Directors’ Report Report of the Board of Directors of Continental Insurance Limited for the Year ended December 31, 2014 Bismillahir Rahmanir Rahim, Hon’ble shareholders of the Company – Assalamu Alaikum It is my great pleasure to welcome you at the 15 th Annual General Meeting of Continental Insurance Limited. I, on behalf of the Members of the Board, feel honored to be able to present before you the 15 th Annual Report together with the Audited Accounts of the Company for the year ended December 31, 2014 and the Auditors Report thereon. I express my heartfelt gratitude and thanks for your continued support and inspiration which has resulted in greater success in many areas of our operation. We firmly believe in teamwork and an excellent, loyal, efficient and motivated team of employees in our harmonius strength. National Economic Environment: In 2014 the world economy grew at a moderate rate of 2 percent higher than the already disappointing pace of 2013. Policy measures taken by the major advanced economies failed to rebuild adequate confidence in the medium term to uphold prospects. Though many emerging market and developing economies are growing at a rate of over --- percent, out put growth in the advanced economies is likely to remain sluggish, with high unemployment rates. The financial sector will also remain fragile. Economic Scenario: Bangladesh achieved an impressive economic growth during the year 2014. A strong domestic demand and continued expansion of infrastructural facilities helped to accomplish this accelerated economic growth amidst the fragile pace of global economic recovery. Bangladesh achieved an impressive economic growth during the year 2014. A strong domestic demand and continued expansion of infrastructural facilities helped to accomplish this accelerated economic growth amidst the fragile pace of global economic recovery. Besides the country went through a number of major challenges in 2014 which include political unrests, instability in capital market, the widening gap between deposit and lending rates etc. Business Performance: Now I take the opportunity to present before you the Accounts and Auditor’s Report and Report of the Board of Directors of the Company for the year ended December 31, 2014 as follows: The gross premium income of the Company for the year 2014 was Tk.70.48 crore which was Tk.60.04 crore in the year 2013. The premium income increased by 17% compared to that of
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Directors’ Report · 2016-02-10 · Directors’ Report Report of the Board of Directors of Continental Insurance Limited for the Year ended December 31, 2014 Bismillahir Rahmanir
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Directors’ Report Report of the Board of Directors of Continental Insurance Limited for the Year
ended December 31, 2014
Bismillahir Rahmanir Rahim,
Hon’ble shareholders of the Company – Assalamu Alaikum
It is my great pleasure to welcome you at the 15th Annual General Meeting of Continental
Insurance Limited. I, on behalf of the Members of the Board, feel honored to be able to present
before you the 15th Annual Report together with the Audited Accounts of the Company for the
year ended December 31, 2014 and the Auditors Report thereon.
I express my heartfelt gratitude and thanks for your continued support and inspiration which
has resulted in greater success in many areas of our operation. We firmly believe in teamwork
and an excellent, loyal, efficient and motivated team of employees in our harmonius strength.
National Economic Environment:
In 2014 the world economy grew at a moderate rate of 2 percent higher than the already
disappointing pace of 2013. Policy measures taken by the major advanced economies failed
to rebuild adequate confidence in the medium term to uphold prospects. Though many
emerging market and developing economies are growing at a rate of over --- percent, out put
growth in the advanced economies is likely to remain sluggish, with high unemployment rates.
The financial sector will also remain fragile.
Economic Scenario:
Bangladesh achieved an impressive economic growth during the year 2014. A strong domestic
demand and continued expansion of infrastructural facilities helped to accomplish this
accelerated economic growth amidst the fragile pace of global economic recovery. Bangladesh
achieved an impressive economic growth during the year 2014. A strong domestic demand
and continued expansion of infrastructural facilities helped to accomplish this accelerated
economic growth amidst the fragile pace of global economic recovery. Besides the country
went through a number of major challenges in 2014 which include political unrests, instability
in capital market, the widening gap between deposit and lending rates etc.
Business Performance:
Now I take the opportunity to present before you the Accounts and Auditor’s Report and Report
of the Board of Directors of the Company for the year ended December 31, 2014 as follows:
The gross premium income of the Company for the year 2014 was Tk.70.48 crore which was
Tk.60.04 crore in the year 2013. The premium income increased by 17% compared to that of
previous year. The net premium income of the year under review was Tk.35.12 crore which
was Tk.28.77 crore in the
Contd.-Page-2
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previous year. Increase in the rate of the net premium was 22% to that of previous year. In
Bank and other financial institutions we have invested Tk.34.02 crore as FDR, Tk.2.50 crore
as Govt. Bond and in share Tk.4.67 crore as on 31st December 2014. Total assets in the year
2014 stood at Tk.100.021 crore from Tk.93.17 crore in 2013.
The above increase was possible mainly due to well-drawn marketing strategy, efficient risk
management and diversification of schemes through relentless efforts of the motivated work-
force under the leadership of Mr. Khawja Manzer Nadeem, Managing Director of our Company
and the co-operation and patronization of our valued clients.
BBrraanncchheess::
The Company is now operating its business through 48 Branches spread all over the country.
All Branches have been manned by well trained and highly experienced personnel. Most of the
Branch Incharges have successful insurance careers with proven track records. The Company
also envisages opening of additional Branches in remote areas for the benefit of the clients.