In 2015, Nitol Insurance Co. Ltd. Has achieved a gross premium Tk. 608.32 million. The underwritten profit stands at Tk. 89.11 million, and profit before tax at Tk. 98.17 million. When reviewing the company`s operation and its financial position, one can detect the considerable growth of the asset base and shareholders` equity 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.
S0CIO ECONOMIC SCENARIO
As we all know, the first quarter of 2015 was difficult for business due to political turmoil in Bangladesh. Subsequently, there are ongoing obstacles in this particular industry; the country`s insurance market is extremely competitive due to the operation of a large number of existing 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 individuals and the business industry resulting in an overall increase in the country`s 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 honesty, purpose, ethics and pursuit of excellence with regards to steering our business. Our financiers trust, dedicated efficient personnel, and the right marketing strategy enable us to gratify 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 increased in comparison to last year. The complete financial detail is described in the Directors report.
Despite a lot of hurdles and instability in the business sector due to last year`s 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. We are analyzing the performance of certain branches and monitoring results; that are not performing up to the mark.
INTERNAL CONTROLS & RISK MITIGATION
The company`s well defined organizational 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.
In the Annual Report last year (2014), I mentioned that I would close the Branches with poor performance in 2015; I kept my word and have shut down inept branches.
Due to globalization and technological innovation, we are moving towards a Digital World. Bangladesh Government, additionally, has taken initiatives to digitalize the country. I am very proud to announce that
Nitol Insurance is also moving towards this progress by implementing an Online Service. We have upgraded our IT system to further strengthen and secure the computerization of service. We have hired a digital marketing company to concentrate on "Online Marketing," and help us reach a wider audience. The online presence has spread the knowledge of Insurance and its services in Bangladesh. Our Facebook page is continually updated with relevant news and information regarding safety and awareness.
On a different note, we are always prompt about any claim settlement hence; our motto is "Quick Claim Settlement." We are very concerned about our clients and prioritize their satisfaction. Last year`s political instability resulted in an increase in claims, particularly motors insurance. My value for customer satisfaction motivated me to meet all claims sufficiently as I believe it will eventually benefit the business in the long run. The company will maintain its utmost positive strategy in achieving growth in business and profitability in the years to come. 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 service for the VIP clients, the company has opened two new branches-I) Valued Clients Centre (VCC) at Motijheel CIA, Dhaka, 2) Premier Clients Centre (PCC) at Mohakhali CIA, Dhaka. PCC is the first of its kind in the Insurance Industry.
I thank all our shareholders and colleagues in the Board of Directors for their guidance and support. I convey my sincere appreciation to the management and staff of the company for their dedication and hard work under the leadership of the Chief Executive Officer (CEO). I am also
Thankful to Insurance Development & Regulatory Authority (IDRA) for their guidance and strong regulation policies to develop the industry. We must appreciate their active participation for promoting the benefits of Insurance to the Government. Special thanks to Bangladesh Insurance Association (BIA), Bangladesh Securities and Exchange Commission (BSEC), Registrar of Joint Stock Companies & Firms, Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange Limited (CSE). Furthermore, I want to thank the authorities of the People`s Republic of Bangladesh for their support. Thank you all.
A K M Monirul Hoque
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 requirements 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 is the Apex of Success. We have to reach to that goal by our modern thinking, hard labor, time-worthy decision, sincerity and unparalleled service. We are committed to our slogan Your Security is our Responsibility.