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Credit Rating Rated by CRISL AA+ Stable Outlook Highlights Journey of Promise, innovation succession... Credit Rating Rated by CRISL AA+ Stable Outlook Highlights..... 2013 has been a year of tremendous achievement. Gross Premium Net Premium BDT mn1,638.89 BDT mn 704.23 9.93% 9.84% Earnings Per Share Net Profit Before Tax BDT 5.33 BDT mn 406.17 35.62% 36.33% Underwriting Income Investment Income BDT mn 228.88 BDT mn 230.26 23.65% 40.44% Annual Report 2013 Table of Contents Letter of Transmittal 04 Awards & Recognitions 06 Shareholders' View 09 Notice of the Twenty Sixth Annual General Meeting 10 Corporate Objectives, Values & Structure Vision & Mission 12 12 Core Values 13 Overall Strategic Objective 14 Profi le of the Company 15 Products of Reliance 16 Product Diversifi cation and Innovation 17 Company Information 18 Corporate Milestones 19 Our Management 20 From the Records Book 20 Composition of Board and its Committees 21 Organizational Chart 22 Management & Core Executives 24 Senior Executives 26 Heads of Branches 27 Chairman’s & CEO's Review, Director's Report etc. 28 Chairman's Review 28 Managing Director and CEO's Roundup 30 Directors' Report to the Shareholders 34 Summary of Accounts 40 Key Operating and Financial Highlights 41 Meeting attended by the Directors 42 Pattern of Shareholding 43 Brief Profi le of the Directors 44 Status of Compliance of Corporate Governance Guidelines 50 Certifi cate of Compliance with the Corporate Governance Guidelines 57 Sustainability Reporting 58 Attributes of Sustainability 58 Sustainability Strategy 58 Corporate Social Responsibility 59 Environmental Policy 60 Human Resources Policy 60 Integrated Reporting 61 Report on Going Concern 62 Report on Information Technology 63 Human Resource Accounting 65 Information about Corporate Governance 66 Report on Corporate Governance 66 2 RIL 2013 Annual Report structure values & objectives, Corporate Performance Summary Performance Indicators 70 70 Value Added Statement 72 Economic Value Added Statement 73 Our Management & CEO’s Chairman’s Market Value Added Statement 73 Contribution to the National Economy 74 Bangladesh Non-life Insurance Market Composition & Reliance Share 75 Risk Management & Control Environment Risk Management Framework 76 report etc. Director’s review, 76 Insurance Risk & its Mitigation 77 Disclosure of Risk Reporting 79 Specifi c areas for Insurance Sector 80 Claims Management and details of Outstanding Claims (IBNR & 80 reporting Sustainability IBNER) with ageing thereof Solvency Margin 81 Accounting Ratio pertaining to Insurance Sector 82 Review of Asset Quality 83 governance about corporate Information Financial Performance Report of the Audit Committee 85 85 Responsibility Statement of CEO & CFO 86 Auditors' Report to the Shareholders' 87 Statement of Financial Position 88 performance Summary of our Statement of Comprehensive Income 90 Fire Insurance Revenue Account 92 Marine Insurance Revenue Account 94 Miscellaneous Insurance Revenue Account 96 Classifi ed Summary of Assets 98 environment control Risk management & Statement of Cash Flows 100 Statements of Changes in Shareholders Equity 101 Notes to the Financial Statements 102 Stakeholders' Information insurance sectorinsurance Specifi Dividend Policy and Capital Raising History 118 118 Financial Calendar 118 for c areas Quarterly Analysis 119 Shareholding Composition 120 Redressal of Investors Complaints 121 performance Financial Redressal of Clients Complaints 121 Branch Connectivity 122 Event Highlights 124 Glossary 126 Proxy Form 131 information Stakeholders’ 3 Letter of Transmittal All Shareholders, Bangladesh Securities and Exchange Commission, Insurance Regulatory and Development Authority, Registrar of Join Stock Companies & Firms, Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited Dear Sir (s): Annual report for the year ended December 31, 2013 Enclosed please fi nd a copy of the Annual Report together with the Audited Financial Statements including Statement of Financial Position as at December 31, 2013 and Statement of Comprehensive Income, Statements of Cash Flows for the year ended December 31, 2013 along with notes thereon of Reliance Insurance Limited for kind information and record. Best regards, Yours sincerely, Md. Anisur Rahman Company Secretary 4 Awards and Recognitions Mr. Akhtar Ahmed, Managing Director & CEO, Reliance Insurance Limited is receiving the 13th ICAB National Award for Best Presented Annual Reports 2012 under Financial Sector - Insurance (First Position). Mr. Akhtar Ahmed, Managing Director & CEO, Reliance Insurance Limited is receiving the 12th ICAB National Award for Best Presented Annual Reports 2011 under Financial Sector - Insurance (First Position). Mr. Akhtar Ahmed, Managing Director & CEO, Reliance Insurance Limited is receiving the ICMAB Best Corporate Awards 2012 (First Position). 6 RIL 2013 Annual Report Mr. Mohammed Sabir Ahmed, CFO, Reliance Insurance Limited is receiving Certifi cate of Merit from SAFA for Best Presented Annual Report Awards and SAARC Anniversary Awards for Corporate Governance Disclosures 2011. Mr. Akhtar Ahmed, Managing Director & CEO, Reliance Insurance Limited is receiving the ICMAB 2nd Best Corporate Award 2010. Mr. Shamsur Rahman, Vice Chairman, Reliance Insurance Limited is receiving the 11th ICAB National Award (First Position) for Best Published Accounts and Reports 2010 under Financial Sector - Insurance. Mr. Akhtar Ahmed, Managing Director & CEO, Reliance Insurance Limited is receiving the ‘HR Award 2010’ given by Institute of Personnel Management (IPM), Bangladesh in the Corporate Category. 7 Awards and Recognitions 1st position in 13th ICAB Awards 1st position in 12th ICAB Awards 1st position in 11th ICAB Awards for Best Published Accounts and for Best Published Accounts and for Best Published Accounts and Reports 2012 Reports 2011 Reports 2010 1st position in ICMAB Best 2nd position in ICMAB Best HR Award – 2010 Corporate Awards 2012 Corporate Awards 2010 Presented by Institute of Personnel Management Certifi cate of Merit for Best Presented Accounts and Certifi cate of Merit for Best Presented Accounts and Corporate Governance Disclosure Awards 2011 Corporate Governance Disclosure Awards 2010 8 RIL 2013 Annual Report Shareholders’ View 9 Notice of the Twenty Sixth Annual General Meeting Notice is hereby given to all members of Reliance Insurance Limited that the twenty sixth Annual General Meeting of the Company will be held at La-Vita Hall, Lake Shore Hotel, House # 46, Road # 41, Gulshan-2, Dhaka-1212, on Sunday, March 30, 2014 at 11:00 am to transact the following business: 1. To receive, consider and adopt the Directors’ Report and Audited Financial Statements for the year ended December 31, 2013 together with the Auditors’ Reports thereon. 2. To declare dividend for the year ended December 31, 2013 as recommended by the Board of Directors. 3. To elect/re-elect Directors. 4. To confi rm the appointment of proposed Managing Director & CEO of the Company. 5. To appoint Auditors and fi x their remuneration. 6. To transact any other business with permission of the Chair. By order of the Board of Directors March 3, 2014 Md. Anisur Rahman Company Secretary Notes: (a) The “Record Date” shall be Wednesday, March 5, 2014. Shareholders whose names appear in the members’ register of the company on the record date will be eligible to attend the meeting and qualify for dividend. (b) A member entitled to attend and vote at the Annual General Meeting may appoint a proxy to attend and vote in his/her stead. Duly stamped proxy must be submitted to the Share Department of the Company at least 72 hours before the start of the meeting at 11:00 am on March 30, 2014. (c) Shareholders and Proxies are requested to record their entry in the Annual General Meeting well in time. No entry will be recorded after 12:00 noon. (d) Members are advised to update change of address (if any) through their respective Depository Participant. 10 Vision and Mission Our Vision Is to: become the premier insurance organization and the insurer of fi rst choice in Bangladesh with a sound reputation for dependability, professionalism and the highest standard of customer services. Our Mission Is to: grow signifi cantly and achieve signifi cant non-life insurance market share. continue delivering attractive returns to our shareholders. become a caring organization and employer of choice. invest in top quality human resources and develop full potentials of employees by providing continued training and insurance education. bring innovation in insurance products and selling techniques. 121 RIL 2013 Annual Report structure values & objectives, Corporate Our Core Values Transparency: We encourage and inculcate total transparency and communicate openly & honestly with all our stakeholders and clients. We accept our individual and team responsibilities and we make and support business decisions through experience and good judgment. Integrity: We are committed to employ the highest ethical standards, demonstrating honesty and fairness in all our actions. Professionalism & Excellence: We believe in developing a highly motivated, valued and diverse workforce. We strive constantly to be the best in quality and in everything we do in order to meet and exceed the highest expectations of our customers. Customer Focus: We are dedicated to satisfying customer needs and honoring commitments that we have made to them. Our customers are our partners and we remain committed to build strong relationship with them and value their loyalty as our best rewards. Result Focus: We
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