chairman's statement
It is my pleasure to address you on behalf of the Board of Directors. Welcome you all to the Nitol Insurance Company Limited. I would like to express my gratitude and appreciate the astounding support and faith that you have entrusted in our establishment for the duration of the last 19 years.

NICL stands unique. It promotes the development and growth for all and striving to achieve the best for the company. We believe in action-research which contributes in developing policy related to economic changes toward progress and prosperity. NICL is moving forward with innovative strategies and practical application. Our expansion to new venture is the direct result of the trust and faith people have bestowed on us.

In order to provide best service & best quality for our clients, we have established a reliable business network both in Bangladesh and around it. We are committed to uphold our group unity as "NICL Family" as we aim to meet our responsibilities to ongoing changes in the business era of Bangladesh that is trusted and appreciated by all our stakeholders.

I must articulate my gratitude for the amazing support and faith that you have shown in our establishment for the last 18 years.

Political Goodwill

We had fairly stable economy in the last couple of years. However, this is not to say that there will never be a political unrest. Political goodwill is a major pre-requisite for any government to realize socio-economic and political growth and development. Essentially, political instability breeds uncertainty over a country’s future economic policy as this is likely to adversely affect investor confidence. During the phase of unrest, economy crippled, growth becomes paralyzed and everything comes to be standstill. Unity and not to divide is the key approach adopted by many of the civilized states.

We know the contribution of insurance companies in our economical growth. So, we always hope to see a stable, reliable and faithful government.

We have very strong, efficient and cordial personnel; those are highly professional, honest and rational. That is the secret of success of NICL.

In pursuing the excellence we have a philosophy to maintain the ethical standard. As a result, our premium income and net profit has increased by a fair margin. At the same time the net assets value per share has also been increased compared to the previous year. All this financial performance has been described in the directors’ report. Despite of all difficulties in the business sector, we have still achieved our business target. The branches that are not performing to standards are being monitored and with that, steps are being taken to set it in right in tract.

Internal Controls & Risk Mitigation

The purpose of risk management is to secure positive development of earnings of the Company and the continuation of the business by implementing risk management cost-effectively and systematically throughout the different businesses.

Risk management is part of the Company´s strategic and operative planning, daily decision making process and internal control system. Business objectives, risks and risk management operations are combined through risk management as one chain of events.

NICL has the efficient and effective operational system, which aligned with the strategy. We have reliable financial reporting and management information, complete and timely made; and the Company is in compliance with applicable laws and regulations as well as the Company`s internal policies and ethical values including sustainability. The Company’s has a well defined organizational structure and documented policy guidelines. This is to tell you that our standards are set very high in order to protect our clients.

Vision

NICL is one of the amazing Insurance Company, which run parallel to the technologies and IT systems. We have the most advance integrated software operational activity, which secured our online services. We have an attention in our future plan to build-up online marketing to reach wider group of people. Our attempt to satisfy the customer helps us for quick settlement of claim. I am indeed enthusiastic not only as the Chairman, but also as an investor.

Being here as a Chairman of NICL it has been a thrilling experience and I believe our best days are yet to come by the grace of Allah (Subhanatayala).

We ensured the better services for the VIP clients by installing Premier Clients Centre (PCC) in Dhaka. PCC is the first of its kind in the Insurance Industry. We also formed Board Risk Management Committee to mitigate the risk and secure the investment.

Acknowledgement

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.

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.

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 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.

OUR VISION

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.

OUR MISSION

  • To provide the financial security to our clients, with utmost good faith, sincerity and dedications.
  • To provide service to the insuring community, according to their need and expectation.
  • To conduct business fairly, honestly and with transparency.

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.