Message from the Chief Executive Officer
Bismillahir Rahmanir Rahim.
Dear Shareholders & patrons
Assalamu Alikum Wa-Rahmatullah
It gives me immense pleasure to give you a short review of performance in 2017. During the year we strive for maintaining the progress in many areas of our core business, prioritizing customer’s utmost satisfaction. The encouragement and simulation we obtain from our well – wishers of all corners during the year 2017 are just immeasurable. My sincere thank goes to all of them.
I am happy to inform you the position of premium income of your company from the inception to date is taka 79,715.47 million. The growth rate is very satisfactory. The five years growth trend is shown hereunder through diagram:
At this turning point of stepping into 18th year of journey. I with sincerity would like to express my heartfelt gratitude and thanks to our distinguished shareholders, valued policy holders and respected well wishers for their support, Co-operation and association with this model of financial institution.
In 2017, the company paid total claims to policyholders in the tune of taka 5,807,91 million in the form of death, maturity, survival and surrender against taka 5426.22 million in 2016. The excess payment of claims in the year of 2017 was taka 381.69 million which has a reflection in the life fund of the year.
The company has continued to remain committed to the cause of providing innovative products to our customers. 2017 was a year of renewed focus on customer services, delivery, process automation and enhancements in business process and quality. We expect that our dedication should help us in sustaining development in the coming years. We are also working towards increasing our geographical reach regions which will support the overall premium growth of the company.
Our progress in earning premium income in the year of 2017 is satisfactory. As you know that in spite of the downturn of insurance market of Bangladesh we managed to achieve 9.35 growth when our net premium grows 865.38 which is definitely the highest in the life segment of the market we play around.
Life insurance business is subject to operational risks such as direct or indirect loss resulting from human error, failure of internal and external system since we are involved in large number of complicated transactions with clients, field force and re-insurers.
We, therefore pay due heed to the risk improvement practices and employ a range of risk mitigation strategies based on evaluation and monitoring on an ongoing basis, but it is in accordance with the stated risk appetite. To develop frameworks, we should support by considering underwriting perspectives.
As financial service providers, we invest in human capital development in addition to our investment in information technology. Our philosophy is that ICT investment can provide us advantages for a certain period of time and that can easily be imitated. But in case of human capital development which can provide us with real competitive advantages over the years.
Therefore, we can arrange congenial environment to our staffs for ensuring self-motivation in discharging responsibilities in most professional manner. In addition to our in-house and overseas training program in the last years. We have successfully established a full fledged internal training instititute -FILITRA for the professional development of our employees.
Finally, I would like to express my sincere thanks to my colleagues and stakeholders for their dedication and commitment that all of you would continue to extend whole heartedly support as well as cooperation to up hold FILIC as a Top insurer.
Last but not the least; I am really grateful to our honorable Board of Directors who guided me by sharing their experienced insights and wisdom. The IDRA has been very supportive of our efforts and we thank them for their continuous guidance and support. Our commitment to deliver only the best to our customers, employees’ partners, regulator and each and every stakeholder remains ever the same. I wholeheartedly thank each one of you for your support which has helped the company live up to its peoples’ expectations. as a proud member of FILIC family. We here take an oath for adding value to our customers and shareholders’ with devotion and dedication in the coming days. Above all, it is professionalism, which should be our way of life at FILIC as our saga of 18 years excellence proudly lacks of.
May Allah help us, Ameen.
Md. Hemayet Ullah
Chief Executive Officer (CEO)
22 October 2018