Annual ReportAnnual 2009 k´VKf uJAl A¿MqPr¿ KuKoPac Pragati Life Insurance Ltd. Insurance Life Pragati
Annual Report 2009 Pragati Life Insurance Ltd. k´VKf uJAl A¿MqPr¿ KuKoPac Ltd. Insurance Life Pragati TRUST US FOR LIFE TRUST Head Office: Bangladesh Dhaka 1215, 20-21 Kawran Bazar, (6th Floor), RPR Center Pragati pragatilife.com www. Web: TRUST US FOR LIFE
About Pragati Life Insurance Ltd. Pragati Life Insurance Limited, a third Pragati Life was established with the vision of generation life insurance company, participating effectively in the process of providing was set up on January 30, 2000 as a economic security to the clients as well as to facilitate public limited company under the creation of long term capital in the market. Pragati Companies Act, 1994 with the Life, in the process of materializing its vision, has been philosophy of maintaining developing new customer oriented and innovative competitiveness, balanced with products developed by its own Actuarial Department. prudent management and fairness Within a short span of time, the company has created to all the policyholders. It obtained a franchise value in the market by expanding its registration from the Department of business network with a diversified product line Insurance on April 11, 2000 under throughout the country. the Insurance Act, 1938 to carry out Pragati Life is the only life insurance company among life insurance business. The company the third generation life insurance companies in started with a paid up capital of Tk. Bangladesh which is reinsured with world’s largest 30 million against an authorized reinsurer-Munich Reinsurance Company, Germany, capital of Tk. 250 million. and the only life insurance company in Bangladesh Pragati Life has been sponsored by listed in International Directory. some renowned business Pragati Life is also the first insurance company in entrepreneurs of the country linked Bangladesh providing status of policies through to different industrial groups. The Push-Pull (SMS) service for its policyholders. company had gone for public Policyholders of the company can also know their offering of shares and raised its paid policy details through the official website. The up capital to the tune of Tk. 75 company has been awarded Credit Rating A+ by million in order to comply with the Credit Rating Information and Service Limited (CRISL) minimum capital requirement. The for its High Claims Paying Ability. shares of the company are listed with both the bourses of the country. TRUST US FOR LIFE
Contents
Chronology ...... 01 Message from the Chairman ...... 02 Members of the Board of Director ...... 04 Vision, Mission and Obectives ...... 12 Corporate Management ...... 14 Notice of the 9th Annual General Meeting ...... 16 New Business and Business in Force ...... 17 Financial Highlights ...... 18 Directors Report ...... 19 Auditors’ Report ...... 41 Finincial Statements ...... 43 Balance Sheet ...... 44 Revenue Account ...... 46 Form - “AA” ...... 49 Statement of Life Insurance Fund ...... 50 Statement of Cash Flow ...... 51 Notes to the Financial Statements ...... 52 Certificate Under the Insurance Act, 1938 ...... 68 Pragati Life Events ...... 69 Important Offices ...... 73 Map ...... 86 Notes ...... 87 Proxy Form & Attendance Slip ...... 89 TRUST US FOR LIFE
Chronology
Registration as a Joint Stock Company ...... January 30, 2000
Commencement of Business ...... April 11, 2000
Signing of contract with the world’s largest reinsurer, Munich Re, Germany for reinsurance coverage ...... April 17, 2000
Signing of first policy ...... May 03, 2000
Inauguration of official website ...... July 01, 2001
Appointment of Issue Manager ...... December 22, 2004
Agreement with CDBL ...... September 25, 2005
Consent to issue IPO shares ...... October 16, 2005
Publication of Prospectus ...... October 19, 2005
Subscription Opens ...... November 24, 2005
Allotment of IPO Shares ...... December 28, 2005
Listing in Dhaka Stock Exchange ...... February 06, 2006
Listing in Chittagong Stock Exchange ...... February 06, 2006
First Trading in Stock Exchanges ...... February 06, 2006
Holding the first public AGM (6th) ...... September 17, 2006
Introduction of first ever Push-Pull service for policyholders’ information ...... March 01, 2007
Declaration of first policy bonus ...... January 29, 2007
First Credit Rating ...... January 30, 2008
Pragati Life Insurance Ltd. Annual Report 01 Message from the Chairman TRUST US FOR LIFE
Message from the Chairman ßY~JroqJPjr mJeL Dear Shareholders, Kk´~ ßv~JrPyJøJrmOª, Assalamu Alaikum, IJxxJuJoMIJuJATáo, I, on behalf of the Members of the Board of Directors, have IJKo Ifq∂ IJjPªr xJPg ßmJPctr kKrYJuTo¥uLr kã yPf IJoJPhr pleasure to welcome all our esteemed shareholders on this august xÿJKjf ßv~JrPyJøJrVjPT k´VKf uJAl A¿MqPr¿ KuKoPac-Fr 10o occasion of the 10th Annual General Meeting of Pragati Life mJKwtT xJiJre xnJr FA oyfL IjMÔJPj CÌ ˝JVf \JjJKóZÇ poMjJ Insurance Limited. We are delighted, encouraged and impressed KrPxJat-Fr xmM\ mOãPvJKnf FA IJrJohJ~T ˙JPj ßTJŒJjLr mJKwtT at your joyful participation in this Annual General Meeting at this xJiJre xnJ~ IJkjJPhr ˝f„°áft CkK˙Kf IJoJPhr IJjKªf, Jamuna Resort- a bosket of cosy corner. Your spontaneous participation with taking trouble in road journey manifests itself C&xJKyf S IKnnëf TPrPZÇ TîJK∂Tr hLWt kgpJ©Jr TÓ CPkãJ TPr of your confidence on the Company. Thank you all. F IjMÔJPj IJkjJPhr ˝f„°áft CkK˙Kf ßTJŒJjLr Ckr IJkjJPhr IJfìKmvõJPxrA k´oJj myj TPrÇ IJkjJPhr xTuPT ijqmJhÇ Macro economic condition of Bangladesh was considered stable as the economy did not get any major shock. Scarcity in power IJPuJYq mZPr mJÄuJPhPvr mqKÓT IgtQjKfT Im˙J ßoJaJoMKa ˙LKfvLu and energy sector coupled with rising price of essentials, the KZu F TJrPj ßp IgtQjKfT TotTJP¥ ßTJj mz irPjr ^ÅJTájL uJPV economic growth was recorded at around 6%. This has the jJAÇ Kjfq k´P~J\jL~ hsmqJKhr oNuq mOK≠r xJPg KmhMq& S \ôJuJjLr co-relation with the incremental growth in trade and business. WJaKf xP•ôS IgtQjKfT k´mOK≠ KZu k´J~ 6%Ç k´mOK≠r F Ci±t k´mjfJr Under such a situation, our company has maintained and xJPg mqmxJ S mJKeP\qr CjúKfr FTKa I∂„xŒTt gJPTÇ ßx KyxJPm achieved a strong position in all areas of business. IJoJPhr ßTJŒJjLS xJKmtT KmPmYjJ~ nJu mqmxJ TrJ xy xTu ßãP© Meanwhile, Annual Report-2009 of this Company has been fJr Im˙Jj hO| rJUPf xão yP~PZÇ dispatched to you for your kind perusal. I believe you will get a ßTJŒJjLr mJKwtT KrPkJat-2009 xh~ KmPmYjJr \jq APfJoPiq comprehensive view from the Director’s report and to assess the IJkjJPhr KjTa ßkRPZ ßhS~J yP~PZÇ IJKo IJ˙JvLu IJkjJrJ financial position of the Company. I assure you that we shall kKrYJuTo¥uLr k´KfPmhj ßgPT ßTJŒJjL xŒPTt FTKa xJoKV´T Im˙J always be with you and your investment will always be secured. I ßhUPf kJPmj FmÄ ßTJŒJjLr IJKgtT Im˙J xŒPTt oNuqJ~eS TrPf presume the performance of the business operation during the kJrPmjÇ IJKo IJkjJPhr KjÁ~fJ KhKóZ ßp IJorJ xmthJ IJkjJPhr year under review was more than satisfactory. xJPg gJTm FmÄ IJkjJPhr KmKjP~JV IJoJPhr KjTa KjrJk•J~ gJTPmÇ A brief comparison about the overall performance of the IJoJr KmvõJx KmPmYq mZPrr mqmxJK~T TJptâo xP∂Jw\jT KZuÇ Company during the year 2009 and 2008 is summarised as 2008 S 2009 xJPur ßTJŒJjLr xJoKV´T TJptTuJPkr luJlPur follows. Ckr fáujJoNuT IJPuJYjJr FTKa xÄK㬠KmmreL KjPoú ßh~J yPuJÇ • Total income of the Company was Tk.1247.69 million as against Tk. 896.18 million in the proceeding year being an • 2009 xJPur ßoJa IJ~ KZu 1,247.69 KoKu~j aJTJ pJ kNmtmfLt increase of 39.23 % mZPrr 896.18 KoKu~j aJTJr fáujJ~ 39.23% IKiTÇ • Management Expenses for the year 2009 were Tk.631.23 • 2009 xJPur mqm˙JkjJ mq~ yP~PZ 631.23 KoKu~j aJTJ, pJ KTjJ million as compared to Tk. 461.34 million in 2008 showing an 2008 xJPur 461.34 KoKu~j aJTJr fáujJ~ 36.82% IKiTÇ increase of 36.82%. The reasons for increase in the mqm˙JkjJr FA mq~ mOK≠r TJre oNuf„ IKlx nJzJ, xÄrãj S Management Expenses were mainly due to increase of office ßorJof mq~, KmhMq& FmÄ IJjMxJÄKñT, mqmxJ~ Cjú~j k´níKf UJPfr rent, maintenance & repair cost, electricity & utility expenses, mqP~r kKroJe mOK≠ kJS~JÇ Business Development expenses etc. • 2009 xJPu kKuKx V´JyTPhrPT kKrPvJKif IPgtr kKroJe KZu • Payment to policy holder in the year 2009 was Tk.186.83 186.83 KoKu~j aJTJ pJ 2008 xJPur 132.90 KoKu~j aJTJr million as against Tk. 132.90 million in the 2008 being an fáujJ~ 40.58% IKiTÇ FA UJPf k´h• IPgtr kKroJe mOK≠ kJmJr increase of 40.58 %. Claims were mainly increased due to TJre yPóZ oOfáq\Kjf hJmLr kKroJe mOK≠ kJS~Jxy ßo~JhkNKft FmÄ death, maturity and survival benefit payments. xJntJAnJu xMKmiJ\Kjf Igt k´hJjÇ • The investment income in the year 2009 was Tk.160.61 million • 2009 xJPu KmKjP~JV IJP~r kKroJe KZu 160.61 KoKu~j aJTJ pJ as compared to Tk. 166.97 million in the year 2008, showing a 2008 xJPur 166.97 KoKu~j aJTJr fáujJ~ 3.77% ToÇ k´iJj decrease of 3.77%. The main investments include buying Vn„ KxKTCKrKa\ â~, mJÄuJPhv xrTJPrr ßas\JrL m¥ â~, ßo~JhL Government Securities- Bangladesh Government Treasury Bond (BGTB), Fixed Deposit Receipt (FDR) and buying listed KmKjP~JV FmÄ fJKuTJnáÜ ATáqAKa ßv~Jr âP~r oJiqPo KmKjP~JV equity shares. TrJ y~Ç I would like to express my profound gratitude to all our valued IJKo IJ∂KrT S k´VJ| TífùfJ \JjJA IJoJPhr xÿJKjf Shareholders, Policyholders and well-wishers who extended ßv~JrPyJøJr, kKuKx V´JyT, FmÄ ÊnJgLtPhr pJrJ ßTJŒJjLr mqmxJ their cooperation, suggestions & guidance in running the xMªr nJPm kKrYJujJr \jq xmthJ xyPpJVLfJ, kOÔPkJwTfJ S oNuqmJj business. I would also like to record my sincere thanks to the CkPhv k´hJj TPrPZjÇ ßTJŒJjLr CjúKf S k´mOK≠r \jq ßTJŒJjLr employees of the Company for their services for the growth of xTu ˜Prr TotTftJ S TotYJrLPhr Totk´PYÓJ S ImhJPjr \jq IJKo the Company. fJPhrPTS ijqmJh \JjJAÇ
Khalilur Rahman UKuuMr ryoJj Chairman ßY~JroqJj
Pragati Life Insurance Ltd. Annual Report 03 TRUST US FOR LIFE
Members of the Board of Director
Mr. Khalilur Rahman was born on 10 April, 1945 in Chittagong. His father was Late Alhaj Abul Khair and mother was Late Al-Haj Fatema Begum. He is a B.Sc in Management and a renowned industrialist and Commercially Important Person (CIP). He has got a wide range of work involvement at home and abroad. He has business links with USA, Canada, Europe, Scandinavian Countries, Japan, South Asian Sub-Continent, Fareast and Middle East. He is the founder Chairman of Khalilur Rahman Shishu Niketon (Kinder Garten), Khalil Mir Girls High School, Khalilur Rahman Girls High School, Saberia Khalilia Senior Madrasha , Shaindair Gouchiya Tayoubia, Delwara Begum Sunnia Alim Madrasha, Shaindair Al-Haj Abul Khair Sunnia Senior Madrasha, Khalil Mir Degree College, Khalilur Rahman Mohila College and founder President of Patiya Samity at Chittagong City and founder Vice President of Chittagong Metropolitan Chamber of Commerce and Industries. He is the running Chairman of KDS Garment Industries Limited, Five Star Corporation. Mr. Khalilur Rahman Shaindair Garments, HN Garments Limited, Moon Apparels, KNS Enterprise, KDS Apparels, KDS Quilting, Star Apparels, Modern Apparels, KDS Hi-Tech Garments (Bd) Ltd, KDS Quality Chairman Assurance Centre Ltd, KDS Washing Plant, KDS Textile Mills Limited, KDS Screen Printing Industries Ltd, KDS Logistics Limited, KDS Poly Industries Limited, KDS Plastic Industries Limited, KDS Printing Industries Limited, KDS Packaging Industries Limited, KDS Label Printing Industries Ltd, KDS Cotton Poly Thread Industries Ltd, KIY Steel Industries Limited, KY Steel Mills Limited, KYCR Coil Industries Limited, KDS Itec, KDS Information Technologies Ltd, Southern University, Kartala Belkhain Mohabodhi High School, Bangladesh CR Coil Manufacturer & Exporters Association, Rahman & Co, (Fossil C.N.G & Patiya C.N.G.) and Pragati Life Insurance Limited. He is Ex-Chairman of Bangladesh Red-crescent Society (Chittagong district unit) and Ex-1st Vice Chairman of BGMEA. He is the running Director of Northern General Insurance Ltd., Jamuna Resort Ltd., Pragati Insurance Ltd. and National Bank Ltd. He is a Sponsor Share holder of Northern General Insurance Ltd. and Al-Arafa Islami Bank Ltd. He is the Member of Bhatiary Golf and Country Club; Chittagong Boat Club, Chittagong Club Ltd; Chittagong Metropolitan Lions Club; Chittagong Press Club and Bangladesh Inland Container Dipot Association. (BICDA). He is the Executive Member of Bangladesh CI Sheet and GP Sheet Association. He is a Member the Governing bodies of S. A. Noor High School, Hulian Saleh Noor College and Mafizur Rahman Girls High School. As an Industrialist, Businessman and Entrepreneur, he achieved a good number of awards in different categories. He achieved President Gold Trophy for High Export of Ready Made Garments in the years 1985, 1987, 1995, 1996, 1997, 1998, 1999, 2001 and 2002.Received Gold Medal/Crest as Recognition of Quality and Quality Garments Exporter of AMC, TARGET, USA in the years 1998, 1999, 2001 and 2002; National Export Trophy-1991-1992, 1994-1995, 1995-1996; Gold Medal Crest For Export-1990-1991 and 1999-2000; Received Charming Shopps Inc.USA “2004 Vendor Excellence Award”, Supplier of the Year 2005 & 2009, Award from Wal-Mart Canada and Wal-Mart UK George. Received Batexpo Award- 1999 and 2000; Cafaxpo Award- 2009; Top Claint Tropy from Agrabad Hotel—1998; Best Wishes Tropy from Agrani Bank Ltd. -2000; "Vijaya Shree”- An International “Buddihist Award” -2009 and take delivery of the Export Trophy 2005-06 from The Prime Minister Sheikh Hasina this year. Group data in brief – Nearly twenty thousand employees ranging from senior most executives to work forces are in the pay–roll of the group. Yearly turn over of the group is Tk. 3000 crores.
04 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Members of the Board of Director
Prof. Jahangir Chowdhury S/o Late F. A. Chowdhury was born in Chittagong. He completed his LL.B (Hons) & LL.M from Dhaka University. He joined in his family business in 1981 as CEO of Chowdhury Consortium & subsequently assumed the post of Sponsor Director of Pragati Insurance Ltd. and Pragati Life Insurance Ltd. He is the Vice-Principal of Chittagong Law College and Associated with every socio-cultural, educational, economical & sports organization in Chittagong & Dhaka. He visited most of the countries of Asia, Europe, Africa and Middle East in connection with his business ventures.
Prof. Jahangir Chowdhury Vice Chairman
Mr. Abdul Awal Mintoo was born in a renowned Muslim family in February 1949. He obtained B.Sc. degree in Transportation Science in 1973 and M.Sc. Degree in Transportation Management in 1977 from Maritime College under the State University of New York, USA. He has commendable experience in the field of Trade, Industry, Shipping, Banking and Insurance. Mr. Mintoo began his career aspiring to be a ship captain but turned into a businessman and has achieved outstanding success as a leading entrepreneur of Bangladesh. He advocates societal structure that simultaneously embraces both the market and government. A fearless champion of the cause of strengthening the economic infrastructure of Bangladesh, his business edifice was built by his capitalizing on the rich and varied experience, steady resolve and an indomitable spirit. Presently he is the Chairman and CEO of Multimode Group of Companies. Also, he is the Chairman of Multimode Ltd., MF Consumers Ltd., Lal Teer Seed Ltd., Jamuna Resort Ltd., Pragati Insurance Ltd. and Director of Heidelberg Cement (BD) Ltd., Advisor of Dulamia Cotton Mr. Abdul Awal Mintoo Spinning Mills Ltd., Kay & Que (BD) Ltd., Managing Director of A & A Investment Ltd., NFM Ltd., Director Multimode Transport Consultants Ltd. He was the President of the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI) in two tenures from 1998-2000 and 2003-2005. Besides, he is contributing with his dynamic and enterprising leadership in various Corporate, Trade, Social and Govt. Organizations/Associations/ Trustees as Chairman, President, Member, Patron and Advisor. He is also serving in various Educational Institutions as founder Member of the Board of Governors. He is the Author of “Bangladesh Anatomy of Change”, “Shantanke–Pitar Kothamala”, edited “ Shaksabjir Chashabad” and writing articles/comments on Social and Economic Issues publishing in various Newspapers and Magazines.
Pragati Life Insurance Ltd. Annual Report 05 TRUST US FOR LIFE
Members of the Board of Director
Mr. Syed M. Altaf Hussain, son of late Syed M. Wares Ali was born in a respectable Muslim family in 1954. He has been involved in Trade, Commerce, Agri-Business and Industries since the beginning of his career in 1978. He was graduated from UTA (Texas), USA with focus on Agribusiness. Presently he is the Chief Executive Officer of W & W Grains Corporation-Bangladesh representative of Cargill Inc., USA- the world’s largest privately held Company. Since independence of Bangladesh, W & W Grains Corporation has great contribution in supplying of large quantity of grains and agro-commodities. The Company also has attained more than 60% market shares of Phosphate fertilizer business in Bangladesh. Mr. Altaf is associated with Agro-based Industries & Technology Development Project, (ATDP-II), sponsored and funded by USAID, as advisor of the project on behalf of Cargill Technical Services Inc. USA. He has great contribution in the process of agricultural growth in Bangladesh. Recently he attended a short courses on agribusiness in Harvard University, USA. Mr. Syed M. Altaf Hussain Also, he is the Chairman of United Petro-Chemical Ltd. and Sonic Allied Industries Ltd. and Director Director of Pragati Insurance Ltd. Mr. Altaf is a widely traveled person visited many countries across the world including North America, USA, Canada, Europe, Soviet Russia, Asian countries, South America and Australia. He has earned name and fame in business community for his honesty, integrity, dedication, hard work and high degree of sense of responsibility.
Mr. Mohammed Abdul Awwal was born on 6th December 1945 and his father late Alhaj Mohammad Khalilur Rahman was a reputed business personality of then Pakistan. Mr. Awwal did his Masters Degree in Business Management from the University of Dhaka Bangladesh in 1967. Major involvements in Business. A leading business personality of Bangladesh, Mr. Awwal is involved in diversified trade and Industry. Professionally, he is known as the Chairman of MKR Group which office is in Chittagong, Dhaka and Khulna. The core Company name is Bengal shipping Line Ltd. established in end 50s and floated as private limited company in 1962. He was a sponsor Director of Public listed organizations like- National Bank Limited, Pragati Insurance Ltd, Pragati Life Insurance Ltd., Dulamia Cotton and Spinning Mills Ltd, K&Q (Pvt) Ltd. Chittagong Stock Exchange. Professional Bodies: He is involved with several professional and business bodies in Chittagong, Dhaka and Khulna. These are Chittagong Chamber of Commerce & Industries, Mr. Mohammed Abdul Awwal Metropolitan Chamber of Commerce & Industries-Chittagong & Dhaka, Bangladesh Textile Director Mills Association, Bangladesh Shipping Agents Association, Bangladesh Master Stevedores Association and many others. He was also an Executive Member of the Islamic Shop Owners Association-Jeddah, Founder Member of the World Economic Forum- Geneva. Educational/Philanthropic Associations : Mr. Awwal is a leading philanthropist and practically involved in many educational and social organizations. Few of them are Khalilur Rahman Degree College, Khalilur Rahman High School, Khalilur Rahman Kamil Madrasha- Noakhali, Baitus Sharf Anjuman-e-Ittehad, Agrabad Mohila College- Chaittagong, Maa-O-Shishu Hospital- Chittagong and many others. Civil Society Activities : Mr. Awwal is a senior member in leading Civil Society Institutions like Chittagong Club, Bhatiary Golf & Country Club, Gulshan Club, Khulna Club etc. A Senior Rotarian in the country, he was the District Governor of Rotary District-3280 Bangladesh during 1998-1999 and Rotary International Fiscal agent for Bangladesh during 2005-2010. Hobbies : Mr. Awwal is widely traveled person and have traveled in many countries of all the continents of the world. His hobbies are traveling & Reading Periodicals/Books on current an contemporary issues. Family : Mr. Awwal married to Mrs Khaleda Adib who also is a distinguished women community leader in her own right. Mr. Awwal have two sons, two daughters and performed holy Hajj in 1996 & 2009 with family. He also performed Umrah several times.
06 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Members of the Board of Director
Mr. A K M Rafiqul Islam was born in a respectable muslim family in 1937. After completion of Graduation, he became Chartered Accountant from Institute of Chartered Accountants of Pakistan in 1965 and Cost Management Accountant from Institute of Chartered Management Accountant, UK in 1981. Besides, he obtained Fellowship and Diploma on Public Administration, Insurance, Economic Development and Development Finance. Presently he is the Founder Managing Director of Pragati Insurance Ltd. and Director of CRAB, Jamuna Resort Ltd., National Bank Ltd., IIDFC Ltd. and CDBL Ltd. He has a long professional career, attended a number of training programs, received awards from Social and Corporate Organizations and attended various Govt./Non Govt. seminars and symposiums.
Mr. A K M Rafiqul Islam, FCA Director
Mr. Zakaria Taher, son of late A K M Abu Taher and Mrs. Sufia Khanam was born in a renowned Muslim family in December 1965. He has completed Bachelor in Business Administration (BBA) from University of West Virginia, USA. After completion of his education he has joined his family business. In 2005 he has been elected as the Member of the Parliament. Presently he is the Chairman of TSCO power Ltd., TS Transformer Ltd. and Director of National Bank Ltd., Jeans Culture Ltd., East West Services Ltd. and BECO Group. Also, he is the Managing Director of Armana Fashions Ltd, Armana Apparels Ltd. and Zyta Garments Ltd.
Mr. Zakaria Taher Director
Mr. A.S.M. Mohiuddin Monem is one of the most successful industrialists of Bangladesh. He represents the new generation of business leaders in Bangladesh. Mr. Monem received his Bachelor’s degree in Industrial Engineering from North Eastern University, Boston, U.S.A. in 1991 and a Masters Degree in Engineering Management from the same institution in 1994, where he graduated with Honors with CUM LAUDE. After the graduation he joined Abdul Monem Ltd. since then he has revolutionized the way of doing business. His dedication, commitment and passion for business have transformed the fortune of Abdul Monem Empire. Under his leadership the business process at AML have gained clockwork efficiency which has been translated into unprecedented growth in Beverage, Ice-cream, Food, Sugar and Construction units. He has a keen eye for identifying opportunity and transforming them into profitable venture. He has successfully set up the first US Bangladesh joint venture BPO operation in IT sector. This is true reflection of his remarkable business acumen. Mr. A S M Mohiuddin Monem Mr. Monem is a great believer of community development and believes it is important to take Director that extra step and go beyond business activities to be a socially responsible citizen. In this spirit, he has set up AML foundation, with a view of endowing various charitable causes for the benefit of the society in general, and especially for the less privileged for their education, health care and other amenities.
Pragati Life Insurance Ltd. Annual Report 07 TRUST US FOR LIFE
Members of the Board of Director
Mr. Tabith M. Awal, son of Mr. Abdul Awal Mintoo and Mrs. Nasreen Awal Mintoo was born on February 20, 1979. He has completed his education from the George Washington University, Washington D.C., USA and obtained combined degree in M.Sc. in information System Technology and BBA in Management Information System. Just after completion of his higher education he has joined their family business as one of the Directors. Their family business is Multimode Group of Companies which is involved in various sectors like Trading, Textiles, Spinning, Agro-industry, Carbon Road Manufacturing, Marketing-distributions, Automobiles agency, Oil and Gas, Insurance, PE foam Manufacturing, Banking etc. Mr. Tabith is a widely traveler and visited many countries for development and promotion of business. He is actively involved with various socio-cultural organization and educational institutions. He is also very good sports man and renowned football player. Mr. Tabith M. Awal Director
Mr. Mabroor Hossain, son of Mr. Moazzam Hossain and Mrs. IIya Razz Hossain was born in a renowned Muslim family in October 1981. He has completed BBA in Business Management and Finance from University of Westminster, London and University of Bolton, London, England. Presently he is the Director of Hosaf Group of Companies. Also, he is a representative of MOCK United Nations, Halibury, England.
Mr. Mabroor Hossain Director
Mr. Md. Shafiur Rahman, son of Mr. Md. Syedur Rahman Mintoo was born in a renowned muslim family. He has completed Bachelor of Engineering (Civil) from Birla Institute of Technology (MESRA), India and MBA from Clark University, USA. Presently he is the Deputy Managing Director and managing operation and marketing of Pro Star Group- a 100% export oriented garments manufacturers. Also, he is engaged in various business organizations established both with foreign collaboration and local ventures. He is the Member of IEB, Kurmitola Golf club and American Alumni Association. Besides, he is involved in various social welfare organizations like Charitable Dispensary, Orphanage, Vocational Training School, Primary Education etc. Mr. Md. Shafiur Rahman Director
08 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Members of the Board of Director
Mrs. Nelofer Kamal daughter of Late Badiuzzaman was born in a renowned Muslim family in 1963. She completed Graduation and Master Degree in Social Science from Dhaka University. Her mother is Mrs. Halima Zaman. She married to Mr. Md. Sarwar Kamal a renowned businessman in Trading, Finance and other sectors. Presently, she is one of the Directors of McDonald Group engaged in Steel, Seeds, Polymer Agro and other businesses and Director of Pragati Life Insurance Limited.
Mrs. Nelofer Kamal Director
Mr. Tafsir Mohammed Awal, son of Mr. Abdul Awal Mintoo and Mrs. Nasreen Awal Mintoo was born in a renowned Muslim family in August 1981 in Charlotte, North Carolina, USA. He has completed Bachelor Degree in Telecommunications from Indiana University, Bloomington, USA. He also obtained two Minors in Psychology and Marketing. After that he has completed his Masters in Entrepreneurial Management from European Business School in London. Presently he is involved in his family Business.
Mr. Tafsir M. Awal Director
Mrs. Nigar Jahan Chowdhury was born in a renowned Muslim family in Comilla. She started her career in 1974 in teaching profession and successfully completed Training on Teaching. She got married with Al-haj Younus Chowdhury a renowned businessman from Chittagong in 1975 and left teaching profession. She traveled with her husband to London, America, Dubai, Hongkong, Mexico and other countries for business expansion. Presently, she is an active Member of the Advisory Committee of Islamic Library and engages herself in various social welfare Organizations. She is a loving mother of child. She is known as honest, amiable, amicable, affectionate, kind-hearted and compassionate person.
Mrs. Nigar Jahan Chowdhury Director
Pragati Life Insurance Ltd. Annual Report 09 TRUST US FOR LIFE
Members of the Board of Director
Mr. Imam Shahed Hossain was born in Dhaka in 1976. He obtained his SSC and HSC Certificate from Saint Joseph High School and Dhaka College respectively. He completed his LLB (Honors) Degree from the University of Wolverhampton, U.K. and is Member of the Lincoln’s Inn. He started his business career as Managing Director of Petrolub Ltd. Which is the exclusive national distributor of world renowned Conoco lubricants. He is the current Managing Director of Prime Cement Ltd. Which is pioneer venture in producing cement clinker in Bangladesh. He is also a Director of Fuchs Bangladesh Ltd. which is one of the leading lubricant manufacturers in Bangladesh. At present his organization continues to grow and in process on introducing various new high quality products such as Automotive and Industrial Filters and Batteries in his distributorship network. Mr. Imam Shahed Hossain Director
Mr. Zafar Halim is an Actuary by profession and has been working in insurance industry both life and general over 44 years. During the course of his career he has visited and worked in a number of countries. He was also a UNDP Consultant in Jiban Bima Corporation. Mr. Zafar Halim represented Bangladesh in the 2nd Asian Life Insurance Conference which was held in Tokyo/Seoul in 1996. He introduced Medical Insurance Scheme in Bangladesh in 1994 which is now one of the products of almost all the life insurance companies in Bangladesh. He is married and lives with his wife in Gulshan. Mr. Zafar Halim Managing Director (Director Ex-officio)
10 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Board Affair
Mr. Md. Abdul Wahab Mian was born in a respectable muslim family in the year 1951 in the district of Pabna. He achieved his Bachelor degree with Honors in Economics in 1973 from Rajshahi University. He obtained his first post-graduation degree in Economics in 1975 from Rajshahi University and second post-graduation degree in Rural Development (Admn) in 1989 from the School of Development Studies (Dev) - University of East Anglia (Norwich) England. He completed a Certificate Course in International Business in 1994 from Asian Institution of Technology (AIT), Thailand. He was a Bureaucrat, a Project planner, a Trade negotiator and a Researcher. He has a total 30 years of work experience in different Ministries of the Government of Bangladesh. He is adept in writing analytical reports, minutes of the meeting etc. He is well conversant with International trade, Bangladesh economy and its growth pattern as well as the world economic growth and development. Before his retirement, he was posted in the Ministry of Commerce as Joint Secretary and looked into the matters relating to the formulation of Mr. Md. Abdul Wahab Mian policies and strategies for regional and bilateral trade agreements. He possessed a sound (Joint Secretary, Rtd.) working knowledge about the legal texts of WTO and different Agreements under it. Company Secretary As Chief negotiator, he led the Bangladesh delegations in many times and participated in trade discussion on different regional trade agreements. These included SAFTA, APTA, D-8 Agreement, Framework Agreement of TPS-OIC and BIMSTEC. Besides, he took part in bilateral discussion with India, Nepal, Bhutan, Myanmar and Pakistan. Mr. Mian also served as the national focal point of Trade sub-sector of the EC-Bangladesh Joint Commission for strengthening economic and trade cooperation and led Bangladesh delegation of 4th EC-Bangladesh Joint Commission meeting (2007).He was the negotiator and signatory of MOU for exporting 8 million pieces of apparels to India each year. He worked actively with the agencies of private business sector in promoting trade and commerce. He used to convene meetings with leading Chambers of Commerce and Industries like FBCCI, MCCI, DCCI, BGMEA, BKMEA, BTMEA, Bangladesh Frozen Food Association etc. and shared views with them for framing appropriate policy options. Mr. Mian has a good career track in promoting economic, trade and investment in Bangladesh. He is knowledgeable about MDGS and PRSP of the government of Bangladesh. He wrote a dissertation on the hypothesis “Does Structural Adjustment Lending Promote Authoritarian Administration in the Developing World”? and carried out several Socio Economic Studies. He participated in many seminars, workshops, training programme both in home and abroad. He visited England, Netherlands, Germany, Belgium, Turkey, UAE, Singapore, Thailand, China, Pakistan, Malaysia, India, Sri Lanka, Nepal and Bhutan.
Pragati Life Insurance Ltd. Annual Report 11 TRUST US FOR LIFE
Vision We shall be recognized as the leader among all life insurance companies in Bangladesh. Our success will be built on our absolute dedication to the satisfaction of our Mission policyholders, through constant Our mission is to produce and innovation, operational efficiency, provide quality and innovative prompt services, cost effectiveness and insurance product. the talents of our people. Maintain stringently ethical We shall always apply high standards of standard in business operation. integrity and responsibility in our activities. Ensuring benefit to the policyholders, shareholders and the society at large.
Corporate Focus Our vision, our mission and our objectives are to emphasize on the quality of product, process and services leading on growth of the company imbibed with good governance practices. TRUST US FOR LIFE
Philosophy Objectives Our philosophy is best described as Our objectives are to conduct transparent maintaining competitiveness balance with business operation based on market prudent management and fairness to all our mechanism within the legal & social policyholders’. framework with aims to attain the mission reflected by our vision. We believe in adhering to basic principles of insurance and financial management while balancing the scales between safety of principle and competitive rate of return to our policyholders’. Dedication to Service We are dedicated to provide innovative products, specially designed to meet our objectives while furnishing you with safety, liquidity and a competitive rate of return at present and in the future. Pragati LIfe and its representatives are not only committed to providing you with quality products, we are here to serve you even after the sale. We are never far away than your telephone.
Pragati Life Insurance Ltd. Annual Report 13 Corporate Management
Chandra Shekhar Das, ACA Asst. Managing Director, (F&A) Al-Haj Md. Jahangir Alam SEVP Takaful Bima Division K. A. S. M Azam Ullah Tipu Asst. General Manager PBD & PIBD
Quamrul Hasan, FLMI Deputy Managing Director Habibur Rahaman Sikder Addl. Managing Director Mohammad Abdul Wahab Mian General Manager & M. M. Monirul Alam Tapan Company Secretary Asst. Managing Director A.K.M. Mozammel Hossain Belal Group Life & Health Senior General Manager Head of IPL
Zafar Halim Kazi Nasima Akter In-Charge Managing Director IDPS TRUST US FOR LIFE
Pragati Life Insurance Limtied Head Office: Pragati RPR Center (6th Floor), 20-21 Kawran Bazar, Dhaka 1215
NOTICEOF THE 10TH ANNUAL GENERAL MEETING
Notice is hereby given that the 10th Annual General Meeting of Pragati Life Insurance Limited will be held on Monday, 9 August, 2010 at 12:00 pm at the Jamuna Resort Ltd., Bhuapur, Tangail to transact the following business: AGENDA 1. To receive, consider and adopt the Directors’ Report for the year ended on 31December, 2009. 2. To receive, consider and adopt the Audited Accounts of the Company and the Auditors’ Report thereon for the year ended on 31 December, 2009. 3. To declare Dividend for the year 2009 as recommended by the Board of Directors. 4. To elect Directors in accordance with the provisions of the Articles of Association of the Company. 5. To appoint Auditors for the year 2010 and fix their remuneration.
By order of the Board of Directors
(Md. Abdul Wahab Mian) Dated Dhaka, 1 July, 2010 (Company Secretary)
NOTES: (a) The record date : 6 July, 2010. (b) Members of the Company whose name appear in the Register of members upto the record date will be entitled to attend the AGM and dividend for the year 2009. (c) A member wishing to appoint a Proxy, must deposit the Proxy Form duly stamped to the Company’s Registered Office at least 72 hours before the meeting. (d) Only the shareholders or their appointed proxies can attend the meeting. A proxy must be a member of the Company. (e) Entry to the Annual General Meeting is reserved only for the shareholders or his/her Proxy. No guests & children shall be allowed entrance in the meeting.
KmPvw hsÓmq: xÿJKjf ßv~JrPyJøJrmOª pJyJrJ poMjJ KrPxJPat IjMKÔfmq ßTJŒJjLr 10o mJKwtT xJiJre xnJ~ ßpJVhJPj AóZáT fJyJPhr pJfJ~JPfr mqm˙Jr \jq IJVJoL 18 \MuJA yAPf 22 \MuJA 2010 fJKrPUr oPiq fJyJPhr jJo IjMV´ykNmtT ßTJŒJjLr k´iJj TJptJuP~r ßv~Jr KmnJPV ßrK\KÓs TrJr \jq IjMPrJi \JjJj pJAPfPZÇ IjqgJ~ fJyJPhr pJfJ~JPfr mqm˙J TrJ x÷m yAPm jJÇ
16 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Comparative Statement of New Business and Business Inforce
INDIVIDUAL PRODUCT LINE (IPL) New business Business in force Sum No. of First Year Sum No. of Year Assured policies Premium Assured policies 2009 2,192.90 25,983 184.39 3,848.34 50,992 2008 1,715.92 23,096 141.06 2,898.83 36,102
ISLAMI JIBON BIMA (TAKAFUL) New business Business in force Sum No. of First Year Sum No. of Year Assured policies Premium Assured policies 2009 1,669.49 24,357 95.15 618.51 7,139 2008 487.37 5,447 37.81 290.80 2,623
PRAGATI BIMA (PB) New business Business in force Sum No. of First Year Sum No. of Year Assured policies Premium Assured policies 2009 1,124.54 37,458 81.48 2,168.31 77,304 2008 900.24 35,024 69.68 1,902.92 76,820 PRAGATI ISLAMI BIMA (PIB) New business Business in force Sum No. of First Year Sum No. of Year Assured policies Premium Assured policies 2009 507.66 17,432 36.33 661.91 23,137 2008 368.89 14,721 28.67 496.07 19,806
ISLAMI DEPOSIT PENSION SCHEME (IDPS) New business Business in force Sum No. of First Year Sum No. of Year Assured policies Premium Assured policies 2009 521.66 17,310 28.27 687.38 23,974 2008 751.57 26,815 31.97 1,142.33 51,829
GROUP LIFE AND HEALTH New business Business in force Sum No. of Annual No. of Sum No. of No. of Year Assured policies Premium Lives Assured policies Lives 2009 5,697.00 37 36.06 21,477 20.334.14 173 151.622 2008 1,299.45 26 10.85 7,001 12,539.59 178 77,205
PRAGATI URBAN DIVISION (PUD) New business Business in force Sum No. of First Year Sum No. of Year Assured policies Premium Assured policies 2009 301.14 4,410 16.02 51.37 512 Amount in million
Pragati Life Insurance Ltd. Annual Report 17 TRUST US FOR LIFE
FINANCIAL HIGHLIGHTS 5 YEARS’ KEY OPERATING AND FINANCIAL DATA
Taka in '000
Year 2009 2008 2007 2006 2005
First Year Premium 486,714 322,521 201,008 261,253 158,221 Renewal Premium 460,431 303,806 268,891 222,521 135,145 Group Insurance Premium 90,589 59,884 61,050 44,350 32,969 Health Insurance Premium 67,569 50,257 37,411 30,702 22,202 Gross Premium 1,105,303 736,468 568,359 558,827 348,537
% Increase over the previous year 50.08 29.58 1.71 60.33 47.89 Overall conservation Ratio (%) 73.51 64.65 55.58 75.85 72.31 Investment Income 160,614 166,971 113,534 36,207 24,130 Investment Yield (Income realised to mean Life Fund) 13.33 19.80 18.65 9.16 10.90 Claim 186,832 132,901 101,967 74,380 77,116 Management Expenses-Actual 631,234 461,341 308,674 269,382 179,957 Assets(Excluding excess IPO deposit money) 1,737,592 1,251,247 956,969 746,296 458,053 % Increase over the previous year 38.87 30.75 28.22 62.93 78.56 Life fund 1,511,230 1,058,861 794,664 536,141 290,392 % Increase over the previous year 42.73 33.25 48.22 84.63 64.52 Ratio of --- Expenses of Management to Premium Income(%) 57.10 62.64 54.30 48.20 51.63 Claim to premium(%) 16.90 18.05 17.94 13.31 22.13
18 Annual Report Pragati Life Insurance Ltd.
TRUST US FOR LIFE
Directors’ Report kKrYJuTo¥uLr k´KfPmhj Bismillahir Rahmanir Rahim KmxKouäJKyr rJyoJKjr rJyLo Respected Shareholders, xÿJKjf ßv~JrPyJøJrVe, Assalamualaikum, IJxxJuJoMIJuJATáo, It is my great pleasure to welcome you to the 10th k´VKf uJAl A¿MqPr¿ KuKoPac Fr 10o mJKwtT xJiJre xnJ~ Annual General Meeting of Pragati Life Insurance IJkjJPhrPT kKrYJujJ kwtPhr kã yPf ˝JVf \JjJPf ßkPr Limited (PLIL). I, on behalf of the Members of the Board, IJKo Ifq∂ IJjKªf FmÄ xÿJKjf ßmJi TrKZÇ KcPxÍr 31, feel great honored to be able to present before you the 2009 IJKgtT xoJK¬ mZPr 10o mJKwtT ksKfPmhj KjrLKãf KyxJm 10th Annual Report together with the Audited Accounts of the company for the year ended on 31st December, FmÄ KjrLãTPhr k´KfPmhj Ck˙JkjJr xMPpJV uJn TrPf ßkPr 2009 and the Auditors Report thereon. IJKo KmPvwnJPm Vmt ßmJi TrKZÇ BUSINESS RESULTS – 2009 mJqmxJK~T luJlu 2009 2009 began its journey carrying the legacy of worst global Kmvõ oªJr oJrJfìT ãKfr ßmJ^J myPjr oJiqPoA 2009 xJPur recession shocks. But Bangladesh economy was not so pJ©J Êr∆ yP~KZuÇ KT∂á mJÄuJPhPvr IgtQjKfT Im˙J ffaJ much affected as was apprehended. Bangladesh became UJrJk y~ jJA pfaJ IJvÄTJ TrJ yP~KZuÇ mJÄuJPhv fJr k´mOK≠r able to keep its normal growth pattern. Government’s iJrJ ImqJyf rJUPf xão yP~KZuÇ Fr‡k Im˙J~ xrTJPrr recovery package also was helpful for some of the major sectors including exports & imports. Remittance was never k´PjJhjJ TotxNYLr xyPpJKVfJ~ IgtjLKfr k´iJj ßã©èKu KmPvw slowed down and the stock market of Bangladesh have TPr IJohJjL S r¬JjL ßã© ˝JnJKmT KZuÇ ßrKoPa¿ k´mJy performed well in 2009. Economic growth was around 6%, ãKfV´˙ y~ jJA FmÄ ßv~Jr mJ\JPrr TJptâo S 2009 xJPu nJu inflation rate was around 6%, export earning grew at 10%, KZuÇ IgtQjKfT k´mOK≠ KZu k´J~ 6%, oMhsJ°LKfr yJr 6% Fr oPiq foreign exchange reserve recorded to us$ 10.36 billion, xLKof KZuÇ r¬JjL IJ~ mOK≠r yJr KZu 10%, ‰mPhKvT oMhsJr balance of payment recorded a robust position of us$ Kr\JPntr kKroJj KZu 10.36 KmKu~j oJKTtj cuJr, mqJPu¿ Im 2,058 million. Growing power and energy shortages, poor ßkPo≤ Fr kKroJe 2,058 KoKu~j oJKTtj cuJr ßrTct TrJ y~Ç infrastructure and a big blow received from AILA in May, 2009 were the elements of decelerating economic growth. KmhMq S \ôJuJjL WJaKf, hNmtu ImTJbJPoJ FmÄ 2009 Fr ßo, oJPxr Inspite of those hurdles and impediments insurance IJAuJr KmvJu ßZJmu IgtQjKfT k´mOK≠r yJr o∫r TPrKZuÇ business did well. Life fund of the year under review Ffxm ^JPouJ S mJiJ KmkK• mLoJ mqmxJ~ nJu xlufJ KZuÇ recorded to Tk. 1,511.23 million which was 42.73 % higher IJPuJYq mZPr uJAl lJ¥ 1,511.23 KoKu~j aJTJ ßrTct TrJ over the last year. yP~KZu pJ Vf mZPrr fáujJ~ 42.73% IKiTÇ
9th Annual General Meeting 2009 of Pragati Life Insurance Limited Directors’ Report Directors’
20 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
FINANCIAL RESULTS Taka in Million
Products 2009 2008 Increase/ (Decrease) %
First Year Premium Individual Product Line 185.54 141.06 31.53 Pragatibima Division 87.54 69.68 25.63 Pragati Islamibima Division 38.41 28.66 34.01 Islami Jibon Bima (Takaful) 112.42 37.80 197.40 Islami Deposit Pension Scheme 46.78 45.30 3.26 Pragati Urban Division 16.01 - - Sub Total 486.71 322.50 50.91 Renewal Premium Individual Product Line 210.01 134.90 55.67 Pragatibima Division 163.68 125.69 30.22 Pragati Islamibima Division 31.24 15.69 99.10 Islami Jibon Bima (Takaful) 25.10 7.78 222.62 Islami Deposit Pension Scheme 30.27 19.72 53.49 Pragati Urbana Division 0.1333 - - Sub Total 460.43 303.78 51.56
Group Insurance Premium-Life 90.59 59.88 51.28 Group Insurance Premium-Health 67.57 50.25 34.46 Gross Premium Sub Total 1,105.30 736.46 50.08
Reinsurance Premium (21.54) (10.82) (99.07) Net Premium 1,083.76 725.64 49.35
Investment and other income 163.93 170.54 (3.87) Total income 1,247.69 896.18 39.23 Life Fund 1,511.23 1,058.86 42.73 Mgt. Expenses - Actual 631.23 461.34 36.82
Mgt. Expenses as % of total Gross Premium 57.10 62.64 (8.84) (Excluding IPO expenses)
ANALYSIS OF UTILIZATION Claims by death (2.68%) OF INCOME Survival Benefit (4.59%) Hospitalizaion Claims (4.44%) Other Claims (2.19%)
Commission etc. to agent (36.37%)
Salaries etc. to employees (6.85%) Other expenses of management (8.32%) Excess of income over outgo added to life Insurance fund (36.26%) Directors’ Report Directors’
Pragati Life Insurance Ltd. Annual Report 21 TRUST US FOR LIFE
YEAR-WISE NUMBER OF NEW BUSINESS/LIVES COVERED mZr KnK•T jfáj mqmxJ/mLoJTíPfr xÄUqJ Pragati Life Insurance Limited since its inception has Êr∆ ßgPTA k´VKf uJAl V´JyT YJKyhJr xJPg xÄVKfkNet S been developing new customer oriented and innovative IJTwteL~ ßxmJ k´˜áf TPr IJxPZÇ FA ßxmJxoNy ßTJŒJjLr products. All the products of the Company are in-house Kj\˝ FqJTYá~JrL~Ju KmnJPV CØJmj TrJ yP~ gJPTÇ developed in its own Actuarial Department. All the ßTJŒJjLr k´KfKa ßxmJ fJr Kj\˝fJr \jq APfJoPiq mqJkT products of the Company have already been able to YJKyhJ xOKÓ TrPf xão yP~PZÇ create huge market demand for its uniqueness. mZr KnK•T Vf kÅJY mZPrr jfáj mqmxJ S mLoJTíPfr xÄUqJ Year - wise break -up of new business /lives covered for ßhS~J yPuJ: the last five years is tabulated as below:
Group Life & Year IPL Islami Jibon Bima Pragatibima Pragati IDPS Health (No. of (Takaful) Islamibima Lives) 2005 13,637 349 30,602 5,159 4,118 10,500 2006 17,754 2,492 33,780 8,167 7,580 23,002 2007 13,261 3,879 26,057 9,257 10,215 9,687 2008 23,096 5,447 35,024 14,721 26,815 7,001 2009 25,983 24,357 37,458 17,432 17,310 21,477
A comparative statement of new business and business in force is attached separately as a part of the report.
PREMIUM INCOME Kk´Ko~Jo IJ~ In the year 2009, the proportionate income of all product 2009 xJu IjMpJ~L, xTu ßk´JcJÖ uJAPjr IJjMkJKfT Kk´Ko~Jo lines is shown below: IJ~ KjPoú ßhUJPjJ yPuJ: 6.97 Taka in Million 14.30 Gross Proportionate 1.48 Products 35.78 Premium Income (%)
Individual Product Line (IPL) 395.56 35.78 Pragatibima & Pragati Islamibima Division (PB & PIBD) 320.88 29.03 Group Life & Health Insurance (GL & H) 158.16 14.30 Islami Deposit Pension Scheme (IDPS) 77.03 6.97 Islami Jibon Bima (IJB) Takaful 137.51 12.44 Pragati Urban Division (PUD) 16.16 1.48 Total 1,105.30 100
29.03 12.44
IPL IDPS PBD & PIBD IJB Takaful Group Life & Health PUD
CLAIMS hJmL kKrPvJi Company’s overall ratio of claims including survival hJmL kKrPvJPi ßTJŒJjLr xJoKV´T IjMkJf, pJr oPiq rP~PZ benefit, maturity and death claim to gross premium is k´fqJKvf xMKmiJ, ßo~JhkNKft S oOfáq hJmL yPYZ 16.90%, pJ 16.90 % which is in consistence with market standards. \Lmj mLoJ Kv· mJ\JPrr xJPg xñKfkNetÇ Directors’ Report Directors’
22 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
MANAGEMENT EXPENSES mqm˙JkjJ mq~ Management expenses to gross premium income ratio ßTJŒJjLr ßoJa Kk´Ko~Jo IJP~r IjMkJPf mqm˙JkjJ mq~ yPYZ are 57.10 % which is moderate as compared with other 57.10%, pJ F kptJP~ \Lmj mLoJ mqmxJ kKrYJujJr ßãP© life insurance companies at this stage of operation. KjfJ∂A ˝·Ç ßTJŒJjLr xfTt ImKuUj jLKfoJuJ, mLoJ ^MÅKT Company’s cautious underwriting policy, vigilant V´ye, mJP\a Kj~πj FmÄ KmYãe KmKjP~JV jLKfoJuJ CkPrJÜ assessment of risk, budgetary control and sound xJlPuqr hJmLhJr pJ KTjJ nKmwqPfS ImqJyf gJTPmÇ investment policy will ensure that the above successes are sustainable in the futures as well. LIFE FUND uJAl lJ¥ Company’s excess of income over outgo added to the ßTJŒJjLr IJ~ mq~ ßvPw IJPuJYq mZPr uJAl lJP¥ IJPrJ Life Fund during this year is Tk 422.12 422.12 KoKu~j aJTJ ßpJV yP~PZÇ mZPrr xmtPoJa uJAl million. The total Life Fund stands at Tk.1,511.23 million lJP¥r kKroJj yPóZ 1,511.23 KoKu~j aJTJ pJ KTjJ Vf which is 42.73 % more than 2008. The achievement was mZPrr fáujJ~ 42.73% ßmKvÇ F mOK≠ x÷m yP~PZ mq~ possible due to strict cost control, innovative and need xÄPTJYj, CØJmjL S YJKyhJ IjMpJ~L kKrT·, rãevLu TKovj based products, conservative commission schedule and Kj~oJmuL FmÄ hã mqm˙JkjJr TJrPeÇ Vf kÅJY mZPrr uJAl efficient management. The chronological statement of lJP¥r Im˙Jj âoKnK•T IjMxJPr KjPoú ßhUJPjJ yPuJ: Life Fund from last five years is tabulated as below :
Year 2005 Growth 2006 Growth 2007 Growth 2008 Growth 2009 Growth with with with with with respect respect respect respect respect to 2004 to 2005 to 2006 to 2007 to 2008 (%) (%) (%) (%) (%)
Life Fund 290.39 64.52 536.14 84.63 794.66 48.22 1,058.86 33.25 1,511.23 42.73
Gross Premium 348.54 47.89 558.83 60.33 568.36 1.71 736.47 29.58 1,105.30 50.08
Life Fund 1600 Gross Premium 1400
1200 1000
800 600 400
200 0 2005 2006 2007 2008 2009 Directors’ Report Directors’
Pragati Life Insurance Ltd. Annual Report 23 TRUST US FOR LIFE
ASSETS xŒh The Company has sound asset management policy kKroJK\tf xŒh mqm˙JkjJr IKiTJrL yS~J~ ßTJŒJjL which assures the safeguarding of assets against IjjMPoJKhf mqmyJr IgmJ IkxJre ßgPT oMÜÇ lPu ßTJŒJjL unauthorized use or disposition. The Company also xŒh xMrãJ~ pMKÜpMÜ KjÁ~fJ KmiJPj xão yP~PZÇ ßTJŒJjL follows proper records and policy regarding capital oNuijL mqP~r pgJpg jLKfoJuJ kJuj xy ßrTctk© xÄrãe expenditures. The chronological statement of assets for TPr gJPTÇ Vf kÅJY mZPr IK\tf xŒPhr Im˙Jj KjPoú the last five years is tabulated as below: ßhUJPjJ yPuJ:
Year 2005 Growth 2006 Growth 2007 Growth 2008 Growth 2009 Growth with with with with with respect respect respect respect respect to 2004 to 2005 to 2006 to 2007 to 2008 (%) (%) (%) (%) (%)
Assets* 458.05 78.56 746.29 62.93 956.96 28.22 1,251.24 30.75 1,737.59 38.87
*excluding IPO deposit money
Chart : Chronological comparison of Assets Assets 1800
1500
1200
900
600
300
0 2005 2006 2007 2008 2009
ACTUARIAL VALUATION REPORT FqJTYá~JrL~Ju nqJuMP~vj KrPkJat Actuarial valuation of policy liabilities as on 31 31 KcPxÍr 2009 Fr mLoJ hJ~xoNPyr FqJTYá~JrL~Ju December 2009 was conducted by Dr. Mohammad nqJuMP~vj c: ßoJ: ßxJyrJm CK¨Pjr (F.IJA.F) ÆJrJ xŒJKhf Sohrab Uddin, AIA. According to the valuation report the value of net liabilities under policies were Tk. 1,378.28 y~Ç nqJuMP~vj KrPkJat IjMpJ~L kKuKxr k´Tíf hJmLr oNuq KZu million. The balance of the Life Insurance Fund was Tk. 1,378.28 KoKu~j aJTJÇ \Lmj mLoJ fyKmPur kKroJe KZu 1,511.23 million revealing a surplus of Tk. 132.95 million. 1,511.23 KoKu~j aJTJ, lPu ßTJŒJjLr CÆOP•r kKroJe DIVIDEND FOR THE SHAREHOLDERS hJzJ~ 132.95 KoKu~j aJTJÇ From the Actuarial valuation 2009 it is found that the ßv~Jr ßyJøJrPhr \jq unqJÄv Company has got a surplus which is reasonable to declare dividend for the share holders. 2009 xJPur FqJTYá~JrL~Ju nqJuMP~vPj ßhUJ pJ~ ßTJŒJjL KTZá CÆO• fyKmu uJn TPrPZ ßp TJrPe ßv~JrPyJøJrVPjr Accordingly the Board of Directors recommended cash dividend @ 10% on the paid up capital of Tk. 75 million \jq unqJÄv ßWJwjJr Kmw~Ka ßpRKÜT mPu oPj y~Ç i.e. Tk.10/= on each share of Tk.100/= for the year 2009, ßx IjMxJPr kKrYJujJ kpth 75 KoKu~j aJTJ kKrPvJKif subject to the approval of the Honorable Shareholders. oNuiPjr KmkrLPf 10% jVh unqJÄv k´hJPjr xMkJKrv TPr IgtJ& 2009 xJPu k´Kf 100 aJTJr ßv~JPrr 10 aJTJ KyxJPm jVh unqJÄv k´hJjPpJVq pJ xÿJKjf ßv~JrPyJøJrPhr IjMPoJhj xJPkPã k´Ph~ yPmÇ Directors’ Report Directors’
24 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
DECLARATION OF POLICY BONUS kKuKx ßmJjJx ßWJwjJ Declaration of policy bonus is a vital part of life insurance \Lmj mLoJ mqmxJr kKuKx ßmJjJx ßWJwjJ FTKa èr∆fôkNet business. For sustainable quality business in a Kmw~Ç k´KfPpJVLfJoNuT mLoJ mJ\JPr ßaTxA oJPjr mLoJ competitive insurance market, policyholder’s bonus contributed immensely. In an early investigation we mqmxJ~ kKuKx V´JyTPhr ßmJjJx k´hJPjr Kmw~Kar èr∆fô forecasted that the actuarial valuation up to December IkKrPo~Ç k´JrK÷T IjMxºJj ßgPT IJorJ kNmtJnJw TPrKZuJo 2009 disclosed surplus not sufficient enough for ßp KcPxÍr 2009 kpt∂ FqJTYá~JrL~Ju nqJuMP~vPj ßp CÆO• declaration shareholder’s dividend but we can k´TJv TrJ yP~KZu fJ Foj ßmvL KZujJ pJr ÆJrJ accommodate reasonable policy bonus with surplus. ßv~JrPyJøJrPhr unqJÄv ßWJwjJ TrJ ßpPfJ KT∂á G CÆO• KhP~ The year under review, the Company has declared policy IJorJ ßpRKÜT nJPm kKuKx ßmJjJx KhPf kJKrÇ bonus for the valued policyholders of the Company. mqm˙JkjJ MANAGEMENT F ßTJŒJjLr IJPZ FThu mLoJ TotTftJ pJPhr mLoJ KvP·r Company has a host of insurance expertise having long Ckr rP~PZ hLWt IKnùfJÇ xoP~JKYf TJptâo V´yj FmÄ career in insurance industry. Timely action and prudent managerial decision have enabled the Company to KmYãj mqm˙JkjJVf Kx≠J∂ ßTJŒJjLPT mJ\JPrr IjqJjq withstand the competition from the other life insurance \Lmj mLoJ ßTJŒJjLr xJPg k´KfPpJVLfJ~ FKVP~ ßrPUPZÇ companies in the market.
9th Annual General Meeting 2009 of Pragati Life Insurance Limited Directors’ Report Directors’
Pragati Life Insurance Ltd. Annual Report 25 TRUST US FOR LIFE
MANAGEMENT COMMITTEES mqm˙JkjJ TKoKa There are various committees consisting of senior ßTJŒJjLr oqJPj\Po≤ Ci±tfj KjmtJyL TotTftJPhr xojõP~ executives formed by the management to administer KmKnjú TKoKa Vbj TPrPZ ßpèPuJ ßTJŒJjLr k´iJj TJptJhL xoNy major functions of the Company effectively and hã S TJptTrnJPm xŒjú TPr gJPTÇ TKoKaèPuJr k´TíKf KjPoú efficiently. The nature of the Committees is given below: ßh~J yPuJ:
Name of the Committee (S) Basic functions
1. Development To oversee the development related affairs of all products 2. Law To look after the legal matters of the Company 3. Claim To justify claims of all product lines 4. Purchase and Procurement To justify the requirement for purchase and oversee the procurement procedures as per company’s rules 5. Printing To justify and approve of printing items and oversee its related activities as per company’s rules 6. Recruitment To justify the manpower requirement and oversee the recruitment procedures as per Company’s Recruitment policy 7. Employee Performance Appraisal To asses review the employee’s annual performance up to a certain level. 8. Receiving Committee To receive the required printing items, stationeries and other materials from suppliers as per specimen 9. Coordination Committee of IPL To coordinate the day to day activities of IPL and to monitor the implementation progress of the decisions.
TKoKaxoNy TJptJmuL 1. Cjú~j xTu k´TJr mLoJ xÄKväÓ Cjú~j TJptJmuL fhJrT 2. IJAj ßTJŒJjLr IJAj Kmw~T TJptJKh kKrYJujJ 3. mLoJ hJmL mLoJ hJmLr ßpRKÜTfJ Kjr‡ke S hJ~ kKrPvJi 4. â~ S xÄV´y ßTJŒJjLr KmKi KmiJj IjMpJ~L â~ S xÄV´y Kmw~T TJptJmuL kKrYJujJ 5. oMhse ßTJŒJjLr KmKi KmiJj IjM~J~L ßTJŒJjLr oMhse xÄKväÓ TJptJKh 6. KjP~JV KmKi IjMpJ~L \jmu xÄV´Pyr TJptJmuL 7. TotYJrL hãfJ oNuqJ~j ßTJŒJjLr TotLPhr hãfJr oNuqJ~j 8. V´ye Kmw~T joMjJ IjMpJ~L xrmrJyTJrLPhr TJZ ßgPT xTu xJoV´L V´ye 9. IJAKkFu xojõ~TJrL ‰hKjT IJAKkFu TotTJ¥ xojõ~ FmÄ Kx≠J∂èPuJr TJptTJKrfJ kptPmãe Directors’ Report Directors’
26 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
PRODUCT DEVELOPMENT kKrT· Cjú~j Pragati Life Insurance Limited has always believed in k´VKf uJAl k´YKuf mJ\Jr, IgtQjKfT kKrmftj S xJoJK\T innovating new products by appraising the need of the YJKyhJr Ckr Kjntr TPr âo Cjú~Pjr oJiqPo ßxmJxoNy ‰fKr market. This year also Pragati Life has sustained its TPr gJPTÇ k´VKf uJAl ßhPvr FToJ© ßTJŒJjL pJ \Lmj innovation in product development and introduced a mLoJr xTu ksTJr TJptâo ßpoj FTT mLoJ, V´∆k mLoJ, V´JoLe number of new products. S ˝J˙q mLoJ KjP~ TJ\ TPr gJPTÇ
CREDIT RATING ßâKca ßrKaÄ Credit Rating Information and Services Limited (CRISL) ßâKca ßrKaÄ AjlrPovj F¥ xJKntPxx KuKoPac has assigned A+ Claim Paying Ability rating to Pragati (KxIJrIJAFxFu), hJKm kKrPvJPir KnK•Pf k´VKf uJAl + Life Insurance Limited. This has been done on the basis of A¿MqPr¿ KuKoPacPT F ßrKaÄ k´hJj TPrPZÇ ßTJŒJjLr the company’s good fundamentals such as satisfactory CjúfoJPjr IgtQjKfT Im˙J, hO| xoJiJj, C•o Inq∂rLe financial performance, sound solvency, good internal Kj~πe, mKuÔ TPktJPra Vbj k´níKfr Ckr FA ßrKaÄ KmPmYjJ control, sound corporate structure, diversified product TrJ yP~PZÇ line etc. Insurance company rated in this category is adjudged to offer high claim paying ability with good protection factor. Credit Rating Information and Services Limited (CRISL) has also viewed the company with ‘stable’ outlook for its steady business growth as well as its consistent fundamentals.
9th Annual General Meeting 2009 of Pragati Life Insurance Limited Directors’ Report Directors’
Pragati Life Insurance Ltd. Annual Report 27 TRUST US FOR LIFE
METRO WING ßoPasJ CAÄ Except Group Insurance Division of the Company, all its V´∆k mLoJ mqfLf IJr Ijq ßp ßTJj FTT ßxmJ KmKnjú V´JoJûu mJ individual (both micro & macro) plans are being sold by Agents working mostly in the rural areas or in some district towns. ß\uJ vyrxoNPy FP\≤ TfítT Kmâ~ TrJ y~Ç dJTJ rJ\iJjL Dhaka is the capital city and about 12 Million people live in this vyr FmÄ FUJPj k´J~ 1 ßTJKa 20 uã oJjMw mxmJx TPrÇ ßhPvr city. Most of the administrative and economic activities of the IKiTJÄv k´vJxKjT S IgtQjKfT TotTJ¥ dJTJ vyPrA kKrYJKuf country are also carried out in Dhaka city and we can not ignore importance of Dhaka city for business purpose for a long time. y~Ç F\jq mLoJ mqmxJr k´xJPrr èr∆Pfôr TgJ KmPmYjJ TPr Considering potentials of the business in Metro area, Company dJTJ~ Fr TJptâo Êr∆ TrJr Kmw~Ka KmPmYjJ TrJ y~Ç opened a new business wing called “Metro Wing” to dJTJ oyJjVPr x÷Jmq mqmxJ xŒsxJrPjr TgJ KY∂J TPr ßTJŒJjL concentrate on how to penetrate in this huge potential market. An experienced Development Coordinator with sufficient 2009 xJPu ßoPasJ CAÄ jJPo jfáj FTKa CAÄ YJuM TPrÇ development staff has already been appointed.
CORPORATE SOCIAL RESPONSIBILITY xJoJK\T hJ~m≠fJ The Company always acknowledges its responsibilities for the xoJP\r k´Kf hJ~m≠fJ ßTJŒJjL ˝LTJr TPrÇ mrJmPrr oPfJ well being of the society. Like earlier, Pragati Life has jointly k´VKf uJAl \JfL~ mOãPouJ-F pMVìnJPm kOÔPkJwTfJ TPrPZ sponsored the National Tree Fair, to create awareness among kKrPmPvr nJrxJoq xŒPTt xJiJre \jVePT xPYfj TrPfÇ general people regarding protection of ecological balance. FZJzJS ßTJŒJjL ßhPvr hKãeJûPur IJAuJ ãKfV´˜ \jVPer Company also distributed substantial relief materials among the Aila affected people in the Southern part of Bangladesh. oPiq ©Je xJoV´L Kmfre TPrÇ OUT LOOK FOR 2010 2010 xJPur kNmtJnJw Pragati Life is aspiring to be the leading life insurance company k´VKf uJAl ßhPvr ßxrJ \Lmj mLoJ ßTJŒJjL KyPxPm k´KfÔJ in the country. For its customer oriented products, prudent kJmJr \jq FKVP~ pJPóZ V´JyPTr YJKyhJ IjMpJ~L kKrT·, hNrhvtL management, efficient services and uses of new technologies, the Company has already gained firm confidence in the mind of mqm˙JkjJ, KjkMe ßxmJ k´hJj FmÄ jfáj k´pMKÜr mqmyJPrr lPu its clients. The Company expects to achieve substantial ßTJŒJjL APfJoPiq fJr V´JyPTr IJ˙J I\tPj xão yP~PZ FmÄ premium income growth for the year 2010. To meet the 2010 xJPu pPgÓ kKroJe Kk´Ko~Jo I\tj TrJ pJPm mPu IJvJ growing competition in the market, the management will TrPZÇ 2010 xJPu k´KfPpJKVfJr mJ\JPr ImfLet yPf initiate the following measures to achieve the target for the ßTJŒJjLr mqm˙JkjJ kwth KjoúKuKUf mqm˙JKh V´ye TPrPZ: year 2010: • xMhO| Kmkej ßTRvu k´e~j TPr jfáj FuJTJ~ mqmxJ k´xJr • Developing strong marketing strategy to explore new • jfáj kKrT· k´Yuj xy kNmtmftL kKrT·xoNyPT mJ\Jr S business areas. YJKyhJ IjMxJPr KmjqJx TrJ • Initiating new product development and customization • Kj~Kof Cjúf TotL, hã \jvKÜ KjP~JV hJj FmÄ k´P~J\jL~ the existing products as per market trend and customer demand. k´KvãPer mqm˙J • • Recruit quality manpower and arrange required training Kj\˝ xlaS~qJr Cjú~j program both for the regular and development staff • IKiT yJPr k´YJreJoNuT TJptâo V´ye • Further development of in house software • SP~mxJAa Cjú~j S ßxmJr oJj Cjú~Pj jfáj CØJmjL • Initiating more promotional programs TJptâo V´ye • Modernization of the company’s website and generate new innovative ideas for improvisation of the customer service. Directors’ Report Directors’
28 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
ELECTION OF SPONSOR DIRECTORS CPhqJÜJ kKrYJuPTr KjmtJYj As per Articles 87, 93 & 94 of Articles of Association of k´VKf uJAl A¿MPr¿ KuKoPac Fr xÄKmKioJuJr KmKi 87, 93 PLIL, the following Sponsors Directors shall retire from FmÄ 94 Fr KmiJj IjMpJ~L KjoúKuKUf CPhqJÜJ kKrYJuTVe the office. Being eligible, they offered themselves for Imxr V´ye TrPmjÇ ßpJVq KmiJ~ k´PfqPTA kNj„KjmtJYPjr AóZJ re-election. k´TJv TPrPZjÇ 1. Mr. Syed M. Altaf Hussain 1. \jJm ‰x~h Fo. IJufJl ßyJxJAj 2. Mr. A.K.M. Rafiqul Islam, FCA 2. \jJm F ßT Fo rKlTáu AxuJo, FlKxF 3. \jJm F.Fx.Fo. oKyCK¨j ßoJPjo 3. Mr A.S.M. Mohiuddin Monem
ELECTION OF PUBLIC SHAREHOLDERS’ DIRECTORS kJmKuT ßv~JrPyJøJr kKrYJuPTr KjmtJYj As per Clause 93 of the Memorandum and AOA of the k´VKf uJAl A¿MPr¿ KuKoPac Fr xÄKmKioJuJr KmKi 93 Fr Company, one third of the Directors form Public KmiJj IjMpJ~L k´KfmZr kJmKuT ßv~JrPyJøJr kKrYJuTmOPªr Subscribers shall retire from the office every year. FT fífL~JÄv ImxPr pJPmjÇ ßx KyxJPm KjPoúr 2\j kJmKuT Accordingly, the following two Directors of Public ßv~JrPyJøJr kKrYJuT IVJJoL 10o mJKwtT xJiJre xnJ~ Subscribers shall retire during the 10th Annual General ImxPr pJPmjÇ fÅJPhr Imxr \Kjf hMKa vNeq kh kJmKuT Meeting. The resultant two vacant posts of Directors ßv~JrPyJøJr TfítT KjmtJYPjr oJiqPo kNre Tr yJPmÇ shall be filled up through election from amongst the 1. \jJm ßoJ: vKlCr ryoJj 2. \jJm AoJo vJPyh ßyJPxj Public Subscribers shareholders. 1. Mr. Md. Shafiur Rahman 2. Mr. Imam Shahed Hossain
APPIONTMENT OF AUDITORS KjrLãT KjP~JV The Auditors M/s Rahman Mustafiz Haq & Co. Chartered ßoxJxt ryoJj oM˜JKl\ yT F¥ ßTJÄ YJaJct FTJCjPa≤x IJxjú accountants retire at the conclusion of ensuing Annual mJKwtT xJiJre xnJ~ Imxr V´ye TrPmjÇ ßTJŒJjL IJAj 1994 General Meeting being eligible under Section 210 of the Fr 210 iJrJ IjMpJ~L kMj:KjP~JPVr ßpJVq FmÄ fJrJ Companies Act 1994 offered themselves for kMj:KjP~JPVr k´˜Jm TPrPZjÇ re-appointment.
CORPORATE GOVERNANCE k´JKfÔJKjT xMvJxj Four separate committees for Audit, Claim, k´JKfÔJKjT xMvJxPjr \jq KjrLãJ, k´vJxj, Igt FmÄ hJmL Kmw~T Administrative and Finance have been formed which YJrKa TKoKa Vbj TrJ yP~PZ pJ KxKTCKrKa\ F¥ FéPY† comply with the relevant guidelines of Securities & TKovj Fr xÄKväÓ jLKfoJuJPT IjMxre TPrÇ ßTJŒJjLr Exchange Commission on Corporate Governance. The k´JKfÔJKjT TJptâPor kptJPuJYjJ, KhT KjPhtvjJ FmÄ mqmxJP~r Committees look into compliance of various procedures KmKnjú ^MÅKT S Imqm˙J yPf xMrãJr \jq F TKoKaèPuJ TJ\ and regulations related to Corporate Governance and TPrÇ review various guidelines, procedures and safeguards to F KmwP~ mJKwtT k´KfPmhPj FTKa kOgT KmmreL ßhS~J yPuJÇ minimize the incidents of various risks faced by the Company in the business environment. A separate report on Corporate Governance is provided as part of the Annual Report. Directors’ Report Directors’
Pragati Life Insurance Ltd. Annual Report 29 TRUST US FOR LIFE
DIRECTOR’S RESPONSIBILITY STATEMENT kKrYJuTo¥uLr hJK~fôJmuLr KmmOKf With regard to responsibilities for preparation and ßTJŒJjLr IJKgtT KmmreL k´˜áf FmÄ Ck˙JkjJ~ kKrYJuTo¥uL presentation of the Financial Statements, the Directors fJPhr hJK~Pfôr KmwP~ KjKÁf TPrj ßp: confirm that: 1. ßTJŒJjL IJAj 1994, mLoJ IJAj 1938, mLoJ KmKi 1958 1. The financial statements together with the notes FmÄ KxKTCKrKa\ F¥ FéPY† KmKi 1987 Fr KmiJjJmuLr thereon have been drawn up in conformity with the xJPg ßTJŒJjL TftOT k´˜áfTíf IJKgtT KmmreL FmÄ companies Act. 1994, Insurance Act. 1938, Insurance FfhxñL~ ßjJaxoNy xñKfkNetÇ Rules 1958 and Securities and Exchange Rules 1987. These statements present fairly the Company’s 2. ßTJŒJjLr mJKwtT KyxJm, k´˜áfTJPu KyxJm KmùJPjr oJj statement of affairs, the result of its operation and IjMpJ~L xŒjú TrJ yP~PZ FmÄ FfhxŒKTtf mqJUqJ KmmOf cash flow. TrJ yP~PZÇ 2. In the preparation of the annual accounts, the 3. kKrYJuTo¥uL KyxJm KmùJPjr jLKfoJuJ KjKhtÓ TPr applicable accounting standards have been followed xJo†xqr‡Pk k´P~JV, KmYJr KmPväwe ÆJrJ KjKÁf yP~PZj ßp, along with proper explanation relating material IJPuJYq KyxJmJKhPf ßTJŒJjLr ˝óZ KY© k´KflKuf yP~PZÇ departure, if any. 4. ßTJŒJjL IJAj 1994, mLoJ IJAj 1938, mLoJ KmKi 1958 3. The Directors had selected each accounting policy S KxKTCKrKa\ F¥ FéPY† KmKi 1987 Fr KmiJjJmuLPf and applied them consistently and made judgments mKetf IJAj S KmKiKmiJj ßoPj ßTJŒJjLr KyxJPm k´fJreJ S and estimates that are reasonable and prudent so as IKj~Por KmwP~ KjrJk•J KmiJj S IjMxºJj ÆJrJ ßTJŒJjLr to give a true and fair view of the state of affairs of the xŒh rãeJPmãPe kKrYJuTo¥uL pPgJkpMÜ S pPgÓ Company at the end of financial year and of the pfúvLu KZPujÇ results of the Company for that period. 5. kKrYJuTo¥uL YuoJj k´Kâ~J mJKwtT KyxJm k´˜áf TPrPZjÇ 4. The Directors had taken proper and sufficient care for 6. Inq∂rLe Kj~πe mqm˙J xMkKrTK·f FmÄ TJptTrnJPm the maintenance of adequate accounting records in k´P~JVTíf FmÄ Kj~KofnJPm kptPmãeTífÇ accordance with the provisions of the Company‘s Act, 1994, Insurance Act. 1938, Insurance Rules 1958 7. Vf kÅJY mZPrr KyxJPmr CkJ• IJKgtT IJPuJTkJf IJTJPr and Securities and Exchange Rule 1987 for xÄPpJK\f yPuJÇ safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities 5. The Directors had prepared the annual accounts on “Going Concern” basis. 6. The Internal Control system is sound in design and effectively implemented and monitored. 7. The key operating and financial data of the last five years is annexed as “Financial Highlights”. Directors’ Report Directors’
30 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
ACKNOWLEDGEMENT TífùfJ On behalf of the Board of Directors, I wish to extend kKrYJujJ kwtPhr kã yPf, ImqJyf xJyJpq xyPpJKVfJr \jq thanks to our valued policy holders, honorable xÿJKjf kKuKxPyJøJr, ßv~JrPyJøJr, YLl TP≤sJuJr Il shareholders, the office of the Chief Controller of A¿MqPr¿, mqJÄTxoNy, KxKTCKrKa\ F¥ FéPY† TKovj, ˆT Insurance, our Bankers, Securities and Exchange FéPY† FmÄ ßx≤sJu KcPkJK\arL Il mJÄuJPhv KuKoPac Fr Commission (SEC), Stock Exchanges and Central Depository of Bangladesh Limited (CDBL) for their IKlxoNPyr k´Kf IJKo ijqmJh S TífùfJ ùJkj TrKZÇ continuous support and cooperation. ßTJŒJjLr xJluq I\tPjr KkZPj CPhqJÜJ, kOÔPkJwT, The Board of Directors also expresses deep appreciation mqm˙JkjJ~ KjpMÜ xTu xhxq FmÄ ÊnJjMiqJ~LPhr k´Kf fJPhr to the Sponsors, Patrons, Management, all members of xKâ~ xJyJpq S xyPpJKVfJr \jq kKrYJujJ kwth TífùfJ staff and well wishers, whose continued support and ùJkj TPrPZjÇ patronage have made the results possible.
kKrYJujJ kwtPhr kPã- For and on behalf of the Board
UKuuMr ryoJj Khalilur Rahman Chairman ßY~JroqJj Board of Directors kKrYJujJ kwth
Dated: Dhaka, 1 July, 2010 fJKrU: dJTJ, 1 \MuJA, 2010 Directors’ Report Directors’
Pragati Life Insurance Ltd. Annual Report 31 TRUST US FOR LIFE
REPORT ON CORPORATE GOVERNANCE k´JKfÔJKjT kKrYJujJr Ckr k´KfPmhj Board of Directors as at 31st December, 2009 2009 xJPur 31 KcPxÍr kpt∂ kKrYJujJ kwtPhr TJptâo The company’s Board appreciates the value of good ßTJŒJjLr ßmJct k´JKfÔJKjT kKrYJujJr Im˙JjPT ÊiMoJ© corporate governance not only in the areas of accountability and risk management but also as a hJ~m≠fJ KTÄmJ ^MÅKT mqm˙JkjJr \jqA j~, mqmxJ~ CjúKfr positive contribution to business prosperity. It believes ßãP© èr∆fôkNet ImhJj S ßrPU gJPTÇ FaJ KmvõJx TrJ y~ ßp, that corporate governance involves more than a simple k´JKfÔJKjT kKrYJujJ FTT mJPé KaT KY¤ hJPjr oJiqPo box ticking approach to establish whether a company ßTJŒJjLr kKrYJujJr ßãP© xTu IJvõJx kNre TrJ yP~ gJPT, has met the requirements of a number of specific rules KT∂á Kmw~Ka fJ j~Ç mrû FaJ yPóZ FAr‡k FT Kj~πe, pJ and regulations. Rather the issue is one of applying corporate governance principles published by the KxKTCKrKa\ F¥ FéPY† TKovj TfítT IJPrJKkf KmKnjú KmKi Securities and Exchange Commission in sensible and KmiJj pgJpgnJPm mqmÂf yPóZ KTjJ fJr k´Kf ßU~Ju rJUJÇ Fr pragmatic fashion having regard to the individual k´iJj CP¨PvqA yPóZ kKuKxPyJøJr S ßv~JrPyJøJrVPjr ˝Jgt circumstances of a particular company’s business. The rãJ TrJÇ key objective is to enhance and protect policyholders’ and shareholders’ value. 2009 xJPu kKrYJujJ kwtPhr kKrYJuTo¥uL KjoúmKetf xÄUqT The number of Board meetings and the attendance of xnJ~ IÄvV´ye TPrPZj: Directors during the year 2009 were as follows:
Name Designation Number of Meeting Attended Mr. Khalilur Rahman Chairman 8 Prof. Jahangir Chowdhury Vice-Chairman 10 Mr. Abdul Awal Mintoo Director 11 Mr. Syed M. Altaf Hussain Director 8 Mr. Tabith M. Awal Director 5 Mr. A.K.M. Rafiqul Islam, FCA Director 11 Mr. Mabroor Hossain Director 7 Mr. A.S.M. Mohiuddin Monem Director 7 Mr. Zakaria Taher Director 2 Mr. Tafsir M Awal Director 7 Mr. Mohammed Abdul Awwal Director 9 Mrs. Nigar Jahan Chowdhury Director 7 Mr. Imam Shahed Hossain Director 8 Mr. Md. Shafiur Rahman Director 10 Mrs. Nelofer Kamal Director 6
jJo khoptJhJ CkK˙Kf \jJm UKuuMr ryoJj ßY~JroqJj 8 IiqJkT \JyJñLr ßYRiMrL nJAx-ßY~JroqJj 10 \jJm IJmhMu IJC~Ju Ko≤á kKrYJuT 11 \jJm ‰x~h Fo. IJufJl ßyJxJAj kKrYJuT 8 \jJm fJKmg Fo. IJC~Ju kKrYJuT 5 \jJm F. ßT. Fo rKlTáu AxuJo, FlKxF kKrYJuT 11 \jJm oJmr∆r ßyJPxj kKrYJuT 7 \jJm F. Fx. Fo. oKyCK¨j ßoJPjo kKrYJuT 7 \jJm \JTJKr~J fJPyr kKrYJuT 2 \jJm fJlKxr Fo. IJC~Ju kKrYJuT 7 \jJm ßoJyJÿh IJmhMu IJC~Ju kKrYJuT 9 KoPxx KjVJr \JyJj ßYRiMrL kKrYJuT 7 \jJm AoJo vJPyh ßyJPxj kKrYJuT 8 \jJm ßoJ„ vKlCr ryoJj kKrYJuT 10 KoPxx KjuMlJr TJoJu kKrYJuT 6 Directors’ Report Directors’
32 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
STANDING COMMITTEES ˙J~L TKoKaxoNy To oversee the financial, administrative, claim, and ßTJŒJjLr IJKgtT, KjrLãe S k´vJxKjT KmwP~ xMÔM f•ôJmiJPjr auditing matters of the Company the following sub \jq kKrYJuTmOª xojõP~ Kjoúr‡k Ck-TKoKa Vbj TrJ y~, pJ committees have been formed by the Board of Directors ßaTKjTqJu TKoKar‡Pk KmPmYq„ as technical committees:
Finance Committee
Name Designation Number of Meeting Attended Mr. A.S.M. Mohiuddin Monem Convener 3 Prof. Jahangir Chowdhury Member 3 Mr. Syed M. Altaf Hussain Member 2 Mr. Mohammed Abdul Awwal Member 3 Mr. Tabith M. Awal Member 2 Mr. Tafsir M. Awal Member 3 Mrs. Nelofer Kamal Member 1 Mr. Imam Shahed Hossain Member -
Igt TKoKa jJo khoptJhJ CkK˙Kf \jJm F. Fx. Fo. oKyCK¨j ßoJPjo IJymJ~T 3 IiqJkT \JyJñLr ßYRiMrL xhxq 3 \jJm Qx~h Fo. IJufJl ßyJxJAj xhxq 2 \jJm ßoJyJÿh IJmhMu IJC~Ju xhxq 3 \jJm fJKmg Fo. IJC~Ju xhxq 2 \jJm fJlKxr Fo. IJC~J xhxq 3 KoPxx KjuMlJr TJoJu xhxq 1 \jJm AoJo vJPyh ßyJPxj xhxq -
Powers and Functions of the Finance Committee Igt TKoKar ãofJ S TJptâo The procedures for the functioning of the Finance Igt TKoKar TJptâPor kKrKi yPuJ ßTJŒJjLr KmKjP~JV, KyxJm Committee is to supervise, look after and oversee all matters relating to Investment, Accounts, and Budget of the S mJP\a Kmw~T TJptâo fhJrKT FmÄ kptJPuJYjJ TrJÇ Company. T. mLoJ IJAPjr IJPuJPT Cjú~j S Kj~Kof KmKjP~JV fJKuTJ a) Investment should be both development oriented and ßoJfJPmT oMjJlJKnK•T KmKjP~JVÇ profit-folio oriented. A guideline would be approved keeping the Insurance Law into consideration. U. ßTJŒJjLr fyKmu KmPmYjJ~ FT mZr ßo~JhL KmKjP~JV b) To assess the funds position and approve investment Totk∫J Kjr‡keÇ program for the Company for a year. V. KmKjP~JV IJAj S KmKi ßoJfJPmT Kms\ lJAjqJjKxÄ, ßv~Jr c) To consider and approve investment proposal for Bridge Financing, underwriting of shares, Debentures of S KcPmûJr ImKuUj k´˜Jm KmPmYjJ TrJ FmÄ IjMPoJhjÇ companies as per investment act and rules. W. VOyJ~j FmÄ k´TP· KmKjP~JV kptPuJYjJ FmÄ IjMPoJhjÇ d) To consider and approve investment in Real Estate and building projects. X. xrTJrL KxKTCKrKa\, xJKatKlPTa, m¥, Ee FmÄ e) To consider and approve investment in Securities, KcPmûJPrr KmKjP~JV KmPmYjJ TrJ S IjMPoJhjÇ Certificates, Bonds, Loan, Debentures issued by the Y. kMÅK\ mJ\JPr ßv~Jr S KxKTCKrKa\ ßujPhj KmPmYjJ S Government. IjMPoJhjÇ f) To consider and approve dealing in shares and securities in the Secondary market i.e. Stock Exchange. Z. KmKjP~JV TrJ k´fqJyJr, kMj„KmKjP~JV mqm˙JKhr k≠Kf g) To consider the form of investment, disposal, KmPmYjJ TrJÇ re-investment arrangement etc. Directors’ Report Directors’
Pragati Life Insurance Ltd. Annual Report 33 Board Meeting
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Administrative Committee k´vJxKjT TKoKa Number of Name Designation Meeting Attended jJo khoptJhJ CkK˙Kf Mr. A.K.M. Rafiqul Islam, FCA Convener 13 \jJm F.ßT.Fo. rKlTáu AxuJo, FlKxF IJymJ~T 13 Mr. Khalilur Rahman Member 2 \jJm UKuuMr ryoJj xhxq 2 Mr. A.S.M. Mohiuddin Monem Member 3 \jJm F.Fx.Fo. oKyCK¨j ßoJPjo xhxq 3 Mr. Tabith M. Awal Member 9 \jJm fJKmg Fo. IJC~Ju xhxq 9 Mr. Md. Shafiur Rahman Member 10 \jJm ßoJ„ vKlCr ryoJj xhxq 10 Mrs. Nigar Jahan Chowdhury Member 8 KoPxx KjVJr \JyJj ßYRiMrL xhxq 8 Mr. Khalequzzaman Choudhuri Member - \jJm UJPuTáöJoJj ßYRiMrL xhxq -
Powers and Functions of the Administrative k´vJxKjT TKoKar ãofJ S hJK~fô committee k´vJxKjT S ßTJŒJjLr mqm˙JkjJ~ TKoKa KjPoúJÜ TJptJmuL The functions of this committee in the area of TPrj„ Administration and Personnel Management are: a. To examine and to decide matters relating to T. mqm˙JkjJ kKrYJuPTr IKiPã© mKynëtf xTu KjP~JV, recruitment, promotion, foreign training, leave, salary, kPhJjúKf, KmPhPv k´Kvãe, ZáKa, ßmfj, k´vJxj FmÄ administration and employee evaluation beyond the oNuqJ~jÇ delegated powers of Managing Director. U. mqm˙JkjJ TftOkã TfítT k´˜áf Tot KmmreL krLãJ S b. To examine job description, job analysis and kptJPuJYjJ, ßuJTmu KjP~JV FmÄ TJbJPoJVf manpower recruitment estimates prepared by management and also to check the correction of kMjKmtjqJxTre KmwP~ k´˜Jm KmPmYjJÇ Organogram proposed by management. V. mqm˙JkjJ kKrYJuPTr IKiPã© mKyntNf pπkJKf, c. To oversee purchase of equipment, furniture, IJxmJmk©, pJjmJyj, oPjJyJrL FmÄ IjqJjq mqmyJpt vehicles, stationery and other consumable stores hsmqJKhr â~ f•ôJmiJjÇ beyond the delegated power of Managing Director. W. ßTJŒJjL TfítT ßh~ ßxmJr oJj kptJPuJYjJ TPr Cjú~j d. To review quality and types of services offered by the company and to suggest measures for improvement. KmwP~ krJovt k´hJjÇ
Claim Committee hJmL TKoKa Number of Name Designation Meeting Attended jJo khoptJhJ CkK˙Kf Mr. Mohammed Abdul Awwal Convener 4 \jJm ßoJyJÿh IJmhMu IJC~Ju IJymJ~T 4 Prof. Jahangir Chowdhury Member 4 IiqJkT \JyJñLr ßYRiMrL xhxq 4 Mr. A.S.M. Mohiuddin Monem Member - \jJm F.Fx.Fo. oKyCK¨j ßoJPjo xhxq - Mr. Tafsir M Awal Member 2 \jJm fJKmg Fo. IJC~Ju xhxq 2 Mr. Zakaria Taher Member - \jJm \JTJKr~J fJPyr xhxq - Mrs. Nelofer Kamal Member - KoPxx KjuMlJr TJoJu xhxq - Mr. Md. Shafiur Rahman Member 1 \jJm ßoJ„ vKlCr ryoJj xhxq 1 Mr. A.K.M. Rafiqul Islam, FCA Member 4 \jJm F.ßT.Fo. rKlTáu AxuJo, FlKxF xhxq 4 Mr. Mabroor Hossain Member 1 \jJm oJmr∆r ßyJPxj xhxq 1 Mrs. Nigar Jahan Chowdhury Member - KoPxx KjVJr \JyJj ßYRiMrL xhxq - Powers and Functions of the Claim committee: hJKm TKoKar ãofJ S hJK~fô To approve Claims, to appoint legal adviser, Institute hJmL IjMPoJhj TrJ, IJAj CkPhÓJ KjP~JV, k´JKfÔJKjT KmwP~ cases to protect the interest of the Company. The ßTJŒJjLr ˝Jgt xÄrãe TrJÇ TKoKa fJr ãofJ mqm˙JkjJ Committee may delegate its power to the Management but effective supervision must be exercised. TftOkãPT k´hJj TrPf kJPr KT∂á ImvqA TJptTr ffôJmiJj gJTPf yPmÇ Accordingly, the prime function of this Committee would be as follows: ßxA IjMxJPr hJmL TKoKar k´iJj TJptJmuL KjPoú ßh~J yPuJ„ a) To consider and approve settlement of claims T. mqm˙JkjJ TftOkãPT k´Ph~ IjMPoJhj ãofJr mJAPrr hJmL beyond the power delegated to the Management. xoNy KmPmYjJ S Kj¸K• TrJ; Directors’ Report Directors’
36 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE b) To review claims settled by the Management and U. mqm˙JkjJ TftOkã TftOT Kj¸K•Tíf hJmL xoNy KrKnC TrJ make sure observation and issue fresh guide lines. S k´P~J\jL~ kptPmãj S VJAc uJAj ßh~J FmÄ k´Kf mZr The guide lines to be reviewed every year. FA VJAc uJAj kMjKmtPmYjJ TrJ; c) To make on the spot verification of big claims and on Account Payment subject to re-insurance restriction. V. mz hJmL xoNy S KyxJm kKrPvJPir KmwP~ kNj„KmoJr xLoJm≠fJ KmPmYjJ S IjMPoJhj TrJÇ d) To consider and approve legal action in respect of claims.
Audit Committee KjrLãJ TKoKar ãofJ S TJptâo 1. Legal Mandate 1. IJAjL xogtj The Audit Committee of Pragati Life Insurance Limited k´VKf uJAl A¿MqPr¿ KuKoPac Fr KjrLãJ TKoKa kKrYJuT was formed by the Board of Directors in accordance with kwtPhr xJyJPpq KxKTCKrKa\ F¥ FéPY† TKovPjr ImPuJTj the notification of Securities and Exchange Commission jÄ FxAKx/KxFoIJrIJrKc/2006-158/FcKoj/02-08, pJ Notification No. SEC/CMRRCD/2006-158/Admin/02-08 KTjJ ßlms∆~JrL 20, 2006 fJKrPUr IJPuJPT xŒKTtfÇ dated 20th February 2006. KjrLãJ TKoKar xnJxoNy KjoúKuKUf TJptxoNy xŒJhPjr \jq The Audit Committee meetings were held to mainly carry out the following tasks: IjMKÔf yP~PZ„ - Sufficient effectiveness of the internal financial - Inq∂rLe IJKgtT Kj~πPe kptJ¬ xMYJr‡r‡Pk xŒJhjJÇ controls. - Compliance of all applicable legal and regulatory - IJAjVf S jLKfVfnJPm xTu k´TJr Kj~ojLKf kJujÇ rules and regulations. - kKrYJujJVf xTu TJptTuJPkr KrPkJat ßkvÇ - Various reports of operational activities and streamlined the operations of the Company. IJPuJYq mZPrr oPiq TKoKar xhxqxoNPyr KoKuf yS~Jr KmmreL Kjoúr‡k„ During the year under review, the Committee members met seven times as detail below:
Audit Committee KjrLãJ TKoKa Number of Name Designation Meeting Attended jJo khoptJhJ CkK˙Kf Mr. Abdul Awal Mintoo Convener 8 \jJm IJmhMu IJC~Ju Ko≤á IJymJ~T 8 Prof. Jahangir Chowdhury Member 7 k´Plxr \JyJñLr ßYRiMrL xhxq 7 Mr. A.K.M. Rafiqul Islam, FCA Member 8 \jJm F.ßT.Fo. rKlTáu AxuJo, FlKxF xhxq 8 Mr. Mabroor Hossain Member 3 \jJm oJmr∆r ßyJPxj xhxq 3 Mr. Md. Shafiur Rahman Member 6 \jJm ßoJ: vKlCr ryoJj xhxq 6
2. Objectives 2. uãq 2.1 The SEC Notification No, SEC/CMRRCD/2006-158 2.1 FxAKx Fr ÆJrJ ImVf Tre jÄ FxAKx/ /Admin/02-08 dated 20 February 2006 and/or any KxFoIJrIJrKxKc/2006-158/FcKoj/02-08 pJ KTjJ amendment thereto from time to time by the SEC or ßlms∆~JrL 20, 2006 fJKrPUr IgmJ Fr ßTJj xÄPvJij any other Regulatory authority will guide the power, KjrLãJ TKoKar TJptTJKrfJ Kj~πe TrPmÇ duties and functions of the Audit Committee. 2.2. The Audit Committee shall perform the necessary 2.2 ßTJŒJjLr mqmxJr Im˙J Fr xfqfJ FmÄ kKróZjúfJ m\J~ activities with a view to assisting the Board of rJUJr \jq KjrLãJ TKoKa kKrYJujJ kwthPT xyJ~fJ Directors in ensuring that the Financial Statements TrPmÇ reflect true and fair view of the state of affairs of the Company and to ensure a good monitoring system 2.3 KjrLãJ TKoKa kKrYJujJ kwthPT Igt xÄâJ∂ ßp ßTJj within the business. KmKioJuJ IjMPoJhPjr ßãP© oNuqJ~j IgmJ xMkJKrv 2.3 The Audit Committee shall review and recommend TrPmÇ to the Board of Directors to approve the financial statements prepared for statutory purposes, when deemed fit. Directors’ Report Directors’
Pragati Life Insurance Ltd. Annual Report 37 TRUST US FOR LIFE
2.4. The Audit Committee shall aim to create efficiency 2.4 KjrLãJ TKoKar uãq gJTPm ßTJŒJjLr TJptâPo hãfJ in the operations and to add value to the Company xOKÓ FmÄ ßTJŒJjLr k´JKfÔJKjT xMvJxj KjKÁf TrJÇ and ensure corporate governance. 2.5. The Audit Committee shall report to the Board of 2.5 KjrLãJ TKoKa pgJ xoP~ kKrYJujJ kwthPT Inq∂rLe Directors on internal audit findings from time to KjrLãJr luJlu èr∆fô IjMpJ~L ImKyf TrPmÇ time considering the significance of the issues. 2.6 KjrLãJ TKoKa IJAjVfnJPm KjrLãTPhr ˝JiLjfJ 2.6 The Audit Committee shall carry on supervision role xÄrãe FmÄ Inq∂rLe KjrLãJr TJptTrL TotTJ¥ KjKÁf to safeguard independence of statutory auditors and to ensure the effective functioning of the TrPf fhJrTL nëKoTJ V´ye TrPmjÇ internal audit system. 3. ãofJ 3. Power The Committee, in the course of performance of its 3.1 hJK~fô kJuPjr ßãP© ßTJŒJjLr ßp ßTJj TotYJrLr KjTa duties, may ask for any information, papers, yPf xhxq xKYPmr oJiqPo ßp ßTJj fgq, TJV\ k©JKh, documents from any employee of the Company k´JoJKjT hKuuJKh IJymJj TrPf kJPr pJ TKoKar KjTa through its Member Secretary and such employee Ck˙Jkj TrJ mJiqfJoNuTÇ shall be bound to comply with such instructions of the Committee. 3.2 xhxq xKYPmr oJiqPo TKoKa ßp ßTJj KmPvwù ofJof 3.2. The Committee may ask for any expert opinion as \JjJr IKiTJr rJPUÇ and when required through it's Member Secretary. 3.3 Inq∂rLe KjrLãT k´iJj IKca TKoKar KjTa k´KfPmhj 3.3. The Head of Internal Audit shall report to the Audit ßkv TrPmjÇ k´P~J\j IjMxJPr I nq∂rLe KjrLãT Committee and the Committee may also ask him to be present before the Audit Committee for any k´iJjPT TKoKar xÿMPU CkK˙f yP~ mqJUqJ KmPväwe clarification on his report as may be required by the TrPf yPmÇ Committee. 3.4 TKoKa Kj\ hJK~fô kJujTJPu ßTJŒJjLr IKlxxoNy IgmJ 3.4. The Committee, for the purpose of performing its mJÄuJPhPvr ßp ßTJj ˙Jj kptPmãe TrPf kJrPmjÇ duties, may visit the offices of PLIL or any other place within Bangladesh. 4. hJK~fô S Tftmq 4. Responsibilities and Duties 4.1 ßTJŒJjLr xTu hJK~fô, Tftmq S ãofJ ßlms∆~JrL 20, 4.1 The responsibilities, duties and powers of the Audit Committee shall be 2006 fJKrPUr ImVfTre jÄ FxAKx/KxFoIJrIJrKxKc/ Guided by the SEC Notification No. SEC/CMRRCD/ 2006-158/ FcKoj/02-08 IgmJ Fr ßTJj xÄPvJijL ÆJrJ 2006-158/Admin/02-08 dated 20 February 2006 Kj~Kπf yPmÇ and/or any amendment thereto from time to time 4.2 Inq∂rLe Kj~πe TJptk´eJuL pgJpgnJPm kJuj KjKÁf by the SEC or any other Regulatory authority. 4.2 To ensure that the systems of internal controls TrJ FmÄ kJuj jJ yPu fJ KrPkJat IJTJPr k´P~J\jL~ function properly and report any non-compliance xÄPvJijL k´˜áf xy ßkv TrJÇ of control issues and suggest improvement thereof. 4.3 T) Inq∂rLe KjrLãJ KmnJV pgJpgnJPm VKbf yP~PZ 4.3 a) To ensure that the Internal Audit Department is FmÄ fJr TJptJmuL xŒJhj TrPZ, fJ KjKÁf TrJ FmÄ organized and function properly and report to the Committee from time to time. FA oPot TKoKar TJPZ k´KfPmhj ßkvÇ b) To request and review special audit which and U) k´P~J\jJjMxJPr KmPvw KjrLãPer mqm˙J TrJ FmÄ fJ whenever it deems necessary. kptJPuJYjJ TrJÇ 4.4 To review the external auditors' findings arising from audits, particularly any comments and 4.4 mKy: KjrLãTVe TftOT KjrLãJ xÄâJ∂ IjMxºJj response in management letters and review the kptJPuJYjJ TrJ KmPvw TPr mqm˙JkjJ TftOkPãr action taken by the Management. KjPhtvjJr Ckr ßTJj o∂mq, mqJUqJ FmÄ VOyLf mqm˙JKh 4.5 To recommend to the Board steps to improve the kptJPuJYjJ TrJÇ system of internal control derived from the findings 4.5 Inq∂rLe S mKy: KjrLãTVPer TftOT Inq∂rLe Kj~πe of the internal and external auditors' report and from the consultations of the Audit Committee k≠Kfr Cjú~j Kmw~T k´KfPmhj pJ IKca TKoKar Kj\˝ itself. xnJ~ IJPuJKYf ymJr kr kKrYJujJ kwtPhr xnJ~ 4.6 To assign any services to the external auditors other xMkJKrv IJTJPr ßkv TrJÇ than Statutory Audit and services restricted by SEC. 4.6 IJAjVf KjrLãJ FmÄ KxKTCKrKa\ FéPY† TKovj TftOT IJPrJKkf mJiqmJiTfJr mJAPrS mKy: KjrLãJr
Directors’ Report Directors’ Ckr hJK~fô IkteÇ
38 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
4.7 To review the draft Report and Accounts before 4.7 kKrYJujJ kwtPhr xnJ~ Ck˙JkPjr IJPV UxzJ submission to the Board. k´KfPmhj S KyxJmKh kMj: KjrLãeÇ 4.8 To review any compliance required by the Securities 4.8 IJAj, KmKi, Kj~ojLKf FmÄ ßTJŒJjLr IJKatPTux Il and Exchange Commission (SEC) including securities related laws, rules and regulations, FPxJKxP~vj IjMxrPer \jq KjPhtv k´hJPj ãofJk´J¬ Articles of the Company or by any other Agency or xÄ˙J mJ xrTJrL h¬rxy KxKTCKrKa\ FéPY† TKovj Government bodies empowered to require such KjPhtKvf IjMxreL~ Kmw~JKh kptJPuJYjJÇ compliance. 4.9 wJjìJKwT S IjqJjq I∂mtftLTJuLj xoP~r IJKgtT 4.9 To review half yearly and other interim financial k´KfPmhj kptJPuJYjJÇ statement.. 4.10 To ensure that the follow up actions are taken by 4.10 Inq∂rLe KjrLãJ~ KmPvwnJPm CPuäU TrJ xMkJKrvTíf the management on recommendations Kmw~JmuLPf mqm˙JkjJ TftOkã TftOT khPãk V´ye highlighted in internal audit reports. KjKÁf TreÇ 4.11 To supervise special investigations when assigned 4.11 kKrYJujJ kwth TftOT k´hJjTíf KmPvw IjMxºJj TJptâo by the Board. fhJrKT TreÇ
CORPORATE GOVERNANCE COMPLIANCE REPORT KxKTCKrKa\ F¥ FéPY† TKovPjr KmùK¬ IjMxre Status of the compliance with the condition imposed by KxKTKTCKrKa\ F¥ FéPY† IiqJPhPvr 2KxKx iJrJ IjMpJ~L the Commission’s Notification No. SEC/CMRRCD/ 20ßv ßlms∆~JrL 2006 AÄ fJKrPU FxAKx/KxFoIJrIJrKxKc/ 2006-158/Admin 02-08 dated 20th February, 2006 issued under the section 2CC of the Securities and Exchange 2006-158/FcKoj/02-08 IjMpJ~L xŒJKhf TJptâPor Ordinance, 1969: Kmmre Kjoúr‡k:
Compliance status Condition Explanation for Designation noncompliance/ No. Not Complied Complied comments 1.1 Board’s size 1.2 (i) Independent Directors 1.2 (ii) Independent Directors Appointment 1.3 Chairman & Chief Executive 1.4 (a) Directors Report on Financial Statement 1.4 (b) Books of Accounts 1.4 (c) Accounting Policies 1.4 (d) IAS Applicable in Bangladesh 1.4 (e) System of Internal Control 1.4 (f) Going Concern 1.4 (g) Deviations in Operating Results 1.4 (h) Key Operating and Financial Data 1.4 (i) Declaration of Dividend 1.4 (j) Number of Board Meetings 11 (Eleven) meetings with average 70.30 % attendance 1.4 (k) Pattern of Shareholdings 2.1 Appointment of CFO, Company Secretary, Head of Internal Audit and defining their responsibilities 2.2 Board Meeting Attendance 3.0 Audit Committee 3.1 (i) Composition of Audit Committee 5 Members 3.1 (ii) Audit Committee Members Appointment 3.1 (iii) Terms of Service of Audit Committee 3.2 (i) Chairman of Audit Committee Directors’ Report Directors’
Pragati Life Insurance Ltd. Annual Report 39 TRUST US FOR LIFE
Compliance status Condition Explanation for Designation noncompliance/ No. Not Complied Complied comments 3.2 (ii) Audit Committee Chairman’s Qualification* 3.3.1 (i) Reporting to the Board of Directors 3.3.1 (ii) (a) Report of Conflicts of Interest No such case 3.3.1 (ii) (b) Defect in the Internal Control System No such case 3.3.1 (ii) (c) Suspected Infringements of Law No such case 3.3.1 (ii) (d) Any Other Matter No such case 3.3.2 Reporting to the Authorities No such case 3.4 Reporting to the Shareholders & General Investors 4.0 (i) Appraisal or Valuation Services 4.0 (ii) Financial Information System 4.0 (iii) Book Keeping or Other Services 4.0 (iv) Broker Dealer Services 4.0 (v) Actuarial Services 4.0 (vi) Internal Audit Services 4.0 (vii) Any Other Services 5.0 Reporting the Compliance in the Director’s Report
*Masters in Transportation Management Past President, FBCCI Former Chairman, National Bank Ltd. Former Chairman, Bank Association of Bangladesh Chairman, Pragati Insurance Limtied and CEO, Multimode Group
SHAREHOLDING INFORMATION As on December 31, 2009, the following shareholders were holding the Company’s issued ordinary share capital: SL. No. Name of Director, Company Secretary & CEO No. of Shares Total Percentage 1 Mr.Khalilur Rahman 5,000 5,000 0.66 2 Prof. Jahangir Chowdhury 2,000 2,000 0.27 3 Mr. Abdul Awal Mintoo ------4 Mr. Syed M. Altaf Hussain 23,950 23,950 3.19 5 Mr. A.S.M. Mohiuddin Monem 40,698 40,698 5.43 6 Mr. Tabith M. Awal 17,058 17,058 2.27 7 Mr. Salim Rahman 16,008 16,008 2.13 8 Mr. Zakaria Taher 17,058 17,058 2.27 9 Mr. A.K.M. Rafiqul Islam, FCA 5,014 5,014 0.67 10 Mr. Mabroor Hossain 31,208 31,208 4.16 11 Mr. Tafsir M Awal 17,058 17,058 2.27 12 Mrs. Nigar Jahan Chowdhury 21,008 21,008 2.80 13 Mr. Md. Fazlur Rahman 11,008 11,008 1.47 14 Mr. Md. Shafiur Rahman 21,008 21,008 2.80 15 Mr. Imam Shahed Hossain 2,000 2,000 0.27 16 Mrs. Nelofer Kamal 17,058 17,058 2.27 17 Mr. Khalequzzaman Chowdhuri 17,058 17,058 2.27 18 Mr. Mohammed Abdul Awwal 26,008 26,008 3.47 19 Mrs. Khaleda Abid Awwal 5,000 5,000 0.66 20 Mr. M. Shefaque Ahmed, FSA, MAAA 6,000 6,000 0.80 21 CEO ------22 Company Secretary ------23 CFO ------24 Executives 1,450 1,450 0.19 25 Shareholders holding 10% or more voting rights ------26 National Bank Limited 1,29,850 1,29,850 17.31 Directors’ Report Directors’
40 Annual Report Pragati Life Insurance Ltd.
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Auditors’ Report to the Shareholders of Pragati Life Insurance Limited
We have audited the accompanying Balance Sheet of Pragati Life Insurance Limited as of December 31, 2009 and the related Revenue Account and Statement of Cash Flows for the year then ended. The preparation of these Financial Statements is the responsibility of the Company’s management. Our responsibility is to express an independent opinion on these Financial Statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, subject to the disclosures as per notes to Financial Statements, the financial statements prepared in accordance with applicable Bangladesh Accounting Standard (BAS), give a true and fair view of the state of the Company’s affairs as of December 31,2009 and of the results of its operations and its Cash Flows for the year then ended and comply with the Companies Act 1994, Insurance Act 1938, Insurance Rules 1958, the Securities Exchange Rules 1987 and other applicable laws and regulations.
We also report that: i) 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; ii) In our opinion, proper books of account as required by law have been kept by the Company so far as it appeared from our examination of those books and (where applicable) proper returns adequate for the purposes of our audit have been received from branches not visited by us; iii) The Company’s Balance Sheet and Revenue Account and its Cash Flows dealt with by the report are in agreement with the books of account and returns; iv) The expenditure incurred was for the purposes of the Company’s business; v) As per section 40B (2) of the Insurance Act 1938 as amended, we certify that to the best of our knowledge and belief and according to the information and explanation given to us, all expenses of management wherever incurred and whether incurred directly or indirectly, in respect of life insurance business of the company transacted in Bangladesh during the year under report have been duly debited to the related Revenue Account as expenses; and vi) As per Regulation-II of Part-I of the Third Schedule of the Insurance Act 1938 as amended, we certify that to the best of our information and as shown by its books, the Company during the year under report has not paid any person any commission in any form outside Bangladesh in respect of any business re-insured abroad apart from commission arising out of the re-insurance treaties.
(Rahman Mustafiz Haq & Co.) Date: Dhaka, 19 June, 2010 CHARTERED ACCOUNTANTS Auditors’ Report Auditors’
42 Annual Report Pragati Life Insurance Ltd.
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Balance Sheet As on December 31,2009
CAPITAL & LIABILITIES NOTES 2009 2008 TAKA TAKA
SHAREHOLDERS' CAPITAL: AUTHORIZED 25,00,000 Ordinary Shares of Tk.100 each 250,000,000 250,000,000
ISSUED, SUBSCRIBED & PAID-UP 7,50,000 Ordinary Shares of Tk.100 each fully paid up in cash 4.00 75,000,000 75,000,000
BALANCE OF FUNDS & ACCOUNTS Life Insurance Fund 5.00 1,511,229,566 1,058,860,529
LIABILITIES AND PROVISIONS Estimated liabilities in respect of outstanding claims,whether due or intimated 6.00 27,841,646 19,821,826 Amount due to Other Persons or Bodies carrying on insurance business 7.00 18,353,311 13,092,748
Sundry Creditors 8.00 90,699,526 53,636,811
Premium Deposits 16,609,792 2,903,008
Provision for Share Value Fluctuation A/C 9.00 - 30,248,198
Total 1,739,733,841 1,253,563,120
CHAIRMAN DIRECTOR DIRECTOR MANAGING DIRECTOR
( Rahman Mustafiz Haq & Co. ) Dated: Dhaka, 19 June, 2010 CHARTERED ACCOUNTANTS Financial Statements Financial
44 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Balance Sheet As on December 31,2009
PROPERTY & ASSETS NOTES 2009 2008 TAKA TAKA
LOANS On Insurers' Policies within their surrender value 10.00 3,746,933 2,977,506
INVESTMENT (AT COST) Statutory Deposit with Bangladesh Bank 11.00 4,000,000 4,000,000 Bangladesh Govt. Tresury Bond 12.00 417,300,000 192,500,000 Investment in Shares 13.00 338,056,908 340,397,436
Agents' Balances 153,992 153,992 Outstanding Premium 14.00 174,974,410 167,359,728 Interest, Dividends, and Rents Accruing but not due 15.00 25,946,769 27,204,980 Advances, Deposits and Sundry Debtors 16.00 156,094,455 41,736,139
CASH, BANK & OTHER BALANCES On Fixed Deposit with Banks 17.00 231,042,783 177,546,395 On Short Term Deposit with Banks 18.00 85,690,215 115,072,963 On Current Account with Banks 19.00 97,555,057 85,148,683 Cash in Hand 3,175,746 11,630,782 Collection in Hand 20.00 113,549,200 16,759,446 531,013,001 406,158,269
Stamps, Printing & Stationery in Hand 5,241,284 6,329,538 Fixed Assets (At Cost Less Depreciation) Sch.-1 83,206,089 64,745,532
Total 1,739,733,841 1,253,563,120
The annexed Notes 1 to 33 form an integral part of these Financial Statements
CHAIRMAN DIRECTOR DIRECTOR MANAGING DIRECTOR
( Rahman Mustafiz Haq & Co. ) Dated: Dhaka, 19 June, 2010 CHARTERED ACCOUNTANTS Financial Statements Financial
Pragati Life Insurance Ltd. Annual Report 45 TRUST US FOR LIFE
Revenue Account For the year ended December 31, 2009 2009 2008 INCOME NOTES TAKA TAKA Balance of Life Fund at the beginning of the year 1,058,860,529 794,664,430 Add: Prior year Adjustment 30,248,198 - 1,089,108,727 794,664,430 PREMIUM LESS RE-INSURANCE: 22.00 First Year Premium-IPL 185,542,930 141,062,355 First Year Premium-PB 87,543,378 69,684,012 First Year Premium-IJB (Takaful) 112,418,312 37,801,608 First Year Premium-PIBD 38,412,017 28,667,116 First Year Premium-IDPS 46,779,043 45,305,500 First Year Premium -PUD 16,018,361 - 486,714,041 322,520,591 Renewal Premium-IPL 210,015,878 134,900,000 Renewal Premium-PB 163,682,413 125,694,160 Renewal Premium - IJB (Takaful) 25,091,176 7,787,198 Renewal Premium-PIBD 31,239,865 15,696,301 Renewal Premium - IDPS 30,268,605 19,728,700 Renewal Premium - PUD 133,323 - 460,431,260 303,806,359 Group Insurance Premium-Life Group Insurance Premium-Health 90,589,499 59,883,684 67,569,557 50,257,824 158,159,056 110,141,508 Gross Premium Less: Re-Insurance Premium 1,105,304,357 736,468,458 21,543,497 10,824,183 Net Premium 1,083,760,860 725,644,275 Interest, Dividends and Rents 23.00 160,614,291 166,970,893 Other Income 24.00 3,312,154 3,571,230 Total 2,336,796,032 1,690,850,828
2009 2008 TAKA TAKA First year premium, where the maximum premium paying period is: Single 10,714,732 14,323,605 Two Years - - Three Years - - Four Years 8,470 6,050 Five Years 72,001 17,905 Six Years 12,906 8,840 Seven Years 4,859,424 9,127,806 Eight Years 73,282 36,400 Nine Years 43,735 21,120 Ten Years 136,713,377 110,670,727 Eleven Years 1,136,902 772,219 Twelve Years & Above 333,079,212 187,535,919 Total 486,714,041 322,520,591
( Rahman Mustafiz Haq & Co. ) Dated: Dhaka, 19 June, 2010 CHARTERED ACCOUNTANTS Financial Statements Financial
46 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Revenue Account For the year ended December 31, 2009
EXPENDITURE NOTES 2009 2008 TAKA TAKA
CLAIMS UNDER POLICIES (INCLUDING PROVISION FOR CLAIMS DUE OR INTIMATED), LESS RE-INSURANCE: 21.00 By Death 33,418,593 30,170,771 By Maturity 25,901,426 12,369,928 By Disability 735,650 82,818 By Surrender 699,946 1,351,087 By Survival Benefit 57,263,065 43,116,492 By Survival Profit 8,672 104,003 By Hospitalization 55,354,004 45,324,520 173,381,356 132,519,619 Profit Commission 13,451,005 381,228 186,832,361 132,900,847
EXPENSES OF MANAGEMENT: Commissions: a) Commissions to Insurance Agents (Less that on Re-Insurance) 229,760,176 148,120,263 b) Allowances and Commission (Other than Commission Including in sub-item (a) Preceding) 202,875,813 146,753,076 432,635,989 294,873,339
Salaries etc. (Other than to Agents and those Contained in the Allowance and Commission) 85,536,369 76,068,257 Travelling and Conveyance 3,831,104 3,333,276 Directors' Fees 1,218,425 593,400 Auditors' Fees 150,000 125,000 Medical Fees 352,140 565,376 Legal & Professional Fees 1,078,459 797,895 Insurance Policy Stamp 5,320,923 4,023,670 Advertisement and Publicity 3,276,210 7,172,350 Printing and Stationery 6,586,633 5,304,737 Office Rent 28,592,322 19,865,813 Bank Charges 6,100,529 3,096,859 Repairs and Maintenance 6,968,394 1,786,433 Car Fuel,Maintenance & Repairs 9,294,372 10,798,569 Group Insurance Premium 621,177 729,316 Hospitalization Insurance Premium 406,558 402,614 Papers,Periodicals and Books 351,429 277,635 Telephone, Fax and Internet 1,748,807 3,359,575 Electricity & Utility Expenses 2,082,785 1,612,274 Training and Recruitment Expenses 102,822 315,118
( Rahman Mustafiz Haq & Co. ) Dated: Dhaka, 19 June, 2010 CHARTERED ACCOUNTANTS Financial Statements Financial
Pragati Life Insurance Ltd. Annual Report 47 TRUST US FOR LIFE
Revenue Account For the year ended December 31, 2009
EXPENDITURE NOTES 2009 2008 TAKA TAKA
Entertainment 1,408,367 2,223,685 General Insurance Premium 140,147 129,547 Postage and Courier 1,089,555 1,047,625 Business Development Expenses 989,500 1,771,056 Company Registration Fee 2,577,640 1,989,258 Stamps & Forms 534,306 415,584 Fees Subscriptions and Donation 416,089 640,240 Conference 4,600,681 1,822,913 AGM Expenses 825,053 1,621,387 Meeting, Seminar & Symposium 1,235,041 1,262,023 Staff Welfare Expenses 379,781 42,105 Depreciation on Fixed Assets 20,782,498 13,274,325 Transfer to Share Value Fluctuation A/C - 30,248,198 Dividend 7,500,000 7,500,000 206,098,116 204,216,113 638,734,105 499,089,452
Balance of the fund at the end of the year as shown in the Balance Sheet 1,511,229,566 1,058,860,529
Total 2,336,796,032 1,690,850,828
The annexed Notes 1 to 33 form an integral part of these Financial Statements
CHAIRMAN DIRECTOR DIRECTOR MANAGING DIRECTOR
( Rahman Mustafiz Haq & Co. ) Dated: Dhaka, 19 June, 2010 CHARTERED ACCOUNTANTS Financial Statements Financial
48 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Form-"AA" Classified Summary of the Assets in Bangladesh As on December 31, 2009
Class of Assets Book Value Remarks
Investment: Statutory Deposit with Bangladesh Bank 4,000,000 At cost Bangladesh Govt. Treasury Bond 417,300,000 At cost Investment in Shares 338,056,908 At cost Loans (on Policies within their surrendar value) 3,746,933 Realizable value
Cash, Bank & Other Balances: On Fixed Deposit with Banks 231,042,783 Realizable Value Cash in Hand, STD & Current Account with Banks 186,421,018 Realizable Value Collection in Hand 113,549,200 Realizable value Agents' Balances 153,992 Realizable value Interest, Dividends & Rents accrued but not due 25,946,769 Realizable value
Other Assets: Stamps, Printing & Stationery in Hand 5,241,284 At Cost Outstanding Premium 174,974,410 Realizable Value Advances, Deposits, Loans & Sundry Debtors 156,094,455 Realizable Value Fixed Assets (At cost less depreciation) 83,206,089 Depreciated Value
Taka 1,739,733,841
CHAIRMAN DIRECTOR DIRECTOR MANAGING DIRECTOR
( Rahman Mustafiz Haq & Co. ) Dated: Dhaka, 19 June, 2010 CHARTERED ACCOUNTANTS Financial Statements Financial
Pragati Life Insurance Ltd. Annual Report 49 TRUST US FOR LIFE
Statement of Life Insurance Fund As Per Sub -Section-2 of Section-10 of Insurance Act 1938 As on December 31, 2009 “Annexure-I”
Particulars TAKA TAKA
Assets: Loans- on Policies within their surrendar Value 3,746,933 Investment- National Investment Bond (NIB) 4,000,000 Investment- Bangladesh Govt.Treasury Bond 417,300,000 Investment in Shares 338,056,908 Agents' Balance 153,992 Outstanding Premium 174,974,410 Interest, Dividends & Rents accrued but not due 25,946,769 Advances, Deposits & Sundry Debtors 156,094,455 Cash & Bank Balances 531,013,001 Stamps, Printing and Stationery in hand 5,241,284 Fixed Assets (at cost less depreciation) 83,206,089 1,739,733,841
Less: Liabilities Amount due to Other Persons or Bodies Carrying on insurance business 18,353,311 Estimated liabilities in respect of Outstanding Claim whether due or intimated 27,841,646 Sundry Creditors 90,699,526 Premium Deposits 16,609,792 153,504,275 Gross Fund 1,586,229,566 Less: Shareholders' Capital (Paid-up Capital) 75,000,000 Life Insurance Fund as on December 31,2009 1,511,229,566
Note: Accretion to Life Insurance Fund during the year was Tk. 422,120,839.
CHAIRMAN DIRECTOR DIRECTOR MANAGING DIRECTOR
( Rahman Mustafiz Haq & Co. ) Dated: Dhaka, 19 June, 2010 CHARTERED ACCOUNTANTS Financial Statements Financial
50 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Statement of Cash Flow For the year ended December 31, 2009
Particulars 2009 2008 TAKA TAKA
A. CASH FLOW FROM OPERATING ACTIVITIES: Collection from premium 1,097,689,675 759,728,011 Other Income received 642,509 373,463 Payment for Claims (178,812,541) (126,551,275) Payment for managent expenses, commission, re-insurance & others (684,764,964) (415,347,457) Source Tax (Income Tax) deducted (3,832,225) (2,163,219) Net cash flow from operating activities 230,922,454 216,039,523
B. CASH FLOW FROM INVESTING ACTIVITIES: Acquisition of Fixed Assets (39,661,583) (36,364,768) Disposal of Fixed Assets 3,088,173 3,389,787 Loan against Policies paid (Net of Realiazation) (769,427) (462,590) Investments made (222,459,472) (309,009,771) Interest, Dividends and Rents Received 161,872,502 164,833,862 Net Cash Flow from investing activities (97,929,807) (177,613,480)
C. CASH FLOW FROM FINANCING ACTIVITIES: Dividend Paid (7,962,902) (6,089,511) Excess subscription against IPO refunded (175,013) (65,026) Net Cash Flow from financing activities (8,137,915) (6,154,537)
D. Net increase in cash and cash equivalents (A+B+C) 124,854,732 32,271,506
E. Cash and Cash Equivalents at the beginning of the year 406,158,269 373,886,763
F. Cash and Cash Equivalents at the end of the year (D + E) 531,013,001 406,158,269
CHAIRMAN DIRECTOR DIRECTOR MANAGING DIRECTOR
( Rahman Mustafiz Haq & Co. ) Dated: Dhaka, 19 June, 2010 CHARTERED ACCOUNTANTS Financial Statements Financial
Pragati Life Insurance Ltd. Annual Report 51 TRUST US FOR LIFE
Notes to the Financial Statements For the year ended December 31, 2009 1.00 LEGAL STATUS AND NATURE OF BUSINESS 1.01 Status Pragati Life Insurance Limited is a third generation life insurance company established on 30th January 2000 as a public limited company under the Companies Act 1994 and registered under the Department of Insurance on 11th April 2000 under the Insurance Act 1938. The Company went for public issue in November 2005 and its shares are listed in both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd. The registered office of the Company is situated at Pragati Insurance Bhaban, 20-21, Kawran bazar (3rd, 5th & 6th floor), Dhaka 1215. 1.02 Nature of Business The Company is engaged in the life insurance, pension and health business since its incorporation. The Company offers a wide variety of insurance products which fulfils the requirements of Present and Prospective Policy holders. The product portfolio of the Company feeds the following insurance lines: a) Individual Life Insurance, b) Group Insurance, c) Health Insurance, d) Micro-Insurance (Rural Insurance), e) Islami Jibon Bima (Takaful), f) Islami Deposit pension scheme (IDPS), g) Urban Project. 2.00 BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE 2.01 Statement of Compliance The basis of presentation and disclosures of information are based on the relevant and applicable requirement of the: Insurance Act, 1938, Insurance Rules, 1958, Companies Act, 1994, Securities and Exchange Commission (SEC) Rules, 1987, Income Tax Ordinance 1984, Listing Regulations of Dhaka and Chittagong Stock Exchange and Bangladesh Accounting Standards (BAS) 2.02 Basis of Presentation Financial Statements have been prepared on the historical cost basis except as disclosed in the accounting policies mentioned below. 2.03 Reporting currency and level of precision The financial statements are prepared in Bangladeshi Taka, which is the Company’s functional currency. All financial information presented has been rounded off to the nearest taka. Figures in brackets indicate deduction. 2.04 Use of estimates and judgment The preparation of financial statements requires Management to make judgments, estimates and assumptions that effect the application of accounting policies and the reported amount of assets, liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised. The areas where required assumptions and estimates are significant to the Company’s financial statements or where Judgment was exercised in application of accounting policies are as follows: Notes to the Financial Statements the Financial to Notes
52 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
a) Useful life of depreciable assets. b) Impairment of assets. c) Reinsurance recoveries against outstanding claims. d) Provision for income taxes. However, assumptions and judgment made by Management in the application of accounting policies that have significant effect on the financial statement are not expected to result in material adjustment to the carrying amount of assets and liabilities in the next year. 2.05 Reporting Period The financial period of the Company covers one year from January 1 to December 31 of the Calendar year and is followed consistently. 2.06 Components of the Financial Statements The Financial Statements include the following components: a) Balance Sheet, b) Revenue Account, c) Cash Flow Statement d) Accounting policies and Explanatory Notes. 2.07 Impairment The carrying amounts of the Company’s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If such indication exists the asset recoverable amount is estimated. An impairment loss is recognized wherever the carrying amount of the asset exceeds it recoverable amount. 3.00 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently in these financial statements. 3.01 Revenue Recognitions 3.1.1 Premium 3.1.1.1 Individual life policies First year premium is recognized when premium is received and the relevant policy is issued. Subsequent premium falling due under the policy is recognized as Renewal premium. 3.1.1.2 Group policies The premiums of Group policies are recorded after receipt of the premiums. 3.1.2 Investments – Interest, Dividends and Rents Interest, dividends and rents etc. are accounted at gross value (before deduction of Income tax) Investments in Government securities-National Investment Bond (NIB), Bangladesh Government Treasury Bond (BGTB) are stated at cost and Fixed Deposit Receipt (FDR) are stated at realizable values and investment in Shares are stated at their cost of acquisition with adequate provision for fluctuation in share price on the basis of the year-end all share price index of Dhaka Stock Exchange (DSE). Interest incomes on investments are recognized on accrual basis for the number of days these are held taking into account effective yield on the instruments. Dividend income is accounted for when the dividend is received. Profit/ (loss) arising on the sale of listed equity shares is recognized on the basis of the settlement date. Loans against the security of life insurance polices are allowed to the policyholders to the extent of 90% of surrender value of the respective policy provided the policy has been in force for not less than two years. Interest on policy loans is accounted on cash basis. 3.02 Re-insurance The company maintains reinsurance arrangement with Munich Reinsurance company, Germany since its inception. The net retention of the company for individual life is Tk. 2.0 lac per policy and for Group life Tk. 7.0 lac per person of risk. Reinsurance premium is recorded as an expense evenly over the period of the reinsurance contact and off-set against the premium income of respective year. The claim recoveries arising out of reinsurance contracts are off-set against the claims expenses of respective year. Notes to the Financial Statements the Financial to Notes
Pragati Life Insurance Ltd. Annual Report 53 TRUST US FOR LIFE
3.03 Recognition of Fixed Assets - Tangible These are capitalized at cost of acquisition and subsequently stated at cost less accumulated depreciation and impairment losses (if any). 3.04 Depreciation on Fixed Assets - Tangible Depreciation is calculated on straight-line method to write off the assets over their expected useful lives. Depreciation on additions made during the year is charged from the following month in which the new assets are acquired. Depreciation on disposal of assets is made up to the month prior to the disposal. Gains and losses on disposal of Fixed Assets are included in current year’s income and expenses respectively. Major repairs and renewals are capitalized in the year in which these are incurred. Methods and rates of computing depreciations are consistently applied. The annual depreciation rates applied to the principal categories of assets are as follows:
Category of Assets Rate of Depreciation
Furniture & Fixture 10% and (20% for signboards only) Electrical & office Equipment 20% and 15% Vehicles 20% Computer 20% Other Equipment 20%
3.05 Stamps, Printing and Stationary in hand Stocks of stamps, printing and stationary materials etc in hand are valued at cost determined on average basis. 3.06 Taxation i) The company is engaged in life insurance business and its taxation is based on taxable income determined under the fourth schedule of the income Tax ordinance 1984. ii) No provision for tax has been made during the year as the company has sufficient assessed loss to carry over. iii) As the profits and gains of the insurance business from all sources are to be computed in accordance with the provision in the Fourth Schedule of the Income Tax Ordinance and not under different heads of income, the Management feels it is not necessary to make estimate of deferred tax assets/liabilities at this stage as per the provision of BAS-12. 3.07 Commission These are direct cost incurred in acquiring and maintaining insurance policies. Commission to insurance agents (less that on re-insurance) is classified under first year commission, Renewal commission and Group business commission. Allowance and commission (other than commission to insurance agents) represent all forms of remuneration and incentives paid to certain development officers, field force staff and insurance agents. 3.08 Claims Claims costs consist of the policy benefit amount and claims settlement costs, where applicable. Claims by maturity and survival are recorded when these become due for payment. Death claims are accounted for when intimated. Group Insurance claims are paid according to the terms of policy of the individual agreement. Provision for outstanding death claims less any reinsurance thereof is made for those policies where the intimation of death has been received up to December 31, 2009. Notes to the Financial Statements the Financial to Notes
54 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
3.09 Premium Deposits Premium deposit represents receipts in advance which cannot be appropriated towards premium before taking the underwriting decision and hence policies were not issued/ adjusted within December 31, 2009. 3.10 Provisions A provision is recognized on the balance sheet date if, as a result of past events, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. 3.11 Cash Flow Statement Cash flow statement has been prepared on direct method in accordance with BAS-7. Cash flows from operating activities have been presented under direct method. Cash and cash equivalents comprise cash in hand, cash at banks including FDR’s, which were held available for use of the company without any restriction and it also includes collection in hand which were collected in full. 3.12 Contingencies Contingencies arising from claim, litigation, assessment, fines, penalties, etc. are recorded when it is probable that a liability has been incurred and the amount can reasonably be measured. 3.13 Employees Benefit Plans 3.13.1 Provident Fund The Company operates a recognized contributory provident fund for all its permanent employees. The provident fund is administered by the Board of Trustee and is funded by contributions from employees and from the company @ 10% of the basic pay each. These contributions are invested separately from the Company’s business. 3.13.2 Gratuity The company has an unfunded gratuity scheme for all its permanent employees under which an employee is entitled to the benefit depending on length of services with the company. 3.13.3 Group & Health Insurance The company operates Group and Health insurance schemes for its permanent employees. Defined benefits are provided to cover employees at death, hospitalization, accident and incapacitation. 3.14 Resposibility for Preperation and Presentatin of Financial Statements The board of directors is responsible for preparation and presentation of financial statements U/S 183 of the Companies Act 1994 and as per the provision of “the framework for the preparation and presentation of financial statements “ issued by the International Accounting Standards Committee (IASC)as adopted by ICAB.
4.00 Issued, subscribed & paid up-share capital:Tk.75,000,000
2009 2008
750,000 ordinary shares of Tk 100 each fully paid in cash 75,000,000 75,000,000 Taka 75,000,000 75,000,000
4.01 Classification of Shareholders by holding as on December 31, 2009
Group No. of Shares Percentage (%) 2009 2008 2009 2008 i) Sponsor a. Local 300,000 300,000 40.00 40.00 b. Foreign - - - - ii) General Public 223,888 211,788 29.85 28.24 iii) Institutions 226,112 238,212 30.15 31.76 Total 750,000 750,000 100.00 100.00 Notes to the Financial Statements the Financial to Notes
Pragati Life Insurance Ltd. Annual Report 55 TRUST US FOR LIFE
4.02 Distribution Schedule of Shareholdings:
Shareholding Range No. of Shareholders No. of Shares Percentage (%) As on December 31 2009 2008 2009 2008 2009 2008 1-499 778 634 66,184 44,438 8.83 5.92 500-999 42 32 27,650 21,700 3.69 2.89 1000-1999 21 19 26,012 23,100 3.47 3.08 2000-2999 8 7 17,650 15,050 2.35 2.01 3000-3999 6 2 18,450 6,500 2.46 0.87 4000-4999 2 4 8,200 17,850 1.09 2.38 5000 and above 33 34 585,854 621,362 78.11 82.85 Total 890 732 750,000 750,000 100.00 100.00
5.00 Life Insurance Fund: Tk.1,511,229,566 This consists of the accumulated balance of revenue surplus upto December 31,2009
Particulars 2009 2008
Balance as on 1 January 1,089,108,727 794,664,430 Add: Increase in Life Revenue A/C during the year 422,120,839 264,196,099 Balance as on 31 December 1,511,229,566 1,058,860,529
6.00 Estimated Liabilities in Respect of Outstanding Claims Whether Due or Intimated: Tk. 27,841,646 The above balance is made up as follows:
Particulars 2009 2008
Opening balance as on 1 January 19,821,826 13,472,254 Add: Addition during the year 27,546,605 22,609,592 47,368,431 36,081,846 Less : Paid/Adjusted during the year 19,526,785 16,260,020 Taka 27,841,646 19,821,826
7.00 Amount Due to Other Persons or Bodies Carrying on Insurance Business: Tk.18,353,311 The above balance is made up as follows:
Particulars 2009 2008
Munich Reinsurance Company 18,352,272 13,091,709 Shadharan Bima Corporation 1,039 1,039 Taka 18,353,311 13,092,748 Notes to the Financial Statements the Financial to Notes
56 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
8.00 Sundry Creditors: Tk. 90,699,526 The above balance is made up as follows:
Particulars Note 2009 2008
Auditors’ Fee 8.01 260,400 235,400 Tax and VAT 8.02 2,557,999 133,965 Insurance Policy Stamp 1,337,620 1,027,620 License Stamp 3,283,079 2,859,271 Commission & Allowance 8.03 73,057,218 34,731,076 Utility Bills 8.04 199,059 218,646 Staff Salary & Allowances 542,525 424,667 Office Rent 8.05 1,343,616 379,300 Other Deposits (Short Deposit) 107,058 68,354 Advance against ID Card 8,000 7,900 Other Liabilities 68,639 68,639 Insurance Funds 8.06 - 5,045,990 Other Creditors 255,097 - Employees Provident Fund 1,621,402 1,032,254 Group Endowment Scheme Payable 27,475 27,475 Security Deposit-Employee 2,295,000 3,038,000 Share Application Money Deposit 2,141,242 2,316,255 Security Deposit-Supplier 238,000 203,000 Unpaid Dividend 8.07 1,232,531 1,695,433 Unidentified Deposits 123,566 123,566 Taka 90,699,526 53,636,811
8.01 Auditors’ Fee: TK. 260,400 The above balance is made up as follows: Particulars 2009 2008
Special Audit 180,400 160,400 External Audit 80,000 75,000 Taka 260,400 235,400
8.02 Income Tax (IT) and VAT: Tk. 2,557,999 The above balance is made up as follows: Particulars 2009 2008
i) IT -Employee Salaries 10,270 10,270 ii) IT -Rent 40,541 - iii) VAT -Suppliers 2,278,249 63,415 iv) IT -Commission 226,372 58,600 v) IT -Supplier 2,567 1,680 Taka 2,557,999 133,965
IT and VAT deducted at source have been paid subsequently. Notes to the Financial Statements the Financial to Notes
Pragati Life Insurance Ltd. Annual Report 57 TRUST US FOR LIFE
8.03 Commission & Allowances: Tk. 73,057,218 The above balance is made up as follows: Particulars 2009 2008
Commission-IPL 39,040,711 16,757,226 Development Allowance-PB 24,913,826 9,200,000 Development Salary-PB 1,429,116 220,000 Development Salary/Release-IPL 1,875,850 950,980 Bonus -IPL 1,950,957 - Commission-Group 244,086 - Development Salary-IDPS 3,392,791 7,031,270 Development Allowance-IDPS 209,881 571,600 Taka 73,057,218 34,731,076
8.04 Utility Bills: Tk. 1,99,059 The above balance is made up as follows: Particulars 2009 2008
Electricity 122,857 127,464 WASA 32,541 30,497 Telephone 43,661 60,685 Taka 199,059 218,646
The above amount have been subsequently paid in full. 8.05 Office Rent: Tk. 1,343,616 The above balance is made up as follows: Particulars 2009 2008
Office Rent -HO 1,164,516 - Office Rent -IPL 179,100 379,300 Taka 1,343,616 379,300
8.06 Insurance Fund: Tk. Nil Insurance fund for development officers of Pragati Bima and Pragati Islami Bima Division which was funded by contribution from both development officers and the Company. During the year all claims were settled among Development officers. This fund will not be continued. Particulars 2009 2008 Balance of Fund 5,045,990 3,149,195 Adjustment (5,045,990) 1,896,795 Taka - 5,045,990
8.07 Unpaid Dividend: Tk. 1,232,531 The above balance is made up as follows: This represents dividend warrant issued against dividend for the year 2006-2008 which were not encashed within 31.12.09 Particulars 2009 2008 Year - 2006 209,832 210,373 Year - 2007 500,572 1,485,060 Year - 2008 522,127 - Taka 1,232,531 1,695,433 9.00 Provision for Share Value Fluctuation A/C: Nil The all share price index of DSE was Tk. 3,747.53 on 30 December, 2009.The total market value of the shares at the price index stood at Tk. 344,032,247 against the book value of Tk.332,456,908. For this reason no provision has been made in 2009.The profit or loss on sale of shares is based on cost. Notes to the Financial Statements the Financial to Notes
58 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
10.00 Loans (On Insurers' Polices within their Surrender Value) : Tk. 3,746,933 The above balance is made up as follows: Particulars 2009 2008
Policy Loan (IPL) 2,413,722 1,667,668 Policy Loan (PB) 1,333,211 1,309,838 Taka 3,746,933 2,977,506
11.00 Investment in Statutory Deposit with Bangladesh Bank: Tk. 4,000,000 In compliance with section 7(1) of Insurance Act,1938, the amount has been deposited into Bangladesh Bank for which the Bank has issued 5 years Bangladesh Govt Treasury Bond (BGTB) in favour of the Company with interest @ 11.72% per annum subject to renewal for future term. Interest earned and received during the year has been duly accounted for.
12.00 Investment in Bangladesh Govt. Treasury Bond (BGTB): Tk. 417,300,000 The above balance is made up as follows:
Sl. No. Opening Date Maturity Date BGTB No. 2009 2008
01 01.09.2004 07.06.2014 BDH000000103 5,000,000 5,000,000 02 03.02.2005 06.12.2014 BDH000000426 6,000,000 6,000,000 03 07.03.2005 06.12.2014 BDH000000426 4,000,000 4,000,000 04 05.05.2005 04.04.2015 BDH000000707 10,000,000 10,000,000 05 18.05.2005 04.04.2015 BDH000000707 2,000,000 2,000,000 06 18.08.2005 18.08.2015 BDH000000707 1,000,000 1,000,000 07 16.11.2005 16.11.2015 BDH000000624 10,000,000 10,000,000 08 26.01.2006 26.01.2016 BDH000000939 7,500,000 7,500,000 09 14.05.2006 14.05.2016 BDH000000970 10,000,000 10,000,000 10 23.07.2006 23.07.2016 BDH000001069 4,000,000 4,000,000 11 04.11.2006 04.11.2016 BDH000001424 8,000,000 8,000,000 12 10.01.2007 10.01.2017 BDH000001762 15,000,000 15,000,000 13 10.01.2007 10.01.2017 BDH000001762 5,000,000 5,000,000 14 05.12.2007 05.12.2017 BDH000002265 50,000,000 50,000,000 15 03.09.2008 03.09.2018 BDH000002356 20,000,000 20,000,000 16 05.11.2008 05.11.2018 BDH000002372 35,000,000 35,000,000 17 04.03.2009 04.03.2019 BDH000002414 12,000,000 - 18 07.01.2009 07.01.2019 BDH000002398 7,000,000 - 19 04.03.2009 04.03.2019 BDH000002414 9,400,000 - 20 03.09.2009 03.09.2018 BDH000002356 30,000,000 - 22 22.07.2009 22.07.2014 BDH000002382 50,000,000 - 23 07.10.2009 07.10.2019 BDH000002497 20,000,000 - 24 18.11.2009 18.11.2014 BDH000002424 10,000,000 - 25 18.11.2009 18.11.2014 BDH000002424 15,400,000 - 26 17.12.2009 17.12.2014 BDH000002432 30,000,000 - 27 17.12.2009 17.12.2014 BDH000002432 10,000,000 - 28 17.12.2009 17.12.2014 BDH000002432 20,000,000 - 29 17.12.2009 17.12.2014 BDH000002432 6,000,000 - 30 17.12.2009 17.12.2014 BDH000002432 5,000,000 - Taka 417,300,000 192,500,000
13.00 Investment in Shares: Tk. 338,056,908 The above balance is made up as follows:
Number *Average Cost Total Book **Average Market Total Market Sl. Name of the Company No. of per unit (TK.) Value at Cost Value per unit Value (TK.) Share (TK.) as on 31-12-09 1 AB Bank Limited 1 982.98 982.98 1,176.50 1,176.50 2 Apex Weaving Limited 5,300 334.23 1,771,419.00 133.25 706,225.00 Notes to the Financial Statements the Financial to Notes
Pragati Life Insurance Ltd. Annual Report 59 TRUST US FOR LIFE
Number *Average Cost Total Book **Average Market Total Market Sl. Name of the Company No. of per unit (TK.) Value at Cost Value per unit Value (TK.) Share (TK.) as on 31-12-09 3 Apex Tannery Limited 15,090 1,157.09 17,460,455.10 1,192.50 17,994,825.00 4 Bank Asia Limited 24 50.00 1,200.00 426.75 10,242.00 5 Brac Bank Limited 24,873 689.69 17,154,551.97 687.50 17,100,187.50 6 Beximco Limited 32,100 305.59 9,809,473.00 309.30 9,928,530.00 7 Bextex 47,000 93.27 4,383,690.00 81.40 3,825,800.00 8 BSRM 20,500 965.76 19,798,035.00 1,021.50 20,940,750.00 9 BGIC 10,340 540.31 5,586,805.40 539.00 5,573,260.00 10 DESCO 15,700 1,525.82 23,955,320.00 1,505.75 23,640,275.00 11 Daffodil Com 20,000 83.75 1,675,000.00 51.90 1,038,000.00 12 Dacca Dye 40,000 53.36 2,134,400.00 54.20 2,168,000.00 13 Eastern Cables 200 758.03 151,606.00 687.75 137,550.00 14 East Land Insurance Limited 38,060 966.32 36,778,134.00 932.00 35,471,920.00 15 Farest Islami Life Insurance Limited 2,427 2,301.52 5,585,793.42 2,599.50 6,308,986.50 16 Fuwang Ceramic 19,400 428.31 8,309,165.00 389.75 7,561,150.00 17 Fuwang Foods 126,000 61.78 7,784,014.03 54.10 6,816,600.00 18 Green Delta Insurance Limited 12,190 1,848.90 22,538,048.20 1,669.75 20,354,252.50 19 IBBL Bond 2,890 1,077.22 3,113,165.80 989.50 2,859,655.00 20 IFIC 1,000 872.21 872,210.00 920.25 920,250.00 21 IPDC 5 457.75 2,288.75 451.00 2,255.00 22 Janata Ins. Limited 14,520 1,018.85 14,793,750.40 916.25 13,303,950.00 23 Lafarge Surma Cement Limited 24,450 574.41 14,044,324.50 505.00 12,347,250.00 24 Lanka Bangla Finance Limited 195 241.85 47,160.75 313.80 61,191.00 25 Meghna Life Insurance Limited 14,765 2,037.84 30,088,758.85 1,953.75 28,847,118.75 26 Marcantile Ins.Limited 7,100 351.97 2,498,987.00 512.25 3,636,975.00 27 National Life Insurance Limited 2 3,154.49 6,308.98 3,708.00 7,416.00 28 National Bank Limited 2,085 551.23 1,149,314.55 646.25 1,347,431.25 29 Northan Ins. Limited 150 418.45 62,767.50 510.00 76,500.00 30 Nitol Insurance Limited 1,200 629.88 755,856.00 610.00 732,000.00 31 One Bank Limited 46 338.32 15,562.72 458.00 21,068.00 32 Orion Infusion Ltd. 15,680 695.50 10,905,420.00 727.25 11,403,280.00 33 Power Grid Bangladesh Limited 8,000 637.23 5,097,840.00 723.75 5,790,000.00 34 Pragati General Insurance Limited 18,559 671.72 12,466,451.48 1,518.25 28,177,201.75 35 Premier Bank Limited 48 296.32 14,223.36 330.25 15,852.00 36 Prime Finance 14 1,023.72 14,332.08 1,860.25 26,043.50 37 Prime Life Insurance Limited 13,364 1,679.80 22,448,847.20 1,966.50 26,280,306.00 38 People Insurance Limited 9,850 1,036.35 10,208,047.50 1,002.75 9,877,087.50 39 Phoenix Finance 4,150 1,186.30 4,923,145.00 1,261.50 5,235,225.00 40 Purabi General Ins. Ltd. 2,050 1,033.88 2,119,454.00 1,133.75 2,324,187.50 41 Rupali Life Ins. Com 2,600 1,580.28 4,108,732.00 1,655.00 4,303,000.00 42 Square Pharma Ltd. 856 3,021.71 2,586,585.84 2,861.00 2,449,016.00 43 Shajalal Islami Bank Limited 305 268.19 81,797.92 382.50 116,662.50 44 Social Investment Bank Limited 147 237.87 34,966.89 308.00 45,276.00 45 Standard Bank Limited 1,214 207.36 251,735.04 332.25 403,351.50 46 Summit Power Ltd. 45 1,213.31 54,598.95 1,211.00 54,495.00 47 Titas Gas Transmission & Distribution Ltd. 350 597.47 209,114.50 686.50 240,275.00 48 United Commercial Bank Ltd.. 719 4,682.06 3,366,404.29 3,190.00 2,293,610.00 49 Union Capital 540 97.87 52,849.80 126.20 68,148.00 50 Usmania Glass 80 2,297.67 183,813.60 2,355.50 188,440.00 51 CDBL 1 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 52 Jamuna Resort 56,000 100.00 56,00,000.00 100.00 56,00,000.00 Total 338,056,908 349,632,247 * Total book value at cost has been divided by the number of unit. ** The total market value (as per price index of DSE) of the above shares as on 30 December, 2009 stood at Tk.349,632,247 against the book value of Tk. 338,056,908. *** During the year 2009, we have received 56,000 shares of Tk. 100 each from Jamuna Resort Ltd. against our advance. Notes to the Financial Statements the Financial to Notes
60 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
14.00 Outstanding Premium: Tk. 174,974,410 The above balance is made up as follows:
Particulars 2009 2008
Outstanding Premium- IPL 109,478,563 97,594,440 Outstanding Premium- PB 29,041,467 40,215,447 Outstanding Premium- Group Life 370,174 252,065 Outstanding Premium- Group Health 4,353,126 847,039 Outstanding Premium- Takaful 14,028,112 7,747,769 Outstanding Premium- IDPS 17,702,968 20,702,968 Taka 174,974,410 167,359,728
The amount represents premium receivable as on 31 December 2009 for which grace periods did not expire as on the above date. Most of the outstanding premium amount have been realized subsequently.
15.00 Interest, Dividends and Rents Accruing but not Due: Tk. 25,946,769 The above balance is made up as follows:
Particulars Note 2009 2008
Interest on Fixed Deposit Receipt (FDR) 15.01 14,960,485 20,947,849 Interest on National Investment Bond (NIB) 15.02 - 867,233 Interest on Bangladesh Government Treasury Bond (BGTB) 10,079,070 4,810,172 Interest on term loan to Jamuna Resort 907,214 579,726 Taka 25,946,769 27,204,980
15.01 Interest on FDR: Tk. 14,960,485 The above balance is made up as follows:
Particulars 2009 2008
Opening balance as on 1 January 20,947,849 20,732,412 Add : Interest accrued during the year 19,458,805 12,644,083 40,406,654 33,376,495 Less : Received during the year 25,446,169 12,428,646 Taka 14,960,485 20,947,849
15.02 Interest on NIB: Tk. Nil The above balance is made up as follows:
Particulars 2009 2008
Opening balance as on 1 January 867,233 527,233 Add : Interest accrued during the year - 340,000 867,233 867,233 Less : Received during the year 867,233 - Taka Nil 867,233 Notes to the Financial Statements the Financial to Notes
Pragati Life Insurance Ltd. Annual Report 61 TRUST US FOR LIFE
16.00 Advances, Deposits, Loans and Sundry Debtors: Tk. 156,094,455 The above balance is made up as follows:
Particulars Note 2009 2008
Advance Income Tax 16.01 13,147,723 9,315,498 Tax Refund Due 16.02 1,783,600 1,783,600 Advance against Office Rent 16.03 33,595,139 2,833,669 Advance against Development Salary 2,599,135 1,584,383 Advance for Purchases of Furniture 124,669 124,669 Security Deposit 68,660 68,660 Advance against Mobile Phone 61,932 87,360 Advance against Expenses 16,732,482 210,566 Advance against Salary 103,606 64,381 Short Term Loan 16.04 2,500,000 2,500,000 Bi-Cycle Loan 172,129 842,401 Motor Cycle Loan 3,103,993 3,586,598 Advance Commission (Group) 100,000 100,000 Advance against Stationary 2,000 2,000 Postal Security 4,793 13,662 Jamuna Resort Ltd. 16.05 3,086,000 8,686,000 Advance against Land Purchases 16.06 500,000 500,000 Advance against Share 5,000,000 - Eminent Securities Ltd. 16.07 66,136,226 8,317,128 Lanka Bangla Securities Ltd. 2,765,710 35,049 Multi Securities Ltd. 1,166,414 713,769 Other Receivables 3,210,244 336,746 Sundry Advances 130,000 30,000 Total 156,094,455 41,736,139
16.01 Advance Income Tax : Tk. 13,147,723 The above balance is made up as follows:
Particulars 2009 2008
FDR 6,358,196 3,861,038 STD 2,736,709 2,373,332 NIB 306,000 306,000 BGTB 2,949,500 2,303,500 Dividend 797,318 471,628 Taka 13,147,723 9,315,498
16.02 Tax Refund Due: Tk. 1,783,600 The above balance is made up as follows: Particulars 2009 2008 Income Tax Refund Due 1,783,600 1,783,600 Taka 1,783,600 1,783,600
This represents net income tax refundable to the Company for the assessment years upto 2007-2008 as per tax assessment orders to the Company. The assessments of the income tax of the Company for the assessment years 2008-2009 and 2009-2010 are in progress. Notes to the Financial Statements the Financial to Notes
62 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
16.03 Advance Against Office Rent: Tk. 33,595,139 The above balance is made up as follows: Particulars 2009 2008
Opening balance as on 1 January 2,833,669 1,239,264 Add: Advance paid during the year 36,022,180 4,162,885 38,855,849 5,402,149 Less: Adjustment during the year 5,260,710 2,568,480 Taka 33,595,139 2,833,669
16.04 Short Term Loan: Tk. 2,500,000 The above balance is made up as follows: Particulars 2009 2008 Jamuna Resort Ltd. 2,500,000 2,500,000 Taka 2,500,000 2,500,000
This represents short-term loan paid to Jamuna Resort Ltd. @ 16% interest per annum up to 2008 and @ 10% for 2009. Provision for accrued interest has been made during the year.
16.05 Advance to Jamuna Resort Ltd.: Tk. 3,086,000 The above balance is made up as follows: Particulars 2009 2008 Advance to Jamuna Resort Ltd. 8,686,000 8,686,000 Less: Share Received Taka 56,00,000 - 3,086,000 8,686,000
This represents advance against the equity participation in the capital of the Company.
16.06 Advance against Land Purchases: Tk. 500,000 The above balance is made up as follows: Particulars 2009 2008 Advance against Land Purchases 500,000 500,000 Taka 500,000 500,000
This represents advance paid to Jamuna Resort Ltd. for purchase a plot of land.
16.07 Eminent Securities Ltd. : Tk. 66,136,226 This balance represents money lying with the brokerage house at the end of routine and normal investment activities in shares as at December 30,2009.
Particulars 2009 2008
Eminent Securities Ltd. 66,136,226 8,317,128
Taka 66,136,226 8,317,128 Notes to the Financial Statements the Financial to Notes
Pragati Life Insurance Ltd. Annual Report 63 TRUST US FOR LIFE
17.00 Fixed Deposit with Banks (FDR): Tk. 231,042,783 The above balance is made up as follows:
Name of Bank's 2009 2008
NCC Bank Ltd. 11,412,310 10,000,000 Mutual Trust Bank Limited 24,893,106 22,000,000 One Bank Ltd. 24,378,390 21,142,650 Premier Bank Limited 6,757,587 6,757,587 Shahjalal Bank Limited 13,646,370 10,000,000 Dutch Bangla Bank Ltd. 12,276,640 10,000,000 United Commercial Bank Ltd. 17,325,968 11,082,021 ICB Islami Bank Ltd. 3,797,900 4,000,000 Lanka Bangla Finance & Investment Ltd. 7,210,906 5,000,000 Exim Bank Ltd. 6,968,343 5,000,000 Southeast Bank Ltd. 37,952,842 32,564,137 BRAC Bank Ltd. 11,231,875 10,000,000 Prime Bank Ltd. 5,585,043 5,000,000 Bank Al-Falah Ltd. 27,605,503 25,000,000 Delta Brac Housing Finance Corporation Ltd 20,000,000 - Taka 231,042,783 177,546,395
18.00 Short Term Deposit with Banks : Tk 85,690,215 The said bank balance consisting of 70 number of STD Accounts maintained with different banks throughout the country.
19.00 Current Account with Banks : Tk 97,555,057 The said bank balance consisting of 442 number of Current Accounts maintained with different banks throughout the country.
20.00 Collection in Hand: Tk. 113,549,200 The above balance is made up as follows: Particulars 2009 2008
Collection in Hand 113,549,200 16,759,446 Taka 113,549,200 16,759,446
This represents premium collection by different servicing cells and agency offices during the year but lying in hand as of December 31,2009. Entire of the amount was deposited in to banks subsequently.
21.00 Claims Under Policies (Including Provision for Claims due or Intimated) Less Re-Insurance: Tk. 186,832,361 The above balance is made up as follows:
Particulars 2009 2008
Gross Claim 181,561,476 132,764,819 Less : Re-Insurance Claim 8,180,120 245,200 Net Claim 173,381,356 132,519,619 Add: Profit Commission 13,451,005 381,228 Taka 186,832,361 132,900,847 Notes to the Financial Statements the Financial to Notes
64 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
22.00 Premium Less Re-insurance (Net): Tk.1,083,760,860 The above balance is made up as follows:
Type of Premiums Gross Re-Insurance Net Premium Net Premium Premium Ceded 2009 2008
Individual Product Line (IPL) 1st year 185,542,930 492,418 185,050,512 140,669,607 Individual Product Line (IPL) Renewal 210,015,878 306,388 209,709,490 134,288,953 Pragati Bima (PB) 1st year 87,543,378 24,475 87,518,903 69,684,012 Pragati Bima (PB) Renewal 163,682,413 26,936 163,655,477 125,694,160 Group Life 90,589,499 20,639,359 69,950,140 50,064,335 Group Hospitalization 67,569,557 - 67,569,557 50,256,785 Islami Jibon Bima-Takaful, 1st year 112,418,312 - 112,418,312 37,801,608 Islami Jibon Bima-Takaful,Renewal 25,091,176 - 25,091,176 7,787,198 Pragati Islami Bima Division, 1st year 38,412,017 - 38,412,017 28,667,116 Pragati Islami Bima Division, Renewal 31,239,865 - 31,239,865 15,696,301 Islami Deposit Pension Scheme,1st Year 46,779,043 19,271 46,759,772 45,305,500 Islami Deposit Pension Scheme, Renewal 30,268,605 34,650 30,233,955 19,728,700 Pragati Urban Division-IPL1st Year 16,018,361 - 16,018,361 - Pragati Urban Division-IPLRenewal 133,323 - 133,323 - Taka 1,105,304,357 21,543,497 1,083,760,860 725,644,275
23.00 Interests, Dividends and Rents: Tk. 160,614,291 The above balance is made up as follows:
Particulars 2009 2008
Interest on FDR 23,228,482 12,715,958 Interest on NIB 152,767 340,000 Profit on sale of Shares 104,454,878 131,416,104 Interest on BGTB 24,098,254 14,470,324 Interest on Short Term Deposit 3,584,451 3,122,337 Profit on SND Accounts 103,170 39,167 Dividend Received 1,761,525 2,148,165 Interest on Motor Cycle Loan 415,878 446,629 Interest on Bi-Cycle Loan 136,667 178,435 Interest on Mobile Phone Loan 132 169 Interest on Loan 358,803 467,555 Interest on Policy Loan 96,117 92,513 Late Fee 2,220,549 1,532,062 Bond Fee 2,618 1,475 Taka 160,614,291 166,970,893
24.00 Other Income: Tk. 3,312,154 The above balance is made up as follows:
Particulars 2009 2008
Service Charge 315,905 240,428 Miscellaneous Income 326,604 133,035 Profit/(Loss) on sale of vehicles 2,669,645 3,197,767 Taka 3,312,154 3,571,230 Notes to the Financial Statements the Financial to Notes
Pragati Life Insurance Ltd. Annual Report 65 TRUST US FOR LIFE
25.00 Payments/ Perquisites to Directors and Officers The aggregate amount paid/ provided during the year in respect of 'Directors' and 'Officers' of the Company are as follows:
Particulars 2009 2008 Directors Officers Directors Officers Board and Committee meeting Fees 1,218,425 593,400 Basic Salary - 17,962,640 - 15,388,608 Provident Fund - 2,412,510 - 2,278,310 House Rent - 9,409,000 - 7,979,560 Others allowance - 55,752,219 - 50,421,779 Taka 1,218,425 85,536,369 593,400 76,068,257 i) No compensation/ other allowance/ commission was allowed to Directors including Managing Director, Managers and Officers of the Company except as stated above. ii) There is no amount payable to Directors including Managing Director, Managers and Officers of the Company for any sort of commission on purchases, profit or guarantee. iii) Directors' Fee for attending each Board Meeting and Committee Meeting for each Director during the year was Tk.2,500 and Tk. 4,000 respectively. 26.00 Post Balance Sheet Event There was no significant event that has occurred between the balance sheet date and the date when the financial statements are authorized for issue by the Board of Directors except the proposed dividend Tk. 75,00,000 as under: The Board of Directors in its meeting held on 19 June, 2010 has recommended for payment of cash dividend in the amount of Tk. 75,00,000 being @ 10% on paid-up capital out of the surplus available for distribution at the end of the year 2009, as per Actuarial Valuation which is subject to the approval of shareholders in the forthcoming Annual General Meeting of the Company.
27.00 Capital Expenditure Commitment a) There was no capital expenditure contracted or incurred or un provided for at December 31,2009 b) There was no material capital expenditure authorized by the Board but not contracted for at 31st December,2009 28.00 Claim not acknowledged There was no claim not acknowledged as debt as on December 31,2009 29.00 Contingent Asset/Liabilities There was no contingent assets or liabilities of the company as on December 31,2009. 30.00 Number of employees (Companies Act 1994, Schedule-XI part-II)
Particulars 2009 2008 The number of employees and expenses incurred for employees during the year as follows: Number of employees with remuneration: (i) Below Tk. 36,000 p. a. 758 735 (ii) Tk. 36,000 p. a. and above 425 458 Amount in Taka Below Tk. 36,000 p. a. 20,662,174 16,811,084 Tk. 36,000 p. a. and above 64,874,195 59,257,173
31.00 Credit Facility There was no credit facility available to the Company under any contract as on December 31,2009. 32.00 Payment in foreign currency There was no payment in foreign currency during the year. Notes to the Financial Statements the Financial to Notes
66 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
33.00 General i) Previous year figures have been rearranged where necessary to conform to the current year's presentation. ii) IPL, PB, IJB (Takaful), PIBD, IDP, IHP and PUD represents under Individual Product Line, Pragati bima, Islami Jibon Bima (Takaful), Pragati Islami Bima Division, Islami Deposit Pension Scheme and Individual Health Plan, Pragati Urban Division respectively.
CHAIRMAN DIRECTOR DIRECTOR MANAGING DIRECTOR
( Rahman Mustafiz Haq & Co. ) Dated: Dhaka, 19 June, 2010 CHARTERED ACCOUNTANTS
Schedule of Fixed Assets As on December 31, 2009 FIXED ASSETS (At Cost Less Depreciation): Tk. 83,206,089 Schedule - 1
Furniture Electrical Other Particulars & Office Computer Vehicle Total & Equipment Fixture Equipment A. Cost : As at Jan 01,2009 23,103,447 7,994,934 11,543,991 212,606 57,958,580 100,813,558 Addition During the year 4,363,153 3,326,233 1,765,612 41,298 30,165,287 39,661,583 Sale/Adjustment During the Year (56,285) (1,580) (20,000) - (4,973,226) (5,051,091) As at Dec 31, 2009 27,410,315 11,319,587 13,289,603 253,904 83,150,641 135,424,050 B. Depreciation : Rate of Depreciation 10%&20% 20%&15% 20% 20% 20% As at Jan 01,2009 7,561,551 4,597,892 6,282,092 171,140 17,455,351 36,068,026 Charge for the year 2,624,186 1,308,842 1,971,803 29,308 14,848,359 20,782,498 Adjustment During the Year (26,493) - - - (4,606,070) (4,632,563) As at Dec 31,2009 10,159,244 5,906,734 8,253,895 200,448 27,697,640 52,217,961 C. Written Down Value (A-B) As at Dec. 31, 2009 17,251,071 5,412,853 5,035,708 53,456 55,453,001 83,206,089 As at Dec. 31, 2008 15,541,896 3,397,042 5,261,899 41,466 40,503,229 64,745,532
Notes: i) Depreciation has been charged on addition of Fixed Assets from the following month of procurement. ii) Depreciation has been charged on straight line method on the cost of individual assets. Notes to the Financial Statements the Financial to Notes
Pragati Life Insurance Ltd. Annual Report 67 TRUST US FOR LIFE
Certificate under the Insurance Act, 1938
As per Regulations contained in the First Schedule of the Insurance Act, 1938, as amended and 40-B of the said Act, we certify that: 1. The value of investment in shares has been taken at cost. 2. The value of all assets as shown in the Balance Sheet and as classified on Form “AA” annexed have been duly reviewed as on December 31,2009 and in our belief, the said assets have been set forth in the Balance Sheet at amounts not exceeding their realizable or market value under the several headings as enumerated. 3. All expenses of management in respect of Life Insurance Business transacted by the Company in Bangladesh have been fully debited in the Revenue Account as expenses.
CHAIRMAN DIRECTOR DIRECTOR MANAGING DIRECTOR
Dated: Dhaka, 19 June, 2010
68 Annual Report Pragati Life Insurance Ltd.
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Netaji Shuvash Chandra Prize Giving Ceremony
Special Development Meeting of PBL
National Conference 2010
MD’s speech at National Conference 2010
Prize distribution of National Conference 2010
IPL Organizational Conference 2010 Pragati Life Events Life Pragati
70 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Claim Payment of IDPS
Claim Payment of BFF
National Conference 2010
Claim Payment of DSE
Claim Payment of Standard Chartered Bank
Contract Signing with NTV Pragati Life Events Life Pragati
Pragati Life Insurance Ltd. Annual Report 71 TRUST US FOR LIFE
Group Life and Hospitalization Insurance Contract Signing withFeni Soccer Club
Annual Picnic 2010
Group Life and Hospitalization Insurance Contract Signing with Biman
Media Coverage of National Conference 2010
Group Life and Hospitalization Insurance Contract Signing with Agriculture University
Business Development Meeting of IDPS Pragati Life Events Life Pragati
72 Annual Report Pragati Life Insurance Ltd.
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Individual Product Line (IPL)
CHITTAGONG SERVICING CELL DHAKA SERVICING CELL RANGPUR SEVICING CELL Pragati Life Insurance Limited Pragati Life Insurance Limited Pragati Life Insurance Limited Baktiar Center (3rd Floor) Bhuiyan Mansion (4th floor) Uthsorga Bhaban (3rd Floor) Plot No 10, Sholoshaher 2 No Gate 6, Motijheel C/A, Dhaka Station Road Baijet Bostami Road, Rangpur Sadar, Rangpur East Nasirabad, Chittagong JHENAIDAH SERVICING CELL Pragati Life Insurance Limited BARISAL SERVICING CELL FENI SERVICING CELL 45, H.S.S. Road Pragati Life Insurance Limited Pragati Life Insurance Limited Azad Rest House (2nd floor) Barisal Complex (1st Floor) Nurjahan Plaza (4th floor) Jhenaidah Kalibari Sarak, Barisal Sadar 149, Pachgasia Road, Feni Barisal JOYPUR HAT SERVICING CELL LAKSHMIPUR SERVICE CENTRE Pragati Life Insurance Limited THAKURGAON SERVICING CELL Pragati Life Insurance Limited Bari Bhaban (1st Floor) Pragati Life Insurance Limited Bahauddin Yousuf Super Market Sadar Road, Joypurhat Sadar Rahman Villa (Gr. Floor) 154-155, Chalkbazar, Lakshmipur Joypurhat Ashram Para Road (Fakir Para) Sadar, Thakurgaon NOAKHALI SERVICING CELL SYLHET SERVICING CELL Pragati Life Insurance Limited Pragati Life Insurance Limited AGRABAD (CHITTAGONG) Begumganj Thana Shahajalal Plaza (2nd floor) SERVICING CELL Kendrio Shamobay Block-D Plotno-Y, Main Road Pragati life Insurance Ltd Shamiti Bhaban (3rd floor) Shahajalal Upa-Shahor,Sylhet Aziz Court (1st Floor) Post : Choumuhuni 88/89, Agrabad C/A Begumganj, Noakhali JAMALPUR SERVICING CELL Chittagong Pragati Life Insurance Limited MAIJDEE SERVICING CELL Beauty Plaza (3rd Floor) FULBARI (DINAJPUR) SERVICING Pragati Life Insurance Limited Madical Road CELL Hasan Manjil, Holding-763/A Jamalpur Pragati life Insurance Ltd Maijdee Bazar, Noakhali Bazar Road RAYPUR (SADAR)SERVICING CELL Fulbari, Dinajpur. GUNABATI SERVICING CELL Pragati Life Insurance Limited Pragati Life Insurance Limited Akbar Super market (2nd Floor) KAMOLNAGAR (LAXMIPUR) Hasan Super Market (1st Floor) Sonali Bank Road SERVICING CELL Gunabati, Chouddagram Raypur Sadar, Lakshmipur Pragati life Insurance Ltd Comilla Nazir Monzil ( 1st Floor & 2nd Floor) AMISHAPARA SERVICING CELL Char Zangalia, Hazirhat CHANDINA SERVICING CELL Pragati Life Insurance Limited Kamalnagar, Laxmipur. Pragati Life Insurance Limited Amishapara, Sonaimuri Nashu Bhuiyan Market (1st floor) Noakhali CHAKORIA SERVICING CELL Chandina pourashava, Chandina Pragati life Insurance Ltd Comilla KALIAKAIR (GAZIPUR) SERVICING M Rahman Complex (1st Floor) CELL Thana Road, Chakoria BOXGONG SERVICING CELL Pragati Life Insurance Limited Coxsbazar. Pragati Life Insurance Limited Kaliakair Bypass Nurul Huda Market (Gr. Floor) Sreefaltali (3rd Floor) RAMGONJ (LAXMIPUR) Boxgonj Bazar, Po. Buchcha Miah Kaliakair, Gazipur SERVICING CELL Nangolcout, Comilla Pragati life Insurance Ltd BARAGOLA (BOGRA) SEVICING CELL Sheikh Bhaban (2nd Floor) CHANDPUR SERVICING CELL Pragati Life Insurance Limited Angarpara, Ramgonj Pragati Life Insurance Limited Afsar Ali Complex (5th Floor) Laxmipur. Gafur Manjil (2nd floor) Baragola Road, Bogra Sadar, Bogra. Holding No: 139/110 Mahasin Road, Chandpur Important Offices
74 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Islami Bima Takaful
BOHADDAR HAT SERVICING CELL GAZIPUR SERVICING CELL TEKNAF SERVICING CELL Pragati Life Insurance Limited Pragati Life Insurance Limited Pragati Life Insurance Limited Highway Complex (3rd Floor) M.N.A Complex (4th floor) Naf International (Resi.) 1st Floor) Shah Amanath Bridge Road Mymensingh Sarak, Chandana Room No # 116 & 117, Bus Station 4575, Baddarhat, Chittagong Joydebpur, Gazipur Road, Teknaf, Coxsbazar.
PALTAN SERVICING CELL COMILLA SERVICE CENTER FENI SERVICING CELL-2 Pragati Life Insurance Limited Pragati Life Insurance Limited Pragati Life Insurance Limited Baitul Abed (8th Floor) Sattarkhan Complex (7th Floor) Chowdhury Market, 53, Purana Paltan A.K. Fazlul Haque Road S S K Road, Mohipal, Feni. Dhaka-1000 Monohorpur, Comilla. BARISAL SERVICING CELL-2 KHULNA SERVICING CELL CHOUDDAGRAM SERVICING CELL Pragati Life Insurance Limited Pragati Life Insurance Limited Pragati Life Insurance Limited Himal Coteg (2nd Floor) Tymun Center (2nd floor) Bishmilla Tower (2nd Floor) C N B Road, Nothullabad Shibbari More Trank Road Sadar, Barisal. Sonadanga, Khulna Chouddagram, Comilla DOMAR SERVICING CELL KURIGRAM SERVICING CELL SENBAGH SERVICING CELL Pragati Life Insurance Limited Pragati Life Insurance Limited Pragati Life Insurance Limited Dakbangla Road, Panga Bhaban Molla Bhaban (1st Floor) Sultan Plaza, D.B Road (1st Floor) Domar, Nilphamari. Goshpara, Kurigram Senbagh, Noakhali. COX’S BAZAR SERVICING CELL-2 Pragati Life Insurance Limited B-BARIA SERVICING CELL COX’S BAZAR SERVICING CELL Dr. Abul Kalam Bhaban (3rd Floor) Pragati Life Insurance Limited Pragati Life Insurance Limited Main Sarak, Post. Cox’s Bazar Yead Complex (3rd Floor) T A Road A.B Super Market (2nd Floor) P.S. Sadar, Dist. Cox’s Bazar. B-Baria Laldighirpar (East) Main Road, Cox’s Bazar. KULAURA SERVICING CELL BOGRA SERVICING CELL-2 Pragati Life Insurance Limited Pragati Life Insurance Limited BANGODDA SERVICING CELL Papular Laibrary, Hospital Road Dr. Eyasin Plaza (2nd Floor) Pragati Life Insurance Limited Post. Kulaura, P.S. Kulaura Nabab bari Road, Bogra Sadar Majumder Market (1st Floor) Dist. Moulvibazar. Bogra Bangodda Bazar, Nangolkot, Comilla. KALIAKAIR SERVICING CELL SYLHET (JINDABAZAR) Pragati Life Insurance Limited SERVICING CELL JAMALPUR (DHAKAI PATTI) Bazar Road, Sujoy Complex Pragati Life Insurance Limited SERVICING CELL (1st Floor), Post. Shimultali Galaria Shoping Complex (6th Floor) Pragati life Insurance Ltd P.S. Kaliakair, Dist. Gazipur. Jiendabazar Sylhet Safura Bhaban (Ground Floor) Pourashava Road, Jamalpur FANTASI KINGDOM SERVICING KASHBA (B.BARIA) SERVECE POINT CELL Pragati Life Insurance Limited BURICHANG SERVICING CELL Pragati Life Insurance Limited Station Road Pragati Life Insurance Limited Bhuiyan National Plaza (1st Floor) Simanta Complex (2nd Floor) Joynal Market (1st Florr) DEPZ Jamuna Road Kashba, B.Baria Side of Bus Station Post. Ashulia, P.S. Ashulia Borichang, Comilla. Dist. Dhaka. TANGAIL SERVICING CELL Pragati Life Insurance Limited CHAKORIA SERVICING CELL BARURA SERVICING CELL Sabur khan Tower (1st Floor) Pragati Life Insurance Limited Pragati Life Insurance Limited Kalibari Road, Tangail Somobay Somity Market (2nd Floor) Siddik Mansion (2nd Floor) Chiringa, Chakoria, Coxsbazar. Near Barura Pourasova Barura Bazar, P.S. Barura Dist. Comilla. Important Offices
Pragati Life Insurance Ltd. Annual Report 75 TRUST US FOR LIFE
Islami Bima Takaful
METRO PROJECT SERVICING CELL THAKURGAON SERVICING CELL CHAPAINABABGANJ Pragati Life Insurance Limited Pragati Life Insurance Limited SERVICING CELL Sufia Mansion Khairun Mansion (G. Floor) Pragati Life Insurance Limited 2/1/C, Arambagh (3rd Floor) East Goalpara Biswa Road Sarak (3rd Floor) Motijheel, Dhaka-1000. Post. Thakurgaon, P.S. Sadar Post. Battalahat, P.S. Sadar Dist. Thakurgaon. Dist. Chapainababganj.
Pragati Bima Division Pragati Urban Division
COMILLA (POLICE LINE) MOTIJHEEL SERVICING CELL SERVICING CELL Maksum Mansion (1st Floor) Pragati Life Insurance Limited 127, Motijheel C/A Chowdhury Plaza (1st Floor) Dhaka-1000. Police Line, Comilla Sadar, Comilla
Pragatibima and Pragati Islamibima Division Address of Divisional office
SYLHET DIVISIONAL OFFICE DINAJPUR DIVISIONAL OFFICE SUNAMGONJ DIVISINAL OFFICE. Bonorupa , House # 42, Road # 15 Alam Corporation (2rd Floor) Ukil Para, Baban-Anabil-17 (1st Floor), Block # B, Shahjalal Upa – Shahar, P.O. Munsipara, P.o+P.s+ Dist-Sunamgonj. Sylhet. P.S. Kotowali , Dinajpur. JHENAIDAH DIVISINAL OFFICE HOBIGONJ DIVISIONAL OFFICE COMILLA DIVISIONAL OFFICE. kobi shukanta Sarak , Kadir Mansion, (2nd Floor) Hobigonj Sarafat Manjil (4th Floor) Sultan Market, Jhenaidah Mofijuddin Road, Raiscours FARIDPUR DIVISIONAL OFFICE. Dist- Comilla. MYMENSINGH DIVISIONAL Goal Chamat, Molla Tower, OFFICE (2nd Floor), Kotowali, Faridpur. CHANDPUR DIVISIONAL OFFICE 76/A Chotabazer, Mymensingh. Amin Plaza (1st Floor), Sahid BARISAL DIVISIONAL OFFICE Muktijudha Sarak, Chandpur. RAJSHAHI DIVISIONAL OFFICE Sumaita Bhabon (1st Floor) Janani Vila(1st Floor) Holding No-920 CHITTAGONG DIVISIONAL OFFICE Talaimari Sahid Minar Road C & B Road., Barisal. Saha Amanat Link Road, P.S-Bowalia, Dist-Rajshahi. Manik Plaza (2nd Floor), JHALAKATHI DIVISIONAL OFFICE P.O+P.S-Chandgoan, Chittagong. 29, Mosjidbari Road, Jhalakati. KHULNA DIVISIONAL OFFICE. 3.No Ahasan Ahamed Road BOGRA DIVISIONAL OFFICE Kakoli Press Bhanban, (1st Floor) Eid Gah Lane, (3rd Floor), P.s- Khulna Sadar,Dist-- Khulna Sutrapur, P.S+ Dist.- Bogra. JESSORE DIVISIONAL OFFICE RANGPUR NORTH & 27,M.K.Road, Safi Ullah Complex, SOUTH DIVISIONAL OFFICE (2rd Floor) P.S. Kotowali, Jessore. Neosen para, Ersad swarani road, snaher neer (1stst Floor) p.s-Alamnagar, p.s-Kotowali, Rangpur. Important Offices
76 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Pragatibima and Pragati Islamibima Division Address of Zonal office
DHAKA ZONAL OFFICE RANGPUR SOUTH-2 ZONAL OFFICE GAIBANDHA SOUTH ZONAL OFFICE Wabda Kenel Road, East Rahamatpur Alhaz Bhaban,Usmanpur Nearest Upzila Food office Road 10 Paradagair, Matuyal, Ps-Demra, Dhaka Pirgong,- Rangpur Thana Road, Govindhagong Sylhet-2-Zonal Branch Office DIRAI ZONAL OFFICE Station Road, P.o-Chatul Bazar JESSORE -1-ZONAL OFFICE Aziz Mansion (1nd Floor),Haranpur Road, P.s-Kanaighat, Dist-Sylhet. Tokiu Tower, Wapda Road (Old Cenama Hall Road), Dirai-Sunamgonj Jikorgasa Bus Stand MOWLAVI BAZAR ZONAL OFFICE SARIYATPUR ZONAL OFFICE Jikorgasa ,Jessore Nahid Plaza,(2nd Floor) Nasima Vila, 461 Dhanuka,P.s-Palong, Sayed Kudrat Ullah Sarak Dist-Sariyatpur. HOBIGONJ-5-ZONAL OFFICE West bazar, Moulavi Bazar. Vill+ P.o- Paniumda Bazer JHALAKATHI SOUTH ZONAL OFFICE P.s- Nabigonj, Dist-Hobigonj. RAJBARI & RAJBARI WEST ZONAL OFFICE Sumon Enterprise (2nd Floor), Rajapur, Ahasan Bhabon (2nd Floor), Sreepur, Rajbari. Jhalakathi. JHENAIDAH WEST ZONAL OFFICE Thana More, Court Chandpur, Jhenaidha. MADARIPUR ZONAL OFFICE BORGUNA ZONAL OFFICE Buyan MarKet, Old Bazer College Road, Borguna. JHENAIDAH SOUTH ZONAL OFFICE p.o+p.s+dist-Madaripur. Bank & Bima Bhabon (2nd Floor) NOAGAON ZONAL OFFICE DINAJPUR-5 ZONAL OFFICE Madhogang Road, Naldanga Hotel Potti, Sumin Monjil, Limon Vila, South Sujalpur Kaligong, Jhenaidha (Ground Floor), Noagaon. P.o+P.s-Birgonj, Distt-Nilfamari KUSHTIA ZONAL OFFICE. GAIBANDHA ZONAL OFFICE COMILLA WEST ZONAL OFFICE. 63/69 RC Street, Courtpara, Kushtia. House of jahidul, (2nd Floor), Shankar Homeo Bhaban (2rd Floor) D.B Road,P.O+P.S+Dist- Gaibandha. New Market, Debiddar, Comilla NARAIL ZONAL OFFICE JOYPURHAT ZONAL OFFICE Jammadder Tower (2) Jamalgonj road CHITTAGONG EAST ZONAL OFFICE (2nd Floor), Rotangonj, Narail. Sawdagar house (2nd Floor) Main Road, Karim Centre (1st Floor) p.o+p.s+dist--Joypurhat. 1 No. Road, Bibirhat NARSINGDI ZONAL OFFICE Khagrachori Highway Road Bismillah Manjil, Vill.+ P.O. KURIGRAM ZONAL OFFICE Fatikchori, Chittagong Narayanpur, P.S. Belabo Power House Para, R.K. Road, Narsingdi. Kurigram. CHANDPUR NOURTH ZONAL OFFICE Vill-Kaladi Baro Bari, Matlab, Chandpur. BRAHMANBARIA ZONAL OFFICE THAKURGAON ZONAL OFFICE T,A Road, Al-Amin Plaza (3rd Floor) East Goal Para CHANDPUR EAST ZONAL OFFICE P.o+P.s+Dist-Brahmanbaria. Thakurgaon. Vill-Suapara, Bismillaha Shoping Complex NOAKHALI ZONAL OFFICE P,o-Kaliapara, P.s-Saharasti, Dist-Chandpur CHAPAI NAWABGONJ ZONAL OFFICE Road-Maijde Miazipara Sharup Nagor, Chapai Nawabgonj. Lutful Haque Traders(2rd floor) LAXMIPUR ZONAL OFFICE p.o.- Maijdi Court,p.s. sadar Vill-Samserabad, Hazi shahabuddin Market PABNA ZONAL OFFICE Noakhali. (2nd Floor), P.o+P.s+dist- Laxmipur. Shalgaria,ataikula Sarak Shiplu Bhaban, P.o+P.s+Dist- Pabna. FENI ZONAL OFFICE BAGERHAT ZONAL OFFICE Natore Zonal Office Aziz Shoping Center (2rd Floor) Maqbul master(chairman house) Old Bus Terminal 189 As,As, KRoad, P.O+P.S+Dist-Feni. In front of dist judge banglo, Sonatala Bogra Road,Peo Plaza (1st Floor) C& B Sarak.P.S- Dashani, Bagerhat. P.o+p.s+Dist- Natore SATHKHIRA ZONAL OFFICE Noor super market (1st Floor) JESSORE EAST ZONAL OFFICE NARAYANGONJ ZONAL OFFICE In Front Of new judge court Bagharpara Chowrasta 94, Seraj- Ud-dollah Road Sathkhira Kaligonj Main Sarak, Hazi Market (1st Floor) Narayangonj. Palashpul, Sathkhira P.O+P.S- Bagharpara, Dist-Jessore. FARIDPUR ZONAL OFFICE JHAGANNATHPUR ZONAL OFFICE Mulla Tower (2nd Floor) CHUADANGA & Pouro Point Jhagannathpur Sylhet Sarak Goalchamot, Kotowali, Dist-Faridpur. CHUADANGA SOUTH ZONAL OFFICE Jhagannathpur,Sunamgonj Notun Bazar, Habiba Tower (2nd Floor) KHULNA SOUTH ZONAL AREA OFFICE Kedargonj, Chuadanga Hobigonj -3-ZONAL OFFICE Chalna Bazar (Khan Market), Dakup, Khulna. Islamia Super Market (1st Floor) JESSORE SOUTH ZONAL OFFICE Bahubal Bazar, P.o+P.s-Bahubal FARIDPUR SOUTH ZONAL OFFICE Brothers Market (1st Floor) Dist- Hobigonj Munsi Vila, Chagaldi Road Main Road, keshabpur Bazar, Jessore Nagarkanda, Faridpur. Important Offices
Pragati Life Insurance Ltd. Annual Report 77 TRUST US FOR LIFE
Pragatibima and Pragati Islamibima Division Address of Zonal office
SARIYATPUR ZONAL OFFICE - 2 RANGPUR NORTH ZONAL OFFICE MYMENSINGH WEST ZONAL OFFICE Naria, Khan Market (2nd Floor) Fatehapur Road,Sheik Manjil, Mahigong, Fulbaria College Road, Prarona Mansion P.o+p.s-Naria, Dist-Sariyatpur Rangpur P.o+P.s- Fulbaria, Dist- Mymensingh
JOYPURHAT EAST ZONAL OFFICE HOBIGANJ -2-ZONAL OFFICE MYMENSINGH SOUTH ZONAL OFFICE 2 No College Gate, Nahid Traders Jagadishpur, temunia, p.o-Etakhola Mutaleb Plaza, College Road Akkelpur, Joypurhat P.s-Madabpur, Hobigong P.o+P.s- Gofurgaon, Dist- Mymensingh
DINAJPUR-2 ZONAL OFFICE HOBIGONJ-4-ZONAL OFFICE Nearest Upzila Gate, Setabgong, Buchagong, Dinajpur Golden Plaza, Nabigonj Madha Bazer P.o+ P.s- Nabigonj, Dist-Hobigonj Pragatibima and Pragati Islamibima Division Address of Area office
SYLHET SOUTH KHA AREA OFFICE CHITTAGONG EAST KHA AREA OFFICE DINAJPUR -4-UMA AREA OFFICE Janata Market, South Beani Bazar Ahamad Bhaban, Heiaku Bazer Krishi Bank Bhaban, Thana Road Sylhet Ps-Bhojpur, Chittagong Dist-Dinajpur
SYLHET NORTH-2-KA AREA OFFICE FARIDPUR KHA AREA OFFICE COMILLA NOURTH CA AREA OFFICE Kanaighat Bazar, Kanaighat, Sylhet Vill- Tepurakandi, P.O- Bakigong Girls School Road, Nearest Agroni Bank P.S- Kotuali, Dist-Faridpur P.S-Nimsar,P.S-Burichong,Dist-, Comilla SYLHET NORTH-2-UMA AREA OFFICE Kholadaponia,P.o-Echamoti RAJBARI KA AREA OFFICE CHANDPUR UMA AREA OFFICE P.s-Jhokigong,Dist- Sylhet Nasar Uddin Sardar Para Patoary Bazar, P.s- Faridgonj, Chandpur P.o+P.s- Goalanda, Dist-Rajbari MOWLAVI BAZAR KHA AREA OFFICE CHANDPUR GHA AREA OFFICE Bharaura, Moulavibazer Road BARISAL KHA AREA OFFICE Sarodi Bagra Bazer, P.o- Bagra Bazer P.o+P.s-Sreemangal, Dist- Moulavi Bazar Vill+P.O-Kalijira Bazer,P.S+Dist-Barisal P.S+Dist-Chandpur
JAGANNATHPUR UMA AREA OFFICE JALAKATHI KHA AREA OFFICE NOAKHALI CHA AREA OFFICE Vill-Shibgonj, Bhai Bhai Market Taltala Bazer, Nalciti, Jalkathi Sultan Plaza (3th Floor) P.o-st Floor) Kubazpur Arjuntala D.B. Road, Senbag, Noakhali P.s-Jhagannathpur, Sunamgonj BOGRA SOUTH KA AREA OFFICE Deogram Bazar, Kahalu, Bogra FENI GA AREA OFFICE DERAI CA AREA OFFICE Khandakar Rahamania Market Vill+P.o-Birgao,Kaizer Super Market NOAGAON CHA AREA OFFICE (Ground Floor), P.s-Podua P.s-South Sunamgong, Dist-Sunamgong. Shoheli Restura (1st Floor) p.s-Chowddagram, Comilla P.o+P.s- Badalgachi, Dist- Noagaon JAGANNATHPUR GHA AREA OFFICE CHITTAGONG GHA OFFICE. Shadin Bazer, Maa Market, P.o-Pailgao NOAGAON NEO AREA OFFICE Abdur Rauf Sawdagar building P.s- Jhagannathpur, Dist-Sunamgong West Sight of Najipur Bus Stand (2nd floor), Krishi Khamar Road Dhaka Mansion, Najipur Hathazari Bazar, Chittagong DIRAI GHA AREA OFFICE Patnitala, Noagaon Vill-Shamarchar, P.o-Bojendragong CHITTAGONG KA & KHA OFFICE P.s-Dirai, Dist-Sunamgong RANGPUR NORTH -2-KA AREA OFFICE Gahira School Shoping Complex Degree College Road, P.o+P.s+ Gangachara (1st Floor), Gahira Chowmuhani DIRAI GA AREA OFFICE Dist-Rangpur Rawjan, Chittagong Vatipara Bazer, P.s- Dirai. Dist-Sunamgong RANGPUR South –1 Gha OFFICE KHULNA EAST GHA AREA OFFICE MOULAVI BAZER JA AREA OFFICE West Sight of Mithapuku Post Office Beg Super Market (1st Floor) Shremangal Road,Samsernagar, Kamolgong P.o+P.s+ Mithapukur, Rangpur Digraj, mongla, Bagerhat Moulavi Bazar DINAJPUR NORTH KA AREA OFFICE KHULNA NORTH GA AREA OFFICE HOBIGONJ GHA AREA OFFICE Sujolpur, P.o+p.s-birgong, Dist-Dinajpur House no-n/a/1/42, Road no-25 Bulla Bazar, Lakhai, Hobigonj Houseing Astate, Khalishpur, Khulna KURIGRAM KHA AREA OFFICE HOBIGANJ -2-GA AERA OFFICE Sekurtari (Nearest Sarif Cinema Hall) SATKHIRA UMA AERA OFFICE Khadija Mansion, , Cunarughat, Hobiganj Rajarhat, Kurigram Nor Market (1st Floor),Vill-Badghata (Sahid Muktijudha Road), Hospital Road CHANDPUR EAST –UMA AREA OFFICE LALMONIRHAT SOUTH KA AREA OFFICE P.o-Nakipur, P.s- Shamnagar, Satkhira Abul Hossen Market,Vill-Masnigasha Kisamat Harati, P.o-Saptibari P,o-Adra, P.s-Kucua, Dist-Chandpur P.s-Aditmari, Lalmonirhat Important Offices
78 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Pragatibima and Pragati Islamibima Division Address of Area office
SATKHIRA EAST KHA AERA OFFICE RANGPUR SOUTH-2 GA AREA OFFICE FARIDPUR NORTH GA AREA OFFICE Thana More, Tala Bazar, P.o+P.s-Tala Vill- -Prajapara, P.o+P.s- Pirgong Vill-West Garakhola Dist- Satkhira Dist- Rangpur P.o+P.s-Madhukhali,Dist- Faridpur
JESSORE SOUTH GHA AREA OFFICE RANGPUR SOUTH-GHA AREA OFFICE FARIDPUR SOUTH GHA AREA OFFICE Rajgonj Bazar (Nasim Bastralay 1st Floor) Vill- Adam, P.o-Pawtanahat Vatpara, P.o-Tamblkhana North Market Rajgonj P.s- Pirgacha,-Dist- Rangpur P.s+Dist- Faridpur Monirampur, Jessore COMILLA SOUTH KHA AREA OFFICE RAJBARI KHA AREA OFFICE NARAIL GA AREA OFFICE Kamal Plaza (2nd Floor) Vill-Rosulpur Vill-Ramnagar, P.o+P.s-Kalia, Narail Madham Bazer, Vill+P.o+P.s-Barura P.o- Khankhanapur Dist- Comilla P.s-Dist-Rajbari HOBIGONJ-5-GA AREA OFFICE Gajanaipur, Sayara Mansion CHANDPUR CHA AREA OFFICE BARISAL NORTH KA & KHA AREA OFFICE P.o-Deopara, P.s- Nabigong Upzila Complex Bhabon Road Nearest Babugong Bazer krishi Bank Dist-Hobigong P.s-Algi Bazer, P.s- Haimchar Sadar road, Babugong,-Barisal Dist-Chandpur HOBIGONG-CA AREA OFFICE JALAKATHI SOUTH KA AREA OFFICE Miadhan Market,Vatpara CHANDPUR EAST KA AREA OFFICE Putiakhali Chowrasta, Mir Mahol P.o-Bekiteka, P.s+Dist-Hobigong Nawla Road, Rahimanagar North Bazer P.o-Hatputiakhali, P.s-Rajapur Kochua, Dist-Chandpur Dist- Jalkathi HOBIGANJ -2- KA AERA OFFICE Sayestagong Plaza NOAKHALI GHA AREA OFFICE PIRUJPUR KHA AREA OFFICE p.o+p.s- Sayestagong Charbajol Karim, Charbata Court Road, South Bazer Dist-Hobigong Charjabber, Noakhali Central Eid –Gha Maidan kaekhali, Pirujpur. HOBIGONJ -3-GA AREA OFFICE NOAKHALI UMA AREA OFFICE Vill- Nutan Bazer, Pritam market Haq Super Market (3rd FlooR) PATUAKHALI KA AREA OFFICE P.o-Satiajuri, P.s-Bahubal P.o+P.s-Kabirhat, Dist- Noakhali Vill-Mahishkata, P.o-Hatcunakhali Dist- Hobigonj P.s-Amtali, Dist-Barguna CHITTAGONG NORTH GHA AREA OFFICE HOBIGANJ -2- GHA AERA OFFICE Nur Bhabon (2nd Floor) COMILLA SOUTH KA AREA OFFICE Sheik Selim Mansion (1nd Floor) Mahadevpur, P.o+P.s- Setakunda Sahin Bakary Building Madabpur Bazer, Hobigong Dist- Chittagong Laksam Road poduar Bazar Bishaw Road, Comilla HOBIGONJ -4- KA AREA OFFICE CHITTAGONG NORTH GA AREA OFFICE Rahaman Super market (1st Floor) Chairman Maeket (1st Floor) CHITTAGONG GA AREA OFFICE P.o-Auskandi, P.s-Nabigong Burisshar, Nur Ali House Badsha Hazir Market (1st Floor) Dist- Hobigonj Hathazari, Chittagong Fatehabad, Hathazari, Chittagong
HOBIGONJ -3-GHA AREA OFFICE CHITTAGONG NORTH JA AREA OFFICE. SATKHIRA-GHA AREA OFFICE Putijuri Bazer,Nur Mansion (1st Floor) Vill- Hazirhat Najimganj Main Road Bahubal ,- Hobigonj Ishaq Chowdhury Bhabon (1st Floor) Najimganj Bazar P.o-Iqbal park, P.s- Boualmari P.o+p>s-Kaligonj, Satkhira HOBIGONJ -3-UMA AREA OFFICE Dist- Chittagong Vill+P.o-Dubayai Bazer BARGUNA KHA AREA OFFICE Sapla Market (1st Floor) RANGAMATI GA AREA OFFICE Vill- Chalitabunia Bazer P.s-. Bahuba , Dist- Hobigonj 160//B, P.o-Nutan Bazer P.p-Nababerhat, P.s-Bamna P.s-Kaptai, Dist- Rangamati Dist-Barguna BRAHMANBARIA GHA AREA OFFICE Vill-Taragoan, P.o+p.s-Akhaura FENI GHA AREA OFFICE BOGRA EAST KHA AREA OFFICE Dist-B,Baria. Mizan Mansion, Aziara Bazar Vill+P.o- Mukamtala Brahmanbaria Kha Area OFFICE Nangalcourt. Comilla P.s-Shibgong, Dist-Bogra High School Road Aoruaiel Bazer, Sarail, B.Baria KHULNA EAST KHA AREA OFFICE RANGAMATI GHA AREA OFFICE Khulna Mongla Highway Road chandraguna, Lichu Bagan FARIDPUR SOUTH KHA AREA OFFICE Nearest Rupsa Bus stand Rangunia, Chittagong Chiladharchor, (Arif Manjil) Ps- Rupsa, Dist- Khulna Vhanga, Faridpur KHULNA NORTH KA AREA OFFICE Aftab Super Market (2nd FlooR) RANGPUR SOUTH-1 KA AREA OFFICE Khulna Jessore Main Road Charan Bazer, Mithapukur , Rangpur Fultala, Khulna Important Offices
Pragati Life Insurance Ltd. Annual Report 79 TRUST US FOR LIFE
Pragatibima and Pragati Islamibima Division Address of Area office
KHULNA SOUTH KHA AREA OFFICE SATKHIRA EAST KA AREA OFFICE JESSORE SOUTH KHA AREA OFFICE Hatbati, Kalibari Road Patkelghata Adarsha Bahumukhi Sardar Manjil (1st Floor) (West Sight Mandir) Batiaghata Bazer High School Road Durgapur, Monirampur, Jessore P.o-Batiaghata, Dist- Khulna P.0+P.s- Patkelghata, Dist- Satkhira CHUADANGA SOUTH GA AREA OFFICE GOPALGONG KA AERA OFFICE THAKURGAON-GA AREA OFFICE Darsana Bus stand 204, Miapara Vill-Sasla Piala Manto Market (1st FlooR) Salmakunja (4th Floor), Gopalgong P.o- Kochubari, Thakurgaon P.o- Darsana, P.s-Damurhuda Chuadanga BOGRA GA AREA OFFICE DIRAI KHA AREA OFFICE Asraf Villa (1stFloor) Boalia Bazar, Dirai, Sunamgonj JHENAIDAH SOUTH GA OFFICE P.o+P.s- Dupchachia, Dist-Bogra Mithapukur, Sapnapuri Market DIRAI CHA AREA OFFICE Barobazer, Kaligong, Jhenaidha BOGRA GHA AREA OFFICE Vill+ P.o-Rosulgong Bazer Nearest Subregestre Office P.s-Jhagannathpur, Sunamgonj KUSHTIA KHA AREA OFFICE Upzila Parisad Road Jugia Rastapara, Jugia, Mirpur, Kushtia School Market BRAHAMANBARIA GA AREA OFFICE Shibgong, Dist-Bogra Vill+p.o-Marasani Bazer DHAKA SOUTH THA AREA OFFICE P.s-+ Dist-Brahaman Baria Kalakupa, Nearest Polly Bidut office NOAGAON JHA AREA OFFICE P.o+P.s- Nababgong, Dhaka Kayesthapara RANGPUR SOUTH-1-KHA AREA OFFICE Nearest Ricsha Office Sathibari 1 No College Road JESSORE SOUTH GA AREA OFFICE P.o+P.s-Mahadebpur, Dist- Noagaon Sathibari,-Rangpur DakbangloRoad,Sagordari P.O. Kesobpur, Jessore NOAGAON GHA AREA OFFICE RANGPUR SOUTH-1-GA AREA OFFICE Vill-Hulybari, P.o-Chalk Saillahat Vill+P.o-Bairatihat COMILLA WEST-GA AREA OFFICE P.s-Manda Dist- Noagaon (Mirjapur Road More) Dighirpar, Muradnagar, Comilla P.s-Mithapukur,Dist--Rangpur JOYPURHAT KHA AREA OFFICE MADARIPUR-KA AREA OFFICE Sarkar Manjil (1st Floor) RANGPUR NORTH-1-UMA AREA OFFICE Mather Bazer , Khoazpur, Madaripur Vill-Chalkzudu,P.o+P.s- Dhamuirhat lal Chandpur, P.o-Khalaya Gonjipur Dist- Noagaon P.s-Gongachara ,Dist—Rangpur FENI SOUTH-UMA AREA OFFICE M. A. Razzak Market RAJSHAHI CHA AREA OFFICE RANGPUR SOUTH-2-CA AREA OFFICE Fazil Ghat Road, Dagonbhuiyan, Feni Vill-Gollapara Bazer Vill-Khoker Bazer, West Sight of Breez P.o+P.s-Tanore, Dist-Rajshahi. P.o-Chatrakachari, P.s-Pirgong FENI SOUTH-GA AREA OFFICE Dist--Rangpur Fazilpur Bazar, Feni RANGPUR NORTH-1 GA AREA OFFICE Sahapur, Badargong, Rangpur KHULNA SOUTH-KA AREA OFFICE RANGPUR NORTH-1-UMA AREA OFFICE Khotakhali Bazer, P.o-Bazua Vill-Park More RANGPUR NORTH-1 KA AREA OFFICE P.s-Dakop Dist-Khulna Park View Bhabon (1st Floor) Vill+P.o-Shampur P.o-Rangpur Cadet College P.s- Badargong,Dist- Rangpur GOPALGONJ-GA AREA OFFICE Dist-Rangpur Vill-Gopalpur Bazer, P.o-Tilchara RANGPUR NORTH-1 KHA AREA OFFICE P.s-Kashiani, Dist- Gopalgong JAGANNATHPUR-CHA AREA OFFICE In Front Of Motier Market Vill+ P.o-Dhal Bazer, P.s-Dirai Palichowrahat, Dist- Rangpur SATHKHIRA AREA OFFICE Dist- Sunamgonj Munshigong Bazer, kaligonj RANGPUR SOUTH- KHA AREA OFFICE Samnagar Satkhira BOGRA SOUTH-GHA AREA OFFICE Vill-Mahesha,P.o-Mirbag Sarder Super Market P.s-Cawnia,Dist- Rangpur JESSORE EAST-UMA AREA OFFICE Vill-namuja Pallapara Vill+P.o-Raipur Bazar P.o-Burigong, Dist- Bogra RANGPUR -3-KA AREA OFFICE P.s-Bagharpara, Jessore Vill- Deuti Bazer, P.o-Deuti BOGRA EAST-KA AREA OFFICE P.s-Pirgasha,Dist- Rangpur NORSINGDI-KA AREA OFFICE Durgahata Bazar, P.o- Durgahata Narayanpur West Belab Road P.s-Gabtali RANGPUR NORTH -2-KHA AREA OFFICE Narayanpur, Belab, -Norsingdi Cubaru, Maolana Market RANGAMATI UMA AREA Burirhat Fram, Sadar,- Rangpur COMILLA WEST-KA AREA OFFICE Hazi Bhabon (1st Floor), Rajanagar Hazi Market (1st Floor) P.o-Dhamoirhat, P.s- Rangunia CHANDPUR EAST UMA AREA OFFICE Khalilpur Bazar, Debidder, Comilla Dist-Chittagong Vill-Masnigasha,Abul Hossain Super Market P.o-Adra, P.s- Kochua, Dist-Chandpur Important Offices
80 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Pragatibima and Pragati Islamibima Division Address of Area office
JOYPURHAT-EAST-UMA AREA OFFICE RANGPUR NORTH-GHA AREA OFFICE CHITTAGONJ NORTH-KA & KHA AREA OFFICE Raikali Bazer, Akkelpur,joypurhat. Taluk posua,Nabdigonj Bazar Bayezid Bostami, Cafe de Sultan (1st Floor) p.o-Mahigonj, P.s-pirgacha P.o-+P.s- Bayezid Bostami,Dist- Chittagong JOYPURHAT-EAST-CHA AREA OFFICE Dist-Rangpur Vill+P.o-Kashira Bazer KHULNA EAST-UMA AREA OFFICE P.s-Akkelpur, Dist-joypurhat. RANGPUR NORTH-1-GHA AREA OFFICE Vill-Garfa, P.o-+P.s- Mullahat, Dist- Bagerhat Vill+P.o-Nagerhat Bandar GAIBANDHA-GA AREA OFFICE P.s-Badargonj,Dist-Rangpur. MYMENSING GA AREA OFFICE Nakaifhat Road Mukti Villa, Katlasen Bazer, Kotuali Baluahat Krishi Bank Bhaban FENI KHA AREA OFFICE Mymensing. (Ground Floor), P.o-Rahamatpur Modham Kachar, Bhai Bhai Plaza P.s+Dist-Gafbaneha P.o- Md, Ali Bazer P.s+Dist-Feni. MYMENSING KHA AREA OFFICE Green Road, P.o+P.s-Fulpur, Dist- Mymensing GAIBANDHA-KHA AREA OFFICE FENI SOUTH-KHA AREA OFFICE Vill- Kunja Nakaifhat P.o- Nakaifhat Dil Afrose Market (2nd Floor), Baroiyarhat MYMENSING THA AREA OFFICE P.s-Gobindagong, Dist-Gafbaneha Mirsarai, Chittagong Talukdar Market (1st Floor) Vill+ P.o+P.s-Tarakanda Bazer JALKATHI SOUTH GA COX’S BAZAR KHA AREA OFFICE Dist- Mymensing Hospital Road, Jani Market (Ground Floor) Harbang Bazer, Chakuria, Cox’s Bazer Amua, Kathalia, Jalkati Pragatibima and Pragati Islamibima Division Address of Branch office
BANGLA BAZAR BRANCH OFFICE MOTHERGONG BRANCH OFFICE GHAGRA BRANCH OFFICE Chowdhury Mansan (1st Floor) vill-Hasanpur Ghagra Bazer, P.o-Ghagra Bangla Bazar, Nabigonj, hobigonj. Kemi Bakary (1st Floor) P.s- Kawkhali, Dist-Rangamati. P.o-Gopigram, P.s-Pirgong MANTALA BRANCH OFFICE Dist--Rangpur HATKRISNAPUR BRANCH OFFICE Station Road Mantala Vill-Hatkrisnapur P.o-Awliabad, P.s-Madhabpur DAMUR CHAKLA BRANCH OFFICE Sadarpur, Faridpur. Dist-Hobigonj. Vill-Fokira, P.o-Boro Darga P.s-Pirgacha ,Dist--Rangpur BABURCHAR BRANCH OFFICE KALAUK BRANCH OFFICE Vill- Baburchar, P.o-Deokhali Vill+ P.o- P.s- Kalauk Bazer LAHIRERHAT BRANCH OFFICE P.o-Sadarpur, Dist- Faridpur Dist-Hobigonj. Vill-+P.o-Lahirerhat, P.s-Kotowali Dist--Rangpur KHASHERHAT BRANCH OFFICE DHARMAGAR BAZER BRANCH OFFICE Vill- East Madra, P.0-Madra bazer Dharmagar North Bazer VURARGHAT BRANCH OFFICE P.s-Madaripur,Dist- Madaripur. 1 No U,P, P.s- Mahabpur Vill-Fatepur, Joynal Market Dist-Hobigonj. Po-Palichaurahat MAHESHPUR BRANCH OFFICE P.s-Kotowali, Dist--Rangpur Mahehspur Bazar, Bakergonj,-Barisal. MOINPUR BRANCH OFFICE Abdu Mia bhabon SAYEDPUR BRANCH OFFICE NACHAN MAHAL BRANCH OFFICE Vill+p.o-Moinpur, P.s- Kasba Vill-Monorchara Nachan Mahal Bazar Dist-Brahaman Baria. P.o-Sayedpur, P.s-Pirgacha P.s-Nalchiti, Dist- Jalkathi Dist--Rangpur ISLAMPUR BR OFFICE NALBUNIA BRANCH OFFICE Khan Market Ground Floor) GOLAGONGHAT BRANCH OFFICE Nalbunia Bazer, Nalchiti, Jalkathi P.o- Islampur, P.s+Dist-Brahaman Baria. Vill- Monoharpur, Golagong P.s-Kotowali, Dist-Rangpur HODUA BRANCH OFFICE GURJIPARA BRANCH OFFICE Pir Muazzem Road Chapabari, Jiwon Bhabon RANIPUR BRANCH OFFICE Hodua, Nalchiti, Jalkathi P.o-Gurjipara, P.s-Pirgong Vill+P.o-Kamdebpur Dist--Rangpur. P.s-Birol, dist-Dinajpur VANDARIA BRANCH OFFICE South Vandaria CHOWRANGI BRANCH OFFICE P.o+P.s-Vandaria, Dist-Pirujpur. Vill-Chowrangi Bazer P.o-Singul , P.s-Birol SREEMONTAKATHI BRANCH OFFICE Dist- Dinajpur C & B Road, P.o-Sreemontakathi P.s-+Dist-Jhalkathi Important Offices
Pragati Life Insurance Ltd. Annual Report 81 TRUST US FOR LIFE
Pragatibima and Pragati Islamibima Division Address of Branch office
GALACHIPA BRANCH OFFICE NANNUPUR BRANCH OFFICE GILATALA BRANCH OFFICE Vill-Basbunia, P.o-badurhat, Central Plaza Vill+P.o-Gilatala Bazer P.s-Galachipa, Dist-Jhalkathi Nannupur Fatikchari, Chittagong P.s-Rampal, Dist- Bagerhat
KAGOIL BRANCH OFFICE NAJIRHAT BRANCH OFFICE SHEKPURA BRANCH OFFICE Kagoil Bazar, Gabtali, Bogra Chale Ahamed Bhabon (1st Floor) Vill- P.o-Anandanagar Ramgar HighWay Road, P.o-Najirhat P.s-Rupsha, Dist-Khulna SADAMAHALHAT BRANCH OFFICE P.s- Fatikchari, Dist-Chittagong Vill+P.o-Bangao CHAKSREE BAZER BRANCH OFFICE P.s-Buchagonj, Dinajpur DATMARA BRANCH OFFICE Vill+ P.o-Chaksree Bazer Abu taleb Market (1st Floor) P.s-Rampal, Dist- Bagerhat BHABANIPUR BRANCH OFFICE Datmara Bazer, Fatikchari, Chittagong Vill-Muraripur, P.o-Vela BALIADANGA BRANCH OFFICE Muraripur P.s-Birgonj, Dinajpur RAZERHAT BRANCH OFFICE Krisnanagar, Rugunathpur Rashid Ahamed Bhabon kaligonj,Satkhira MURARIPUR BRANCH OFFICE (1st Floor),South Rajanagar Bhabanipur, P.o-Satkhamar P.o-Rajabhobon, P.s- Rangunia KATHI BAZER BRANCH OFFICE P.s-Birgonj, Dinajpur Dist-Chittagong. Kotalipara Road, P.o-Kathi P.s+ Dist- Gopalgong GAREA BRANCH OFFICE MULIA BRANCH OFFICE Vill-Chongakhata Vill+P.o+,P.s-Mulia, Dist- Narail BOGRA EAST BR. OFFICE Gareahat, Thakurgaon Hazradighi,Ghoradhaphat,-Bogra LONGAIR BRANCH OFFICE KHOCHABARI BRANCH OFFICE Green Road, P.o+P.s-Fulpur PARKRISNAPUR BRANCH OFFICE East Nargun Dist- Mymensing Vill-+-Parkrisnapur, P.o- Darsana P.o- Kahorpara, Thakurgaon. P.s-Damurhuda , Dist-Cuadanga SHIBGONJ BRANCH OFFICE MUNSIRHAT BRANCH OFFICE Andhariapara, P.o-Katakhali MAIJPARA BRANCH OFFICE Vill-Munsirhat, Edris Ali Shop P.s-Fulbaria, Dist- Mymensing Rudra Market, Madhawpolly P.o- Kholishakuri, Thakurgaon KALABAGAN BRANCH OFFICE Maijpara, Narail Shilchari, P.o- Shilchari Bazer, RANINAGAR BRANCH OFFICE P.s- Kaptai, Dist-Rangamati GOBRA BRANCH OFFICE Baluvara, P.o-+P.s- Raninagar Vill-+P.o-Gobra Bazer, Mitali Bhabon Dist-Noagaon FULBARI GATE BRANCH OFFICE P.s+Dist- Narail Mahesarpasa (Ral Gatea) GAIBANNDHA SADAR SOUTH Kedernath Main Road TULARAMPUR BRANCH OFFICE BRANCH OFFICE P.o-Kuyet, P.s-Dowlatpur, Khulna. Vill-+P.o-Tularampur Nakaifhat Road P.s+Dist- Narail Radhakrisnapur, Tingastala KALINAGAR BRANCH OFFICE Gafbaneha Sadar, Gafbaneha Kalinagar Bazar, Dakup, Khulna CHOWARA BAZAR BRANCH OFFICE Ancharia Mujumdar Market (1st Floor) HARIAN BAZER BRANCH OFFICE FAYLA BRANCH OFFICE P.o-Chowara Bazar Vill- Mahanda, P.o- Rajshahi Sugar Mill Khulna Mongla Highway Road P.s- Sadar South, Dist-Comilla. P.s-Puthia, Dist- Rajshahi Fayla Bus Stand,(Saheb Ali Bulding) P.o-Fayla, P.s-Rampal, Bagerhat TURAMUNSHIRHAT BRANCH OFFICE NARAYANHAT BRANCH OFFICE Vill+p.o-Turamunshirhat, Barek Building,Narayanhat DIGHALIA BRANCH OFFICE P.s-Faridgonj, Dist-Chandpur Fatikchari, Chittagong Vill+ P.o-Chandnimahol P.s-Dighalia Dist-Khulna SHOLLA BAZAR BRANCH OFFICE MIRSARAI BRANCH OFFICE Sholla Bazar, Faridgonj, Chandpur West Mirsarai, Shek Ahamed Bhabon BAZUA BRANCH OFFICE P.o+P.s- Mirsarai, Dist- Chittagong Khotakhali Bazer, P.o-Bazua NORUTTAMPUR BRANCH OFFICE P.s-Dakop Dist-Khulna Vill+P.o- Noruttampur TETAIA BAZER BRANCH OFFICE Abdul Gofur Market Tetaia Super Market. Temuhani TEROKHADA BRANCH OFFICE P.s- Kabirhat, Noakhali Mirsarai, Chittagong Vill-Bamondanga P.o- Bamondanga Bazer CHAMIR MUNSIRHAT BRANCH OFFICE KATIRHAT BRANCH OFFICE P.s-Rupsha, Dist-Khulna Kutuberhat Road, V.I.P Market Showrab Market (1st Floor) P.o- Chamir Munsirhat P.o-Katirhat, P.s-Hathazari P.s- Senbug, Noakhali Dist- Chittagong DEKRA BRANCH OFFICE Vill-East Dekra, Jahid Mainsion P.o-Podua, P.s- Chowdhagram Dist- Comilla Important Offices
82 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Pragatibima and Pragati Islamibima Division Address of Branch office
PARUA BRANCH OFFICE MULLAHAT BAZER BRANCH OFFICE RAJATHALY BRANCH OFFICE Vill-Sayed Nagar (Bangla Bazar) Rafi Bhabon,Mullahat Rajathaly Bazer Po-parua, P.s-Rangunia, Dist-Chittagong Road No-8420, Nalchiti, Jhalkathi Rangunia,Parborta Dist.
KRISNANAGAR BAZER BRANCH OFFICE SATEROBARI BRANCH OFFICE BARMACHARI BRANCH OFFICE Vill-Hosenpur, P.o-Rugunathpur Bormi Road, P.o-Pagla Bazer, Shanti Kamala Market P.s-kaligonj,Dist-Satkhira P.s- Gufurgaon, Dist- Mymensing Barmachari Bazer, P.o-Khiram Dist- Chittagong. HARIVANGA BRANCH OFFICE RADHAKANAI BRANCH OFFICE Vill+P.o- Harivanga Kibria & Brothers, Radhakanai POMRA HAZI PARA BRANCH OFFICE P.s-Asasuni, Dist-Satkhira P.o- Furkanabad, P.s-Fulbaria House Of Musha Dist- Mymensing Jangle parua Siddiknagar GAYRA BRANCH OFFICE P.o-Parua, P.s-Rangunia, Chittagong Vill-Ramkrisnapur Bazer SANKANDA BRANCH OFFICE P.o-Bujtara, P.s-Kalaroa, Dist-Satkhira Kader Villa, Sankanda TETULIA BRANCH OFFICE P.o+P.s-Fulbaria, Dist- Mymensing. Maa Farmesi KHALISKHALI BRANCH OFFICE p.o+Road No-Faridpur Vill+P.o- Sujan Saha Bazer NILKUTHI BRANCH OFFICE PS- Mitapukur, Dist- Rangpur P.s-Tala Dist-Satkhira Sarrabad Kanto Bari More P.o-Narayanpur, P.s-Raipur WABDA BAZER BRANCH OFFICE NARIKEL BARIA BRANCH OFFICE Dist- Norsingdi Niyaz Vila, South Gopalray Vill+P.o-Narikel Baria Wabda Bazer, Road0Kakina P.s-Bagharpara, Jessore BIR SRESTO MOTIUR NAGAR BRANCH P.S-Kaligonj, Dist- Lalmanirhat. Vill+P.o- Ramnagar SATBARIA BRANCH OFFICE P.s-Raipur, Dist-Norsingdi CANGMARI BRANCH OFFICE Vill-Satbaria Bazer, P.o-Trimohani Vill/Road- Gopalpur P.s-Kashobpur, Dist-Jessore HEMJORA & PIPULIA BAZER BRANCH P.o-Shekherhat, P.S-Badorgonj Katari Super Market Dist-Rangpur VEQUTIA BRANCH OFFICE Pipulia Bazer, P.s- Sadar South Vill-Balia Vequtia P.o- Vequtia Dist- Comilla TALMA BRANCH OFFICE P.s-Kotuali , Dist-Jessore Shapon Vila,Talma Bazer GOLABARI BRANCH Nagarkanda, Faridpur TALKHARI BRANCH OFFICE Golabari Chowmuhani Vill-+ P.o- Talkhari P.o-Sahapur Dargaha Sharif P.s-Shalikha , Dist-Magura P.s-Kotuali, Dist- Comilla Important Offices
Pragati Life Insurance Ltd. Annual Report 83 TRUST US FOR LIFE Islami Deposit Pension Scheme (IDPS) Project Office Address NETROKONA AREA Sl No. Name Address 1 NETROKONA AREA OFFICE RENU PLAZA (1ST FLOOR), CHOTO BAZAR, DIST: NETROKONA 2 NETROKONA DISTRICT OFFICE 638. NEW COAT ROAD,PO:& PS:&DIST:NETROKONA 3 DHARMA PASHA THANA OFFICE VILL: DUBAWALA, PO: PAIKORATI, PS: DHARMAPASHA, DIST: SUNAMGANJ 4 THAKURAKONA THANA OFFICE PO: THAKURAKONA, PS: NETROKONA,DIST: NETROKONA 5 KISHAORGANJ DIST. OFFICE ISHAKAHA ROAD, PO: & PS: & DIST: KISHORGANJ 6 LAXMIGONJ THANA OFFICE VILL: & PO; LAXMIGONG, PS:& DIST: NETROKONA MYMENSINGH AREA Sl No. Name Address 1 FULBARIA THANA OFFICE FULBARIA HIGH SCHOOL MOAR, PS: FULBARIA, DIST: MYMENSINGH 2 BIRALSHAK UNIT OFFICE BUDDHAR BAZAR, PS: FULBARIA, DIST: MYMENSINGH 3 BARUKA NATUN BAZAR UNIT OFFICE BARUKA NATUN BAZAR, PS:FULBARIA, DIST: MYMENSINGH CHITTAGONG AREA Sl No. Name Address 1 CHITTAGONG SERVICING CENTER HOLDING NO. 4564, SHAH AMANAT SANGJOK SARAK, BAHADDAR HAT CTG. 2 SATKANIA DISTRICT OFFICE NASIMA BHABAN, (GROUND FLOOR), SATKANIA, CTG. 3 FULTALA THANA OFFICE AL-MODINA SHOPING CENTRE (1ST FLOOR), KANCHANA (FULTALA), PS: SATKANIA, DIST: CHITTAGONG 4 EOCHIA UNIT OFFICE PO: DEODIGHI,PS: SATKANIA,DIST: CHITTAGANG 5 AMILAISH UNIT OFFICE EAST GATIADANGA, PS: SATKANIA, DIST: CHITTAGONG 6 BAJALIA UNIT OFFICE BESIDE BAJALIA STATION, PS: SATKANIA, DIST: CHITTAGONG 7 CHITTAGONG DISTRICT OFFICE VILL: & PO: DOHAJARI, PS: CHANDRANAISH, DIST: CHITTAGONG 8 PATIA THANA OFFICE PATIA MADRASHA ROAD, PATIA. CHITTAGONG 9 KARANIHAT THANA OFFICE UNDER THE FIRST SECURITY BANK, KERANIHAT, SATKANIA, CTG. 10 LOHAGARA DIST. OFFICE A M SHOPPING COMPLEX (3RD FLOOR), ARAKAN ROAD, PS: LOHAGARA, DIST: CHITTAGONG 11 BASHKHALI THANA OFFICE WEST BOILGAON, PO: BANIGRAM, PS: BASHKHALI, DIST: CHITTAGONG 12 CHANDRANAISH THANA OFFICE JAFOR MARKET ( 1ST FLOOR ) ARAKAN ROAD, PO: MOJAFFORABAD, PS: CHANDRANAISH, DIST: CHITTAGONG 13 RANGUNIA THANA OFFICE RANGUNIA SUPER MARKET ( GROUND FLOOR ), KAPTIE ROAD, JAKIRABAD, PO:& PS:& DIS: CHITTAGONG 14 LAMA THANA OFFICE LAMA BAZAR, LAMA RUPSI PARA SARAK, PS: LAMA, DIST: BANDARBAN 15 HALUDIA UNIT OFFICE HOLUDIA BAZAR, PS: SATKANIA, DIST: CHITTAGONG JESSORE AREA Sl No. Name Address 1 JESSORE AREA OFFICE 4 NO. R.N ROAD, JESSORE SADAR, DIST: JESSORE 2 CHOUGACHA THANA OFFICE CHOUGACHA BAZAR, PS: CHOUGACHA, DIST: JESSORE 3 SHARATOLA BAZAR UNIT OFFICE SHARATOLA BAZAR, PO: PAKSHIA, PS: SHARSHA, DIST: JESSORE 4 BIDDADARPUR UNIT OFFICE VILL: & PO: BIDDADARPUR, PS: MOHESHPUR, DIST: JHENAIDAH 5 MOHESHPUR DIST. OFFICE ROYAL PLAZA ( SUPER MARKET ), COLLEGE STAND, PS: MOHESHPUR, DIST: JHENAIDAH 6 BHOIRABA THANA OFFICE BHOIRABA BAZAR, PS: MOHESPUR, DIST: JHENAIDAH 7 COURT CHANDPUR THANA OFFICE MAIN BUS STAND (SHOHID MARKET), PS: COURT CHANDPUR, DIST: JHENAIDAH 8 KALIGONJ THANA OFFICE BANGLA VILLA (1ST FLOOR), DHAKA ROAD, PS: KALIGONJ, DIST: JHENAIDAH 9 JHENAIDAH AREA OFFICE H S S ROAD AYTIJJO BILAS BHABAN, (1ST FLOOR) PO:& PS: & DIST: JHENAIDAH 10 KUSTIA DISTRICT OFFICE VILL: MAZAMPUR, PO:& PS:& DIST: KUSHTIA 11 HARINAKUNDA THANA OFFICE LALON ROAD, PS: HARINAKUNDA, DIST: JHENAIDAH 12 MAGURA THANA OFFICE SHAFURA MONJIL (1ST FLOOR), SAYA BITHI SARAK, PO:& PS:& DIST: MAGURA 13 NAGARBATHAN UNIT OFFICE VILL: & PO & NAGARBATHAN, PS: & DIST: JHENAIDAH 14 ALAMDANGA THANA OFFICE PO & PS: ALAMDANGA, DIST: CHOWADANGA RAJSHAHI AREA Sl No. Name Address 1 RAJSHAHI AREA OFFICE 127 UTTER MOLLA PARA (2ND FLOOR), DARUS ROAD, RAJSHAHI COAT, PS: RAJPARA, DIST: RAJSHAHI Important Offices
84 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE Islami Deposit Pension Scheme (IDPS) Project Office Address NATORE AREA Sl No. Name Address 1 LALPUR THANA OFFICE MODHUBARI, PO: GOPALPUR, PS: LALPUR, DIST: NATORE NOAKHALI AREA Sl No. Name Address 1 BEGAMGANJ THANA OFFICE CHYANI BAZAR, PS: BEGAMGANJ, DIST: NOAKHALI BARISAL AREA Sl No. Name Address 1 BARISAL DISTRICT OFFICE ANAMIKA BHABAN, C N B ROAD, PO:BARISAL, PS: KOTOWALI, DIST: BARISAL TANGAIL AREA Sl No. Name Address 1 TANGAIL AREA OFFICE HOUSE NO:471/1, NARCHARI ROAD, KODALIA, PO: & PS: DIST: TANGAIL 2 TANGAIL DISTRICT OFFICE POUROSAVA ROAD, PO:& PS: MIRJAPUR, DIS: TANGAIL 3 BASHAIL THANA OFFICE KHAN PLAZA (2ND FLOOR), BUS STAND MORE, PO: & PS: BASHAIL, DIST: TANGAIL 4 GOPALPUR THANA OFFICE MAIN ROAD (2ND FLOOR), PO: & PS: GOPALPUR, DIST: TANGAIL 5 EYESORA BAZAR UNIT OFFICE VILL & PO : EYESORA, PS: BASAIL, DIST: TANGAIL 6 KACHUYA UNIT OFFICE KACHUYA BAZAR, PO: KACHUYA, PS: SHAFIPUR, DIST: TANGAIL 7 HEMNAGAR UNIT OFFICE PO: HEMNAGAR, PS: GOPALPUR, DIST: TANGAIL 8 BELUA BAZAR UNIT OFFICE PO: BELUA BAZAR, PS: GOPALPUR, DIST: TANGAIL 9 PINGNA UNIT OFFICE PO: PINGNA BAZAR, PS: SARISA BARI, DIST: JAMALPUR BOGRA AREA Sl No. Name Address 1 BOGRA DISTRICT OFFICE KOIGARI POCHCHIM PARA, PO: BOGRA SADAR, PS: SHAHAJAHANPUR, DIST: BOGRA
SIRAJGONJ AREA Sl No. Name Address 1 SHAHJADPUR THANA OFFICE MUJIB BHABAN (1ST FLOOR), PO:& PS: SHAHJADPUR, DIST: SIRAJGONJ 2 SIRAJGONJ UNIT OFFICE RUPSA BAZAR, PS: & PO:& DIS: SIRAJGONJ
RANGPUR AREA Sl No. Name Address 1 RANGPUR AREA OFFICE G. L RAY ROAD, SAT MATHA MOAR, PS: SADAR, DIST: RANGPUR 2 PIRGACHA THANA OFFICE TIRATNA BHABAN, PO: DEWTI, PS: PIRGACHA, DIST: RANGPUR 3 KAWNIA THANA OFFICE VILL: MAHESHA, PO: MIRBAG, PS: KAWNIA, DIST: RANGPUR 4 MITHAPUKUR THANA OFFICE BHAI BHAI PLAZA (2ND FLOOR), BOYRAGIGONJ, PS: MITHAPUKUR, DIST: RANGPUR 5 BADORGONJ THANA OFFICE VILL: & PO:& PS: BADORGONJ, DIST: RANGPUR 6 GANGACHARA THANA OFFICE PO:& PS: GANGACHARA, DIST: RANGPUR 7 GOJOGANTA UNIT OFFICE PO: GOJOGANTA, PS:GANGACHARA, DIST: RANGPUR 8 ALAMNAGAR UNIT OFFICE VILL: TAJHAT, PO: ALAMNAGAR, PS: KOTOALI, DIST: RANGPUR 9 ULIPUR THANA OFFICE K C ROAD, PO:& PS: ULIPUR, DIST: KURIGRAM 10 LALMONIRHAT DISTRICT OFFICE BASA NO 188, ROAD NO: 1,MAJAR ROAD, KHATA PARA, PO: SAPTIBARI, PS: ADITMARI, DIST: LALMONIRHAT 11 THAKURGAON DISTRICT OFFICE NISHCHINTAPUR, PS: SADAR, DIST: THAKURGAON 12 NILPHAMARI DISTRICT OFFICE UPAZILLA ROAD, PS: KISHORGANJ, DIST: NILPHAMARI 13 NIPHAMARI SADAR THANA OFFICE MASIUR BHABAN (GROUND FLOOR) PS: SADAR, PO: & DIST: NILPHAMARI 14 JOLDHAKA THANA OFFICE THANA MORE, PO: & PS: JOLDHAKA, DIST: NILPHAMARI 15 TARAGANJ THANA OFFICE CHOUPATHE BHABAN (1ST FLOOR), RANGPUR BISHAW ROAD, PO: & PS: TARAGANJ, DIST: RANGPUR 16 TANGONMARI UNIT OFFICE KRISHE BANK BHABAN (1ST FLOOR), KISHORGONJ ROAD, PO: KHUTMARA, PS: JOLDHAKA, DIST: NILPHAMARI 17 PARBOTIPUR UNIT OFFICE POURO MARKET ( GROUND FLOOR ), FURBARI ROAD, PO: & PS: PARBOTIPUR, DIST: DINAJPUR Important Offices
Pragati Life Insurance Ltd. Annual Report 85 TRUST US FOR LIFE
TRUST US FOR LIFE PANCHAGARH Important Offices
TRUST US FOR LIFE NILLPHAMARI
TRUST US FOR LIFE THAKURGAON TRUST US FOR LIFE LALMONIRHAT Pragati Life Insurance Ltd. TRUST US FOR LIFE
TRUST US FOR LIFE KURIGRAM
TRUST US FOR LIFE TRUST US FOR LIFE Corporate Head Office DINAJPUR RANGPUR
TRUST US FOR LIFE GAIBANDHA
TRUST US FOR LIFE
JAIPURHAT TRUST US FOR LIFE
TRUST US FOR LIFE SHERPUR TRUST US FOR LIFE TRUST US FOR LIFE SUNAMGANJ NAOGAON SYLHET
TRUST US FOR LIFE TRUST US FOR LIFE TRUST US FOR LIFE JAMALPUR NETRAKONA SYLHET RAJSHAHI BOGRA TRUST US FOR LIFE NAWABGANJ
TRUST US FOR LIFE MYMENSINGH
TRUST US FOR LIFE
RAJSHAHI TRUST US FOR LIFE
TRUST US FOR LIFE MOULVIBAZAR TRUST US FOR LIFE TRUST US FOR LIFE TRUST US FOR LIFE
TRUST US FOR LIFE KISHOREGANJ NATORE SIRAJGANJ HOBIGANJ TANGAIL
TRUST US FOR LIFE GAZIPUR
TRUST US FOR LIFE PABNA TRUST US FOR LIFE DHAKA NARSHINGDI TRUST US FOR LIFE KUSHTIA TRUST US FOR LIFE BRAHMANBARIA TRUST US FOR LIFE
TRUST US FOR LIFE TRUST US FOR LIFE DHAKA MEHERPUR MANIKGANJ TRUST US FOR LIFE
TRUST US FOR LIFE TRUST US FOR LIFE NARAYANGANJ CHUADANGA RAJBARI
TRUST US FOR LIFE MUNSHIGANJG JHENAIDAH TRUST US FOR LIFE TRUST US FOR LIFE COMILLA MAGURA TRUST US FOR LIFE RAJBARI
TRUST US FOR LIFE
TRUST US FOR LIFE TRUST US FOR LIFE CHANDPUR TRUST US FOR LIFE MADARIPUR KHAGRACHARI TRUST US FOR LIFE SHARIATPUR TRUST US FOR LIFE HILL TRACT NARAIL JESSORE TRUST US FOR LIFE GOPALGANJ TRUST US FOR LIFE
TRUST US FOR LIFE TRUST US FOR LIFE FENI LAKSHMIPUR BARISSAL KHULNA TRUST US FOR LIFE NOAKHALI
TRUST US FOR LIFE TRUST US FOR LIFE
TRUST US FOR LIFE SATKHIRA KHULNA BARISAL PIROJPUR TRUST US FOR LIFE
TRUST US FOR LIFE TRUST US FOR LIFE BHOLA BAGERHAT JHALAKATI TRUST US FOR LIFE TRUST US FOR LIFE RANGAMATI CHITTAGONG HILL TRACTS
TRUST US FOR LIFE PATUAKHALI CHITTAGONG
TRUST US FOR LIFE BARGUNA
TRUST US FOR LIFE BANDARBAN HILL TRACTS
TRUST US FOR LIFE COX’S BAZAR
Bay of Bengal
86 Annual Report Pragati Life Insurance Ltd. TRUST US FOR LIFE
Notes
Pragati Life Insurance Ltd. Annual Report 87 TRUST US FOR LIFE
88 Annual Report Pragati Life Insurance Ltd. PRAGATI LIFE INSURANCE LIMITED TRUST US FOR LIFE Pragati RPR Center (6th Floor), 20-21 Kawran Bazar, Dhaka1215
PROXY FORM
I/ We ...... of ...... being a Public Shareholder(s) of Pragati Life Insurance Limited and entitled to vote hereby appoint
Mr./Mrs./Miss ...... of ......
...... as my/our proxy to attend and vote for me/us and on my/our behalf at the 10th Annual General Meeting of the Company to be held on the Sunday, the 27 September 2010 at 12:00 noon at the Jamuna Resort Ltd. Bhuapur, Tangail or at any adjournment thereof.
As witness my/our hand this ...... day of ...... 2010 Revenue Stamp Tk. 10.00
...... Signature of the Proxy Signature of Shareholder(s) BO ID: ...... BO ID: ...... No. of Shares held: ...... Notes: A member entitled to attend and vote at the meeting may appoint another member his/her proxy to attend and vote on his/her behalf. Forms of proxy, duly stamped and signed must be deposited at the Company’s Registered Office not later than 72 hours before the time appointed for the Meeting. In default forms of proxy will not be treated as valid.
...... Authorised Signature Signature Verified Pragati Life Insurance Ltd.
PRAGATI LIFE INSURANCE LIMITED TRUST US FOR LIFE Pragati RPR Center (6th Floor), 20-21 Kawran Bazar, Dhaka1215 ATTENDANCE SLIP
I/We hereby record my/our attendance at the 10th Annual General Meeting of Pragati Life insurance Limited on the 27 September 2010 at the Jamuna Resort Ltd., Bhuapur, Tangail.
Name of Proxy...... Name of Shareholder(s) ......
BO ID: ...... No. of Shares held: ......
BO ID: ......
Signature ......
N.B. Please present this slip at the Registration Counter and sign which must be matched with your recorded signature which has scanned