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A
!^t Delta Life Insurance Company Ltd.
KI
TransmittalLetter.............................................................................
[s1
05
06
07
FinancialStatistics ............................................................................
09
10
15
26
27
35
40
43
45
08
12
38
44
Form-AA ......................................................................................... 46
Notes to the Financial Statements .........................................................
48
87
Chronology
10 November 1986
Incorporation and
Commencement of Business
17 December 1986
February
1988
8 October
1993
7 February
1994
13 September 1995
6 December
1995
March
4 January
30 January
2012
Transmittal Letter
All Shareholders
Bangladesh Securities and Exchange Commission
Insurance Development and Regulatory Authority
Registrar of Joint Stock Companies & Firms
Dhaka Stock Exchange Limited
Chittagong Stock Exchange Limited
Central Depository Bangladesh Limited
All other stake holders
Dear Sirs,
ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER, 2012
We are pleased to enclose herewith a copy of the Annual Report - 2012 together with Audited Financial
Statements for the year ended December 31 , 2012 along with notes thereon for your kind information and
record.
Sincerely yours,
clet4
Abdullah Al-Mansur
Company Secretary
-Dort 2012:
aII
I
I
Directors
Mr. Aziz Ahmed, FCA, CISA
Mr. Borhanuddin Ahmed
Mr. Kazi Faziur Rahman
Mr. Golam Sarwar
Mr. Md. Mujibur Rahman
Mr. Zeyad Rahman
Mr. Arif Ahmed
Ms. Saika Rahman
Ms. Anika Rahrnan
Ms. Syeda Soyeli Ahmed
Mr. Md. Abdul Wahab
Mr. M. Anisul Haque, FCMA
Mr. Joynul Abedin
II
Corporate Management
Managing Director (In-Charge)
Mr. Swapan Kumar Sarkar, FCA
Consultant
Mrs. Adeeba Rahman, ACII, Chartered Insurer (UK)
Executive Director
Brigadier General M. Mosharraf Hossain (Retd.)
Dr. Ashraf Uddin
'I
Bankers
Uttara Bank Ltd
HSBC Bank Ltd.
Bangladesh Krishi Bank Ltd.
Janata Bank Ltd.
Mercantile Bank Ltd.
City Bank Ltd.
Islami Bank Bangladesh Ltd.
Auditors
Hoda Vasi Chowdhury & Co.
Chartered Accountants
VijiOn
El We will be the premier life insurance Company in Bangladesh.
El We will serve our customers with respect and will provide the best solution for
their needs.
1 We will be a Company with qualified professionals who will work together as a
team and serve with dignity and the highest level of integrity. We believe in
excellence and will continuously improve our customer service and will obtain
the loyalty of our customers with service beyond their expectations.
El "Adding value' will he the operative words of our organization.
oat
El
Provide financial security to our customers with insurance policies that are most suitable
for them.
1 Make life insurance an easy saving instrument and a profitable one with attractive bonus
and improved customer service.
El Collect small savings from the people of our country and invest the accumulated savings
in profitable nation building enterprises.
Valuej -
TRUEST
Teamwork
El
El
Unquestionable integrity
El
Excellence in everything we do
ci
Speed in servicing
[El
Truthfulness
2011
128.32
339.21
24.33
9.31
501.17
211.29
229.67
2010
120.45
327.13
21.27
14.43
483,28
300.79
220.95
2009
107.37
300.84
19.94
10.68
438.83
181.90
204.22
2008
95.32
266.79
16.17
5.23
383.51
127.64
243.40
63.05
77.73
2771.73
2633.16
55.89
27.68
98.11
73.78
2465.18
2328.20
45.83
34.30
94.69
68.45
2158.87
2013.06
45.72
33.76
82.43
58.35
1750.29
1613.59
46.54
32.08
70.71
53.24
1469.60
1342.47
63.47
32.32
2010
2009
%
Premium 4.42
1.50
3.70
1
10.13
Assets
12.44
14.19
23.34
19.10
Life Fund
13.10
15.65
24.76
20.20
2008
21 bonus shares
(Stock dividend)
for each share
of Tk.1O
Business Growth
2012
2011
(1/
I0
1)1
I(_)
(1!
12.40
11.23
12.00
09
Premium Income
(Taka in Crore)
GN-GRB
Ordinary Life
400
350
300
250.52
250
248.63
---
243.97
21891
212.47
2
220.06
197.06
200
16423
'J1i iJI
150
100 -
30.62
331.64
2012
2011
2010
2009
2008
2700
2633.16
2400
2100
1800
1500
1200
..
900
---.---
... -
600
-4
51 .......
438.83
2008
10
508.68
2009
2010
2011
2012
Investment Income
(Taka in Crore)
(Tuka in Crore)
Premium
Claim
350
600
508.06
501.17
483.27
300
438.83
500
250
383.51
400
200
243.40
300
2 422
22095
220.67
284. 29
150
100
200
50
0
2008
2009
2010
2008
2011
2009
2010
2011
2012
2012
I Assets
(Taka in Crore)
2012
277173
2011
- 2465.18
2010
2158.87
2009
1700.29
2008
1469.60
400
800
1200
1600
2000
2400
2600
11
ear Shareholders,
Assalamualaikurn,
I have the pleasure to warmly welcome you all to the 27' Annual General Meeting of Delta Life
Insurance Company Ltd.(DLICL) on behalf of the Board of Directors of the company. We are delighted
and overwhelmed with your presence at the Annual General Meeting at our own premises. Thank you
all.
I am pleased to inform you that DLICL has completed another year of profitable operations despite
formidable challenges. Meanwhile, the Annual Report of the Company has already been sent to you.
All of you are aware of the fact that Insurance Development and Regulatory Authority (IDRA) has laid
down some rules and regulations as to the rate of commission and marketing hierarchy in 2012. We
strictly restructured our commission schedule and marketing hierarchy in the light of those rules and
regulations. It came heavily in the way of our first year premium income. Despite all these
impediments, Delta Life achieved commendable growth in renewal premium income. It is indicative of
a good conservation rate of businesses and sound underwriting practices.
We registered a significant rate of growth in 2012 in terms of premium income, life fund, and claims
payment compared to that of 2005-11. In 2005, our life fund was TK. 843.05 crore, in 2012, it stands at
TK. 2633.15 crore. Similarly, our gross premium income in 2005 was TK. 257.51 crore, and for the year
ending on December 31, 2012; it stands at TK. 508.68 crore. In claims payment, a noteworthy growth
has been observed in 2012 compared to the year 2005. In 2012, we paid and provided TK. 284.28 crore as
claim, while it was TK. 52.60 crore in the year 2005.
12
I believe that the Directors' Report would present a comprehensive view that would enable you to assess
the financial position of the company. I assure you that we shall always stand beside you in securing your
best return on investment.
A brief result of the operational performance of the company during the year 2012 and 2011 is juxtaposed
here for your kind convenience:
Total premium income of the company has increased marginally to TK. 508.68 crores in 2012 from
TK. 501.17 crores in 2011, that is, by around 1.50% despite decline in first year premium income.
The management expenses as a percentage to total premium income (gross) has declined. The overall
expenses ratio went down to 27.68% in 2012 from 34.30% in 2011.
Claims paid and provided to the valued policy holders registered a significant growth of 23.78% in 2012
compared to the year 2011. In 2012, we paid TK.284.29 crore, it was TK. 229.67 crore in 2011.
Investment and other income has also registered a positive growth of around 9.98% in 2012; as such
income has increased from TK. 214.16 crores in 2011 to Tk. 235.53 crores in 2012. It became possible due
to a prudent investment policy of the board.
On behalf of the Board of Directors, I wish to extend my heartfelt thanks and gratitude to our valued
policyholders, honourable shareholders, and well-wishers for their continuous support and cooperation.
I also express deep appreciation to the Sponsors, Patrons, and Company Management, all members of
our staff for the constant support/effort they provided to the Company.
Monzurur Rahman
Chairman
Board of Directors
13
13
.^aa
Directors' Report
Bismillahir Rahmanir Rahim
Respected Shareholders, Assalamualaikum,
The Board of Directors welcome you all to the 27' Annual General Meeting of Delta Life Insurance
Company Limited and present before you the Annual Report together with the Audited Accounts for the
year 2012 and the Auditors' Report thereon.
The Board of Directors continued to focus on two key priorities in 2012; a) to sustain growth of business,
to improve financial strength and b) to invest in the future. With appropriate attention to compliance with
IDRA regulations, Delta Life made steady progress towards these two areas in 2012.
(iro'v1
Delta life Insurance Company Ltd. completed another business year in 2012
'4
vidend)
Particulars
A. Income
Gross Premium Income
Re-insurance
Net Premium
Investment Income (Interest,
Dividends)
Other Income
Total Income (Subtotal-A)
B. Expenses
i) Claims
ii) Management Exps.
Total Outgo (i+ii)
Ili) Reserve for unexpired risk
Total Expenditure (B)
C. Excess of Income Over
Expenditure (A-B)
D. Life Fund b/fwd
E. Adjustment made during
the year
F. Life C/fwd (C + D + E)
(%) of
Premium
Income
100
2012
Amount in Taka
Amount in Taka
2011
5,086,791,956
(57,365,054)
5,029,426,902
5,011,684,328
(36,337,655)
4,975,346,673
1.50
2,327,639,110
2,112,903,816
10.16
27,682,381
7,384,748,393
28,734,217
7,116,984,706
(3.48)
3.76
55.89
2,842,866,842
2,296,733,387
27.68
83.56
1,407,782,425
4,250,649,267
1,719,473,793
4,016,207,180
192,184,968
4,442,834,235
121,472,139
4,137,679,319
2,941,914,158
2,9 79,305,387
(1.26)
20,130,605,300
23,282,041,204
107,622,750
26,331,578,112
1.09
172,130,517
23,282,041,204
13.10
15
II
The operational results (before tax & dividend) of Delta Life Insurance Company Ltd. for the year ended
31 1t December, 2012 can be evaluated by various indicators,such as premium income, total income, total
outgo, management expenses and life insurance fund as stated below:
i. Premium Income (Gross): The premium income of the company consists of premium from OL
(Ordinary Life), GN-GRB (Gono Grameen Bima) and Group Insurance business. Although, the
first year premium income (Tk.81.07 crores as against Tk.128.32 crores in 2011) declined (by
36.82%), the overall premium income has increased marginally to TK. 508.68 crores in 2012 from
TK. 501.17 crores in 2011, that is, by around 1.50%. In March 2012, the Insurance Development
and Regulatory Authority (IDRA) introduced identical commission rate and hierarchy for the
marketing team applicable for all life insurers. As a result, first year premium income was affected
and a significant negative growth was observed. However, growth in volume of renewal premium
13.85% is an indication of increased business conservation ratio as well as improvement in quality
of underwriting. A significant rate of increase has been observed in Group Life and Health
Insurance premium income. It stands at TK. 41.42 crore in 2012 as compared to TK. 33.64 crore
in 2011 registering a growth of 23.13%.
11.
Total Income: Total income has also increased from TK. 711.70 crores in 2011 to TK. 738.47
crores in 2012 that is by 3.76% during the twelve months ended on 2012.
Investment and other income has also registered positive growth of around 9.98% in 2012; as
such income has increased from TK. 214.16 crores in 2011 to Tk. 235.53 crores in 2012.
111.
Yield on investment: Average rate of interest yielded in the year 2012 is 9.84% (10.23% FY 2011)
iv. Total outgo (Tk.425.06 crores) includes payment to policy holders (claims etc.) commission and
other allowances paid to development staff and officers and management expenses. The total
outgo as a percentage of premium income has increased to 83.56% in 2012 as against 80.14% in
2011. This is mainly due to the increase in claims payment- a clear indication of our commitment
to the policyholders.
V.
Expenses: The management expenses as a percentage to total premium income (gross) has
declined. The overall expenses ratio went down to 27.68% in 2012 from 34.30% in 2011. The
overall management expenses are well within the allowable limit.
vi.
Life insurance fund: The life insurance fund has increased from Tk. 2,328.20 crores on
December 2011 to TK.2,633.15 crores on December 2012; that is by more than 13.10%. It is a sign
of healthy growth of business and financial strength.
vii. Cash flows: Cash provided by operating activities stands at Tk.63.08 crore in 2012, which
represents 12.54 % of net premium income. Net operating cash flow per share is Tk.140/-.
Dividend:
Bonus to the policyholders and shareholders are given from the surplus available for distribution as per the
actuarial valuation report. Following the verdict/judgment of the honourable Supreme Court of Bangladesh
(Appellate Division), pending AGMs for the years 2005-12 shall be held on the same day one after another
with separate and distinct notices.
Surplus for the years 2005-2006, 2007-2008, 2009-2010 & 2011 have been carried forward. Out of the surplus
emerged in 2012 together with accumulated surplus for the years 2005 to 2011, 21(twenty one) bonus shares
(stock dividend) for each share of TK. 10 has been proposed by the Board of Directors in its meeting held
on October 5, 2013 for approval of the members at the 27th Annual General Meeting to be held on
November 16, 2013.
16
Press Conference
le
41
Management:
The Company has an appropriate number of officials with proper insurance expertise. The members of the
management team are working in the insurance industry for a long time and participated in various on-job
training programs, seminars and conferences both at home and abroad. Timely action and prudent
managerial decisions have enabled the company to withstand competition vis-a-vis other life insurers of the
country and provide quality services to our policyholders.
Investment for the Future:
We put wholehearted efforts to ensure responsible and quality Corporate Governance with the highest level
of integrity. We tried to streamline the organizational structure of the company in a bid to provide quality
services to our clients at an affordable cost. We have been recruiting senior insurance professionals as well as
dynamic young individuals who would provide leadership in future and contribute accordingly to the
growth of the company. We continue to provide strategic directions in order to develop values; strengthen
team spirit and improve our core capabilities. Combined together, all of these efforts would enable the
company to sustain its growth and improve financial strength in the time to come by way of providing value
added services to our clients.
Risk and Concerns:
In the competitive business environment, risk management is a vital issue to sustain a steady growth of
business. In this regard, underwriting procedures have been streamlined to minimize the risks associated
with writing of new businesses. Our policies above a certain amount of sum assured are reinsured with
Munich Re-insurance, a globally reputed reinsurance company. This helps us spread the risks.
The company adopts a prudent investment policy which is reflected in investment income over the years.
Detail of the risk control mechanisms of the company is furnished in the notes to the financial statements
(Note-3.13)
17
Appointment of Auditors:
In compliance with the verdict of the honourable Appellate Division of the Supreme Court of Bangladesh
and following the decision of the Board of Directors, two Chartered Accountant firms namely
MIS. Hodavasi Chowdhury & Co. and M.N Islam & Co. Chartered Accountants were appointed as
external auditors in the 19" AGM for the year 2004 to conduct the audits of the company's accounts for the
years 2005 to 2012. External auditors for the year 2013 shall be appointed in accordance with article no.139
of the Memorandum and Articles of Association of the company and Section 210 & 213 of the Companies
Act 1994. Some Chartered Accountant firms have expressed their willingness for appointment as auditors.
The Board of Directors has evaluated the offers of the firms and recommends that M/S. S. F. Ahmed & Co.
Chartered Accountants be appointed as the external auditors of the Company for the year 2013.
The honorable shareholders will be requested to confirm the appointment of an external auditor firm for
the year 2013 and fix their remuneration in the 27 AGM of the Company.
Election of Directors:
Pursuant to the verdict of the Appellate Division of the Supreme Court of Bangladesh, all the directors shall
retire at the AGM for the year ending 2012 and may, if eligible, offer themselves for re-election. Notably,
the number of directors to be elected shall be within the limit set by the Insurance Act 2010 and the Articles
of Association of the Company.
Directors' Responsibility Statement:
In terms of condition no. 1.5 issued by the BSEC notifications no: SEC/CMRRCD/2006-158/134/Admin/44
dated 07 August 2012, the Board of Directors of the Company states that:
a) in the preparation of financial statements, the applicable accounting standards, principles and policies
have been followed along with proper explanations relating to material departures, if any;
b) the management has adopted accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the
company;
c)
the management has taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the applicable provisions of the Insurance Act 2010 & Rules 1958/Companies
Act, 1994, for safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities;
d) the management has prepared the financial statements on a going concern basis and
e) the system of internal control is sound in design iincl Fi;ms been effectively implemented and monitored.
Resume of the Directors who have been inducted/co-opted in the year 2012:
Mr. Zeyad Rahman, Sponsor Director
Mr. Zeyad Rahman, son of Mr. Monzurur Rahman was born in a respectable Muslim family of Dhaka in
1983. He was co-opted as the Director of the company on May 23, 2012. He did his BSC in Finance and
Economics from The Pennsylvania State University, USA. He participated in a number of business training
programs, seminars and conferences both at home and abroad. Mr. Rahman was a Policy Holder Director
in Delta Life Insurance Company Ltd. from 2002-2005. He has been the CEO of Rema Tea Company
Limited since January 2000 and CEO of Delta Capital Ltd. since January 2005. He is a former member of
the Listing Committee of the Dhaka Stock Exchange Limited. Mr. Rahman is also involved in various social
works.
Mr. Md. Mujibur Rahman, Public Shareholder Director
Mr. Md. Mujibur Rahman was born in 1952 in a respectable Muslim family. He did his B.Com (Hons) and
M.Com from the University of Dhaka in 1972 and 1973 respectively. Mr. Rahman was inducted as a
Director on May 23,2012. Beside regular academic education, he participated in various professional courses
and seminars both at home and abroad. His area of work experience ranges from Management and
Administration of Accounts, Finance, Internal Audit to Procurement and Supply Chain and Contract and
Commercial Legal affairs since 1975 in the fields of hospitality, readymade garments and real estate
development. He is presently working as the Executive Director of "Shanta Properties Limited" since 2005.
He is also a member of the Board of Trustees and General Secretary and Treasurer of the philanthropic
nonprofit healthcare provider "Centre for Women and Child Health - CWCH" operating at Ashulia since
2004.
Mr. M. Anisul Haque, FCMA, Independent Director
Mr. M. Anisul Haque is a professional Accountant and born in a respectable Muslim family. He was
inducted as an Independent Director of the company on 14th November, 2012. His expertise has been
established through experiences of working in different organizations for long 19 years. In 1996, he
completed his Masters in Management and also did his MBA in 2005. He is a fellow member of The Institute
of Cost and Management Accountants of Bangladesh. He is also associated with different social and
professional organizations.
Mr. Joynul Abedin, Independent Director
Mr. Joynul Abedin, son of Haji Mohammad Abdul Gafur, was born in a respectable Muslim family of
Dhaka in 1955. He was inducted as an Independent Director of the company on 14' November 2012. He is
a reputed businessman with an experience of more than 16 years. He is also a Director of Haji Gafur Land
Developers Ltd. since 2002 and Managing Director of Jass Leather Industries Ltd. since 1997. He is a well
known social worker and is associated with various benevolent social services. Mr. Abedin is also the
Chairman of Demra Union Parishad.
19
2,462,757
2,481,187
1,691,616
1,563,982
2,200,581
2,189,076
660,526
575,793
366,089
305,084
Gono-Grameen Bima
- Premium Less Reinsurance
- Investment & other Income
Insurance Business
- Premium Less Reinsurance
1,837
- Other Income
1,165
7,383,406
7,116,287
2,207,735
990,903
121,139
3,319,777
Segment Results
(167,147)
Add:/(Less): Un-allocable expenditure net of un-allocable Income
(168,341)
3,049,537
3,151,436
18,451,901
7,493,708
385,969
26,3 3 1,578
46,000
16,409,630
6,526,650
345,761
23,282,041
46,000
26,377,578
23,328,041
i)
20
2012
2011
2010
2009
2008
81.07
128.32
120.45
107.37
95.32
Renewal Premium
386.19
339.21
327.13
300.84
266.79
25.36
24.33
21.27
19.94
16.17
16.06
508.68
9.31
501.17
14.43
483.28
10.68
438.83
5.23
383.51
232.76
211.29
300.79
181.90
127.64
284.29
229.67
220.95
204.22
243.40
63.05
98.11
94.69
82.43
70.71
77.73
73.78
68.45
58.35
53.24
Assets
2771.73
2465.18
2158.87
1750.29
1469.60
Life Fund
2633.16
2328.20
2013.06
1613.59
1342.47
55.89
45.83
45.72
46.54
63.47
Management Expenses to
premium (%)
27.68
34.30
33.76
32.08
32.32
Claims
Management Expenses
a) Commission
b) Admin. Expenses
21 bonus shares
(Stock dividend)
for each share
of Tk.1O
.c1fltcf T11.
/:\
: k
RI1*fTT,
1\2c?1
1!'>
NOW
cTfl
75i
I.
I
Industry's Outlook:
Insurance Development and Regulatory Authority (IDRA), a new regulatory body has been formed in the
year 2011. IDRA has been working hard to identify the drawbacks and streamline the insurance industry
at the same time. IDRA has rightly observed that the insurance industry of Bangladesh suffers from a) lack
of public awareness, b) lack of efficient human resources, c) lack of proper training, d) lack of ICT facilities,
e) low quality customer services and f) high production cost.
In light of the above findings, IDRA has taken a number of steps to undo the drawbacks of the industry.
It is to be noted that Delta Life complies with all the rules & regulations issued by the body in a bid to
ensure the development of the industry in the longrun. All Out cooperation by the insurers would enable
IDRA to establish the insurance industry as a vibrant one that would ably contribute to the GDP and
growth of the country.
*
1r4r
r
TUT1
r.4 4
U.
The number of Board Meetings and attendance of Directors during the year - 2012 were as follows:
SI.
No.
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
Name
Total
number of
meetings
held
ii
11
11
11
11
11
Total number
of meetings
attended
11
11
11
11
11
11
11
11
10
8
11
8
8
11
1
11
Director
11
Ceased as Director
and Chairman on
29/02/2012.
Ceased as
Director on
22/05/2012.
"
"
"
"
"
"
"
"
"
"
11
11
11
11
11
11
11
11
11
11
11
11
2
3
3
2
3
3
3
3
3
3
Designation
17
18
19
20
21
22
23
24
25
26
27
28
Ii
11
11
11
11
8
* Directors not being present in any particular Meeting of the Board of Directors were granted Leave of
Absence.
N.B: In the financial year 2012, a total number of 11 board meetings and 13 numbers of Committee meetings
were held and an aggregate amount of meeting attendance fees incurred for the same stands at
TK12,55,000/-
23
II
Shareholding of Directors:
Si. No.
No. of share
84,750
16,810
1,200
20,000
153,650
101,880
20,000
10
11
102,630
12
101,900
13
14
Nil
15
Nil
1,000
102,260
3,200
1,000
Nil
Nil
Nil
915tTT I9
1R 9T
irr
Ii
Appreciation:
On behalf of the Board of Directors, I wish to extend my heartfelt gratitude to our valued policyholders,
honourable shareholders, Office of the Insurance Development and Regulatory Authority IDRA, our
bankers, Bangladesh Securities and Exchange Commission (BSEC), Dhaka and Chittagong Stock
Exchanges and the Central Depository of Bangladesh Ltd. (CDBL) for their continuous support and
cooperation. The Board of Directors also expresses deep appreciation to the Sponsors, Patrons, and
Company Management, all members of our staff and well wishers whose continuous support/effort and
patronage have made these results possible.
For and on Behalf of the Board,
Monzurur Rahman
Chairman
Board of Directors
25
CIO)
Si. No Name
Mr. Aziz Ahmed, FCA, CISA
1
Mr. Borhanuddin Ahmed
2
Mr. Md. MujiburRahman
3
Mr. Zeyad Rahman
4
Status
Chairman
Member
Member
Member
During the year 2012 the Audit Committee of the Board of Directors conducted six meetings. Among other
things of importance to the Company, the Committee discussed, reviewed and evaluated the following
issues and provided guidelines and directives to improve risk management, internal and management
controls and overall enhancement of the abilities of governing body to fulfill its legal responsibilities.
Considered and made recommendation to the Board on the appointment and remuneration of
external auditors, M. N. Islam & Co. and Hoda Vasi Chowdhury & Co. Chartered Accountants for
the year 2005 to 2012 in compliance with the verdict dated 20th June 2013 of the Appellate Division
of the Supreme Court of Bangladesh Civil Appeal Nos.43 & 44 of 2012.
Reviewed the structure of the Internal Audit Department and recommended strengthening it to
improve its ability to produce quality audits.
Reviewed the Internal Audit Plans of 2012 and later Audit Plans for 2013 and provided guidelines
for appropriate audit coverage based on risk of exposure. Approved the audit plans for the two
years.
Reviewed the Internal Audit reports and the findings in details of 75 assignments.
Evaluated Management's performance in setting up the appropriate corporate culture by
communicating the importance of Internal Control and risk management to ensure that all
employees of the company have understood their roles and responsibilities.
Monitored the corrective measures taken by Management as recommended by Internal Audit to
improve risk management and the financial and operational performance of the Company.
Reviewed policy guidelines to comply with the rules and regulations of the SEC and Insurance
Regulatory Authorities including anti money laundering processes adopted by the Company.
Reviewed the Annual Financial Statements of the Company.
49J
(Aziz Ahmed, FCA, CISA)
Chairman
26
Audit. coinulittec:
The Audit Committee is constituted by 4 (four) members from the Board of Directors. They hold meetings
regularly under the directive of its Chairman. The major function of the Audit Committee is to oversee the
operations of the internal audit department in their pursuit to ensure proper financial control in the
Company. The members also scrutinize all the Audited and Unaudited accounts submitted before them
which are finally forwarded to the Board of Directors with recommendations for approval.
Relationship with Shareholders and other Stakeholders:
The Shareholders and other Stakeholders of Delta Life meet with the Board of Directors and the
Management once a year in the Annual General Meeting where they exchange their views with the Board
on financial and operational aspects of the Company based on audited and un-audited accounts published
quarterly and half-yearly in the Newspapers and annually in the Annual Reports. Their suggestions are
noted and duly implemented whenever deemed appropriate and necessary by the Board of Directors and the
Management.
28
Annexure - I
Compliance Status
Not complied
Complied
Remarks
(If any)
1.2(1) a)
'I
'I
'I
29
Condition
-No.
1.561)
1.5(iii)
1.5(1v)
1.5(v)
1.5(vi)
1.5(vii)
1.5(viii)
1.5(ix)
1.5(x)
1.5(xi)
1.5(xii)
1.5(xiii)
1.5(xiv)
1.5(xv)
1.5(xvi)
1.5(xvii)
1.5(xviii)
1.5(xix)
1.5(xx)
1.5(xxi) a)
1.5(xxi) b)
1.5(xxi) e)
1.5(xxi) d)
1.5(xxii) a)
1.5(xxii) b)
1.5(xxii) c)
2.
2.1
2.2
3.
3(i)
3(u)
30
Title
Compliance Status
Not complied
Complied
Remarks
(If any)
N/A
N/A
N/A
N/A
N/A
N/A
1
N/A
Compliance Status
Condition
Title
No._________________ Complied
Not complied
3(iii)
Duties of the audit committee clearly set forth in
writing.
Constitution of the Audit Committee
3.1
3.1 (i)
Audit committee membes at least 3 (three)
members
3.1 (ii)
Audit committee members are appointed b y Board
of Directors and inclusion of at least 1 (one)
independent director.
3.1 (iii)
Financial literacy having at least 1 (one) member
with accounting or related financial management
experience.
3.1 (iv)
Fill up the vacancy immediately or not later than 1
(one) month from vacancy(ies)
3.1 (v)
Company Secretary will act as Secretary.
3.1 (vi)
Quorum of the Audit Committee with at least 1
(one) Independent Director
3.2
Chairman of Audit Committee
3.2 (i)
Selection of the Chairman of the Audit Committee
who shall be an Independent Director
3.2 (ii)
3.3
3.3 (i)
3.3 (ii)
3.3 (iii)
3.3 (iv)
3.3 (v)
3.3 (vi)
3.3 (vii)
3.3 (viii)
3.3 (ix)
3.3 (x)
3.4
3.4.1
3.4.1 (i)
3.4.1 (ii)
3.4.1 (ii) a)
3.4.1 (ii) b)
3.4.1 (ii) c)
3.4.1 (ii) d)
3.4.2
3.5
4.
4 (i)
Remarks
(If any)
Already complied on
May 4, 2013.
Already complied on
August 29 , 2013.
Will be compliedin
accordance vrith judgment
of the Appellate Division
of the Supreme Court on
20/06/2013
J
N/A
N/A
N/A
31
Compliance Status
Remarks
Title
Condition
(If any)
No._________________________ Complied [ Not complied
Financial information systems design and
4 (ii)
implementation.
Book-keeping or accounting records or financial
4 (iii)
statements.
Broker-dealer services.
4 (iv)
Actuarial services
4 (v)
Internal audit services.
4 (vi)
Any other service determined by the audit
4 (vii)
committee.
Possess any share by the partneior employees of
4 (viii)
the firm at least during the tenure of their audit
assignment.
Subsidiary Company;
5.
N/A
Composition of Board of Directors.
5. (i)
At least 1 (one) Independent Director from holding
5. (ii)
As disclosed in the
N/A
company.
notes to the Accounts
N/A
No. 12.05
Confirmation of minutes by holding company.
5. (iii)
Confirmation of minutes of subsidiary company
5. (iv)
at Page No. 71
N/A
shown in holding company's minutes.
Review the financial statements by holding
5. (v)
N/A
company's audit committee.
Duties of Chief Executive Offiae(CEO) and
6.
Chief Financial Officer (CFO):
Reviewing financial statements
6.(1)
No misleading statements
6.(1) a)
Present a true and fair view in compliance with
6(1) b)
existing accounting standards and applicable laws.
Declaration about/regarding authentication
6 (ii)
Reporting and Compliance of Corporate
7.
Governance:
Compliance certificate from a Professional
7.(1)
Accountant /Secretary.
Statement of Directors in accordance with the
7. (ii)
annexure attached whether the company has
complied with.
32
CERTIFICATE OF COMPLIENCE
TO THE SHAREHOLDERS
OF
DELTA LIFE IUNSURANCE COMPANY LIMITED
FOR THE YEAR ENDED DECEMBER 31, 2012
(As required under the BSEC Corporate Governance Guidelines)
We have examined the compliances of conditions of the Corporate Governance Guidelines of the
Bangladesh Securities and Exchange Commission by Delta Life Insurance Company Ltd. as
stipulated in clause 7 (i) of BSEC Notification No. SEC/CMRRCD/2006-158/134/admin/44 dated
07 August, 2012.
The Compliances of conditions of The Corporate Governance Guidelines as stated in the aforesaid
notification and reporting to the status of compliance is the responsibility of the company's
management. Our examination for the purpose of issuing this certification is limited to the
checking of procedures and implementations thereof, adopted by the company for ensuring the
compliance of conditions of corporate Governance and correct reporting of compliance status on
the attached statement on the basis of evidence gathered and representation received.
To the best of our information and according to the explanations given to us , we certify that,
except as reported on the attached status of compliance statement [1.2(i), 1.2(iii), 3.1(u), 3.1(vi), &
3.2(i)], the company has complied with the conditions of Corporate Governance stipulated in the
above mentioned BSEC notification dated 7 August 2012. We also state those noncompliances were
occurred due to delay in holding AGM because of pendency of CIVIL APPEAL NO: 43-44 of 2012
for the financial year 2005 to 2012.
33
Auditors'
Report
V
Ed
V.'
I'.:
"'
4/$/
-. .
"'
p.
'
..
.1!T.ieWIIHL..._
!1
/
Auditors' Report
to the Shareholders
We have audited the accompanying financial statements of Delta Life Insurance Company Limited, which
comprises Balance Sheet as at 31 December, 2012 and the related Life Revenue Accounts and Cash Flows
Statement, Statement of Changes in Equity for the year ended, and a summary of significant accounting
policies and other explanatory notes.
Management 's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with Bangladesh Financial Reporting Standards (BFRS), the Companies Act 1994, the Insurance
Rules 1958, Insurance Act 2010, The Securities and Exchange Rules 1987 and other applicable laws and
regulations. This responsibility includes: designing, implementing, and maintaining internal control
relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies and
making accounting estimates that are reasonable in the circumstances.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal
control . An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion:
In our opinion, the Financial Statements prepared in accordance with Bangladesh Financial Reporting
Standards (BFRS), give a true and fair view of the state of the statement of the company's Affairs as at 31st
December 2012 and of the results of its operations, its cash flows and statement of changes in equity for the
year then ended and comply with the Companies Act 1994, the Insurance Rules 1958, Insurance Act 2010,
the Securities and Exchanges Rules 1987 and other applicable laws and regulations.
Further to our opinion in the above paragraph, we state that:
We have obtained all the information and explanations which to the best of our knowledge and
(i)
belief were necessary for the purpose of our audit and made due verification thereof;
35
(ii)
in our opinion, proper books of account as required by law have been kept by Delta Life Insurance
Company Limited, so far as it appeared from our examination of those books;
(iii)
the company's Statement of Balance Sheet, Life Revenue Accounts, Statement of Cash Flows and
its Statement of Changes in Equity dealt with by the report are in agreement with the books of
account and returns;
(iv)
The expenditure incurred was for the purpose of the company's business.
(v)
As per section 62 (2) of the Insurance Act 1938 as amended, we certify that to the best of our
knowledge and belief and according to the information and explanations given to us, all expenses
of management whenever incurred and whether incurred directly or indirectly, in respect of
insurance business of the Company transacted in Bangladesh during the period under report have
been duly debited to the related Revenue Account of the Company and,
(vi)
As per the Insurance Act 2010 as amended, we certify that to the best of our knowledge and as
shown by its books, the company during the period under report has not paid any person any
commission in any form outside Bangladesh in respect of any of its business re-insured abroad.
Annual R
I
iii
-lia
-
Financial
Statements
rM
2012
Taka
2011
Taka
4.00
Authorized
5,000,000,000
50,00,00,000 Ordinary Shares of Tk. 10 each
300,000,000
45,000,000
45,000,000
1,000,000
23,282,041,204
5.00 26,331,578,112
1,000,000
665,191,938
551,180,711
67,197,302
329,371,461
73,363,920
192,184,968
12,400,090
1,339,709,679
27,717,287,791
[OTAL SHAKE CAPITAL AND LIABILITIES
31,409,897
532,578,735
75,699,494
121,472,139
11,462,899
1,323,803,875
24,651,845,079
A4z4la
4M2PVn_
38
V. CL^
Notes
PROPERTY AND ASSETS
509,955,906
1
LOAN
1.00
On Insurer's Policies within their surrender value
12.00
INVESTMENT (AT COST),
Statutory Deposit with Bangladesh Bank (BGTB)
Bangladesh Govt. Treasury Bond (BGTB)
Shares Listed on Stock Exchanges
Debentures and
Bonds
Mutual Fund
Central Depository Bangladesh Ltd.
DUG Securities Limited (Subsidiary)
Other Loans
12.05
Agents' Balance
Outstanding Premium
Interest, Dividends and Rents Accruing But Not Due
Advances And Deposits
Sundry Debtors
13.00
14.00
15.00
16.00
17.00
18.00
2011
Taka
444,369,078
2,000,000
8,385,482,195
5,131,994,379
476,518,717
30,000,000
3, 138,890
320,200,000
91,154,267
2,000,000
6,725,040,490
3,976,783,821
536,553,527
30,000,000
3,138,890
14,440,488,448
11,373,402,683
3,461,053
646,608,173
806,813,031
785,420,077
55,089,341
3,450,059
633,403,068
836,810,804
635,008,233
55,094,848
7,652,567,484
384,335,639
947,127,835
1,353,853
11,823,448
2,881,182
9,000,089,441
8,025,465,759
431,078,770
731,324,450
1,727,297
22,731,360
284,257,854
94,712,691
9,591,298,181
1,456,667,484
12,694,837
27,717,287,791
1,069,301,728
9,706,397
24,651,845,079
99,885,955
OTHER ACCOUNTS
Fixed Assets (At Cost Less Depreciation)
Stamps, Printing and Stationery in Hand
I 0 1 \I PROPERTY\ \NI) ASSETS
19.00
71-
T;fr
20.00
21.00
TOTAL INCOME
First Year Premium, where the maximum premium
paying period is;
Single
Four years
Five years
Six years
Seven years
Eight years
Nine years
Ten years
Eleven years
Twelve years or over (including throughout life)
40
2011
Taka
2012
Taka
23,282,041,204
20,130,605,300
107,622,750
172,130,517
371,198,513
439,48 1,594
810,680,107
2,100,825,850
1,761,099,104
3,861,924,954
253,61 1,545
160,575,350
414,186,895
5,086,791,956
(57,365,054)
5,029,426,902
INTEREST, DIVIDENDS
AND RENTS
OTHER INCOME
22.00 2,327,639,110
23.00
27,682,381
30,774,412,347
39,127,770
24,626
1,907,326
133,871
268,491
182,533
60,963
326,121,651
10,290,786
432,562,090
810,680,107
726,365,569
556,788,527
L
1,283,154,096
1,759,858,543
1,632,287,401
3,392,145,944
243,315,189
93,069,099
336,384,288
5,011,684,328
(36,337,655)
4,975,346,673
2,112,903,816
28,734,217
27,419,720,523
38,882,371
3,228,114
640,651
200,979
251,038
221,602
440,689,182
17,601,978
781,438,181
1,283,154,096
2012
Taka
2011
Taka
24.00
By Death
By Maturity
By Survival
By Hospitalisation
By Others
By Surrenders
Annuities
Bonus in Cash
Profit Commission
198,712,875
1,584,915,505
507,657,519
69,301,485
3,555,305
82,607,186
617,740
376,596,797
2,823,964,412
18,902,430
2,842,866,842
175,958,447
1,191,638,516
532,815,046
73,383,977
2,981,406
61,605,953
561,189
243,535,362
2,282,479,896
14,253,491
2,296,733,387
EXPENSES OF MANACFJ1ENT
Commission:
25.00
(a) Commission to Insurance Agents (Less that on reinsurance)
(b) Allowances and Commission [other than commission
including in sub-item (a) preceding]
Salaries etc. (other than to agents and those contained in i. lie
allowance and commission)
Development Salaries & Allowances
Development Incentive
Traveling and Conveyance
Directors Fees
Auditors Fees
Medical Fees
Legal and Professional Fees
26.00
Insurance Policy Stamp
Advertisement and Publicity
27.00
Printing and Stationery
Office Rent
Bank Charges
Repairs and Maintenance
Car Fuel, Maintenance & Repairs
Group Insurance
Papers and Periodicals
Telephone, Telex and Electricity etc.
Training & Recruitment Expenses
Fees, Subscriptions and Donation
28.00
Entertainment
Insurance Premium (General)
Postage and Telegram
506,653,0
791,284,363
123,821,179
630,474,261
189,857,335
981,14 1,698
413,390,239
10,798,099
26,383,926
7,050,083
1,048,000
1,000,000
2,150,635
6,507,451
9,395,437
9,406,597
16,624,741
84,390,181
43,383,914
5,610,590
27,383,272
5,336,752
515,950
15,080,772
1,734,769
4,598,268
2,714,139
2,190,938
3,362,088
418,643,494
6,752,911
761,150
2,320,826
12,784,639
14,515,600
8,326,463
17,151,096
71,461,193
41,311,807
6,046,978
24,631,447
5,549,060
535,455
11,325,752
2,158,705
4,188,722
2,005,658
2,775,316
3,363,474
41
Notes
680,731
14,521,029
9,072,317
5,631,273
17,469,195
2,130,234
1,467,092
906,884
1,233,926
841,774
13,199,916
1,137,964
8,180,779
18,474,420
2,147,778
2,004,020
537,125
2,582,442
232,900
26,342,547
1,519,002
777,257,508
27,392,987
715,920
737,831,334
1,407,731,769
1,718,973,032
50,656
192,184,968
-
500,761
121,472,139
26,33 1,578,112
30,774,412,347
23,282,041,204
27,419,720,523
29.00
2011
Taka
42
2011
Taka
5,073,586,851
25,625,794
(2,728,855,615)
(1,588,289,324)
(151,271,190)
630,796,516
[274,282j
27,770,916
(2,393,538,389)
(1,589,780,318).
--__(89,1944)1
1,229,540,521
(3,075,817,453)
(453,442,559)
(65,586,828)
8,731,688
2,361,900,087
2,209,809
(1,222,005,256)
(837,682,832)
(393,282,511)
(41,497,232)
3,174,725
1,790,169,702
1,343,042
522,224,894
L
(591,208,740)
9,591,298,181
9,000,089,441 -
1,751,765,415
7,839,532,766
9,591,298,181
Swapan Kumar Sarkar, FCA
Managing Director (In-charge)
43
509,955,906
14,440,488,448
3,461,053
646,608,173
802,549,827
785,420,077
55,089,341
9,000,089,441
1,456,667,484
12,694,837
27,713,024,587
LESS: LIABILITIES
Estimated liabilities in respect of outstanding claims, whether due or intimated
Amount due to other persons or bodies carrying on insurance business
Sundry Creditors
Provision for Doubtful Debts
Reserve for Unexpired Risk
Premium Deposits
Dividend Equalisation Reserve
665,191,938
67,197,302
325,108,257
73,363,920
192,184,968
12,400,090
1,000,000
1,336,446,475
26,376,578,112
(45,000,000)
26,331,578,112
wi
Swapan Kumar Sarkar, FCA
Managing Director (In-charge)
44
Particulars
Balance as on
01 January 2012
Bonus Share
for the Year 2011
Share
Capital
Share
Premium
45,000,000
45,000,000
Balance as on
31 December 2012
Total
45,000,000
45,000,000
The annexed Notes 1 to 37 form an integral part of these financial statements. These financial statement
were approved by the Board of Directors on October 05, 2013 and were signed on its behalf by:
^^ijjjjjjjiii
^011/_/
45
LOAN
On Insurers Policies within their surrender value
509,955,906
INVESTMENT
Statutory Deposit with Bangladesh Bank (BGTB)
Bangladesh Govt. Treasury Bond (BGTB)
Shares Listed on Stock Exchanges
Debentures and Bonds
Mutual Fund
Central Depository Bangladesh Ltd.
DLIC Securities Limited
Other Loans
2,000,000
8,385,482,195
5,131,994,379
476,518,717
30,000,000
3,138,890
320,200,000
91,154,267
2,000,000 At Cost
8,385,482,195 At Cost
5,934,139,559 Market Value
476,518,717 At Cost
30,000,000 At Cost
3,138,890 Book Value
320,200,000
91,154,267 Realisable Value
7,652,567,484
384,335,639
947,127,835
1,353,853
11,823,448
2,881,182
OTHER ACCOUNTS
Agents' Balance
Outstanding Premium
Interest, Dividends and Rents Accruing But Not Due
Advances And Deposits
Sundry Debtors
Fixed Assets (At Cost Less Depreciation)
Stamps, Printing and Stationery in Hand
3,461,053
646,608,173
802,549,827
785,420,077
55,089,341
1,456,667,484
12,694,837
46
wz
Md. Mujibur Rahman
Director
Notes to the
Financial Statements
Em
1.C2
Nature of Business
The company is also registered with the Controller of Insurance / The Insurance Development and
Regulatory Authority (IDRA) in carrying on the business of life insurance. The company's life
insurance business comprises of Individual life for urban and suburban people, micro insurance in
the name of Gono-Grameen Bima (GN-GRB) for low income group with limited or no access to
financial instruments and Group business for conglomerates.
Most of the products are participating traditional while few products under individual life are
non-participating traditional. To enhance the benefits of the plans accidental and disability riders are
also offered.
Statement of Compliance
The following underlying assumptions, measurement base, laws, rules, regulations and accounting
pronouncements have been considered in preparing and presenting the financial statements:
Going Concern
Accrual unless stated otherwise except for Cash Flow Statement.
Historical cost convention
The Insurance Act / Rules 1958
Provisions of the Companies Act 1994
The Securities and Exchange (SE) Rules
The Listing Regulations of Dhaka and Chittagong Stock Exchanges
Income Tax Ordinance 1984
The Bangladesh Accounting Standards (BAS) 1, 2, 7, 8, 10, 12, 16, 19, 24, 34, & 37 which
have been adopted by the Institute of Chartered Accountants of Bangladesh (ICAB), and
Any other applicable laws, regulations, covenants and conventions etc.
In case requirements differ provision of Company's Act 1994, the Insurance Act/Rules and SE rules
1987 shall take precedence.
These financial statements have been prepared on the format of financial statements prescribed in
the Insurance Act/ Rules 1958 and SE rules 1987.
48
2.03
2.04
Reporting Period
The financial statements of the company cover one financial year from January 01 to December 31
of the calendar year and are followed consistently.
2.05
Balance Sheet
Life Revenue Account
Cash Flow Statement
Statement of Life Insurance Fund
Statement of changes in stockholders equity
Classified summary of the Assets (Form AA) and
Accounting Policies and Explanatory Notes.
Revenue Recognitions
All business is written in Bangladesh.
3.1.1
49
However, Provision for outstanding premium for the accounting year is estimated on basis of
collection in the following three (3) months taking into consideration the nature and practice in life
insurance industry.
Uncollected premium from lapsed policies is not recognized as income until such policies are
revived.
3.1.2 Group Life and Health Policies
The premiums of Group policies are recorded after receipt of the premiums and in certain
circumstances premiums falling due under the policies within the financial period are also
recognized if these premiums are subsequently received.
3.1.3 Reserve for Unexpired Risk- Group Business
Gross premium proportionate to the unexpired duration of the period for which the respective
premiums have been billed and received are held as reserve for unexpired risk.
3.02
3.03
50
Provisions
A provision is recognized in the Balance Sheet date if, as a result of past events, the company has a
present legal or constructive obligation that can be estimated reliably, and it is probable that an
outflow of economic benefits will be required to settle the obligation.
Provision has been made against the loans and advances with small prospect of recovery. Provisions
have not been made against advance for which legal cases instituted but remained pending for
decision.
3.04
Contingent Liabilities
Contingencies arising from claim, litigation, tax assessment, fines, penalties, etc. are recorded when
it is probable that the obligation has been incurred and the amount can reasonably be measured.
The Income Tax Department (DCT) has appealed to the High Court Division of Supreme Court in
December, 2007 against the orders (ITA 3145 of 2004-2005) (Assessment year 2003-2004) of
Appellate Tribunal dated 27/03/2005 and Commissioner of Taxes (CT) (Appeals) dated 26/12/2004
claiming that the Tribunal was not legally justified to uphold the order of the CT Appeals dated
26/12/2004 for deciding interest income (Tk. 1,70,000) on national investment bond (NIB) as
exempt income in the assessment of tax of the company for the assessment year 2003-2004.
The company has contended against the appeal of the DCT in that the Appellate Tribunal and CT
Appeals have allowed the income on NIB as exempt one in the assessment year 2003-2004 and such
income was also exempted from tax in previous years' tax assessment of the company.
As the case has not yet been settled and their exists uncertainties or timing of deciding the tax
liability of the company, if any, and the experts have advised that the company's grounds of
reasoning against the appeal are well supported in law in view of which the company could not
expect any further liability. (please refer to note 16.04).
There are no any other liabilities.
Re-Insurance
The company maintains risk premium Re-insurance with Munich-Re-insurance. Re-insurance
premium ceded is recognized on due basis in accordance and terms and conditions of re-insurance
treaties. A claim recovery from re-insurer is recognized at the same time as the claims are intimated
and recorded in the books of account of the company.
3.07
Claims Costs
Claims costs consist of the policy benefit amount and claim settlement costs, where applicable.
Death and rider claims are accounted for on receipt of intimation.
Annuity benefits and Maturity benefits are accounted when due.
Surrenders are accounted for on the receipt of consent from the insured to the quote prescribed in
the policy deed provided by the company.
51
_
Maturity claims also include amounts payable on lapsed policies which are accounted for on the date
of maturity of policies.
Re-insurance claims receivable are accounted for in the period in which claims are settled.
3.08
Investments
Investments are made in accordance with the provisions of the Insurance Act/Rules 1958 and the
circulars/notifications issued by the Controller of Insurance! IDRA in this context from time to
time.
a) Classification of investment
Investments with fixed or determinable payments and fixed maturity, where the company has
positive intent and ability to maturity, are classified as Held-to-Maturity. Investments which are
intended to be held for an indefinite period but may be sold in response to the need for liquidity
or change in mark-up/ interest rates are classified as Available- For- Sale.
b) Valuation of investments
(i) Investment property
Investment property represents land or building held for investment purpose. Investment
property is valued at historical cost plus revaluation, if any.
Cost of investment property includes their acquisition cost and costs of various phases of
construction works including advance to contractors which have been completed at the
balance sheet date.
The construction works of office buildings on leasehold land at various places are in
progress, which has not been fully completed at Balance Sheet date and hence classified as
capital work in progress (CWIP) in the accounts.
(ii) Debt Securities
Debt securities with fixed income {(Bangladesh Govt. Treasury Bond), Private and Public
Bonds and Debentures} are categorized by class and are accounted for "held to maturity"
and have been valued at cost. The discount in respect of the debt securities which is the
difference between the purchase price and the redemption amount is amortized and
recognized in the Revenue Account on straight line basis over the remaining period to
maturity of these securities. For fair presentation, premium, if any, premium on acquisition
of those bonds and debentures are however charged to Revenue in the year of acquisition.
(iii) Shares listed in Stock Exchange
Listed equity shares and units of mutual fund are categorized as an asset class
"Available-For-Sale" and the asset is valued at the lower of their acquisition cost and the year
end (last) lowest quoted closing prices on the Stock Exchanges. Adequate provision is
however made for diminution if any, in the cost prices of such shares against such quoted
prices in the Stock Exchanges. If the quoted prices of this class of shares are higher than the
cost prices, no credit is taken to Revenue account.
52
De-listed and OTC shares are also included in the class and valued at cost being nominal
amount (0.25%) of total investment portfolios in listed shares.
The equity investments and units of mutual fund that are quoted in active market are not
presented at fair value. Abnormal ups and downs have been going on in the market of
quoted shares and if the shares are measured at the fair value, the results of the financial
performance may be seriously misleading for the objective of financial performance.
Considering the circumstances and to reflect fair financial position of the company, the
principle of presenting the quoted share in market value has been departed for the time
being.
(iv)
Loans are valued at historical cost (less repayments), subject to provision for impairment, if
any.
(v)
All other investments are recognized at cost including their acquisition charges, if any, less
impairment, if any.
3.09
53
Intangible Assets
Intangible Assets are reported at acquisition value with deductions for impairment losses, if any.
Intangible Asset comprises system software which is stated at cost of acquisition, including any cost
attributable for bringing the same to its working condition less accumulated amortization. This is
amortized over period of four (4) years. Any expenses on software for support and maintenance
payable annually are charged to Revenue Account.
Impairment of Assets
The carrying amounts of assets are reviewed at the Balance Sheet date if there is any indication of
impairment based on internal/external factors. An impairment loss, if any, is recognised wherever
carrying amount of an asset exceeds it's recoverable amounts.
Encumbrances
There were no encumbrances on assets of the company as at the Balance Sheet date (previous year
Tk. nil).
3.10
3.11
3.12
Taxation
Current
Provision for taxation is based on taxable income determined under the Fourth Schedule of the
Income Tax Ordinance, 1984.
Charge for the current tax is calculated following the accepted method of income assessment and the
using tax rate enacted at the Balance Sheet date and includes adjustments, where considered
necessary, relating to prior years.
Deferred tax
Deferred tax is recognized using the Balance Sheet liability method on all temporary difference
arising between the carrying amounts of assets and liabilities for financial reporting purposes and
amounts used for taxation purpose.
Deferred tax is the effect of timing difference.
As the current tax has been measured using the rate, prescribed method of income assessment
(annual average surplus) and tax laws that have been substantially enacted by the Balance Sheet
date as per Income Tax Ordinance there is no possibility for arising any timing difference and
thus creating of deferred tax asset/ liability at this stage does not arise.
Further, sufficient tax refund due has been admitted by Tax authority in the previous years which
is virtually certain to reduce the future tax liabilities, if any, of the company.
54
3.13
56
The Company continues to adopt a prudent policy in respect of investments. The fund of the
Company has been invested as per provision of the Insurance Act. The investments are mainly in
Govt. securities, Fixed Deposits Receipts (FDR's) with various commercial banks and financial
institutions having acceptable performance parameters and ratings and equity shares in listed
companies having good and positive fundamental and technical attributes.
The Company also limits market risk maintaining a diversified profile and by continuous
monitoring of developments in Govt. securities (bonds) equity and term finance certificates
markets. In addition, the Company actively monitors the key factors that affect the underlying
value of these securities.
3.13.07
Reinsurance Risk:
The Company seeks to reduce its risk exposure by reinsuring certain levels of risk with
re-insurer. Re-insurer ceded does not relieve the Company from its obligation to policyholders
and as a result, the Company also remains liable for the portion of outstanding claims reinsured
to the extent that re-insurer does not meet the obligations ultimately under the reinsurance
agreements.
In order to minimize the risk, the Company has obtained reinsurance cover from a renowned
re-insurer, Munich-Re with proven sound financial health.
Credit Risk:
Credit Risk is the risk, which arises with the possibility that one party to a financial instrument
will fail to discharge its obligation and cause the other party to incur a financial loss. Major credit
risk is in bank balance investments. The management monitors exposure to credit risk through
regular review of credit exposure and assessing credit worthiness of counter parties.
3.14
Commission:
Commission to Insurance Agents (Less that received on re-insurance) represents first year
commission, renewal commission and Group commission.
Allowances and Commission (Other than Commission to Insurance Agents less that on
Re-insurance) represent Field Officers salary and allowances including bonuses.
*
57
Lash
,atciiicni.
Cash Flow Statement is prepared in accordance with BAS-7 and Cash Flow from operating activities
has been presented under direct method as outlined in the Securities and Exchange Rules 1987. For
the purpose of cash flow statement, cash and cash equivalents include the following:
D
U
U
3.16
Comparative In formation:
Relevant comparative information has been disclosed in respect of the year for all numerical
information in the financial statements.
3.17
3.18
General:
The previous year's figures have been regrouped, rearranged and reclassified wherever necessary.
Amounts and other disclosures for the preceding year are included as an integral part of the current
financial statements and are to be read in relation to the amounts and other disclosures relating to
the current year.
Amounts presented have been rounded to the nearest taka. Figures in brackets ( ) indicate
deduction/negative balances.
58
2012
Taka
2011
Taka
Category of Share
Holders
Sponsor
General Public
below 500
500-5000
5001-10000
10001- Above
Sub-total
below 500
500-5000
5001-10000
10001-Above
Sub-total
Total
1,502
273
27
29
1,831
1,914
300,000,000
45,000,000
45,000,000
16,540,050
28,459,950J
45,000,000
16,54006
28,459,950
45,000,000
1,914
1,914
No. of Share
Holders
3
39
8
33
83
Share Holding
5,000,000,000
4.02
8.26
4.08
46.89
63.24
100.00
Tk. 26,331,578,112
r23,282,041,204,130,605,300
3,049,536,908
3,151,435,904
23,282,041,204
26,331,578,112
59
2011
Taka
2012
Taka
Tk. 665,191,938
-59,181,976
Lp5,265,171
430,655,296
145,614,439
174,575,101
376,232,580
12,844,674
153,865,145
1,842,899
168,552,718
40,545,753
7,492,000
17,946,171
665, 19 1,938
9,823,079
117,907,870
L249,851
128,980,800
30,800,117
7,592,000
7,575,214
551,180,711
Tk. 329,371,461
8.00 SUNDRY CREDITORS
Commission Payable (Note-8.01)
Development Salary (Note-8.02)
Agents' License Fees (Note-8.03)
Insurance Policy Stamps (Note-8.04)
Tax and VAT Deducted at Source
Security Deposit (Note-8.05)
Incentive Bonus (Note-8.06)
Salaries & Allowances Payable (Staff)
Unpaid Dividend
Creditors for Expenses (Note-8.07)
Provident Fund (Note-8.08)
Group Insurance & Hospitalisation Insurance Premium
Provision for Income Tax (Note-8.09)
Interest Suspense Account (Note-8.10)
Unidentified Deposit (Note-8.11)
LRK Securities Ltd. *
Auditors Fees
67,197,302
31,409,897
118,208,917
24,071,253
7,771,815
750,403
160,405
63,663,156
33,967,847
12,896
880,547
5,072,640
1,456,990
9,324
38,563,596
26,056,421
8,124,045
(398,794)
1,000,000
329,371,461
318,013,172
33,084,188
6,837,150
4,970,305
47,172
54,993,588
34,029,100
9,302
880,547
10,966,479
1,465,186
18,745
38,563,596
21,793,217
7,305,782
(398,794)
532,578,735
* This represents current account balance with the brokerage house at the end of routine and normal
investment activities in listed shares.
2012
Taka
8.01
Commissions payable
1185208,917
2011
Taka
318,013,172
This represents the provision of commissions payable to OL and GN-GRB's agents and different
level of development officers which were due in December 2012 against first year and renewal
business. These were subsequently paid.
8.02
24,071,253
Development Salary
33,084,188
This represents provision of salary, performance and production bonus payable to GN-GRB
development officers (other than agents). These were paid subsequently.
8.03
7,771,815
6,837,150
This represents amounts received from various development staff for agent's licenses fees which
were under process and deposited gradually to the IDRA.
8.04
750,403
4,970,305
This represents provision for expenses relating to policy stamps required to be affixed on the
unissued policies.
8.05
It
Tk. 63,663,156
Security Deposit
Courier
Printing Materials
Stationery Suppliers
Car Repairs (Garage)
Contractor's (Construction for office buildings)
Computer Hardware & Software Suppliers
Staff (Employment related)
Car Loan Scheme *
Others
54,720
2,013,793
4,000
210,100
51,169,377
393,625
4,657,541
5,048,835
111,165
63,663, 156
1,085,251
4,000
210,100
44,623 ,247
393,625
4,442,041
4,114,714
65,890
54,993,588
* This represents deposits received from the employees and adjustable under the Company's Car
Scheme.
8.06
33,967,847
34,029,100
This represents provision of yearly incentive bonus payable to the employees' of the company on
the basis of the yearly operation results. This was paid subsequently.
61
2012
Taka
8. 07
2011
Taka
Tk. 5,072,640
61,250
375,451
56,204
432,960
50,879
260,144
500
1,277,191
425,657
1,265
1,868,298
44,002
924
217,915
5,072,640
1,120,391
281,155
5,500,000
71,631
508,476
47,648
70,122
536,620
2,500
1,415,371
452,498
1,834
67,420
1,188
889,625
10,966,479
This represents various expenses incurred by the Company in the ordinary course of business
exclusively for the purpose of its operation and have been paid subsequently.
8.08
Provident Fund
1,456,990
1,465,186
This represents company's and employees' contribution to PF (Provident Fund Trust) for the
month of December 2012 which was subsequently paid.
8.09
Tk. 38,563,596
UN
38,563,596
38,563,596
38,563,596
38,563,596
-J
Provision for income tax has been made as required under the Income Tax Ordinance 1984.
Assessment of income tax of the company has been finalized up to Financial Year (FY) 2003 with
the exception of Financial Year (FY) 2001 for which assessment has become time barred (Note
no-3.04).
62
2012
Taka
8.10
2011
Taka
Tk. 26,056,421
25,608,631
447 , 7 90 _
26,056,421
21,345,427
447,790
21,793,217
Interest accrued and overdue from loanees under Home Loan insurance scheme related to the period
after legal actions were instituted against those loanees has been credited to Interest Suspense
Account.
Overdue debenture Interest receivable from the Beximco Denims Ltd. from FY 2003 but not yet
received has been also credited to this Account.
8.11
Jnidentified Deposits
Balance at the beginning of the year
Adjustments/ reconciled
Additions
Balance at the end of the year
Tk. 8,124,045
r
7,3057821
(4,376,139)
L_ 5,194,402
8,124,045
7,958,021
(2,539,568)
1,887,329
7,305,782
These represent deposits to company's various bank accounts which could not be reconciled and
hence remained unidentified at year end due to lack of proper documents from banks. For fair
representation, the balance in the account aged more than three (3) years are credited to the Revenue
Account but proper records are kept for audit-trail and any subsequent adjustment, if any.
9.00 PROVISION FOR DOUBTFUL DEBTS Tk. 73,363,920
Project loan
Motor car, cycle and bicycle Loan
Branch collection account
Other receivables
Advance Salary
Advance to agents
5466,929
3,472,732
3,414,580
3,843,733
576,844
5,589,102
73,363,920
58,796,997
3,525,453
3,418,022
3,793,076
576,844
5,589,102
75,699,494
1,118,860
5,164,544
5,344,259
772,427j
12,400,090
1,001,639
2,977,282
5,925,547
1,558,431
11,462,899
Tk. 12,400,090
This represents payments made by policyholders awaiting adjustment against the policy premiums.
63
2011
Taka
2012
Taka
11.00 LOAN
1k. 509,955,906
444,369,078
180,636,668
5 ,049 , 840)
509,955,906
F402,871,846
43,021,567
01,524,335)
444,369,078
166,925,918
Ordinary Life (OL)
13,710,750
Gono-Grameen Bima (GN-GRB)
180,636,668
10,719,547
12,302,020
143,021,567
1k. 180,636,668
Tk. (115,049,840)
Ordinary Life (OL)
Gono-Grameen Bima (GN-GRB)
(103,653,138)
(11,396,702)
(115,049,840)
(89,366,832)
(12,157,503)
(101,524,335)
8,387,482,195
30,000,000
5,131,994,379
476,518,717
320,200,000
3,138,890
91,154,267
14,440,488,448
6,727,040,490
30,000,000
3,976,783,821
536,553,527
Tk. 14,440,488,448
64
3,138,890
99,885,955
11,373,402,683
I
2012
Taka
2011
Taka
Tk. 8,387,482,195
2,000,00o1
2,000,000
2,000,0J
2,000,000
The above amount is invested in 10-year Bangladesh Govt. Treasury Bond (BGTB) and deposited
with Bangladesh Bank as Statutory Deposit as per provisions of the Insurance Act 1938.
8,385,482,13 L6,725,040,4
8,387,482,195
6,727,040,490
Tk. 30,000,000
20,000,000
L. 10,000,000
30,000,000
[
20,000,000
10,000,000
30,000,000
65
2012
Taka
2011
Taka
5,131,994,379
3,976,783,821
Book Value at
Cost (Taka) as
at 31.12.2012
Market Value
(Taka) as at
31.12.2012
84.44
34.45
19.31
31.03
20.14
159.99
25.11
33.79
10.01
69.43
26.15
25.78
23.03
26.37
26.47
97.23
43.13
26.42
47.93
36.10
35,915,433
10,110,741
3,280,954
3,657,521
3,937,649
14,239,186
9,258,811
5,402,715
20,851,052
19,989,229
11,703,990
2,706,993
1,752,821
22,556,368
1,109,654,722
7,271,486
9,105,829
3,436,607
55,930,879
4,184,161
14,333,149
7,366,674
3,652,506
4,101,389
4,848,574
10,413,000
11,689,692
2,958,391
15,630,000
10,421,509
19,154,070
2,299,281
1,232,917
31,648,246
1,383,549,420
5,937,850
4,222,880
3,251,300
27,539,949
4,415,828
-
71.01
128.93
10.00
105.89
19.84
-
8,623,626
12,730,794
270,099,123
2,890,728
2,053,866
223,970
12,739,476
26,136,478
888,667,822
7,118,475
3,167,100
110.20
144.82
55.77
286,514
94,570,595
28,714,989
169,000
37,092,388
14,005,579
763.43
1,000.00
965.58
27,430,916
20,000,000
11,417,984
29,122,076
11,739,269
SL
Name of the
Institution
Face
Value
Per
No.of
Unit
Average
Cost
Per Unit
Bank
425,316
1 ABBANK
10.00
10.00
293,493
2 ALARABANK
169,884
10.00
3 BANKASIA
117,856
10.00
4 BRACBANK
195,507
10.00
5 DHAKABANK
89,000
6 DUTCHBANGL
10.00
10.00
368,760
7 EBL
159,913
10.00
8 FIRSTSBANK
100.00
2,084,000
9 ICBIBANK
10.00
287,887
10 IFIC
447,525
11 ISLAMIBANK
10.00
104,990
10.00
12 MTBL
10.00
76,106
13 PREMIERBAN
10.00
855,358
14 PRIMEBANK
10.00 41,925,740
15 PUBALIBANK
74,784
16 RUPALIBANK
10.00
211,144
17 SOUTHEASTB
10.00
130,052
10.00
18 TRUSTBANK
10.00
1,166,947
19 1 UCBL
20 UTTARABANK
10.00
115,901
Cement
21 ARAMITCEM
10.00
3,505
10.00
121,444
22 CONFIDCEM
98,740
23 HEIDELBCEM
10.00
24 LAFSURCEML
10.00 27,011,180
25 NILOYCEM
10.00
27,300
103,500
26 PADMACEM
10.00
Ceramics sector
2,600
100.00
27 BENGALFINE
28 RAKCERAMIC
10.00
653,035
29 SPCERAMICS
10.001
514,911
Corporate Bond
30 ACIZCBOND
35,931
1,000.00
20,000
31 Brac Bank Cony Bonds 1,000.00
32 IBBLPBOND
1,000.00
11,825
66
S[
Name of the
Institution
Engineering
33 ATLASBANG
34 BDTHAI
35 BSRMSTEEL
36 DESHBANDI-JU
37 ECABLES
38 MARKBD
39 NAVANACNG
40 NTLTUBES
41 RANFOUNDRY
42 SALAMCRST
Financial Institutions
43 DBH
44 ICB
45 IDLC
46 IPDC
47 ISLAMICFIN
48 LANKABAFIN
49 MIDASFIN
50 PLFSL
51 PRIMEFIN
52 UNIONCAP
Food and Allied
53 AMCL(PRAN)
54 BATBC
55 BIONICFOOD
56 FUWANGFOOD
57 MEGHNAVEG
58 MONAFOOD
Fuel and Power
59 BDWELDING
60 DESCO
61 EASTRNLUB
62 JAMUNAOIL
63 KPCL
64 LINDEBD
65 MJLBD
66 MPETROLEUM
67 PADMAOIL
68 POWERGRID
69 SUMITPOWER
70 1 TITASGAS
Face
Value
Per
Average
Cost
Per Unit
Book Value at
Cost (Taka) as
at 31.12.2012
Market Value
(Taka) as at
31.12.2012
442,000
100,030
243.98
81.46
58.58
57.92
47.46
29.33
156.83
90.22
122.51
80.09
77,546,083
39,495,559
3,737,433
1,998,300
704,737
219,574
46,163,064
5,376,501
54,148,289
8,011,648
51,394,890
17,066,262
4,332,020
893,550
766,260
127,279
23,488,651
2,490,946
27,492,400
4,911,473
10.00 20,125,000
100.00
10,588
10.00
48,375
10.00
67,287
10.00
677,321
10.00
230,345
10.00
55,011
10.00
13,301
10.00
420,025
265,100
10.00
2.49
18.42
16.66
29.02
40.57
103.50
21.54
78.19
81.61
82.11
50,073,335
194,993
805,714
1,952,786
27,479,101
23,840,117
1,184,780
1,040,001
34,278,611
21,766,720
1,127,000,000
15,969,351
4,445,663
1,211,166
15,307,455
13,590,355
2,805,561
430,952
13,776,820
7,369,780
10.00
10.00
10.00
10.00
100.00
100.00
155,430
44,250
1,000
63,240
5,300
5,000
127.89
252.51
1.90
49.91
64.46
27.98
19,878,642
11,173,551
1,903
3,156,438
341,644
139,885
18,962,460
37,147,875
6,400
1,644,240
176,225
275,000
363,746
99,275
57,500
670,644
520,597
39,237
33,221
720,400
1,013,105
106,070
250,785
652,000
61.01
69.51
606.88
257.76
106.64
237.98
86.96
190.04
294.12
59.66
56.23
60.36
22,191,088
6,900,244
34,895,615
172,864,110
55,515,362
9,337,724
2,888,800
136,901,595
297,972,164
6,328,522
14,102,102
39,353,903
8,438,907
7,157,728
13,409,000
119,709,954
25,925,731
21,545,037
2,647,714
114,183,400
189,957,188
5,897,492
13,366,841
42,575,600
10.00
10.00
10.00
10.00
10.00
100.00
10.00
10.00
- 10.00
10.001
10.00
10.00
10.00
10.00
10.001
10.00
10.00
10.00
10.00
10.00
10.00
10.00
No.of
Unit
317,841
484,837
63,800
34,500
14,850
7,487
294,344
59,592
67
S
SL
Name of the
Institution
Face
Value
Per
Insurance
10.00
71 BGIC
10.00
72 CONTININS
10.00
73 EASTERNINS
10.00
74 EASTLAND
10.00
75 FAREASTLIF
10.00
76 GREENDELT
10.00
77 MEGHNALIFE
10.00
78 NATLIFEINS
10.00
79 PEOPLESINS
10.00
80 PIONEERINS
10.00
81 PRAGATIINS
10.00
82 PRAGATILIF
10.00
83 PRIMELIFE
10.00
84 RELIANCINS
10.00
85 jUNITEDINS
IT Sector
10.00
86 AGNISYSL
10.00
87 BDCOM
10.00
88 DAFODILCOM
10.00
89 INTECH
10.00
90 ISNLTD
Miscellaneous
10.00
91 ARAMIT
10.00
92 BERGERPBI.
10.00
93 BEXIMCO
10,00
94 GQBALLPEN
10.00
95 MIRACLEIND
10.00
96 SINOBANGLA
Mutual Funds
10.00
97 1JANATAMF
10.00
98 1STPRIMFMF
10.00
99 AIMS1STMF
10.00
100 DBH1STMF
101 EBL1STMF
10.00
10.00
102 EBLNRBMF
10.00
103 GRAMEEN1
04 GRAMEENS210.00
1
10.00
105 ICB1STNRB
68
No.of
Unit
Average
Cost
Per Unit
Book Value at
Cost (Taka) as
at 3 1.12.2012
Market Value
(Taka) as at
3 1.12.2012
1,050,431
40,500
52,510
45,660
467,282
1,849,575
154,210
28,490
219,392
48,360
132,308
63,347
89,207
57,868
14,366
43.70
31.41
41.48
55.25
175.49
111.71
180.08
32.16
45.33
18.47
93.27
212.55
167.13
35.60
81.11
45,903,661
1,272,138
2,177,978
2,522,853
82,001,672
206,610,044
27,770,391
916,331
9,945,624
893,291
12,339,850
13,464,161
14,908,857
2,060,149
1,165,199
33,823,878
1,320,300
1,932,368
2,584,356
49,625,348
135,758,805
17,394,888
8,623,923
6,033,280
3,530,280
8,256,019
7,981,722
10,348,012
5,485,886
660,836
525,132
484,737
459,752
497,448
399,803
50.21
45.57
38.63
31.37
36.16
26,366,083
22,089,937
17,761,561
15,606,874
14,456,162
12,550,655
9,258,477
7,310,057
8,804,830
6,556,769
149,650
31,000
957,672
38,172
374,879
400,000
467.77
263.35
161.23
173.82
32.51
36.76
70,001,331
8,163,997
154,408,484
6,634,884
12,188,169
14,702,555
31,665,940
16,439,300
61,674,077
5,935,746
4,835,939
10,600,000
403,000
418,000
236,250
6,120,000
174,000
1,000,000
363,250
771,650
156,500
11.52
44.64
70.59
10.31
29.57
10.00
59.78
46.61
48.66
4,641,527
18,660,965
16,677,634
63,084,706
5,145,178
10,000,000
21,716,477
35,968,435
7,615,353
2,821,000
11,954,800
11,269,125
43,452,000
1,548,600
9,400,000
19,215,925
16,204,650
4,225,500
SL
Average
Face
No.of
Cost
Value
Unit
Per
Per Unit
23.11
737,000
10.00
Name of the
Institution
106 ICB2NDNRB
107 ICB3RDNRB
10.00
680,000
12.61
8,578,037
4,692,000
108 ICBAMCL1ST
10.00
258,000
47.44
12,238,876
10,474,800
109 ICBAMCL2ND
10.00
1,464,000
16.57
24,254,183
10,687,200
110 ICBEPMF1S1
10.00
647,000
16.68
10,793,169
5,240,700
111 ICBISLAMIC
10.00
516,500
39.49
20,399,125
11,363,000
112 LRGLOBMF1
10.00
500,000
10.00
5,000,000
5,000,000
10.00
2,000,000
10.00
20,000,000
19,000,000
114 POPULAR1MF
10.00
500,000
10.00
5,000,000
3,600,000
115 PRIME11CBA
10.00
310,500
14.33
4,450,929
2,173,500
10,001
150,000 1
10.00 1
1,500,000 1
1,305,000
10.00]
161,500
57.54
118 ACI
10.00
371,700
278.36
103,467,630
52,484,040
119 ACIFORMULA
10.00
584,160
111.47
65,115,853
43,169,424
120 Activefine
10.00
146,280
84.53
12,364,604
10,634,556
121 BEACONPHAR
10.00
434,700
77.67
33,763,686
7,172,550
122 BXPHARMA
10.00
1,616,009
70.15
113,361,457
90,334,903
123 GLAXOSMITH
10.00
20,400
365,32
7,452,611
11,628,000
124 IBNSINA
10.00
50
125 IMAMBUTTON
10.00
30,850
23.47
723,941
283,820
126 MARICO
10.00
10,900
446.48
4,866,591
4,151,810
127 PHARMACO
100.00
200
54.43
10,885
24,250
128 RECKITTBEN
10.00
8,000
250.42
2,003,331
5,761,600
129 RENATA
10.00
12,725
159.51
2,029,763
9,410,138
10.00
980,148
74.82
73,330,951
165,252,953
131 CCL
10.00
468,585
131.53
61,634,596
14,010,692
132 SAPORTL
10.00
706,460
134.77
95,206,493
20,840,570
133 BATASHOE
10.00
35,000
338.38
11,843,463
18,749,500
134 LEGACYFOOT
10.00
144,760
41.47
6,003,744
3,054,436
100.00
10,235
37.04
379,102
163,760
10.00 1,130,400
255.48
116 TRUSTB1MF
]_3,084,650
130 1 SQURPI-IARMA
Tannery Industries
1 GI
135 PARAGON
11 11
4,205
Telecommunication
136
288,791,465 197,820,000
69
E,
SL
Name of the
Institution
Textile
137 APEXWEAV
138 CMCKAMAL
139 DACCADYE
140 DYNAMICTEX
141 HRTEX
142 MAKSONSPIN
143 MALEKSPIN
144 METROSPIN
145 MHOSSAIN
146 MITATEX
147 MONNOFABR
148 PRIMETEX
149 QSMSILK
150 SQUARETEXT
Face
Value
Per
10.00
10.00
10.00
100.00
10.00
10.00
10.00
10.00
100.00
100.00
10.00
10.00
10.00
1 10.001
No.of
Unit
Average
Cost
Per Unit
Book Value at
Cost (Taka) as
at 31.12.2012
Market Value
(Taka) as at
31.12.2012
20.29
-
50.33
38.00
43.30
38.60
83.67
39.22
35.06
53.70
10.45
33.62
4.26
75.90
205,337
-
3,536,196
3,995,448
5,350,234
28,192,350
18,821,323
1,842,504
694,108
1,204,939
208,904
2,353,433
1,279
7,131,530
1,558,480
84,085
2,199,107
5,493,565
3,991,214
12,999,981
5,646,245
803,307
688,050
1,385,670
1,550,000
1,463,000
3,630
9,659,499
10,120
2,510
70,259
105,140
123,567
730,336
224,950
46,977
19,800
22,440
20,000
70,000
300
93,964
Total :
5,131,994,379 5,934,139,559
2012
Taka
476,518,717
2011
Taka
Si.
No.
Face
Value Per
Debenture
3,000
2,500
N/A
N/A
N/A
N/A
N/A
536,553,527
Total Book
Value At Cost
No. of Unit
100
4,000
N/A
N/A
N/A
N/A
N/A
51,937
6,466,780
100,000,000
180,000,000
40,000,000
50,000,000
100,000,000
476,518,717
Si. No.
1.00: Procured in 1995. Defaulted in payment as per schedule and necessary legal action has been taken. Recheduled.
2.00: Procured in 1995. Defaulted in payment as per schedule and necessary legal action has been taken. Recheduled.
3.00: Private: 11.50% per annum.
4.00: Private: 13.50% per annum.
5.00: Private: 12.00% per annum.
6.00: Private: 11.50% per annum.
7.00: Private: 12.50% per annum.
70
L..
2012
Taka
I205 1)1Y' Secu ru s lid. (Subddiarv (OIiptIi
320,200,000
2011
Taka
-
The IDRA has given permission to the Company on 20th September 2012 for setting up one
subsidiary company for development and improvement of the life insurance fund as per section 42
of the Insurance Act 2010.
The Company has obtained the name clearance letter from Registrar of Joint Stock Companies
(RJSC) in the name of DUG Securities Limited being the name of the subsidiary company.
The Company has recived the allotment letter on 28th September 2012 for 1 (one) share
(membership) of Dhaka Stock Exchange Limited on payment of Tk. 320,200,000/- (Taka Thirty
Two Crore Two Lacs Only) to DSE being the advance against the paid up Capital of the subsidiary
company.
The DLIC Securites Limited could not commence its operation during the year ended 31st
December 2012 for non receipt of the consent letter of paid up Capital from SEC and registration
from the RJSC & Firms (these were obtained later on in FY-2013).
Tk. 3,138,890
3,138,890
3,138,890
Tk. 91,154,267
3,138,890 ]
3,138,890
35,122,192
L,032,075
L
91 , 154,267
41,523,813
58,362,142
99,885,955
549,257,435
31,844,495
13,406,243
52,100,000
646,608,173
544,229,875
23,168,410
11,877,926
54,126,857
633,403,068
Tk. 646,608,173
The amount represents premium receivable as on December 3 1st, 2012 for which grace periods did
not expire as on the above date. Most of the outstanding premium amounts have been realized
subsequently.
71
2012
Taka
14.00 INTEREST, DIVIDENDS & RENTS
Tk. 806,813,031
ACCRUING BUT NOT DUE
Bangladesh Govt. Treasury Bond (BGTB)
Fixed Deposit with Banks
Home Loan Insurance Scheme
Interest on Debentures & Bonds
Dividend on Share
Interest on Policy and Project Loan.
Statutory Deposit with Bangladesh Bank (BGTB)
Taka
240,618,647
429,796,996
37,048,696
23,569,093
22,354,436
53,353,153
72,010
806,813,031
181,632,227
542,325,165
32,953,743
31,750,369
6,508,120
41,569,170
72,010
836,810,804
11,535,628
767,601,405
4,554,437
288,490
1,440,117
785,420,077
11,589,204
616,330,215
4,638,713
278,671
2,171,430
635,008,233
616,330,215
151,271,190
767,601,405
527,136,090
89,194,125
616,330,215
767,601,405
616,330,215
1,440,117
2,171,430
Tk. 767,601,405
2011
Tk. 785,420,077
Others Advances include advances against staff salary and various expenses which have been adjusted
subsequently.
I
Tk. 55,089,341
2,330,689
1,008,681
434,854
3,414,580
42,382,121
5,518,416
55,089,341
2,380,069
1,012,022
434,854
3,418,022
42,382,121
5,467,760
55,094,848
Adequate provision has been made against project loan (GN-GRB), branch collection account,
motor car & motor cycle loan, bicycle loan and other receivables (Note 9).
72
2012
Taka
16.01 Motor Car & Cycle Loan
2,330,689
2011
Taka
2,380,069
This represents the long outstanding of motor cycle and car loan lying with the development
personnel.
1,008,681
1,012,022
This represents the long outstanding of bi cycle and car loan of the insurance agents of GN-GRB.
3,414,580
3,418,022
This represents the money receivable from various insurance agents at unit level offices of GN-GRB.
42,382,121
42,382,121
This represents net income tax refundable to the company for the assessment years from 1996-1997
to 2001-2002 & 2003-2004 to 2004-2005 as per tax assessment orders by the Income Tax Department.
The assessment of the income tax of the company for the assessment year 2004-05 has been
completed and the necessary adjustments have been effected in the accounts. The company filed tax
return for the year 2002-2003 FY 2001 with loss and the tax return has been barred by limitation of
time. Regarding tax assessment for year 2003-2004, The Income Tax Department has assessed the tax
liability of the company giving tax refund which have been duly accounted for in the accounts. Later
on The Income Tax Department PCT) has appealed to the High Court Division of the Supreme
Court against the order of the Appellate Tribunal for allowing the interest income on national
investment bond (NIB) as exempt income in the tax assessment of the company for 2003-2004. The
case is still pending in court (Please refer to note 3.04).
mlrD
16.05
Other Receivables
Sundry Advance
Others *
Tk. 5,518,416
1,674,683
3,843,733
5,518,416
1,674,683
3,793,077
5,467,760
* This represent money lying with development staff against advance allowances, abuse of
company's money for purchase of furniture and electrical equipments etc. of unit level offices of
GN-GRB and have been brought forward from the account of FY 1999. The amounts have been
fully provided in the accounts (Please refer to note 9).
73
2012
Taka
17.00 BANK BALANCES
Tk. 8,984,030,958
74
2011
Taka
7,652,567,48
384,335,639 I
947'Z']
8,984,030,958
8,025,465,759
43 1,078,770
731,324,450
9,187,868,979
Tk. 7,652,567,484
28,837,077
1,486,117,325
894,460,270
486,091,036
219,782,448
196,203,022
454,867,923
143,965,527
861,123,719
579,792,635
47,382,967
222,640,960
892,003,277
134,695,741
266,803,364
171,210,013
30,686,638
54,365,954
46,614,648
251,198,940
11,214,000
172,510,000
7,652,567,484
94,329,866
1,055,297,787
827,009,850
510,044,696
21,070,002
383,350,000
735,845,455
40,000,000
693,865,109
114,172,405
10,000,000
45,594,043
637,712,777
170,151,803
179,965,816
173,516,264
239,872,972
20,546,509
202,070,501
426,310,234
285,272,168
519,514,926
330,380,200
63,507,276
110,520,226
35,000,000
10,000,000
10,000,000
20,000,000
20,544,874
20,000,000
20,000,000
8,025,465,759
2012
Taka
17.02 ( ) ii ( trrcit AL:ttJ1t oh Banks
Tk. 384,335,639
Hongkong & Shanghai Banking Corporation
Bangladesh Krishi Bank
Pubali Bank Ltd.
Rajshahi Krishi Unnyan Bank
Uttara Bank Ltd.
National Bank Ltd.
Citibank N.A.
Sonali Bank Ltd.
Janata Bank Ltd.
Agrani Bank Ltd.
Rupali Bank Ltd.
Islami Bank Bangladesh Ltd.
Bank Asia Ltd.
Trust Bank Ltd.
Al-Arafah Bank Ltd.
Social Islami Bank Ltd.
Southeast Bank Ltd.
Jamuna Bank Ltd.
Standard Chartered Bank
Brac Bank Ltd.
17.03 On Sf1) Account 6th Banks
1k. 947,127,835
Hongkong & Shanghai Banking Corporation
Dutch Bangla Bank Limited
Bangladesh Krishi Bank
Pubali Bank Limited
Rajshahi Krishi Unnyan Bank
Uttara Bank Ltd.
The City Bank Ltd.
National Bank Ltd.
Premier Bank Ltd.
Agrani Bank Ltd.
Sonali Bank Ltd.
Janata Bank Ltd.
Rupali Bank Ltd.
Citibank N.A.
Islami Bank Bangladesh Ltd.
Dhaka Bank Ltd.
Mercantile Bank Ltd.
Southeast Bank Ltd.
Bank Asia Limited
Jamuna Bank Ltd.
Al-Arafah Bank Ltd.
5,430,792
291,653,305
4,285,713
65,857,920
1,283,845
42,959
764,778
753
81,424
8,187,955
72,084
825,548
666,644
42,284
263,469
1,000
500
1,000
4,813,046
60.620
384,335,639
318,067
564,653
27,530,336
482,596,555
128,866,065
236,986,827
65,245
1,384,096
655
17,742,628
2,949,422
8,979,572
12,323,876
1,924,259
8,279,719
30,388
6,824,099
460,594
6,355,155
321,928
2,623,696
947,127,835
2011
Taka
1,351,195
286,306,608
59,582,639
61,093,417
(1,160,945)
42,959
1,282,642
753
5,305
22,558,297
6,900
1,500
2,000
1,000
2,000
1,000
500
1,000
431,078,770
480,695
337,804
25,028,131
468,170,423
137,966,027
37,071,285
65,245
35
655
13,947,366
4,672,960
9,512,063
13,603,281
5,864,259
5,853,915
29,180
4,094,169
2,318,683
1,827,274
481,000
731,324,450
284,257,854
Collection in hand represents first year premium outstanding as at 31st December for which
proposals await for underwriting at different Service Centers. The premiums were received
subsequently in full and the policies were issued with commencement date prior to 31st December.
75
Tk. 1,456,667,484
19.00 FIXED ASSETS (Annexure-A)
Cost
Land
Capital Work In Progress (Building) (Note-19.01)
Furniture & Fixture
Renovation
Computer Hardware & Software
Electrical Equipment
Vehicles
Total Cost
Accumulated depreciation at the end of the year
Carrying Value at the end of the year
2012
Taka
128,191,043
1,269,122,484
76,532,182
3,178,710
47,802,987
46,381,681
150,333,305
1,721,542,392
(264,874,908)
1,456,667,484
2011
Taka
128,191,043
872,518,442
75,963,785
3,178,710
45,205,876
46,345,316
142,328,180
1,313,731,352
(244,429,624)
1.069.301.728
1k. 1,269,122,484
ork in Prutrcss (\\i
Corporate
Khulna
Doctor's
Bogra Office
Office
Total
Office
Particulars
Building
Tower
Building
Building
(Guishan)
Amount in Taka
-
831,337,408
189,438,436
A. Contractor's Bills- Balance b/fwd 403,481,330 238,417,642
436,185,076
227,508,460
132,968,407
Add: Bills paid and adjusted 16,769,989 58,938,220
227,508,460
1,267,522,484
322,406,843
Sub Total (A) balance - c/fwd 420,251,319 297,355,862
-
41,181,034
24,544,000
9,060,818
B.Advance- Opening balance (b/fwd)
7,576,216
-
(43,381,034)
(24,544,000)
Less: Adjusted during the year (9,776,216) (9,060,818)
-
3,800,000
Add: Paid during the year
3,800,000
-
-
-
1,600,000
-
-
Sub Total (B) balance - c/fwd 1,600,000
227,508,460 1,269,122,484
322,406,843
1421,851,319
297,355,862
Total (A+ B)
This represents expense incurred for office buildings under construction at various places. The break
up of the figure is as above
20.00 ADJUSTMENTS MADE DURING
THE YEAR
Reserve for unexpired risk
Claim provision
Premium
Commission
Incentive Bonus
Re-Insurance
Home Loan
Sundry expenses provision
Refund Premium
Prize & Awards
1k. 107,622,750
121,472,139
24,819,883
(1,239,097)
(35,181,046)
1,818,687
2,382,587
(6,450,403)
7,
142,768,513
35,878,178
(2,310,114)
4,331,689
1,239,616
(355,000)
960,000
2,056,108
(11,372,450)
(1,066,023)
172,130,517
2011
Taka
2012
Taka
5,029,426,902 4,975,346,673
Type of Premium
-I
5,011,684,328 1
36,337,655
4,975,346,673
OL, GN-GRB and RI represent Ordinary Life, Gono -Grameen Bima and Reinsurance respectively.
1,118,258,534
65,559,096
48,383,297
894,417,157
74,322,329
33, 122,044
867,672,413
16,737,504
102,599,315
1,137,658
107,096,873
18,020
176,400
2,327,639,110
686,324,309
11,351,827
94,307,272
2,943,212
316,115,666
2,112,903,816
77
2012
Taka
Tk. 27,682,381
Service Charge & others
Misc. Income
Profit/(Loss) on disposal of Fixed Assets
24,084,921
1,540,873
2,056,587
27.682.381
Ordinary
GN-GRB
Life
By Death
51,255,680 28,180,873
6
17,181,257
956,972,414
By Maturit y
By Survival
346,548,565 161,108,954
By Hospitalisation
3,570,431
-
By Others
1,369,680
-
By Surrenders
72,258,314
7,002,379
Annuities
527,500
-
Bonus in Cash
376,596,797
-
Sub-total
1,469,308,224 1,153,264,620
Profit Commission
-
-
Total Tk. in 2012
1,469,308,224 1,153,264,620
Particulars
25.00 COMMISSIONS
2011
Taka
1,035,447,140 11,057,473,531
2,842,866,842
Group
Insurance
119,276,322
10,761,834
-
-
2,185,625
3,346,493
90,240
Health
Insurance
2,296,733,387
V
Total
135,660,514
18,902,430
154,562,944
-
198,712,875
-
1,584,915,505
507,657,519
-
65,731,054
69,301,485
3,555,305
-
-
82,607,186
-
617,740
-
376,596,797
65,731,054 2,823,964,412
18,902,430
-
65,731,054 1 2,842,866,842
132,906,250
70,906,466 1 2,296,733,387
Tk. 630,474,261
Ordinary Life
266,284,726
Gono-Grarneen Bima
360,298,152
Group Insurance
3,226,064
Health Insurance
665,319
630,474,261
78
25,382,196
2,299,965
1,052,056
28,734,217
574,858,375
403,018,903
2,533,059
731,361
981,141,698
2012
Taka
26.00 LEGAL AND PROFESSIONAL FEES
Ea
2011
Taka
Tk. 6,507,451
429,375.00
1,030,500.00
1,176,607
10,881,399
1,401,469
863,115
3,500,000
6,507,451
9
12,784,639
958,867
1,136,906
7,846,090
601,640
9,406,597
7,109,909
79,648
8,326,463
2,808,722
830,000
550,000
4,188,722
Tk.
Pursuant to the judgment of the Appellate Division of the Hon'ble Supreme Court of Bangladesh
that the AGM for the year 2004 shall be held first and all subsequent AGMs up to the year 2012 shall
be held on the same day. Accordingly, provision for tax is to be made on surplus disclosed in the
Actuarial Valuation Report up to the year 2012.
79
2011
Taka
2012
Taka
30.00 CAPITAL EXPENDITURE COMMITMENT Tk. NIL
There was no capital expenditure commitment authorized by the Board as on December 31, 2012.
Tk. NIL
There was no credit facility available to the Company under any contract as on December 31st, 2012
other than trade credit available in the ordinary course of business.
32.00 EXPENSES INCURRED IN FOREIGN CURRENCY
Tk. 57,365,054
3,637,074
3,637,074
2,403
525
2012
Di rectors
1,048,000
1,048,0001
Officers
-
193,408,255
17,195,885
68,420,572
134,365,527
413,390,239
2011
Officers
Directors
761,150
-
100,792,560
-
17,286,589
-
68,110,323
-
232,454,022
418,643,494
761,150
34.02 Money was not spent by the company for compensating any member of the board for special
services rendered except as stated above.
35.00 EMPLOYEES' BENEFIT PLANS
The Company, for its permanent employees, operates the following benefit schemes:
i) Contributory Provident Fund.
ii) Gratuity Scheme
ill) Group Insurance
iv) Health Insurance
The Provident Fund is administered by a Board of Trustees and is funded by equal contributions
from the employees and the Company at predetermined rates. The amount is invested separately
from the company's fund.
80
The company has a gratuity scheme under which an employee is entitled to the benefits depending
on the length of service. Gratuity is accounted for in the year of payment.
81
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The value of investment in shares and debentures has been taken at cost;
The value of all assets as shown in the Balance Sheet and as classified on Form "AA" annexed have
been duly reviewed as at 31 December, 2012;
In our belief, the said assets have been set forth in the Balance Sheet at amounts not exceeding their
realizable, carrying or market values under the several headings as enumerated and
All expenses of management in respect of Life Insurance Business transacted by the Company in
Bangladesh have been fully debited to the Life Revenue Account as expenses.
Swapan Kumar Sarkar, FCA
Managing Director (In-charge)
4^"
-0-1
83
Certificate of CEO & CFO under Corporate Governance guidelines issued by Bangladesh
Securities and Exchange Commission
(Condition no. 6 Notification 7 August 2012 no. SEC /CMRRCD/2006-158/Admn/44)
The Board of Directors
Delta Life Insurance Co. Ltd.
Uttara Bank Bhaban
90, Motij heel C/A
Motijheel C/A
Dhaka -1000.
We certify that
i) We have reviewed the Financial Statements for the year 2012 and to the best of our knowledge and
belief:
a) These statements do not contain any materially untrue statement or omit any material fact or contain
any statement that might be misleading;
b) These statements together present a true and fair view of the Company's affairs and are in compliance
with existing accounting standards and applicable laws.
ii) There are, to the best of our knowledge and belief, no transaction entered into by the Company during
the year 2012 which are fraudulent, illegal or violation of the Company's code of conduct.
84
Address
No.)
Phone (T&T)
Mobile
02-9560407
01711664720
2 Dhaka. Baitul View Tower (111 Floor), 56/1 Purana Paltan, Dhaka-1000.
02-7124977
01713426867
02-9568932
01911975855
031-713059
05 1-62625
051-61507
01716159569
081-68796
01716878859
0331-61348
01819460237
041-725636
01711957050
Munshiganj 607, Razia Hamid Plaza (1' Floor), Bagmamudali Para, Hospital Road, Munshiganj. 02-7620559
01713426850
Dhaka.
-
' Bogra
Gause-A-Pak Biponi Bitan Bhahan,28/G/1, Toyanabee Circular Road, Motijhcel C/A, Dhaka.
8 Khulna Jalil Tower (3r5 Floor), 77, Lower Jessore Road, Khulna.
9
01712177976
0381-55605
01776116886
0721-770693
01712084429
0431-64306
01712658808
0921-63299
01711310930
14 Symet
0 82 1-7113 17
C821-714800
01712847773
0771-61123
01913120675
0321-54094
01713336245
17 Manikganj Rojoni Super Market (1" Floor), 76/77, Syed Rafiq Sarak, Manikganj.
02-7711210
01716469777
0561-61854
01713336267
19 Jessore
0421-65113
01727225604
20 Faridpur Shainsuddin Tower (5h Floor), Janata Bank Mor, 86/89, Mujib sarak, Faridpur. 0631-65799
01727248343
0841-63347
01816305600
0341-64141
01718227707
23 Kishorganj Mirja Loz (2nd Floor), 43, Isha Kha Road, Kishorganj.
094161406
01716977668
0601-51321
01614070731
12 Barisal
85
Center (
0111 act
Dhaka Metropolitan
53, Purana Paltan Baitul Abed Bhaban (10th Floor) Dhaka-1000 02-9570324, 9570321.
Dhaka -1
132/B, A, Kazi Mokrna para Bazar Road, Savar, Dhaka. 02-7744916, 7744917
Dhaka-2
Fuizan Tower (2nd Floor), 80/c, Uttar Jatrabari, Bihir Bagicha, Gate No.1, Dhaka. 02-7540339, 7540329
Faridpur
5 Mymensingh
Chittagong
6
7
Comilla
86
0631-65909, 0631-62069
091-66829, 091-51936
031-656333, 031-654939
081-64226, 081-67200
8 Chandpur
9
Barisal
0841-66451, 0841-65803
0431-62943, 0431-64291
10 Jhalakathi
0498-63149, 0498-63148
11 Khulna
041-730056, 041-731409
12 J essore
0421-68565, 0421-68516
13 Kushtia
14 Moulvibazar
15 Sylhet
16 Pabna
17 Bogra
18 Naogaon
19 Rajshahi
0721-773854, 0721-770063
20 Gaibandha
0541-51276, 0541-61268
21 Rangpur
0521-65942, 0521-61830
22 Thakurgoan
0561-52210, 0561-61811
071-62261, 071-73045
0861-53804, 0861-62096
Proxy Form
We...........................................................................................................................................of ....................................................
.................................................................................................being the shareholder(s), Delta Life Insurance Company
Limited hereby appoint Mr./Ms...................................................................................................................................failing which
Mr/Ms. ............................................................................................................... as my/our proxy to attend and vote for me/us and
on my/our behalf at the 275 Annual General Meeting of the Company to be held on Saturday, November 16. 2013 at 3:00 P.M. at Delta
Life Tower, Plot No. 37, Road No. 45 (South) & 90 (North), Gulshan Circle-2, Dhaka and at any adjournment thereof.
Signed this: .................................................... Day of ................................2013.
Signature of Proxy:
1) ....................................................................
Folio/BO ID No.............................................
Revenue
stamp
Tk. 20.00
Signature of Shareholder(s)
Folio / BO ID No................................
No. of Shares ....................................
2) ....................................................................
Folio/BO ID No .............................................
Note:
A member entitled to attend and vote at the 27' Annual General Meeting may appoint a proxy who must be a shareholder of
the Company to attend and vote in his/her stead. The proxy form, duly stamped, must he submitted at the Registered Office of
the Company not later than 48 hours before the time fixed for the AGM.
Signature Verified
Delta Life Insurance Company Ltd.
1) ............................................
2) ............................................
Notes:
I. Please note that the AGM can only be attcndccl by the honorable shareholder or properly constituted proxy. Therefore any
friend or children accompanying honorable shareholder or proxy cannot be allowed into the meeting.
2. Please present this slip at the Reception Desk.
US
nag
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S
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A!^h