Bismillahir Rahmanir Rahim

Assalamu Alikum Wa-Rahmatullah,

All praises to the Almighty Allah, Most gracious and Most merciful.

I am delighted to welcome you all in the 21st Annual General Meeting of the Company. It also brings pleasure for us that by the grace of the Almighty Allah, it has been possible for us to pass the year 2020 through a peace and tranquil atmosphere.

Dear shareholders, we have told in the Directors report that the commencement of business of few new life insurance Companies has made it more complicated and likely to aggravate in future due to unhealthy and unethical market competition. Despite this, it has been possible to procure a total premium of Tk.4,144.52 million against Tk.3,644.09 million of the previous year. The growth rate is 13.73%.

It is an admitted fact that prompt settlement of claim is basic factor to measure excellence of a Life Insurance Company. During the year, we have paid a total amount of Tk.2,782.58 million on account of maturity claims, death claims, surrender of policies and survival benefit to the policyholders and group Insurance of all categories.

Dear shareholders, you know that major segment of our people could not be brought under the shade of Life Insurance because 90% of the total population are Muslim and they believe that Insurance is not acceptable on the Shariah point of view.

In order to remove this barrier, we have converted the Company into an Islamic Company i.e to run the Company on the basis and principles of Shariah to take the Insurance service at the threshold of mass people.

In order to implement and achieve the above target, we have removed the elements which are not allowed in Islam and to bring the entire population under Insurance service. With a view to implementing the future plan to bring whole nation under insurance service, we have fixed our vision, mission, object and goal to achieve the target which have been stated in the Director’s Report.

During the year, Life fund declined from Tk.8,820.27 million to Tk.8,367.70 million due to settlement of outstanding claims and no return from investment. We have contributed Tk.42.76 million on account of Corporate Tax, Tk.5.83 million on account of VAT to the national exchequer and Tk.3.64 million on account of annual registration charge to the regulatory authority.

I believe that in view of the matted situation of Life Insurance industry keeping up the growth is a difficult task. In consideration of that, the achievement of the Company deserves to mention worth. This has been possible for your trust and cooperation to the Company.

I hope that you will join with me to thank our field force and management team whose relentless work and dedication of corporate practice have worked behind this success.

Dear shareholders, you will be glad to know that IT department of the Company has been developed the Company’s software and network infrastructure and also enriched Company’s website with information and improved email management for policyholders and field forces. The highly experienced and trained IT professionals of the Company are working efficiently to bring Company’s growing activities and modernization of software and network infrastructure. We have brought some expansion in IT services during the year as shown in the Directors Report.

It is an admitted fact that there is no alternative to training to buildup a professional and qualitative team which is indispensable to run a corporate body like ours. PILIL has a well-equipped training department through which employees both in desk and development are provided with training in a regular manner. During the year, the Company has provided with training to 424 desk employees and 3154 field staff through Bangladesh Insurance Academy (BIA) & Other Training Institutions and in house training department.

Dear shareholders, the 2020 was challenging for COVID-19. In spite of COVID-19 we have increased business in sum of premium collection but due to settlement of long outstanding claims and earning from investment almost zero. We were not able to declare dividend for the year 2020. We have to settle many death claims under group policy in the year 2020 due to COVID-19.

We are always rigid and uphold the ethical values at all levels and work with the ethical spirit at all times. This is the fundamental reason for us to be rated “A+” based on i. Sound liquidity. ii. Diversified ownership. iii. Diversified product mix. iv. Diversified services network. v. Good Financial Performance. vi. Experienced management team.

I assure you that the Board of Directors, management team and other machineries of Prime Islami Life Insurance Limited shall work with this spirit and ambition in the days to come to provide with more benefit to the policyholders and the shareholders.

I feel proud to get an opportunity to serve as the Chairman of Prime Islami Life Insurance Limited and also to work with a Board of highly sophisticated and professional personalities.

Finally, I express my heartiest thanks and gratitude to my colleagues in the Board, honorable members of the Shariah Council, management team and the field force for their relentless efforts for keeping up the growth of the company. I also thank all valued Shareholders, Policyholders and all other Stakeholders of the Company for their cooperation and confidence in Prime Islami Life Insurance Limited.

May the Almighty Allah bless all of us.

Mohd. Akther
Chairman