Bismillahir Rahmanir Rahim

Assalamu Alikum Wa-Rahmatullah,

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

I am delighted to welcome you all in the 24th Annual General Meeting of the Company. In 2023 the global economy witnessed several challenges and phases of volatility, with escalating geopolitial tensions and disruptions in the supply chains leading to high levels of inflation However it has been possible for us to pass the year 2023 with satisfactory position the premium collection by the grace of the Almighty Allah.

Dear shareholders, Overall situation has made it more complicated and likely to aggravate in future due to economic recession. Despite this, it has been possible to procure a total premium of Tk.4052.00 million against Tk.4146.81 million of the previous year.

It is an admitted fact that prompt settlement of claim is basic factor to measure excellence of a Life Insurance Company. During the year, we have paid a total amount of Tk.926.38 million on account of maturity claims, death claims, surrender of policies and survival benefit to the policyholders and group Insurance of all categories.

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

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

In order to implement and achieve the above target, we have removed the elements which are not allowed in Islam and to bring the entire population under Insurance service.

With a view to implementing the future plan to bring whole nation under insurance service, we have fixed our vision, mission, object and goal to achieve the targets which have been stated in the Director’s Report.

During the year, Life fund declined from Tk.7713.33 million to Tk.7573.50 million due to settlement of outstanding claims.

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

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

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

It is an admitted fact that there is no alternative to training to build up a professional and qualitative team which is indispensable to run a corporate body like ours. PILIL has a well-equipped training department through which employees both in desk and development are provided with training in a regular manner. During the year, the Company has provided with training to 40 desk employees and 4394 field staff through Bangladesh Insurance Academy (BIA) & Other Training Institutions and in house training department.

Dear shareholders, the 2023 was challenging for Globally & Nationally Economical Crisis. In spite of this situation we have earned reputable business in sum of premium collection but due to settlement of long outstanding claims and settled many death claims under group policy and as earning from investment almost zero and non-availability of valuation report, however we have recommended 1% cash dividend for the year 2023 from the valuation surplus of 2019.

We are always rigid and uphold the ethical values at all levels and work with the ethical spirit at all times. This is the fundamental reason for us to be rated “A+”.

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

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

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

May the Almighty Allah bless all of us.

Mohd. Akther
Chairman