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chairman's statement
Assalamu Alaikum
It is indeed a great honour for me to address you all on behalf of the board of directors of Nitol Insurance Company Limited. I extend a very warm welcome to you all at the company. On behalf of the Board of Directors, I would like to take this opportunity to express my sincere appreciation for the support and faith you have placed in our establishment for the last 17 years.

During the years 2015, Nitol Insurance Co. Ltd. has achieved in gross premium to Tk. 608.32 million. The underwritten profit stands at Tk. 89.11 million and profit before tax stands at Tk. 98.17 million. Reviewing the result of the companys operation and its financial position, one can notice the considerable growth of the asset base and shareholders equity of the company over a period of time. The asset and reserve base of the company is strong enough to meet current liabilities and any contingent liabilities that may arise in future.

Socio economic scenario

As we all know, the first quarter of last year was difficult for business due to political turmoil in Bangladesh. There are still a lot of obstacles in this particular industry since insurance market in Bangladesh remains extremely competitive due to the existence and operation of a large number of companies. A robust economic growth covering trade, commerce and industry has a positive impact on the nonlife insurance business development. However, in order to make significant development, the insurance market needs to explore diversity i.e. expose the concept of insurance and its services to a range of different consumers with various backgrounds, The entire rural market is left to be developed and micro-credit can be used as a weapon of poverty alleviation. Insurance can help serve mutual benefits to both people and the business industry resulting in an overall increase in the countrys state of affairs.

Pursuit of Excellence

Nitol Insurance Company Ltd (NICL) has succeeded for a number of reasons. We are motivated by a strong sense of purpose, honesty, business ethics and pursuit of excellence to conduct our business. Our financiers trust, dedicated efficient personnel and the right marketing strategy enable us to satisfy our clients. We will remain true to our philosophy of high ethical standards and the pursuit of excellence. As a result, Premium Income and Net Profit have increased substantially. At the same time Net Asset Value per share has also been increased compare to last year. All this financial performance has been described in the Directors report. Despite a lot of hurdles and instability in the business sector due to last years events, we have still achieved our business target. Our target for 2015 was to digitize existing branches by creating an online network with updated software and profile, maintain good governance, expand business, and lastly, add two more branches to the existing 21 branches. However, at the same time, we are analyzing the performance of certain branches and monitoring results next year will determine if we need to close any branch not performing up to the mark.

Internal Controls & Risk Mitigation

The companys well defined organization structure, predefined authority levels, documented policy guidelines and an extensive system of internal controls ensure optimal utilization and protection of resources, reporting of financial transactions and compliance with applicable laws and regulations. The company has adequate systems of international control in place. This is to ensure that your assets are safeguarded against loss from unauthorized use or disposition and maintain security. We have set very high standards to protect our clients.

Moving forward

We are now moving towards a Digital World where it is moving very fast with technological development. Bangladesh Government has also taken initiatives to digitalize the country through technology and developments. I am very proud to announce that Nitol Insurance is also moving towards this progress by implementing Online Service. We have upgraded our IT system successfully for further strengthening and securing the automation of service.

Moreover, we have concentrated on Online Marketing, hiring a digital marketing company to help us reach a wider audience as well as spread the idea of Insurance and its services in Bangladesh. Our Facebook page is always updated with relevant news and information regarding safety and insurance. On a different note, we are always prompt about any claim settlement our motto is Quick Claim Settlement. We are very concerned about our clients and prioritize their satisfaction. The company will maintain its utmost positive strategy in achieving growth in business and profitability in the years to come and would look forward to continue successfully. I am optimistic, not only as the Chairman, but also as an investor. Working at NICL has been a thrilling experience and I believe our best days are yet to come In sha Allah.

To ensure better services for the VIP clients, the company has lounge two clients center i.e. Valued Clients Centre (VCC) at Motijheel C/A, Dhaka and Premier Clients Centre (PCC) at Mohakhali C/A, Dhaka.

Acknowledgement

I thank all our shareholders and my colleagues on the Board of Directors for their guidance and support. I also convey my sincere appreciation to the management and staff of the company for their

dedication and hard work under the able leadership of the Chief Executive Officer (CEO). I am also thankful to BIA for working like a friend as a negotiator. We must appreciate their active participation for promoting the benefits of Insurance to the Govt., Regulator, Policy Maker and the public. Special thanks go to Insurance Development & Regulatory Authority (IDRA), Bangladesh Securities and Exchange Commission (BSEC), Registrar of Joint Stock Companies & Firms, Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange Limited (CSE). Also, I want to thank the authorities of the Peoples Republic of Bangladesh for their harmonious, heart rending support. Thank you all.

Warm regards,


A.K.M. Monirul Hoque

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We Cover, We Care, We pay

Because your insurance needs are divergent, we offer a wide spectrum of versatile products and services. Moreover, our highly qualified and experienced professionals will identify your special requirments and draw up plans exclusively for you. We pay promptly all covered claims in a just and fair manner.

Nitol Insurance Company Limited is a Public Limited Non-Life Insurance Company. It is incorporated in Bangladesh on October 04, 1999 as a public Limited Company under the companies Act, 1994 to transact all classes of non-life insurance business.

We are dedicated to developing a long-term relationship with our clients by providing them outstanding services. We offer a wide spectrum of versatile non-life insurance products and services. Moreover, our highly qualified and experienced professionals will identify special requirements and draw up plans exclusively for our clients. We pay promptly all covered claims in a just and fair manner.

Our Vision

Our destination is the Apex of Success. We have to reach to that goal by our modern thinking, hard labor, time-worthy decision, sincerity and unparalledled service to the Clients. We are committed to our slogan "Your Security is Our Responsibility".

Our Mission

Our destination is the Apex of Success. We have to reach to that goal by our modern thinking, hard labor, time-worthy decision, sincerity and unparalledled service to the Clients. We are committed to our slogan "Your Security is Our Responsibility".

We Strive For

- To follow Utmost good faith & other principles of Insurance strictly.
- Best Service to our clients.
- Protection of investment of our shareholders.
- Welfare of our employees.
- Due Revenue collection for the Government.
- Ethical and moral social order.
- Good governance for us and all around us.
- Transparency in Disclosures.