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Corporate Information

First Board Meeting

: 18th March, 1988

Date of incorporation         

: 12th November, 1987

Obtained certificate for commencement of business

: 12th November, 1987

Registered with the Insurance Development Regulatory Authority   

: 30th November, 1987

Commencement of Business 

: 10th December, 1987

First Dividend Declared   

: 1992

Listing on Dhaka Stock Exchange Limited

: 20th March, 1995

Listing on Chittagong Stock Exchange Limited   

: 22nd October,1995

Prospectus issued for public subscription   

: 22nd September, 1994

Subscription Opened   

: 19th December, 1994

Subscription Closed   

: 28th December, 1994

Public Subscription

: Tk.3.00 crore

Amount over subscription

:      Tk.32,38,24,500.00

First Trading of shares on Dhaka Stock Exchange Limited

:      20th March, 1995

First trading of shares on Chittagong a Stock Exchange Limited 

:      22nd October, 1995

Market Price of each share as introduce in DSE 

:      177.17

1st AGM in participation of public shareholders at Pan Pacific
Sonargaon Hotel

:       7th August, 1995

Issuance of 1st Bonus share

: 11th September, 2004

Agreement Signed with CDBL

: 23rd July, 2005

Issuance of 1st Right Share

: 24th April, 2006


Capital structure & share Value                                                                                                                                                                        


Authorized Capital :      Tk.100.00 crore
Issued, Subscribed & Paid-up Capital :      Tk.47,08,29,000.00
Number of shares issued     :      4,70,82,900 nos.
Face value per share  :     Tk.10.00
Market Lot of share :     200 nos.
Number of shareholders as on 31st December, 2017  :     3015 Nos.
First election of Public Directors  :     26th November, 1997
Book value per share :     Tk.22.10
Market price- DSE in 2017  :     (High) Tk.25.90 (Low) Tk.18.60
Market price- CSE in 2017  :     (High) Tk.26.00 (Low) Tk.18.90






Dear Shareholders,

Ladies and Gentlemen,

We are delighted to welcome you all to the Thirtieth Annual General Meeting of Central Insurance Company Limited and also place before you the Directors’ Report along with the Audited Financial Statements and the Auditors’ Report for the year ended 31st December 2017 for your kind review and approval.

Before reviewing the performance of our Company in 2017, it may be appropriate to briefly review the Global Economy, Bangladesh Economy and take stock of the situation prevailing in the insurance sector of the Country. After all, Insurance Industry particularly the non-life segment of insurance business is closely associated with the traits of the economic developments of a Country.


Global Economy: An Overview

According to international Monetary Fund (IMF), the global economic growth which was 3.6% in 2016 is projected at 3.7% in 2017 and 3.9% in 2018 of which advanced economies will grow at over 2%, the U.S growth forecast has been raised from 2.3 percent to 2.7 percent in 2018; and the emerging markets and Developing countries at 6.5 percent over 2018 and 2019 years. Meanwhile ADB has made its growth forecast for developing Asian countries at 5.9 percent in 2017 and 5.8 per cent in 2018 with growth rate of over 7%. Bangladesh falls in the category of one of the countries with highest growth rate in 2016.


Global Insurance Perspective

In 2016 the world insurance premium stood at US $ 4,732.2 billion out of which US $ 2,617.0 billion is attributable to life insurance and US$ 2,115.2 billion to non-life insurance. Global insurance industry showed an overall growth rate of 3.1% in 2016 with life and non-life insurance contributing 2.5% and 3.7% respectively. Emerging markets and advanced market total premiums were up 14% and 0.7% respectively in the same period.


Bangladesh Perspective

According to Bangladesh Bank, the country’s economy is estimated grow at 7.3% in FY 2017 and is projected to grow at 7.4% and 7.6%  in FY 2018 and FY 2019 respectively.

The growth of Non-life insurance company’s premium income in Bangladesh in 2016 was 4.7% as against 8% in the previous year. In the non-life insurance sector, 46 private insurances and 1 state-owned corporation have earned Tk. 27,267 million in 2016. This is rather disappointing because the Insurance industry has not been able to keep pace with the economic growth of the country and the present growth rates compare rather unfavorably with growths in developing countries in Asia and elsewhere.

Our insurance market continues to be overcrowded when compared with our neighboring countries. Consequently, the situation in Bangladesh non-life market has continued to worsen due to the intense and cut throat competition among the existing market players.

Thus the facts we mention so far depict a gloomy picture for the market. It is simply not rational and is an unacceptable situation that the Insurance markets should go backward when the country’s economy notwithstanding many problems and issues is moving forward with reasonably good rate of growth of above 7%. Ideally, Bangladesh insurance market has every potentiality to grow in high double digits by tapping the hitherto untapped segments of the market.


Public and Consumers’ Perception

It is pertinent to mention that the regulatory reforms which started with the introduction of the Insurance Act 2010 are yet to be implemented as the important regulations under the Act, governing important aspects like solvency margin, investment, management expenses, reserving have not yet been put in place. The absence of important regulations continues to create a state of vacuum and resultantly it seems to us that the insurance sector is still largely governed by the old Act i.e. Insurance Act 1938. Bangladesh is still one of the very few remaining tariff markets in Asia. So, it is obligatory for insurance Companies to charge premium rates as determined by the Central Rating Committee (CRC) of IDRA the regulator. However, although the process of reviewing the tariffs rates have already started in the light of up dated loss experience obtaining over the years, this need to be completed, otherwise many clients tend to feel that they are being overcharged.

The further progress of Bangladesh Insurance Industry predominantly depends on how the consumers’ perception of insurance as a useful and efficient vehicle of risk transfer can be bolstered. This can be achieved through sustained efforts of the industry as well as the Regulators towards restoring public confidence by providing efficient services, honoring insurance rationalizing the pricing mechanism.



 In order to bloom and grow in the era of ICT, we have to go beyond email communication and website as well as fully embrace electronic commerce. Our future depends on nothing less than transforming our Company into a full-fledged. E-business without any delay or else we’re sure to lag behind. Central Insurance is seriously proceeding with computerization of activities at all levels. In this regard, we have already launched ERP software named insurance manager software for improving better services. All the branches within Dhaka, Chittagong and Narayangonj City are already connected through an IT network. Other Branches of the Company are also being gradually brought online. Our dynamic website contains comprehensive information; Annual Report and other relevant information are also available for our valued shareholders and customers.



As a leading insurance Company in Bangladesh led by professional people, Central Insurance Company Limited is committed to adopt the highest governance standard and adjusting them as required in protecting the interest of shareholders and policyholders.

Good corporate governance system is vital for efficient and effective business operation to achieve the set goals. In line with the best practice the corporate governance systems and practices in Central Insurance are designed to ensure adequate internal control, transparency and accountability in the day to day operation. The Board of Directors always puts emphasis on the point that the Company conducts itself as a good corporate entity and complies with corporate behavior and guidelines as well as adherence to rules and regulations, etc. It also ensures that duties and responsibilities are appropriately segregated between the Board and the Management to provide sufficient check and balance and flexibility for smooth business operations. The Board provides leadership and direction to the Management approves strategic decision make major policies and oversees Management role to attain predetermined goals and objectives of the Country. This has helped us to maintain good corporate governance. Listed below are out specific positions with respect to specific compliance requirements.

-           The Financial Statements of the Company present a true and fair view of the Company’s state of affairs, result of its operations, cash flows and changes in equity.

-           Proper books of accounts as required by law are being maintained.

-           Appropriate accounting policies have been followed in formulating the Financial Statements and accounting estimates are reasonable and prudent.

-           The Financial Statements are prepared in accordance with international Accounting Standard (IAS) as applicable in Bangladesh.

-           The Internal Control System is sound in design and effectively implemented and monitored.

-           There is no significant deviation from the operating result of last year.

-           Bangladesh Securities & Exchange Commission’s Compliance Report is enclosed herewith as Annexure-1

-           Key Operating and financial data of last five years have been presented in summarized form in this report under the head “5 Years at a Glance”.

-           The Board of Directors of the Company has been formed an “Audit Committee” in compliance with guidelines of BSEC’s notification.

-           The CEO and the CFO had duly endorsed the Financial Statements of the Company before placing them before the Board for approval.

-           The meetings of the Board of Directors were presided over by the Chairman. Written notices of the Board Meeting mentioning agenda along with working papers were circulated ahead of the meeting; minutes were correctly recorded, signed by the Chairman and circulated. Minutes were also shared with IDRA.



Now I take this opportunity to present before you some of the prime aspects of the Company’s Audited Accounts & Financial Statement 2017 compared to that of 2016:-

Gross premium income of the Company for the year 2017 was Tk.34,69,61,830.00 which was Tk. 34,31,75,103.00 in the year 2016. The total premium income increased by 1.10% compared to that of previous year. The net premium income of the year under review was Tk. 24,32,01,331.00 which was Tk. 24,18,60,975.00 in the previous year. Increase in the rate of the net premium is 0.55% over the previous year. In Bank and other financial instruments we have an investment of Tk.22.45 core and in land & building, we have so far invested Tk. 41.16 core. Business of the Company includes our Company’s share of premium on account of public sector business received through the Sadharan Bima Corporation for the year ended December 31, 2017.

Now-a-days, we are facing hard competition to procure business with limited scope of opportunity and this has ultimately affected the business of our Company like others. However, at the direction of the Board of Directors our management has taken all out efforts within legal norms to increase the business and the income as well. If we can uphold the present spirit and the Company’s present position in the Industry, Insha’Allah, in future our Company shall come in line with other reputed Companies.


Class wise Financial Achievement in 2017 compared to 2016 is shown below:

                   (Figures in million Taka)


Class wise Financial Achievement in 2017 compared to 2016 is shown below:


                                                                                                                                                                                                                                                                                                                                                   (Figures in million Taka)

Description Fire Marine Motor Misc





Gross Premium 147.95 128.67 40.12 30.22 346.96 343.17
Re-Insurance ceded 40.16 43.98 1.16 18.46 103.76 101.31
Net Premium 107.79 84.69 38.96 11.76 243.20 241.86
Net Claim 21.74 3.32 5.57 1.32 31.95 29.51
Expenses of Management 62.20 48.44 16.47 6.21 133.32 129.24
Reserve for Unexpired Risk 43.11 34.28 15.59 4.70 97.68 97.21
Underwriting Profit 7.14 31.79 9.39 4.09 52.41 51.41
Investment & other Income         68.87 64.71
Unallocated expenses         9.30 8.92
Net Profit before Tax & Reserve         111.98 107.21
Reserve for Exceptional Losses         24.32 24.19
Taxation Provision         28.94 29.46
Net Profit after Tax         83.04 77.75


The Board of Directors of the Company has recommended 12% cash dividend for the year ended 31st December, 2017 from the net profit of Tk.111.98 million. The Board of Directors of our Company recommended transfer of Tk. 24.32 million for exceptional loss account, Tk.28.94 million as income tax.   The policy of the Directors is to pay dividend to the heights possible extent from the surplus after being considered tax & reserve for exceptional loss subject to normal business condition. On 31st December, 2017 total investments in Bank & Other financial instruments are Tk.224.48 Million. This progress undoubtedly shall create hopes in the mind of valued shareholders. 



During the year 2017 Alhaj Md. Abu Taher Chowdhry, Mr. Mohammed Musa, Mr. Abul Kalam, Mrs. Rosy Rahman, Mr. Md. Masud Hossain, Alhaj Md. Shahjahan, Mrs. Shahida Nazneen, Mr. Zoynal Abedin Chowdhury, Mr. Ifthehar Maleque, & Mr. Md. Masud Karim held the posts of Directors from Group-A (Sponsors) and Mr. Mohammed Sazzad-un Newaz, Mr. Sabbirul Kabir, Mrs. Jahanara Yousuf, Mr. Tauhid Rahman and Mrs. Shamim Ara Begum are Directors from Group-B (Public) shareholders and Mr. Md. Abdullah Zehad and Mr. Md. Nurul Islam hold the post of Independent Directors.






In accordance with the provision of the Articles of Association of the Company, four directors from Group-A namely Mrs. Shahida Naznen, Mr. Zoynal Abedin Chowdhury, Mr. Md. Masud Hossain & Mr. Md. Masud Karim will retire from office by rotation at the 30th Annual General Meeting and being eligible for reappointment. In place of three vacant posts of Directors Mr. Md. Nurul Islam, Mrs. Nurun Nahar and Ms. Angee Chowdhury Sponsor Shareholders have offered their candidature for appointment as director and their resumes are enclosed herewith as Annexute-1.   




In accordance with the provision of the Articles of Association of the Company two directors from ‘Group-B Directors namely Mrs. Jahanra Yousuf & Mr. Tauhid Rahman will retire from office by rotation at the 30th Annual General Meeting.

In pursuance of the Insurance Rules 1958, necessary arrangements have been made for election of two Directors from ‘Group-B’ shareholders and notice has been published in two daily newspapers inviting nominations from the eligible candidates in this respect. Mr. A. K. Gulam Kibria, Principal of G. Kibria & Co., Chartered Accountants has been appointed as Election Commissioner as per the decision of the Board of Directors.


Appointment of Auditors

M/s. Kazi Zahir Khan & Co., Chartered Accountants, Head Office: Shamsunnahar Complex, 8th Floor, Flat 9B, 31/C/1, Topkhana Road, Segunbagicha, Dhaka has applied showing expression of interest as an External Auditors for the year 2018 with remuneration of Tk. 1,25,000/- only. As per recommendation of the Board of Directors, it is submitted to the 30th Annual General Meeting for the purpose of approval by the Shareholders.


Future Outlook:

We will continue to implement our projects so far undertaken and deliver value to our clients and other stakeholders in 2018 and onwards. We are confident enough that the underlying strengths of the Company our diversified business approaches, strong geographical position across all market segments, innovative products and highly efficient claims processing will surely pave the way for meeting our goals and further entrenching our leadership position in the market.

Central Insurance also has been planning to introduce insurance solutions like extended warranty insurance, migrant workers’ insurance, crop insurance, livestock insurance, consumer goods (gadgets) insurance and cyber security insurance with a view to addressing the customers’ need.



The Board of Directors also expresses its gratitude and deep appreciation to various nationalized and Private Banks, Financial Institutions and Private sector enterprise and over all the shareholders. The Board of Directors are grateful to the management of Royal Cement, T.K. Group, Epic Designers, Flora Limited, J.K. Group (Pvt.) Ltd,  Islam Group, Bengal Group,  Shoving Group, Needs Group, NRG Group, Khansons Group, Alco Pharma, Ispahani Group, BRB Group, Energypac, Kabir Steel Re-Rolling Mills, Mosharraf & Brothers, Aftab Group, Nipa Fashion, Nipa Pharmaceuticals, Rashid Krishi Khamar, Toka Ink (BD) Limited, Hasna Tanvir Fashion Wear Limited, Uni Gears Ltd., Faridpur Jute Fiber Ltd., Astra (Pvt.) Ltd., Paragon Group, Hera Sweaters Ltd.

M/s. Nova Digital Electronics, Shaman Flexible Packaging Ltd., Shadma Fashion Wear Ltd.  Mouchak Knit Composite Ltd., Masud Apparels Ltd., Babylon Group, Sonali Tusting & Knitting Industries Ltd., Badsha Group, Impressive Group, Md. Eliash Brothers Poi Manufacturing Plant Ltd, Madina Garments Ltd., Haque & Sons, Masud Group, Electro Mart Ltd., Daf PP Industries Ltd., Daf Group, Energy-pac Engineering Ltd., Alhaj Abdul Quddus Ltd., M/s. Alhaj Motahar group and including Bosumoti group for reposing their confidence in the Company.


On behalf of the Board of Directors,


Alhaj Md. Abu Taher Chowdhury








Company's Performance


5 Years at a Glance

                                                                                                                                                                                 Taka in Million

Financial Performance






Gross Premium






Net Premium






Net Claim






Underwriting Profit






Investment & Other Income






Net Profit before Tax






Net Profit after Tax






Share Capital and Reserve






Paid up Capital






Shareholders Equity






Total Reserves


















Cash, FDR and Bank balances






Land at Cost






Fixed Assets






Other Assets






Total Assets








In Taka




Dividend in Percent

14% Cash

7% Cash &

8% Bonus

10% Cash

7% Cash &  5% Bonus


12% Cash

Earning per Share (Weight average)






Book Value per Share












Our Vision


Our vision is to be the most confident and a reliable insurer of the country.


  1. To uphold status of our Company as one of the most Admired, trusted & successful market

            Leaders in the insurance industry of Bangladesh by providing and maintaining highest      quality & innovative insurance Products & services backed by latest technologies & a team  of highly dedicated & experienced professionals to deliver excellence in insurance.


  1. To establish the company as a role model in the insurance sector of Bangladesh.


  1. To provide our employees a safe and secured working Atmosphere.


  1. To protect our environment and benefit the community where we work.




Our Mission


Our mission is to improve the quality of the life style of the people by providing security of their trade and hard earned properties through our professional service.


  1. Providing world class service with supreme security by ensuring complete risk management

            Solutions to The clients, maintaining stringently ethical standard in business operation.


  1. Increasing awareness about insurance in the country and introducing non-traditional social

            Insurance Products for the mass people to bring them under the Insurance umbrella for 

            Enhanced social security.


  1. Introducing modern insurance products comparable with international standards.


  1. To maintain highest level of ethical standard and transparency in all business transactions.


  1. Enhancing public confidence in the insurance Industry by ensuring benefits to the policy

            Holders, Shareholders and the society at large.


  1. To establish good governance for the company and the insurance industry as a whole.


  1. To be socially responsible and make effective contribution to the national development and

            National Economy.


  1. To provide a clear vision of the future to all of our employees to maximize their potentials to

            Achieve a high level of performance.


  • 2016-05-15 08:16:13
  • 2017-04-10 08:53:45
    Dividend Declaration for 29th AGM

    7% (Seven Percent) cash dividend and 5% (Five Percent) Bonus share has declared by Board of Directors' meeting held...

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