Address of the Chairman
Bismillahir Rahmanir Rahim
Assalamu Alikum Wa-Rahmatullah,
All praises to the Almighty Allah, Most gracious and Most merciful.
I am delighted to welcome you all in the 19th Annual General Meeting of the Company. It also brings pleasure for us that by the grace of the Almighty Allah, it has been possible for us to pass the year 2018 through a peace and tranquil atmosphere.
Dear shareholders, we have told in the Directors report that the commencement of business of few new life insurance Companies has made it more complicated and likely to aggravate in future due to unhealthy and unethical market competition. Despite this, it has been possible to procure a total premium of Tk.3622.74 million during the year against Tk.3471.25 million of the previous year. The growth rate is 4.36%.
It is an admitted fact that prompt settlement of claim is basic factor to measure excellence of a Life Insurance Company. During the year, we have paid a total amount of Tk.2178.02 million on account of maturity claims, death claims, surrender of policies and survival benefit to the policyholders and group Insurance of all categories.
Dear shareholders, you know that major segment of our people could not be brought under the shade of Life Insurance because 90% of the total population are Muslim and they believe that Insurance is not legal on the Shariah point of view.
In order to remove this barrier, we have converted the Company into an Islamic Company i.e to run the Company on the basis and principles of Shariah to take the Insurance service at the threshold of mass people.
In order to implement and achieve the above target, we have made a future work plan (shown in the Director’s report) with a view to removing the elements which are not allowed in Islam and bring the whole nation under Insurance service.
With a view to implementing the future plan, we have fixed our vision, mission, object and goal to achieve the target which have been stated in the Director’s Report.
During the year, Life fund has grown from Tk. Tk.8466.59 million to Tk.8809.89 million with growth rate of 4.05% over 2017 and total assets of the Company have reached to Tk.9923.63 million against Tk. 9395.11 million with 5.63% growth rate over 2017. We have contributed Tk.14.74 million on account of Corporate Tax, Tk.19.46 million on account of VAT to the national exchequer and Tk. 3.47 million on account of annual registration charge to the regulatory authority.
I believe that in view of the matted situation of Life Insurance industry keeping up the growth is a difficult task. In consideration of that, the achievement of the Company deserves to mention worth. This has been possible for your trust and cooperation to the Company.
I hope that you will join with me to thank our field force and management team whose relentless work and dedication of corporate practice have worked behind this success.
Dear shareholders, you will be glad to know that IT system of the Company has been upgraded for further strengthening and securing the automation of services. The highly experienced and trained IT professionals of the Company are working on maintaining and developing the company’s IT infrastructure and constantly innovating and writing in house programs to meet the needs of the company. We have brought some expansion in IT services during the year as shown in the Directors Report.
It is an admitted fact that there is no alternative to training to buildup a professional and qualitative team which is indispensable to run a corporate body like ours. PILIL has a well-equipped training department through which employees both in desk and development are provided with training in a regular manner. During the year, the Company has provided with training to 378 desk employees and 11,549 field staff through Bangladesh Insurance Academy (BIA) & Other Training Institutions and in house training department. Out of which 9,848 field staff has provided with “72 Hours Agent Training” through different Training Institutions to become professionals in the insurance field.
Dear shareholders, dividends are expected by the shareholders as a reward for their trust in a company. You have meanwhile come to learn that the Board of Directors of the Company has recommended 12% cash dividend to the shareholders. The Company aims to honor this sentiment by maintain a robust track record of dividend payments.
We are always rigid and uphold the ethical values at all levels and work with the ethical sprit at all times. This is the fundamental reason to be rated “A+” based on i. Sound liquidity. ii. Diversified ownership. iii. Diversified product mix. iv. Diversified services network. v. Good Financial Performance. vi. Experienced management team.
I assure you that the Board of Directors, management team and other machineries of Prime Islami Life Insurance Limited shall work with this sprit and ambition in the days to come to provide with more benefit to the policyholders and the shareholders.
I feel proud to get an opportunity to serve as the Chairman of Prime Islami Life Insurance Limited and also to work with a Board of highly sophisticated and professional members.
Finally, I express my heartiest thanks and gratitude to my colleagues in the Board, honorable members of the Shariah Council, management team and the field force for their relentless efforts for keeping up the growth of the company. I also thank all valued Shareholders and all other Stakeholders of the Company for their cooperation and confidence in Prime Islami Life Insurance Limited.
May the Almighty Allah bless all of us.
Mohd. Akther Chairman