Tax: Tk. 251,797,156.00

Provision for taxation has been made on the basis of Finance Act, 2014. Assessment of income tax has been completed upto the assessment year 2013-2014 and tax assessment for the assessment year 2014-2015 are under process.



The deferred tax liability/(assets) for the year has recognized in Statement of Comprehensive Income ( Pro�t & loss accounts) as per BAS-12.

10. (C) VAT Payable: Tk. 20,522,576.00

The above VAT payable amount was collected during December- 2014 which was paid in the next following month i,e January- 2015.

10. (D) Provision for Audit fee: Tk. 945,000.00

This is made-up as follows:

Property & Assets

11. Statutory Deposit: Tk. 25,000,000.00

This amount represent Bangladesh Govt. Treasury Bond worth Tk. 25,000,000.00 as Statutory Deposit effective from 11.03.2013 which is 20 years certi�ed by Mutual Trust Bank Limited (ID is PICLMTBL).

10. (B) Provision for Deferred Tax Liability/(Assets): Tk. 291,218.00

The Company make a provision for deferred tax liability/(assets) for the year ended December 31, 2014 in order to comply with the requirement of BAS-12. Details are given below:

TakaParticulars

Written down value of Fixed Assets as per balance sheet

Written down value of Fixed Assets as per tax base

Taxable temporary difference

Tax rate

Current year differed tax liabilities

548,558,771

547,873,553

685,218

42.50%

291,218

TakaParticulars

Annual Audit fees, 2014Special Audit fees, 2014Compliance Audit fees, 2014Special Audit fees, 2013Special Audit fees, 2012Special Audit fees, 2011Special Audit fees, 2010Special Audit fees, 2009Special Audit fees, 2008

Total

100,000200,00025,000

200,000100,000100,00080,00070,00070,000

945,000



12. Investment in Shares Tk. 337,069,711.00The balance is made-up as follows:

Name of the Company

Mutual Trust Bank Ltd.

Exim Bank Ltd.

Grameen phone

Bangladesh General Insurance Co. Ltd.

Green Delta Insurance Co. Ltd.

United Insurance Co. Ltd.

Peoples Insurance Co. Ltd.

Eastern Insurance Co. Ltd.

Janata Insurance Co. Ltd.

Phoenix Insurance Co. Ltd.

Central Insurance Co. Ltd.

Karnaphuli Insurance Co. Ltd.

Rupali Insurance Co. Ltd.

Federal Insurance Co. Ltd.

Reliance Insurance Co. Ltd.

Pragati Insurance Co. Ltd.

Prime Insurance Co. Ltd.

Mercantile Insurance Co. Ltd.

Agrani Insurance Co. Ltd.

Global Insurance Co. Ltd.

BD Finance

PLFSL

Central Depository BD Ltd.

ACME Lab. Ltd.

Malek Spinning Mills Ltd.

Summit Port

ICBAMCL 2nd

Prime Finance

Uttara Bank Ltd.

The Trust Bank Ltd.

BRAC Bank Ltd.

Dhaka Bank Ltd.

Eastern Bank Ltd.

Islami Bank (BD) Ltd.

Jamuna Bank Ltd.

Shahjalal Islami Bank Ltd.

Standard Bank Ltd.

Mercantile Bank Ltd.

Islami Finance Ltd.

Argon Denim Ltd.

Total Taka

21,649,259

135

573,100

37

264

100

598

200

200

146

200

200

200

500

246

235

83

197

837

894

31,944

42,198

256,945

1,000,000

1,210,000

19,662

227,000

7,200

11,000

16,800

24,000

15,750

15,000

16,500

17,250

22,000

27,000

22,400

480

26,000

189,327,863

1,117

48,637,352

1,314

25,724

6,124

16,346

5,822

2,761

6,958

3,916

3,193

9,420

7,028

2,935

5,303

373

5,639

5,764

6,253

1,575,511

3,075,770

2,569,450

52,000,000

29,462,851

1,735,419

3,175,540

294,076

328,810

300,760

638,700

296,710

442,800

542,860

248,110

375,610

429,570

350,410

9,515

1,136,033

337,069,711

428,655,328

1,499

207,404,890

792

19,562

3,390

12,558

6,900

3,260

5,125

5,720

3,480

4,720

8,400

14,268

9,706

1,643

3,388

34,484

15,377

504,715

974,774

Not Traded

Not Traded

23,111,000

1,629,980

1,044,200

154,080

284,900

327,600

892,800

288,225

408,000

386,100

212,175

253,000

342,900

306,880

8,784

1,071,200

668,415,803

(522)

(6,162)

(2,734)

(3,788)

(1,833)

(4,700)

(2,251)

(1,070,796)

(2,100,980)

(6,351,851)

(105,440)

(2,131,340)

(139,996)

(43,910)

(8,485)

(34,800)

(156,760)

(35,935)

(122,610)

(86,670)

(43,530)

(731)

(64,833)

(12,520,656)

No. of Shares Market valueas at 30.12.2014Book Value Provision for Diminution

in investing value



13. Interest, Dividend & Rent (Accrued but not received): Tk. 23,731,521.00

The above amount represents interest & dividend earned but not received during the year.

14. Sundry Debtors (Including Advances, Deposits & Prepayments): Tk. 365,773,152.00

Premium against Bank Guarantee represents the documents issued against bank guarantee and subsequently realized. Regular adjustments have been made on advance against of�ce rent.

14. A Advance payment of tax: Tk. 99,832,810.00

Particulars

FDR InterestDividend

Total

20,006,3713,725,150

23,731,521

23,544,9344,075,500

27,620,434

2013Taka

2014Taka

Particulars

Premium against Bank GuaranteeSecurity Deposit against:Of�ce RentTelephoneMotor CarAdvance against: Of�ce RentMiscellaneousSalaryGeneral AverageInternetHouse Building Loan to EmployeesBalance with MTBL (DP House)Amount due from other CompaniesAdvance payment of Tax (Notes # 14.A)

Total

97,328,311

5,547,860130,35260,000

11,649,22823,320,425

- 2,487,083

3,00016,121,645

12,428109,280,01099,832,810

365,773,152

60,935,380

5,677,104130,35260,000

10,353,43222,320,425

14,6342,487,083

3,00012,273,806

681115,298,56182,016,780

311,571,238

2013Taka

2014Taka

Particulars

Opening balance as on 01.01.14Paid during the year :Direct paidOn Insurance PremiumTax deduction at source :On Motor Vehicle Registration On Bank InterestOn Dividend Income

Total

82,016,780

17,816,030

99,832,810

5,000,000368,537

975,0008,476,9182,995,575

2014Taka

Taka



15. Cash & Cash Equivalents: Tk. 968,779,459.00

The balance is made-up as follows:

a) The above FDR were physically veri�ed and found agreed with the records. b) STD accounts-wise balances were con�rmed through Bank statements. c) Current accounts were con�rmed through Bank statements & Bank Reconciliation. d) Cash in hand was con�rmed.

16. Non Current Assets (at cost less depreciation): Tk. 548,558,771.00The above amount is as per schedule: A-3

In support of the above Non Current assets, item-wise register is being maintained. Depreciation on addition of assets has been charged from the month (irrespective of date) when the related assets are put into use. However, depreciation on assets have been charged at the rates varying from 10% to 20% depending upon the useful lives of assets on reducing balance method as per previous practice. Details of which have been shown in Schedule A-3.

Income:

17. Investment Income: Tk. 104,515,803.00The balance is made up as under:

18. Miscellaneous Income: Tk. 9,516.00Miscellaneous Income represents service charge received from co-insurer etc.

Expenditure:

19. Directors fees: Tk. 408,600.00During the year under review a total amount of Tk. 408,600.00 was paid to the directors of the company as Board meetings attendance fees. The Board of Directors received no remuneration from the company other than fees for attending the Board meetings.

Particulars

A) Cash in hand:B) Cash at Bank:

Fixed Deposit Accounts (Schedule A- 1)STD & Current Accounts

Total

3,636,296965,143,163

810,043,317155,099,846

968,779,459

2,699,337900,326,790

792,552,716107,774,074

903,026,127

2013Taka

2014Taka

Particulars

Interest on FDRInterest on STD A/CInterest on Treasury BondDividendPro�t on Sale of Shares (Schedule A-2)

Total

84,364,7112,307,2463,070,000

14,627,647146,199

104,515,803

76,892,0521,943,7242,670,561

13,180,123333,394

95,019,854

2013Taka

2014Taka



2013Taka

2014Taka

Name of the Business


Total

117,240,32692,130,75334,759,24630,158,639

274,288,964

100,960,17580,097,17229,492,54522,990,653

233,540,545

20. Audit fee: Tk. 325,000.00

21. Share Flctuation Fund: Tk. 5,947,717.00

The above amount represents the changes in share �uctuation fund balance 2013 and 2014.

22. Expenses of Management: Tk. 274,288,964.00 Expenses of Management represents salary, of�ce rent, telephone bill, printing & stationery, electric bill, public sector business expenses and other revenue expenses.

Allocation of Management ExpensesFor the year ended 31st December 2014

23. Proposed Dividend:

Dividend if any proposed by the Board of Directors for the year under review shall be accounted for after the approval of the shareholders in the Annual General Meeting. The said proposed dividend has not been recognized as liability in the Financial Statement in accordance with the BAS-10 “Event after the Financial Statement Date”. BAS-1 “Presentation of Financial Statements” also requires the dividend proposed after the Financial Statement date but before the �nancial statements are authorized for issue, be disclosed either on the face of the Financial Statement as a separate component of equity or the notes to the �nancial statements. Accordingly, the Company has disclosed on notes to the �nancial statements. The Board of Directors recommended 25% (twenty �ve percent) Stock dividend & 5% (�ve percent) Cash dividend subject to �nal approval of the Shareholders in the 19th Annual General Meeting.

Particulars

Annual Audit fee, 2014Special Audit fee, 2014Compliance Audit fee,2014

Total

100,000200,00025,000

325,000

Taka

Particulars

Closing balance (notes # 12) Less: Opening balance

Total

12,520,6566,572,939

5,947,717

2014Taka



Other relevant information (Including the Requirements under Securities Exchanges Rules 1987 & Companies Act, 1994)

24. Basic Earnings Per Share (EPS):

This have been calculated by dividing the basic earning by the weighted average number of ordinary shares outstanding during the year.

24.1 Net Profit After Tax & Reserve for Exceptional Losses: Tk. 102,866,174.00

24.2 Opening Appropriation Account: Tk. 62,423,656.00

25. Claims Payment: Tk. 998,536,133.00

During the year, the Company paid the following Gross Claims including public sector:

All the Company's claims have been settled after proper scrutiny.

Particulars

a) Net pro�t after tax (Notes # 24.1)

b) Net Pro�t after Tax & Reserve for Exceptional Losses (Notes # 24.1)

c) Number of ordinary shares

Earning Per Shares (EPS) (a/c)

Earning Per Shares After Tax & Reserve for Exceptional Losses (b/c)

198,239,010

102,866,174

50,895,000

3.90

2.02

212,840,328

128,008,748

42,412,500Restated Actual 4.18 5.02

2.51 3.02

2013Taka

2014Taka

Particulars

Net Pro�t/ (Loss) Before TaxLess: Provision for Income TaxLess: Provision for Deferred TaxNet Pro�t/ (Loss) After TaxLess: Reserve for Exceptional LossesNet Pro�t/ (Loss) After Reserve for Exceptional Loss

274,630,22876,100,000

291,218198,239,01095,372,836

102,866,174

297,840,32885,000,000

- 212,840,32884,831,580

128,008,748

2013Taka

2014Taka

Particulars

Balance B/DLess: Dividend for the year 2013 (distributed in 2014)

Opening Appropriation Account

189,661,156127,237,500

62,423,656

166,304,857106,031,250

60,273,607

2013Taka

2014Taka

2013Taka


Fire Insurance businessMarine Insurance businessMotor Insurance businessMiscellaneous Insurance business

Total

741,364,68683,600,28479,052,47494,518,689

998,536,133

182,007,23376,619,52464,699,69913,778,629

337,105,085



2013Taka

2014TakaParticulars

a) Total Shareholders’ Equityb) Number of ordinary sharesNet Assets Value Per Shares (NAV) (a/b)

1,339,999,42050,895,000

26.33

1,190,120,62742,412,500

23.38 (Restated)

2013Taka

2014TakaParticulars

a) Net Cash Flows from operating activitiesb) Number of ordinary sharesNet Operating Cash Flow per share (NOCFPS)

261,160,80350,895,000

5.13

394,493,65642,412,500

7.75 (Restated)

26. Subsequent Event:

There was no signi�cant event that has occurred between the Financial Position date and the date when the �nancial statements are authorized for issue by the Board of Directors.

27. Related party Disclosure: Tk. 331,847,397.00

The Company in normal course of business carried out a number of transactions with other entities that fall within the de�nition of related party contained in Bangladesh Accounting Standard- 24 “Related party Disclosures”. The Company opines that the terms of related transaction do not signi�cantly related party transactions at the end of the year 2014. We are not aware of any related party having control and in�uence over the administrative and �nancial matters of the company. The company however has business relationship with the enterprises owned by the directors on commercial terms without allowing extra bene�ts to them other than the prevailing market practice.

In accordance with Para 18 of BAS-24, details transaction with related parties and balance with them as at December 31, 2014 are given below:

28. Net Assets Value per Share (NAV):

Net Asset Value Per Share (NAV) has been disclosed as per the Securities and Exchange Commission’s Noti�cation No.SEC/CMRRCO/2009-193/Admin/03-31, dated June 01, 2009.

29. Net Operating Cash Flow Per Share (NOCFPS):

Net Operating Cash Flow Per Shares (NOCFPS) has been disclosed as per the Securities and Exchange Commission’s Noti�cation No.SEC/CMRRCO/2009-193/Admin/03-31, dated June 01, 2009.

Name of the Company

Apex Footwear Ltd.

Apex Tannery Ltd.

ACI Group

Square Group

Shamsul Alamin Group

Total

Common Director

Common Director

Common Director

Common Director

Common Director

Insurance Business

Insurance Business

Insurance Business

Insurance Business

Insurance Business

Taka

RelationshipNature of

Transaction

97,306,130

16,675,106

88,298,065

127,236,096

2,332,000

331,847,397

Amount ofTransaction

Outstandingbalance

Doubtfuldebts

Expenses inrespect of

Doubtful debts

- - -

- - -

- - -

- - -

- - -

- - -



30. General: 1. No. of Employees Received salary upto Tk. 3,000: Nil 2. No. of Employees received salary above Tk. 3,000: 510 Nos. 3. The Company has no contingent liability as on the Statement of Financial Position date 4. The Board of Directors received no remuneration from the Company other than fees for attending the Board meeting. 5. During the year, 07 Nos. of Board meeting were held. 6. All shares have been fully called and paid up. 7. There was no preference shares issued by the Company. 8. There was no capital work-in-progress at the end of the Accounting year. 9. There was no outstanding agreement supposed to be entered upto the date of the Statement of Financial Position.10. There was no bank guarantee issued by the Company on behalf of their directors or the Company itself.

(ARTISAN)CHARTERED ACCOUNTANTSDated: Dhaka, 20th April 2015



Schedule of Fixed Deposits As on 31st December 2014

Schedule A-1

Bank Amount

AB Bank Ltd.Agrani Bank Ltd.Al Arafah Islami Bank Ltd.Bangladesh Commerce Bank Ltd.Bangladesh Development Bank Ltd.Bangladesh Krishi BankBank Alfalah Ltd.Bank Asia Ltd.BASIC Bank Ltd.BRAC Bank Ltd.Commercial Bank of Ceylon PLCDhaka Bank Ltd.Dutch Bangla Bank Ltd.Eastern Bank Ltd.Exim Bank Ltd.First Security Islami Bank Ltd.I.F.I.C Bank Ltd.ICB Islamic Bank Ltd.IDLC Finance LtdIPDC of Bangladesh Ltd.Islami Bank Bangladesh Ltd.Jamuna Bank Ltd.Janata Bank Ltd.Lanka Bangla Finance Ltd.Meghna Bank Ltd.Mercantile Bank Ltd.Midas Financing Ltd.Midland Bank Ltd.Modhumoti Bank Ltd.Mutual Trust Bank Ltd.National Bank Ltd.National Bank of PakistanNational Credit and Commerce Bank Ltd.NRB Bank Ltd.ONE Bank Ltd.People's Leasing and Financial Services Ltd.Prime Bank Ltd.Pubali Bank Ltd.Rajshahi Krishi Unnayan BankRupali Bank Ltd.SBAC Bank Ltd.Shahjalal Islami Bank Ltd.Social Islami Bank Ltd.Sonali Bank Ltd.South East Bank Ltd.Standard Bank Ltd.State Bank of IndiaThe City Bank Ltd.The Premier Bank LtdThe Trust Bank Ltd.United Commercial Bank Ltd.Uttara Bank Ltd.Woori BankThe Farmers Bank Ltd.

Total Taka

31,029,3922,197,852

14,326,788546,147

3,796,2411,046,6563,339,774

37,792,8491,000,0002,396,5454,664,972

40,981,1345,564,154

11,275,64036,442,8517,317,912

55,271,7589,849,380

52,641,9113,500,224

50,403,00813,580,8341,110,4316,788,4926,561,1645,490,5252,994,8025,561,5001,500,000

164,125,25313,270,3394,049,6149,288,1251,000,000

24,330,08515,000,00029,942,6435,827,7341,734,5604,387,7666,216,4878,502,869

23,356,91111,360,44115,001,2933,273,760

10,473,23310,072,3752,523,3755,572,015

18,645,274116,229

2,000,0001,000,000

810,043,317



Company Name Opening Purchase Sell

MTBLExim BankGPBGICGreen DeltaUnited Ins.Peoples Ins.Eastern Ins.Janata Ins.Phoenix InsuranceCentral Ins.Karnaphuli ins.Rupali Ins.Federal Ins.Reliance ins.Pragati Ins.Prime InsuranceMercantile Ins.Agrani Ins.Global Ins.BD FinancePLFSLCentral DepositoryBD Ltd.ACME Lab. Ltd.Malek SpinningSummit portICBAMCL 2ndPrime FinanceUttara BankTrust BankBRAC BankDhaka BankEBLIslami BankJamuna BankShahjalal BankStandard BankMercantile BankIslami FinanceArgon Denim

Total

Share

19,681,145122

573,10037

23010059820020014620020020050021422473

197798813

18,15038,362

256,9451,000,0001,210,000

19,662227,000

7,20010,00015,00015,00015,00015,00015,00015,00020,00027,00020,00049,500

0

Tk. Share Tk. Share Tk.

189,319,2361,107

48,637,3521,314

25,7146,124

16,3465,8222,7616,9583,9163,1939,4207,0282,9255,293

3635,6395,7546,243

1,466,6113,075,753

2,569,45052,000,00029,462,8511,735,4193,175,540

294,076328,800300,750488,700296,700442,800542,850248,100375,600429,570350,400

1,020,5070

336,676,985

1,968,1141300

34000000000

3211100

3981

13,7943,836

000000

1,0001,8009,000

7500

1,5002,2502,000

02,4001,980

26,000

8,6281000

10000000000

1010100

1010

108,90017

000000

1010

150,000100

1010100

1010

1,136,033

1,403,727

0000000000000000000000

0000000000000000

1,157,2000

1,157,200

Gain/Loss Statement From Secondary Investment For the year ended31st December 2014

0000000000000000000000

00000000000000

051,000

0



Gain/Loss Statement From Secondary Investment

Net Buy Cost Market Price as at 30.12.14

Gain BalanceShare Tk.

1,011,001

1,011,001

0000000000000000000000

0000000000000000

146,1990

146,199

21,649,259135

573,10037

26410059820020014620020020050024623583

197837894

31,94442,198

256,9451,000,0001,210,000

19,662227,000

7,20011,00016,80024,00015,75015,00016,50017,25022,00027,00022,400

48026,000

189,327,8631,117

48,637,3521,314

25,7246,124

16,3465,8222,7616,9583,9163,1939,4207,0282,9355,303

3735,6395,7646,253

1,575,5113,075,770

2,569,45052,000,00029,462,8511,735,4193,175,540

294,076328,810300,760638,700296,710442,800542,860248,110375,610429,570350,410

9,5151,136,033

337,069,711

428,655,3281,499

207,404,890792

19,5623,390

12,5586,9003,2605,1255,7203,4804,7208,400

14,2689,7061,6433,388

34,48415,377

504,715974,774

00

23,111,0001,629,9801,044,200

154,080284,900327,600892,800288,225408,000386,100212,175253,000342,900306,880

8,7841,071,200

668,415,803

(522)(6,162)(2,734)(3,788)

(1,833)

(4,700)

(2,251)

(1,070,796)(2,100,980)

(6,351,851)(105,440)

(2,131,340)(139,996)(43,910)

(8,485)(34,800)

(156,760)(35,935)

(122,610)(86,670)(43,530)

(731)(64,833)

(12,520,656)

Provision forDiminution in

investing value

Schedule A-2




Schedule of Non Current Assets (Property, plant & equipment)

Schedule A-3

Particulars

As on 31st December 2014

Form- 'AA' Classified Summary of the Assets in Bangladesh as at 31st December 2014

Balance as at

31.12.2014

Rate %

Furniture & FixturesOf�ce EquipmentAir ConditionerComputerTelephone InstallationElectric EquipmentMotor VehicleSignboardCrokeriesOf�ce RenuvationOf�ce Space

Total

Balance as at01.01.2014

Addition during the year

Adjustment/Disposalduring the

year

Adjustment/Disposal

during the year

10,118,5973,504,4579,732,7508,924,5632,828,5382,778,632

106,760,2061,666,511

855,90543,495,506

324,796,102

515,461,767

Balance as at01.01.2014

Charged during the

year

4,597,9002,081,0404,553,4244,420,1451,997,7031,344,477

53,106,4711,171,665

376,66523,189,926

-

96,839,416

583,634222,836

1,060,571860,530128,279228,671

12,670,474124,028104,639

5,795,163 -

21,778,825

580,450131,300

3,464,0062,003,402

40,160120,784

19,484,725193,66368,519

14,005,236112,510,000

152,602,245

10,699,0473,635,757

13,196,75610,927,9652,868,6982,899,416

123,009,9311,860,174

924,42457,500,742

437,306,102

664,829,012

Balance as at

31.12.2014

Written down value

as on31.12.2014

5,181,5342,303,8765,613,9955,280,6752,125,9821,573,148

63,428,9451,295,693

481,30428,985,089

-

116,270,241

5,517,5131,331,8817,582,7615,647,290

742,7161,326,268

59,580,986564,481443,120

28,515,653437,306,102

548,558,771

3,235,000

3,235,000

2,348,000

2,348,000

10%15%15%15%15%15%20%20%20%20%

-

-

Name of the Assets

Bangladesh Govt. Treasury BondInvestment with SharesFixed Deposit with BanksS.T.D A/C with BanksCurrent A/C with BanksCash in handInsurance Stamp in handInterest, dividend and rents accrued but not receivedOthers Assets:Sundry Debtors (Including advance, deposits and prepayments)Stock of Printing & StationeryNon Current Assets (at cost less depreciation)

Total Taka

2013 (Book Value)Taka

2014 (Book Value)Taka

25,000,000337,069,711810,043,317152,135,376

2,964,4703,636,2963,283,329

23,731,521

365,773,1522,307,418

548,558,771

2,274,503,361

25,000,000336,676,985792,552,716104,604,346

3,169,7282,699,3372,110,676

27,620,434

311,571,2382,072,523

418,622,351

2,026,700,334

Dhaka: 20th April, 2015






Cost Depreciation

a) Depreciation has been charged on non-current assets under reducing balance method.b) Depreciation on addition of assets has been charged from the month of use (irrespective of date)



For the year ended31st December, 2013

I/ We .......................................................................................................................................................................................

of ...........................................................................................................................................................................................

being a member of Pioneer Insurance Company Limited and a holder of ........................................ (Number of Shares)

Ordinary Shares do hereby appoint Mr./ Mrs./ Miss. .............................................................................................................

of ................................................................................................................................................................. or (failing his/her)

as my proxy, to vote for me/us and on my behalf at the 19th Annual General Meeting of the Company to be held on Thursday, May 21, 2015 and any adjournment thereof, or at any Poll that may be taken in consequence thereof.

Signature of proxy ..........................................................................................

Signature of Shareholder ................................................................................

Folio/ BO A/C No ............................................................................................

Folio/ BO A/C No of Proxy .............................................................................

Number of Shares ...........................................................................................

Note 1. This form of proxy, duly completed, must be deposited at least 72 hours before the meeting at the company registered

of�ce. Proxy is invalid if not signed and stamped as explained above. 2. Signature of the Shareholders should agree with the Specimen signature registered with the Company.

I hereby record my attendance at the 19th Annual General Meeting being held on Thursday, May 21, 2015 at 11:00 A.M., at Officers’ Club, 26 Baily Road, Dahaka-1000.

Name of the Member/ Proxy ...................................................................................................................................................

Registered Folio/ BO ID No. : .......................................................... Signature ....................................................................

NoteN.B. Please complete the attendance slip and hand it over at the entrance of the auditorium.

PROXY FORM

ATTENDANCE SLIP

RevenueStamp

Tk. 10/-

Documents

Annual Report 2014 - pioneerinsurance.com.bd · Annual Report 2014 Registered & Head Ofﬁce Symphony (5th Floor), Plot # SE(F)9, Road # 142,