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Journey Beyond 3 Decades Reliance Credo ANNUAL REPORT 2017 REPORT ANNUAL Corporate Office ANNUAL REPORT 2017 Shanta Western Tower Level–5, Space–503 & 504 186 Tejgaon Industrial Area Dhaka–1208, Bangladesh Tel : +88-02-8878836-44 Fax : +88-02-8878831-4 E-mail : [email protected] [email protected] Web : www.reliance.com.bd JOURNEY BEYOND 3 DECADES RELIANCE CREDO We believe our first responsibility is to serve our customers and strive for excellence. In meeting the customer needs, everything we do must be of highest standard. We must constantly strive to provide professional service and remain beside our clients at the time of loss. We are responsible to our employees, the men and women who work with us throughout Bangladesh. Everyone must be considered as an individual. We must respect their dignity and recognize their merit. They must have a sense of security in their jobs. Compensation must be fair and adequate, and working conditions clean, orderly and safe. We must be mindful of ways to help our employees fulfill their family responsibilities. Employees must feel free to make suggestions and complaints. There must be equal opportunity for employment, development and advancement for those qualified. We must provide competent management, and their actions must be just and ethical. We are responsible to the communities in which we live and work and to the world community as well. We must be good citizens – support good works and charities and bear our fair share of taxes. We must encourage civic improvements and better health and education. We must maintain in good order the property we are privileged to use, protecting the environment and natural resources. Our utmost responsibility is to meet shareholder’s expectations. Business must make a sound profit and continue delivering attractive returns to our shareholders. We must work with new ideas and products to launch in the market. When we operate according to these principles, the stockholders should realize a fair return. HIGHLIGHTS FINANCIAL PERFORMANCE 2017 HIGHEST CLAIM PAYING ABILITY FINANCIAL STRENGTH RATING ON RELIANCE INSURANCE LIMITED BY CRISL NET PREMIUM GROSS INCOME PREMIUM Increased by 29.15% INCOME to $1,237.65million. Increased by 3.5% to $ 2,572.67 million. PROFIT Investment BEFORE TAX Income Increased by 27.45% Increased by 13.57% to $ 630.47 million to $ 325.44 million. EARNINGS PER UNDERWRITING SHARE PROFIT Increased Increased by 37.2% by 16.56% to to $378.89 $5.28 million. Per Share. OUR ROAD TO SUCCESS 2016 2017 27-27 Jaann-17 25-5 NoN v-17 2014 Receiivede Certificaatate of Receivede 17t7tthIh ICAB NaN tiioonan l Award MeM ritt fof r Best Prreesens ted (T(Third PPosis tion))f forr BeB st Pubu lishede AcAccounts AcA couunntss and Corpr orate ana d Reportss 20120 6 Governanncce Disclosurrere Awardds 20015 from SAFA A 31-313 Jaanan-18 Reecceived Certit ficateeo offM Merit foror BeesttP Preesenntede 24-2 DecDee -1166 Accouuntst anndd CoC rpporate Govo ernnaancn e DiD scllosurere Reeceivedd 4th ICSBS AwA ards 202 161 frroom SAFA Natioonnall Awardd (BrBronze) 2012 2015 for BeB st Publil sheed 28-2 Jan-1- 8 1988 2004 Accouunts and Reeporportst Reeceiivedd ICCMMABA Secondn Best Corporppoorate 20120 5 Awards 202 166 29-Noov-16 ReR ceiivved 116th ICAABB Nationala Awardd (S(Second PoPososittitionon)) foor Best Puubublisheh d Accountn s ana d 2011 Reporrtts 2015 26-262 Oct-11166 Reecceie ved ICCMAB Fiirst BeBessttC Coro poorate 1996 2013 Awwaardr s 202 151 2008 1995 2002 2010 7-Julyul -111 Launch Reeliiaanccee Mutualuaua Fuundn 2 RELIANCE INSURANCE LIMITED 2016 2017 27-27 Jaann-17 25-5 NoN v-17 2014 Receiivede Certificaatate of Receivede 17t7tthIh ICAB NaN tiioonan l Award MeM ritt fof r Best Prreesens ted (T(Third PPosis tion))f forr BeB st Pubu lishede AcAccounts AcA couunntss and Corpr orate ana d Reportss 20120 6 Governanncce Disclosurrere Awardds 20015 from SAFA A 31-313 Jaanan-18 Reecceived Certit ficateeo offM Merit foror BeesttP Preesenntede 24-2 DecDee -1166 Accouuntst anndd CoC rpporate Govo ernnaancn e DiD scllosurere Reeceivedd 4th ICSBS AwA ards 202 161 frroom SAFA Natioonnall Awardd (BrBronze) 2012 2015 for BeB st Publil sheed 28-2 Jan-1- 8 1988 2004 Accouunts and Reeporportst Reeceiivedd ICCMMABA Secondn Best Corporppoorate 20120 5 Awards 202 166 29-Noov-16 ReR ceiivved 116th ICAABB Nationala Awardd (S(Second PoPososittitionon)) foor Best Puubublisheh d Accountn s ana d 2011 Reporrtts 2015 26-262 Oct-11166 Reecceie ved ICCMAB Fiirst BeBessttC Coro poorate 1996 2013 Awwaardr s 202 151 2008 1995 2002 2010 Reliance started as a First Generation 7-Julyul -111 Private Sector Non-Life Insurance Company Launch Reeliiaanccee Mutualuaua Fuundn in Bangladesh in 1988 with a promise to be a flexible and responsible entity to serve clients, has now flourish manifold to enter its 30th year of excellence. Reliance Insurance Limited is now one of the nation’s major forces in insurance sector, that transacts all classes of non-life insurance business in Bangladesh. With a diversified portfolio of products & services, esteemed group of sponsors, optimum customer service & prudent management, Reliance Insurance Limited offers pragmatic solution to all the insurance needs that makes positive contribution to the sustained growth of the nation. ANNUAL REPORT 2017 3 AWARDS AND ACCOLADES NATIONAL AWARDS Brief history of ICAB and its awards: The Institute of Chartered Accountants FROM THE INSTITUTE of Bangladesh (ICAB) is the National OF CHARTERED Professional Accounting body of Bangladesh established under the ACCOUNTANTS OF Bangladesh Chartered Accountants Order BANGLADESH (ICAB) 1973 (Presidential Order No. 2 of 1973). The Ministry of Commerce, Government of the People’s Republic of Bangladesh is the administrative Ministry of ICAB. Every year this institute gives national awards to the best presented Annual Reports of the country. Reliance insurance limited secured 2nd best position for the annual report 2014 and 2015 & 3rd best position for 2016. Moreover Reliance secured 1st position three consecutive years from 2010 to 2012. NATIONAL AWARDS Brief history of IMCAB and its awards: Institute of Cost and Management FROM THE INSTITUTE Accountants of Bangladesh (ICMAB) is the OF COST AND national body of the professional Cost and Management Accountants of Bangladesh. MANAGEMENT Established with the prime objective of ACCOUNTANTS promoting and regulating the Cost and Management Accounting profession in the OF BANGLADESH country, the Institute offers education and training to the students interested to pursue (ICMAB) career in this field and provides highly recognized CMA degree on fulfillment of requisite qualification. The Institute undertakes research in relevant fields and is the sole authority to issue practicing license to its members. Every year this institute is giving national award to the best corporate bodies of the country. Reliance Insurance Limited has secured the 1st Position as the Best Corporate in the Non-Life Insurance Sector (ICMAB Best Corporate Award-2015) based on Annual Report 2014 & 2nd Position for 2016. The Company also secured first position for four consecutive years from 2012 to 2015 (Annual Report 2011 to 2014). 4 RELIANCE INSURANCE LIMITED AWARDS AND ACCOLADES NATIONAL AWARD FROM THE INSTITUTE OF CHARTERED SECRETARIES OF BANGLADESH (ICSB) Brief history of ICSB and Its awards: Institute of Chartered Secretaries of Bangladesh (ICSB) established under an Act of Parliament i.e. Chartered Secretaries Act 2010 is the only recognized professional body to develop, promote and regulate the profession of Chartered Secretary in Bangladesh. Every year this institute is giving national awards for Corporate Governance Excellence. Reliance Insurance Limited Secured Bronze award for the Annual Report 2015. CERTIFICATE OF MERIT FROM SOUTH ASIAN FEDERATION OF ACCOUNTANTS (SAFA) Brief history of SAFA and its awards: South Asian Federation of Accountants (SAFA) was formed in the year 1984 to serve the accountancy profession in the South Asian Region and uphold its eminence in the world of accountancy. SAFA is an Apex Body of the South Asian Association for Regional Co-operation (SAARC) and an acknowledged Accounting Group of International Federation of Accountants (IFAC). SAFA represents over 300,000 accountants having membership of the national chartered accountancy and cost and management accountancy institutions in the South Asian countries namely Bangladesh, India, Maldives, Nepal, Pakistan and Sri Lanka. SAFA came into existence at the initiative of the accounting professional bodies in the South Asian Region, which has a bond of culture and homogeneity of professional environment. South Asian Federation of Accountants (SAFA) is giving awards to the best published annual report of the SAARC countries. Reliance Insurance Limited secured certificate of merit from SAFA for the last seven consecutive years. We thank the above three national bodies and SAFA for their recognitions of Reliance Insurance Limited. We hope that the said recognitions will definitely be source of encouragement to us to professionally develop further. ANNUAL REPORT 2017 5 Mr. Md. Khaled Mamun, Chief Executive Officer, Reliance Insurance Limited is receiving the 16th ICAB National Award (Second Position) for Best Presented Annual Report 2015. Mr. Md. Khaled Mamun, Chief Executive Officer, Reliance Insurance Limited is receiving the ICMAB Best Corporate Awards 2015 (First Position). Mr. Mohammed Sabir Ahmed, Senior Executive Director & CFO, Reliance Insurance Limited is receiving the SAFA Certificate of Merit for Best Presented
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