REVIEW OF THE CHAIRMAN
Bismillahir Rahmanir Rahim.
In the name of Allah, the most gracious, most merciful
Assalamu Alikum Wa-rahmatullah.
I am very pleased to welcome you all to the 19th Annual General Meeting (AGM) of Fareast Islami Life Insurance Company Limited and place before you the Company’s Financial Statements and performance of the financial year 2018. Stepping into the 19th year of business operation, Fareast Islami Life Insurance Company Limited can assert with proud that it has persistently strived to achieve optimum value index for its shareholders as well as stakeholders from the very outset of this organisation. The insurance industry in the country is expected to grow in the coming years due to rising financial literacy and government initiatives. In line with accelerating economic growth of the country, the company maintained sustainable momentum with a 4.5% growth in business in 2018 with gross premium income taka 10,560 million. The regulator has released a number of guidelines, regulations and other exposure drafts during the current financial year. Insurance has a vital role to play in protecting public wealth, mobilising savings for efficient use and stabilising the financial markets. It is your kind patronage and relentless support that have always resulted in achieving rip-roaring success for the entity.
Fareast Islami Life Insurance Co. Ltd. (FILIC) took up various confident and customer centric process-overhaul initiatives, tech infrastructure upgrades and HR up-skilling projects. Taking into account the emergence of digital market, upgrading our IT infrastructure and core policy administration systems is a key focus of the bank’s continual efforts to transform and improve. To further enrich our customer service, we embarked on a remodelling of distribution channel and our field force network to guarantee greater synergy as a one-stop life insurance provider, thus catering to the varying financial needs of our wide-ranging customer base. In addition, we focused on generating new product in trade, and the emerging corporate and local corporate segments all over the countries. This was done in an attempt to bridge the urban-rural divide and to ensure that Bangladesh’s not tapped life insurance population also receive the profound benefits from the insurance sector.
It is beyond my idea to pay tribute to our customers whose continuous and ever increasing loyalty will always be reciprocated by this company in 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 fulfil their responsibilities even when faced with unanticipated stress and challenges. Their performance has resulted in another year of outstanding success.
Our Company has always been 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, and other stakeholders.
We have drawn up exciting growth plans and set midterm objective such as below:
- Increase our Customer base - to 5 million.
- To retain the customer level to increase First Year(FY) & Renewal (RW) premium growth.
- Increase the distribution reach – to minimize customer points throughout Bangladesh.
Together, these initiatives will further accelerate our growth and lead to substantial value creation for all.
Fareast has remained a testimony of growth spread across almost two decades. In succession, the financial year 2018 denotes yet another triumphant year of operation.
Dear Shareholders, reassured by our remarkable track record; we believe that the company is poised to surmount the challenges of the future and retain the momentum for business growth in years to come. We are most obliged and appreciative of the unrelenting support and patronage received from our clients and shareholders; as we look forward to the continuation of the same. In particular, I like to thank with whom we have extensive dealings along with the regulators, stock exchanges of Dhaka and Chittagong, BSEC and Government bodies for their incessant co-operation and support. I would also like to thank all our field forces who have steadfastly continued to support us by bringing satisfactory sustainable business growth, customers for their valuable trust, employees for their dedication and hard work towards achieving our goals and our shareholders and Board of Directors for their continued guidance and support.
May Allah help us, Ameen.
Md. Nazrul Islam
07 August 2019