ANNUAL REPORT

2016
trust us for life

ANNUAL REPORT
2016
 Contents
Letter of Transmittal 6
Notice of the 17th Annual General Meeting 7
Vision, Mission and Corporate Focus 8
Corporate Milestone 9
Company Information 10
Directors’ Profile 11
Useful Information for the Shareholders 21
Value Added Statement 22
Comparative statement of new business and business in force 23
Financial Highlights 24
Chairman’s Message 26
Shareholders’ View 27
Directors’ Report 28
Certificate of Compliance of Corporate Governance 39
Status of Compliance of Corporate Governance 40
Key Financial Indicator 46
Auditors’ Report 49
Financial Statements 51
Balance Sheet 52
Revenue Account 54
Form - “AA” 57
Statement of Life Insurance Fund 58
Statement of Cash Flow 59
Statement of Change in Shareholders’ Equity 60
Notes to the Financial Statements 61
Directors’ Certificate 88
Pragati Life Events 89
Our Presence 92
Proxy Form & Attendance Slip 107

2 ANNUAL REPORT
2016
 At a Glance
P
ragati Life Insurance Limited was established vision of participating effectively in the process of
on January 30, 2000 as a public limited providing financial security to the clients as well as
company under the Companies Act, 1994 with facilitates creation of long term capital in the market.
the philosophy of maintaining competitiveness and The Company, in the process of materializing its
balanced with prudent management and fairness to vision, has been developing new customer oriented
all policyholders. The Company obtained registration and innovative products developed by its own
from the Department of Insurance on April 11, 2000 Actuarial Department. Within a short span of time,
under the Insurance Act, 1938 to carry out insurance the Company has created a franchise value in the
business. The Company started with a paid up capital market by expanding its business network with a
of Tk. 30 million against an Authorized Capital of diversified product lines across the Country.
Tk. 250 million. Now the present paid up capital
stands to Tk. 103.72 million. Pragati Life has signed re-insurance agreement
with the largest Reinsurer of the world - Munich
Pragati Life has been sponsored by some renowned Reinsurance Company, Germany since its inception.
business entrepreneurs of the Country linked with Pragati Life is also the first insurer in Bangladesh
different industrial groups. The Company went for introducing the status of the policies through Push-
public issue in 2005 and is listed in both Dhaka Stock Pull (SMS) service to its Policyholders. In addition,
Exchange Limited and Chittagong Stock Exchange the Policyholders can also know their policy details
Limited. Pragati Life was established with the from anywhere in the world of its website.

ANNUAL REPORT 3
2016
4 ANNUAL REPORT
2016
ANNUAL REPORT 5
2016
 Letter of
TRANSMITTAL

All Shareholders
Insurance Development and Regulatory Authority
Registrar of Joint Stock Companies and Firms Bangladesh
Bangladesh Securities and Exchange Commission
Dhaka Stock Exchange Limited
Chittagong Stock Exchange Limited
Central Depository Bangladesh Limited
All other Stakeholders

Dear Sir,

ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016

We are pleased to enclose copy of the Annual Report-2016 together with the Audited Financial
Statements including Balance Sheet, Revenue Account, Cash Flow Statement and Notes to the Accounts
for the year ended December 31, 2016 for your kind information and record.

Sincerely yours,

Md. Mozammel Hossain, ACA

Company Secretary

6 ANNUAL REPORT
2016
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ANNUAL REPORT 7
2016
 Our Vision
We shall be recognized as the leader among
all life insurance companies in Bangladesh.
Our success will be built on our absolute
dedication to the satisfaction of our
policyholders, through constant innovation,
operational efficiency, prompt services, cost
effectiveness and the talents of our people.
We shall always apply high standards of
integrity and responsibility in our activities.

Our Mission
Our mission is to produce and provide
quality and innovative insurance
product. Maintain stringently ethical
standard in business operation and
ensure benefit to the policyholders,
shareholders and the society at large.

Corporate Focus
Our vision and mission are to emphasize on
the quality of product, process and service
leading on growth of the Company imbibed
with good governance in practices.

8 ANNUAL REPORT
2016
 Corporate Milestone
Registration as a Joint Stock Company January 30, 2000
Commencement of Business April 11, 2000
Signing of contract with the world’s largest re-insurer, Munich Re, April 17, 2000
Germany for reinsurance coverage
Signing of first policy May 03, 2000
Inauguration of official website July 01, 2001
Appointment of Issue Manager December 22, 2004
Agreement with CDBL September 25, 2005
Consent to issue IPO shares October 16, 2005
Publication of Prospectus October 19, 2005
Subscription Opens November 24, 2005
Allotment of IPO Shares December 28, 2005
Listing in Dhaka Stock Exchange February 06, 2006
Listing in Chittagong Stock Exchange February 06, 2006
First Trading in Stock Exchanges February 06, 2006
Holding the first public AGM (6th) September 17, 2006
Introduction of first ever Push-Pull service for policyholders’ information March 01, 2007
Declaration of first policy bonus January 29, 2007
First Credit Rating January 30, 2008
Received Century International Era Award (Gold Category) March 11, 2012
Received International Platinum Star for Quality Award September 21, 2014

2013 2012

2014

2015

ANNUAL REPORT 9
2016 2016
Company Information
The Company was incorporated as a Public Limited Company in Bangladesh in the year 2000
under the Companies Act. 1994. The Company within the stipulation laid down by Insurance Act,
1938 (New Act, 2010) and directives as received from time to time from Insurance Development &
Regulatory Authority (IDRA) provides life insurance services. The Company is listed with Dhaka
Stock Exchange and Chittagong Stock Exchange as a Publicly Traded Company.

Pragati Insurance Bhaban (6th floor), 20-21 Kawran Bazar, Dhaka-1215

Registered Office Contacts :Telephone : +88 02 8189184-8, Fax : +88 02 9124024
E-mail : info@ [Link], Website : [Link]

M/s Zoha Zaman Kabir Rashid & Co.

Auditor Chartered Accountants
Rupayan Karim Tower (Level-7), Suit # 7A, 80, Kakrail, Dhaka-1000

M/s Mahfel Huq & Co.

Tax Adviser Chartered Accountants
BGIC Tower (4th floor), 34, Topkhana Road, Dhaka-1000

Mr. Mohammad Sohrab Uddin PhD, AIA

Consulting Actuary
Actuary House # 6 (4th Floor), Road # 12, Section # 13
Uttara Model Town, Dhaka-1230
Contact no: +8801715013176

Mr. A. Mannan Abid

Advocate
Legal Adviser
Rahman Mansion(3rd floor), Room No. 10
21 Court House Street, Dhaka-1100.

10 ANNUAL REPORT
2016
Directors’ Profile

ANNUAL REPORT 11
2016
Directors’ Profile
Mr. Khalilur Rahman was born on 10 April, 1945 in Chittagong. His
father was Late Alhaj Abul Khair and mother was Late Al-Haj Fatema Begum.
He is a Bachelor of Science in Management and a renowned industrialist
and Commercially Important Person (CIP). He has got a wide range of work
involvement at home and abroad. He has business links with USA, Canada,
Europe, Scandinavian Countries, Japan, South Asian Sub-Continent, Korea,
Singapore, Taiwan, China, Thailand, Germany, Srilanka, Agartala / India,
Pakistan, South Africa, Vietnam, Liberia, DR Congo, Malaysia, Indonesia,
Combodia, Myanmar, Dubai, Mozambique, Ghana, Malawi, Tanzania, Sierra
Leaon, Gabon, Nigeria, Fareast and Middle East.
He is the founder Chairman of Southern University Bangladesh, Khalilur
Rahman Mohila College, Khalil Mir Degree College, Khalilur Rahman Girls’
High School, Khalil Mir Girls’ High School, Ziri Khalil Mir High School,
Kartala Belkhain Mohabodhi High School, Khalilur Rahman Shishu Niketon
(Kinder Garten), Khalilur Rahman Cultural Academy, East Kaigram Saberia
Khalilia Islamia Sunnia Madrasha, Shaindair Gouchiya Tayoubia Delwara
Begum Sunnia Alim Madrasha, Shaindair Al-Haji Abul Khair Sunnia Senior
Madrasha and member of the Governing body of S. A. Noor High School,
Hulain Saleh Noor College and Mafizur Rahman Girls’ High School.
Mr. Khalilur Rahman He is the Group Chairman of KDS. The concerns of KDS are - KDS Garment
Chairman Industries Ltd., Five Star Corporation, Shaindair Garments, HN Garments Ltd.,
Moon Apparels, KNS Enterprise, KDS Apparels, KDS Quilting, Star Apparels,
Modern Apparels, KDS Hi-Tech Garments (Bd) Ltd., KDS Quality Assurance
Centre Ltd., KDS Washing Plant, KDS Textile Mills Ltd., KDS Screen Printing Industries Ltd., KDS Logistics Ltd., KDS
Poly Industries Ltd., KDS Plastic Industries Ltd., KDS Printing Industries Ltd., KDS Packaging Industries Ltd., KDS
Label Printing Industries Ltd., KDS Cotton Poly Thread Industries Ltd., KIY Steel Industries Ltd., KY Steel Mills Ltd.,
KYCR Coil Industries Ltd., KDS Information Technologies Ltd., Steel Accessories Ltd., M/S A.H Syndicate, M/S Salim
& Co., KDS IDR, Rahman & Co. (Fossil C.N.G & Patiya C.N.G.).
He is the Founder President of Chittagong Metropolitan Chamber of Commerce and Industries and Patiya Samity at
Chittagong City, Chairman of Bangladesh CR Coil Manufacturer & Exporters Association and Pragati Life Insurance
Ltd., Ex-Chairman of Bangladesh Red-crescent Society (Chittagong district unit), Ex-1st Vice President & Director of
BGMEA & Vice President of Bangladesh Inland Container Depot Association (BICDA). He is the running Director of
Pragati Insurance Ltd. and National Bank Ltd. He is a Sponsor Share holder of Northern General Insurance Ltd., Social
Islami Bank Ltd. and Al-Arafah Islami Bank Ltd. He is the Life Member of Bhatiary Golf and Country Club, Chittagong
Boat Club, Chittagong Club Ltd., Chittagong Metropolitan Lions Club, Chittagong Press Club, Chittagong Institute Ltd.
(Senior’s Club), Chittagong Maa & Shishu Hospital, Ziri Zanakollan Trust & International Business Forum of Bangladesh.
He is the Executive Member of Bangladesh CI Sheet and GP Sheet Association.
As an Industrialist, Businessman and Entrepreneur, he achieved a good numbers of awards in different categories. He
achieved President Gold Trophy for High Export of Ready Made Garments in the years 1985, 1987, 1995, 1996, 1997,
1998, 1999, 2001 and 2002. Received Gold Medal/Crest as Recognition of Quality and Quality Garments Exporter of
AMC, TARGET, USA in the years 1998, 1999, 2001 and 2002; Golden Trophy For Quality In Ready Made Garments
from Madrid 1992, Spain; National Export Trophy-1987-88, 1988-89, 1989-90, 1990-1991, 1991-1992, 1994-1995,
1995-1996, 1996-1997, 1999-2000, 2003-2004, 2005-06, 2006-2007, 2007-2008, 2008-2009; Kmart Corporation Award;
International Gold Star For Quality, International Recognition of Efficiency from Business Initiative Directions, Texas,
USA, USA-Strategic Partner of Target Corporation; Outstanding Performance Award 2000; Award from Trade Leader
Club, Spain – 5 Times; Target Corporation Award; Gold Medal Crest For Export-1990-1991 and 1999-2000; Received
Charming Shopps Inc. USA 2004; Vendor Excellence Award 2000 from TARGET; Vendor Award 2005 from TARGET
For Delivery High Quality Products, International Supplier of the Year 2004, 2005, 2009 & 2010 Award from Wal-Mart
Canada and Wal-Mart UK George. Received Batexpo Award - 1999 and 2000; Cafaxpo Award - 2009; Top Claint Tropy
from Agrabad Hotel - 1998; Best Wishes Tropy from Agrani Bank Ltd. - 2000; Business Award from Mercantile Bank
- 2011; Business Award from Janata Bank Ltd., Business Award from Jamuna Bank Ltd., Awarded from Lions Club
International; Certificate of Excellence is Awarded to KDS Group from Pragati Insurance Ltd., Performance Award from
Shahjalal Islami Bank Ltd., “Vijaya Shree” - An International “Buddhist Award” - 2009; Golden Award from UNESCO
Academic Development Project and Mother Teresa Humanrights Gold Award 2014 by Bangladesh Information &
Humanrights Foundation on 01/09/2014, “Ekushey Padak 2015” from Chittagong City Corporation for Contribution in
Trade & Industry.

12 ANNUAL REPORT
2016
 Syed M. Altaf Hussain, son of Syed M. Wares Ali was born in a
respectable Muslim family in 1954. He has involved in Trade, Commerce,
Agri-Business and Industries since the beginning of his career in 1978. He
graduated from UTA (Texas), USA with focus on Agribusiness. Currently he
is the Chief Executive Officer of W & W Grains Corp. representing Cargill
Inc., USA in Bangladesh, the world’s largest privately held Company W & W
Grains and Cargill inc. of United States joined their hands together to deliver
highest quantity of Agricultural produce mainly food grains and crop nutrition
to Bangladesh.
Mr. Altaf was associated with Agro-based Industries & Technology
Development Project (ATDP-II), sponsored and funded by USAID, as advisor
of the project on behalf of Cargill Technical Services Inc. USA. He has played
a great role in the process of agricultural growth in Bangladesh. He attended a
short course on agribusiness in Harvard University, USA.
Presently he is the Chairman of United Petro-Chemical Ltd., Sonic Allied
Industries Ltd., WW Avion Tours & Travels Ltd. and also the Chairman of
editorial board of the Daily Janata, a national daily news paper. He is also
Chairman of Pragati Insurance Ltd. and founder Chairman & Director of
Syed M. Altaf Hussain Pragati Life Insurance Ltd. where he is also the Member and convener of the
Director Directors’ Finance Committee of Pragati Life Insurance Ltd. & Co-Chairman
& Director of Jamuna Resort Ltd.
Mr. Altaf is an extensively traveled person. He visited many countries across
the like world North America, Europe, Australia, and Eastern Europe & Asia.
He has earned name and fame in business community for his honesty, integrity,
dedication, hardworking, and high degree of sense of responsibility.

Mr. Abdul Awal Mintoo was born in a renowned Muslim family in

February 1949. He obtained his [Link]. and [Link]. degree from the State University
of New York. He also obtained [Link]. in Agricultural Economics from the
University of London. Mr. Mintoo is a visionary man and leading business
personality in the Country. He is the CEO of Multimode Group, Director of
Dula Mia Cotton and Spinning Mills, Kay & Que (BD) Limited, Lal Teer
Seeds Limited, North South Seeds Limited, M.F. Consumer Limited, NFM
Limited, NFM Energy Limited, A & A Investment Limited and Multimode
Limited. He is also a Director of Heidelberg Cement Bangladesh Ltd., United
Hospital Limited and Pragati Insurance Limited. He is the former Chairman
of National Bank Limited and Past Chairman of Bangladesh Association of
Banks. He is the Chairman of Jamuna Resort Limited. He is associated with
a number of Social and trade bodies. He was elected President of FBCCI, the
Apex Trade Body for two terms and has been recognized through numerous
awards. He is the founder of Iqbal Memorial College in his village. He is
associated with number of Social and educational institutions. Mr. Mintoo
is very widely traveled person and he already traveled most of the countries
of the world. He is fond of reading and writing and already authored few
books i.e. evsjv‡`k t cwieZ©‡bi †iLvwPÎ, mšÍvb‡K-wcZvi K_vgvjv Ges evsjv‡`k ivRbxwZ I
ivR‰bwZK A_©bxwZ BZ¨vw`|
Mr. Abdul Awal Mintoo
Director

ANNUAL REPORT 13
2016
 Mr. Mohammed Abdul Awwal was born on 6th December 1945 in
Noakhali. His father late Alhaj Mohammad Khalilur Rahman was a reputed
business personality of the then Pakistan. Mr Awwal did his Graduation from
Govt College of Commerce, Chittagong and obtained Masters Degree in
Management ([Link]) in 1967 from University of Dhaka.
A leading business personality of Bangladesh, Mr Awwal is involved in
diversified business and Industry. He is the Chairman of MKR Group with
Offices in Chittagong, Dhaka and Khulna. The core company name is Bengal
Shipping Line Ltd established during mid 50s and later floated as private
limited company in early 1962. He was a sponsor Director of several public
listed company like; National Bank Ltd., Pragati Insurance Ltd., Pragati Life
Insurance Ltd., Dulamia Cotton & Spinning Mills Ltd. He was a promoter
and member of Chittagong Stock Exchange Ltd. Currenty; he is a Director of
Padma Oil Co. Ltd. & Eastern Lubricants Ltd.
Mr Awwal is involved in many professional and business bodies throughout
Bangladesh and some overseas business bodies. These are, Chittagong
Chamber of Commerce & Industry, Metropolitan Chamber of Commerce &
Industry, Chittagong & Dhaka, Bangladesh Shipping Agents Association,
Bangladesh Master Strevedores Association and many others. Mr Awwal is
Mr. Mohammed Abdul Awwal an initial Member of the Islamic Ship Owners Association based in Jeddah.
He was also one of the initial promoters Member of the World Economic
Director Ferum-Geneva. Apart from these, Mr Awwal is now the Vice-President of
Bangladesh-Philippine Chamber of Commerce & Industry, Dhaka.
He served as District Governor, Rotary International District 3280 (whole
of Bangladesh) during 1998-99. He is now working as End Polio Now Zone
Coordinator since 2015 which covers 10 (Ten) countries in South East Asia.
He is a leading philanthropist and social worker specially in education and a
senior member in leading Civil Society Institutions.
Mr. Awwal is appointed as Honorary Consul of the Republic of Philippines in
Chittagong since September 2010.

Mrs. Nelofer Kamal, daughter of Md. Badiuzzaman was born in a

renowned Muslim family in 1963.
She completed Graduation and Master Degree in Social Science from
Chittagong University.
She is the wife of Mr. Mohammed Sarwar Kamal, a renowned businessman in
Trading, Finance and other sectors.
Presently, she is one of the Directors of Mc. Donald Group engaged in Steel,
Seeds, Polymer Agro and other businesses.

Mrs. Nelofer Kamal

Director

14 ANNUAL REPORT
2016
 Mr. Khan Mohammed Ameer was born in a respectable Muslin
family on 15th December, 1943 in Dhaka. He is the second son of Late Al-
haj Mohammed Eunoos Khan and Late Bibi Taleha. Mr. Ameer completed
his Graduation Degree from the Jagannath College, Dhaka, Bangladesh. Mr.
Ameer started his business career to join his father’s printing business “The Art
Press”, besides business he studied in Graphic Arts, Photography and IScanner
operation from Dr. Hell Institute, Kiel, Germany in 1967.
At present Mr. Khan Mohammed Ameer is the Chairman of Padma Group of
Companies; and its concern Eunoos Trade Centre Ltd., Padma PolyCotton Knit
Fabrics Ltd., Cheque Bureau Centre Ltd., Padma Technologies Ltd., Padma
Real Estate Ltd., Color Trade Ltd., Color Process Ltd., Padma Color Lab Ltd.,
Ameertex Ltd., Texprint Ltd., 4N Needle Craft Ltd., Padma Color Wash Ltd.
and he is also, Vice Chairman of Pragati Insurance Ltd.
Under his Dynamic Leadership and Efficient Guidance Padma Group is
maintaining a substainable growth. His recent development in industrial sector
is concentrated to the Textile, Composite Knit Garments, Real Estate, Printing
& Packaging, MICR Cheque Printing and; also operation & management of
a wide network of color film processing laboratories throughout the country,
sole representation of Fuji Photo Film Co. Ltd. of Japan.

Mr. Khan Mohammed Ameer Moreover, Mr. Ameer also engaged himself in different social activities and
associated with many social and philanthropic organizations. He is a widely
Director travelled person and has traveled all over the world for business and other
purposes. He is a highly experienced and resourceful person.

Mr. A.S.M. Mohiuddin Monem is the Deputy Managing Director

of Abdul Monem Group one of the biggest private sector enterprises in
Bangladesh. The flagship of the group is Abdul Monem Ltd. One of the largest
infrastructure development companies which have built most of the iconic and
landmark bridges, highways, roads and construction projects in Bangladesh.
Mr. Monem received his Bachelor’s degree in Industrial Engineering from
North Eastern University, Boston, U.S.A in 1991 and a Master Degree
in Engineering Management from the same institution in 1994, where he
graduated with Honors with CUM LADE.
After the graduation he joined Abdul Monem Ltd. (AML) since then he has
revolutionized the way of doing business. His dedication, commitment and
passion for business have transformed the fortune of Abdul Monem Empire.
Under his leadership the business process at AML have gained clockwork
efficiency which has been translated into unprecedented growth in Beverage,
Ice-cream, Food, Sugar and Construction units. He has successfully set up
the first US Bangladesh joint venture BPO operation in IT sector. This is true
reflection of his remarkable business acumen.
Mr. Monem is a great believer of community development and believes it
is important to take that extra step and go beyond business activities to be a
socially responsible citizen. In this spirit, he has set up AML foundation, with
a view of endowing various charitable causes for the benefit of the society in Mr. A.S.M. Mohiuddin Monem
general and especially for the less privileged for their education, health care and Director
other amenities.
Mr. Monem is also the Director of Pragati Insurance Limited and Dhaka
Chamber of Commerce Industries Limited (DCCI).

ANNUAL REPORT 15
2016
 Mr. Tabith M. Awal elder son of Mr. Abdul Awal Mintoo and Mrs.
Nasreen Fatema Awal was born in a renowned Muslim family on 20th February
1979. He completed his education from George Washington University in
D.C. USA and obtained combined degree in [Link]. in Information System
Technology and BBA in Management Information System. He has joined
their family business as one of the Director just immediate after his higher
education. Their family business is known as Multimode Group of Companies.
The Company involved in various sectors like Trading, Textiles, Spinning,
Agro-industry, manufacturer of Carbon Rod, Marketing-Distributions,
Automobile agency, Oil and Gas, Insurance, PE foam manufacturing,
Banking etc. Mr. Tabith is a widely traveler and visited many countries in
relation to development their business. Besides, he was elected as the Vice
President, Bangladesh Football Federation in 2012 and he is also the Member
of Executive Committee, Bangladesh CNG Filling Station and Conversion
Workshop Owners Association. Mr. Tabith is currently holding the position
of Deputy Chief Executive Officer of Multimode Group.

Mr. Tabith M. Awal

Director

Mr. Md. Shafiur Rahman, son of Mr. Md. Syedur Rahman Mintoo was
born in a renowned muslim family. He has completed Bachelor of Engineering
(Civil) from Birla Institute of Technology (MESRA), India and MBA from
Clark University, USA. Presently he is the Deputy Managing Director and
managing operation and marketing of Pro Star Group- a 100% export oriented
garments manufacturers. Also, he is engaged in various business organizations
established both with foreign collaboration and local ventures. He is the
Member of IEB, Kurmitola Golf club and American Alumni Association.
Besides, he is involved in various social welfare organizations like Charitable
Dispensary, Orphanage, Vocational Training School, Primary Education etc.

Mr. Md. Shafiur Rahman

Director

16 ANNUAL REPORT
2016
 Mr. Tafsir M. Awal, second son of Mr. Abdul Awal Mintoo and
Mrs. Nasreen Fatema Awal. He was born in a renowned Muslim family in
August 1981 in Charlotte, North Carolina, USA. He graduated from Indiana
University, Bloomington, USA in Telecommunications. He also obtained
two Minors in Psychology and Marketing and also completed his Masters in
Entrepreneurial Management from European Business School in London. Mr.
Tafsir is currently engaged with their family business and holding the position
of Director of the Multimode Group. He is highly ambitious and devoted to
his work.

Mr. Tafsir M. Awal

Director

Mr. Mohammed Abdul Hamid, son of Late Alhaj Mohammed Khalilur

Rahman and Mrs. Saleha Khatun was born in January 1964. He completed
his BS in Industrial and Management Technology from the Texas Southern
University, Houston, Texas, USA in 1987 and Masters in Transportation and
Management in 1991 from the same University. After that he worked in a
leading commercial establishment in the USA in a managerial position.
In 1993 he joined their family business in the MKR Group. Mr. Hamid is now
the Managing Director of Bentrans (Pvt.) Ltd., an IATA approved Logistics
Company involved in Air & Sea freight operations and Warehouse facilities.
Besides that he is a Director of Bengal Shipping Line Ltd., Pacific Oil
Manufacturing Ltd. and CEO of MKR Aviation Services. He is also involved
with some social organization and a member of the Kurmitola Golf Club.

Mr. Mohammed Abdul Hamid

Director

ANNUAL REPORT 17
2016
 Mrs. Nigar Jahan Chowdhury was born in a renowned Muslim
family in Comilla. She started her career in 1974 in teaching profession and
successfully completed Training on Teaching. She got married with Al-haj
Younus Chowdhury a renowned businessman from Chittagong in 1975, and
left teaching profession. She traveled with her husband to London, America,
Dubai, Hongkong, Mexico and other countries for business expansion.
Presently she is Chairman of Caesar Apparels Ltd., KZM Apparels Ltd. and
an active member of the Advisory Committee of Islamic Library and engages
herself in various social welfare organizations. She is a loving mother of child.
She is known as honest, amiable, amicable, affectionate, kind-hearted and
compassionate person.

Mrs. Nigar Jahan Chowdhury

Director

Mrs. Meherunnessa Monem, daughter of Late ANM Idrish Miah &

Late Afia Khatun was born in a respectable Muslim Family of Brahminbaria
on August 07, 1939. She is married to Mr. Abdul Monem, Managing Director
& Chairman of Abdul Monem Group of companies. She is the proud mother
of her well educated sons and daughters who have had the excellence in
their respective fields. She is the Director of Abdul Monem Limited and AM
Securities & Financial Services Limited. She has been actively engaging
herself in the social activities concerning the well-being and upliftment of the
poor womenfolk since many years back.

Mrs. Meherunnessa Monem

Director

18 ANNUAL REPORT
2016
 Syed Muhammad Jan is a Bangladeshi citizen born in 1985. His Father
Syed M. Altaf Hussain was the founding Chairman of Pragati Life Insurance
Ltd. for almost 10 years. Mr. Jan has completed his bachelors from Clark
University, Massachusetts, USA in 2008. After graduation he spent a few
years working in the US. Presently he is the Director of Pragati Life Insurance
and various other companies in Bangladesh..

Syed Muhammad Jan

Director

Mr. Muhammad Jamaluddin was born in a respectable Muslim family

of Chittagong on 29 August 1950. He obtained his B. Sc. (Hons.) and M. Sc.
degrees in Physics from the University of Dhaka.
Mr. Jamaluddin joined Petrobangla as Geophysicist in June 1975 and started
his career as an oil and gas explorer in the country. He retired from Petrobangla
in August 2007 as the Managing Director of BAPEX. He was also members
of ‘Bangladesh Gas Act’ Preparation Committee, Steering Committee for the
“Gas Sector Master Plan and Strategy for Bangladesh Project” and Bangladesh
Expert Committee for “Petroleum Potential and Resource Assessment Project
2001” during his tenure in Petrobangla. He also served as Member of Board of
Directors of Bangladesh Petroleum Exploration & Production Company Ltd.,
(BAPEX) and Pashchimanchal Gas Company Ltd. He is also a member of
Board of Directors of Center for Mass Education in Science (CMES), an NGO
working in rural Bangladesh for imparting non-formal education and hands-on
technical education to the disadvantaged children of the country.
Since his retirement from Petrobangla, Mr. Muhammad Jamaluddin had
has been working as a consultant for different gas-sector projects of Asian
Development Bank (ADB), SAARC Energy Center, Islamabad, Gustavson
Associates, USA (for implementation of ADB funded project), Keystone
Business Support Company Ltd., and IUCN. He occasionally writes in the
national dailies on critical energy sector issues of the country. He travelled to Mr. Muhammad Jamaluddin
a number of countries in Europe, Asia and the USA for professional training Independent Director
and education and also as member of government delegation.

ANNUAL REPORT 19
2016
 Dr. Rashed Al Mahmud Titumir holds Ph.D. in Economics from
the University of London, [Link] in Development and Financial Economics
from the University of London, Certificate in Trade Policy and Commercial
Diplomacy from the Universities of Carleton and Ottawa, BSS (Hons.) from
the University of Dhaka, and HSC and SSC from Jhenidah Cadet College.
Dr. Titumir has worked in diverse constituencies, namely, academia,
governments, think-tanks, international organisations, private sector, and
media. He is currently a Professor at the Department of Development
Studies, University of Dhaka and also taught economics at the Department
of Economics, Royal Holloway, University of London, and at the Bangladesh
Open University.
He has provided advisory services to the governments on multilateral
negotiations in platforms such as WTO, UNFCCC, UNCBD, besides
actively participating in those negotiations. He has been contributing to the
multilateral processes as a member of different UN committees of experts. He
has led numerous projects for diverse organisations including governments,
development partners and international organisations.
Professor Titumir is on the boards of different international and national
organisations and is the founding Chairperson of the Unnayan Onneshan, a
Dr. Rashed Al Mahmud Titumir multidisciplinary independent think-tank and served on the Syndicate of
University.
Independent Director Dr. Titumir has written articles and books on implications of structural
adjustment, poverty reduction strategies, world trading system, regional
economic cooperation, climate change, poverty, agriculture, biodiversity,
education and health. He is currently researching on ideas of state in capitalist
transformation, focusing on five areas, namely expansion of productive
capacity, fiscal and monetary policies, social policies, natural resource
management and agrarian transition.

Mr. Md. Jalalul Azim is an MBA from IBA, University of Dhaka. He also
obtained [Link]. in Agriculture Engineering and secured 1st class 1st Position.
Mr. Azim started his career in BAT (British American Tobacco) and worked
in various capacities at home and abroad with Multinational Companies like
ALICO, BAT & DSG in UK. He is a “Fellow of Life Management Institute,
USA”.
Ex BCS Railway Cadre Officer Mr. Azim’s insurance career begun in ALICO
in 1994 and he served as Agency Director – ALICO Bangladesh from 2002 to
2006. Later he migrated to United Kingdom. Prior to taking over the helm of
Pragati Life Insurance Limited, he also served as Managing Director & CEO in
“Delta Life Insurance” and “Pragati General Insurance Limited”. He attended
various training programs at home and abroad on Insurance and Management
and won many International Awards. He visited many countries of the world.
Mr. Azim is Life Member of IBA Alumni Association, Member of Institute of
Engineers & Army Golf Club. He is the Ex-officio Member of all Committees
in Board and nominated Director of Kay and Que (BD) Limited.

Mr. Md. Jalalul Azim

Chief Executive Officer

20 ANNUAL REPORT
2016
Useful Information for the
Shareholders
The history of raising Share Capital of Pragati Life Insurance Limited:
One of the prime objectives of Pragati Life Insurance Limited is to provide consistently good
return to its shareholders. The dividend and Capital Raising history of the Company are detailed
below. From the very beginning, it may be observed that the Company has maintained a stable
dividend policy in line with the sound underwriting and investment results. The Company has also
adhered to a policy of timely preparation of its Accounts and holding of AGM, which may be noted
from the financial calendar below.

Financial Calendar:
Year Particulars No. of Shares Value in Taka Cumulative Paid-up Capital
2000 As per MOA & AOA 3,00,000 3,00,00,000 3,00,00,000
2005 Initial Public Offering 4,50,000 4,50,00,000 7,50,00,000
2010 12% Bonus Shares 90,000 90,00,000 8,40,00,000
2011 Denomination of Face Value of Share 84,00,000 8,40,00,000 8,40,00,000
2011 12% Bonus Shares 10,08,000 1,00,80,000 9,40,80,000
2012 5% Bonus Shares 4,70,400 47,04,000 9,87,84,000
2014 5% Bonus Shares 4,93,920 49,39,200 10,37,23,200

Financial Calendar 2014

Announcement of 2014 final results 2015
Record date 20 August, 2015
Annual report 2014 dispatched 10 September, 2015
15th Annual General Meeting 29 September, 2015

Financial Calendar 2015

Announcement of 2015 final results 2016
Record date 23 August, 2016
Annual report 2015 dispatched 8 September, 2016
16th Annual General Meeting 28 September, 2016

Financial Calendar 2016

Announcement of 2016 final results 2017
Record date 27 July, 2017
Annual report 2016 dispatched 12 September, 2017
17th Annual General Meeting 28 September, 2017

ANNUAL REPORT 21
2016
Value Added Statement
For the year ended December 31, 2016
Particulars 2016 2015
Gross Premium 2,204,977,479 1,989,782,591
Less: Re-Insurance Premium (27,274,877) (13,445,768)
Net Premium 2,177,702,602 1,976,336,823
Investment & Other Income 375,605,734 351,934,629
2,553,308,336 2,328,271,452
Less: Claims 1,228,309,593 1,170,475,157
Less: Management Expenses (excluding staff salaries & depreciation etc.) 587,226,659 531,384,804
Value Addition 737,772,084 626,411,486
Distribution of Value Addition
To Staff Cost 188,431,197 174,765,760
To Shareholder Dividend ------ 21,732,480
To Government as Tax 25,000,000 17,500,000
To Depreciation 23,363,237 39,134,314
Retain in the Business 500,977,650 373,278,932

Distribution of Value Addition in 2016 Distribution of Value Addition in 2015

Staff Cost 26% Staff Cost 28%

Shareholder Dividend 0% Shareholder Dividend 3%
Government as Tax 4% Government as Tax 3%
Depreciation 3% Depreciation 6%
Retain in the Business 68% Retain in the Business 60%

Contribution to the National Economy:

Pragati Life Insurance Ltd. is engaged in life insurance business and its taxation is based on taxable
income determined under the fourth schedule of the Income Tax Ordinance-1984. Besides, the
company deducts income tax, VAT deducted at source from employees, suppliers, use of policy stamp
etc. and deposit to the same to the national exchequer. In the year 2016, the Company contributed Tk.
6.62 crore to national exchequer as Tax and VAT deducted source from employees, suppliers and uses
of policy stamp.

22 ANNUAL REPORT
2016
A comparative statement of new business and business in force
is attached separately as a part of the Report

Individual Product Line (IPL) “Amount in Million”

New Business Business in force
Sum Assured First Year Premium Sum Assured
Year No. of Policies No. of Policies
Tk. Tk. Tk.
2016 4,084.86 27,471 399.87 9,057.02 76,704
2015 3,026.08 25,723 287.78 6,301.74 62,029

Takaful
New Business Business in force
Sum Assured First Year Premium Sum Assured
Year No. of Policies No. of Policies
Tk. Tk. Tk.
2016 1,127..43 7376 87.81 2,062.07 17,054
2015 759.42 6527 55.64 1,458.53 14,360

Micro
New Business Business in force
Sum Assured First Year Premium Sum Assured
Year No. of Policies No. of Policies
Tk. Tk. Tk.
2016 1,126.59 17,935 83.07 2,792.29 57,383
2015 813.12 13,334 51.56 2,264.58 51,337

Group Life And Health

New Business Business in force
Sum Assured Annual Premium Sum Assured
Year No. of Policies No. of Lives No. of Policies No. of Lives
Tk. Tk. Tk.
2016 45,388.41 115 70.52 2,089,505 150,846.35 552 3,951,103
2015 36,647.54 112 57.97 731,278 128,502.13 437 1,861,598

ANNUAL REPORT 23
2016
 FINANCIAL HIGHLIGHTS
5 YEARS’ KEY OPERATING AND FINANCIAL DATA

Taka in ‘000’
Year 2016 2015 2014 2013 2012

First Year Premium 579,371 418,909 322,363 130,607 380,241

Renewal Premium 799,632 770,732 677,066 694,811 838,928

Group Insurance Premium 825,974 800,141 603,991 651,410 513,843

Gross Premium 22,04,977 1,989,781 1,655,519 1,429,409 1,870,580

% increase over the previous year 10.82 20.19 15.82 -23.58 -2.46

Overall conservation ratio (%) 67 77 82 57 60

Investment Income 370,785 344,076 336,073 268,372 224,656

Investment yield (income realized to mean Life Fund) 8.55 8.88 9.22 8.47 8.52

Claim 1,228,309 1,170,475 943,905 652,033 589,256

Management Expenses-Actual 799,021 745,284 688,307 570,727 867,250

Assets (excluding excess IPO deposit money) 4,736,258 4,124,672 3,792,107 3,510,686 3,179,000

(%) increase Assets over the previous year 14.83 8.76 8.01 10.43 11.91

Life Fund 4,761,126 4,260,148 3,886,869 3,570,433 3,153,140

(%) increase over the previous year 11.76 9.60 8.86 13.23 22

Ratio of-----

Expenses of Management to Premium Income (%) 36.24 37.45 41.58 39.92 46.36

Claim to Premium (%) 55.71 59 57 45.61 32

24 ANNUAL REPORT
2016
 MR. KHALILUR RAHMAN
Chairman

ANNUAL REPORT 25
2016
Chairman’s Message †Pqvig¨v‡bi evYx
Dear Shareholders, wcÖq †kqvi‡nvìvie„›`,
Assalamu Alaikum, Avm&mvjvgy AvjvBKzg,
I, on behalf of the Members of the Board of Directors, have Avwg AZ¨š— Avb‡›`i mv‡_ †ev‡W©i cwiPvjKgÛjxi c¶ n‡Z
the pleasure to welcome you on this august occasion of the Avgv‡`i m¤§vwbZ †kqvi‡nvìviMb‡K cÖMwZ jvBd BÝy¨‡iÝ
17th Annual General Meeting of Pragati Life Insurance wjwg‡UW-Gi 17Zg evwl©K mvaviY mfvi GB gnZx Abyôv‡b
Limited. We are delighted at your participation in this ¯^vMZ Rvbvw”Q| †Kv¤úvbxi evwl©K mvaviY mfvq Avcbv‡`i
Meeting. Your spontaneous participation is your confidence AskMÖnb Avgv‡`i Avbw›`Z K‡i‡Q| †Kv¤úvbxi mvaviY mfvq
on the Company. Thank you all.
Avcbv‡`i ¯^ZtùzZ© Dcw¯’wZ †Kv¤úvbxi Dci Avcbv‡`i
AvZ¥wek¦v‡miB cÖgvb enb K‡i| Avcbv‡`i mKj‡K ab¨ev`|
Annual Report-2016 of this Company has been dispatched †Kv¤úvbxi evwl©K cÖwZ‡e`b-2016 m`q we‡ePbvi Rb¨
to you for your kind perusal. I believe you will get a Avcbv‡`i wbKU †cuŠ‡Q †`Iqv n‡q‡Q| Avwg Av¯’vkxj Avcbviv
comprehensive view from the Directors’ Report and to assess cwiPvjKgÛjxi cÖwZ‡e`b †_‡K †Kv¤úvbx m¤ú©‡K GKwU
the financial position of the Company. I assure you that we mvgMªxK Ae¯’v †`L‡Z cv‡eb Ges †Kv¤úvbxi Avw_©K Ae¯’v
shall always be with you and your investment will always be m¤ú©‡K g~j¨vqY Ki‡Z cvi‡eb| Avwg Avcbv‡`i wbðqZv cÖ`vb
secured. I presume the performance of the business operation
KiwQ †h Avgiv me©`v Avcbv‡`i mv‡_ _vKe Ges Avcbv‡`i
wewb‡qvM Avgv‡`i wbKU wbivcËvq _vK‡e | Avgvi wek¦vm
during the year under review was quite satisfactory. we‡eP¨ eQ‡ii e¨emvwqK Kvh©µg m‡š—vlRbK wQj|
Our strong operating segment, the Group Life & Health MÖæc Rxeb Ges ¯^v¯’¨ exgv e¨emv Gi GKwU kw³kvjx Ask
insurance, achieved a record premium of Tk. 826 million. Ges D‡jøL‡hvM¨ wcÖwgqvg AR©b K‡i‡Q 826 wgwjqb UvKv| GB
This strong performance reflects innovation and good K…wZZ¡ D™¢veb Ges DËg MÖvnK †mevi cÖwZdjb|
customer service.
Realizing the need to improve productivity to maintain cÖwZ‡hvwMZvg~jK cwi‡e‡k Drcv`bkxjZv e„w× K‡i jvfRbK
profitability in a competitive environment, the company Ae¯’vb eRvq ivL‡Z †Kv¤úvbx e¨e¯’vcbv e¨q wbqš¿Y †KŠkj
continued its aggressive cost management strategies. Aej¤^b K‡i‡Q|
Payment to policyholders in the year 2016 was Tk. 1,228 2016 mv‡j cwjwm MÖvnK‡`i‡K cwi‡kvwaZ A‡_©i cwigvY wQj
million as against Tk. 1,170 million in the year 2015 being 1,228 wgwjqb UvKv hv 2015 mv‡ji 943 wgwjqb UvKvi Zzjbvq
an increase of 5%. Claims were increased due to payment 5% †ekx| GB Lv‡Z cwi‡kvwaZ A‡_©i cwigvY e„w× cvevi KviY
against Maturity, Survival Benefit, Death, and Hospital n‡”Q †gqv` DË©xbRwbZ `vex, mvf©vBfvj myweavRwbZ `vex,
Claims.
g„Zz¨RwbZ `vex Ges wPwKrmvRwbZ `vexi wecix‡Z A_© cÖ`vb |

The major investments include Government Securities, wewb‡qv‡Mi g‡a¨ i‡q‡Q Mft wmwKDwiwUR, evsjv‡`k miKv†ii
Bangladesh Government Treasury Bond (BGTB), Fixed †UªRvix eÛ, †gqv`x wewb‡qvM Ges ZvwjKvfy³ BKz¨BwU †kqvi|
Deposit Receipt (FDR) and Listed Equity Securities.
The Life Funds during 2016 was Tk. 4,760 million compared 2016 mv‡j jvBd dvÛ 4,760 wgwjqb UvKvq DbœxZ nq, hv
to Tk. 4260 million in 2015 showing a growth of 12%. 2015 mv‡ji 4,260 wgwjqb UvKvi Zzjbvq 12% †ekx|
The corporate tax charge for the company is 40%. We made †Kv¤úvbxi Rb¨ K‡c©v‡iU U¨v· nvi 40%| 2016 mv‡j Avgiv
a tax provision of Tk. 25 million in 2016. 25 wgwjqb UvKvi AvqKi mwÂwZ †i‡LwQ|

I would like to express my profound gratitude to all our

Avwg Avš—wiK I cÖMvp K…ZÁZv RvbvB Avgv‡`i mb¥vwbZ
valued Shareholders, Policyholders, Regulatory Bodies †kqvi†nvìvi, cwjwm MÖvnK, wbqš¿Y ms¯’vmg~n Ges ïfvKv•Lx
and well-wishers of the Company who extended their hviv †Kv¤úvbxi e¨emv mdjfv‡e cwiPvjbvi Rb¨ me©`v
cooperation, suggestion & guidance in running the business mn‡hvwMZv, c„ô‡cvlKZv I g~j¨evb Dc‡`k cÖ`vb K‡i‡Qb |
successfully. I would also like to record my sincere thanks to †Kv¤úvbxi DbœwZ I cÖe„w×i Rb¨ †Kv¤úvbxi mKj ¯—‡ii Kg©KZ©v
the employees of the Company for their dedicated services I Kg©Pvix‡`i Kg©cÖ‡Póv I Ae`v‡bi Rb¨ Avwg Zv‡`i‡KI
for growth of the Company. ab¨ev` RvbvB|

Khalilur Rahman Lwjjyi ingvb

Chairman †Pqvig¨vb
26 ANNUAL REPORT
2016
 Shareholders’ View of 16th AGM

ANNUAL REPORT 27
2016
 Directors’ Report

28 ANNUAL REPORT
2016
Directors’ Report cwiPvjKgÛjxi cÖwZ‡e`b
To the Shareholders
m¤§vwbZ †kqvi‡nvìviMY
Respected Shareholders,
Assalamu Alaikum, Avm&mvjvgy AvjvBKzg
The Board of Directors of Pragati Life Insurance Limited cÖMwZ jvBd Bݨy‡iÝ wjwg‡U‡Wi cwiPvjKgÛjx G cÖwZôv‡bi 17Zg
welcome you all to the 17th Annual General Meeting of evwl©K mvaviY mfvq Avcbv‡`i ¯^vMZ Rvbv‡”Q| cwiPvjKgÛjxi
the Company. It is indeed our pleasure to place before you cÖwZ‡e`b Ges 31 wW‡m¤^i, 2016 Zvwi‡L mgvß A_© eQ‡ii Rb¨
the Directors’ Report and audited financial statements for
the the year ended 31st December, 2016 togather with the I wbix¶‡Ki cÖwZ‡e`bmn Avw_©K wee„wZ Avcbv‡`i mvg‡b Dc¯’vcb
Report of Auditors. Ki‡Z cviv Avgv‡`i Rb¨ cÖK…ZB Avb‡›`i|
A Review of Bangladesh Economy in 2016 evsjv‡`‡ki A_©bxwZ 2016 t GKwU ch©v‡jvPbv
Banghladesh grew at impressive rate of 7.11% in FY 2015-16 A_© eQ‡i evsjv‡`‡ki A_©bxwZi cÖe„w× N‡U‡Q AvKl©Yxq
2015-16 signifying strong macro economic fundamentals. 7.11 kZvsk nv‡i, hv ewjô mvgwóK A_©‰bwZK fxZ Gi cwiPvqK|
Both industrial and service sector registered higher growth
in the FY16 fiscal compared to FY15 registering 11.09% 2016 A_© eQ‡i 2015 A_© eQ‡ii Zzjbvq wkí I †mev Lv‡Z cÖe„w×
and 6.25% growth respectively. There were promising N‡U‡Q h_vµ‡g 11.09 I 6.25 kZvsk nv‡i| Av‡iKwU m¤¢vebvi
signs as private investment’s share in GDP increased wPÎ Avgiv †`wL wRwWwc‡Z †emiKvix wewb‡qv†Mi wnmv‡e Ñ 2015
to 23% in FY16 from 22.1% in FY15. The Goverment A_© eQ‡ii 22.1% kZvsk †_‡K †e‡o n‡q‡Q 23 kZvsk| miKvix
maintained public investment at a high level. wewb‡qvMI D”P ch©vq eRvq ivLv m¤¢e n‡q‡Q|
Insurance Industry in Bangladesh evsjv‡`‡ki exgv wkí
Considering the current calm political environment and Avgv‡`i cÖZ¨vkv eZ©gvb ivR‰bwZK cwi‡ek Ges miKv‡ii mv¤úªwZK
recent development activities by the government we are Dbœqb Kvh©µg AvMvgx‡Z †`‡ki A_©‰bwZK cÖe„w× AviI e„w× cv‡e|
expecting higher economic growth in the coming years.
Life Insurance industry is an integral part and playing †`‡ki A_©‰bwZK cÖe„wׇZ Rxeb exgv wkí GKwU Awe‡”Q`¨ Ask,
important role in the economic growth. Apart from hvnv cÖe„w× Dbœq‡b ¸iæZ¡c~Y© fzwgKv cvjb K‡i| Rxe‡bi SzwK enb
undertaking life risk, Life Insurance creates savings, QvovI Rxeb exgv mÂq m„wó K‡i, mÂq m„wó K‡i wewb‡qvM, wewb‡qvM
savings create investment, investment creates capital and m„wó K‡i g~jab Avi g~jab evwo‡q Zz‡j A_©‰bwZK cÖe„wׇK| †`‡k
capital enhances economic growth. With 32 life Insurance 32wU jvBd BÝy¨‡iÝ †Kv¤úvbx we`¨gvb _vKv m‡Ë¡I Rxeb exgv
Companies in the country still life insurance penetration
rate is around 0.5 percent, which indicates the level of †cwb‡Uªk‡bi nvi 0.5 kZvsk, hvnv Rxeb exgv wk‡íi AbybœZ Ae¯’v
development of Insurnce sector in a country. The future cÖKvk K‡i| GB Lv‡Zi fwel¨r Dbœqb miKv‡ii mvwe©K mn‡hvMxZvi
growth of this sector warrants all out government support. Dci wbf©ikxj|
Business performance of the Company ‡Kv¤úvbxi e¨emvi AMÖMwZ
With much pleasure we would like to inform the m¤§vwbZ †kqvi‡nvìviM‡Yi `„wó AvKl©b K‡i Avb‡›`i mv‡_ Rvbv‡Z
honourable Shareholders that in spite of stiff completion PvB exgv cÖwZôvb mg~‡ni gv‡S cÖej cÖwZ‡hvwMZvi g‡a¨I 2016
among different insurers the year 2016 was another mbwU n‡”Q †Kv¤úvbxi Ab¨Zg mvd‡j¨i eQi| GUv m¤¢e n‡q‡Q
successful year of the company. It was possible because
of the strength of our marketing forces, soundness of our Avgv‡`i kw³kvjx gv‡K©wUs Rbkw³, mymsnZ mvsMVwbK KvVv‡gv,
organizational structure and our constant endeavour to e¨emvi ¸bMZgvb Ges DbœZ MÖvnK‡mev cÖ`v‡bi w`‡K j¶¨ †i‡L
review our business strategies wherever necessary keeping e¨emvwqK †KŠkj wbav©iY I ev¯—evq‡b mve©¶wbK cÖ‡Pôv Ges Rxeb
in view of the quality of business, improved customer exgv e¨e¯’vcbv Lv‡Z Aby‡gvw`Z mxgvi †P‡q Kg e¨q Kiv|
services and less management expenses than the limits
prescribed by law.
Gross Premium: The gross premium income during 2016 ‡gvU wcÖwgqvgt †Kv¤úvbx 2015 m‡b 1,989.78 wgwjqb UvKvi
stood at Tk. 2,204.97 million from Tk. 1,989.78 million in wecix‡Z 2016 m‡b 2,204.97 wgwjqb UvKv †gvU wcÖwgqvg Avq
2015 registering a growth of 11%. K‡i‡Q, †hLv‡b cÖe„w×i nvi 11%|
Life Fund: The life fund stood at Tk. 4,761.13 million as jvBd dvÛt 2015 m‡b 4,260.15 wgwjqb UvKvi wecix‡Z 2016
of December 31, 2016 whereas it was Tk. 4,260.15 million m‡b 4,761.13 wgwjqb UvKv †Kv¤úvbxi jvBd dv‡Û e„w× †c‡q‡Q,
as at December 31, 2015 i.e., an increase by 12%. †hLv‡b cÖe„w×i nvi 12%|
Investment Income: The total investment income made by wewb‡qv‡Mi Dci AwR©Z Avqt †Kv¤úvbx 2015 m‡b 344.07 wgwjqb
Pragati Life Insurance Limited rosed to Tk. 370.78 million UvKvi wecix‡Z 2016 m‡b 370.78 wgwjqb UvKv wewb‡qv‡Mi Dci
in 2016 from Tk. 344.07 million in 2015 registering an AwR©Z Avq K‡i‡Q, †hLv‡b cÖe„w×i nvi 8%|
increase of 8%.
Total Assets: Total assets of the Company stood at Tk. ‡gvU m¤ú`t †Kv¤úvbxi 2015 m‡b 4,126.79 wgwjqb UvKvi
4,738.38 million as of December 31, 2016 against Tk. wecix‡Z 2016 m‡b 4,738.38 wgwjqb UvKvi †gvU m¤ú` e„w×
4,126.79 million as of December 31, 2015 registering an †c‡q‡Q, †hLv‡b cÖe„w×i nvi 15%|
increase of 15%.

ANNUAL REPORT 29
2016
 Business Review
Taka in Million
Products/Projects 2016 2015 Growth %
First Year Premium      
Individual Product Line (IPL) 401.15 298.23 35
Pragati Bima Division & Pragati Islami Jibon Bima Division 75.77 50.69 99.69
Islami Jiban Bima (Takaful) 89.55 59.69 50.03
Islami Deposit Pension Scheme 12.90 10.31 25.12
Sub Total 579.37 418.91 38
Renewal Premium  
Individual Product Line (IPL) 432.20 396.00 31.89
Pragati Bima Division & Pragati Islami Jibon Bima Division 203.84 215.95 -5.61
Islami Jiban Bima (Takaful) 111.96 108.82 2.89
Islami Deposit Pension Scheme 51.63 49.96 3.34
Sub Total 799.63 770.73 3.75
Group Insurance Premium 825.97 800.14 3.23
Gross Premium 2,204.98 1,989.78 10.82
Reinsurance Premium 27.27 (13.45) 102.75
Net Premium 2,177.70 1,976.34 10.19
Investment and other income 375.61 351.93 6.73
Total Income 2,553.32 2,328.27 9.67
Life Fund 4,761.13 4,260.15 12
Pragati Bima Division was created to sell micro insurance in rural areas. Now we have changed our focuse to urban areas.
Also huge number of policies matured in 2016. As such the growth in this division was negative.

ANALYSIS OF UTILIZATION OF TOTAL INCOME IN 2016

Utilization of Total Income

8%
20%
8% Claim by Death 8%

Survival Benefit 8%

Hospitalization Claims 16%

16%
16% Other Claims 16%

Commission & Allowance 16%

Administration & Other Expenses 16%

16%
16%
Excess of Income over outgo added to Life Fund 20%

30 ANNUAL REPORT
2016
Year-Wise Number of New Business/Lives Covered:
Year wise break-up of new business / lives covered for last five years is tabulated below:
No. of New Business & Lives

Year IPL Islami Jibon Pragati Bima IDPS Group Life & Total
Bima (Takaful) (PB) Health (No. of Lives)
2012 11,876 10,009 20,129 2,383 243,106 2,87,503
2013 8,660 3,820 9,901 1,221 198,354 2,21,956
2014 24,260 5,924 8,961 1,669 1,432,276 1,473,090
2015 25,704 6,547 1,468 11,865 1,834,961 1,880,545
2016 27,471 7,376 16,492 1,443 2,089,505 2,142,287

Gross Premium: †gvU wcÖwgqvgt

Pragati Life Insurance Limited achieved Gross Premium of cÖMwZ jvBd Bݨy‡iÝ wjwg‡UW 2015 m‡b 1,989.78 wgwjqb
Tk. 2204.98 million as of December 31, 2016 as against UvKvi wecix‡Z 2016 m‡b 2,204.98 wgwjqb UvKv †gvU
Tk. 1,989.78 million as of December 31, 2015 registering wcÖwgqvg AR©b K‡i‡Q, e„w×i nvi 11%|
an increase of 11%.
The chronological statement of Gross Premium for last five weMZ cuvP eQ‡ii †gvU wcÖwgqv‡gi Av‡qi Ae¯’vb wP‡Îi gva¨‡g
years is tabulated below wb‡¤œ cÖKvk Kiv n‡jvt
Amount in million
Year Gross Premium Growth Gross Premium
2012 1,870.57 -2% 2,500
2,000
2013 1,429.39 -24% 1,500
2014 1,655.52 16% 1,000
2015 1,989.78 20% 500
0
2016 2,204.98 11% 2012 2013 2014 2015 2016

Premium Income by Product Line/Project: cwiKí mg~n/cÖKí Abymv‡i wcÖwgqvg Avqt

In the year 2016, the proportionate premium income of all 2016 mv‡j mKj cwiKí mg~n/cÖKí Abymv‡i AvbycvwZK
product lines/projects is shown below: wcÖwgqvg Av‡qi weeiYx wP‡Îi gva¨‡g wb‡¤œ cÖKvk Kiv n‡jvt
Amount in million

Product (s) Gross Proportionate

Premium Income (%) Project wise Premium Income
Individual Product
833.35 37.79
Line (IPL)
Pragati Bima &
Pragati Islami Bima
279.60 12.68
Division (PB &
PIBD)
Islami Deposit Pen-
64.53 2.93
sion Scheme (IDPS)
Individual Product Line ( IPL)
Islami Jibon Bima
201.51 9.14 Pragati Bima & Pragati Islami Bima Division (PB & PIBD)
(Takaful)
Group Life & Health Insurance (GL & H)
Group Life & Health
825.97 37.46 Islami Jibon Bima (Takaful)
Insurance (GL & H)
Islami Deposit Pension Scheme (IDPS)
Total 2205 100

ANNUAL REPORT 31
2016
Investment Income: wewb‡qvM Avqt
The total investment income earned by the Company rose †Kv¤úvbx 2016 mv‡j 370.79 wgwjqb UvKv wewb‡qvM Avq
to Tk. 370.79 million in 2016 from Tk. 344.08 million in AR©b K‡i‡Q,hvnv 2015 mv‡j wQj 344.08 wgwjqb UvKv,
2015 registering an increase of 8%. †hLv‡b e„w×i nvi 8%|
The chronological statement of Investment Income for last weMZ cuvP eQ‡ii wewb‡qv‡Mi Dci AwR©Z Av‡qi Ae¯’vb wP‡Îi
five years is tabulated below: gva¨‡g wb‡¤œ cÖKvk Kiv n‡jvt
Amount in million
Year Investment Income Growth 400 Investment Income
2012 224.66 59% 300
2013 268.37 19% 200
2014 336.07 25%
100
2015 344.08 2.38%
0
2016 370.79 8% 2012 2013 2014 2015 2016

* Low interest rate on FDR is the cause of decrease in investment * [Link] Gi my‡`i nvi n«vm cvIqvq wewb‡qvM Avv‡qi e„w×i nvi
income growth. K‡g‡Q|
Total Income: †gvU Avqt
Pragati Life Insurance Limited earned Tk. 2,553.31 million cÖMwZ jvBd Bݨy‡iÝ wjwg‡UW 2015 m‡b 2,328.27 wgwjqb
as at December 31, 2016 as against Tk. 2,328.27 million as UvKvi wecix‡Z 2016 m‡b 2,553.31 wgwjqb UvKv †gvU Avq
at December 31, 2015 registering an increase of 10%. K‡i‡Q, cÖe„w×i nvi 10%|
The chronological statement of Total Income for last five
years is tabulated below: weMZ cuvP eQ‡ii †gvU Av‡qi Ae¯’vb wP‡Îi gva¨‡g wb‡¤œ cÖKvk
Kiv n‡jvt
Amount in million
Year Total Income Growth 3,000 Total Income
2012 2,038.43 1% 2,500
2,000
2013 1,661.32 -19%
1,500
2014 1,966.15 18% 1,000
2015 2,328.27 18.42% 500
2016 2,553.31 10% 0
2012 2013 2014 2015 2016

Claims: `vex cwi‡kvat

Payment to policyholders in the form of Maturity, Survival 2016 mv‡j cwjwm MÖvnK‡`i‡K †gqv` DË©xbRwbZ `vex,
Benefit, Death, hospitalization and Accidental Claims in the mvf©vBfvj myweavRwbZ `vex, g„Zz¨RwbZ `vex, ¯^v¯’¨exgv `vex
year 2016 was Tk. 1,228.31 million against Tk. 1,170.48 Ges `~N©UbvRwbZ `vex msµvš— cwi‡kvwaZ A‡_©i cwigvY wQj
million in 2015 being an increase of 5%. Since the inception 1,228.31 wgwjqb UvKv hv 2015 mv‡ji 1,170.48 wgwjqb
of the Company, the issued life insurance policies have UvKvi Zzjbvq 5% †ekx| GB Lv‡Z cwi‡kvwaZ A‡_©i cwigvY
been increasing year to year. At the same time, Payment e„w× cvevi KviY n‡”Q g„Zy¨RwbZ `vexi cwigvb e„w× cvIqv mn
to Policyholders regarding Maturity, Survival Benefit,
†gqv`c~wZ© Ges mvf©vBfvj myweavRwbZ A_© cÖ`vb| †Kv¤úvbxi
cÖwZôvjMœ †_‡K, Bmy¨K„Z jvBd BÝy¨‡iÝ cwjwmmg~n eQ‡ii ci
Death, hospitalization and Accidental Claims is being met eQi e„w× †c‡q P‡j‡Q| GKB mgq †gqv` DË©xbRwbZ `vex,
together. As a result, the claim scenario is successively mvf©vBfvj myweavRwbZ `vex, g„Zz¨RwbZ `vex, ¯^v¯’¨exgv `vex Ges
increased. `~N©UbvRwbZ `vex h_vµ‡g exgv MÖnxZv‡K cwi‡kva Kiv n‡”Q|
Year wise break-up of the Claims for last five years is hvi djkÖæwZ‡Z, `vex cwi‡kv‡ai wPÎ avivevwnKfv‡e Da©g~Lx|
tabulated below: eQi wfwËK weMZ cuvP eQ‡ii exgv `vex cwi‡kv‡ai cwigvb
Amount in million wP‡Îi gva¨‡g wb‡¤œ cÖKvk Kiv n‡jvt
Year Claim Growth 1,500 Claims
2012 589.25 22% 1,200
900
2013 652.03 11%
600
2014 944 45%
300
2015 1,170.48 24%
0
2016 1,228.31 5% 2012 2013 2014 2015 2016

32 ANNUAL REPORT
2016
Life Fund: jvBd dvÛt
Company’s excess of income over outgo added to the †Kv¤úvbxi Avq-e¨q †k‡l Av‡jvP¨ eQi 2016, jvBd dv‡Û
Life Fund during the year 2016 is Tk. 500.93 million. Av‡iv 500.93 wgwjqb UvKv †hvM n‡q‡Q| eQ‡ii me©‡gvU
Consequently, total Life Fund stood at Tk. 4,761.08 million jvBd dv‡Ûi cwigvb n‡”Q 4,761.08 wgwjqb UvKv hv 2015
mv‡ji Zzjbvq 12% †ewk|
which is 12% more than 2015.
The chronological statement of Life Fund for last five years weMZ cuvP eQ‡ii jvBd dv‡Ûi Ae¯’vb wP‡Îi gva¨‡g wb‡¤œ
is tabulated below : cÖKvk Kiv n‡jvt
Amount in million
Year Life Fund , Life Fund
2012 3,153.14 ,

2013 3,570.43 ,

2014 3,886.87 ,
,
2015 4,260.15
2016 4,761.08

Total Asset: ‡gvU m¤ú`t

The Company has sound asset management policy which cwigvwR©Z m¤ú` e¨e¯’vcbvi AwaKvix nIqvq †Kv¤úvbx
assures safeguarding of assets against unauthorized use or Abby‡gvw`Z e¨envi A_ev AcmviY †_‡K gy³| d‡j †Kv¤úvbx
disposition. The Company also follows proper records and m¤ú` myi¶vq hyw³hy³ wbðqZv weav‡b m¶g n‡q‡Q| †Kv¤úvbx
policy regarding capital expenditures. g~jabx e¨‡qi h_vh_ bxwZgvjv cvjb mn †iKW©cÎ msi¶Y
K‡i _v‡K|
The chronological statement of Assets for the last five years weMZ cvuP eQ‡i AwR©Z m¤ú‡`i Ae¯’vb wP‡Îi gva¨‡g wb‡¤œ
is tabulated below : cÖKvk Kiv n‡jvt
Amount in million
Year Total Assets Growth , Total Asset
2012 3,179.00 12% ,

2013 3,510.69 10% ,

2014 3,794.22 8% ,
,
2015 4,126.79 9%
2016 4,738.38 10%
* Excluding IPO Deposit Money

Management Expenses e¨e¯’vcbv e¨q

The Managemeent expenses as a percentage to total ‡Kv¤úvbxi e¨e¯’vcbv e¨q †gvU Av‡qi kZKiv nvi n«vm
premium income has reduced. In the year 2016 the †c‡q‡Q| 2016 mv‡ji e¨e¯’vcbv e¨q Lv‡Z Aby‡gvw`Z mxgvi
management expenses of the Company was lowered by Tk. †P‡q †Kv¤úvbx 17 j¶ UvKv Kg e¨q K‡i‡Q| cÖMwZ jvBd
17 lakh than the allowable limit prescribed by Law. For the BÝy¨‡iÝ wjwg‡U‡Wi BwZnv‡m GB cÖ_g evi e¨e¯’vcbv e¨q
first time in the history of Pragati Life Insurance limited Aby‡gvw`Z mxgvi g‡a¨ wQj|
Management expenses were within the allowable limit.
Risk Management SzuwK e¨e¯’vcbv
Risk is the element of uncertainty or possibility of loss. Risk SzuwK GKwU AwbðqZv ev ¶wZi m¤¢vebv| exgv e¨emvq SuzwK
is a core part of Insurance Business. Sound risk management GKwU ¸iæZ¡c~Y© Ask| †hŠw³K SzuwK e¨e¯’vcbvi Abykxjb exgv
practices are the fundamental to long term success of wk‡íi `xN©‡gqv`x mdjZvi †gŠj wfwË| SzuwK e¨e¯’vcbvi ¶gZv
Insurance Industry. By strengthening risk management kw³kvjx I m‡e©vËg wbqš¿Y ev¯—evq‡Y, e¨emv cwiPvjbvq
capabilities and executing optimal risk controls, Pragati †hŠw³K I h_v_©Zv wbwðZ Kiv Ges cÖwZôv‡bi m¤ú„³ mK‡ji
Life Insurance Limited aims to ensure the soundness and ¯^v_© msi¶Y KivB †Kv¤úvbxi g~j j¶¨| GiB avivewnKZvq,
appropriateness of its operations and to protect the interests wek¦vm I Av¯’vi gva¨‡g Rxeb exgv cÖwZôvb wn‡m‡e Avgiv
of stakeholders. In this way, we shall improve our reputation mybvg e„w× Kie hvnv mgv‡Ri cÖwZ ØvwqZ¡ cvj‡b c~Y©Zv jvf
as a trustworthy and credible life insurance company which Ki‡e|
will fulfill our responsibility to society.

ANNUAL REPORT 33
2016
Dividend to Shareholders and Bonus to ‡kqvi‡nvìviM‡Yi jf¨vsk Ges cwjwm †nvìvi‡`i †evbvm
Policyhoders
As per recommendation of the Actuary, the Board of G¨vKPzqvixi mycvwik Abyhvqx †Kv¤úvbxi cwiPvjbv cwil`
Directors has recommended a cash dividend at the rate 2016 mv‡ji Rb¨ cÖwZwU 10 UvKv g~j¨i †kqv‡ii wecix‡Z 8
of 8 per cent and stock divividend at the rate of 17 per kZvsk nv‡i bM` jf¨vsk Ges 17 kZvsk nv‡i ÷K wWwf‡WÛ
cent for each share of Tk. 10 each to the Shareholders of cÖ`v‡bi mycvwik K‡i‡Q| 2016 mv‡ji 31 wW‡m¤^i ch©š—
the Company for the year 2016. In order to recommend Bmy¨K…Z cwjwmi `v‡qi Dci †Kv¤úvbxi m¤ú‡`i GKPz¨qvwiqvj
the Dividend, the Board of Directors has taken into f¨vj~‡qk‡bi djvdj Ges †Kv¤úvbxi fwel¨r m¤úv` wewb‡qvM
consideration the results of the Actuarial Valuation of the I m¤úªmvi‡Yi welq we‡ePbvq †i‡L cwiPvjbv cwil` †gvU
company’s liabilities under policies issued till 31 December, 25 kZvsk jf¨vsk cÖ`v‡bi mycvwik K‡i‡Q| cwiPvjbv cl©`
2016. While recommending total dividend at the rate of 25 G¨vKPy¨qvwiqvj f¨vjy‡qkb djvd‡ji wfwˇZ †Kv¤úvbxi
per cent the Board has also approved the Policy Bonus as m¤§vwbZ exgv MÖvnK‡`i Rb¨I ewa©Z nv‡i cwjwm †evbvm †NvlYv
recommnended by the Actuary for valued policyholders on K‡i‡Q|
the basis of Actuarial Valuation Report.

Staff Welfare Kg©Pvix‡`i myweav

Staff welfare has always been uppermost in the Company. Kg©Pvix‡`i Kj¨vb mva‡b †Kv¤úvbx me mgq AMÖvwaKvi w`‡q
The facilities been introduced are Contributory Provident _v‡K| †Kv¤úvbxi Kg©KZ©v I Kg©Pvix‡`i Kj¨vbv‡_© †Kv¤úvbxi
Fund, Gratuity Scheme, and Employee Incentive Bonus for cwiPvjbv cl©` fwel¨r Znwej, MÖ¨vPzwqwU Ges Bb‡mbwUf
the Workforce. †evbvm cÖ`vb K‡i _v‡K|

Corporate Social Responsibility mvgvwRK `vqe×Zv

The Company always acknowledges its responsibilities for mgv‡Ri cÖwZ `vqe×Zv †Kv¤úvbx ¯^xKvi K‡i| †Kv¤úvbx
the well being of the society and takes part in such activities memgq mvgvwRK `vwq‡Z¡i cÖwZ †Lqvj iv‡L Ges cÖ‡qvRbgZ
whenever it becomes necessary. We pursue a strong policy Zv cvjb K‡i| mvgvwRK `vqe×Zv cwicvj‡b Avgv‡`i bxwZ
in respect of Corporate Social Responsibility. We get our AZ¨š— my`„p| Avgiv mvgvwRK cwi‡e‡k e¨emv cwiPvjbv Kwi
business sustenance from the society in which we live and Ges GLvb †_‡KB e¨emv‡qi mKj DcKiY †c‡q _vwK|
operate. In reciprocation, we want to do something back wewbg‡q AvgivI mgv‡Ri Rb¨ wKQy Ki‡Z PvB| MÖvnK, Kg©KZ©v-
to the society. Our corporate social responsibility includes Kg©Pvix, †kqvi‡nvìvi, e¨emvwqK mn‡hvMx Ges m‡e©vcwi mgvR
our customer, employees, shareholders, business associates Avgv‡`i †Kv¤úvbxi mvgvwRK `vqe×Zvi AvIZvf~³|
and a society as a whole.

Out Look for 2017 2017 mv‡ji c~e©vfvm

To meet the growing competition in the market, the 2017 mv‡j cÖwZ‡hvwMZvi evRv‡i AeZxY© n‡Z †Kv¤úvbxi
Management will initiate the following measures to achieve
e¨e¯’vcbv cl©` wbgœwjwLZ e¨e¯’vw` MÖnY K‡i‡Qt
the target for the year 2017:
1. Expansion of existing Distribution Network throughout 1. mviv †`ke¨vcx weµq e¨e¯’v m¤úªmviY ;
the Country;
2. Commercialization of successfully piloted alternative
2. B‡Zvg‡a¨ mdjfv‡e cvBjUK…Z weKí weZiY e¨e¯’vi
evwYR¨Kib;
distribution channel ;
3. Emphasis on Customers and Services; 3. MÖvnK †mevi Dci ¸iæZ¡ cÖ`vb ;
4. Take appropriate initiatives to reduce management 4. e¨e¯’vcbv e¨q n«vm Ki‡Z h_vh_ c`‡¶c MÖnb ;
expenses; 5. wewb‡qvM Avq e„w×;
5. Enhance the yield on our investment;
6. Manage our business prudently; 6. weP¶YZvi mwnZ e¨emv cwiPvjbv;
7. Growth & Profitability of core business. 7. g~j e¨emv‡qi cÖe„w× I jvfRbKKib|

34 ANNUAL REPORT
2016
No. of Board Meeting and Attendance cwiPvjbv cl©` mfvi msL¨v I Dcw¯’wZ
The number of Board meetings and the attendance of the 2016 mv‡j cwiPvjbv cl©‡`i cwiPvjKgÛjx wbgœewY©Z msL¨K
Directors during the year 2016 were as follows: mfvq AskMÖnY K‡i‡Qbt

No. of
Name Designation meeting Attendance mfvi
bvg c`ghv©`v Dcw¯’wZ
held msL¨v

Mr. Khalilur Rahman Chairman 6 6 Rbve Lwjjyi ingvb †Pqvig¨vb 6 6

Syed M. Altaf Hussain Director 6 3 ‰mq` Gg. AvjZvd †nvmvBb cwiPvjK 6 3

Mr. Abdul Awal Mintoo Director 6 3 Rbve Ave`yj AvDqvj wg›Uz cwiPvjK 6 3

Mr. Mohammed Abdul Awwal Director 6 4 Rbve †gvnv¤§` Ave`yj AvDqvj cwiPvjK 6 4

Mr. Khan Mohd. Ameer Director 6 1 Rbve Lvb †gvnv¤§` Avgxi cwiPvjK 6 1

Mrs. Nelofer Kamal Director 6 - wg‡mm wbjydvi Kvgvj cwiPvjK 6 -

Mr. A.S.M. Mohiuddin
Monem
Director 6 4 Rbve [Link]. gwnDwÏb †gv‡bg cwiPvjK 6 4

Mr. Tabith M. Awal Director 6 1 Rbve Zvwe_ Gg. AvDqvj cwiPvjK 6 1

Mr. Md. Shafiur Rahman Director 6 3 Rbve †gvnv¤§` kwdDi ingvb cwiPvjK 6 3

Mr. Tafsir M. Awal Director 6 5 Rbve Zvdwmi Gg. AvDqvj cwiPvjK 6 5

Mr. Mohammed Abdul Hamid Director 6 4 Rbve †gv: Avãyj nvwg` cwiPvjK 6 4

Mrs. Nigar Jahan Chowdhury Director 6 3 wg‡mm wbMvi Rvnvb †PŠayix cwiPvjK 6 3

Mrs. Meherunnessa Monem Director 6 - wg‡mm †g‡niæ‡bœmv †gv‡bg cwiPvjK 6 -

Mr. Akbar Hossain Director 6 6 Rbve AvKei †nv‡mb cwiPvjK 6 6

Syed Muhammad Jan Director 6 4 ‰mq` †gvnv¤§` Rvb cwiPvjK 6 4

Independent
Mr. Syedur Rahman Mintoo
Director
6 3 Rbve mvB`yi ingvb wg›Uz ¯^Zš¿ cwiPvjK 6 3
Independent
Mr. Muhammad Jamaluddin 6 5 Rbve gynv¤§` RvgvjDwÏb ¯^Zš¿ cwiPvjK 6 5
Director
Dr. Rashed Al Mahmud Independent W. iv‡k` Avj gvngy` wZZzwgi ¯^Zš¿ cwiPvjK 6 4
6 4
Titumir Director

ANNUAL REPORT 35
2016
Election of Sponsor Directors D‡`¨v³v cwiPvjK wbe©vPb
In accordance with the Company’s Articles of Association, †Kv¤úvbxi msNwewagvjvi weavb Abyhvqx wb¤œwjwLZ D‡`¨v³v
the under noted Sponsor Directors shall retire from the cwiPvjKMY Aemi MÖnb Ki‡eb| †hvM¨ weavq cÖ‡Z¨‡KB
office by rotation. Being eligible, they offered themselves cybtwbe©vP‡bi B”Qv cÖKvk K‡i‡Qb|
for re-election.
1. Mr. khan Mohammed Ameer 1. Rbve Lvb †gvnv¤§` Avwgi
2. Mrs. Nigar Jahan Chowdhurry 2. wg‡mm wbMvi Rvnvb ‰Pvayix
3. Mrs. Nelofer kamal 3. wg‡mm wbjydvi Kvgvj

Election of Public Shareholders Directors cvewjK †kqvi‡nvìvi cwiPvjK wbe©vPb

In accordance with the Company’s Articles of Association †Kv¤úvbxi msNwewagvjvi weavb Abyhvqx wb¤œwjwLZ 2 (`yB) Rb
following 2 (two) Directors from Public Subscribers shall retire cvewjK †kqvi‡nvìvi cwiPvjKMY 16 Zg evwl©K mvaviY mfvq
in the 17th Annual General Meeting. Aemi MÖnb Ki‡ebt
1. Mr. Abdul Awal Mintoo 1. Rbve Ave`yj AvDqvj wg›Uz
2. Mrs. Meherunnessa Monem 2. wg‡mm †g‡niæ‡bœmv †gv‡bg
Notice related to election of directors from public subscribers cvewjK †kqvi‡nvìvi‡`i ga¨ †_‡K cwiPvjK msµvš— †bvvwUk
has already been published in two national [Link] retiring `ywU RvZxq ˆ`wbK msev`c‡‡Î cÖKvwkZ n‡q‡Q| Rbve Ave`yj
directors Mr. Abdul Awal Mintoo and Mrs. Meherunnessa AvDqvj wg›Uz Ges wg‡mm †g‡ni“‡bœmv †gv‡bg cvewjK
Monem submitted their nomination papers within the †kqvi‡nvìvi cwiPvjK wbe©vP‡bi g‡bvbqbcÎ wba©vwiZ mg‡q
stipulated time expressing their willingness for re-election. `vwLj K‡ib| D‡jøwLZ 2 (`yB) Rb †kqvi‡nvìvi e¨ZxZ Ab¨
Nobody else has submitted nomination papers. So they will †Kvb g‡bvbqbcÎ bv `vwLj nIqvq Ges †hvM¨ weavq cÖ‡Z¨‡K
be taken as elected Director from Public Subscribers. cvewjK †kqvi‡nvìvi cwiPvjK wbe©vwPZ e‡j Mb¨ n‡eb|
Appointment of Auditors
The existing Auditors Zoha Zaman kabir Rashid & Co are wbix¶K wb‡qvM
going to retire at the 17th Annual General Meeting as they †Kv¤úvbxi eZ©gvb wbix¶K †Rvnv Rvgvb Kwei iwk` GÛ
have served as auditors of the Company for consecutive 3 †Kv¤úvbx wbieweQbœfv‡e 3 eQi wbix¶v K‡i‡Q| XvKv ÷K
(three) years and they are ineligible for reappointment for the G·‡PÄ (wjwós) †i¸‡jk‡bi weavb †gvZv‡eK Zviv c~b:wb‡qvM
year 2017 as per Dhaka Stock Exchange (listing) regulations. cvIqvi †hvM¨ bq| †Kv¤úvbxi 17Zg evwl©K mvaviY mfvq
A new Auditors firms will be required to appoint at the 17th †kqvi‡nvìviMY‡K GKwU wbix¶K dvg©‡K wb‡qvM Ki‡Z n‡e|
Annual General Meeting. Some audit firms have submitted †Kv¤úvbxi wbix¶K wnmv‡e wb‡qvM †c‡Z KwZcq wbix¶K dvg©
their expression of interest for appointment as auditors of AvMÖn e¨³ K‡i‡Q | cwiPvjbv cl©` Ò†nv`v fvwm †PŠayix GÛ
the company. The Board of Director has recommended †KvsÓ PvUv©W G¨vKvD‡›U›Um dvg©‡K 2017 mv‡ji Rb¨ wbix¶K
Hoda Vasi Chowdhury & Co. Chartered Accountants Firm wnmv‡e wb‡qvM mycvwik K‡i hv †Kv¤úvbxi 17Zg evwl©K
for appointment as auditors for the year 2017 which will be mvaviY mfvq †kqvi‡nvìviM‡bi Aby‡gv`‡bi R‡b¨ Dc¯’vcb
placed in the 17th Annual General Meetting for approval of Kiv n‡e|
the Shareholders.
Corporate Governance cÖvwZôvwbK mykvmb
Four separate Sub-Committees for Audit, Claim, wbix¶v, cÖkvmb, A_© Ges `vex welqK PviwU Dc-KwgwU MVb
Administrative and Finance have been formed. The Kiv n‡q‡Q| †Kv¤úvbxi cÖvwZôvwbK Kvh©µ‡gi ch©v‡jvPbv, w`K
Committees look into the compliance of various procedures wb‡`©kbv Ges e¨emv‡qi wewfbœ SuzwK I Ae¨e¯’v n‡Z myi¶vi
and regulations related to Corporate Governance and review Rb¨ G KwgwU¸‡jv KvR K‡i|
various guidelines, procedures and safeguards to minimize
the incidents of various risks faced by the Company in the
business environment.
A separate report on Corporate Governance is provided as cÖvwZôvwbK mykvmb wel‡q evwl©K cÖwZ‡e`‡b GKwU c„_K weeiYx
part of the Annual Report. †`qv n‡jv|

36 ANNUAL REPORT
2016
The Pattern of Shareholding
Sl. No. Name of Director, CEO, Company Secretary & CFO No. of Shares Total

1. Mr. Khalilur Rahman 2,07,446 2,07,446

2. Syed M. Altaf Hussain 3,31,221 3,31,221

3. Mr. Abdul Awal Mintoo1 2,764 2,764

4. Mr. Mohammed Abdul Awwal 69,148 69,148

5. Mr. Khan Mohammed Ameer 2,07,494 2,07,494

6. Mrs. Nelofer Kamal 2,42,809 2,42,809

7. Mr. A.S.M. Mohiuddin Monem 5,62,833 5,62,833

8. Mr. Tabith M. Awal 2,35,895 2,35,895

9. Mr. Md. Shafiur Rahman 2,48,627 2,48,627

10. Mr. Tafsir M. Awal 2,35,895 2,35,895

11. Mr. Mohammed Abdul Hamid 2,90,522 2,90,522

12. Mrs. Meherunnessa Monem 2,764 2,764

13. Mr. Akbar Hossain2 13,829 13,829

14. Mrs. Nigar Jahan Chowdhury 2,90,522 2,90,522

15. Syed Muhammad Jan 1,234 1,234

16. Mr. Muhammad Jamaluddin, Independent Director --- ---

17. Dr. Rashed Al Mahmud Titumir, Independent Director --- ---

18. CEO --- ---

19. Company Secretary --- ---

20. CFO --- ---

21. Head of Internal Audit --- ---

22. Executives ---- ----

23. Shareholders holding 10% or more voting rights --- ---

1
Nominated by Security Managment Company Ltd.
2
Nominated by NFM Ltd.

ANNUAL REPORT 37
2016
Directors’ Responsibility Statement cwiPvjKgÛjxi `vwqZ¡vejxi wee„wZ
With regard to responsibilities for preparation and †Kv¤úvbxi Avw_©K weeiYx cÖ¯‘Z Ges Dc¯’vcbvq cwiPvjKgÛjx
presentation of the Financial Statements, the Directors Zv‡`i `vwq‡Z¡i wel‡q wbwðZ K‡ib †h t
confirm that:

1. The financial statements together with the notes thereon 1. †Kv¤úvbx AvBb 1994, exgv AvBb 2010, exgv wewa
have been drawn up in conformity with the companies
Act, 1994, Insurance Act, 2010, Insurance Rules
1958 Ges wmwKDwiwUR A¨vÛ G·‡PÄ wewa 1987 Gi
1958 and Securities and Exchange Rules [Link] weavbejxi mv‡_ †Kv¤úvbx KZ„©K cÖ¯‘ZK…Z Avw_©K weeiYx
statements present fairly the Company’s statement of Ges GZØm½xq †bvUmg~n m½wZc~b©;
affairs, the result of its operation and cash flow; 2. †Kv¤úvbxi evwl©K wnmve cÖ¯‘ZKv‡j wnmve weÁv‡bi gvb
2. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with Abyhvqx m¤úbœ Kiv n‡q‡Q Ges GZ`m¤úwK©Z e¨vL¨v wee„wZ
proper explanation relating material departure, if any; Kiv n‡q‡Q;
3. The Directors had selected each accounting policy and 3. cwiPvjKgÛjxi wnmve weÁv‡bi bxwZgvjv wbw`©©ó K‡i
applied them consistently and made judgments and
mvgÄm¨iƒ‡c cÖ‡qvM, wePvi we‡kølY Øviv wbwðZ n‡q‡Qb
estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company †h, Av‡jvP¨ wnmvevw`‡Z †Kv¤úvbxi ¯^”Q wPÎ cÖwZdwjZ
at the end of financial year and of the results of the n‡q‡Q;
Company for that period; 4. †Kv¤úvbx AvBb 1994, exgv AvBb 2010, exgv wewa 1958
4. The Directors had taken proper and sufficient care for
Ges wmwKDwiwUR A¨vÛ G·‡PÄ wewa 1987 Gi weavbejx‡Z
the maintenance of adequate accounting records in
accordance with the provisions of the Company‘s Act, ewY©Z AvBb I wewaweavb †g‡b †Kv¤úvbxi wnmv‡e cÖZviYv I
1994, Insurance Act. 2010, Insurance Rules 1958 and Awbq‡gi wel‡q wbivcËv weavb I AbymÜvb Øviv †Kv¤úvbxi
Securities and Exchange Rules 1987 for safeguarding m¤ú` i¶Yv‡e¶‡Y cwiPvjKgÛjx h‡_vchy³ I h‡_ó
the assets of the Company and for preventing and hZœkxj wQ‡jb;
detecting fraud and other irregularities;
5. The Directors had prepared the annual accounts on 5. cwiPvjKgÛjx ÔPjgvb cÖwµqvÕ evwl©K wnmve cÖ¯‘Z K‡i‡Qb|
“Going Concern” basis; 6. Af¨šÍixY wbqš¿Y e¨e¯’v mycwiKwíZ Ges Kvh©Kifv‡e
6. The Internal Control system is sound in design and cÖ‡qvMK…Z Ges wbqwgZfv‡e ch©‡e¶YK…Z;
effectively implemented and monitored;
7. The key operating and financial data of the last five 7. MZ cvuP eQ‡ii wnmv‡ei DcvË ÔAvw_©K Av‡jvKcvZÕ AvKv‡i
years is annexed as “Financial Highlights”. ms‡hvwRZ n‡jv|
Acknowledgement K…ZÁZv
On behalf of the Board of Directors, I wish to extend thanks cwiPvjbv cl©‡`i c¶ n‡Z, Ae¨vnZ mvnvh¨ mn‡hvwMZvi Rb¨
to our valued Policy Holders, Shareholders, Insurance m¤§vwbZ cwjwm‡nvìvi, †kqvi‡nvìvi, exgv Dbœqb I wbqš¿Y
Development and Regulatory authority (IDRA), Bankers, KZ…©c¶, e¨vsKmg~n, evsjv‡`k wmwKDwiwUR A¨vÛ G·‡PÄ
Bangaldesh Securities and Exchange Commission (BSEC), Kwgkb, XvKv ÷K G·‡PÄ wjwg‡UW, PÆMÖvg ÷K G·‡PÄ
Dhaka Stock Exchange Limited (DSE), Chittagong Stock wjwg‡UW Ges †m›Uªvj wW‡cvwRUix evsjv‡`k wjwg‡UW Gi Awdm
Exchange Limited (CSE) and Central Depository of mg~‡ni cÖwZ Avwg ab¨ev` I K…ZÁZv Ávcb KiwQ|
Bangladesh Limited (CDBL) for their continuous support
and co-operation.
The Board of Directors also expresses deep appreciation to
†Kv¤úvbxi mvdj¨ AR©‡bi wcQ‡b D‡`¨v³v, c„ó‡cvlK,
the Sponsors, Patrons, Management, all members of staff
e¨e¯’vcbvq wbhy³ mKj m`m¨ Ges ïfvbya¨vqx‡`i cÖwZ Zv‡`i
and well wishers, whose continued support and patronage
mwµq mvnvh¨ I mn‡hvwMZvi Rb¨ cwiPvjbv cl©` K…ZÁZv
have made the results possible.
Ávcb K‡i‡Qb|

On behalf of the Board cwiPvjbv cl©‡`i c‡¶

Khalilur Rahman Lwjjyi ingvb

Chairman †Pqvig¨vb
Board of Directors cwiPvjbv cl©`
Dated: Dhaka, 29 June, 2017. ZvwiLt XvKv, 29 Ryb, 2017|

38 ANNUAL REPORT
2016
 CERTIFICATE OF
COMPLIANCE TO
THE SHAREHOLDERS OF
Pragati Life Insurance Limited
(As required under the BSEC Guidelines)

We have examined compliance to the BSEC guidelines on Corporate

Governance Guidelines by Pragati Life Insurance Limited for the year
ended 31 December 2016. These guidelines relate to the notification # SEC/
CMRRCD/2006-158/134/Admin/44 dated 7 August 2012 and subsequently
amended through the notification # SEC/CMRRCD/2006-158/147/Admin/48 dated
21 July 2013 of Bangladesh Securities and Exchange Commission (BSEC) on Corporate
Governance under section 2CC of the Securities and Exchange Ordinance, 1969.

Such compliance to the codes of Corporate Governance is the responsibility of the company’s
management. Our examination was limited to the procedures and implementation thereof as
adopted by the company in ensuring the compliance to the conditions of Corporate Governance
Guidelines. This is a scrutiny and verification only and not an expression of opinion on the
financial statements of the company.

In our opinion and to the best of our information and according to the explanations provided
to us, we certify that, subject to the remarks and observations as reported in the attached
Compliance Statements, the company has complied with the conditions of Corporate Governance
Guidelines as stipulated in the above-mentioned guidelines issued by the BSEC.

We also state that such compliance is neither an assurance as to the future viability of the
company, nor a certification on the efficiency or effectiveness with which the management has
conducted the affairs of the company. This is also no endorsement about quality of contents in
the Annual Report of the company.

Dhaka, 25 June 2017 MABS & J Partners

Chartered Accountants

ANNUAL REPORT 39
2016
 Pragati Life Insurance Limited
Status of compliance with the conditions set out by the BSEC Notification
on Corporate Governance Guidelines
Status of compliance with the conditions of Corporate Governance Guidelines as set by Bangladesh
Securities & Exchange Commission (BSEC) by the notification # SEC/CMRRCD/2006 158/134/
Admin/44 dated 07 August 2012 and subsequently amended through their notification # SEC/
CMRRCD/2006-158/147/Admin/48 dated 21 July 2013 issued under section 2CC of the Securities and
Exchange Ordinance, 1969:

(Report under Condition No. 7.00)

Compliance Status
Condition (Put √ in the appropriate column) Remarks
Title
No. (if any)
Complied Not complied
1 Board of Directors:
1.1 Board’s Size √
1.2 Independent Directors:
At least one fifth (1/5th) of the total number of Director in As per Insurance
1.2 (i) √
the Company’s Board shall be Independent Director. Act, 2010
1.2 (ii) a) Does not hold any or holds less than 1% shares √
Is not connected with the company’s any sponsor, director or
1.2 (ii) b) √
shareholder who holds 1% or more shares.
Does not have any other relationship, whether pecuniary
1.2 (ii) c) or otherwise with the company or its subsidiary/associated √
companies.
1.2 (ii) d) Not a member, director or officer of any stock exchange √
Not a member, director or officer of any member of stock
1.2 (ii) e) √
exchange or an intermediary of the capital market.
Who is not and was not a partner or an executive during the
1.2 (ii) f) preceding 3 years of any statutory audit firm. √

Is not an independent director in more than 3 listed

1.2 (ii) g) √
companies
Has not been convicted by a court of competent jurisdiction
1.2 (ii) h) as a defaulter in payment of any loan to a bank or a Non- √
Bank Financial Institution.
Has not been convicted for criminal offence involving moral
1.2 (ii) i) √
turpitude.
Nominated by the board of directors and approved by the
1.2 (iii) √
shareholders in the AGM
1.2 (iv) The post does not remain vacant for more than 90 days. √
The board shall lay down a code of conduct of all board
1.2 (v) √
members and annual compliance of the code to be recorded.
The tenure of office of an independent director shall be for a
1.2 (vi) √
period of 3 years, which may be extended for 1 term only.
1.3 Qualification of Independent Director (ID):
Independent Director shall be a knowledgeable individual
with integrity who is able to ensure compliance with
1.3 (i) √
financial, regulatory and corporate laws and can make
meaningful contribution to business.

40 ANNUAL REPORT
2016
 Compliance Status
Condition (Put √ in the appropriate column) Remarks
Title
No. (if any)
Complied Not complied
The person should be a Business Leader/Corporate Leader/
Bureaucrat/ University Teacher with Economics or Business
Studies or Law background/ Professionals like Chartered
1.3 (ii) √
Accountants, Cost & Management Accountants, Chartered
Secretaries. The independent director must have at least 12
years of corporate management/professional experiences.
In special cases the above qualifications may be relaxed Not
1.3 (iii) subject to prior approval of the Commission. applicable
Chairman of the Board and Chief Executive Officer: The
positions of the Chairman of the Board and the Chief
Executive Officer of the companies shall be filled by
1.4 different individuals. The Chairman of the company shall √
be elected from among the directors of the company. The
Board of Directors shall clearly define respective roles and
responsibilities of the Chairman and the Chief Executive
Officer.
1.5 The Directors’ Report to Shareholders:
Industry outlook and possible future developments in the
1.5 (i) √
industry
1.5 (ii) Segment-wise or product-wise performance. √
1.5 (iii) Risks and concerns. √
A discussion on Cost of Goods sold, Gross Profit Margin and Not
1.5 (iv) Net Profit Margin. applicable
1.5 (v) Discussion on continuity of any Extra-Ordinary gain or loss. √
1.5 (vi) Basis for related party transactions √
Utilization of proceeds from public issues, rights issues and/ Not
1.5 (vii) or through any others instruments. applicable
An explanation if the financial results deteriorate after the Not
1.5 (viii) company goes for Initial Public Offering (IPO), Repeat applicable
Public Offering (RPO), Rights Offer, Direct Listing, etc.
If significant variance occurs between Quarterly Financial
performance and Annual Financial Statements the
1.5 (ix) √
management shall explain about the variance on their Annual
Report.
1.5 (x) Remuneration to directors including independent directors. √
The financial statements prepared by the management of the
1.5 (xi) issuer company present fairly its state of affairs, the result of √
its operations, cash flows and changes in equity.
Proper books of account of the issuer company have been
1.5 (xii) √
maintained
Appropriate accounting policies have been consistently
applied in reparation of the financial statements and that the
1.5 (xiii) √
accounting estimates are based on reasonable and prudent
judgment.
International Accounting Standards (IAS)/Bangladesh
Accounting Standards (BAS)/International Financial
Reporting Standards (IFRS)/Bangladesh Financial Reporting
1.5 (xiv) √
Standards (BFRS), as applicable in Bangladesh, have been
followed in preparation of the financial statements and any
departure there-from has been adequately disclosed.
The system of internal control is sound in design and has
1.5 (xv) √
been effectively implemented and monitored.

ANNUAL REPORT 41
2016
 Compliance Status
Condition (Put √ in the appropriate column) Remarks
Title
No. (if any)
Complied Not complied
There are no significant doubts upon the issuer company’s
ability to continue as a going concern. If the issuer company
1.5 (xvi) √
is not considered to be a going concern, the fact along with
reasons thereof should be disclosed.
Significant deviations from the last year’s operating results
1.5 (xvii) of the issuer company shall be highlighted and the reasons √
thereof should be explained.
Key operating and financial data of at least preceding 5 (five)
1.5 (xviii) √
years shall be summarized.
If the issuer company has not declared dividend (cash or Not
1.5 (xix) stock) for the year, the reasons thereof shall be given. applicable
The number of Board meetings held during the year and
1.5 (xx) √
attendance by each director shall be disclosed.
The pattern of shareholding shall be reported to disclose the aggregate number of shares (along with name
1.5 (xxi) wise details where stated below) held by:
Parent/Subsidiary/Associated Companies and other related
1.5 (xxi) a) √
parties (name wise details)
Directors, Chief Executive Officer, Company Secretary,
1.5 (xxi) b) Chief Financial Officer, Head of Internal Audit and their √
spouses and minor children (name wise details);
1.5 (xxi) c) Executives; √

Shareholders holding ten percent (10%) or more voting

1.5 (xxi) d) √
interest in the company (name wise details)

In case of the appointment/re-appointment of a director the company shall disclose the following
1.5 (xxii) information to the shareholders:-
1.5 (xxii) a) A brief resume of the director √
1.5 (xxii) Nature of his/her expertise in specific functional areas √
b)

1.5 (xxii) c) Names of companies in which the person also holds the √
directorship and the membership of committees of the board
2 Chief Financial Officer (CFO), Head Of Internal Audit and Company Secretary (CS):
Appointment: The company shall appoint a Chief Financial
Officer (CFO), a Head of Internal Audit (Internal Control
and Compliance) and a Company Secretary (CS). The
2.1 √
Board of Directors should clearly define respective roles,
responsibilities and duties of the CFO, the Head of Internal
Audit and the CS.
Requirement to attend the Board Meetings: The CFO and the
Company Secretary shall attend the meetings of the Board
of Directors, provided that the CFO and/or the Company
2.2 √
Secretary shall not attend such part of a meeting of the Board
of Directors which involves consideration of an agenda item
relating to their personal matters.
3 Audit Committee:
The company shall have an Audit Committee as a sub-
3 (i) √
committee of the Board of Directors

42 ANNUAL REPORT
2016
 Compliance Status
Condition (Put √ in the appropriate column) Remarks
Title
No. (if any)
Complied Not complied
The Audit Committee shall assist the Board of Directors in
ensuring that the financial statements reflect true and fair
3 (ii) √
view of the state of affairs of the company and in ensuring a
good monitoring system within the business.
The Audit Committee shall be responsible to the Board of
3 (iii) Directors. The duties of the Audit Committee shall be clearly √
set forth in writing.
3.1 Constitution of the Audit Committee:
The Audit Committee shall be composed of at least 3 (three)
3.1 (i) √
members
The Board of Directors shall appoint members of the Audit
3.1 (ii) Committee who shall be directors of the company and shall √
include at least 1 (one) independent director.
All members of the audit committee should be “financially
3.1 (iii) literate” and at least 1 (one) member shall have accounting √
or related financial management experience
When the term of service of the Committee members expires
or there is any circumstance causing any Committee member
to be unable to hold office until expiration of the term of
service, thus making the number of the Committee members
to be lower than the prescribed number of 3 (three) persons,
3.1 (iv) √
the Board of Directors shall appoint the new Committee
member(s) to fill up the vacancy (ies) immediately or not
later than 1 (one) month from the date of vacancy (ies) in the
Committee to ensure continuity of the performance of work
of the Audit Committee.
The company secretary shall act as the secretary of the
3.1 (v) √
Committee
The quorum of the Audit Committee meeting shall not
3.1 (vi) √
constitute without at least 1 (one) independent director.
3.2 Chairman of the Audit Committee:
The Board of Directors shall select 1 (one) member of the
3.2 (i) Audit Committee to be Chairman of the Audit Committee, √
who shall be an independent director.
Chairman of the audit committee shall remain present in the
3.2 (ii) √
Annual General Meeting (AGM)
3.3 Role of Audit Committee:
3.3 (i) Oversee the financial reporting process. √
3.3 (ii) Monitor choice of accounting policies and principles √
3.3 (iii) Monitor Internal Control Risk management process √
3.3 (iv) Oversee hiring and performance of external auditors √
Review along with the management, the annual financial
3.3 (v) √
statements before submission to the board for approval
Review along with the management, the quarterly and half
3.3 (vi) yearly financial statements before submission to the board √
for approval
3.3 (vii) Review the adequacy of internal audit function √
Review statement of significant related party transactions
3.3 (viii) √
submitted by the management
Review Management Letters/ Letter of Internal Control
3.3 (ix) √
weakness issued by statutory auditors

ANNUAL REPORT 43
2016
 Compliance Status
Condition (Put √ in the appropriate column) Remarks
Title
No. (if any)
Complied Not complied
When money is raised through Initial Public Offering (IPO)/
Repeat Public Offering (RPO)/ Rights Issue the company
shall disclose to the Audit Committee about the uses/
applications of funds by major category (capital expenditure,
3.3 (x) sales and marketing expenses, working capital, etc), on a √
quarterly basis, as a part of their quarterly declaration of
financial results. Further, on an annual basis, the company
shall prepare a statement of funds utilized for the purposes
other than those stated in the offer document/prospectus
3.4 Reporting of the Audit Committee:
3.4.1 Reporting to the Board of Directors:
The Audit Committee shall report on its activities to the
3.4.1 (i) √
Board of Directors
3.4.1 (ii) The Audit Committee shall immediately report to the Board of Directors on the following findings, if any:
3.4.1 (ii) a) Report on conflicts of interests; Not
applicable
Suspected or presumed fraud or irregularity or material Not
3.4.1 (ii) b) defect in the internal control system; applicable
Suspected infringement of laws, including securities related Not
3.4.1 (ii) c) laws, rules and regulations applicable

3.4.1 (ii) d) Any other matter which shall be disclosed to the Board of Not
Directors immediately. applicable
Reporting to the Authorities: If the Audit Committee has
reported to the Board of Directors about anything which
has material impact on the financial condition and results
of operation and has discussed with the Board of Directors
and the management that any rectification is necessary and Not
3.4.2 if the Audit Committee finds that such rectification has been applicable
unreasonably ignored, the Audit Committee shall report such
finding to the Commission, upon reporting of such matters
to the Board of Directors for three times or completion of a
period of 6 (six) months from the date of first reporting to the
Board of Directors, whichever is earlier.
Reporting to the Shareholders and General Investors:
Report on activities carried out by the Audit Committee,
including any report made to the Board of Directors under
3.5 √
condition 3.4.1 (ii) above during the year, shall be signed by
the Chairman of the Audit Committee and disclosed in the
annual report of the issuer company
4 External/Statutory Auditors:
The issuer company should not engage its external/statutory
auditors to perform the following services of the company;
4 (i) √
namely:- Appraisal or valuation services or fairness
opinions.
4 (ii) Financial information systems design and implementation √
Book-keeping or other services related to the accounting
4 (iii) √
records or financial statements
4 (iv) Broker-dealer services √
4 (v) Actuarial services √
4 (vi) Internal audit services √

44 ANNUAL REPORT
2016
 Compliance Status
Condition (Put √ in the appropriate column) Remarks
Title
No. (if any)
Complied Not complied
Any other service that the Audit Committee determines
4 (vii) √
No partner or employees of the external audit firms shall
4 (viii) possess any share of the company they audit at least during √
the tenure of their audit assignment of that company
Audit/certification services on compliance of corporate
4 (ix) √
governance as required under clause (i) of condition No. 7
5 Subsidiary Company:
Provisions relating to the composition of the Board of
Directors of the holding company shall be made applicable Not
5 (i) to the composition of the Board of Directors of the applicable
subsidiary company
At least 1 (one) independent director on the Board of
5 (ii) Directors of the holding company shall be a director on the Not
applicable
Board of Directors of the subsidiary company
The minutes of the Board meeting of the subsidiary company Not
5 (iii) shall be placed for review at the following Board meeting of applicable
the holding company
The minutes of the respective Board meeting of the holding Not
5 (iv) company shall state that they have reviewed the affairs of the applicable
subsidiary company also
The Audit Committee of the holding company shall also Not
5 (v) review the financial statements, in particular the investments applicable
made by the subsidiary company
6 Duties Of Chief Executive Officer (CEO) And Chief Financial Officer (CFO):
The CEO and CFO shall certify to the Board that : they have
6 (i) reviewed financial statements for the year and that to the best √
of their knowledge and belief:
These statements do not contain any materially untrue
6 (i) a) statement or omit any material fact or contain statements that √
might be misleading
These statements together present a true and fair view of
6 (i) b) the company’s affairs and are in compliance with existing √
accounting standards and applicable laws
There are, to the best of knowledge and belief, no
transactions entered into by the company during the year
6 (ii) √
which are fraudulent, illegal or violation of the company’s
code of conduct.
7 Reporting and Compliance of Corporate Governance:
The company shall obtain a certificate from a Professional
Accountant/Secretary (Chartered Accountant/Cost &
Management Accountant/Chartered Secretary) regarding
7 (i) √
compliance of conditions of Corporate Governance
Guidelines of the Commission and shall send the same to the
shareholders along with the Annual Report on a yearly basis
The directors of the company shall state, in accordance with
7 (ii) the Annexure attached, in the directors’ report whether the √
company has complied with these conditions

ANNUAL REPORT 45
2016
 Key Financial Indicator
Amount in million BDT unless otherwise stated

SL YEAR
Particulars
No 2012 2013 2014 2015 2016
1 First Year Premium Income 380.24 130.61 322.36 418.91 579.37
2 Renewal Premium Income 838.93 694.81 677.07 770.73 799.63
3 Group & Health Insurance Premium 651.41 603.99 656.09 800.14 825.97
4 Gross Premium 1,870.58 1,429.41 1,655.52 1,989.78 2,204.98
5 Reinsurance Premium 57.28 37.33 33.97 13.45 27.27
6 Net Premium (4-5) 1,813.30 1,392.08 1,621.55 1,976.34 2,177.70
7 Retention Ratio (6/4) % 97% 97% 98% 99% 99%
8 First Year Premium Income growth (%) -38% -66% 147% 30% 38%
9 Renewal Premium Income growth (%) 6% -17% -3% 14% 4%
10 Gross Premium Income growth (%) -2% -24% 16% 20% 11%
First Year Commissions paid for acquisition of
11 81.11 43.96 107.53 120.05 155.85
life insurance business
Second Year Commissions paid for acquisition of
12 13.45 6.77 2.06 13.29 19.39
life insurance business
Third and Later Year Commissions paid for
13 58.55 47.03 44.42 40.29 32.55
acquisition of life insurance business
Total Commissions paid for acquisition of life
14 153.11 97.75 154.00 173.63 207.79
insurance business (11+12+13)
15 First Year Commissions/First Year Premium (%) 21.33% 33.65% 33.36% 28.66% 26.90%
Second Year Commissions/Second Year Renewal
16 13.13% 12.93% 12.05% 11.50% 9.22%
Premium (%)
Third Year and later Commissions/Third Year and
17 7.95% 7.32% 6.73% 6.15% 5.52%
later year Premium (%)
18 Management Expenses 867.25 570.73 688.31 745.28 799.02
19 Allowable Management Expenses 585.80 333.90 521.90 648.50 800.81
20 Excess Management Expenses(18-19) 281.45 236.83 166.41 96.78 -1.79
21 Excess Management Expenses Ratio (%) 48.05% 70.93% 31.89% 14.92% -0.22%
22 Overall Management Expenses Ratio (%) 46.36% 39.93% 41.58% 37.46% 36.24%
23 Renewal Expenses Ratio (%) 48.55% 49.07% 39.69% 27.56% 14.78%
24 Claims paid 570.95 635.20 898.79 1142.42 1202.76
25 Claims / Gross Premium (%) 30.52% 44.44% 54.29% 57.41% 54.55%
26 Total Commission Expenses/ Gross Premium (%) 8.19% 6.84% 9.30% 8.73% 9.42%
27 Investment Income 224.66 268.37 336.07 344.08 370.79
28 Investment Income/Gross Premium (%) 12.01% 18.78% 20.30% 17.29% 16.82%
29 Yield on Life Fund (%) 8.14% 8.31% 9.44% 8.82% 8.57%
30 Conservation Ratio (%) 59.76% 56.99% 82.03% 77.12% 67.22%

46 ANNUAL REPORT
2016
 Amount in million BDT unless otherwise stated

SL YEAR
Particulars
No 2012 2013 2014 2015 2016
Second Policy Year Lapse Ratio (%) by number
31 77.06% 80.45% 69.26% 67.17% 66.14%
of policies
Third Policy Year Lapse Ratio (%) by number of
32 70.55% 73.25% 70.50% 65.76% 65.60%
policies
Fourth Policy Year Lapse Ratio (%) by number
33 70.45% 77.76% 77.92% 82.14% 73.31%
of policies
Fifth Policy Year Lapse Ratio (%) by number of
34 72.35% 77.18% 81.72% 81.40% 84.69%
policies
Sixth Policy Year Lapse Ratio (%) by number of
35 72.66% 78.39% 81.36% 85.27% 84.76%
policies
Second Policy Year Lapse Ratio (%) by Premium
36 85.96% 86.90% 63.94% 58.95% 49.62%
Amount
Third Policy Year Lapse Ratio (%) by Premium
37 78.98% 77.89% 84.19% 62.51% 60.79%
Amount
Fourth Policy Year Lapse Ratio (%) by Premium
38 66.40% 81.86% 78.33% 86.22% 54.53%
Amount
Fifth Policy Year Lapse Ratio (%) by Premium
39 67.25% 71.19% 82.34% 80.00% 84.53%
Amount
Sixth Policy Year Lapse Ratio (%) by Premium
40 63.84% 72.24% 73.67% 84.88% 80.77%
Amount

41 Market Price Per Share (in BDT) at year end 126.00 164.30 100.50 113.50 101.20

42 Dividend yield (%) 0.95% 0.00% 2.19%** 0.00%*** 2.47****

43 Outstanding Premium as at 31st December 253.70 223.50 56.49 62.55 78.04
44 Total Investment as on 31st December 2,751.48 3,212.78 3,649.40 3,632.64 4,102.77
45 Life Fund as at 31st December 3,153.14 3,570.43 3,886.87 4,260.15 4,761.13
46 Total Assets as at 31st December 3,181.32 3,512.81 3,794.23 4,126.79 4,738.38
47 Paid up capital as at 31st December 94.08 98.78 98.78 103.72 103.72
48 Paid up Capital / Total asset (%) 2.96% 2.81% 2.60% 2.51% 2.19%
49 Net Cash flow from operating activities 75.97 203.44 94.97 68.64 126.53
50 Net Cash flow from investing activities 7.98 -247.34 -80.31 -68.84 203.21
51 Net Cash flow from financing activities .06 -5.92 -.13 -15.60 -.36
52 Net change in cash and cash equivalent 84.01 -49.82 14.53 -15.80 329.38

ANNUAL REPORT 47
2016
53. First Year and Renewal Premium Income
2012 2013 2014 2015 2016 Description
Year
376.59 125.62 321.86 417.34 577.13 First Year Premium Income
2012 N.A 52.35 69.25 60.21 49.44 Renewal Premium out of the policies in 2012
2013 N.A N.A 17.06 64.71 41.36 Renewal Premium out of the policies in 2013
2014 N.A N.A N.A 115.54 89.08 Renewal Premium out of the policies in 2014
2015 N.A N.A N.A N.A 210.27 Renewal Premium out of the policies in 2015

N.A = Not Applicable

*Single premium not included

54. Number of First Year and Renewal Policies

2012 2013 2014 2015 2016 Description
Year
0.044 0.023 0.040 0.042 0.050 Number of new policies issued
Number of policy renewed out of the policies issued in
2012 N.A 0.009 0.010 0.008 0.007
2012
Number of policy renewed out of the policies issued in
2013 N.A N.A 0.007 0.008 0.006
2013
Number of policy renewed out of the policies issued in
2014 N.A N.A N.A 0.010 0.010
2014
Number of policy renewed out of the policies issued in
2015 N.A N.A N.A N.A 0.020
2015

N.A = Not Applicable

*Single premium not included
**Dividend decleared in 2014 from actuarial surplus in 2013 & 2014.
***Dividend did not decleared in 2015 due to non availability of Actuarial Valuation Report.
****Dividend decleared in 2016 from actuarial surplus in 2015 & 2016.

Actual Vs Allowable Management Expenses

1000.00
900.00
800.00
700.00 Actual
Actual
600.00 Management
Management
500.00 Expenses
Expenses
400.00
Allowable
Allowable
300.00
Management
Management
200.00 Expenses
Expenses
100.00
.00
2012 2013 2014 2015 2016

* Some importent aspects of financial affairs of the Company are portrayed in the Directors Reports.

48 ANNUAL REPORT
2016
Auditors’ Report

ANNUAL REPORT 49
2016
 Auditors’ Report to the Shareholders of
Pragati Life Insurance Limited
We have audited the accompanying Balance Sheet of Pragati Life Insurance Limited as at 31 December 2016 and Revenue
Account, Statement of Cash Flows, Statement of Changes in Equity and notes (1-42) to the Financial Statements for the
year then ended.
Respective Responsibilities of Management
The Company’s management is responsible for preparing the financial statements, which give true and fair view, in
accordance with the Bangladesh Accounting Standards (BAS) and the Bangladesh Financial Reporting Standards (BFRS).
Our responsibility is to express an independent opinion on the financial statements, presented to us, based on Bangladesh
Standards on Auditing (BSA).
Basis of Audit Opinion
We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those Standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An Audit includes examining on test basis evidence supporting to the amounts and disclosures in the financial
statements. An audit also includes an assessing the accounting principle used and significant estimates made by management
as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for
our opinion.
Opinion
In our opinion, the financial statements read in conjunction with the notes (1-42) to the financial statements presents, in all
material respects, gives a true and fair view of the financial position of Pragati Life Insurance Limited as on 31 December
2016 and of the results of its operations and its cash flows for the year then ended and comply with the Companies Act
1994, The Insurance Act 2010, The Insurance Rules 1958, the Securities and Exchange Rules 1987, BAS / BFRS and other
applicable laws and regulations.
We also report that
a. We have obtained all the information, explanation which to the best of our knowledge and belief were necessary for
the purpose of our audit and made due verification thereof;
b. Our examination and checking of records, relevant books of accounts, registers, schedules and financial statements
were sufficient to enable us to form an informed and assessed opinion on the authenticity and accuracy of the financial
statements;
c. The company’s Balance Sheet and Revenue Account and its cash flow dealt with by the report are in agreement with
the books of accounts and returns;
d. The company management has followed relevant provisions of laws and rules in managing the affairs of the company
and proper books of accounts, records and other statutory books have been properly maintained and (where applicable)
proper returns adequate for the purposes of our audit have been received from branches not visited by us;
e. The expenditure incurred and payments made were for the purpose of the Company’s business for the year;
f. As per section 62 (2) of the Insurance Act, 2010 as amended, we certify that to the best of our knowledge and belief and
according to the information and explanation given to us, all expenses of management wherever incurred and whether
incurred directly or indirectly, in respect of insurance business of the company transacted in Bangladesh during the year
under report have been duly debited to the related Revenue Account of the company; and
g. As per the Insurance Act 2010, we certify that to the best of our information and as shown by its books, the company
during the year under report has not paid any person any commission in any form outside Bangladesh in respect of any
of its business re-insured abroad apart from commission arising out of the re-insurance treaties.

Zoha Zaman Kabir Rashid & Co.

Date: Dhaka, June 29, 2017 Chartered Accountants

50 ANNUAL REPORT
2016
 Financial
Statements

ANNUAL REPORT 51
2016
 BALANCE SHEET
As at 31 December 2016

2016 2015
CAPITAL AND LIABILITIES NOTES
TAKA TAKA
SHAREHOLDERS’ CAPITAL AUTHORISED
25,000,000 Ordinary Shares of Tk.10 each 250,000,000 250,000,000

ISSUED, SUBSCRIBED AND PAID-UP

10,372,320 Ordinary Shares of Tk.10 each fully paid up in cash 4.00 103,723,200 103,723,200

BALANCE OF FUNDS AND ACCOUNTS

Life Insurance Fund 5.00 4,761,126,292 4,260,148,642

LIABILITIES AND PROVISIONS

Estimated liabilities in respect of outstanding claims, whether
due or intimated 6.00 5,148,086 6,485,015

Amount due to other persons or bodies carrying on insurance

business 7.00 39,237,336 38,463,239

Sundry Creditors 8.00 187,493,951 126,482,826

Premium Deposits 9.00 6,416,155 1,453,108

Fair Value Change Account 10.00 (364,764,965) (409,962,606)

Total: 4,738,380,055 4,126,793,424

The annexed Notes 1 to 42 form an integral part of these Financial Statements.

Company Secretary Chief Financial Officer Chief Executive Officer Director Director Chairman

Zoha Zaman Kabir Rashid & Co.

Dated : Dhaka, June 29, 2017 Chartered Accountants

52 ANNUAL REPORT
2016
 BALANCE SHEET
As at 31 December 2016

2016 2015
PROPERTY AND ASSETS NOTES
TAKA TAKA
LOANS
On Insurers’ Policies within their surrender value 11.00 17,872,505 12,090,253

INVESTMENT
Statutory Deposit with Bangladesh Bank 12.00 19,000,000 19,000,000
Bangladesh Govt. Treasury Bond 13.00 1,815,900,000 1,787,900,000
UFS-Pragati Life Unit Fund 10,000,000 -
Investment in Bond 14.00 355,273,687 291,000,000
Investment in Shares 15.00 401,485,832 348,388,105
2,601,659,519 2,446,288,105

Outstanding Premium 16.00 78,041,164 62,554,868

Interest, Dividends and Rents Accruing but not due 17.00 133,304,837 106,772,790
Advances, Deposits and Sundry Debtors 18.00 256,406,267 179,625,555

CASH, BANK AND OTHER BALANCES

On Fixed Deposit with Banks & Financial Institutes 19.00 1,283,509,395 922,316,352
On Short Term Deposit with Banks 20.00 199,732,298 251,946,451
On Current Account with Banks 21.00 39,726,153 36,916,709
Cash in Hand 35,166,243 17,574,608
1,558,134,089 1,228,754,120

Stamps, Printing & Stationary in Hand 5,907,164 7,711,749

Fixed Assets (At Cost Less Depreciation) Sch.-1 87,054,510 82,995,984

Total: 4,738,380,055 4,126,793,424

These financial statements were approved by the Board of Directors on June 29, 2017 and were signed on its behalf by:

Company Secretary Chief Financial Officer Chief Executive Officer Director Director Chairman

Zoha Zaman Kabir Rashid & Co.

Dated : Dhaka, June 29, 2017 Chartered Accountants

ANNUAL REPORT 53
2016
 REVENUE ACCOUNT
For the year ended 31 December 2016

2016 2015
INCOME NOTES
TAKA TAKA
Balance of Life Fund at the beginning of the year 4,260,148,642 3,886,869,710
PREMIUM LESS RE-INSURANCE 22.00
First Year Premium - IPL 401,150,257 298,227,690
First Year Premium - PB 56,152,550 37,670,542
First Year Premium - IJB(Takaful) 89,553,611 59,688,957
First Year Premium - PIBD 19,616,858 13,016,023
First Year Premium - IDPS 12,897,962 10,306,461
579,371,238 418,909,673
Renewal Premium - IPL 432,204,671 395,998,926
Renewal Premium - PB 140,487,749 159,057,417
Renewal Premium - IJB(Takaful) 111,959,645 108,818,325
Renewal Premium - PIBD 63,348,442 56,892,266
Renewal Premium - IDPS 51,631,627 49,964,664
799,632,134 770,731,598
Group Insurance Premium 825,974,107 800,141,320
Gross Premium 2,204,977,479 1,989,782,591
Less: Re-insurance Premium 27,274,877 13,445,768
Net Premium 2,177,702,602 1,976,336,823
Interest, Dividends and Rents 23.00 370,785,106 344,076,749
Other Income 24.00 4,820,628 7,857,880
Total: 6,813,456,978 6,215,141,162
First year premium, where the maximum premium paying period is:
Single 2,237,856 1,572,421
Two Years - -
Three Years - -
Four Years - 184,578
Five Years - 91,187
Six Years - 103,308
Seven Years 467,930 69,041
Eight Years - 92,633
Nine Years - 450,220
Ten Years 10,679,564 15,582,783
Eleven Years 28,567,489 2,591,342
Twelve Years & Above 537,418,399 398,172,160
Total: 579,371,238 418,909,673

54 ANNUAL REPORT
2016
 REVENUE ACCOUNT
For the year ended 31 December 2016

2016 2015
EXPENDITURE NOTES
TAKA TAKA
CLAIMS UNDER POLICIES (INCLUDING
PROVISION FOR CLAIMS DUE OR INTIMATED),
LESS RE-INSURANCE: 25.00
By Death 198,606,386 212,033,224
By Maturity 381,801,441 274,095,968
By Disability - 50,000
By Surrender 5,126,181 5,227,703
By Survival Benefit 205,914,867 297,982,144
By Survival Profit - 7,920
By Hospitalization 411,316,052 353,027,829
1,202,764,927 1,142,424,788
Profit Commission 25,544,666 28,050,369
1,228,309,593 1,170,475,157
Expenses of Management
Commissions:
(a) Commissions to Insurance Agents
(Less that on Re-insurance) 207,788,861 173,629,855
(b) Allowances and Commissions (other than commission
including in sub-item (a) preceding) 180,360,298 137,590,726
388,149,159 311,220,581
Salaries etc.(Other than to Agents and those Contained
in the Allowances and Commissions) 172,769,386 157,834,839
Festival Bonus 11,843,089 9,976,404
Incentive Bonus - 2,101,339
Companies Contribution to Employees P.F. 3,818,722 4,853,178
Travelling and Conveyance 10,303,640 7,820,681
Directors’ Fees 1,400,000 932,500
Auditors’ Fees 1,053,850 150,000
Medical Fees 1,176,983 1,074,128
Legal and Professional Fees 26.00 3,038,123 701,390
Actuarial Fees 575,000 1,100,000
Insurance Policy Stamp 6,088,275 4,547,605
Advertisement and Publicity 6,293,911 7,964,181
Printing and Stationery 27.00 5,862,541 5,124,597
Office Rent 28.00 55,372,697 59,733,776
Bank Charges 8,138,618 35,188,500
Repairs and Maintenance 21,870,509 18,187,540
Car Fuel, Maintenance & Repairs 29.00 30,055,367 30,237,496
Group Insurance Premium 1,367,935 1,285,907

ANNUAL REPORT 55
2016
 REVENUE ACCOUNT
For the year ended 31 December 2016
2016 2015
EXPENDITURE NOTES
TAKA TAKA
Hospitalization Insurance Premium 1,113,620 991,674
Papers, Periodicals and Books 95,122 70,666
Telephone, Fax and Internet 4,908,264 4,227,978
Electricity & Utility Expenses 5,793,658 4,887,968
Training and Recruitment Expenses 5,681,427 5,830,390
Entertainment 2,382,136 2,886,237
Postage and Courier 1,414,034 1,719,461
Business Development Expenses 10,895,831 6,209,686
Company Registration Fee 30.00 5,131,256 5,794,325
Revenue Stamp & Non Judicial Stamp 1,256,145 1,112,716
Fees & Subscriptions 836,724 604,191
Donations 326,000 1,355,000
CDBL Related Charges 56,000 56,000
Conference 2,745,718 3,395,520
AGM Expenses 665,049 771,736
Meeting, Seminar & Symposium 606,662 1,078,334
Gratuity 2,572,405 5,124,045
Depreciation on Fixed Assets 31.00 23,363,237 39,134,314
410,871,934 434,064,302
Other Expenses:
Income Tax 25,000,000 17,500,000
Dividend - 21,732,480
25,000,000 39,232,480
824,021,093 784,517,363
Balance of the fund at the end of the year as shown in
the Balance Sheet 4,761,126,292 4,260,148,642
Total: 6,813,456,978 6,215,141,162

The annexed Notes 1 to 42 form an integral part of these Financial Statements.

These financial statements were approved by the Board of Directors on 29 June 2017 and were signed on its behalf by:

Company Secretary Chief Financial Officer Chief Executive Officer Director Director Chairman

Zoha Zaman Kabir Rashid & Co.

Dated : Dhaka, June 29, 2017 Chartered Accountants

56 ANNUAL REPORT
2016
 FORM- “AA”
CLASSIFIED SUMMARY OF THE ASSETS IN BANGLADESH
As at 31 December 2016

BOOK VALUE MARKET VALUE

CLASS OF ASSETS REMARKS
TAKA TAKA
Investment :
Statutory Deposit with Bangladesh Bank 19,000,000 19,000,000 At cost
Bangladesh Govt. Treasury Bond 1,815,900,000 1,815,900,000 At cost
Investment in Shares 766,250,797 401,485,832 Market Value
UFS-Pragati Life Unit Fund 10,000,000 10,000,000 At cost
Investment in Bond 355,273,687 355,273,687 At cost
Loans (on Policies within their surrender value) 17,872,505 17,872,505 Realizable Value
2,984,296,989 2,619,532,024
Cash, Bank & Other Balances:
On Fixed Deposit with Banks 1,283,509,395 1,283,509,395 Realizable Value
Cash in Hand, STD & Current Account with Banks 274,624,694 274,624,694 Realizable Value
Interest, Dividends & Rents accrued but not due 133,304,837 133,304,837 Realizable Value
1,691,438,926 1,691,438,926
Other Assets:
Stamps, Printing & Stationery in Hand 5,907,164 5,907,164 At Cost
Outstanding Premium 78,041,164 78,041,164 Realizable Value
Advances, Deposits, Loans & Sundry Debtors 256,406,267 256,406,267 Realizable Value
Fixed Assets (At cost less depreciation) 87,054,510 87,054,510 Depreciated Value
427,409,105 427,409,105
Total: 5,103,145,020 4,738,380,055

The annexed Notes 1 to 42 form an integral part of these Financial Statements.

These financial statements were approved by the Board of Directors on June 29, 2017 and were signed on its behalf by:

Company Secretary Chief Financial Officer Chief Executive Officer Director Director Chairman

Zoha Zaman Kabir Rashid & Co.

Dated : Dhaka, June 29, 2017 Chartered Accountants

ANNUAL REPORT 57
2016
 STATEMENT OF LIFE INSURANCE FUND
As at 31 December 2016

“Annexure-1”
2016 2015
Assets:
TAKA TAKA
Loans- on Policies within their Surrender Value 17,872,505 12,090,253
Statutory Deposit with Bangladesh Bank 19,000,000 19,000,000
Investment- Bangladesh [Link] Bond 1,815,900,000 1,787,900,000
Investment in Shares 401,485,832 348,388,105
UFS-Pragati Life Unit Fund 10,000,000 -
Investment in Bond 355,273,687 291,000,000
Outstanding Premium 78,041,164 62,554,868
Interest, Dividends & Rents accrued but not due 133,304,837 106,772,790
Advances, Deposits & Sundry Debtors 256,406,267 179,625,555
Cash & Bank Balances 1,558,134,089 1,228,754,120
Stamps, Printing and Stationery in Hand 5,907,164 7,711,749
Fixed Assets (at cost less depreciation) 87,054,510 82,995,984
4,738,380,055 4,126,793,424
Less: Liabilities
Amount due to Other Persons or Bodies
Carrying on insurance business 39,237,336 38,463,239
Outstanding Claim whether due or intimated 5,148,086 6,485,015
Sundry Creditors 187,493,951 126,482,826
Premium Deposits 6,416,155 1,453,108
Fair Value Change Account (364,764,965) (409,962,606)
(126,469,437) (237,078,418)
Gross Fund 4,864,849,492 4,363,871,842
Less: Shareholders’ Capital (Paid-up Capital) 103,723,200 103,723,200
Life Insurance Fund as on 31 December 2016 4,761,126,292 4,260,148,642

Note: Accretion to Life Insurance Fund during the year was Tk. 500,977,650.
The annexed Notes 1 to 42 form an integral part of these Financial Statements.
These financial statements were approved by the Board of Directors on 29 June 2017 and were signed on its behalf by:

Company Secretary Chief Financial Officer Chief Executive Officer Director Director Chairman

Zoha Zaman Kabir Rashid & Co.

Dated : Dhaka, June 29, 2017 Chartered Accountants

58 ANNUAL REPORT
2016
 STATEMENT OF CASH FLOW
For the year ended 31 December 2016

2016 2015
TAKA TAKA
A. CASH FLOW FROM OPERATING ACTIVITIES :
Collection from Premium 2,189,491,183 1,983,714,296
Other Income received 790,731 1,253,597
Payment for Claims (1,229,646,522) (1,183,085,374)
Payment for Managment Expenses, Comimission re-insurance and others (817,461,213) (695,922,090)
Source Tax (Income Tax) deducted (16,641,235) (37,325,121)
Net Cash Flow from operating activities 126,532,944 68,635,308

B. CASH FLOW FROM INVESTING ACTIVITIES :

Acquisition of Fixed Assets (27,852,437) (19,441,382)
Disposal of Fixed Assets 2,766,005 12,186,154
Loan against Policies paid (Net of Realization) (5,782,252) (1,928,906)
Investments made (155,371,414) (353,758,699)
Interest, Dividends and Rents Received 344,253,059 330,512,586
Fair Value Change A/C 45,197,641 (36,407,719)
Net Cash Flow from investing activities 203,210,602 (68,837,966)

C. CASH FLOW FROM FINANCING ACTIVITIES :

Dividend Paid (363,577) (15,595,578)
Net Cash Flow from financing activities (363,577) (15,595,578)
D. Net increase in cash and cash Equivalents (A+B+C) 329,379,969 (15,798,236)
E. Cash and Cash Equivalents at the beginning of the year 1,228,754,120 1,244,552,356
F. Cash and Cash Equivalents at the end of the year (D+E) 1,558,134,089 1,228,754,120

The annexed Notes 1 to 42 form an integral part of these Financial Statements.

These financial statements were approved by the Board of Directors on June 29, 2017 and were signed on its behalf by:

Company Secretary Chief Financial Officer Chief Executive Officer Director Director Chairman

Zoha Zaman Kabir Rashid & Co.

Dated : Dhaka, June 29, 2017 Chartered Accountants

ANNUAL REPORT 59
2016
 60
STATEMENT OF CHANGES IN
SHAREHOLDER’S EQUITY
For the year ended 31 December 2016

Particulars Share Capital Share Premium General Reserve Retained Earnings Other Reserve Total

Balance as on 01 January 2016 103,723,200 - - - - 103,723,200

Bonus Share for the Year 2015 - - - - - -

Balance as on 31 December 2016 103,723,200 - - - - 103,723,200

The annexed Notes 1 to 42 form an integral part of these Financial Statements.

These financial statements were approved by the Board of Directors on June 29, 2017 and were signed on its behalf by:

Company Secretary Chief Financial Officer Chief Executive Officer Director Director Chairman

Zoha Zaman Kabir Rashid & Co.

Dated : Dhaka, June 29, 2017 Chartered Accountants

2016
ANNUAL REPORT
 NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2016

1.00 LEGAL STATUS AND NATURE OF BUSINESS

1.01 Legal Status
Pragati Life Insurance Limited is a third generation life insurance company established on 30th January 2000 as
a public limited company under the Companies Act 1994 and registered under the Department of Insurance on
11th April 2000. The Company went for public issue in November 2005 and its shares are listed in both Dhaka
Stock Exchange Ltd. and Chittagong Stock Exchanges Ltd.
The registered office of the Company is situated at Pragati Insurance Bhaban, 20-21, Kawranbazar (2nd, 3rd, 4th,
5th and 6th floor) Dhaka-1215.
1.02 Nature of Business
The Company is engaged in the life insurance, pension and health business since its incorporation. The Company
offers a wide variety of insurance products which fulfils the requirements of our present and prospective policy
holders. The product portfolio of the Company feeds the following insurance lines:
a) Individual Life Insurance
b) Group Insurance
c) Urban Project
d) Micro-Insurance (Rural Insurance)
e) Islami Jibon Bima (Takaful)
f) Islami Deposit Pension Scheme (IDPS)
2.00 BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
2.01 Statement of compliance
These financial statements have been prepared in accordance with
• Insurance Act 2010,
• Insurance Rule 1958,
• The Companies Act 1994,
• The Securities and Exchange Rules 1987
• Bangladesh Financial Reporting Standards (BFRS).
Bangladesh Financial Reporting Standards (BFRS) comprise:
i. Bangladesh Financial Reporting Standards
ii. Bangladesh Accounting Standards
iii. Interpretations
The titles and format of these financial statements follow the requirements of Insurance Rules 1958.
The Company also complies with amongst others, the following laws and regulations:
• The Income Tax Ordinance 1984,
• The Income Tax Rules 1984
• The Value Added Tax Act 1991
• The Value Added Tax Rules 1991
• Listing Regulations of Dhaka and Chittagong Stock Exchanges and
• Material departures from the requirements of BFRS is as under:
Valuation of Equity Shares:
BFRS: As per requirements of BAS 39 investment in shares and securities generally falls either under “at fair
value through profit and loss account” or under “available for sale” where any change in the fair value (fair
value is the lowest of the quoted closing price at the balance sheet date) at the year end is taken to profit and
loss account or revaluation reserve respectively.
IDRA: As per circular no.4/2012 dated 11 June 2012 unrealized gains/losses arising due to changes in the fair
value of the listed equity shares should be taken under Fair Value Change Account.

ANNUAL REPORT 61
2016
2.02 Basis of Presentation
Financial Statements have been prepared on the historical cost basis except as disclosed in the accounting
policies mentioned below.
2.03 Reporting currency and level of precision
Items included in the financial statements are measured using the currency of the primary economic environment
in which the company operates.
The financial statements are prepared in Bangladeshi Taka, which is the Company’s functional currency. All
financial information presented has been rounded off to the nearest taka. Figures in brackets indicate deduction.
2.04 Use of estimates and judgment
The preparation of financial statements requires Management to make judgments, estimates and assumptions
that effect the application of accounting policies and the reported amount of assets, liabilities, income and
expenses.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimates are revised. The areas where required assumptions and
estimates are significant to the Company’s financial statements or where Judgment was exercised in application
of accounting policies are as follows:
a. Useful life of depreciable assets.
b. Impairment of assets.
c. Reinsurance recoveries against outstanding claims.
d. Provision for income taxes.
However, assumptions and judgment made by Management in the application of accounting policies that have
significant effect on the financial statement are not expected to result in material adjustment to the carrying
amount of assets and liabilities in the next year.
2.05 Reporting Period
The financial period of the Company covers one year from January 1 to December 31 of the calendar year and
is followed consistently.
2.06 Components of the financial statements
The Financial Statements include the following components:
a) Balance Sheet,
b) Revenue Account,
c) Cash Flow statement
d) Statement of Changes in Shareholders’ Equity,
e) Statement of Life Insurance Fund
f) Classified Summary of Assets (Form AA)
g) Accounting policies and Explanatory Notes.
3.00 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently in these financial statements.
3.01 Revenue Recognitions
3.1.1 Premium
[Link] Individual life policies
First year premium is recognized when premium is received and the relevant policy is issued. Subsequent
premium falling due under the policy is recognized as Renewal premium. However, Provision for outstanding
premium for the accounting year represents premium receivable as on 31 December 2016 for which grace
periods did not expire as on Balance Sheet date. The entire amount of outstanding premium has been realized
by 31 January 2017.
[Link] Group policies
The premiums of Group policies are recorded after receipt of the premiums. However, Provision for outstanding
premium for the accounting year represents premium receivable as on 31 December 2016 for which grace
periods did not expire as on Balance Sheet date. The entire amount of outstanding premium has been realized
subsequently.

62 ANNUAL REPORT
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3.1.2 Interest, Dividends and Rents
Interest, dividends and rents etc. are accounted at gross value (before deduction of Income tax)
Interest incomes on investments are recognized on accrual basis for the number of days these are held taking
into account effective yield on the instruments.
Dividend income is accounted for when the dividend is received.
Profit / (loss) arising on the sale of listed equity shares is recognized on the basis of the settlement date.
Loans against the security of life insurance policies are allowed to the policyholders to the extent of 90%
of surrender value of the respective policy provided the policy has been in force for not less than two years.
Interest on policy loans is accounted on cash basis.
3.02 Re-insurance
The Company maintains reinsurance arrangement with Munich Reinsurance Company of Germany since its
inception. The net retention of the company for individual life is Tk. 2 lac per policy and for Group life
Tk. 10 lac per person of risk. Reinsurance premium is recorded as an expense evenly over the period of the
reinsurance contact and off-set against the premium income of respective year. Provision has been made on
the basis of best available information.
The claim recoveries arising out of reinsurance contracts are off-set against the claims expenses of respective
year.
3.03 Fixed Assets & Depreciation
Fixed assets are reported at cost less accumulated depreciation and impairment, if any. Cost includes the
purchase price and any cost directly attributable to bring the asset to its working condition for its intended use.
Subsequent expenditures incurred on existing fixed assets are expensed out except where such expenditure
increases the future economic benefits from the existing assets. Any addition to the original fixed asset is
depreciated over the useful life of the asset.
Depreciation on fixed Assets
Tangible Assets
Depreciation is calculated on straight-line method to write off the assets over their expected useful lives.
Depreciation on additions made during the year is charged from the following month in which the new assets
are acquired. Depreciation on disposal of assets is made up to the month prior to the disposal. Gains and losses
on disposal of Fixed Assets are included in current year’s income and expenses respectively. Major repairs and
renewals are capitalized in the year in which these are incurred.
Methods and rates of computing depreciations are consistently applied. The annual depreciation rates applied
to the principal categories of assets are as follows:
Category of assets Rate of Depreciation
Furniture & Fixture 10% and (20% for Signboards only)
Electrical & Office Equipment 15% and 20%
Vehicles 20%
Computer 20% (5% for Software)

Intangible Assets:
Intangible assets are reported as acquisition value with deductions for impairment losses, if any. Intangible
asset comprises system software which is stated at cost of acquisition, including any cost attributable for
bringing the same to its working condition less accumulated amortization. Any expenses on software for
support and maintenance payable annually are charged to Revenue Account.
Impairment of Assets
An impairment loss is the amount by which the carrying amount of an asset or a cash generating unit exceeds
its recoverable amount.
The recoverable amount of an asset or a cash generating unit is the higher of its fair value less costs to sell and
its value in use.
A cash generating unit is the smallest identifiable group of asset that generates cash inflows that are largely
independent of the cash inflows from other assets or group of assets.

ANNUAL REPORT 63
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 The carrying amounts of the Company’s assets are reviewed at each balance sheet date to determine whether
there is any indication of impairment. If such indication exists the asset recoverable amount is estimated.
An impairment loss is recognized wherever the carrying amount of the asset exceeds it recoverable amount.
3.04 Investments
Investments are made in accordance with the provisions of the Insurance Act 2010 and Insurance Rules 1958
and the circulars / notifications issues by the Controller of Insurance / Insurance Development & Regulatory
Authority (IDRA) in this context from time to time.
Classification of Investment:
Investment with fixed or determinable payments and fixed maturity, where the company has positive intent
and ability to maturity are classified as Held-to-Maturity. Investments which are intended to be held for an
indefinite period but may be sold in response to the need for liquidity or change in mark-up/ interest rates are
classified as Available for Sale
i) Valuation of Investments:
Debt Securities
Debt Securities with fixed income (Bangladesh Govt. Treasury Bond), Private and Public Binds are Debentures
are categorized by class and are accounted for “held to maturity” and have been valued at cost. The discount in
respect of the debt securities which is the difference between the purchase price and the redemption amount is
amortized and recognized in the Revenue Account on straight line basis over the remaining period to maturity
of these securities. For fair presentation, premium, if any, premium on acquisition of those bonds and debenture
are however charged to Revenue in the year of Acquisition.
ii) Investment in Shares
Listed equity shares and units of mutual fund are categorized as an asset class “available for sale” and the
asset is valued at the lower of their acquisition cost and the year end (last) lowest quoted closing prices on
the Stock Exchanges. The valuation methods of investment in Share used is Available for Sale. Available for
sale investment are those non-derivative financial assets that are designated as available for sale or are not
classified as (a) loan and receivables (b) held-to-maturity or (c) financial assets at fair value through profit or
loss.
Listed Shares are measured at fair value on the balance sheet date and the change in the carrying amount of
shares is taken to Fair Value Change Account.
Unlisted equity securities and listed equity securities that are not regularly traded in active market are measured
at historical cost.
iii) Loans in the Balance Sheet are shown in the aggregate at amounts not exceeding their realizable value.
iv) All other investments are recognized as per Rule7 (b) of Part I of the First Schedule of the Insurance Act
1938.
v) Investment in Unit Fund is valued at the NAV of the fund or cost whichever is lower.
3.05 Stamps, printing and stationary in hand
Stamps, Printing & Stationery in hand to be consumed in the rendering of services. These items were kept for
internal uses only not for sale. As per section (9) of BAS-2, inventories shall be measured at the lower of cost
and net realizable value. Where, net realizable value is the estimated selling price in the ordinary course of
business less the estimated costs of completion and the estimated costs necessary to make the sale.
Since our ordinary course of business is not to sale of inventory and net realizable value of such inventories is
not available hence stamps, printing and stationery are valued at cost determined on average basis.
3.06 Taxation
3.06.01 Current Tax
The Company is engaged in life insurance business and its taxation is based on taxable income determined
under the Fourth Schedule of the income Tax ordinance, 1984. Provision of Income Tax is based on the best
judgment of management.

64 ANNUAL REPORT
2016
3.06.02 Deferred Tax
The company does not provide for deferred taxation as current tax has been calculated on the profits and gains
based on the actuarial valuation which computed in accordance with the provision in the Fourth Schedule of
the income Tax Ordinance and not under different heads of income. There is no effect of tax base asset and
liabilities, So the Management feels it is not necessary to make estimate of deferred tax assets/liabilities at this
stage as per the provision of BAS-12.
3.07 Risk Minimization Strategies
3.07.01 Individual Life Business
Insurance underwriting risk is the risk that the company will suffer losses due to economic situation or the rate
of occurrence of an incident contrary to the forecast made at the time of setting up the premium rate.
The underwriting risk arises from death and sometimes due to permanent disability and critical illness. The
company may get exposed to poor risk due to unexpected experience in terms of claim severity or frequency.
This can be a result of anti-selection, fraudulent claims or poor persistency. The company may also face the
risk of poor investment return, inflation of business expenses and liquidity issues on monies invested in the
fund. The company faces the risk of underpricing particularly due to nature of long term contract. In addition
to this, due to poor persistency, the company would be unable to recover expense of policy acquisition. The
Company manages these risks through its underwriting, reinsurance, claims handling policy and other related
internal control mechanisms. The Company has a well-defined policy and avoids selling policies to high
risk individuals. Underwriting procedures have been enhancing and rules have been structured to enable the
company to strike a balance between mitigating risk, ensuring control and providing better service. This puts
a check on anti- selection.
The company seeks to reduce its risk exposure by reinsuring certain levels of risk with renowned re-insurance
Munich-Re. The company also provides quality service to the policyholders and checks to minimizing
miss-selling and avoids poor persistency. A regular monitoring of lapse rate is conducted. The company
has procedures in place to ensure avoidance of payment of fraudulent claim. The Claim Committee reviews
high sum assured and early claims for verification and detailed investigation of all doubtful and early claims
are conducted. The company maintains adequate liquidity to cater for potentially sudden and high cash
requirement.
3.07.02 Group Insurance
The major risk underwritten by the company is death which depends on mortality. Other risk underwritten
includes disability and major disease. Risk increases as a result of business procurement without following
underwriting guidelines, business procurement at low premium rate due to tough market competition and
fraudulent claims.
The company manages these risks through proper underwriting, reinsurance, effective claims handling and
other claim control mechanism. The company also avoids underwriting group business with employees
exposed to hazardous profession Pricing is done in line with actuarial guideline, experience and the mortality
exposure the concerned group faces. Moreover, premium rates of existing groups are also reviewed from time
to time on the basis of claim experience, Reinsurance arrangement are made by the company with renowned
reinsurer to limit the risk at affordable level. Besides, the company avoids payment of fraudulent claims
through claim investigation. Strict monitoring is in place to keep the outstanding balance of premium at a
minimum.
3.07.03 Liquidity Risk
Liquidity risk is the risk that the company will be unable to meet is funding requirement. To guard against the
risk the company has diversified funding sources and assets are managed with liquidity in mind, maintaining
healthy balance of cash and cash equivalent and readily market securities.
3.07.04 Interest rate Risk
The company invests in securities and has deposits that are subject to interest rate risk. Interest rate risk to
the company is the risk of changes in market. Interest rate reducing the overall returns on its interest basis
securities. The company limits interest risk by monitoring changes in interest rates in the money market and
by diversifying into various institutions.
3.07.05 Credit risk
Credit risk is the risk which arises with the possibility that one party to a financial instrument will fail to
discharge its obligation and cause the other party to incur a financial loss. Major credit risk is in bank balance
investments. The management monitors exposure to credit risk through regular review of credit exposure and
assessing credit worthiness of counter parties
ANNUAL REPORT 65
2016
3.07.06 Market Risk
Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market
prices, whether these changes are caused by factors specific to the individual security or its issuer of factors
affecting all securities traded in the market. Company is exposed to market risk with respect to its investment.
The company continues to adopt a prudent policy in respect of investments. The fund of the company has
been invested as per provision of the Insurance Act. The investments are mainly in Government securities,
Fixed Deposits Receipts (FDR) with various commercial banks and financial institution having acceptable
performance parameters and rating and equity shares in listed companies having good and positive fundamental
and technical attributes.
The company also limits market risk maintaining a diversified profile and by continuous monitoring of
developments in Government Securities (bonds) equity and term finance certificates market. In addition, the
company actively monitors the key factors that affect the underlying value of these securities.
3.07.07 Reinsurance Risk
The company seeks to reduce its risk exposure by reinsuring certain levels of risk with re-insurer. Re-insurer
ceded does not relieve the company from its obligation to policyholders and as a result, the company also
remains liable for the portion of outstanding claims reinsured to the extent that re-insurer does not meet the
obligations ultimately under the reinsurance agreements.
In order to minimize the risk, the company has obtained reinsurance cover from a renowned re-insurer Munich-
Re with proven sound financial health.
3.07.08 Foreign Currency Risk
As at the balance sheet date there are no financial instruments denominated in foreign currency. Therefore, the
company is not exposed to risk from any foreign currency exchange rate risk fluctuation.
3.07.09 Operational Risk
Operational risk may arise from error and fraud due to lack of internal control and compliance. Management
through internal audit and compliance department controls operational procedures of the Bank. Internal audit
and compliance department undertakes periodic and special audit of the branches and departments at the Head
office for review of the operation and compliance of statutory requirements. The audit committee of the Board
subsequently reviews the reports of the Internal Audit and Compliance Department.
3.08 Commission
These are direct cost incurred in acquiring and maintaining insurance policies. Commission to insurance
agents (less that on re-insurance) is classified under first year commission, Renewal commission and Group
business commission.
Allowance and commission (other than commission to insurance agents) represent all forms of remuneration
and incentives paid to certain development officers, field force staff and insurance agents.
3.09 Claims
Claim costs consist of the policy benefit amount and claim settlement costs, where applicable.
Claims by maturity and survival are recorded when these become due for payment.
Death claims are accounted for when intimated.
Group Insurance claims are paid according to the terms of policy of the individual agreement.
Provision for outstanding death claims less any reinsurance thereof is made for those policies where the
intimation of death has been received up to 31 December 2016.
Reinsurance claims receivable are accounted for in the period in which claims are settled.
3.10 Premium Deposits
Premium deposit represents premium received but risk has not yet been accepted because of pending
underwriting decision as on 31 December 2016.
3.11 Provisions
A provision is recognized on the balance sheet date if, as a result of past events, the Company has a present
legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic
benefits will be required to settle the obligation.
Provisions have not been made against advance for which legal cases instituted but remained pending for
decision.

66 ANNUAL REPORT
2016
3.12 Contingencies
Contingencies arising from claim, litigation, assessment, fines, penalties, etc. are recorded when it is probable
that a liability has been incurred and the amount can reasonably be measured.
3.13 Cash flow statement
Cash flow statement has been prepared on direct method in accordance with BAS-7. Cash flows from operating
activities have been presented under direct method as outlined in Securities and Exchange Rules in 1987.
Cash and cash equivalents comprise cash in hand, cash at banks including FDRs, which were held available for
use of the Company without any restriction and it also includes collection in hand which were collected in full.
3.14 Employees Benefit plans
3.14.1 Short-term Employee Benefits
Short-term employee benefits are employee benefits, which fall due wholly within 12 months after the end of
the period in which the employees render the related service including salaries, bonuses and other allowances.

3.14.2 Provident fund

Provident fund benefits are given to the permanent staff of the Company’s in accordance with the Provident
fund rules. The Commissioner of Income Tax, Large Taxpayers Unit, has approved the Provident Fund as a
recognized fund within the meaning of section 2(52) read with the provision of part-B of the First Schedule
of Income Tax Ordinance 1984. The provident fund is operated by a Board of Trustees consisting of 5
members of the company. All confirmed employees of the company are contributing 7% of their basic salary
as subscription to the Provident Fund. The Company also contributes equal amount to the Provident Fund.
Contributions made by the company are charged as expense and the company bears no further liability. These
contributions are invested separately from the Company’s business. Interests earned from the investments are
credited to the members account on yearly basis.
3.14.3 Gratuity
Company has an unfunded gratuity scheme for all its permanent employees under which an employee is
entitled to the benefit depending on length of services with the Company.
3.14.4 Group & Health Insurance
The Company operates Group and Health insurance schemes for its permanent employees. Defined benefits
are provided to cover employees at death, hospitalization, accident and incapacitation.
3.15 Comparative Information
Relevant comparative information has been disclosed in respect of the year for all numerical information in
the financial statements
3.16 Dividend to Shareholders
If the Board of Directors has recommended any dividend (Cash and Stock ) to shareholders are shown in the
notes as events after reporting period and recognized in the accounts when dividend was paid after the Annual
General Meeting.
3.17 Responsibility for Preparation and Presentation of Financial Statements
The board of directors is responsible for preparation and presentation of financial statements U/S 183 of
the Companies Act 1994 and as per the provision of “the framework for the preparation and presentation
of financial statements “issued by the International Accounting Standards Committee (IASC) as adopted by
ICAB.

ANNUAL REPORT 67
2016
3.18 Status of compliance of Bangladesh Accounting Standards and Bangladesh Financial Reporting
Standards.
In preparing the Financial Statements, Pragati Life Insurance Limited applied following BAS and BFRS:
Name of the BAS BAS No. Status
Preparation of Financial Statement 1 Applied
Inventories 2 Applied
Cash Flow Statement 7 Applied
Accounting Policies, changes in Accounting Estimates and Errors 8 Applied
Event after the Balance Sheet Date 10 Applied
Construction Contracts 11 N/A
Income Tax 12 Applied
Property, Plant and Equipment 16 Applied
Lease 17 N/A
Revenue 18 Applied
Employee Benefits 19 Applied
Accounting for Government grants and disclosure of Government assistance 20 N/A
The Effect of Changes in Foreign Exchange Rates 21 Applied
Borrowing Costs 23 N/A
Related Party Disclosures 24 Applied
Accounting and Reporting by Retirement Benefit Plans 26 Applied
Consolidated and Separate Financial Statements 27 N/A
Investment in Associates 28 N/A
Investment in Joint Venture 31 N/A
Financial Instruments: Presentation 32 Applied
Earning Per Share 33 N/A
Interim Financial Reporting 34 Applied
Provisions, Contingent Liabilities and Contingent Assets 37 Applied
Intangible Assets 38 N/A
Financial Instruments: Recognition and Measurement 39 Applied with some
departure note (2.01)
Investment Property 40 N/A
Agriculture 41 N/A
Name of the BFRS BFRS No. Name of the BFRS
First Time Adoption of BFRS 1 N/A
Share Based Payment 2 N/A
Business Combinations 3 N/A
Insurance Contracts 4 Applied
Non-current Assets Head for Sale and Discontinued Operation 5 N/A
Exploration for and Evaluation of Mineral Resources 6 N/A
Financial Instruments: Disclosure 7 Applied
Operating Segments 8 N/A
Financial Instrument 9 Applied
Consolidated Financial Statements 10 N/A
Joint Arrangements 11 N/A
Disclosure of Interest in other Entities 12 N/A
Fair Value Measurement 13 Applied with some
departure note (2.01)

68 ANNUAL REPORT
2016
3.19 Standard Issued but not effective

The institute of Chartered Accountants of Bangladesh (ICAB) has adopted following new standards and
amendments to standards during the year 2015. All previously adopted reporting standard are consistently
applied by the company as explained in Note 3.18
BFRS 15 Revenue from Contracts with customers
Summary of the requirements
BFRS 15 establishes a comprehensive framework for determining whether how much and when revenue
is recognized. It replaces eating revenue recognition guidance, including BAS 18 “Revenue”, BAS 11
‘Construction Contracts’ and BFRIC 13 ‘Customer loyalty programs’.
BFRS 15 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption
permitted.
Possible Impact on Financial Statements
The company is assessing the potential impact on its financial statements resulting from the application of
BFRS 15.
4.00 Shareholders’ Capital
Authorized capital : Tk. 250,000,000
Particulars 2016 2015
25,000,000 Ordinary shares of Tk. 10 each fully paid in cash 250,000,000 250,000,000
Issued, subscribed & paid up-share capital : Tk. 103,723,200
10,372,320 Ordinary shares of Tk. 10 each fully paid in cash 103,723,200 103,723,200

4.01 Classification of shareholders by holding as on December 31, 2016

No. of Shares Percentage (%)
Group
2016 2015 2016 2015
i) Sponsor
a. Local 4,143,044 4,163,635 39.94 40.14
b. Foreign - - - -
ii) General Public 3,680,890 3,835,067 35.49 36.98
iii) Institutions 2,548,386 2,373,618 24.57 22.88
Total 10,372,320 10,372,320 100.00 100.00
4.02 Distribution Schedule of Shareholdings

Shareholding Range No. of Shareholders No. of Shares Percentage (%)

As on December 31 2016 2015 2016 2015 2016 2015
1 – 499 585 674 61,757 74,766 0.60 0.72
500 – 999 373 449 247,027 293,380 2.38 2.83
1000 – 1999 216 275 275,689 351,274 2.66 3.39
2000 – 2999 103 119 241,853 282,710 2.33 2.73
3000 – 3999 55 38 189,026 130,787 1.82 1.26
4000 – 4999 36 43 158,384 188,010 1.53 1.81
5000 and above 210 222 9,198,584 9,051,393 88.68 87.26
Total 1,578 1,820 10,372,320 10,372,320 100.00 100.00

ANNUAL REPORT 69
2016
4.03 History of paid up capital
Given bellow the history of raising of share capital of Pragati Life Insurance Limited :

Accounting Year Particulars Value of capital Cumulative

2000 Opening capital 30,000,000 30,000,000
2001 - - 30,000,000
2002 - - 30,000,000
2003 - - 30,000,000
2004 - - 30,000,000
2005 Initial Public offer 45,000,000 75,000,000
2006 - - 75,000,000
2007 12% Cash Dividend - 75,000,000
2008 10% Cash Dividend - 75,000,000
2009 10% Cash Dividend - 75,000,000
2010 12% Bonus Share 9,000,000 84,000,000
2011 12% Bonus Share 10,080,000 94,080,000
2012 5% Bonus Share & 7% Cash Dividend 4,704,000 98,784,000
2013 - - 98,784,000
2014 5% Bonus Share & 17% Cash Dividend 4,939,200 103,723,200
2015 - - 103,723,200
5.00 Life Insurance Fund: Tk. 4,761,126,292
This consists of the accumulated balance of revenue surplus up to 31 December 2016
2016 2015
Opening balance 4,260,148,642 3,886,869,710
Add: Increase in Life Revenue A/C during the year 500,977,650 373,278,932
Closing balance Taka: 4,761,126,292 4,260,148,642
The detailed break up is shown in (Annexure-1)
6.00 Estimated Liabilities in Respect of Outstanding Claims
Whether Due or Intimated: Tk. 5,148,086
The above balance is made up as follows:
2016 2015
Outstanding Death Claim 453,083 1,515,665
Outstanding Maturity Claim 2,564,103 2,891,354
Outstanding Survival Benefit 2,130,900 2,077,996
Taka: 5,148,086 6,485,015
7.00 Amount Due to Other Persons or Bodies Carrying on
Insurance Business: Tk. 39,237,336
The above balance is made up as follows:
Note 2016 2015
Munich Re-insurance Company 7.01 39,237,336 38,462,200
Shadharan Bima Corporation - 1,039
Taka: 39,237,336 38,463,239

70 ANNUAL REPORT
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7.01 Munich Re-insurance Company TK. 39,237,336
This represents net amount (after adjustment of claims, profit commission etc.) payable to Re-Insurance (Mu-
nich-Re) for life re insured with them as shown under

2016
Particulars Period
Amount(Tk)
Amount Confirmed by the Re-Insurer. 1st Quarter 2015 to 4th Quarter 2015 2,409,965
Amount waits for confirmation by the Re-Insurer. 1st Quarter 2016 to 3rd Quarter 2016 26,982,759
In process to send Re-Insurer for confirmation.(Provision) 4th Quarter 2016 9,844,612
Balance as at 31 December 2016 39,237,336

8.00 Sundry Creditors: Tk. 187,493,951

The above balance is made up as follows:
Note 2016 2015
Auditors Fee 8.01 224,250 550,400
Income Tax and VAT 8.02 722,548 4,019,852
License Fees Payable 8.03 4,904,230 4,498,443
Commission & Allowance 8.04 6,214,700 3,941,526
Utility Bills 8.05 366,597 454,704
Office Rent 8.06 2,591,517 2,456,307
Other Deposits (Excess Deposit) 2,598 7,542
Trade Suspense 34,503,018 -
Employees Provident Fund 1,315,164 1,130,502
Security Deposit-Employee 260,000 360,000
Share Application Money Deposit 2,121,242 2,121,242
Security Deposit-Supplier 563,818 523,818
Unpaid Dividend 8.07 2,968,098 3,331,675
Service Charge 336,275 340,812
Income Tax (Company) 95,535,833 70,535,833
Gratuity 31,335,306 29,639,793
Certificate Fees Payable 8.08 3,528,757 2,570,377
Taka: 187,493,951 126,482,826
8.01 Auditors Fee: TK. 224,250
The above balance is made up as follows:
2016 2015
Special Audit - 400,400
External Audit 224,250 150,000
Taka: 224,250 550,400

ANNUAL REPORT 71
2016
8.02 Income Tax (IT) and VAT: Tk. 722,548
The above balance is made up as follows:
2016 2015
i) IT -Employee Salaries 106,546 97,609
ii) IT -Rent 13,624 112,675
iii) VAT 125,785 605,293
iv) IT -Commission 409,075 3,088,187
v) IT -Supplier 66,203 113,588
vi) IT -Professional Fees 391 2,500
vii) IT -Maturity Bonus 924 -
Taka: 722,548 4,019,852
IT and VAT deducted at source has been deposited subsequently.
8.03 License Fees Payable : Tk. 4,904,230
The above balance is made up as follows:
2016 2015
Opening balance 4,498,443 3,714,310
Add: Addition during the year 1,117,767 884,083
Less: Paid during the year 711,980 99,950
Closing Balance as at 31 December Taka: 4,904,230 4,498,443
This represents amounts received from various development officers for license fees which were under process
and deposited gradually to the IDRA.
8.04 Commission & Allowances: Tk. 6,214,700
The above balance is made up as follows:
2016 2015
Individual Product Line (IPL) 3,497,554 2,025,277
Islami Jibon Bima Takaful (IJBT) 803,499 434,138
Pragati Bima & Pragati Islami Bima Division (PB & PIBD) 1,111,436 393,575
Islamic Deposit Pension Scheme (IDPS) 373,316 147,363
Group Life & Health 428,895 941,173
Taka: 6,214,700 3,941,526
This represents the provision of Commission payable to agents and employer of agents which were due in
December 2016 against First year and renewal business. These were paid subsequently.
8.05 Utility Bills: Tk. 366,597
The above balance is made up as follows:
2016 2015
Electricity 277,242 398,689
WASA 81,181 48,145
Telephone 8,174 7,870
Taka: 366,597 454,704
The above amount have been subsequently paid in full.

72 ANNUAL REPORT
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8.06 Office Rent: Tk. 2,591,517
The above balance is made up as follows:
2016 2015
Head Office 2,591,517 2,456,307
Taka: 2,591,517 2,456,307
The above amount have been subsequently paid in full.
8.07 Unpaid Dividend: Tk. 2,968,098
The above balance is made up as follows:
This represents dividend warrant issued against dividend for the year 2006-2014 which were not encashed
within 31.12.2016
2016 2015
Year - 2006 208,212 208,212
Year - 2007 499,222 499,222
Year - 2008 260,708 260,708
Year - 2009 527,190 527,190
Year - 2010 40,371 40,371
Year - 2011 36,338 36,338
Year - 2012 556,648 557,277
Year - 2014 839,409 1,202,357
Taka: 2,968,098 3,331,675
8.08 Certificate Fees Payable : Tk. 3,528,757
The above balance is made up as follows:
2016 2015
Opening balance 2,570,377 1,906,514
Add: Addition during the year 1,198,880 768,863
Less: Paid during the year 240,500 105,000
Closing Balance as at 31 December Taka: 3,528,757 2,570,377
This represents amounts received from various development officers for Certificate fees which were under
process and deposited gradually to the IDRA.
9.00 Premium Deposit: Tk. 6,416,155
The above balance is made up as follows:
2016 2015
Group Insurance 3,326,485 1,453,108
Islami Jibon Bima Takaful 514,650 -
Individual Product Line (IPL) 2,575,020 -
Taka: 6,416,155 1,453,108
This represents the advance payments made by Group policyholders awaiting adjustment against the policy
premiums.

ANNUAL REPORT 73
2016
10.00 Fair Value Change Account : Tk. (364,764,965)
2016 2015
Fair value of the investment 401,485,832 348,388,105
Cost price of the Investment 766,250,797 758,350,711
Fair value reserve at end of the Year (364,764,965) (409,962,606)
In compliance with the IDRA Circular no Life-04/2012, dated 11 June 2012 financial Instruments: Recog-
nition and Measurement, Investment made in the Shares of the different Companies is recorded at fair value
which was earlier recorded at cost. As a consequence of adopting IDRA Circular no Life-04/2012 the value of
the investments has been adjusted to bring it at par with the fair value. Difference between fair value and cost
price has been booked under Fair Value Change Account in the Balance Sheet.

11.00 Loans (On Insurers’ Polices within their Surrender Value) : Tk.17,872,505
The above balance is made up as follows: 2016 2015
Individual Product Line (IPL) 14,277,534 10,411,688
Islami Jibon Bima Takaful (IJBT) 1,063,877 540,337
Islamic Deposit Pension Scheme (IDPS) 1,423,366 80,500
Pragati Bima & Pragati Islami Bima Division (PB & PIBD) 1,107,728 1,057,728
Taka: 17,872,505 12,090,253
12.00 Investment in Statutory Deposit with Bangladesh Bank: Tk. 19,000,000
In compliance with section 23(1) of Insurance Act, 2010, the amount has been deposited into Bangladesh Bank
for which the Bangladesh Bank has issued 10 years Bangladesh Govt Treasury Bond (BGTB) in favor of the
Company as under:
[Link]. Opening Date Maturity Date BGTB No. Rate (%) 2016 2015
1 05.11.2008 05.11.2018 BDH000002372 11.72 4,000,000 4,000,000
2 14.03.2012 14.03.2022 BD0922341104 11.40 15,000,000 15,000,000
Taka 19,000,000 19,000,000
Interest earned and received during the year has been duly accounted for.
13.00 Investment in Bangladesh Govt. Treasury Bond (BGTB): Tk. 1,815,900,000
The above balance is made up as follows:
[Link]. Opening Date Maturity Date BGTB No. 2016 2015
1 14.05.2006 14.05.2016 BDH000000970 - 10,000,000
2 23.07.2006 23.07.2016 BDH000001069 - 4,000,000
3 04.11.2006 04.11.2016 BDH000001424 - 8,000,000
4 10.01.2007 10.01.2017 BDH000001762 15,000,000 15,000,000
5 10.01.2007 10.01.2017 BDH000001762 5,000,000 5,000,000
6 05.12.2007 05.12.2017 BDH000002265 50,000,000 50,000,000
7 03.09.2008 03.09.2018 BDH000002356 20,000,000 20,000,000
8 05.11.2008 05.11.2018 BDH000002372 35,000,000 35,000,000
9 04.03.2009 04.03.2019 BDH000002414 12,000,000 12,000,000
10 07.01.2009 07.01.2019 BDH000002398 7,000,000 7,000,000
11 04.03.2009 04.03.2019 BDH000002414 9,400,000 9,400,000
12 03.09.2009 03.09.2018 BDH000002356 30,000,000 30,000,000
13 07.10.2009 07.10.2019 BDH000002497 20,000,000 20,000,000
14 08.12.2010 08.12.2020 BDH000002588 50,000,000 50,000,000
15 04.08.2010 04.08.2020 BDH000002554 35,000,000 35,000,000
16 08.09.2010 08.09.2020 BDH000002562 25,000,000 25,000,000

74 ANNUAL REPORT
2016
 [Link]. Opening Date Maturity Date BGTB No. 2016 2015
17 06.10.2010 06.10.2020 BDH000002570 10,000,000 10,000,000
18 08.09.2010 08.09.2020 BDH000002562 10,000,000 10,000,000
20 05.01.2011 05.01.2021 BD0921251106 30,000,000 30,000,000
21 12.10.2011 12.10.2021 BD0921141109 50,000,000 50,000,000
22 04.05.2011 04.05.2021 BD0921411106 30,000,000 30,000,000
23 06.04.2011 06.04.2021 BD0921371102 32,000,000 32,000,000
24 02.03.2011 02.03.2021 BD0921331106 33,000,000 33,000,000
25 16.05.2012 16.05.2022 BD0922421104 35,000,000 35,000,000
26 11.04.2012 11.04.2022 BD0 922381100 42,800,000 42,800,000
27 16.05.2012 16.05.2022 BD0 922421104 7,200,000 7,200,000
28 14.03.2012 14.03.2022 BD0 922341104 35,000,000 35,000,000
29 13.03.2013 13.03.2023 BD0 923341103 50,000,000 50,000,000
30 13.03.2013 13.03.2023 BD0 923341103 25,000,000 25,000,000
31 13.03.2013 13.03.2023 BD0 923341103 140,000,000 140,000,000
32 17.07.2013 17.07.2023 BD0 923031100 35,000,000 35,000,000
33 17.07.2013 17.07.2023 BD0 923031100 26,000,000 26,000,000
34 17.07.2013 17.07.2023 BD0 923031100 14,000,000 14,000,000
35 20.11.2013 20.11.2023 BD0 923031100 80,000,000 80,000,000
36 10.04.2013 10.04.2023 BD0 923031100 155,000,000 155,000,000
37 19.03.2014 19.03.2023 BD0 923031101 75,000,000 75,000,000
38 19.02.2013 13.02.2023 BD0 923031107 30,000,000 30,000,000
39 16.07.2014 16.07.2024 BD0 924031109 70,000,000 70,000,000
40 13.02.2013 13.02.2023 BD0 923301107 17,500,000 17,500,000
41 26.11.2014 26.11.2029 BD0 929201152 20,000,000 20,000,000
42 26.11.2014 26.11.2029 BD0 929201152 100,000,000 100,000,000
43 11.02.2015 11.02.2020 BD0 920301050 60,000,000 60,000,000
44 19.11.2014 19.11.2024 BD0 924191101 100,000,000 100,000,000
45 22.04.2015 22.04.2025 BD0 925381107 50,000,000 50,000,000
46 22.05.2015 22.04.2025 BD0 925381107 70,000,000 70,000,000
47 27.04.2016 27.04.2031 BD0 931401154 50,000,000 -
Taka: 1,815,900,000 1,787,900,000

14.00 Investment in Bond Tk. 355,273,687

The above balance is made up as follows:
2016 2015
Mutual Trust Bank Ltd. 10,000,000 15,000,000
First Security Islami Bank Ltd. 4,000,000 6,000,000
United Commercial Bank Ltd 120,000,000 120,000,000
Al-Arafa Islami Bank Ltd. 150,000,000 150,000,000
IDLC Finance Limited 34,778,902 -
BSRM Limited 36,494,785 -
Taka: 355,273,687 291,000,000

ANNUAL REPORT 75
2016
15.00 Investment in Shares: Tk. 401,485,832
The above balance is made up as follows:

Average Total Average Total

Sl. Number Cost Per Book Value Market Value Market
Name of the Company
No. of Share Share at cost Per Share as on Value
(Tk.) (Tk.) 31-12-16 (Tk.) (Tk.)
1 AB Bank Ltd. 75,000 22.37 1,678,018 22.30 1,672,500
2 Active Fine Ltd. 259,121 48.44 12,551,578 43.30 11,219,940
3 Aman Feed Mills Ltd. 102,700 75.00 7,702,539 68.80 7,065,760
4 BATBC 120 2,966.30 355,956 2,483.00 297,960
5 BD Finance & Investment Ltd. 100,000 11.39 1,139,067 14.70 1,470,000
6 BIFC 2,303,919 50.23 115,717,013 10.40 23,960,758
7 BSRM Ltd. 10,000 153.58 1,535,830 127.60 1,276,000
8 BXPHARMA 50,000 81.97 4,098,712 80.80 4,040,000
9 City General Insurance Ltd. 41,793 21.19 885,607 16.30 681,226
10 Confidance Cement Ltd. 184,200 208.00 38,314,130 109.40 20,151,480
11 Delta Life Insurance Ltd. 18,625 218.53 4,070,076 100.60 1,873,675
12 Dulamia Cotton Mills Ltd. 7,600 7.97 60,553 8.20 62,320
13 EastLand Insurance Ltd. 53,240 49.42 2,631,122 23.90 1,272,436
14 Exim Bank Ltd. 143,643 25.95 3,726,937 11.70 1,680,623
15 Farest Life Insurance Ltd. 642,649 186.84 120,073,731 67.70 43,507,337
16 FAS Finance & Investment Ltd. 175,806 63.17 11,105,004 14.50 2,549,187
17 GBB Power ltd. 266,961 21.03 5,615,012 20.30 5,419,308
18 GP 75,990 299.50 22,758,763 284.10 21,588,759
19 Grameen S2 19,515 18.49 360,828 12.30 240,035
20 Green Delta Insurance Ltd. 3,636 155.58 565,692 49.70 180,709
21 HEIDELBCEM 10,115 640.95 6,483,226 552.30 5,586,515
22 ICB 5,300 109.75 581,676 104.50 553,850
23 IDLC 64,000 61.06 3,908,153 57.00 3,648,000
24 Ifad Auto 4,442 85.09 377,949 100.20 445,088
25 ILFSL 49,392 79.39 3,921,254 12.70 627,278
26 Islami Insurance Ltd. 712,813 40.98 29,214,006 19.70 14,042,416
27 Kay & Que Ltd. 284,000 32.40 9,200,274 33.00 9,372,000
28 KPCL 60,000 64.43 3,865,662 62.50 3,750,000
29 LAFSURCEML 10,000 82.07 820,710 82.10 821,000
30 Lanka Bangla Finamce Ltd. 222,400 70.22 15,615,969 34.80 7,739,520
31 Meghna Petroleum Ltd. 24,200 241.76 5,850,504 170.40 4,123,680
32 Meghna Cement 11,500 304.92 3,506,575 106.10 1,220,150
33 Meghna Life Insurance Ltd. 10,672 100.54 1,072,910 55.70 594,430
34 Mercantile Insurance Ltd.. 86,900 29.98 2,605,292 16.50 1,433,850
35 MIDAS Finance Ltd. 459,800 84.34 38,779,895 28.00 12,874,400
36 MJLBD 34,000 121.33 4,125,224 119.60 4,066,400

76 ANNUAL REPORT
2016
 Average Total Average Total
Sl. Number Cost Per Book Value Market Value Market
Name of the Company
No. of Share Share at cost Per Share as on Value
(Tk.) (Tk.) 31-12-16 (Tk.) (Tk.)
37 National Bank Ltd. 132,617 19.40 2,572,644 10.20 1,352,693
38 Niloy Cement Ltd. 35,850 98.61 3,535,049 98.61 3,535,049
39 Nitol Insurance Ltd. 2,631,354 51.90 136,568,594 22.90 60,258,007
40 Olympic Industries Ltd. 15,500 308.25 4,777,849 307.90 4,772,450
41 ORIONPHARMA 10,000 44.33 443,326 42.10 421,000
42 Phoniex Finance Ltd. 96,096 101.62 9,765,090 26.90 2,584,982
43 Phoniex Insurance Ltd. 104,765 74.81 7,837,850 27.80 2,912,467
44 Power Grid BD Ltd. 135,300 77.78 10,523,978 54.00 7,306,200
45 Pragati General Insurance Ltd. 270,374 81.70 22,088,594 27.10 7,327,135
46 Prime Finance & Investment Ltd. 9,600 67.10 644,127 9.80 94,080
47 PTL 24,610 33.95 835,499 20.20 497,122
48 Purabi Gen. Insurance Ltd. 120,901 17.38 2,101,165 17.30 2,091,587
49 RAK Ceramic Industries Ltd. 80,000 62.49 4,999,462 61.90 4,952,000
50 RENATA 4,069 1,115.08 4,537,248 1,085.50 4,416,900
51 Rupali Life Insurance Ltd. 7,700 71.58 551,154 36.80 283,360
52 Social Islami Bank Ltd. 150,000 17.01 2,551,446 18.40 2,760,000
53 SPCL 20,600 143.85 2,963,273 136.10 2,803,660
54 Squre Pharmaciticals Ltd. 10,800 248.64 2,685,334 249.10 2,690,280
55 Sumit Power Ltd. 281,876 53.26 15,013,705 37.00 10,429,412
56 The ACME Laboratories Ltd. 310,000 54.16 16,789,909 99.00 30,690,000
57 Titas Gas Limited 65,000 51.49 3,346,610 49.40 3,211,000
58 United Finance Ltd. 156,480 26.16 4,093,669 22.90 3,583,392
59 Uttara Bank Ltd. 12,100 49.16 594,789 24.70 298,870
60 WMSHIPYARD 23,000 51.54 1,185,392 32.00 736,000
61 CDBL 571,181 4.50 2,569,450 - 2,569,450
62 Jamuna Resort Ltd. 112,000 114.29 12,800,143 - 12,800,143
63 Lanka Bangla Securities Ltd. 88,935 56.22 5,000,000 - 5,000,000
Total: 766,250,797 401,485,832

* Total book value at cost has been divided by the number of unit.
** The total market value (as per price index of DSE) of the above shares as on 31 December 2016 stood at Tk.
401,485,832 against the book value of Tk. 766,250,797
*** Investment in Shares that do not have any quoted market price in the active market and whose fair value can
not be measured reliably, where recognized at cost.
16.00 Outstanding Premium: Tk. 78,041,164
The above balance is made up as follows:
2016 2015
Individual Product Line (IPL) 43,719,421 33,754,622
Islami Jibon Bima Takaful (IJBT) 10,043,732 7,235,634
Group Insurance - Life 3,389,977 5,957,232

ANNUAL REPORT 77
2016
 Group Insurance - Health 2,328,623 6,591,743
Islami Deposti Pension Scheme 4,666,455 2,456,048
Pragati Bima & Pragati Inslami Bima Division 13,892,956 6,559,589
Taka : 78,041,164 62,554,868
The amount represents premium receivable as on 31 December 2016 for which grace periods did not expire as
on the above date. The outstanding premium amount have been realized by 31 January 2017.
17.00 Interest, Dividends and Rents Accruing but not Due: Tk. 133,304,837
The above balance is made up as follows:
Note 2016 2015
Interest on Fixed Deposit Receipt (FDR) 17.01 61,947,921 47,474,377
Interest on Bangladesh Government Treasury Bond (BGTB) 55,060,313 51,045,575
Interest on term loan to Jamuna Resort Limited 1,430,293 1,430,293
Interest on Bond 14,866,310 6,822,545
Taka : 133,304,837 106,772,790
17.01 Interest on FDR: Tk. 61,947,921
The above balance is made up as follows:
2016 2015
Opening balance 47,474,377 43,023,036
Add: Interest accrued during the year 84,492,329 51,493,293
Less: Received during the year 70,018,785 47,041,952
Closing balance Taka : 61,947,921 47,474,377
18.00 Advances, Deposits, and Sundry Debtors: Tk. 256,406,267
The above balance is made up as follows:
Note 2016 2015
Advance Income Tax 18.01 168,537,414 151,896,179
Tax Refund Due 18.02 1,783,600 1,783,600
Advance against Office Rent 18.03 23,050,869 10,088,996
Advance against Tender Security 260,000 399,000
Advance against Development Salary 97,436 97,436
Advance Company Registration Fees 8,008,875 -
Advance against Expenses 710,000 409,525
Advance against Conference 1,100,000 1,100,000
Advance against Salary 686,281 285,344
Loan to Development Staff 212,347 100,000
Short Term Loan 18.04 443,000 443,000
Revolving Fund 658,500 624,500
Bi-Cycle Loan - 4,632
Motor Cycle Loan 1,042,337 924,772
Advance Commission (Group) 64,006 72,000
Postal Security 24,396 20,343
Security Deposit 56,000 62,600
Earnest Money 250,000 310,000
Advance against Land Purchases 18.05 500,000 500,000

78 ANNUAL REPORT
2016
 Performance Bank Guarantee 2,057,249 1,257,249
Eminent Securities Ltd. 18.06 633,102 702,532
Lanka Bangla Securities Ltd. 18.07 - 551
A.M. Securities Ltd. 18.08 175,956 79,933
BRAC EPL Stock Brokerage Ltd. 18.09 1,829,628 809,223
Security Deposit (MRC) Icom Bd. Ltd. 571,200 -
Pragati Training Center 199,942 137,907
Pragati Insurance Limited 55,285 -
Trade Receivable 34,503,017 -
Advance against Traveling & Tour 45,500 206,765
Other Receivable 8,850,327 7,309,468
Taka : 256,406,267 179,625,555
18.01 Advance Income Tax : Tk. 168,537,414
The above balance is made up as follows:
2016 2015
FDR 65,956,608 57,869,006
STD 7,621,470 7,075,259
NIB 306,000 306,000
BGTB 30,050,551 30,050,551
Dividend 9,198,006 6,788,242
Bond 7,632,591 5,196,056
Vehicles 7,964,128 6,504,458
Premium 39,808,060 38,106,607
Taka : 168,537,414 151,896,179
18.02 Income Tax Refund Due: Tk. 1,783,600
The above balance is made up as follows:
2016 2015
Income Tax Refund Due 1,783,600 1,783,600
Taka : 1,783,600 1,783,600
This represents net income tax refundable to the Company for the assessment years up to 2011-2012 as per tax
assessment orders to the Company. The assessments of the income tax of the Company for the assessment years
2012-2013, 2013-2014, 2014-2015, 2015-2016 & 2016-2017 are in progress.
18.03 Advance Against Office Rent: Tk. 23,050,869
The above balance is made up as follows:
2016 2015
Opening balance 10,088,996 35,444,565
Add: Advance paid during the year 29,521,884 4,121,666
39,610,880 39,566,231
Less: Adjustment during the year 16,560,011 29,477,235
Closing balance Taka : 23,050,869 10,088,996

ANNUAL REPORT 79
2016
18.04 Short Term Loan: Tk. 443,000
The above balance is made up as follows:
2016 2015
Jamuna Resort Ltd. 443,000 1,200,000
Adjustment/Recovery during the Year - 757,000
Taka : 443,000 443,000
This represents the term loan provided to Jamuna Resort Ltd at a interest rate of 11%.
This advance against the equity participation in the capital of the Company has been adjusted after receive no
of 40,000 Shares.
18.05 Advance against Land Purchases: Tk. 500,000
The above balance is made up as follows:
2016 2015
Advance against Land Purchases 500,000 1,800,000
Adjustment/Recovery during the Year - 1,300,000
Taka : 500,000 500,000
This represents advance paid to Jamuna Resort Ltd. for purchase a plot of land and subsequently refunded due
to cancellation of the project.
18.06 Eminent Securities Ltd. : Tk. 633,102
This balance represents money lying with the brokerage house at the end of routine and normal investment
activities in shares as at December 31, 2016
2016 2015
Eminent Securities Ltd. 633,102 702,532
Taka : 633,102 702,532
18.07 Lanka Bangla Securities Ltd. : Tk. Nil
This balance represents money lying with the brokerage house at the end of routine and normal investment
activities in shares as at December 31, 2016
2016 2015
Lanka Bangla Securities Ltd. - 551
Taka : - 551
18.08 A.M. Securities Ltd. : Tk. 175,956
This balance represents money lying with the brokerage house at the end of routine and normal investment
activities in shares as at December 31, 2016
2016 2015
A. M. Securities Ltd. 175,956 79,933
Taka : 175,956 79,933
18.09 BRAC EPL Stock Brokerage Ltd. : Tk. 1,829,628
This balance represents money lying with the brokerage house at the end of routine and normal investment
activities in shares as at December 31, 2016
2016 2015
BRAC EPL Stock Brokerage Ltd. 1,829,628 809,223
Taka : 1,829,628 809,223

80 ANNUAL REPORT
2016
19.00 Fixed Deposit with Banks (FDR) TK.1,283,509,395
The above balance is made up as follows:
2016 2015
NCC Bank Limited 10,000,000 10,000,000
Mutual Trust Bank Limited - 10,000,000
One Bank Ltd. 19,893,514 19,893,514
Premier Bank Limited 12,572,041 12,572,041
Lanka Bangla Finance & Investment Ltd. 117,716,056 101,859,000
Exim Bank Ltd. - 27,427,429
Southeast Bank Ltd. 14,466,725 13,323,095
Delta Brac Housing Finance Corporation Ltd 10,000,000 13,809,634
Social Islami Bank Ltd. 98,008,861 121,064,966
Peoples Leasing & Finance Limited 10,000,000 11,221,840
AB Bank Limited 190,913,500 10,913,500
IFIC Bank Limited 20,000,000 20,000,000
Prime Finance & Investment Limited - 41,220,849
First Security Islami Bank Ltd 20,000,000 31,315,560
International Leasing and Financial Services Ltd 10,000,000 22,393,000
Union Capital Ltd 98,722,660 90,219,424
First Lease finance & Investment ltd 39,557,500 39,557,500
BASIC Bank Ltd - 20,000,000
SBAC Bank Ltd. 10,000,000 11,125,000
Bank Asia 23,400,000 20,000,000
Reliance Finance Limited 44,240,000 65,000,000
IDLC Finance Limited 91,651,038 49,400,000
FAS Finance & Investment Limited 65,917,500 60,000,000
National Housing & Finance 71,755,000 30,000,000
NRBC Bank Ltd. 10,000,000 10,000,000
Premier Leasing & Finance Limited 54,695,000 50,000,000
NRB Global Bank Ltd 15,000,000 10,000,000
Bay Leasing & Investment Ltd. 20,000,000 -
Eastern Bank 30,000,000 -
IIDFC 30,000,000 -
IPDC Finance Limited 80,000,000 -
Midland Bank Limited 20,000,000 -
The Farmers Bank Limited 20,000,000 -
DBHFC 25,000,000 -
Taka : 1,283,509,395 922,316,352
20.00 Short Term Deposit with Banks : Tk 199,732,298
The said bank balance consisting of 58 number of STD Account maintained with 19 banks throughout the
country.
21.00 Current Account with Banks : Tk 39,726,153
The said bank balance consisting of 91 number of Current Account maintained with 11 banks throughout the
country.

ANNUAL REPORT 81
2016
22.00 Premium Less Re-insurance (Net): Tk. 2,177,702,602
The above balance is made up as follows:
Gross Re-Insurance Net Premium Net Premium
Type of Premiums
Premium Ceded 2016 2015
Individual Product Line (IPL) 1st year 401,150,257 2,144,185 399,006,072 297,622,638
Individual Product Line (IPL) Renewal 432,204,671 - 432,204,671 395,998,926
Pragati Bima (PB) 1st year 56,152,550 - 56,152,550 37,670,542
Pragati Bima (PB) Renewal 140,487,749 - 140,487,749 159,057,417
Group Insurance Premium 825,974,107 25,130,692 800,843,415 787,300,604
Islami Jibon Bima-Takaful, 1st year 89,553,611 - 89,553,611 59,688,957
Islami Jibon Bima-Takaful,Renewal 111,959,645 - 111,959,645 108,818,325
Pragati Islami Bima Division, 1st year 19,616,858 - 19,616,858 13,016,023
Pragati Islami Bima Division, Renewal 63,348,442 - 63,348,442 56,892,266
Islami Deposit Pension Scheme,1st Year 12,897,962 - 12,897,962 10,306,461
Islami Deposit Pension Scheme, Renewal 51,631,627 - 51,631,627 49,964,664
Taka: 2,204,977,479 27,274,877 2,177,702,602 1,976,336,823

23.00 Interest, Dividends and Rents: Tk. 370,785,106

The above balance is made up as follows:
2016 2015
Interest on FDR 96,489,379 95,146,219
Profit on sale of Shares 8,946,434 18,743,639
Interest on BGTB 205,682,005 193,668,655
Interest on Short Term Deposit 4,778,512 7,769,982
Dividend Received 12,049,018 6,797,528
Interest on Motor Cycle Loan 90,523 45,854
Interest on Bond 42,256,315 21,341,995
Interest on Loan 286,107 340,754
Interest on Policy Loan 54,427 90,820
Late Fee 147,754 128,518
Bond Fee 4,632 2,785
Taka : 370,785,106 344,076,749
24.00 Other Income: Tk. 4,820,628
This balance is made-up as follows:
2016 2015
Service Charge 423,146 323,496
Profit / (Loss) on Sale of Fixed Assets 4,029,897 6,604,284
Miscellaneous Income 367,585 930,100
Taka : 4,820,628 7,857,880

82 ANNUAL REPORT
2016
25.00 Claims Under Policies (Including Provision for Claims due or Intimated)
Less Re-Insurance: Tk. 1,228,309,593
The above balance is made up as follows:
2016 2015
Gross Claim 1,210,678,235 1,143,859,284
Less: Re-Insurance Claim 7,913,308 1,434,496
Net Claim 1,202,764,927 1,142,424,788
Add: Profit Commission 25,544,666 28,050,369
Taka : 1,228,309,593 1,170,475,157
26.00 Legal & Professional Fees: Tk. 30,38,123
This balance is made-up as follows:
2016 2015
Professional Fees 1,912,041 633,450
Legal Fees & Expenses 1,126,082 67,940
Taka : 3,038,123 701,390
27.00 Printing & Stationery: Tk. 5,862,541
This balance is made-up as follows:
2016 2015
Head Office - Central Accounts 3,555,024 1,514,925
Individual Product Line (IPL & Takaful) 1,448,599 2,025,695
Islamic Deposit Pension Scheme (IDPS) 110,150 199,340
Pragati Bima & Pragati Islami Bima Division (PB & PIBD) 500,796 953,957
Group Insurance 247,972 430,680
Taka : 5,862,541 5,124,597
28.00 Office Rent: Tk. 55,372,697
This balance is made-up as follows:
2016 2015
Head Office - Central Accounts 13,811,821 14,409,249
Individual Product Line (IPL & Takaful) 25,227,196 28,393,330
Islamic Deposit Pension Scheme (IDPS) 2,250,342 2,298,458
Pragati Bima & Pragati Islami Bima Division (PB & PIBD) 9,183,349 12,022,299
Group Insurance 4,899,989 2,610,440
Taka : 55,372,697 59,733,776
29.00 Car Fuel, Maintenance & Repairs: Tk. 30,055,367
This balance is made-up as follows:
2016 2015
Head Office - Central Accounts 10,319,348 12,015,973
Individual Product Line (IPL & Takaful) 15,351,857 14,442,229
Islamic Deposit Pension Scheme (IDPS) 454,763 54,794
Pragati Bima & Pragati Islami Bima Division (PB & PIBD) 1,513,707 2,165,675
Group Insurance 2,415,692 1,558,825
Taka : 30,055,367 30,237,496

ANNUAL REPORT 83
2016
30.00 Company Registration Fees: Tk. 5,131,256
This balance is made-up as follows:
2016 2015
Head Office - Central Accounts 5,131,256 5,794,325
Taka : 5,131,256 5,794,325
This amount was deposited to Bangladesh Bank as Company Registration Fees @ 0.35% on gross premium of
previous year.
31.00 Depreciation on Fixed Assets: Tk. 23,363,237
This balance is made-up as follows:
2016 2015
Head Office - Central Accounts 10,657,219 14,974,236
Individual Product Line (IPL & Takaful) 9,093,816 18,313,284
Islamic Deposit Pension Scheme (IDPS) 361,566 364,075
Pragati Bima & Pragati Islami Bima Division (PB & PIBD) 2,253,073 3,866,287
Group Insurance 997,563 1,616,432
Taka : 23,363,237 39,134,314
32.00 Payments/Perquisites to Directors and Key Management Personnel
32.01 Paid to Directors
Particulars 2016 2015
Board and Committee Meeting Fees 1,400,000 932,500

32.02 Paid to Key Management Personnel

Particulars 2016 2015
i) Short term Employee Benefits (Salary & Allowances) 15,908,106 13,844,670
ii) Post Employment Benefits (P.F and Gratuity) 156,221 157,348
Key management Personnel are those Persons having authority and responsibility for Planning, Directions and
Controlling the activities of the Company.
i) No compensation/ other allowance/ commission was allowed to Directors including Managing Director,
Managers and Officers of the Company except as stated above.
ii) There is no amount payable to Directors including Managing Director, Managers and Officers of the
Company for any sort of commission on purchases, profit or guarantee.
iii) Directors’ Fee for attending each Board Meeting and Committee Meeting for each Director during the year
was Tk.5,000.
33.00 Events after Reporting Period
Except the below matter there was no significant event that has occurred between the balance sheet date and the
date when the financial statements are authorized for issue by the Board of Directors.
The Board of Directors in its 113th meeting held on June 29, 2017 has recommended 8% Cash Dividend and
17% Stock Dividend for the year ended December 31, 2016.
34.00 Capital Expenditure Commitment
a) There was no capital expenditure contracted or incurred or un provided for at 31 December 2016.
b) There was no material capital expenditure authorized by the Board but not contracted for at 31 December
2016.
35.00 Claim not acknowledged
There was no claim not acknowledged as debt as on 31 December 2016.

84 ANNUAL REPORT
2016
36.00 Contingent Asset/ Liabilities
There was no contingent assets or liabilities of the company as on 31 December 2016.
37.00 Number of Employees (As per requirement of Companies Act 1994, Schedule-XI part-II)
The number of employees and expenses incurred for employees during the year as follows. Number of employees
with remuneration:
Particulars 2016 2015
Number of employees with remuneration:
(i) Below Tk. 36,000 p.a. 69 71
(ii) Tk. 36,000 p.a. and above 762 736
(i) Amount in Taka Below Tk. 36,000 p.a. 1,829,819 2,130,000
(ii) Tk. 36,000 p.a. and above 186,601,378 172,635,759
38.00 Credit Facility
There was no credit facility available to the Company under any contract as on 31 December 2016.
39.00 Payment in foreign currency
There was no payment in foreign currency during the year.
40.00 General
40.01 The previous year’s figures have been regrouped, rearranged and reclassified wherever necessary, amounts and
other disclosures for the preceding year are included as an integral part of the current financial statements and
are to be read in relation to the amounts and other disclosures relating to the current year.
40.02 IPL, PB, IJB (Takaful), PIBD, IDPS, PUD and IHP represents under Individual Product Line, Pragati bima,
Islami Jibon Bima (Takaful), Pragati Islami Bima Division, Islami Deposit Pension Scheme, Pragati Urban
Division and Individual Health Plan respectively.
40.03 Prevention of Money Laundering & Terrorist Financing :
In line with the guidance notes provided by Bangladesh Bank and recommendation of the technical sub-
committee (Life) of BIA. The company has a comprehensive Anti Money Laundering & Terrorist Financing
guidance. The company has robust KYC & rule book and continuous monitoring by internal audit team.
41.00 Related Party Transactions
Parties are considered to be related if one party has the ability to control the other party or exercises significant
influence over the other party in making financial and operational decision and include associated companies
with or without common Directors and key management positions. The company has entered into transaction
with other related entities in normal course of business that fall within the definition of related party as per
Bangladesh Accounting Standard 24: “Related Party Disclosures”. Transaction with related parties are
executed on the same terms, including interest rate and collateral, as those prevailing at the time for comparable
transactions with other customer of similar credentials and do not involve more than a normal risk.
Details of transactions with related parties and balance with them as at December 31, 2016 were as follows:

ANNUAL REPORT 85
2016
 Balance Balance
Addition/ Adjustment/ (as at
Name of Related Transaction as at
Party Nature
Relationship
January
Expenses Payment during December
31, 2016)
1, 2016 during the year the year receivable/
(payable)
Advance
Common
Against 500,000 - - 500,000
Directorship
Land
Advance
Common
Against 1,100,000 - - 1,100,000
Directorship
Conference
Jamuna Resort Ltd. Short Term Common
443,000 - - 443,000
Loan Directorship
Interest on
Common
Short Term 1,430,293 - - 1,430,293
Directorship
loan
Car Rent Common
396,000 - 800 395,200
Due Directorship
Common
Office Rent - 28,027,776 28,027,776 -
Directorship
Service Common
Pragati Insurance Ltd. - 4,035,300 4,035,300 -
Charge Directorship
Car Common
- 505,697 505,697 -
Insurance Directorship
Padma Printers & Printing of Common
- 203,850 203,850 -
Color Ltd. Calendar Directorship
Car
Proton Service Centre Common
Repair & - 4,191,978 4,191,978 -
Ltd. Directorship
Maintenance

42.00 Date of Authorization for Issue

These financial statements were authorised for issue on June 29, 2017 by the Board of Directors of the Company.

Company Secretary Chief Financial Officer Chief Executive Officer Director Director Chairman

Zoha Zaman Kabir Rashid & Co.

Dated : Dhaka, June 29, 2017 Chartered Accountants

86 ANNUAL REPORT
2016
 SCHEDULE OF FIXED ASSETS

2016
As at 31 December 2016

ANNUAL REPORT
FIXED ASSETS (At Cost Less Depreciation): Tk. 87,054,510 “ Schedule - 1”

Furniture & Electrical & Office

Particulars Computer Vehicle Total
Fixture Equipment
A. Cost :
As at 1 January 2016 85,970,342 22,207,782 42,900,564 158,808,398 309,887,086
Addition During the year 7,970,592 3,134,811 8,123,534 8,623,500 27,852,437
Sale/Adjustment During the Year 811,846 26,971 4,748 12,537,459 13,381,024
As at 31 December 2016 93,129,088 25,315,622 51,019,350 154,894,439 324,358,499
B. Depreciation :
Rate of Depreciation 10% & 20% 15% & 20% 20% 20%
As at 1 January 2016 38,426,710 17,266,106 28,715,437 142,482,849 226,891,102
Charge for the year 7,504,681 1,415,670 3,914,888 10,527,998 23,363,237
Adjustment During the Year 811,846 16,907 - 12,121,597 12,950,350
As at 31 December 2016 45,119,545 18,664,869 32,630,325 140,889,250 237,303,989
C. Written Down Value (A-B)
As at 31 December 2016 48,009,543 6,650,753 18,389,025 14,005,189 87,054,510
As at 31 December 2015 47,543,632 4,941,676 14,185,127 16,325,549 82,995,984

Notes: i) Depreciation has been charged on addition of Fixed Assets from the following month of procurement.
ii) Depreciation has been charged on straight line method on the cost of individual assets.

87
 Directors’ Certificate

As per Regulations contained in the Insurance Act, 1938 and 2010, we certify that:

1. As per regulations contained in the section 7(a) of Part I of the First Schedule of the Insurance Act
1938, the value of investment in shares has been taken at market value.
2. As per regulation contained in the section 7(b) of Part I the First Schedule of the Insurance Act 1938,
the value of all assets as shown in the Balance Sheet and as classified on Form “AA” annexed have
been duly reviewed as on December 31, 2016 and in our belief, the said assets have been set forth
in the Balance Sheet at amounts not exceeding their realizable or market value under the several
headings as enumerated.
3. As per regulation contained in the section 62(2) of the Insurance Act, 2010 all expenses of man-
agement in respect of Life Insurance business transacted by the Company in Bangladesh have been
fully debited in the Revenue Account as expenses.

Company Secretary Chief Financial Officer Chief Executive Officer Director Director Chairman

Dated : Dhaka, June 29, 2017

88 ANNUAL REPORT
2016
 Events

ANNUAL REPORT 89
2016
The Annual Conference 2016 held at Long Beach Hotel Chairman of the Company Mr. Khalilur Rahman
in Cox’s Bazar. Chairman of the Company Mr. Khalilur delivering speech in the Annual Conference 2016 at
Rahman inaugurated the conference as Chief Guest & Mr. Cox’s Bazar.
Md. Jalalul Azim, CEO presided over the Conference.

Qualified Development Officials participated in the Annual Ifter & Milad Mahfil of 2017 held at Company
Annual Conference 2016, Cox’s Bazar. Head Office.

Pragati Life Signs a tripartite agreement with Bank Asia & MicroEnsure Group Insurance Contract signing between Pragati Life Insurance Limited
to provide health insurance support to the bank’s accountholders and and University of Chittagong. CEO of Pragati Life, Mr. Md. Jalalul Azim
education insurance to the school banking accountholders. CEO of and Registrar of Chittagong University Prof. Dr. Mohammed Kamrul
Pragati Life, Mr. Md. Jalalul Azim, MD of Bank Asia, Mr. Md. Arfan Huda signed the contract on behalf of their respective organizations in
Ali and Country Manager for Bangladesh of MicroEnsure, Mr. Mir presence of Vice-Chancellor of the University of Chittagong, Prof. Dr.
Rashedul Hossain signed the contract on behalf of their respective Iftekhar Uddin Chowdhury.
organizations.

90 ANNUAL REPORT
2016
Pragati Life Insurance Limited and Roche Bangladesh Limited have Pragati Life Insurance Limited and Nathan Associates London, representing
signed an MOU for developing Innovative Insurance Product for Business Finance for the Poor in Bangladesh (BFP-B) Program, funded by the
Bangladesh Market. CEO of Pragati Life, Mr. Md. Jalalul Azim and Department For International Development (DFID) of the UKAID, signed a
contract under the Second Challenge Fund to initiate a Composite Insurance
MD of Roche Bangladesh, Dr. Mohammad Afroz Jalil, signed the MoU
Scheme for the Micro and Small Entrepreneurs (MSE). CEO of Pragati Life, Mr.
on behalf of the respective organizations.
Md. Jalalul Azim and Director of Nathan Associates, Mr. Buddhika Samarasinghe
signed the contract on behalf of the respective organizations.

Pragati Life Insurance Limited, SNV Netherlands Development Organization and TMSS jointly Pragati Life Insurance Limited and USAID-DFID funded
organized a “Worker Enrollment Festival” at three RMG factories where Health Insurance Cards are NGO Health Service Delivery Project (NHSDP) have signed a
distributed among the workers under a micro health insurance pilot project of Pragati Life Insurance.
Senior Vice President of BGMEA, Mr. Faruque Hassan was the Chief Guest of the program. Letter of Collaboration to work with the insured of Pragati Life
The joint initiative begins with a pilot about 4,500 workers under three RMG Factories, at Gazipura Insurance Limited for ensuring cost effective quality health care
in Tongi. The scheme offers cashless healthcare services of both outdoor and indoor for the insured services by Surjer Hashi Clinics.
workers through the adjacent health service provider TMSS Masuda Maternity & General Hospital.

Pragati Life Insurance Limited has settled a death claim of employee Rangpur Community Medical Collage Hospital signed a MoU with
of The Daily Ittefaq amounting to Tk. 11,55,000/- under its Group Pragati Life Insurance Limited. Under this MoU, clients of Pragati Life
Insurance contract. CEO of Pragati Life, Mr. Md. Jalalul Azim handed Insurance Limited will get the corporate medical services & discount
over the cheque to Editor (acting) of The Daily Ittefaq Mrs. Tasmima facilities from Hospital.
Hossain.

ANNUAL REPORT 91
2016
 Our Presence
Important Offices

92 ANNUAL REPORT
2016
 Pragati Life Insurance Ltd.
Important Office Address
Dhaka
Mirpur Servicing Cell (B) Keranigonj Servicing Cell (T) Nababgonj (Dhaka) Agency (P)
Shop No-11, Co-operative Market (4 floor)
th
Polash Complex (4 floor) th
Haji Yousuf Bhaban (1st floor)
Darus salam Road, Mirpur-1, Dhaka-1216 Dhaka-Dohar Road, Keranigonj, Dist - Dhaka Main road, P.S. Nababgonj, Dist- Dhaka
Uttara (Dhaka) Servicing Cell (B) Kamrangirchar Agency (B) Pallabi (Dhaka) Servicing Cell (B)
Plot # 41, A B Super Market (7 floor)
th
House- 19 (3 floor), Comilla Para
rd
Shaly Cotage (1st floor), House No-10
Dhaka-Mymensingh Road, Room-807 Ashrafabad Main Road, Madbor Bazar Avenue-01, Block- F, Section- 11
Uttara Model Town, Dist- Dhaka P.S. Kamrangirchar, Dist- Dhaka Shangbadik R/A, Kalshi Road, Pallabi
Mirpur, Dhaka-1216
Ashulia (Dhaka) Agency (B) Metro Servicing Cell (M) Jamgora (Ashulia) Agency (B)
Hazi Omar Ali Plaza (2 floor), DEPZ Road
nd
Standerd Center (5 floor), B-Block
th
Ruman Tower (3rd floor), DEPZ Road
P.O. Dhamsona, P.S. Ashulia, Dist- Dhaka New Eskaton Road, Shantinagar P.O. Alia Madrasha, P.S. Ashulia
Ramna, Dist- Dhaka Dist- Dhaka

Shariatpur Narayanganj
Shariatpur Sevicing Cell (PB) Naria Servicing Cell (P) Narayanganj Agency (PB)
Amena Bhaban, Sadar Road Madbar Plaza (2 floor), Chakodh Road
nd
53/3 (4th floor), Nabab Solimullah Road
P.S. Sadar, Dist- Shariatpur P.S. Naria, Dist- Shariatpur Chasara, P.S. Sadar, Dist- Narayanganj
Shariatpur Agency (M) Noria Agency (PB) Araihazar (Narayanganj) Servicing Cell (T)
Tanjim Plaza (1 floor), Palong Bazar Road
st
Dewan Market, Noria Bridge Road New Market (3rd floor)
(Near Sonali Bank Ltd.) P.S. Noria, Dist- Shariatpur P.S. Araihazar, Dist- Narayanganj
P.S. Sadar, Dist- Shariatpur

Munshigonj Gopalganj
Sirajdikhan Agency (M) Gopalganj Agency (PB) Kotalipara Agency (PB)
Chowdhury Plaza (1st floor), Thana Road 221, Miah para, Kobarsthan Road Vill- Manikhar, P.O. Kathi Bazar
Sirajdikhan, Dist- Munshigonj P.S. Sadar, Dist- Gopalganj P.S. Sadar, Dist- Gopalganj

Gazipur
Gazipur Servicing Cell (B) Tongi (Collage Gate) Agency (B) Kazibari (Joydebpur) Agency (B)
Salma Nibash, Dhaka- Mymensing Sharak Ceramic Market (Tongi Dr. Point & Child Care) House of Abul Hossain (Ground floor)
Chandana, P.S. Joydebpur Cherag Ali, P.S. Tongi, Dist- Gazipur Dhirashram Road, P.O. Gazipur
Dist- Gazipur P.S. Joydebpur, Dist- Gazipur
Gazipur Agency (P)
Mim & Jannat Tower (3rd floor)
Mymensing Sharak, Chandana Chourasta
P.S. Joydebpur, Dist- Gazipur

ANNUAL REPORT 93
2016
 Pragati Life Insurance Ltd.
Important Office Address
Manikgonj Narshingdi
Manikgonj Agency (M) Narshingdi Sevicing Cell (PB)
Hamid Building (3rd floor) Bismillah Monjil, P.O. Narayanpur
27-28 Shahid Sharoni Road P.S. Belabo, Dist- Narshingdi
P.S. Sadar, Dist- Manikgonj

Rajbari
Goalanda Agency (PB) Char Dowlatdia Agency (PB)
Nowsor Uddin Sarder Para Jewel Supar Market, Char Dowlatdia hat
P.S. Goalanda, Dist- Rajbari P.O. Dowlatdia, P.S. Goalanda
Dist- Rajbari

Faridpur Madaripur
Faridpur Sevicing Cell (PB) Baburchar Agency (PB) Madaripur Servicing Cell (PB)
Munsi Complex, Sheikh Rasel Sisu Park Sanglogno Vill- Baburchar, P.O. Dhaukhali A. M Tower, Panichattra
P.O. Goalchamot Sree Angan P.S. Shadarpur, Dist- Faridpur P.S. Sadar, Dist- Madaripur
P.S. Kotwali Dist- Faridpur

Tangail
Tangail Service Centre (B) Madhupur Agency (IDPS) Dhalapara (Tangail) Servicing Cell (B)
H.M Tower (2 Floor)
nd
Salam Building (Ground Floor) Hazi Bhaban (1st fl), Sagar Dighi
South Side of Capsul Market, Khalpar road Dhaka Tangail Road Dhalapara, P.S. Ghatail, Dist- Tangail
Adalot Para, P.S. Sadar, Dist- Tangail P.S. Madhupur, Dist - Tangail
Gopalpur Agency (IDPS) Basail (Tangail) Agency (B) Mirzapur Agency (IDPS)
Tania Monjil, Hemnagar Khan Plaza (2 floor), Thana Road
nd
Khan Monjil (Ground floor), Union Para
P.S. Gopalpur, Dist - Tangail P.S. Basail, Dist- Tangail P.S. Mirzapur, Dist- Tangail
Tangail Servicing Cell-2 (P) Nagorpur (Tangail) Servicing Cell (B) Kalihati (Tangail) Agency (B)
Chairman Plaza (2nd floor), Adalot Road Rahman Plaza (2nd floor), P.O. Goyhata Hazi Samad Shopping Complex (2nd floor)
P.S. Sadar, Dist- Tangail P.S. Nagorpur, Dist- Tangail Kalihati Bus Stand, P.S. Kalihati
Dist- Tangail
Kalihati (Tangail) Agency (P) Dewpara (Tangail) Agency (B) Tangail Service Centre (IDPS)
Hasan Siddique Chairman Plaza (1 floor)
st
Sakhawat Bhaban (1 floor)
st
H.M Tower (2nd Floor)
P.S. Kalihati, Dist- Tangail Dewpara Bazar, P.S. Ghatail, Dist- Tangail South Side of Capsul Market, Khalpar road
Adalot Para, P.S. Sadar, Dist- Tangail

Mymensingh
Mymensingh Servicing Cell (PB) Katlasen Bazar Agency (PB) Fulbaria (Mymensingh) Agency (IDPS)
100/2 Fulbaria road, Akua Churangi More Mukti Vila, Katlasen Bazar, P.S. Kotwali Prayrona Mansion (Ground floor), Main Road
P.S. Sadar, Dist - Mymensingh Dist - Mymensingh P.S. Fulbaria, Dist - Mymensingh

Gofurgoan Agency (PB)

Rash Uddin Vila, Maizbari Bazar
P.S. Gofurgoan, Dist- Mymensingh

94 ANNUAL REPORT
2016
 Pragati Life Insurance Ltd.
Important Office Address
Netrokona
Netrokona Servicing Cell (IDPS) Laxmigonj Agency (IDPS) Netrokona Ka Agency (IDPS)
Khan Bhaban (4th floor), Nikhil Nath Road Vill - Laxmigonj, P.S. Sadar Semi paka Bhaban, Barhatta Sarak
Patpotti, P.S. Sadar, Dist- Netrokona Dist - Netrokona P.O. Thakurakona, P.S. Netrokona
Dist - Netrokona

Jamalpur
Jamalpur Servicing Cell (B) Jamalpur Agency (M)
Jibon Mansion (2 floor), Station Road
nd
Saodagor Bhaban, Main Road (Station Road)
P.S. Sadar, Dist- Jamalpur P.S. Sadar, Dist- Jamalpur

Chittagong
Chittagong Service Centre (B) Chittagong (Dohazari) Agency (IDPS) Sitakunda Servicing Cell (B)
Bokhtiar Center (3 floor), Plot No- 10
rd
Rashid Khan Building (1 floor) st
Abul Hossain Market (2nd floor)
Sholo Shahar 2 No gate Chittagong-Cox’s Bazar Sarak D.T Road, P.S. Sitakund
Bayzeed Bostami Road P.S. Dohazari, Dist- Chittagong Dist- Chittagong
P.S. East Nasirabad, Dist- Chittagong
Sitakunda Agency (P) Chittagong Service Center (IDPS) Hathazari Sevicing Cell (B)
Sitakunda Shopping Center (3rd floor) Siraj Building (4th floor), 671/D, CDA Avenue N Johur Shopping Complex (3rd floor)
D.T. Road, P.S. Sitakunda Oposite Side of Kachabazar Jame Kachari Road, P.S. Hathazari
Dist- Chittagong Mosque Shollakbahar, Bohddarhat Dist- Chittagong
Chittagong-4300
Satkania Servicing Cell (IDPS) Fatikchari Servicing Cell (B) Bazalia Agency (IDPS)
Madina Plaza (2 floor), Satkania Main road
nd
Hazi J U Complex (2 floor) nd
Mansur Plaza (Ground floor)
P.S. Satkania, Dist- Chittagong Khagrachari Sarak, P.S. Fatikchari Bandarban Sarak
Dist- Chittagong P.O. Bazalia, P.S. Satkania
Dist- Chittagong
Rauzan Servicing Cell (B) Aochea Agency (IDPS) Pahartoli Agency (T)
Syed Wahab Ullah Market (1 floor) st
Vill - Aochea, P.O. Deodighi Honeymoon Tower (1st floor)
Hazrat Shah Latif Road, P.S. Rauzan P.S. Satkania, Dist- Chittagong Jular hat, DT road, Pahartali
Dist- Chittagong Dist- Chittagong
Baraiyarhat (Mirsarai, Ctg.) Agency (B) Banshkhali Agency (IDPS) Fatikchari Servicing Cell (PB)
Bhai Bhai Market (1 floor) st
Sadeka Bhaban, (1 floor), PAB Sarak
st
Karim Center (1st floor)
Baraiyarhat, Mirsarai P.O. Belgaon, P.S. Banshkhali 1 No. Fatikchari Road
Dist- Chittagong Dist- Chittagong Khagrachari Mahasarak
P.S. Fatikchari, Dist- Chittagong
Kodala Agency (PB) Gohira Agency (PB) Alangkar (Ctg.) Agency (B)
Abdul Hamid Sharif Bhaban Gohira School Shopping Complex (1st floor) Honeymoon Tower (1st floor)
Dhupaghat, Kathaltoli Road Gohira, P.S. Rauzan, Dist- Chittagong D.T. Road, P.S. Pahartoli
Purba Kodala, P.S. Rangunia Dist- Chittagong
Dist- Chittagong

ANNUAL REPORT 95
2016
 Pragati Life Insurance Ltd.
Important Office Address
Narayanhat Agency (PB) Dhamairhat Agency (PB) Sitakunda Agency (PB)
Barek Building, P.O. Narayanhat H. A. Plaza (Ground floor) Ria Plaza (2nd floor), Sitakunda, D.T. Road
P.S. Bhojpur, Dist- Chittagong Dhamairhat, Rangunia, Dist- Chittagong P.S. Sitakunda, Dist- Chittagong

Nayarhat Agency (PB) Fatehabad Agency (PB) Chittagong Servicing Cell (M)
Sultan Market (2 floor), Nayarhat
nd
Hazi Badsha Market ( 2 floor)
nd
2470/A, Agrabad Center (7th floor)
P.S. Bayzid Bostami Fatehabad, P.S. Hat hazari Chumohani, Dist- Chittagong
Dist- Chittagong Dist- Chittagong
Parua Agency (PB) Keranirhat Servicing Cell (T) Lohagara Agency (IDPS)
Amin Bhaban Haque Tower (2nd floor) A.M Shopping Complex (3rd floor)
Sayad Nagar, P.O. Parua Chittagong-Cox’s Bazar Road Arakan Sarak, P.O. Amirabad
P.S. Rangunia, Dist- Chittagong P.O. Keranirhat P.S. Lohagara, Dist- Chittagong
P.S. Satkania, Dist- Chittagong
Agrabad Servicing Cell (P) Halishahar (Ctg.) Agency (B) Chittagong Service Centre (PB)
Lokman Tower (5 floor)
th
Hazi Shahabuddin Market (1 floor)st
Baytul Karam Bhaban (3rd floor)
Sheikh Mujib Road Rampura, Sabujbag, Halishahar 112, Bayzeed Bostami
Chowmohany, Dist- Chittagong Dist- Chittagong Dist- Chittagong

Khagrachari Rangamati
Khagrachari Servicing Cell (P)   Marisha Agency (P)
Haji Danu Miah Market (3rd floor) Shah Amanot Supar Market (2nd floor)
Pankhaiapara (Shahid kader sarak) Marisha Bazar, Baghaichori
P.S. Khagrachari Rangamati Parbarto Zila
Khagrachari Parbarto Zila

Cox’s Bazar
Cox’s Bazar Servicing Cell (T) Ramu Servicing Cell (T) Chakoria Servicing Cell (B)
A. B Super Market (2nd floor) R.R Shopping Complex (Ground floor) Fazal Market (2nd floor), Arakan Sarak
Laldighir Purbo Par Ramu Upazila Road, P.S. Ramu Chiringa, P.S. Chakoria
P.S. Sadar, Dist- Cox’s Bazar Dist- Cox’s Bazar Dist- Cox’s Bazar
Teknaf Servicing Cell (T) Eidgaon (Cox’s Bazar ) Servicing Cell (T) Harbang Agency (PB)
Hazi Mojaher Market (1 floor), BDR Road
st
Hossain Market (1 floor), Baroaulia Sarak
st
Motaleb Bhaban, Harbang Bazar
P.S. Teknaf, Dist- Cox’s Bazar P.S. Eidgaon, Dist- Cox’s Bazar P.S. Chakaria, Dist- Cox’s Bazar
Bodarkhali (Cox’s Bazar) Agency (B) Maheshkhali (Cox’s Bazar) Agency (T) Cox’s Bazar Agency (B)
Bodarkhali Bazar, Bodarkhali Hazi Complex (1 floor), Adhargona Sarak
st
Ashrafia Complex (2nd floor)
P.S. Chakoria, Dist- Cox’s Bazar P.O. Kalarmarsar, P.S. Maheshkhali Bouddha Mondir Sarak
Dist- Cox’s Bazar P.S. Sadar, Dist- Cox’s Bazar

Feni
Feni Service Center (P) Feni Servicing Cell (PB) Feni Servicing Cell-2 (P)
49/2, Master Tower (2 floor) nd
Jumma Shopping Centre Amin Tower (4th floor)
S.S.K. Road, P.S. Sadar, Dist- Feni Mizan Road, P.S. Sadar, Dist-Feni (North side of Model Thana)
Trank road, P.S. Sadar, Dist- Feni

96 ANNUAL REPORT
2016
 Pragati Life Insurance Ltd.
Important Office Address
Rajapur (Daganbhuiyan) Agency (P) Dagan Bhuiyan Agency (P) Chagalnaiya Agency (P)
Habib Super Market (3 floor) rd
Jabed Mansion (2 floor)
nd
Patwary Bhaban (3rd floor)
Darbeshat road, P.O. Rajapur Basurhat road P.S. Chagalnaiya, Dist- Feni
P.S. Daganbhuiyan, Dist- Feni P.S. Daganbhuiyan, Dist- Feni
Mohammad Ali Bazar Agency (PB) Fazilpur Bazar Agency (PB)
Bhai Bhai Plaza (Ground floor) S. Alam Market (1st floor)
Mohammad Ali Bazar Fazilpur Bazar, P.S. Fazilpur, Dist- Feni
P.O. Mohammad Ali, P.S. Sadar, Dist- Feni

Bandarban
Bandarban Agency (B)
Milon Bhaban (2nd floor), Bandarban K.B Road
P.S. Sadar, Bandarban Parbarto Zila

Comilla
Comilla Service Center (T) Boxgonj Servicing Cell (P) Gunabati Servicing Cell (P)
Sattarkhan Complex (7 floor) th
Nurul Huda super Market (Ground floor) Hasan Super Market (2nd floor)
A.K. Fazlul Haque Road Boxgonj Bazar, P.O. Huchamia Masjid Road, Gunabati
P.S. Monoharpur, Dist- Comilla P.S. Nangalkot, Dist- Comilla P.S. Chouddagram, Dist- Comilla
Chouddagram Servicing Cell (T) Chouddagram Servicing Cell (P) Doulkhar (Comilla) Agency (P)
Bismillah Tower (2 floor)nd
Chouddagram Commercial Center (2 floor) nd
Abdul Malek Super Market (3rd floor)
On Chouddagram General Hospital, Trank Road Zame Moshjid Road, Chouddagram Bazar Main Road, Doulkhar
P.S. Chouddagram, Dist- Comilla P.S. Chouddagram, Dist- Comilla P.S. Nangalkot, Dist- Comilla

Chandina Servicing Cell (P) Barura Agency (T) Mudaffargonj Servicing Cell (P)
Nashu Bhuiyan Market (2nd floor) Sawdagar Plaza (2nd floor), Thana Road Alam Tower (3rd floor)
Chandina Pouroshava, Chandina P.S. Barura, Dist- Comilla Mudaffargonj Bazar, Muddaffargonj
Dist- Comilla P.S. Laksam, Dist- Comilla
Mannarabazar Agency (P) Comilla Servicing Cell-2 (P) B. Para Agency (T)
Hazi Market (2 floor), Nangolkoat Road
nd
Goni Bhuiyan Mansion (3 floor) rd
Gazi Market (4th floor), Upazila Road
Mannarabazar, P.S. Nangalkot A K Fazlul Haque Road P.S. [Link], Dist- Comilla
Dist- Comilla Monohorpur, Sadar, Dist- Comilla
Bhaukshar Agency (P) Nagais Bazar Agency (PB) Shibir Bazar Agency (PB)
Haji market (2 floor), Bhauksar bazar
nd
Vill- Nagais, P.S. [Link] Munaf Mia Bhaban, Bazar Bamyil
P.O. Bhaukshar, P.S. Barura Dist- Comilla P.S. Kotwali, Dist- Comilla
Dist- Comilla
Comilla Service Center (PB) Debidwar Agency (PB) Nimsar Bazar Agency (PB)
Khan Mansion (3 floor)
rd
Shangkor Homeo Bhaban (2 floor) nd
Girls School Road, Near of Agrani Bank
1/11 Sati Potti, Rajgonj New Market, P.S. Debidwar Nimsar, P.S. Burichang
Comilla Main Road, P.S. Comilla Dist- Comilla Dist- Comilla
Dist- Comilla

ANNUAL REPORT 97
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 Pragati Life Insurance Ltd.
Important Office Address
Digirpar Bazar Agency (PB) Munshirhat (Comilla) Agency (T) Aziara Bazar Agency (PB)
Digirpar Bazar, Bipanan Market Hossain Market (2 floor)
nd
Samun Nahar Plaza, Aziara Bazar
(Hazi Bhaban) Meshtoli Bazar, P.S. Chouddagram Langolkot, Dist- Comilla
P.S. Muradnagar, Dist- Comilla Dist- Comilla

Lakshmipur
Lakshmipur Service Center (P) Raypur (Lakshmipur) Servicing Cell (P) Ramgonj Servicing Cell (B)
Hayder Shoping Complex (2 floor)
nd
Rahim market (2 floor)
nd
London Mansion (1st floor)
Hospital Road, Sadar Main road Sadar, Raypur Ramgonj-Hazigonj Road
Dist - Lakshmipur Dist - Lakshmipur P.S. Ramgonj, Dist- Lakshmipur
Kamalnagar Servicing Cell (B) Chandragonj Servicing Cell (B) Mandari Bazar Servicing Cell (P)
Hayder Ali Market (1 floor)
st
Shah Joki Shoping Complex (2 floor) nd
Ahmmad Plaza (2nd floor)
P.O. Hazirhat, P.S. Kamalnagar Afzal Road, P.S. Chandragonj P.O. Mandari bazar, P.S. Sadar
Dist- Lakshmipur Dist- Lakshmipur Dist - Lakshmipur
Dalal Bazar Agency (P) Mitaly Bazar Agency (P) Lakshmipur Servicing Cell- 2 (B)
Rafi Plaza (2 floor)
nd
Asma Super Market (2 floor) nd
Sky Touch Tower (2nd floor)
Dhaka-Raypur Mohasorok, Dalal Bazar Mitaly Bazar, Hydargonj Sorok Bazar Main Road, Sadar
P.S. Sadar, Dist - Lakshmipur P.S. Rypur, Dist - Lakshmipur Dist - Lakshmipur
Digholi Bazar Agency (B) Alexander Servicing Cell (P) Jamiderhat (Ramgoti) Agency (B)
Shariat Ullah Plaza (1st Floor) Rahmania super market (Ground floor) Mondir Bhaban (1st floor)
Digholi Bazar Ramgoti Lakshmipur Road Ramgati Lakshmipur Main Road
P.S. Sadar, Dist - Lakshmipur Alexander, Ramgoti Charshita, Ramgoti
Dist - Lakshmipur Dist - Lakshmipur
Dattapara Agency (P) Munshirhat (Komalnogar) Agency (B) Torabgonj Agency (B)
M.M. Azim Super Market (3 floor)
rd
Dr. Rahim Market (1 floor), Motirhat Road
st
Torabgonj Bazar, Main Road
Dattapara Bazar, Dattapara Munshirhat, Komalnogar P.S. Kamalnagar, Dist- Lakshmipur
Dist - Lakshmipur Dist- Lakshmipur
Ramgonj Agency (P) Poddar Bazar Agency (B) Haydergonj (Lakshmipur) Agency (B)
Arshad Hossain Super Market (1 floor)
st
Rahim Bhaban (1 floor), Poddar Bazar
st
Senakunja Bhaban (Ground floor)
Hospital Road, P.S. Ramgonj P.S. Sadar, Dist - Lakshmipur Hajimara Sarak, Haidergonj
Dist - Lakshmipur Raypur, Dist- Lakshmipur
Mandari Bazar Servicing Cell (B) Alexander (Lakshmipur) Agency (B) Daserhut Agency (B)
Babshayee Society Market (1 floor)
st
Razib Anik Super Market (2 floor)nd
Abdul Motin Plaza (1st floor)
Dhaka Raypur Sarak, Mandari Bazar Bazar Paschim Goli, Alexander Pukurdia Road, Daserhut, Rupchara
P.S. Sadar, Dist- Lakshmipur P.S. Ramgati, Dist- Lakshmipur P.S. Chandragonj, Dist-Lakshmipur
Kazi Dhigirpar Agency (P) Raypur (Lakshmipur) Agency (B) Bhabanigonj (Mia Bari) Agency (B)
Kazi Dhigirpar (Purba Matha) Hazi Ali Akbor Super Market (2 floor) nd
Hasan Market (1st floor), Meghna
Bashu Bazar Shorok, P.S. Sadar Upazila Road, P.S. Raypur Bazar Road, Char Moshda
Dist - Lakshmipur Dist- Lakshmipur Bhabanigonj, Dist- Lakshmipur

98 ANNUAL REPORT
2016
 Pragati Life Insurance Ltd.
Important Office Address
Brahmanbaria
Akhaura Agency (PB) Islampur Bazar Agency (PB) [Link] Servicing Cell (PB)
Dewan Market, P.S. Akhaura Khan Market (Ground floor) Foyaz Plaza (4th floor), Moshjid Road
Dist- Brahmanbaria Islampur Bazar [Link]
P.O. Islampur, P.S. Bijoynagar Dist- Brahmanbaria
Dist- Brahmanbaria

Noakhali
Noakhali Service Center (B) Banglabazar Agency (B) Amisha Para Servicing Cell (P)
Begumgonj Thana Kendrio Samabay Samiti Ltd. Jahangir Mansion (2 floor)
nd
Amishapara bazar, Amishapara
Karimpur Road, Choumuhoni Banglabazar, Begumgonj P.S. Sonaimuri, Dist- Noakhali
Begumgonj, Dist - Noakhali Dist - Noakhali
Gopalpurbazar Agency (P) Maizdee Servicing Cell (B) Banglabazar Agency (P)
Gopalpur Bazar, P.O. Gopalpur 768 Ashfaq Plaza (1st floor), Main Road New Market (3rd floor), Pashchim goli
P.S. Begumgonj, Dist - Noakhali Maizdee Bazar, Maizdee Banglabazar, Begumgonj
Dist - Noakhali Dist - Noakhali
Char Jabbar Agency (B) Senbag Servicing Cell (T) Deliai Bazar (Noakhali) Agency (B)
Iman Tower (1 floor)
st
Sultan Plaza, D.B Road Hazi Amir Hossain Market (1st floor)
Haris Chowddhury Bazar Senbag, Dist - Noakhali Deliai Bazar Sarak, Chatkhil
Pariskar Bazar Road, Char Jabbar Dist - Noakhali
Dist- Noakhali
Podipara (Noakhali) Agency (B) Choumuhony Servicing Cell (P) Hatiya Agency (B)
Hazi Nur Alam Vila (1 floor) st
Rupsha Shopping Complex (2 floor)
nd
Serajul Haque Super Market (1st floor)
Podipara Bazar, Sonaimuri Karimpur Road, Choumuhany Main Road, Oshkhali, Hatiya
Dist - Noakhali Begumgonj, Dist- Noakhali Dist - Noakhali
Subarnachar (Charbata) Servicing Cell (B) Nur Patowary Hat (Noakhali) Agency (B) Sonaimuri (Noakhali) Agency (B)
Sana Ullah Bhaban (1 floor)
st
Nur Plaza (Ground floor) Sattar Complex (3rd floor), Bank Road
Charbata, Char Jabbar, Subarnachar Nur Patowary Hat Bazar Sonaimuri, Dist - Noakhali
Dist- Noakhali P.O. Kor Mulla
P.S. Sadar, Dist- Noakhali
Noakhali Chatkhil Servicing Cell (P) Noakhali Sadar Servicing Cell (P) Bangla Bazar (Purba Maizchara) Agency (B)
Shopnopuri Shopping Complex (2 floor)
nd
Akbor Building (2 floor)
nd
Rahman Market (1st floor)
Hospital Road, Chatkhil West Side of Modern Hospital Purba Maizchara
Dist - Noakhali Gazipara Main Road, Maizdee Charkawnia, P.S. Sadar
Dist- Noakhali Dist- Noakhali
Kankirhat Agency (P) Chatkhil Agency (B) Subarnachar Agency (P)
Mizan Complex (2 floor)
nd
Aziz Super Market (2 floor)
nd
Monir Market (1st floor)
Collage Road, P.O. Kankirhat P.S. Chatkhil, Dist- Noakhali Madrasha Road
P.S. Senbag, Dist- Noakhali P.O. Poshchim Charjabbar
P.S. Subarnachar, Dist- Noakhali

ANNUAL REPORT 99
2016
 Pragati Life Insurance Ltd.
Important Office Address
Khilpara Agency (P) Sompara Agency (B)
Honufa Plaza (1 floor)
st
Sompara, Chatkhil, Dist - Noakhali
Khilpara, P.O. Khilpara
P.S. Chatkhil, Dist- Noakhali

Chandpur
Chandpur Servicing Cell (B) Kachua Servicing Cell (T) Chandpur Service Centre (PB)
Mir Shopping complex (2 floor)
nd
Mamtaj Tower (1 floor)
st
Amin Plaza (1st floor)
J. M Sengupta sarak, P.O. Natun Bazar Dhan Bazar, P.S. Kachua Shahid Muktijoddah Road
P.S. Sadar, Dist- Chandpur Dist - Chandpur Dist- Chandpur
Hazigonj Servicing Cell (B) Motlab Agency (PB) Turamunshirhat Agency (PB)
Munshi Plaza (2 floor)
nd
238/4, Farizi Vila, Poshu Hospital Road Vill-Sachan Meg, [Link]
(Top of Bank Asia), Hazigonj Main Road Koladi, [Link] South [Link], Dist-Chandpur
P.S. Hazigonj, Dist - Chandpur Dist- Chandpur
Shahrasti Agency (PB) Rampur Bazar (Faridgonj) Agency (B) Bagra Bazar Agency (PB)
Vill- Suapara, Harun-Rashid Super Market Bhuiyan Traders Bhaban, Rampur Bazar Sapdi, Bagra Bazar, P.O. Bagra Bazar
P.O. Kaliapara, P.S. Shahrasti Faridgonj, Dist - Chandpur P.S. Sadar, Dist- Chandpur
Dist- Chandpur
Haimchar Agency (PB) Hazigonj (Chandpur) Agency (T) Kachua Agency (PB)
Motin Khan Bari Hashem Complex (4th floor) Majumder Market, P.O. Adora
Upazila Complex Bhaban Hotel Potti, P.S. Hazigonj P.S. Kachua, Dist- Chandpur
Algibazar, Haimchar, Dist- Chandpur Dist- Chandpur
Patwary Bazar Agency (PB)
Sosairchar, P.O. South Baluthuba
P.S. Faridgonj, Dist - Chandpur

Khulna
Khulna Service Center (PB) Chalna Bazar Agency (PB) Terokhada Agency (PB)
3 No. Ahasan Ahmed Road Chalna Bazar Vill- Bamondanga
Kakoli Press Bhaban (1st Floor) Dist- Dakop, Dist - Khulna [Link] Bazar
Dist- Khulna P.S. Rupsah, Dist - Khulna
Khalishpur Agency (PB) Dakop Agency (PB) Sener Bazar Agency (PB)
House # N/A/1/42, Road # 25 Vill- Khutakhali Bazar, P.O. Bajua Vill- Rajapur Sener Bazar (1st floor)
Housing Estate, Khalispur P.S. Dakop, Dist - Khulna P.O. Belfulia, P.S. Rupsha
Dist - Khulna Dist- Khulna
Botiaghata Agency (PB) Kalinagar Agency (PB)
Botiaghata Bazar, Botiaghata Kalinagar Bazar, Dakop
Dist- Khulna Dist- Khulna

Narail
Gobra Agency (PB) Kalia Agency (PB)
Mitali Bhaban, Gobra Bazar Munshi Bhaban, Vill. Ramnagor
Dist - Narail P.S. Kalia, Dist - Narail

100 ANNUAL REPORT

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 Pragati Life Insurance Ltd.
Important Office Address
Chuadanga Kustia
Chuadanga Agency (PB) Darsana Agency (PB) Kustia Servicing Cell (PB)
Habiba Tower (Ground floor) Jahura Monjil (2 floor)
nd
63/69 R.C Street, Courtpara
Kedargonj, Natun Bazar Darsana Rail Yard Dist- Kustia
Dist- Chuadanga P.O. Darsana, P.S. Damurhuda
Dist- Chuadanga

Bagerhat
Bagerhat Agency (PB) Mongla Agency (PB) Foyla Bazar Agency (PB)
Amlapara Road, Holding # 53 Beg Super Market (1 floor)
st
Santoshpur, P.O. Foyla Bazar
P.S. Bagerhat, Bagerhat- 9300 Digraj, Mongla, Dist- Bagerhat P.S. Rampaul, Dist- Bagerhat

Chaksree Bazar Agency (PB) Mollarhat Agency (PB)

Vill- Chaksree Bazar Vill- Garfa, P.S. Mullahat
P.O. Chaksree Bazar Dist- Bagerhat
P.S. Rampal, Dist- Bagerhat

Jessore
Jessore Service Center (PB) Bagharpara Agency (PB) Jessore Servicing Cell (B)
R S Bhaban, (3 floor), 69 Jail Road
rd
Hazi Super Market (2 floor)
nd
Meherun Vila (1st floor)
P.S. Kotwali, Dist- Jessore Chowrasta, Bagharpara, Dist- Jessore Nilratan Dhar Road
Char Thamber More, P.S. Sadar
Dist- Jessore
Chowgacha Agency (IDPS) Kesobpur Bazar Agency (PB) Raipur Bazar Agency (PB)
Samadia Library (1st floor) Brother’s Market (1st floor) Moudud Market, Raipur Bazar
Jhikorgacha Sarak Main Road, Kesobpur Bazar Bagharpara, Dist- Jessore
P.S. Chowgacha, Dist- Jessore Kesobpur, Dist- Jessore

Satkhira
Patkelghata Agency (PB) Sangkorkanti Agency (PB) Kaligonj Agency (PB)
Patkelghata Adarsha Bahumukhi High School Road Sangkorkanti Bazar, Gobindhapur Hossenpur, Raghunathpur, Kaligonj
Patkelghata, Dist- Shatkhira Shyamnagor, Dist- Shatkhira Dist- Shatkhira

Kolaroa Agency (PB) Sathkhira Servicing Cell (PB)

Sonali Super Market Nur Super Market (1st floor)
P.O. Kolaroa, Dist- Shatkhira Front of Natun Judge Court
Shatkhira Kaligong Highway
Palash Pole, Dist - Shatkhira

Jhenaidah
Jhenaidah Servicing Cell (IDPS) Nagarbathan Agency (IDPS) Bhoiroba Agency (IDPS)
H.S.S Sarak, Oitijjha Bilash (1st floor) Vill & P.O. Nagar Bathan College Road, P.O. Bhoiroba Bazar
Dist- Jhenaidah P.S. & Dist- Jhenaidah P.S. Moheshpur, Dist- Jhenaidah

ANNUAL REPORT 101

2016
 Pragati Life Insurance Ltd.
Important Office Address
Horinakunda Agency (IDPS)
Dutch Bangla Mobile Bank Building
(Ground floor)
Lalon Sarak, Horinakunda
Dist - Jhenaidah

Rajshahi
Rajshahi Servicing Cell-2 (K) Rajshahi Agency (IDPS)
Ananna Complex (4 floor)
th
Saergasa, House-20 (Ground floor)
P.O. Ghoramara, P.S. Boalia Chapainababgonj Road
Dist- Rajshahi P.O. Rajshahi court
P.S. Rajpara, Dist- Rajshahi

Bogra
Bogra Service Center (T) Namuza Bazar Agency (PB) Dewgram Agency (PB)
Insan Center (2nd floor), Datta Bari Sardar Super Market, Vill. Namuza Bazar Mama Bayagna Market, Dewgram
College Road, Dist- Bogra P.O. Burigonj, Dist- Bogra Kahalu, Dist- Bogra

Pabna
Bhangura (Pabna) Servicing Cell (K) Chatmohar (Pabna) Agency (K)
Shilpi Vila (1st floor), Upazila Road Shams Vila (1st floor), Afratpara
Bhangura, Dist-Pabna Chatmohar, Dist-Pabna

Chapainababgonj
Chapainababgonj Servicing Cell (K) Chapainababgonj Servicing Cell (T) Shibgonj (Chapainababgonj) Agency (T)
Shamshad Vila (2 floor)
nd
Dutara Bhaban (2 floor)
nd
Model Clinic (4th floor) Shibgonj
West side, Mazpara Sonar more Sona Mashjid Road, P.S. Sadar P.O. Adina College, P.S. Shibgonj
P.O. Bot Tolahat, P.S. Sadar Dist- Chapainababgonj Dist- Chapainababgonj
Dist- Chapainababgonj

Naogaon
Naogoan Agency (PB) Mohadebpur (Naogoan) Agency (T) Naogoan Agency (K)
Amin Market, Goni Bitan, Hotel Potti Rahman House (3 floor)
rd
Ashuda Plaza (1st floor)
Dist- Naogaon Mohadebpur Main Road Dhamuirhut Road, Nojipur
P.S. Mohadebpur, Dist- Naogaon Pothnitola, Dist- Naogaon

Joypurhat
Joypurhat Agency (PB) Kasira Bazar Agency (PB)
Modern Supar Market (2 floor)
nd
Sharin Bhaban, Kasira Bazar
Purbo Bazar Maroary Potty P.O. Kasira, P.S. Akkelpur
Dist- Joypurhat Dist - Joypurhat

102 ANNUAL REPORT

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 Pragati Life Insurance Ltd.
Important Office Address
Sylhet
Sylhet Servicing Cell (P) Chatul Bazar Agency (PB) Sylhet Service Center (PB)
Shahajalal Plaza (3rd floor) Durgapur Agfoud & Noyafoud Jam-E Masjid Market House No # 42, Block- B, Road-15
Block- D, Plot # Y, Main Road Rautgram, P.O. Chatulbazar Sahajalal Uposahar, P.S. Sahaporan
Upa-Shahar, Dist- Sylhet P.S. Kanaighat, Dist- Sylhet Dist- Sylhet
Biani Bazar Agency (PB)
Janata Bank Market, South Biani Bazar
Dist- Sylhet

Moulavi Bazar
Shamsher Nagar Agency (P) Shamser Nagar Agency (PB) Sreemangal Agency (P)
Royal Plaza (2nd floor), Alinagar Sarak A.R. Complex, Station Sarak Ahmadia Bhaban (2nd floor), College Road
P.O. Shamsher Nagar, P.S. Komalgonj Shamser Nagar, P.O. Kamalgonj Sreemagal, Dist- Moulavi Bazar
Dist- Moulavi Bazar Dist- Moulavi Bazar
Sreemangal Agency (PB) Moulavi Bazar Agency (P)
House Of Monoronjon Babu Hamidia Point (2nd floor)
Hobigonj Road 359 Syed Sekandar Ali Road
Sreemagal, Dist- Moulavi Bazar P.S. Moulavi Bazar, Dist- Moulavi Bazar

Hobigonj
Paniumda Bazar Agency (PB) Nabigonj Agency (PB) Jagadishpur Agency (PB)
Paniumda Bazar, P.S. Nabigonj Syed Bhaban, Rudrasram Road Jagadishpur, Tamunia, P.O. Etakhola
Dist- Hobigonj Shippasa, P.S. Nabigonj P.S. Madhabpur, Dist- Hobigonj
Dist- Hobigonj
Sayestagonj Agency (PB) Hobigonj Agency (P) Hobigonj Servicing Cell (PB)
Shirin Manzil, Sayastagonj puran Bazar Shahin Plaza (3 floor)
rd
Old Munsafy Road
Nearest Pubali Bank, P.O. Sayastagonj Teenkona Pukurpar Kadir Mansion (2nd floor)
P.S. Chunarughat, Dist- Hobigonj P.S. Sadar, Dist- Hobigonj Dist- Hobigonj
Nobigonj Servicing Cell (P) Markuli Agency (P)
Karim Complex (3 floor), Sherpur Road
rd
Eva Complex (Ground floor)
Nobigonj, Dist- Hobigonj High School Road
Markuli Bus Stand, P.O. Kadirgonj
P.S. Baniachong, Dist- Hobigonj

Sunamgonj
Sunamgonj Servicing Cell (PB) Jagannathpur Agency (PB)
Haskuri House (2 floor)
nd
Madina Plaza, Ranigonj Road
Nishorgo-31, (Moynar Point) Jagannathpur, Dist- Sunamgonj
Hasan Nagar, Dist- Sunamgonj

ANNUAL REPORT 103

2016
 Pragati Life Insurance Ltd.
Important Office Address
Barisal
Barisal Service Center (PB) Babugoj Agency (PB) Batazore Agency (PB)
Malek Bhaban, Natun Bazar Near by Old Krishi Bank Faruque Trader’s, Batazore
Near by Old Bus Stand, Dist- Barisal P.S. Babugonj, Dist- Barisal P.S. Ghouranadi, Dist- Barisal

Pirojpur Bhola
Kaukhali Agency (PB) Pirojpur Agency (K) Lalmohan (Bhola) Agency (T)
Krishi Bank Bhaban, College More Nilachal Bhaban (2 floor)
nd
Mia Plaza (2nd floor)
Kaukhali, Dist- Pirojpur Mohila College Gate Sadar Road, Lalmohan
Masimpur, Sadar, Dist- Pirojpur Dist - Bhola

Patuakhali
Mahiskata Agency (PB)
Jubaer Vila, Mahiskata, P.O. Hat Chunakhaly
P.S. Amtaly, Dist - Patuakhali

Jhalakathi
Jhalkathi Servicing Cell (PB) Amua Bondor Agency (PB) Nachonmahal Agency (PB)
29, Masjidbari Road, Jhalakathi Jony Maket (3 floor)
rd
Khan Villa, Nachonmohal, Nolcity
P.O. Amua Natun Bondor Dist- Jhalakathi
P.S. Kathalia, Dist- Jhalakathi
Hadua Agency (PB) Putiakhali Bandar Agency (PB)
Kazi Bhaban (Ground floor), Hadua Putiakhali Bandar, Kazi Bhaban
Nolcity, Dist- Jhalakathi P.O. Hat Putiakhali, P.S. Rajapur
Dist- Jhalakathi

Rangpur
Rangpur Service Center (IDPS) Rangpur Servicing Cell (T) Rangpur Service Center (PB)
Salma Mozid Commercial Tower (1 floor)
st
Sneher Nir (3 floor), New Senpara
rd
New Senpara, Earshad Sharani Road
Station Road, Alamnagor, Kotwali Alamnagar, Sadar, Dist- Rangpur Sneher Nir (1st floor), P.O. Alamnagar
Dist- Rangpur P.S. Kotwali, Dist- Rangpur
Asrotpur Agency (PB) Mahigonj Agency (PB) Badargonj Agency (IDPS)
Parkview Bhaban (1 floor)
st
Fatehpur Road, Shekh Monjil C.O Bazar (1st floor)
Vill- Park More, P.O. Rangpur Cadet College Mahigonj, Kotwali, Dist- Rangpur Badargonj, Dist- Rangpur
Dist- Rangpur
Kawnia Agency (IDPS) Gongachara Agency (PB) Pirgonj Agency (PB)
Jalil Mansion, Kodoatola (Mirbag) Degree College Road Alhaj Bhaban (1st floor), Osmanpur
Hragach Road, P.S. Kawnia P.S. Gongachara, Dist- Rangpur Pirgonj, Dist- Rangpur
Dist- Rangpur
Laldighi Agency (PB) Kawnia (Rangpur) Agency (T) Mithapukur Bazar Agency (PB)
Miah Bari, Laldighi Jaheda Vila, Sahbaz Sarak Mithapukur Bazar, Mithapukur
Champagonj Road P.O. Kawnia-5440 Dist- Rangpur
P.S. Pirgonj, Dist- Rangpur P.S. Kawnia, Dist- Rangpur

104 ANNUAL REPORT

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 Pragati Life Insurance Ltd.
Important Office Address
Shyampur Agency (PB) Gangachara (Rangpur) Servicing Cell (T) Boratihut Agency (PB)
Mira Cottage, College Para Hazi Delawar Hossain Shoping Compplex (1st floor) Mahfuzur Bhaban, Hazrotpur (Boratihut)
Shyampur, P.S. Kotwali Mohila Collage Road, Gangachara Mithapukur, Dist- Rangpur
Dist- Rangpur Dist- Ranpur
Pirgonj (Rangpur) Servicing Cell (T) Burirhat Agency (PB)
Feroze Mansion (Ground floor) Nabil Villa, Burirhat, Tepa Modhupur
Mohasarak Kawnia, Dist- Rangpur
P.O. Fatepur Lal Dhighi, P.S. Pirgonj
Dist- Rangpur

Gaibandha
Mohimagonj (Gaibandha) Agency (B) Gaibandha Agency (PB) Palashbari Agency (T)
Alhaj Abdul Kuddus Plaza (1 floor)
st
Rashid Traders, Nearest Dainamic Gridharipur, Rangpur Road
Mohimagonj Bazar Road, Mohimagonj Petrol Pump, Bus Stand, D.B Road Palashbari, Dist- Gaibandha
P.S. Gobindagonj, Dist- Gaibandha Dist- Gaibandha

Dinajpur
Dinajpur Servicing Cell (B) Setabgonj Agency (PB) Dinajpur Service Center (PB)
Javed Akter Bhaban (Ground floor) Adjacent Upazila Gate Raju tower (4th floor)
Lily More, Sadar, Dist- Dinajpur Setabgonj-5216 P.O. Bahadurpur Bazar
P.S. Bochagonj, Dist- Dinajpur P.S. Kotwali, Dist- Dinajpur
Birgonj Agency (PB) Fulbari Servicing Cell (B) Kaharol Agency (PB)
Vill- Sujalpur ,Bandhon Super Market Bazar Road, P.S. Fulbari Chairman Market, Uchitpur, Kaharol
P.S. Birgonj, Dist- Dinajpur Dist- Dinajpur Dist- Dinajpur

Lalmonirhat
Lalmonirhat Servicing Cell (B)
Soijunnesa Bhaban (Ground floor)
College Road, Mission More, Sadar
Dist- Lalmonirhat

Kurigram
Kurigram Servicing Cell (T) Kurigram Servicing Cell-2 (K) Ulipur (Kurigram) Agency (T)
Troyee Bhaban (1st floor) Karmasongsthan Bhaban (2nd floor) Amin More (1st floor), KC Road
Sadar Hospital Road, Dist- Kurigram C & B More Bus Stand P.S. Ulipur, Dist- Kurigram
P.O. Kurigram
P.S. Sadar, Dist- Kurigram

Nilphamari
Nilphamari Agency (IDPS) Jaldhaka Agency (IDPS) Domar Agency (T)
Kazi Vila, Kukha Para Thana More, P.S. Jaldhaka Rowshan Monzil (1st floor)
Kalitola Bus Terminal Dist- Nilphamari D.B. Road
Dist- Nilphamari P.S. Domar, Dist- Nilphamari

ANNUAL REPORT 105

2016
 Pragati Life Insurance Ltd.
Important Office Address
Panchagar
Boda Agency (PB)
Modern Clinic (4th floor), Nagar Kumari
Ayubgonj, [Link], Dist- Panchagar

Thakurgaon
Thakurgaon Servicing Cell (T) Thakurgoan Servicing Cell (PB) Chirman Bazar Agency (PB)
Sirajudulla Sarak, P.S. Sadar Foteya Vila, East Goalpara Sashla Piala,[Link]
Dist- Thakurgaon P.S. Sadar, Dist - Thakurgaon [Link], Dist- Thakurgaon
Bhulli Bazar Agency (PB)
Bhulli Bazar, Thakurgaon Sadar
Dist- Thakurgaon

106 ANNUAL REPORT

2016
 Pragati Life Insurance Limited
TRUST US FOR LIFE Pragati Insurance Bhaban (6th Floor) 20-21 Kawran Bazar, Dhaka 1215

PROXY FORM
I / We
of
being a member of Pragati Life Insurance Limited and entitled to vote hereby appoint
Mr./Mrs./Miss of
another member of the Company as my/our proxy to attend and vote for me/us
and on my/our behalf at the 17th Annual General Meeting of the Company to be held on the Thursday, September 28, 2017 at 11:00 a.m.
at the Trust Milonayaton, 545, Old Airport Road, Dhaka Cantonment, Dhaka-1206 or at any adjournment there of.

Revenue
Stamp
As witness my/our hand this day of 2017 Tk. 20.00

Signature of the Proxy Signature of Shareholder(s)

BO ID: BO ID:
No. of Shares held :

Notes:
A member entitled to attend and vote at the meeting may appoint another member his/her proxy to attend and vote on his/her behalf.
A Proxy must be a member of the Company
Form of proxy, duly stamped and signed must be deposited at the Company's Registered Office not later than 72 hours befor the time
appointed for the Meeting. In default form of proxy will not be treated as valid.

Authorised Signature Signature Verified

Pragati Life Insurance Limited

Pragati Life Insurance Limited

TRUST US FOR LIFE Pragati Insurance Bhaban (6th Floor) 20-21 Kawran Bazar, Dhaka 1215

ATTENDANCE SLIP
17 Annual General Meeting of the Company to be held on Thursday, September 28, 2017 at 11:00 a.m. at the Trust
th

Milonayaton, 545, Old Airport Road, Dhaka Cantonment, Dhaka-1206

Name of Proxy Name of Shareholder(s)

BO ID: No. of Shares held
Signature of the Proxy BO ID:
Signature

N. B. : Please present this slip at the Registration Counter and sign which must be matched with your recorded signature which has
scanned.
Annual Rep o rt 2 01 6 Pragati Life Insurance Limited
Pragati Life Insurance Limited

[Link]