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Guardian Life Insurance Ltd. · 2019-04-04 · Guardian Life Insurance Ltd. Balance Sheet As at 3l...
Transcript of Guardian Life Insurance Ltd. · 2019-04-04 · Guardian Life Insurance Ltd. Balance Sheet As at 3l...
Guardian Life Insurance Ltd.Auditor's Report and Financial StatementsFor the year ended 31 December 2017
(Member Firm of IILB International)
Guardian Life Insurance Ltd.
Auditor's Report and Financial StatementsFor the yeur ended 31 December 2017
iETI S. F. AHMED & CO.#+Chartered Accountants ....since 1958
Il[ember Firm of IILB International
Contacts:
Phones : (880-2) 9894026 &9870957Faxes : (880-2) 55042314E-mails : [email protected]
Address:
House # 5I (2"d Floor), Road # 09Block-F, Banani, Dhaka-12 1 3
Bangladesh.
SFAHMED&CO. f House 51 (2'd Floor;,Road 9, Block F,Banani, Dhaka 1213,Bangladesh
f Telephone: (8S-02) 9894026, g870gs7
Mobile 8801707079855,01707079856Fax: (88-02) 55042314E-mail: [email protected]
[email protected]@bol-online.com
CHARTERED ACCOUNTANTS...Since 1958
Member Firm of HLB International
Independent Auditor's Report to the Shareholdersof
Guardian Life Insurance Ltd.
We have audited the accompanying financial statements of Guardian Life Insurance Ltd. whichcomprise the Balance Sheet as at December 31,2017, and the Life Revenue Account, Statement ofChanges in Equity and Statement of Cash Flow for the year then ended, and a summary of significantaccounting policies and other explanatory information.
Management's Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of financial statements of theGuardian Life Insurance Limited in accordance with Bangladesh Financial Reporting Standards
(BFRS), the Companies Act 1994,the Insurance Rules 1958, The Insurance Act 1938 (as amended in2010), The Securities and Exchange Rules 1987 and other applicable laws and regulations and forsuch internal control as management determines is necessary to enable the preparation of financialstatements of the Company that are free from material misstatement, whether due to fraud or error.
Auditor'scResponsibility '|
Our responsibility is to express an opinion on these financial statements of the Company based on ouraudit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Thosestandards require that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements of the Company are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements of the Company. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the financial statements ofthe Company, whether due to fraud or error. In making those risk assessments, the auditor considersinternal control relevant to the entity's preparation and fair presentation of the financial statements ofthe Company in order to design audit procedures that are appropriate in the circumstances, but not forthe purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness ofaccounting estimates made by management, as well as evaluating the overall presentation of theseparate financial statements of the Company.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position ofthe Guardian Life Insurance Ltd. as at December 31, 2017 andthe results of its financial performanceand its cash flows for the year then ended in accordance with Bangladesh Financial ReportingStandards and complies with the Companies Act 1994,the Insurance Act 1938 (as amended in 2010),Insurance Rules 1958, the Securities and Exchange Rules 1987 and other applicable laws andregulations. @tt;t iA
We also report that:
a) we have obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit and made due verification thereof;
b) in our opinion, proper books of accounts, records and other statutory books as required by lawhave been kept by the Company so far as it appeared from our examinations of those books
and proper returns adequate for the purpose of our audit;
c) as per Section 62(2) of the Insurance Act 2010, in our opinion to the best of our knowledge
and belief and according to the information and explanation given to us, all expenses ofmanagement wherever incurred and whether incurred directly or indirectly, in respect ofinsurance business of the company transacted in Bangladesh during the year under reporthave been duly debited to the Revenue Accounts of the Company;
d) the information and explanations required by us have been received and found satisfactory;
e) as per regulation 11 of part 1 of the third schedule of the Insurance Act, 1938 , in our opinionto the best of our information and as shown by its books, the company during the year underreport has not paid any persons any commission in any form outside Bangladesh in respect ofany its business re-insured abroad;
0 the Balance sheet, Life Revenue Accounts and Statement of Changes in Equity, Statement ofCasfi Flow of the Company dealt #ith by the report are in agreement with the books ofaccount and returns;
g) the expenditure was incurred for the purpose of the Company's business; and
h) the Company has complied with relevant laws and regulations pertaining to reserves.
Dated, Dhaka;26 June20l8
1. F. t%a-rr)z-D;S. F. Ahmed & Co.Chartered Accountants
Guardian Life Insurance Ltd.Balance Sheet
As at 3l December 2017
Amount in Taka2017 | 2016
Share capital & liabilities:Shareholders' capitalAuthorized200,000,000 ordinary shares ofTk.10 each
Issued, subscribed & paid up18,200,000 ordinary shares ofTk.l0 each
Balance of funds & accountsLife insurance fund
Liabilities & provisionsEstimated liabilities in respect of outstanding claims,
whether due or intimated
Sundry creditorsPremium depositProvision for audit fee
Total share capital & liabilities:
Property & assets:
Investment (at cost)Statutory deposit with Bangladesh BankBangladesh govt. treasury bond
Agents'balance
Outstanding premium
Amount due from other persons or bodies carrying on insurancebusiness
Interest accruing but not due
Sundry debtors
Cash, bank & other balancesOn fixed deposit with banks & financial institutionsCash, bank & other balances
Other accountsPreliminary expenses
Policy stamp
Non-current Assets (cost less accumulated depreciation)
_2,000,99q{99_
3.00 182,000,000
4.00 1,038,657,410
_l,ooo,ooo,999_
182,000,000
309,269,485
s.00
6.00
7.00
8.00
107,572,610
10,382,319
73t,792258,750
118,945,471
5, I 1 8,880
6,094,145
320,0692s8,750
11,791,844 "
9.00
9.01
1s,200,00020,000,000
35,200,000
51,364
8,032,482
(25,391,574)
7,729,3889,451,755
331,932,000tt7,
10.00
I1.00
12.00
13.00
14.01
14.02
15.00
16.00
17.00
rman
-N
annexe d notes form an integral part of thes e financial statements
Direefnr6A[.?V#
Dated, Dhaka;26 June 20 I 8
1,339,602,881 503,061,329
15,200,000
336,500,000351,700,000
49,793
123,605,426
4,506,794
29,910,84454,105,019
638,418,828
119,781,032758,199,860
891 ,989386,235
t6,247,93t
___1,312{!2,891_
'449,311,263
2,873,046392,590
16,411,015
.<. FS. F. Ahmed & Co.Chartered Accountants
503,061,329
t"{;;"-&A.ccou,,ts
Signed as per annex report on even date
HoD-
Guardian Life Insurance Ltd.Life Revenue Account
For the year ended 31 December 2017
18.00
Amount in Taka2017 | 2016
Balance of fund at the beginning of the year
Premium less re-insurance
First year premium (ordinary life)Renewal premium
Group insurance premium
Gross premium
Less: Re-insurance premium
Profit/interest incomeOthers incomeTotal income
First year premium where the maximum premium payingperiod is:Single
Two year
Three year
Four year e t
Five year
Six year
Seven year
Eight year
Nine year
Ten year
Eleven year
Twelve years or over (including throughout life)
Claims under polices
Expenses of management:
Commissions & allowances:(a) Commissions to insurance agents(b) Allowances and commissions (other than commission
including in sub-item (a) preceding)
Salaries and other employee's benefitsOffice rentAudit fees
Professional & consultancy fees
Fees, subscription & donationBank charge
Travelling & conveyance
_1,829d02,689_ 477,535,170
59,141,015 27,377,873
309,269,485
1,477,658,417
59,147,01516,921,467
1,431,030,2521,507,092,734
29.434.3t7
19.00 42,847,631
40,111,393
419,238,640
27,377,873
3,966,186429,866,993461,211,052
4t.972.4t2
27.15618,148,372
36,765
20.00
2t.00
623,647,;04
20,180,241
tl.222.08531,402,326
gg,zza,)sz
9,714,118
85,29516,299,413
53,039,2959,620"019
258,75012,230,425
600,099639,822
2,441,101
30,486,1879,031,025
258,7501,737,750
157,050
207,126i
\3,031,7_93
101,769
29,2174,0002,000
33,024
8,889,692122,117
5,838,459
zl,oz+2,306,019
70,20419.190.167
22.00
Amount in Taka
795,324t,679,3571,981,057
209,856744,430
68,2862,662,965
26,425,838767,743
519,3941,oo1,g6g
884,143
748,15142,475
417,755
1,053,234
3,564,680t,856,375
496,217
95,015
718,3806,548,463
573,317
l,og4,6061,991,057
88,927
695,82361,350
1,315,225
2,238,311516,285
27l,l7r228,233254,838577,736
9,490
91,336
32,150
3,167,357465,188366,30626,800
426,185
5,799,646
Medical expenses
UtilityAmortization expenses 15.01
Group insurance premium
EntertainmentNon judicial stamp
Stationery & printingAdvertisement & PublicityFuelTelephone & mobileInternetTraining expenses
Car maintenance, repair & insurance
Newspaper & periodicals
Postage, courier & revenue stamp
Meeting, Seminer & SymposiumRepair & maintenance
Company registration (renewal) fees
Sales Conference
License fees expenses
Policy stamp expenses
Depreciation expenses on non-curent assets
Total Expenses of managementOther expenses:
Income Tax
Total expenses
Balance of fund at the end of the yearTotal
132,109,516
163,511,842
3,986,233
62,50L,122
78,800,535
238,858
791,145,2791,038,657,410r,gEs02168e
168,2650685
309,269,485477,535,170
The annexed notes form an integral part of thesefinancial statements
ccounts
-9. p.& .--,J*tS. F. Ahmed & Co.
Chartered Accountants
HoD-Ng
Director
/4.//r^. t" -it\tIft(I?\!1rr\ ll*tl\\\J^V;t/il
't\ t ; ( \//, '7.9_xDated, Dhaka;
26 June20l8
Signed as per annex report on even date
Guardian Life Insurance Ltd.Statement of Changes in Equity
For the year ended 31 December 2017
Signed as per annex report on even date
Dated, Dhaka;
26 June 2018
g.e.x:z-zz,*h*a,S. F'. Ahmed & Co.Chartered Accountants
ParticularsShare
CapitalGeneralReserve
RetainedEarnings
Total
Balance as at January 0I,2017 182,000,000 182,000,000
Addition during the period
Balance as at December 31,2017 182,000,000 182,000,000
M N,.,,,u^fu",
Guardian Life Insurance Ltd.Statement of Life Insurance Fund
As at 31 December 2017
Amount in Taka2017 I zorc
Assets
Statutory deposit with Bangladesh BankBangladesh govt. treasury bond
Agents'balanceOutstanding premiumAmount due from other persons or bodies carrying on
insurance business
Profit/interest accruing but not due
Preliminary expenses
Sundry debtors
Stock (policy stamps)
Fixed assets (cost less accumulated depreciation)
Cash, bank & other balances
Less: LiabilitiesEstimated liabilities in respect of outstanding claims, whether
due or intimpted ,
Sundry creditorsProvision for audit fee
Premium depositTotal fundLess: Shareholders' equity (paid-up capital)(18,200,000 ordinary shares of Tk.10 each)
Life insurance fund
1.339,602,88115,200,000
336,500,00048,783
123,605,426
4,506,794
29,910,844891,989
54,105,019386,235
16,247,931758,199,860
503,061,32915,200,00020,000,000
51,364
8,032,482
(25,391,574)
7,729,3882,873,0468,451,755
392,59016,411,015
449,311,263
107,572,610
10382,319258,750731,.792
1,,220,657,410
182,000,000
11,791,844
5,1 18,880
6,094,145258,750320,069
491,269,485182,000,000
11
1,038,657,410 309,269,485
HoD indnce'& Accounts
3. F . r*-,-.)z-,S. F. Ahmed & Co.
Chartered Accountants
,ffiNDated, Dhaka;
26 June20l8
Signed as per annex report on even date
Guardian Life Insurance Ltd.Statement of Cash Flow
For the year ended 31 December 2017
Amount in Taka2017 I 20rc
Cash flows from operating activities
Collection from premium & others
Miscellaneous income received
Payment for claimsPayment for re-insurance, management expenses and others
Income tax paid/deducted
Advance to diflerent parties
Advance Tax on vehicle
Net cash flow from operating activities (A)
Cash flows from investing activitiesAcquisition of fixed assets
Profit/interest received
Net cash flows from investing activities (B)
Cash flows from financing activitiese
Bangladesh govt. treasury bond
Net cash flows from financing activities (C)
Net cash and cash equivalent (A+B+C)Add: Cash and cash equivalent at beginning balanceCash and cash equivalent at ending of the year
Dated, Dhaka;
26 June 2018
611,107,801 277,223,339
1,391,93t,51327,156
(52r,193,474)(20t,820,503)
(7,679,414)(50,112,477)
4s.000
(6,385,379
20,666,175
14,280,796
467,093,01236,765
(85,805,693)
(99,342,155)(3,172,496)(1,541,094)
45,000
(5,720,622)14,544,927
8,824,305
316,500,000
(316,500,000)
(20,000,000
(20,000,000)
308,888,597449,311,263
266,047,644
183,263,619758,199,860
HoD-Fi
449,311,263
Director / Director Accounts
5" F. H*:--2+4,S. F. Ahmed & Co.
Chartered Accountants
Signed as per annex report on even date
Guardian Life Insurance Ltd.Form-ttAAtt
Classified Summary of the Assets in BangladeshAs at 31 December 2017
sl.No.
Name of Assets Book Value Market Value Remarks
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
Statutory deposit with Bangladesh
On fixed deposit with banks
Bangladesh govt. treasury bond
Agents'balance
Outstanding premiumAmount due from other persons or bodies
carrying on insurance business
Interest accruing but not due
Cash, current & STD accounts in banks
Other assets:
(a) Sundry debtors
(b ) Stock- stamps
(c) Fixed assets (at cost less depreciation)
15,200,000
638,418,828
336,500,000
48,783
123,605,426
4,506,794
29,910,844
119,781,032
54,105,019
386,235
16,247,931
15,200,000
638,418,828
336,500,000
48,783123,605,426
4,506,794
29,910,844
119,787,032
54,105,019
386,235
16,247,931
At cost
Realizable Value
At cost
Realizable ValueRealizable Value
Realizable Value
Realizable Value
Realizable Value
Realizable Value
At cost
Depreciated Value
Total 1,338,710,892 1,338,710,892
&sNSigned as per annex report on even date
Dated, Dhaka;
26 June20l8
ccounts
-1.F.24*--{L4S. F. Ahmed & Cd.Chartered Accountants
Guardian Life Insurance Ltd.Notes to the Financial Statements
For the period from 0l January 2017 to 31 December 2017
.^ 1.00 Legal Status and nature of the companyThe Company Guardian Life Insurance Ltd. was incorporated on 28th March, 2013 as a Public Ltd. Company
under Companies Act 1994 beaing Regn. No. C-108190113 and has got the license from the Insurance
_ Development & Regulatory Authority, Bangladesh bearing Certificate No. Life 0212013 dated 25th September
2013 to transact life insurance business.
1.01 Components of the financial statements
The financial statements include the following components:
i. Balance Sheet
ii. Life Revenue Accountiii. Cash Flow Statement
iv. Statement of Changes in Equityv. Statement of Life Insurance Fund
vi. Classified Summary of the Assets in Bangladesh (Form AA) and
vii. Accounting Policies & ExplanatoryNotes.
2.04 Significant accounting policies
2.01 Basis of preparation and presentation of financial statements
The financial statement have been prepared on the historical cost basis. The following underlying laws, rules,
regulation and accounting pronouncement have been considered in preparing and presenting the Financial
Statements:
i) The Insurance Act 2010 r
ii) The Insurance Rules 1958
ii) The Companies Act 1994
iii) The Securities and Exchange Commission (SEC) Rules 1987
iv) The Income Tax Ordinance-l984v) The Bangladesh Financial Reporting Standards (BFRS) which have been adopted by the Institute
of Chartered Accounts of Bangladesh (ICAB)vi) Any other applicable legislation.
2.02 Responsibility for preparation and presentation of financial statements
- The Board of Directors is responsible for the preparation and presentation of Financial Statements under section183 of Companies Act 1994 and as per the provision of Bangladesh Accounting Standards(BAS) "The Frame
Work for the preparatioir and presentation of Financial Statements" issued by the International AccountingStandards Board (IASB).
2.03 Taxation & VATCurrent TaxIncome Tax of Life Insurance Companies are determined under the fourth schedule of Income Tax Ordinance -1984
VATVAT is exempted on life insurance business according to section 4 of second schedule of VAT Act-l99l.VATdeducted at source forvarious services has been deducted in accordance withrelevant section of theVAT Act and deposited to Bangladesh Bank through Treasury Chalan.
2.04 Cash flow statementCash Flow Statement is prepared in accordance with BAS-7 and Cash Flow from operating activities have been
.. presented under direct method as outlined in the Securities & Exchange Rules-1987.
2.05 InvestmentInvestment are staled at the cost of acquisition. Interest on investment is accounted for an accrual basis.
2.06 The figures are rounded offto the nearest taka.
'-. i1r r..
2.07 Premium
2.07.01 Individual life policiesFirst year's premium is recognized when premium is received and the relevant policy is issued. Subsequentpremium falling due under the policy which will be recognized as renewal premium in the year.
2.07.2 Group policiesThe premiums of group policies are recorded after receipt of the premiums.
2.07.3 Profit/interest on investmentProfit or Interest are accounted on accrual basis at gross value (before deduction of income tax).
2.08 Re-insuranceThis represents amount receivable from the re-insurer (SCOR Global Life SE, Singapore) for the year ended on
3l December 2017. The net retention of the company for individual life is BDT 3 lac per policy per person &group insurance is BDT 10 lac per policy per person.
2.09 Recognition of fixed assets- tangible & intangibleThese are capitalized at cost of acquisition & subsequently stated at cost less accumulated depreciation and
impairment losses.
2.10 ClaimsClaims costs consist of the policy benefit amount and claim settlement costs, where applicable.Death and other supplementary claims are accounted for on receipt of intimation.Annuity benefits and Maturity benefits are accounted when due.
Surrenders are accounted for on the receipt ofconsent from the insured to the quote prescribed in the policy deedprovided by the company.
Maturity claims also include amounts payable on lapsed policies which are accounted for on the date of maturityof policies.
Re-insurance claims receivable are accounted for in the period in which claims are settled.
2.10.1 Fixed assets
Tangible fixed assets
Fixed assets are reported at cost less accumulated depreciation and impairment, if any. Cost includes the purchaseprice and any cost directly attributable to bring the asset to its working condition for its intended use.
Intangible assets
Intangible assets are reported at acquisition value with deductions for impairment losses, if any. Intangible assetscomprises web design and software (Windows) which are stated at cost of acquisition, including any costattributable for bringing the same to its working condition less accumulated amortization.
2.10.2 Depreciation and amortization
2.10.2.1Depreciation and amortization both has been charged on respective fixed assets adopting straight line method onall assets depending on the class and estimated useful life of assets.
Depreciation and amortization are charged at the rates shown below:Fumiture & Fittings
Office EquipmentVehiclesWeb DesignSoftware (Windows)
2.11 Reporting period' Financial Statements of the company cover one accounting year from 0l January to 31 December of the year.
15%
30%20%
30%3A%
ffi
3.00 Shareholders'capital
Authorized
200,000,000 ordinary shares ofTk.10 each
Issued, subscribed & paid up
18,200,000 ordinary shares ofTk.10 each
3.01 Distribution schedule of paid-up capitalA distribution schedule of equity shares is given below:
Amount in Taka31.12.20L7 i 31.12.2016
2,000,000,000 2,000,000,000
2,000,000,000 2,000,000,000
182,000,000 182,000,000
182,000,000 182,000,000
Name of subscribersAyesha Abed Foundation
Brac Foundation
RSA Capital Ltd
Square Fashion Ltd
Manage well Holdings Ltd
Manage well Media Ltd
Fidelity Irvestment Trade Pte Ltd
Capital Fair Holdings Ltd
Millennium Capital Investment Pte Ltd
Mr. Syed Nasim Marzx
Mr. Dilip Kajuri
Mr. Abdul Monem Bhuiyan
Mr. Shahed Aziz
Mr. Charles C.R. Patra
No of Sharesah of
Sha
4.29
10.00
10.00
10.00
10.00
2.84
10.00
10.00
10.00
i0.00
2.75
2.ls
4.29
4.29
'/o ofSha
780,780
1,820,000
1,920,000
1,820,000
l,g20,ooo
516,880
1,820,000
1,820,000
1,920,000
1,820,000
390,390
390,390
780,780
780,780
4.29
10.00
10.00
10.00
10.00
2.84
10.00
10.00
10.00
10.00
2.ts
2.1,s
4.29
4.29
18,200,000
4.00 Life revenue fundOpening balance
Add: Surplus(Deficit) of Life Revenue Account during the period
Closing balance 1,038,657,410 309,269,485
100.00 100.00
309,269,495
729,387,925
42,676,393
266,593,092
5.00 Estimated liabilities in respect of outstanding claims, whether due or intimated
Group Insurance
Profit Commission Payatle
55,388,205
52,184,405
5,1 18,990
107,572,610 5,118,880
Amount in Takas1.12.2017 I lt.tz.zo,a
Sundry creditorsOffice rent payable
Commission payable to Financial Associate (ILB)Employees provident fundTelephone billutiliry billAdvertisement & publicity bill payable
Others payable-share money deposit
Payable to legal, professional & consultancy fees
License fees payable
Fuel bill payable
Courier bill payable
Housekeeping service bill payable
Intemet bill payable
Investigation fees payable
Salary & allowance payable
Tax payable on professional fees
Tax payable on office equipmentTax payable on supply of manpowerTax payable on supplierTax payable on Office RentTax payable on Service Charges
VAT payable - professional fees
VAT paypble -office rent rVAT payable - SupplierVAT payable - Service Charges
VAT payable- car repair & servicingVAT payable-software
27,8422,540,3295,444,512
51,550
97,934336,517
825,626
50,000
30,545
76,76727,29045,679
78,655459,425
195,795
12,500
11,493
2,25010,445
9,3756,750
22,244
19,7_96
60,0002,173,6132,605,999
29,35189,46734,500
925,626
50,000
45,815
to,ooo2,ggo'9,4.10
l,soo144,355
251
7,379
, 4,000
_s,094J45_10,382,319
7.00 Premium deposit
737,792 320,069
__fiLru_ ____r2!e2_This represents payments made by policyholders awaiting adjustments against the policy premiums.
Provision for Audit fees
Annual audit fee 258,750 258,754
________?ryIg_ __25!l!t9.00 Investment (at cost)
Statutory deposit with Bangladesh BankBangladesh govt. treasury bond
_____351flCIe0_ __1520!&a_According to Section 23 of Insurance Act 2010, every insurer shall maintain security deposit as stipulated in theSchedule-1.
Note-9.01
15,200,000
336,500,000
15,200,000
20,000,000
Amount in Taka31.12.2017 I 31.12.2016
9.01 Bangladesh govt. treasury bond13.04.16 BD0921381051 BangladeshBank13.07.16 BD0921381054 BangladeshBank10.08.16 BD0921381054 BangladeshBank14.06.17 8D0922241056 BangladeshBank13.07.17 8D0922241056 BangladeshBank13.12.17 8D0921341055 BangladeshBank
10.00 Outstanding premiumOutstanding premium group
Outstanding premium ILB
11.00 Amount due from other persons or bodies carrying on insuranceAmount due from re-insurer
12.00 Interest accruing but not dueBangladesh Govt. Treasury Bond (BGTB)Fixed Deposit with Banks (FDR)
Total ?
Sundry debtorsAdvance office rent
Advance tax on FDR interest
Advance tax on SND interest
Advance tax on vehicle
Advance against expenses
Eamest moneyAdvance VAT
14.00 Cash, bank & other balancesOn fixed deposit with banks (Note-14.01)Cash, bank & other balances (Note-I4.02)
14.01 On fixed deposit with banks & financial institutionsAB Bank Ltd Principal BranchBRAC Bank LimitedPrime Finance & Investment LimitedIPDCIIDFC
. Lankabangla Finance LimitedIDLCDBH Corporation Ltd
5,000,000
5,000,000
10,000,000
16,500,000
120,000,000
180,000,000
_335d09oq9_ _______20J09,000_
722,885,944 7,758,748719.482 273.734.00
_fi,605,45_ _g.J0'4n_
business
4,506,794 (25,391,574.00)(25,391,574\
5,000,000.00
5,000,000.00
10,000,000.00
4,506,794
This represents the amount due from(due to) overseas re-insurer as at December 31,2017
9,132,39621,778,448
1,253,205
6,476,183
_______zep r0 l4_ _________J_JE;88_
4,253,727
4,994,730
147,318
105,000
2,193,945
50,00042,470,299
4,470,904
3,640,617
49,234
60,000
231,100
54,105,019 8,451,755
638,418,929 331,932,000719,781,032 117,379,263
_e122d!9_
142,729,250
110,000,000
239,957,92926,731,75070,000,000
30,000,000
20,000,000
449,311,263
97,000,000
50,000,000
25,000,000
54,932,000
45,000,000
30,000,000
30,000,000
^
__61!11&02!_ __l]lptaqag_
Amount in Takas1.12.2017 I tt.tz.zue
14.02 Cash, bank & other balancesOn CurrentAlC (BRAC BANK # 1501202597996001)
On Current A/C (AB BANK # 4005787623000\On SND A/C (BRAC BANK # 1505102597996001)
On SND A/C (BRAC BANK # 1s0s102s97996002)On CD A/C (MTBL# 00020320003 178)'on SND A/C (IFIC# 109401029704r)On SND A/C (DBBL #2ss.120377)Cash in hand
15.00 Preliminary expenses
Opening balance
Less: Amortization for 5 year (Note-l5.01)
15.01 Amortization expenses
Legal, professional and consultancy
Commencement of business operation related
Closing balance
16.00 Policy stamp
Openingbalance r
Add: Addition during the year
Cost of policy stamp
Less: Used during the year
Closing balance
17.00 Fixed assets less accumulated depreciation
Opening balance
Add: Addition during the year
Cost of fixed assets (a)
Less: Accumulated depreciation:
Opening balance
Add: Charged during the year
Accumulated depreciation (b)
Closing balance (a-b)
Schedule of Fixed Assets have been given in Annexure-A.
18.00 Premium less re-insurance
6,730,962
53,036
62,010,308
48,554,736
486,348
7,794,770
149,050
1,822 13,061
_____J%ZgUt2_ __rt7.il2263_
1,651,333
588,802
112,787,193
1,751,538
303,631
273,7_05
2,973,0461,991,057
_qre89_4,854,103
1,991,057
____2,873gf._
1,089,070
891,987
1,089,070
891,987
_1,98 1,0s7_ _L2!1,OSz "
Preliminary expenses include legal fees, consultancy fees, company formation fees & other expenses related toincorporation as well as permission from,IDRA to commence life insurance business.
392,590 113,760
712,025 705,015
1,104,615
718,3 80
818,775
426,185
37,558,497
6,395,379
25,837,875
5,720,622
37,943,876 31,559,497
15,147,482
6,548,463
9,347,936
5,799,646
21,695,945 151147,482
_____16247$1_ 16,411,015
Classes of Premium Gross Premium Re-insurance Net premiumFirst year premium 59.141.01s 847,281 58,293,734Renewal premium 16"921.467 16,921.467Group insurance premium 7,431,030.252 28,587,036 1,402,443.216Total Tk. in20l7 1.507.092.734 29,434,317 t,477,658,417Total Tk. in 2016 46t,211"052 41,972,412 419,238,640
13
Amount in Taka31.12.20t7 I tt.tz.zue
- 20.00
19.00 Profit/interestincomeInterest on Bangladesh govt. treasury bondInterest on FDR
Interest on SND account
21.00 Commission & allowances
Commission & allowance to agents
Commission & allowance to employer of agents
22.00 Salaries and other employees benelitsSalary and allowances (other than to agents)
1,414,377 236,984
_aw_g_ ___w48,377Claims under polices
Claims by death
Claims by hospitalizationClaims by major diseases benefitClaims by survival benefitClaims by profit commissionClaims by surrender
Less: Amount received/adjusted against claim from re-insurer
5,911,61335,92tr,641
1,271,944
16,639,544
41,654,959
53,196,201
341,672,147
219,680,7932,968,162
120,000
90,943,212
89,040(31,826,150) (5,624,868)
623,647,204 89,226,292
20,180,241 9,714,118 -
17,222,085 6,585,295
_______3J,4U 325_ _16 ?ee A13
53,039,295 30,486,187
_qquZ2t_ _______l 0,486, 1 87_
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