Pragati Life Insurance Limited Kkryjuto¥Ulr Kã Ypf ßtjœjjlr 9O Mjkwtt Xjijre Xnj~ on Behalf of the Members of Board of Directors

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Pragati Life Insurance Limited Kkryjuto¥Ulr Kã Ypf ßtjœjjlr 9O Mjkwtt Xjijre Xnj~ on Behalf of the Members of Board of Directors TRUST US FOR LIFE TRUST US FOR LIFE Chronology Registration as a Joint Stock Company ............................ January 30, 2000 Commencement of Business ..................................... April 11, 2000 Contents Signing of contract with the world’s largest reinsurer, Chronology .............................................. 01 Munich Re, Germany for reinsurance coverage ................... April 17, 2000 Message from the Chairman ............................. 02 Signing of first policy ............................................. May 03, 2000 Board of Directors ....................................... 04 Inauguration of official website ................................... July 01, 2001 Vision, Mission and Obectives ............................ 06 Corporate Management ................................. 08 Appointment of Issue Manager .................................. December 22, 2004 Notice of the 9th Annual General Meeting ................ 10 Agreement with CDBL ............................................ September 25, 2005 New Business and Business in Force ...................... 11 Consent to issue IPO shares ...................................... October 16, 2005 Financial Highlights ...................................... 12 Directors Report ......................................... 13 Publication of Prospectus ........................................ October 19, 2005 Auditors’ Report ......................................... 35 Subscription Opens .............................................. November 24, 2005 Finincial Statements ...................................... 37 Allotment of IPO Shares .......................................... December 28, 2005 Balance Sheet ............................................ 38 Revenue Account ......................................... 40 Listing in Dhaka Stock Exchange ................................. February 06, 2006 Form - “AA” .............................................. 43 Listing in Chittagong Stock Exchange ............................ February 06, 2006 Statement of Life Insurance Fund ......................... 44 First Trading in Stock Exchanges ................................. February 06, 2006 Statement of Cash Flow .................................. 45 Notes to the Financial Statements ........................ 46 Holding the first public AGM (6th) ............................... September 17, 2006 Certificate Under the Insurance Act, 1938 ................ 60 Introduction of first ever Push-Pull service for Pragati Life Events ........................................ 61 policyholders’ information ....................................... March 01, 2007 Important Offices ......................................... 67 Declaration of first policy bonus ................................... January 29, 2007 Map ...................................................... 84 Proxy Form & Attendance Slip ............................ 85 First Credit Rating ................................................ January 30, 2008 Annual Report Pragati Life Insurance Ltd. Pragati Life Insurance Ltd. Annual Report 01 TRUST US FOR LIFE TRUST US FOR LIFE Message from the Chairman ßY~JroqJPjr mJeL Dear Shareholders, Kk´~ ßv~JrPyJøJrmOª, Assalamu Alaikum, IJxxJuJoMIJuJATáo, I have the pleasure to warmly welcome you on the occasion of IJKo Ifq∂ IJjPªr xJPg k´VKf uJAl A¿MqPr¿ KuKoPac Fr the 9th Annual General Meeting of Pragati Life Insurance Limited kKrYJuTo¥uLr kã yPf ßTJŒJjLr 9o mJKwtT xJiJre xnJ~ on behalf of the Members of Board of Directors. We are delighted IJkjJPhr ˝JVf \JjJKóZÇ dJTJ yPf 120 KT: Ko: hNrPfô poMjJ KrPxJat and impressed at your presence at the Annual General Meeting KuKoPac F IJkjJPhr CkK˙Kf uãq TPr IJorJ Ifq∂ IJjKªf S at Jamuna Resort Ltd. 120 km. away from Dhaka. It is the C&xJKyfÇ FPf ßTJŒJjLr k´Kf IJkjJPhr VnLr IJ˙J kKruKãf y~Ç manifestation of your confidence on the Company. Thanks to all. F\jq xmJAPT ijqmJhÇ Meanwhile, Annual Report of the Company has already been despatched to you. All of us are aware of the fact that global APfJoPiq ßTJŒJjLr mJKwtT KrPkJat IJkjJPhr KjTa ßkRÅPZ ßhS~J economics falls in 2008 took a heavy toll on our economy. On the yP~PZÇ IJorJ xmJA ImVf ßp, 2008 xJPur Kmvõ IgtQjKfT i±x other hand, there was an unprecedented price hike of essential IJoJPhr ßhPvr IgtjLKfr mqJkT ãKfxJij TPrPZÇ IkrKhPT commodities in the year 2008. Despite those impediments, the IJoJPhr ‰hjKªj mqmyJpt kPeqr oNuq 2008 xJPu I˝JnJKmTnJPm Company has maintained and achieved strong position in all mOK≠ ßkP~PZÇ Ff k´KfmºTfJr oPiqS ßTJŒJKj xMÔ mqm˙JkjJ, major areas covering sound management, adequate earning and xP∂Jw\jT I\tj S xMhO| fJruq xy xTu ßãP© FTKa vÜ Im˙Jj strong liquidity in the year 2008. iPr rJUPf xão yP~PZÇ I believe the Directors’ Report will offer a comprehensive view to you to enable you to assess the financial position of the IJKo KmvõJx TKr, kKrYJujJ kwtPhr k´KfPmhPjr oJiqPo IJkjJrJ Company. I assure you that we shall always stand beside you and Ifq∂ xyP\ ßTJŒJjLr IgtQjKfT Im˙Jj KmYJr TrPf kJrPmjÇ your investment will always be secured. The performance of the IJKo IJkjJPhr IJvõJx KhKóZ ßp, IJorJ xmxo~ IJkjJPhr kJPv business operation during the year under review was ßgPT IJkjJPhr KmKjP~JV xhJ xÄrãe TrPmJÇ xJrJ mZr \MPz satisfactory. kptPmãe k´JÑJKuj mqmxJK~T TJptâo KZu xP∂Jw\jTÇ A brief result of the overall performance of the Company during KjPY 2008 xJPu ßTJŒJjLr xJoKV´T TJptTuJPkr FTKa xÄK㬠the year 2008 in comparison with the year 2007 is given here as luJlu 2007 xJPur xJPg fáujJoNuT IJPuJYjJ~ ßhUJPjJ yP~PZÇ under. • • Total income of the Company was Tk.896.19 million as against ßTJŒJjLr xJoKV´T IJ~ y~ 896.19 KoKu~j aJTJ pJ kNmtmftL Tk. 678.16 million in the preceding year, being an increase of mZPrr 678.16 KoKu~j aJTJr fáujJ~ 32.15% IKiTÇ 32.15%. • 2008 xJPur mqm˙JkjJ mq~ yP~PZ 461.34 KoKu~j aJTJ, pJ KTjJ • Management expenses for the year 2008 were Tk.461.34 2007 xJPur 308.67 KoKu~j aJTJr fáujJ~ 49.46% IKiTÇ million as compared to Tk. 308.67 million in 2007, showing an FA mq~ mOK≠r TJre KmKnjú k´vJxKjT mq~ mOK≠ ßpoj: IKlx nJzJ, increase of 49.46%. The reasons for increase in the VJzLr \ôJuJjL S ßorJof, ßaKuPlJj, lqJé, A≤JrPja, mqmxJK~T management expenses were mainly due to increase in various Cjú~j UrY AfqJKhÇ administrative expenses such as office rent, car fuel, maintenance & repairs, telephone, fax internet, business • 2008 xJPu kKuKx V´JyTPhrPT k´h• IPgtr kKroJe 132.90 development expenses etc. KoKu~j aJTJ, pJ KTjJ Vf mZPrr 101.97 KoKu~j aJTJr fáujJ~ • Payments to policyholders in the year 2008 was Tk. 132.90 30.34% IKiTÇ FA UJPf k´h• IPgtr kKroJe mOK≠ kJmJr TJre million as against Tk.101.97 million in the year 2007, being an yPóZ oOfáqhJmL, kKuKxxoNPyr ßo~JhkNKft FmÄ k´fqJKvf xMKmiJr Igt increase of 30.34%. Claims were mainly increased due to k´hJjÇ maturity of old policies and survival benefit payments. • 2008 xJPu KmKjP~JV IJP~r kKroJe 166.97 KoKu~j aJTJ pJ • The investment income in the year 2008 was Tk. 166.97 million KTjJ Vf mZPrr 113.53 KoKu~j aJTJr fáujJ~ 47.07% IKiTÇ as compared to Tk. 113.53 million in the year 2007, showing an increase of 47.07%. The main reason for increase in the ATáqAKa ßv~Jr KmâP~ IKiTfr uJPnr TJrPe KmKjP~JV IJP~r investment income was due to higher profit on sale of listed kKroJe mOK≠ ßkP~PZÇ equity shares. IJKo IJ∂KrTnJPm ijqmJh \JjJA ßp, IJoJPhr xTu ßv~Jr V´JyT, I would like to express my profound gratitude to all our kKuKx V´JyT FmÄ ÊnJgLtPhrÇ FZJzJS, ßmJPct IJoJr xyToLtVPer shareholders, policyholders and well-wishers. I am also grateful k´Kf IJKo IJ∂KrTnJPm Tífù fJPhr oNuqmJj CkPhv FmÄ Message from to my colleagues in the Board for their prudent advice and Kj~KofnJPm xyPpJKVfJ k´hJPjr \jqÇ the Chairman constant support they have provided me. Syed M. Altaf Hussain ‰x~h Fo. IJufJl ßyJxJAj Chairman ßY~JroqJj Pragati Life Insurance Ltd. Annual Report 03 TRUST US FOR LIFE TRUST US FOR LIFE Board of Directors’ Mr. A.K.M. Rafiqul Islam, FCA Mr. Tabith M. Awal Mr. Zakaria Taher Syed M. Altaf Hussain Chairman Mr. Salim Rahman Mr. Mabroor Hossain Mr. Md. Shafiur Rahman Mr. Tafsir M. Awal Mr. Md. Fazlur Rahman Mr. Khalequzzaman Chowdhuri Mr. A. S.M. Mohiuddin Monem Vice Chairman Mrs. Nelofer Kamal Mrs. Nigar Jahan Chowdhury Mr. Imam Shahed Hossain Mr. Abdul Awal Mintoo Prof. Parveen Lucy 04 Annual Report Pragati Life Insurance Ltd. Pragati Life Insurance Ltd. Annual Report 05 TRUST US FOR LIFE TRUST US FOR LIFE Objectives Our objectives are to conduct transparent business operation based on market mechanism within the legal & social framework with aims to attain the mission reflected by our vision. Philosophy Our philosophy is best described as maintaining competitiveness balance with prudent management and fairness to all our policyholders’. 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’. Vision Mission We shall be recognized as the leader Our mission is to produce and among all life insurance companies in provide quality and innovative Bangladesh. insurance product. Our success will be built on our absolute Maintain stringently ethical dedication to the satisfaction of our standard in business operation. policyholders, through constant Ensuring benefit to the innovation, operational efficiency, policyholders, shareholders and the Dedication to Service prompt services, cost effectiveness and society at large. the talents of our people. We are dedicated to provide innovative products,
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