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Directors’ REPORT · 2016-07-31 · Directors’ Report Annual Report 2014 064 Directors’ Report Dear Shareholders, It gives me great pleasure to welcome you to the 19th Annual

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Page 1: Directors’ REPORT · 2016-07-31 · Directors’ Report Annual Report 2014 064 Directors’ Report Dear Shareholders, It gives me great pleasure to welcome you to the 19th Annual

Directors’

REPORT

Page 2: Directors’ REPORT · 2016-07-31 · Directors’ Report Annual Report 2014 064 Directors’ Report Dear Shareholders, It gives me great pleasure to welcome you to the 19th Annual

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.

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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.

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Annual Report 2014066Directors’ Report

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.

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Annual Report 2014 067 Directors’ Report

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.

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Annual Report 2014068Directors’ Report

• 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).

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Annual Report 2014 069 Directors’ Report

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.

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Annual Report 2014070Directors’ Report

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

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Annual Report 2014 071 Directors’ Report

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:

• •

• •

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Annual Report 2014072Directors’ Report

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

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Annual Report 2014 073 Directors’ Report

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

Page 12: Directors’ REPORT · 2016-07-31 · Directors’ Report Annual Report 2014 064 Directors’ Report Dear Shareholders, It gives me great pleasure to welcome you to the 19th Annual

Directors’

REPORTin Bangla

Page 13: Directors’ REPORT · 2016-07-31 · Directors’ Report Annual Report 2014 064 Directors’ Report Dear Shareholders, It gives me great pleasure to welcome you to the 19th Annual

Annual Report 2014076Directors’ Report

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Annual Report 2014077 Directors’ Report

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Annual Report 2014078Directors’ Report

wi-BÝy‡iÝ ev cybtexgv

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Page 16: Directors’ REPORT · 2016-07-31 · Directors’ Report Annual Report 2014 064 Directors’ Report Dear Shareholders, It gives me great pleasure to welcome you to the 19th Annual

Annual Report 2014079 Directors’ Report

cwiPvjK wb‡qvM31.8.2014 Zvwi‡L AbywôZ cwiPvjbv cl©‡`i 108Zg mfvq K¨v‡Þb (Aet) G. we ZvRyj Bmjvg‡K cwiPvjbv cl©‡`i GKRb ¯^Zš¿¿ cwiPvjK wb‡qvM Kiv n‡q‡Q|

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Annual Report 2014080Directors’ Report

weeiY

Ki cieZx© cÖwZwU †kqv‡ii AR©bKi Ges e¨wZµgx ÿwZi Rb¨ msiÿY cieZx© cÖwZwU †kqv‡ii AR©b

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Page 18: Directors’ REPORT · 2016-07-31 · Directors’ Report Annual Report 2014 064 Directors’ Report Dear Shareholders, It gives me great pleasure to welcome you to the 19th Annual

Annual Report 2014081 Directors’ Report

weeiY 2013 2012 2011 2010

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4.57

Page 19: Directors’ REPORT · 2016-07-31 · Directors’ Report Annual Report 2014 064 Directors’ Report Dear Shareholders, It gives me great pleasure to welcome you to the 19th Annual

Annual Report 2014082Directors’ Report

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Page 20: Directors’ REPORT · 2016-07-31 · Directors’ Report Annual Report 2014 064 Directors’ Report Dear Shareholders, It gives me great pleasure to welcome you to the 19th Annual

Annual Report 2014083 Directors’ Report

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