Message From The Honourable Chairman


Bismillahir Rahmanir Rahim.
In the name of Allah, the most beneficent and the most merciful.

Dear Shareholders,

Ladies and gentlemen,

Assalamu Alaikum Wa-Rahmatullah.

It is my pleaswee to welcome you all to the 16th Annual General Meeting (AGM) of Fareast Islami Life Insurance Company Limited and place before you companys’ Financial Statements and also the Performance of the year 2015. Striding into the 15th year of business operation, Fareast Life Insurance can proudly announce that it has incessantly contrived optimum value index for its Shareholders from the very outset of the company. Fostering superior corporate governance and balancing cost growth and risk to minimize intrinsic value for the enterprise. Fareast has remained a testimony of growth spread accross more than one decade in succession, the year 2015 denotes another triumphant year of operation. As we strive to persistently act as a responsible steward of our shareholders capital by analyzing opportunities in light of their ability to deliver profitable growth at an appropriate level of risk, we remain thankful to you and all other stakeholders for extending their ceaseless support to the company.

In the year 2015 the company was able to maintain its momentum and achieved 10.95% growth in business which is 2.93% higher than that of 2014. It is proud for me to say that this growth is remarkable achievement for the company. Our gross premium income in the year 2015 was Taka 8511 million as compared to Taka 7671million in 2014. The assets increased to Taka 2622 million and total assets stood at Taka 41278 million from Taka 38656 million which is 6.78%. As a result, it has been possible to declare @ 45% Dividend for shareholders and also highest rate of bonus for policyholders.

Whatever may be the changes ahead let me assure you that the brand ‘FILIC’ will always stand for the protection and financial security of the highest quality to customers, the addition to the wealth of shareholders and the recognition, rewarding and valuing of the dignity of our staff.

I now pay tribute to our customers whose continuous and ever increasing loyalty, will always be reciprocated by this company by offering them innovative, value added products combined with the highest form of service excellence,    particularly by the fast settlement of claims.

I thank each and every member of our staff for their sincere commitment to fulfill their responsibilities even when faced with unanticipated stress and challenges. Their performance has resulted in another year of outstanding success. Our employees are not mere statistics in our payroll. They are members of the ‘FILIC Family’ and as such we respect them and care for them.

I now thank all our Field forces who have steadfastly continued to support us by bringing in significant business.

I extend a very special word of appreciation to our Re-Insurer (Takaful Re-Limited) Dubai UAE. They are our close, trusted and respected business partners. Throughout the year under review they have been totally loyal to us and offered a unique service without which we would not have been able to achieve the success we did.

It is my very pleasant duty to thank the Board of Directors who through their high caliber professionalism, long years of experience and absolute devotion to duty, have helped this company overcome the numerous challenges faced through the year and contributed towards its unassailable position in the industry.

FILIC has always maintained the highest governance standards and practices by adopting, as is the norm for all constituent companies of the group “the fareast group- corporate governance policies and code of conduct.” These Policies and code Prescribe a set of systems, processes and principles which conform to the highest international standards and are reviewed periodically to ensure their continuing relevance, effectiveness and responsiveness to the needs of investors, both local and global and other stakeholders.

We have drawn up exciting growth Plans for the next three years to five years.

  • Increase our Customer base – from  10,00,000 to 1,00,00,000.
  • Increase the distribution reach – from 2,000 to 5,000 areas throughout Bangladesh.

Together, these initiatives will further accelerate our growth and lead to substantial value creation for all.

The company continued to contribute actively to community welfare activities and took up several initiatives and measures related to education and healthcare.

Our founder, the legendary M.A. Khaleque gave us a simple mantra to aspire to the highest global standards of quality, efficiency, operational performance and customer care. We remain committed to upholding that vision. He exhorted us to think big. With your continued support we will think bigger. Indeed not just bigger but better, creating ever greater value for all our stakeholders.

And finally I come to you our Shareholders to whom this Report is presented. I offer you my most abundant thanks for the steadfast loyalty and trust, which has been extended to us through the years. This trust and loyalty will always be valued by us and will not be betrayed. I would like to extend my deep appreciation to the Board of Directors for their support and cooperation. The management team and the staff worked very hard to take the company forward through delivery of excellent results. And, I would like to recognize their dedicated services and continuous efforts and convey my appreciation and thanks to all of them.

 

With best regards.

 

(Md. Nazrul Islam)

Chairman

28 June 2016

Dhaka