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A

1gTH ANNUAL REPORT . 2014

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MEGHNA LIFE INSUFTANGE
- CO. LTD-
Registered Office
Biman Bhaban (2nd FlooQ, 100, Motijheel CommercialArea, Dhaka-1000
Phone : PABX : 9558297, 9558993, 9556204, Fax: 88-02-9578113
+mail : info@meghnalife.com, Web site : www.meghnalife.com
A
1urMion
Our vision is to lead the Insurance Sector by delivering excellent services to
all categories of policyholders through our trained folk of Insurance actiyists
mtd use of smart latest digital technologt to be delivered at the door steps of
common people.

1urMbtion
* Speedy quali9) services to our policyholders.
* Maintain sustainable growth.
* Follow slrong/high ethics of morality in all spheres of business
op er at ion/activiti es.
* Provide profitable return on shareholders' equity.
* Maintain corporate social responsibilities (CSR).
* Explore new areas/yenues where Insurance owareness has not yet been
developed.
* Protect policyholder's interest.
. * Develop honesty, sincerity, integrity among the service rendering employees.

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A
Sfrafryic 1Secftva
* To procure Insurance premium in a transparent manner based on
market mechanism within the legal and social framework.
* To provide fficient, innovative and quality products and services
with excellent delivery system to the policyholders.
* To attract/retain e/ficient/capable employees and to enhance their
career through training, motivation and remuneration.
* To contribute meaningfully towards the progress of the nation by
providing corporate social responsibilities.
* Tb generate profit and fair returns to our shareholders ensuring
sustainable growth.

CoreYafues
* Policyholder first (Customer Centricity)
* Ethics (Honesty/sincerity/devotion/Integrity/high moral).
* Transparency
* Responsibility
* Innovation
* Teamwork

1ur Commifrnenf
* Focus on policyholders satisfaction
* Committed to deliver best
financial services to policyholders.
* Catering high degree of professionalism by use of latest digilal
technolog't.
* Creating and maintaining long lasting relationship based on
mutual trust and interest with the policyholders and share
holders.
* Sharing the values and belief of our policyholders.

3'
A
Contenfs Page No.

01. Corporatelnformation 06

02. Our Journey 07

03. Transmiftal Letter 09

04. Notice ofthe lgthAnnual General Meeting 10

05. Products & Services 11

06. Board of Directors 12

07. Corporate Management & Committees '13

08. Shariah Council 14

10. Equity Performance 15

11. Operational Highlights 2014 16

09. BusinessHighlights 17

12. FinancialHighlights 18

13. Achievement of Meghna Life (Graph) 19

14. Photographs 22

15. Profile of Directors 26

16. Profile of lndependent Directors 29

17 . Chairman's Message 31
A
Confenfs Page No.

18. Chief Executive Officer's Report 33

19. Report of the Audit Committee 34

20. Certiflcation by The Chief Executive Officer and the

Chief Financial Officer on financial reporting 35

21. Certificate of Corporate Governance 36

22. Report on Corporate Governance 37

23. Status of Compliance of Corporate Governance 39

24. Director's Report 46

25. Auditois Report 55

26. Balance Sheet 56

27. Revenue Account 58

28. Cash Flow Statement 60

29. Statement of Changes in Shareholde/s Equity 61

30. Notes to the Financial Statements 62

31. Statement of Life lnsurance Fund 85

32. Form-AA 86

33. Director'sCertificate 87

34. lmportant Offices 88

5
Corporote lnformation

01 . Company
Name of : Meghna Life Insurnace Company Limited
02. Year of Establishment : 1996
03. Date of lncorporation : 5th May 1996
04. Date of Commencement of Business : sth May 1996
05. Authorised Capital : Tk. 60 Crore
06. Paid up Capital : Tk.253,378,040
07. Nature of Business : Life lnsurance Business
08. Registered Office : Biman Bhaban (2nd floor)
100, Motijheel Commercial Area
Dhaka-1 000, Bangtadesh.

09. Auditors : M/S A. Wahab & Co.


Chartered Accountants
Hotel Purbani, Annex-2, (4th Floor)
1 Dilkusha C/A, Dhaka-1000.
10. Legal Adviser : Advocate M.A. Wadud
The Law Society, lspahani Building (1st floor),
'14-15, Motijheel C/A, Dhaka-'I000.

11. Bankers : Sonali Bank Ltd., Janata Bank Ltd., Agrani Bank Ltd.
Pubali Bank Ltd., Rupati Bank Ltd.
Uttara Bank Ltd., Bangladesh Krishi Bank
Rajshahi Krishi Unnayan Bank, Bank Al-Falah Ltd.
NCC Bank Lld., Jamuna Bank Ltd.
lslami Bank BD Ltd., The Trust Bank Ltd.
Dhaka Bank Ltd., Prime Bank Ltd.
National Bank Ltd., Bank Asia Ltd., EXIM Bank Ltd.
Brac Bank Ltd., Al-Arafah lslami Bank Ltd.
Eastern Bank Ltd., l.F.l.C Bank Ltd., One Bank Ltd.
Bangladesh Commerce Bank Ltd., AB Bank Ltd.
ICB lslamic Bank Ltd., First Security lslami Bank Ltd.
Mercantile Bank Ltd., Social lnvestment lslami Bank Ltd.
Premier Bank Ltd., Southeast Bank Ltd.
Standard Bank Ltd., Dutch Bangla Bank Ltd.
Shahjalal lslami Bank Ltd., United Commercial Bank Ltd.
Habib Bank Ltd., Mutual Trust Bank Ltd.
South Bangla Agriculture & Commerce Bank Ltd.
NRB Commercial Bank Ltd., Midland Bank Ltd.
The Farmers Bank Ltd., NRB Global Bank Ltd.
BDBL, Unlon Bank Ltd., The City Bank Ltd.

6'
A
Our Journey

1996
5th May lncorporation ofthe company

5th May Commencement of business

5th June lssuance of first insurance policy

1998
13th June Launching of Loko Bima (Micro insurance)

200'l
22nd Feb. Launching of lslami Bima (Takaful)

19th Aug. First declaration of bonus to policy holder

2003
2nd July Launching of lslami Khudra Bima (Takaful)

2005
1lth April Agreement signed with CDBL

27th April Consent received from BSEC for issuance of puplic share ofTk. 45 million

25th Aug. Start up demat settlement

1st Sept. Listing with Dhaka and Chittagong Stock Exchange Limited

4th Sept. First trading at Dhaka and Chittagong stock exchange Limited

2008
loth April Start up of Mobile S[4S prognmme division forthe policy holder

12th June Launching of Swanirvor Bima

2009
6th Aug. Purchase of eight(8) decimal land at Sagardi at Barisal town

L4th Dec. start up the construction work of 17 storied company's own

building at Motijheel, Dhaka-1000.

7
&
2010

25th Feb. Purchase of 24.23 decimal land at Comilla town.

25th March Purchase of9.25 decimal land with 03 (three)

storied building at Patuakhali town.

29th June Purchase of commercial space measuring 3641 sft.

with 0.011 decimal land at Nasirabad, Chittagong.

2012
27th Aug. purchase of 1.23 Decimal land with 2268 sft floor,space at 11lB,

Toyenbee circular road, Motijheel, Dhaka-1000.

19th Sep. Purchase of 758 sft. Commercial space with 0.0023 acre land at

Nasirabad C/A, chittagong.

13th Aug. Purchase of Membership Number-245 of Dhaka Stock Exchange Ltd.

20't3
18th April Formation of Subsidiary Company in the name

and style: Meghna Life Securities and lnvestment Ltd.

2014
5th May Starting construction on 2.5 Katha Land attached to 17th storied

own Building Meghna-Karnaphuli Biman Bhaban at 11/D, Toyenbee

Circular Road, Motijheel C/A, Dhaka-1000.

2015
15th March Start up construction work on 8 decimal land at Sagardi at Barisal

Town.

8
b
Tronsmittol Letter

All Respected Shareholders

lnsurance Development and Regulatory Authority

Bangladesh Securities and Exchange Commission

Registrar of Joint Stock Companies & Firms

Dhaka Stock Exchange Limited

Chittagong Stock Exchange Limited

Sub: Annual Report of Meghna l"ife lnsurance company Ltd. for the year ended 31st December, 2014.

Dear 5ir,

We are pleased to enclose a copy of the Annual Report together with the Audited Accounts & Financial

statements for the year ended 31st December, 20L4 for your kind inforamation and record.

V
With Best Regards

(Aziz Ahmed)

Company Secretary

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MEGHNA LIFE INSURANGE CO_ LTD.
== Head Office:Biman Bhaban (2nd ftoor),'100, Motijheet C/A, Dhaka-1000.
Website : www. meghnalife.com
-
NOTICE OF THE 1gth ANNUAL GENERAL MEETING
Notice is hereby given that the 19th Annual General Meeting of Meghna Life Insurance
Company Limited will be held at Muktijoddha Smdty Auditorium, Institution of Diploma
Engineers, Bangladesh, 160/A Kakrail VIP Road, Dhaka on Thursday, the 27th August,
2015 at l0:30 a.m. to transact the following business.

1. To.confirm the minutes or,n" , t,n ffi"neral Meeting of the company held on
176 [U,ly 20t4.
z. To receive, consider and adopt the Revenue Accounts of the Company for the year
ended 31st December, 2014 and the Balance Sheet as at that date together with the
reports ofthe Directors and the Auditors thereon.
3. To declare dividend for the year ended 3lst Decembel 2014 as recommended by the
Board ofDirectors.
4. To elect 2 (Two) Directors as perArticles ofAssociation ofthe Company.
5. To approve appointment of Mr. M.A. Majid, FCA as Independent Director of the
Company as per Article 1.2(iii) of BSEC Notificatiot dated 7.8.2012.
6. To appoint Auditors for the year 2015 and to fix their remuneration.
7. To consider renewal of appointment of Chif Executive Officer (CEO) under section
110(1) & i 10(3) ofthe Companles Act 1994.
8. 'lb transact any other business d;ith the permission ofthe Chair.
By order ofthe Board ofDirectors

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(Aziz Ahmed)
Dated:12-07 -2015 Company Seoetary
Notes:
a. The Record Date is 30-07-2015.
b. Shareholders whose names will appear in the share Register/Depository Register on
the Record Date will be eligible to attend the meeting and will quali8r for dividend.
c. A member eligible to attend and vote at the 19th Annual General Meeting, may
appoint a proxy to attend and vote on his/her behalf. Proxy form must be afiixed with
a revenue stamp of Tk. 20l- and submitted to Registered Office of the Company not
later than 72 hours before the time fixed for holding the Arutual General Meeting.
d. The Registration Counter shall remain opened from 8.00 a.m. to 10.30 a.m. as on date.
e. Hon'b1e Shareholders,Adembers are requested to update the particulars of their Bank
Account, change of address and BO ID with 12 Digits Taxpayer's Identification
Number (e-TIN) through Depository Padicipants (DP) before the Record Date. If any
shareholder fails to update their e-TIN before the Record Date Income Tax at source
will be deducted from Dividend payable as per NBR Notification.
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10
Products & Services

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A
Board of Directors
Chairman
Nizam Uddin Ahmed

Vtce Chairman
Hasina Nizam

Directors
Nasir Uddin Ahmed
Riaz Uddin Ahmed

Ms. Jannatul Ferdous

Karnaphuli lnsurance Company Ltd.


(Nomlnated Director Md. Hafizullah)
Nizam-Hasina Welfare Foundation
(Nominated Director Md. Salimullah)
Sharmin Nasir

Dilruba Sharmin

Professor Md. Mazharul lslam

lndependent Director
Professor Md" Ansar Ali
Khaleda Khanam
M. A. Majid FCA

Chief Executive Officer


Muhammed Shah AIam, FCA

Company Secretary
Aziz Ahmed
Corporote Monogement & Committees
Chief Executive Officer Audit Committee
Muhammed Shah Alam, FCA Professor Md. Ansar Ali (lndependenl Directoo Chairman
Nasir Uddin Ahmed (Director) Member
Director-Marketing & Development Riaz Uddin Ahmed (Dkector)
Lt. Col. M. Shamsuddin Ahmed (Retd.)
Management Committee
Director- Admin & HR Muhammed Shah Alam, FCA President
Professor Md. Mohiuddin Lt. Col. M. Shamsuddin Ahmed (Retd.) Member
Deputy Managing Directors Professor Md. Mohiuddin
D. S. Taiful lslam D. S. Taiful lslam
N. C. Rudra N. C. Rudra
Md. Sadequr Rahman Md. Sadequr Rahman
Mohammad Tarek, FCA
Senior Executive Director & CFO Md. Abdur Razzaque
Mohammad Tarek, FCA Abu Bakar Siddik Sohel
Ouamrul Hasan Khondker
Senior Executive Directors Md. Abul Bashar
Md. Abdur Razzaque Md. Faruq Ahmed Siddique
Abu Bakar Siddik Sohel Md. Saifuddin Ahmed
Quamrul Hasan Khondker Mohammad Shibbir Hossain FCA
Md. Abul Basher Md. Shamsul Hoque
Mosharraf Hussain Mian Mohd. Mashiur Rahman
Md. Nizam Uddin Anis
Joint Executive Directors
Md. Abu Sahed
Md. Faruq Ahmed Siddique
Aziz Ahmed Member Secretary
Md. Saifuddin Ahmed

Joint Executive Director & HIA


Mohammad Shibbir Hossain FCA

Joint Executive Director &


Company Secretary
Aziz Ahmed

Senior General Managers


Md. Shamsul Hoque
Md. Anwar Hossain
Mian Mohd. Mashiur Rahman
Md. Nizam Uddin

General Manager
Md. Yousuf Uddin

13,.
&
Sharioh Council

Professor Moulana Muhammad Salah Uddin Chairman


Khatib, National Mosque Baitul Mukarram, Dhaka

Justice Mohammad Abdur Rouf Member


Former Chief Election Commissioner

Moulana & Poet Ruhul Amin Khan


Joint Secretary, iamiatul Modarresin & Executive Editor, The Daily Inquilab, Dhaka.

Moulana Mohammad Nurul Huda Fayazi, Pir Saheb-Karimpur


Chairman, Quran Education Board, Dhaka.

Moulana Mohammed Saleh


Former Principal, Madrasha-e-Alia, Khulna

Dr. Moulana M.A Faruque


Chairman, lslamic Studies Department, South East University

Moulana Mohammed Ali Hossain


Former Principal, lslamia Alia Madrasha, Chalkbazar, Comilla

Mufti Muhammad Amimul Ehsan Muraqib

Company Representative
Nizam Uddin Ahmed Member
Chairman

Muhammed Shah Alam, FCA


CEO

Abu Bakar Siddique Sohel


(SED - Marketing & Development)

Quamrul Hasan Khondker Member Secretary


(SED-lslami Bima)

14 .,.
A
Equity Performance

Number of outstanding share 25,337,804

Book value per share Tk. 10 each

Market value per share as on 30-12-2014 Tk. 90.60

Earnings per Share Tk. 3.76

Dividend per share Tk. 3.30

Price earning ratio 24.09 Times

Net Assets Value per Share Tk. 53.90

Dividend pay out ratio 87 .77o/o

-15
&
Operational Highlights 2074
Permanent Staff members 1450 Nos.
Casual & Temporary staff members 978 Nos.

Branches 244 Nos.

Gross Premium Tk.443 Crore


Net Premium Tk. 442 Crore

lnvestment lncome Tk. 97.57 Crore


Other income Tk. 1.01 Crore
Total Revenue Tk. 540.86 Crore
Total Assets Tk. 1470 Crore
Net Assets Tk. 1366 Crore
Life lnsurance Fund Tk. 1340.67 Crore
Gross Surplus for the year fk. 132.21 Crore
Tax & Vat paid to the national exchequer Respectively:

a) Tax Tk. 8.45 Crore

b) Vat Tk. 1 .05 Crore

Number of Life Policies 165,988 Nos.


(lssued during year under review)

Number of New Products introduced 3 Nos.

Number of claims paid during the year :

Death 1733 Nos.


Maturity 50389 Nos.

16
Business Highlights
A
Comparative Statement of New Business & Business ln-Force
Ekok Bima 2010 2011 2012 2013 2014
New Business
Number of Policies 60,291 60,372 48,410 48,041 47,670
Sum Assured (ln CroreTaka) 565.82 633.'14 640.70 724.12 735.37
1st Year Premium (ln CroreTaka) 46.12 51.68 52.08 58.92 60.77
Business ln-Force
Number of Policies 2,49,236 2,76,334 292,052 309,366 323,305
Sum Assured (ln CroreTaka) 1,446.79 1,662.34 1,813.54 1,967.05 2,O59.43
Loko Bima
New Business
Number of Policies 1,50,895 121,891 46,590 58,079 63,799
Sum Assured (ln Crore Taka) 50.196 455.26 218.70 304.96 394.96
1st Year Premium (ln Crore Taka) 33.94 35.63 22.60 21.57 27.51
Business ln-Force
Number of Policies 5,95,363 619,279 575,943 585,174 562,118
Sum Assured (ln CroreTaka) 1,042.23 1,113.03 877.77 986.48 1,O17 .33

lslami Bima
/Vew Business
Number of Policies 24,855 26,049 15,291 14,664 19,816
Sum Assured (ln CroreTaka) 205.38 222.89 168.85 198.09 279.2
1st Year Premium (ln CroreTaka) 17 .12 18.67 14.07 16.82 24.16
Busrness ln-Force
Number of Policies 86,023 97,946 98,824 106,377 ra,174
Sum Assured (ln CroreTaka) 506.42 571.39 555.12 599.84 728.21
lslami Khudra Bima
New Business
Number of Policies 3'1,666 34,044 13,944 14,648 21,154
Sum Assured (ln Crore Taka) 105.42 134.71 63.93 96.70 203.64
1st Year Premium (ln CroreTaka) 7.82 9.22 6.85 6.90 15.18
Business ln-Force
Number of Policies 99,910 122,420 113,191 121,669 123,947
Sum Assured (ln Crore Taka) 182.74 254.32 178.15 228.46 300.45
Group
A/ew Eusrness
Number of Policies 22262 10 9
Sum Assured (ln CroreTaka) 166.84 75.55 3.92 30.71 68.82
Annual Premium (ln CroreTaka) 1.22 1.34 0.21 0.12
No. of Lives lnsured 8,020 8,513 402 '1091 4,461
Busrness In-Force )o
Number of Policies 22 27 29 JJ
Sum Assured (ln CroreTaka) 147 .06 .09
151 151.72 190.81 369.19
No. of Lives lnsured '13,986 15,004 16,975 17,081 18,539
Swanirvor Bima
New Busrness
Number of Policies 8,927 12,294 7,955 10,250 9,803
Sum Assured (ln Crore Taka) 68.64 127.09 113.75 361.77 159.92
1st Year Premium (ln Crore Taka) 6.08 10.73 8.86 24.19 12.25
Busrness ln Force
Number of Policies 11,154 8,0381 18,398 24,301 26,773
Sum Assured (ln Crore Taka) 84.60 163.15 178.46 441.78 253.46
b
Finoncial Highlights

Business Performance

Particulars 2010 2011 2012 2013 2014


1st Year Premium 111.17 125.93 104.46 128.40 139.86

Renewal Premium 225.49 265.51 294.97 295.58 300.74

Group Premium 1.22 1.34 0.99 1.33 2.55

Gross Premium 337.88 392.78 400.41 425.31 443.15


lnvestment lncome 93.53 65.99 76.82 96.73 97.57

Claims 80.80 103.24 125.38 160.65 212.31

Management Expenses 144.11 164.06 161 .86 174.12 176.74

a) Commission 75.78 83.28 73.02 84.10 79.76

b) Admn. Expenses 68.33 80.78 88.84 90.01 96.98

Claims to Premium % 23.91% 26.28o/. 31.31% 37 .77o/o 47.91%


Management Expenses lo Premium % 42.65% 41.76% 40.420/. 40.93% 39.88%

Assets 834.50 1,005.41 1,163.33 1348"83 1,470.30

Life Fund 743.94 900.16 1,047.14 1208.46 1,340.67

Business Growth

Particulars 2010 2011 2012 2013 2014


Premium income in % 26.10 16.24 1.94 6.21 4.19
Assets in % 34.85 20.48 15.70 15.94 9.00

Life Fund in % 35.12 20.99 16.32 15.40 10.94


A
Achievement of Meghno Life

Tk. in Crore
s00 443.15

400

300

200

100

0
2010 20Lt 20L2 201.3 20L4

Premium

1500

1200 L,047.14

900

600

300

0
20tt 2012 2013 201-4
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ir: *r*r*
250
212.3L

200

150

100

50

0
2010 20L1. 20L2 2013 2074
ffi$a&ffi"cm

Tk. !n er*re
1.470.30
1500
1,163.33
1200 1,005.41

900

600

300

0
2010 201.1 2012 20L3 201.4
Assets
A
Tk. in Grore

23.18 3.37
! Loans
\
lnvestment

Cash &

Ba nk Ba lances

I Fixed Assets

S others

Asset Allocation

in Taka
500 500

400 400

300 300

200 200

100 100

0 0

DSE & CSE Share Value ln Line


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Profile of Directors
(Condition 1.5 (XXll) of Notification of BSEC dated Au gust 7 ,2012)

Mr. Nizam Uddin Ahmed


Chairman
He comes from a renowned Muslim family. He obiained Master
Degree in Journalism and LLB from Dhaka University in '1971. He is
the founder Chairman of Nizam Hasina Welfare Foundation and also
the Chairman of Karnaphuli lnsurance Co. Ltd., a leading non life
lnsurance Company in the country. Mr. Nizam Uddin Ahmed through
his visionary thinking, dedication and skill engaged himself in many
Socio-Cultural activities and established many charilable
organizations in Bhola as well as in the capital. He is the Member of
Federation of Bangladesh Chamber of Commerce and lndustry and
also Dhaka Chamber of Commerce and lndustry. He travelled many
countries viz. USA, UK, Canada, Saudi Arabia, Malaysia, Thailand,
Japan, Singapore, Taiwan, Korea, lndonesia, Australia, and lndia for
the purpose of business.
He is a simple living pleasant creative personality with strict discipline
honesty, sincerity, integrity, high moral and ethics.

Mrs. Hasina Nizam


Vice Chairman
She comes from a respectable Muslim family of Barisal. She is a
graduate in Political Science from Eden College, Dhaka. She is
involved with various Social works and Welfare organizations. She is
also the Director of Karnaphuli lnsurance Co. Ltd. a leading General
lnsurance Company in the country and Vice-Chairman of Nizam
Hasina Welfare Foundation.

Mr. Nasir Uddin Ahmed


Director
Mr. Nasir Uddin Ahmed was born in October, 1975 in a respectable
Muslim family. He has obtained his BBA Degree from North South
University in 1999. A visionary entrepreneur Mr. Nasir Uddin Ahmed is
also the Vice-Chairman of Karnaphuli lnsurance Co. Ltd. & Director
Nizam Hasina Welfare Foundation. He is an Executive Member of
Bangladesh lnsurance Association (BlA). He attended various
Trainrng, seminars, & Conferences in Bangladesh as well as in the
foreign countries like U.K., USA, Australia, E-U Countries, Hong Kong,
Malaysia, Thailand, Japan, lndonesia, Taiwan, Singapore etc. and
thus enriched his knowledge what he optimized best at the fields he
involved with.
b
Profile of Directors
(Condition 1 .5 (XXll) of Notification of BSEC dated AuguslT,2012)

Mr. Riaz Uddin Ahmed


Director
Mr. Riaz Uddin Ahmed, a sponsor Director of Karnaphuli lnsurance
Co. Ltd., comes from a well-educated and lndustrialist family. He
obtained his BBA degree from Sunway College, a renowned
educational lnstitute of Kualalampur, Malaysia with distinction.
A well experienced entrepreneur Mr. Riaz Uddin Ahmed believes in
innovation and creativity, As such he also took part in Meghna Life
lnsurance Co. Ltd. a leading Life lnsurance Company of the country
as its sponsor Director. A very capable insurance personality Mr.
Ahmed attended many Seminars, Symposium, Conferences and
Summit in Bangladesh and abroad. His knowledge driven suggestion
and guidance in the capacity of a Director of both Karnaphuli
lnsurance Co. Ltd. and Meghna Life lnsurance Co. Ltd. rose to a
reasonable height.
A valiant social worker Mr. Riaz Uddin Ahmed visited India, Thailand,
Singapore, Malaysia, Australia and United Kingdom.
Mrs. Jannatul Fardous
Director
Mrs. Jannatul Fardous was born in 1984 in a respectable muslim
family. Mrs. Jannatul Fardous married Mr. Hasan Ahmed who is a
renowned business elite in Dhaka city. She took part in many social
activities including employment of poor people in her locality and
involved in serving the distress people. She is a lady with most
pleasant personality and also involved in various development &
social activities of the society for improvement of socio-economic
condition of the Common people.

Karnaphuli lnsurance Company Limited


Director
Karnaphuli lnsurance Company Limited was incorporated on 23rd November 1986 as a public
limited company under the companies Act 1913, obtained the certificate of Registraiion for
carrying on general lnsurance Business from Controller of Capital lssues on 23rd November,
1986 being sponsored by a group of renowned business personalities, reputed industrialists
and Journalist of the country. The Company started its commercial operation on 25th
November, 1986 with a paid up capital of Tk. 30.00 million against Authorised Capital of Tk.
300.00 million- Presently Authorised Capital and paid up capital of the company have been
raised upto Tk.600.00 Million and Tk.387.66 Million respectivly.
Karnaphuli lnsurance Company Limited is a first generation and top{ier non-life insurance
company. The Company has been maintaining strong capital base, ethical business standards,
corporate culture and corporate governance, superior underwriting skills and dynamic
investment management since its inception.
Nominated Director Mr. Md. Hafizullah, CEO of Karnaphuli lnsurance Company Limited is an
MA (First Class-First) from Rajshahi University. He was the Governor of Rotary Club
lnternational, Bangladesh. He is also associated with many socio-cultural activities.
A
Profile of Directors
(Condition 1 .5 (XXll) of Notification of BSEC dated AuguslT, 2012)

Nizam-Hasina Welfare Foundation


Director
The Foundation was established in 2004. The Foundation undertook many social welfare activities viz.,
Eye Hospital, Old Home, Orphanage, Stipends for poor students, Establishment of School and Colleges.

Mrs. Sharmin Nasir


Director
Mrs. Sharmin Nasir was born in a renowned Muslim family in 1983.
She obtained the Bachelor Degree in Social Welfare from Govt. Girls
College, Barisal in 2004. With keen interest she invested in Meghna
Life lnsurance Co. Ltd. and Karnaphuli lnsurance Co. Ltd. and
became a member of Board of Directors of Meghna Life lnsurance
Co. Ltd. as well as the Director of Karnaphuli lnsurance Co. Ltd. from
Group-B. She travelled many counlries for business purpose.

She is also involved with many Socio-Cultural activities and Welfare


Organizations.

Mrs. Dilruba Sharmin


Director
A well-educated entrepreneur Mrs. Dilruba Sharmin was a meritorious
student of Viqarunnessa Noon School and College. She is the
daughter of a Banker and wife of an lndustrialist. Mrs. Dilruba Sharmin
takes keen interest in business, especially in lnsurance business. As
t such she invested in Karnaphuli lnsurance Company Limited and
became a member of the Board of Directors of Karnaphuli lnsurance
I Company Limited. She was duly elected as a Director of Meghna Life
lnsurance Company Limited from group-8.

She traveled many countries of the world like Thailand, Singapore,


Malaysia, Australia and UK.

She takes interest in serving the humanity.


Profile of Directors
&
==
(Condition 1.5 (XXll)ot Notification of BSEC dated August 7, 2012)

Prof. Md. Mazharul lslam


Director
Prof. Md. Mazharul lslam was born in 1965 in a respectable muslim
family of Bhola. He is a highly qualified man and completed his MA in
1991 from Dhaka University. He is experienced in education line and
working as Assistant Professor of 'lllisha lslamia Model College'
Bhola. He is a local elite personality and respected by all and involved
in social activities locally for promotion of life style of the
poor/distresed people.

Profile of lndependent Directors


(Condition 1.5 (XXll) of Notlfication of BSEC dated August7,2012)

Professor Md. Ansar Ali


Independent Director
Professor Md. Ansar Ali was born in 1949 in a respectable muslim
family. He did his BA (Hons) and Masters in Economics in 1971 &
1972 respectively from Rajshahi Universlty. He started his career as a
Lecturer in Economics in B. M. College, Barisal. Thereafter he served
in different College viz., Rajshahi Colleges, Rajshahi City Government
College, Govt. Edward College. He worked as Joint Director DlA,
Dhaka, Deputy Director (Vice Principal) BMTTI, Gazipur, Specialist
(Asst. Director, Admin) NAEM, Dhanmondi, Dhaka. ln NAEM he
worked as Chief Coordinator, Educational Administration and
lvlanagement Training courses for Heads of Educational institutions
(College, School & Madrasha). A good number of publications on
different topics are there in his credit.
Professor Md. AnsarAli retired in 2006 as Joint Director, Directorate of
lnspection and Audit, Ministry of Education, Government of
Bangladesh- He is now the Chairman of Audit Committee, Meghna
Life lnsurance Company Ltd. He is also one of the lndependent
Directors of the Company.
&
==
Profile of lndependent Directors
(Condition 1.5 (XXll) of Notification of BSEC dated Augusl7,2012\

Mrs. Khaleda Khanam


lndependent Director
Mrs. Khaleda Khanam was born on September 11 , 'l 955 in an
illustrious Muslim family of Bhola. She obtained his BA degree from
B.M. College, Barisal. Mrs. Khaleda Khanam married to M. Shamsuddin
Ahmed who worked in various capaciiies in Bangladesh Army &
retired as Lt. Colonel.
She is a Trustee Member of Manik Miah Trust. Manik Miah Trust
undertook many social activities viz., employment of
underprivileged/destitute rural women, female employment, old home,
orphanage, and st;pends for poor students, establishment of schools
and colleges. She is a lady with pleasant personality and associated
with various socio-cultural activities.
She traveled many countries of the world viz., lndia, Nepal, Bhutan,
Thailand, Singapore, Malaysia, UK, France, Germany and other EU
Countries.

Mr. M.A Majid FCA


lndependent Director
Mr. M.A Majid FCA was born on 1st January '1940 in a respectable
muslim family in Pirojpur district. He did his graduation degree in
Commerce in the year '1960 from Dhaka University. Subsequently he
qualified himself as a 'Chartered Accountant' in the year 1969 and
became a fellow member of the lnstitute of Chartered Accountants
(FCA).
He served as Chief Accountant of 'British lnsulted Callenders'
Construction Co. Ltd. in 1969. Then he joined Muslim lnsurance Co.
Ltd. in 1970 as Deputy Manager and was promoted in the rank of
Manager in 1972. After that he joined Jibon Bima Corporation in 1973.
He served in various capacities of the corporation and lastly he served
as Managing Director, Current Charge (CC) and served there upto
31 .12.1996. ln 1997 he joined Meghna Life lnsurance Co. Ltd. and
served in high positions viz. Adviser, Director-Admin&Finance,
Managing Director (Current Charge) and Adviser (Accounts &
Finance) till his retirement.
A
Choirman's Messoge
Dear Shareholders,
Assalamu Alaikum,
I take the privilege to convey my heartfelt felicitation to you all on behalf of the Board of Directors and on my own behalf
for attending th6 1gth Annual General Meeting of the Meghna Life lnsurance Company Limited. I do now present before
you the Annual Report on the overall performance of the Company together with the Audited Accounts and Financial
Statements for the year ended 31st December 2014 and Auditor's Report thereon.
You know the scenario of insurance industry at present prevailing. We are facing unhealthy competitions and the
circumstances are quite adverse and unfavourable. Even amidst such odd situations Meghna Life is trying to steer in right
direction. ln our endeavour we got guidanc from respected members of the Board, support of the patrons and the most
contribution made by the management team as well as our lleld force. We are confident that we shall be able to overcome
all hurdles by virtue of our hard labour, dedication and sincerity. We are committed to our honourable policyholders and
shareholders in particular. We shall try to mainiain the same trend of our effort to achieve our targetted goal. I sincerely
hope and expect that our shareholders will keenly feel the reality and extend their co-operation to run our business
smoothly in the days to come.
ln order to expand network of Meghna Life as well as to bring greater number of people under insurance coverage the
Company sold policies under Ekok, Loko, lslami Bima, lslami Khudra Bima & Swanirvor Bima Division all over the
Country For the purpose of reducing management hassle and minimising cost, the number of Divisions has been
reduced to 3(three) in place of s(five). The two Divisions viz-, lslami Khudra Bima and Swanirvor Bima have been merged
into lslami Bima (Takaful) and Ekok Bima Divisions respectively. All steps have been carefully taken lo provide service to
policyholders as usual who took policies of lslami Khudra Bima (Takaful) and Swanirvor Bima. No other change took
place, however. lt is assured that we always keep sharp eyes to protect interest of policyholders which is considered our
prime duties and obligations.
ln conformity with the continuous success, the company declares yearly policy bonus. The bonus is paid at maturity or
death which is earlier. ln 20'14, premium income of the Company stands at Tk. 443.15 crorc. Since inception total
premium income stood at Tk. 3,193.24 crcte. Life fund increased to Taka 1340.67 crore as on 31st December 20'14.
N.4eghna Life so far paid Tk. 60.06 crore as death claims, fk. 429.92 crore as Survival Benefit, Tk. 232.61 cto.e as
l\y'aturity claims and Tk. '102.56 crore as Bonus to the policyholders. Presently more than one lac marketing personnel's
and nearly 2428 officials in Administration are engaged in l\4eghna Life lnsurance Co. Ltd. About 27 lac policyholders are
enioying flnancial protection by lnsurance coverage. The Company gave highest policy bonus in life insurance sector of
the Country in 2014. lt will be more attractive this year. Policyholders of Meghna Life are enjoying highest benefits. Totial
asset of the Company stands at Tk,1,470.30 crore. About Tk. '1,0'12.61 crore have been invested in Government
Securities and other approved Agencies/Sectors. lf this trend of the premium income is continued, Life Fund by end of
2015 may stand at Tk. 1,500 crore (hypothetically).
ln our present competitive and dynamic environment it has become essential for organization to build and sustain
competencies. Dynamic and growth oriented Company should recognise training as an important aspect. Training is a
continuous learning process in human development. IDRA took initiative to impart training to Development officers of
insurance sector in order to increase professional efficiency. We appreciate the affort. We believe training is a process
through whach a person enhances and develops his efficiency, capacity and efiectiveness at work by improving and
updating his kno\rvledge and understanding the skills relevant to his or her job. During the year 20'14 a substantial number
of employees took professional training in various Training Academy, Centres and lnstitutes. Besides, our Public
Relations Department publishes booklets, magazines, newsletters etc, on regular basis in order to educate our
employees. Our prime purpose is to run the Company by people with sound proiessional knowledge and skills so that we
may become market leader in due course.
I have the privilege to inform you that the Board of Directors in a meeting held on July '12, 2015 recommended for
declaration oI total @ 33% dividend out of which stock dividend is @ 20% & cash dividend is @ 13% to the Shareholders
for the year 2014. I express my gratitude to Ministry of Finance, lDM, BSEC, DSE, CSE, Bangladesh Bank for their co-
oporation and support. We are ceaselessly trying to ensure payment of dividend on investment of the Shareholders in
future. By the grace of Almighty Allah we hope, in future, we will be in a position to reach the goal of success under the
strict supervision of the new lnsurance Laws to keep pace with the economic groMh of the country
Thank you all for your continuous support and co-operation.

Allah Hafez,

f\"rel'
e,
(Nizam Uddin Ahmed)
Chairman
A
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Chief Executive Officer's Report
Meghna Life lnsurance Company Limited was established in 1996 and gradually it became one of the
largest insurance company in the life sector. The company has been operatin! its business activities
abiding by the guidelines of lnsurance Development and Regulatory Authoriiy (IDRA), Bangladesh
securities and Exchange commission (BSEC), stock Exchanges. The Company ha! a wide network all
over the country. The administrative and development work-force are engaged ior earning premium and
management of entire activities so as to achieve the overall target of the Company.
The Company could earn premium to the tune of Tk. 443.15 in 2014 as against Tk. 425.31 in 2013.
The business growth of the Company for the last decade has been signlficant compared to other
competitors. Up to 2014 the company made a steady and satisfactory growth both in earning of premium
and income from investment which played a vital role to run the Company comfortably. Due to imposition
of various types of instructions and guidelines of IDRA in 2014 wilh which work-force was not familiar, our
trend of business got a shock. As a result we had to make tremendous effort for maintaining our
continuous growth in respect of business, operational cost, investment, profit and to administer and train
up Development people to cope with the hard and fast rule of IDRA. In spite of all the odd situations, we
have been able to overcome the hurdles and could show a satisfactory performance during 2014. I extend
my thanks to our Development personnel for their dedication, hard work for the achievement during 2014.
Mention may Jnade that the lnsurance sector faced a new challenge in 2014 fot implementation,
-be
compliance of,IDRA guidelines and regulations though the rules were framed for betterment and good
governance of the insurance industry as a whole. We express our sincere thanks to IDRA for their
cooperation for operating our activities. lt is worthwhile to state that Meghna Life lnsurance Company is
keen and very much particular to fulfill the regulatory requirements as well as to abide by the instruction! of
Regularity Authorities for the sake of good governance. lt is expected that the Company will obtain benefits
out of such compliances.
ln the field of investment as is required under rule, the Company maintained its tradition without any
violation_. The management of the Company gives priority to fulfill the statutory and regulatory requirements
without fail for which we feel proud.
Since 2005 our company's share are being traded in both the stock Exchanges of the country. As
at 30 December 2014, the market price of company's share stood respectively at rk. 90.60 in bsE
and Tk 88.30 in CSE.
It is to be noted that the Company has planned to maintain Central Data Base in the Head Office for the
safety of the data of the policyholders. Apart from this the Company established 8 Nos. Composite Service
Centers in Divisional Cities and places of business importance in order to ensure proper and prompt
service to the policyholders. Meghna Life Insurance Company being a service organisation considbrs the
Human Resources as an effective tool for its development. The company pays due recognition to the
employees for their contribution. Merit, Seniority, managerial efficiency and sense of respbnsibility are
given priority in promotion and to allow any benefit to employees. The company also gives highest
importance-to training for the development of human resources. As part of human reiources develop-ment
programs, Meghna Life lnsurance Cc.npany endeavored to develop the skill, knowledge, attitud'e and
professional competence of its manpower by arranging various local training. During 2014, many officers
participated in local training programs on different subjects/courses and 345 employees received inservice
training.
Finally, I take the privilege of extending my thanks to the valued policyholders, patrons and well-wishers for
the trust, confidence and continuous support to the company. I also 6xtend my thanks to the IDRA, BSEC,
DSE, CSE and Bankers for their co-operation and suppo( for smooth functi5ning of the Company. I also
convey my regards and gratefulness to the Chairman and Directors of the Board who provided generous
cooperation to me which helped me to run the day to day activities smoothly and effbctively. I am also
pleased to_ put my appreciation for the commitment and dedication of the hanagement t6am and all
category of employees.

(Muhammed Shah Alam, FcA)


Chief Executive Officer

33
.C"

Report oI the Audit Committee


The Audit Committee of Meghna Life lnsurance Company Limiied comprises of our Directors
nominated by the Board of Directors and it operates according to the Terms of Reference
approved by the Board and in compliance with ihe Bangladesh Securities and Exchange
Commission Notification No. SEC/CMRRCD/2006-158/Admin/02-08 dated 20th February 2006.

The Committee ensures that a sound financial reporting system is well managed, providing
accurate, appropriate and timely information to the Board of Directors, management, regulatory
bodies, shareholders and other interested parties.

During the year under review, the Committee members met four times. The Audit Committee
meetings were held to carry out the following tasks:

0'1. Review of audit report for the year 2014 as submitted by the external auditors.
02. Review of annual financial statement for the year 2014.
03. Review of internal audit reports of the Head Office as well as Zonal Offices.

Dated: July 12,2015

a6-r"- "--*"*11-
(Professor Md. Ansar Ali)
Chairman
Audit Committee

34
/^ nq-fl qtEr eTir<{ mtrfift FrFKtu
: MEGHNA LIFE INSURANCE cO. LTD.

Certification by The Chief Executive Officer and the Chief


Financial Officer on financial reporting

We have reviewed financial statements for the year ended 2014 and that to the best of our
knowledge and belief:

a) these statements do not contain any materially untrue statement or omit any
material fact or contain statements that might be misleading;

b) these statements together present a true and fair view of 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 yeat 2014 which are fraudulent, illegal or violation of the company's code of
conduct.

(Mohammed Tarek, FCA)


Chief Financial Officer
w-
(Muhammed Shah Alam, FCA)
Chief Executive Officer

Head Office: Biman Bhaban (2nd floor), '100, Motijheel C/A, Dhaka-1000. Bangtadesh
Phone: 9558297, 9558993, 9556204 Fax: 88-02-9578113 Web Site:urww. meghnalife.com

35
_s
j7'ffn!

Shiraz Khan Basak & Co.


Chartered Accountants

Head Office:
R.K. Tower (Level 10)
86, Bir Uttam C.R. Datta Road.
(312 Sonargaon Road)
Hatirpool, Dhaka-1205.

To the shareholder of
Meghna Life lnsurance Company Limited

Certificate on compliance of conditions of corporate governance of


Meghna Life lnsurance Company Limited for the year ended December 31, 2014

we have reviewed the relevant documents concerning the company's compliance with the
corporate governance matters.

Basis of opinion
we carried out our review in accordance with the guidelines issued by the securities &
Exchange commission under Notification No. sEC/cMRRcD/2006-'158/1 34lAdminl44
dated 07 August 2012.

Period Covered
our review for this certificate is confined to the aspects for the year ended December 31,
2014.

Opinion
In our opinion, based on our review of relevant documents and also information made
available to us by the management, the company,s status on compliance with corporate
governance requirements as shown in Annexure reflects actual position of the company,s
compliance with the condition of corporate Governance Guidelines of sEc applicable for
listed companies.

,/^\
lt J
[VDh*"
Date: Dhaka \'
July 28, 2015 \
SHIRAZ KHAN BASAK & CO.
CHARTERED ACCOUNTANTS

An associate firm of D. N. Gupta & Associates

36
Annexure -1
Report on Corporote Governonce
lntroduction
Meghna Life lnsurance Company Ltd is keen and committed to establish high Standard of
corporate governance. Corporate governance aims at ensuring transparency, accountability and
responsibility. The Board of Directors formulates objectives and strategic plans, goals and the
management plays the role of executing those plans under the directives of different Regulatory
Authorities.
Composition of Board
The Board is comprised of '13 (Thirteen) Directors out of which 07 (seven) are from ,A' Group and
03 (Three) are from 'B' Group (Shareholder). There are 3 (Three) lndependent Directors. The
Board of Directors is in full control of the company's affairs and is aiso accountable to the
shareholders. Audit and Management Committees are constituted with Directors of the Board. But
the Chairman of the Board is not a member of any Committee. The Board reviews strategic issues
on a regular basis and exercises control over the performance of the Company.
Responsibilities of the Board
The Board meets regularly depending upon the requirement for decision on specific issues. The
Board has a schedule of matters reserved for decision including major expediture, significant
investment proposals and policy matters. ln certain cases, specific responsibilities are delegated to
Committees within the defined Terms of Reference (TOR). Senior Management Personnel are
being invited to attend the Board meeting to present matters on the businesi under transaction by
the Board' One third of the Directors must retire and seek re-appointment in everyAnnual General
Meeting as per Articles of Association of the company as well as companiei Act 1994. The
Chairman of the Board is appointed from amongst the Directors.
Separate role of Chairman and Ghief Executive Officer (CEO)
ln the Company, the role of Chairman and the CEO is separate and independent from each other.
The CEO is responsible for the Executive management of the company's business activities. The
Chairman has got no executive management function/responsibility, he just runs the Board and
-company
formulate policy guidelines and directives which are beneficial for the as well as to
protect the interest of policy holders & shareholders.

Audit Committee
The Audit Committee is constituted by the Board consisting of 3 (Three) members from Board of
Direclors. One of the lndependent Directors is the Chairman of Audit Committee. Regular
meetings are held as per requirement of the Regulatory Authorities. Different types of Audited and
Unaudited accounts are placed before the committee which in turn recommend ihose to the Board
for approval. Audit Committee follows the various guidelines, procedures, policies and directives of
Regularly Authority to ensure better internal control. The Committee tries to give directives to
follow in order to improve overall performance.
Relationship with shareholders
The Company reports to its shareholders twice a year through Half-yearly (unaudited) report and
detailed.audited.Annual Report The Company also circulateJ Quarterty Atcounts (uniudiied) in 2
widely circulated national daily's for the information of the shareholders (as per the requirement of
the Regularity Authority). Normally once a year the Company meets with ihe shareholder in the
AGM. various price sensitive information are also circulated in the newspapers for the information
of the shareholder with a view to establish a bridge between the company and the shareholders.

37
Annexure -1
Board Meeting Attendance:
During the year 5 (Five) Board Meetings were held and attendance by each Directors are given below:

Sl. No. Name of Directors Attendance


1 Mr. Nizam uddin Ahmed
2. Mrs. Hasina Nizam 5
3. Mr. Nasir Uddin Ahmed
4. Mr. Riaz Ljddin Ahmed 5
5. Mrs. Jannatul Fardous 5
6. Karnaphuli lnsurance Co. Ltd. 5
7. Nizam-Hasina Welfare Foundation
Mrs. Sharmin Nasir
9. Mrs. Dilruba Sharmin 5
10. Mr. Md. Mazharul lslam
11 Professor Md. Ansar Ali 5
12. Mrs. Khaleda Khanam 5
13. M.A. Majid FCA 'l (Appointed w.e.f
2A-O9-2O14)

The pattern of share holding as at December 3'1, 2014


i) ParenUSubsidiary/Associated companies and other related Parties : ttlil

Shareholding of Chief Executive Officer, Company Secretary, Chief


Financial Officer, Head of lnternalAudit and their spouses & minor children : Nil

ii) Shareholding of Directors:


Sl. No. Name Position No, of shares
'A' Group
1 Mr. Nizam Uddin Ahmed Chairman 628,366
2. Mrs. Hasina Nizam Vice Chairman 506.902
Mr. Nasir uddi!r Ahmed Director 1,042,7A2
4. Mr. Riaz Uddin Ahmed Director 5'1'1,500
5. Mrs. Jannatul Fardous Director 507,137
6. Karnphuli lnsurance Company Limited Director 508,200
7. Nizam-Hasina Welfare Foundation Director 507,888
'B' Group
8. Mrs. Sharmin Nasir Director 133,425
Mrs. Dilruba Sharmin Director 65,850
'10. Mr Md- Mazharul lslam Director 4,404
lndependent Director
11 Professor Md. Ansar Ali Director
12. Mrs. Khaleda Khanam Director 114.400
13. M.A. Majid FCA Director 3,O25

iii) Shareholding of Executives : Nil


iv) Shareholders holding 10% or more voting interest in the company : Nil

38
Annexure -2
Status of Compliance of Corporate Governance
satus of compliance with the conditions imposed by the commission's Notification No. sEc/cl\4RRCD/2006-158/134/
Admin/44 dated 07 August 2012 issued under section 2CC of the Bangaldesh Securities and Exchange Ordinance, .1969,
(Report under Condition No. 7.OO)
Condition ComDliance Status Remarks
Title (Pulin tlie appropriale mlumn) ( lf any)
No.
Complied NotComplied

1.1 The number of the board members of the company shall


10 (Ten)
Board's Size not be less than s(five) and more than 20 (twenty)
1.2 (i) At least one fifth (1/5) of the total number of directors
lndependent
3 (Three)
in the company's board shall be independent directors.
Directors
(ii) For the purpose of this clause "lndependent Directoi,
means a director
(a)Who either does not hold any share in the company
or holds less than one percent (1%) shares of the totrl
paid-up shares of the company;
(b) who is not a sponsor of the company and is not
connected with the company's any sponsor or director or
shareholder who holds one percent (1%) or more shares
of the total paid-up shares of the company on the basis
of family relationship. His/her family members also
should not hold above mentioned shares in the company
Provided that spouse, son, daughter, father, mothei
brother, sister, son-in-law and daughter-inlaw shall be
considered as family members;
(c) Who does not have any other relationship, whether
pecuniary or otherwise, with the company or ils
subsidiary/ associated companies;
(d) Who is not a member, director or officer of any stock exchange;
(e) Who is not a shareholder, director or officer of any
member of stock exchange or an intermediary of the
capital market;
(f) Who is not a partner or an executive or was not a
Partner or an executive during the preceding 3 (three)
years of the concerned company's statutory audit firm;
(g) Who shall not be an independent director in more
than 3 (three) listed comDanies:
(h)Who has not been convicted by a court of competent
jurisdiction as a defaulter in payment of any loan to a
bank or a Non-Bank Financial lnstitution (NBFI);
(i) Who has not been convicted for a criminal offence
involving moral turpitude.
(iii) The lndependent Director(s) sha be appointed by
the board of directors and approved by the shareholdera
in the Annual General Meeting (AGM).
(iv) The post of lndependent Director(s) can nol remain
vacant for more than go(ninety) days.
(v) The Board shall lay down a code of conduct of ail
Board members and annual compliance of the code to
be recorded.

39
Comoliance Status Remarks
Condition
Title (Put ln tlie appropriate column) ( lf any)
No.
Complied NotComplied

(vi) The tenure of office of an Independent Director shall


be for a period of 3(three) years, which may be extended
for 1(one) term only.
I,J (i) lndependent Director shall be a knowledgeable
Oualification of individual with integrity who is able to ensure compliance
lndependent with financial, regulatory and corporate laws and can
Director (lD) make meaningful contribution to business.
(ii) The person should be a Business Leader/Corporate
Leader/ Bureaucrauuniversity Teacher with Economics
or Business Studies or Law background/Professionals
like Chartered Accountants, Cost & lvanagement
Accountants, Chartered Secretaries. The independent
director must have a least 12(twelve) years of corporate
management /professional experiences.
(iii) ln special cases the above qualifications may be Not
relaxed subject to prior approval of the Commission. applicable
1.4 The positions of the Chairman of the Board and the
Chairman of Chief executive Officer of the companies shall be fllled
the Board and by different individuals. The Chairman of the company
Chief shall be elected from among the directors of the
Executive
company. The Board of Directors shall clearly define
respective roles and responsibilities of the Chairman and
Officer
the Chief Executive Officer.
1.5 (i)lndustry outlook and possible future developments in
The Directors the industry.
Report to (ii) Segmentwise or product-wise performance.
shareholders
(iii) Risks and concerns
(iii) A discussion on Cost of Goods sold, Gross Profit Not
Margin Net Profit l\4argin. applicable
"rnd
(v) Discussion on continuity of any Extra-Ordinary gain or loss.
(vi) Basis for related party transactions-a statement of all related
party transactions should be disclosed in the annual report.

(vii) Utilization of proceeds from public issues, rights Situation did


issues and/or through any others instruments. not arise
(viii)An explanation if the financial results deteriorate after Situation did
the company goes for lnitial Public Offering (lPO), Repeat not arise
Public Offering (RPO). Rights Offer, Direct Listing, etc.
(ix) lf significant variance occurs between Quarterly Financial Situation
Performance and Annual Financial Statements the management did not arise
shall explain about the variance on theirAnnual Report.
(x) Remuneration to directors including independent directors.
(xi) The financial statements prepared by the
management of the issuer company present fairly its
state of affairs, the result of its operations, cash flows
and changes in equity.

40
Condition Comoliance Status Remarks
Title (Pul n tlie apprpprrate collrmn) ( lf any)
No.
Complied NoiComplied

(xii) Proper books of account of the issuer company


have been maintained.
(xiii) Appropriate accounting policies have been
consistently applied in preparation of the financial
statements and that the accounting estimates are based
on reasonable and prudent judgment.
(xiv) lnternational Accounting Standard s
(lAS )/Bang lad esh Accounting Standards
(BAS)/lnternational Financial Reporting Standard
(IFRS)/Bangladesh Financial Reporting Standards
(BFRS), as applicable in Bangladesh, have been
followed in preparation of the financial statements and
any departure there-from has been adequately disclosed.
(xv) The system of internal control is sound in design
and has been effectively implemented and monitored.
(xvi) There are no significant doubts upon the issuer
company's ability to continue as a going concern. lf the
issuer company is not considered to be a going concern,
the fact along with reasons thereof should be disclosed.
(xvii) Significant deviations from the last year's operating
results of the issuer company shall be highlighted and
the reasons thereof should be explained.
(xviii) Key operating and financial data of at least
preceding 5 (five) years shall be summarized.
(xix) lf the issuer company has not declared dividend (cash Situation did
or stock) for the year, the reasons thereof shall be given. not arise
(xx) The number of Board meetings held during the year 5 Board Meelngs
w lh average
and attendance by each director shall be disclosed.
(xxi) The pattern of shareholding shall be reported to
disclose the aggregate number of shares (along with
name wise details where stated below) held by :

(a)Parent/Subsidiary/Associated Companies and other


related parties (name wise details);
(b) Directors, Chief Executive Officer, Company
Secretary, Chief Financial Officer, Head of lnternal Audit
and their spouses and minor children (name wise details);
(c) Executives;
(d) Shareholders holding ten percent (10%) or more Shareho ders are
hold ng under
voting interest in the company (name wise details). l0ToShares
(xxii) ln case of the appointmenvre-appointment of a
director the company shall disclose the following
information to the shareholders :
(a) a brief resume of the director;
(b) nature of his/her expertise in specific functional areas;

41
Condition Compliance Status Remarks
Title (Putin the appropriale column) ( lf any)
No.
Conrplied NolComp ed
(c) names of companies in which the person also holds the
directorship and the membership of committees of the board.
2.00 : Chief Financial Officer (GFO), Head of lnternat
AuditAnd Company Secretary (CS) :
2.1 The company shall appoint a Chief Financial Officer
Appointment (CFO), a Head of lnternal Audit (lnternal Control and
Compliance) and a Company Secretary (CS). The Board
of Directors should clearly define respective roles,
responsibilities and duties of the CFO, the Head of
lnternal Audit and the CS.
2.2 The CFO and the Company Secretary of the companies
Requirement shall attend the meetings of the Board of Directors,
to attend the provided that the CFO and/or the Company Secretary
Board shall not attend such part of a meeting of the Board of
Meetings Directors which involves consideration of an agenda
item relating to their personal matters.
3. AUDIT COMMITTEE :

(i) The company shall have an Audit Committee as a


sub-committee of the Board of Directors.
(ii) The Audit Committee shall assist the Board of
Directors in ensuring that the financial statements
reflect lrue and fair view of the state of affairs of the
company and in ensurjng a good monitoring system
within the business.
(iii) The Audit Committee shall be responsible to the
Board of Directors. The duties of the Audit Committee
shall be clearly set forth in writing.
3.1 Constitution of the Audit Committee :

(i) The Audit Committee shall be composed of at least 3


(three) members.
(ii) The Board of Directors shall appoint members of the
Audit Committee who shall be directors of the company
and shall include at least 1 (one) independent director.
(iii) AII members of the audit committee should be
Financially literate" and at least 1 (one) member shall have
accounting or related financial management experience.
(iv) 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, the Board of Direclors shall appoint the new
Committee membe(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.

42
ComDliance Status Remarks
Condition
Title (Pulin llie appropriate coumn) ( lf any)
No.
Complied NotComplied

(v) The company secretary shall act as the secretary of


the Committee.
(vi) The quorum of the Audit Committee meeting shall not
constitute without at least 1 (one) independent director.

3.2 Chairman of the Audit Committee :

(i) The Board of Directors shall select 1 (one) member of


the Audit Committee to be Chairman of the Audit
Committee, who shall be an independent director.

(ii) Chairman of the Audit Committee shall remain


present in the Annual General N4eeting (AGM).

3.3 Role of the Audit Committee :

(i) Oversee the financial reporting process.

(ii) Monitor choice of accounting policies and principles.

(iii) Monitor lnternal Control Risk management process.


(iv) Oversee hiring and performance of external auditors.

(v) Review along with the management, the annual financial


statements before submission to the board for approval.
(vi) Review along with the management, the quarterly
and half yearly financial statements before submission to
the board for approval.
(vii) Review the adequancy of internal audit function.
(viii) Review statement of significant related party
transactions submitted by the management.
(ix) Review l\4anagement Letters/Letter of lnternal
Control weakness issued by statutory auditors.
(x) When money is raised through lnitial Public Offering Situation
(lPO)/Repeat Public Offering (RPO)/Rights Issue the company did not
shall disclose iothe Audit Committee about the arise
uses/applications of funds by major category (capital
expenditure, sales and rnarketing 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 (i)The Audit Committee shall report on its activities to the
Reporting to Board of Directors.
the Board of (ii)The Audit Committee shall immediately report to the
Directors Board of Directors on the following findings, if any :
(a) report on conflicts of interests;

43
Condition Comoliance Status Remarks
Title (Putin tie appilpriate column) ( lf any)
No.
Compled Not Comp ed

(b) suspected or presumed fraud or irregularity or


material defect in the internal control system;
(c) suspected infringement of laws, including securities
related laws. rules and regulations:
(d) any other matter which shall be disclosed to the
Board of Directors immediately.
3.4.2 lf the Audit Committee has reported to the Board of Directors
Reporting to about anything which has material impact on the financial
the condition and results of operation and has discussed with the
Authorities Board of Directors and the management that any rectification
is necessary and if the Audit Committee finds that such
rectification has been 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.
3.5 Reporting to the Shareholders and General lnvestors
Report on activities carried out by the Audit Committee,
including any report made to the Board of Directors
under 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; namely:
(i)Appraisal or valuation services or fairness opinions.
(ii) Financial information systems design and
implementation
(iii) Book-keeping or other services related to the
accounting records or financial statements.
(iii) Book-keeping or other services related to the
accounting records or financial statements.
(iv) Broker-dealer services.
(v) Actuarial services.
(vi) lnternal audit services.
(vii) Any other service that the Audit Committee determines.
(viii) No partner or employees of the external audit firms
shall possess any share of the company they audit at least
during the tenure of their audit assignment of that company.
5. SUBSIDIARY COMPANY:
(i) Provisions relating to the composition of the Board of Not
Directors of the holding company shall be made
applicable to the composition of the Board of Directors of
the subsidiary company.

44
ComDliance Status Remarks
Condition (Putin llie appropriate columr) ( lf any)
Title
No. Conrplied NolComplied

(ii) At least 1 (one) independent director on the Board of To be


Directors of the holding company shall be a director on Complied
the Board of Directors of the subsidiary company.
(iii) The minutes of the Board meeling of the subsidiary
company shall be placed for review at the following
Board meeting of the holding company.
(iv) The minutes of the respective Board meeting of the
holding company shall state that they have reviewed the
affairs of the subsidiary company also.
(v) The Audit Committee of the holding company shall
also review the financial statements, in particular the
investments 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:
(i) They have reviewed financial statements for the year
and that to the best of their knowledge and belief :
(a) these statements do not contain any materially
untrue statement or omit any material fact or contain
statements that might be misleading;
(b)these statements together present a true and fair view
of the company's affairs and are in compliance with
existing accounting standards and applicable laws.
(ii) There are, to the best of knowledge and belief, no
transactions entered into by the company during the
year which are fraudulent, illegal or violation of the
company's code of conduct.
7. REPORTING AND COMPLIANCE OF CORPORATE GOVERNANCE
(i) The company shall obtain a certificate from a
practicing Professional AccountanVSecretary (Chartered
AccountanVCost and Management AccountanUChartered
Secretary) regarding 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.
(ii) The directors of the company shall state, in accordance
with the Annexure attached, in the directors' report
whether the companv has complied with these conditions.

45
Director's Report
Bismillahir Rahmanir Rahim,

Dear Shareholders, Assalamu Alaikum,

On behalf of the Board of Directors and on my own behalf, I have the privilege to welcome you all to the 1gth
Annual General N4eeting of the Meghna Life lnsurance Company Limited and present before you the Annual
Report on the performance of the company together with the Audited Accounts and Financial Statements for
the year ended 31st December, 20'14 and the Auditors' Report thereon.

It is with much pleasure to bring to the notice of the honourable Shareholders that inspite of continued
unstable economic condition prevailing in the country and stiff competition among different insurers the year
2014 was another successful year of the company. This was possible because of the strength of our
marketing forces, soundness of our organisational structure and our constant endeavour to review our
business strategies wherever necessary keeping in view of the quality of business, improved customer
services and reduction of procuration cost in all spheres of business operation.

Business performance:

During the year the Company has earned gross premium income to the tune of Tk. 443.15 crore as against
fk.425.31 crore in the previous year. The growth rate is 4.19%. The quantum of premium earning is
comprised of the following:

(a) Tk. 203.56 crore of premium is earned from 323,305 Ekok Bima valued policies as against Tk. 187.81
crore in the previous year. Rate of increase is 8.38%.

(b) Tk. 103.22 crore of premium is earned from 562,118 Loko Bima (N.4icro) valued policies as against Tk.
111.24 crore in the previous year. Rate of decrease is 7.76%.

(c) Tk. 75.70 crore of premium is earned from 118,174 lslami Bima (Takaful) valued policies as against Tk.
61.93 crore in the previous year showing an inctease ot 22.23o/o.

(d) Tk. 34.92 crore of premium is earned from 123,947 lslami Khudra (Micro) Bima (Takaful) valued policies
as against Tk. 29.25 crorc in the previous year showing increase of 19.38%.

(e) Tk. 23.19 crore of premium is earned from 26,773 Swanirvar Bima valued policies as against Tk. 33.75
crore in the previous year. Rate of dicrease is 45.53%.

(f) Tk. 2.55 crore of premium is earned from 33 Group Bima covering lives against Tk. '1.33 crore in the
previous year. The rate of increase is 91.72ok.

Financial Results:
During the year, total premium income of the company has increased to Tk. 443.15 crore from fk. 425.31
crore in 20'13 showing an increase of 4.'lg% over the previous year. lnvestment income is increased from
Tk. 96.73 crore in 2013 to Tk. 97.57 crore in 2014 showing a increase of 0.86% over the previous year. It
appears that the overall financial performance of the company is satisfactory in the year under review and
registers healthy groMh rate. On the other hand the ratio of management expenses to gross premium
income has dicreased by '1.05%.

46
Director's Report
The break-up of premium income into its components with corresponding figure of 2014 is given below:
Particulars 2014 2013 lncrease (Decrease)
Taka)
(ln crore Taka)
(ln crore (%l
First year premium:
Ekok Bima 60 77 t ---lr3 l
Loko Bima-l\.4icro 27.5'l zt.szv. I
lslami Bima (Takaful) 24.16 43.630/.
lslami Khudra Bima (Ta kafu l)- Nilicro 15.18 I rzooo
I

I
I

Swanirvor Bima Division 12.25 r+g.sst I


139.87 8.93%
Renewal premium:
Ekok Bima 142.79 Fl-r88_l fio?r"/. l
Loko Bima 75.71 89.67 | (15.56)
lslami Bima (Takaful) 45.11 I i4 2z
Islami Khudra Bima (Takaful)
Swanirvor Bima Division
19.7
10 94
4 i 22.35
L 295.58
g.sz l
I trr.ozt l

300.73 1.7 4
Group lnsurance premium
---------6-7- -- i3- -----aTiT
Total Gross premium 443.15 425.31 4.19
Reinsurance premium 0.87 (oejf (4.39)
Net premium 442.28 424.40 4.21
lnvestment lncome 97.57 96.73 0.86
Other lncome '1.01 1.02 (0.98)
Total lncome 540.86 522.15 3.58
Life Fund 1,340.67 1208.46 -----l-q!4-
Management Expenses:
Commission tt5r6) I
Other overhead
Total Tk. 176.74 174.12
L tz.zsl
(2.571
I

Management Expenses as % of Gross premium 39,88% 40.93% 1.050/.


Life Fund:
Life Fund of the Company has continued to grow significantly. The gross accretion of life fund in the year
2OM is fk. 132.21 crc.e. Total Life Fund of the Company as at 31st December, 2014 stood at Tk.1340.67
crores as against Tk. 1,208.46 aorc in the preceding year. Growth rate of Life Fund is 10.94%.
Actuarial Valuation:
The Board of Directors of the Company decided to conduct Actuarial Valuation yearly and accordingly the
Actuarial Valuation of the assets & liabilities of the company as on December 31,2014 is carried out. The
valuation results have shown a gross surplus of Tk. 103.85 crore out of which Tk. 64.67 crore have been
allocated for Bonus to Policyholders.
lnvestment Portfolio:
lnvestment portfolio of the Company other than Fixed Deposits with Banks has increased to Tk. 542.03
Crore from Tk. 492.50 Crore in the previous year, the percentage of increase stands at Tk. 10.05% over the
previous year Fixed Deposit with Banks has increased to Tk. 470.58 Crore from Tk. 438.61 Crore in 2013
showing an increase of 7 .28o/o.
Besades the balances on short Term Deposit Accounts with various Banks at the end of the year stands at
1-k. 79.04 Crore which is under process for further investment.
During the year the company has earned Tk. 97.57 Crore from lnvestment portfolio as against Tk. 96.73
Crore in the Previous year
Services to Policyholderi
The reputation and progress of the company largely depend on prompt and efficient services rendered to the
policyholders. Keeping this in view we have further strengthened our Servicing and lT Departments for
rendering quick services to Policyholders and marketing personnels.

47
Directors' Report
A large network of several hundred offices in the rural as well as Urban Centres throughout the Country
render all necessary services to the policyholders. During the year the management has decided to
install computer in the outstation Zonal & Regional Offices gradually and by now activities of many Zonal
Offices have already been computerised and data are transferred thoroughly ON-LINE technology.
The settlement of claims is a very important aspect of services to the policyholders. Hence the
company has laid great emphasis on expeditious settlement of Maturity, survival as well as death
claims. Recently the Company has decentralised the claims settlement operation through Zonal &
Regional Offices for rendering prompt services to the policyholders. During the year the company has
settled claims for Tk. 212.31 Crore compared to claims for Tk. 160.65 Crore in the previous year.
lT lnfrastructure and its Use:
lnformation Technology and Communication system of lVlLlCL is in advance stage. There is a full fledged
lnformation Technology Department at Head Offlce with 24 lT professionals under the guidance of a
Senior General Manager (Sr. System Analyst). The department is mainly responsible to provide all
necessary automation services for day to day operation as well as to make all available information
which are needed at each level of management for quick and timely dispensation of urgent and important
issues. The entire work has been suitably divided into five Divisions on the basis of product lines.
Presently all Divisions are working independently with stand-alone arrangements to computerize policy
information of a zone for effective control and management of the respective product lines. At present,
total 237 offices of five divisions allover the Country have been automated with computers. l,'loreover, all
237 offices are equipped with Wireless VPN lnternet service to facilitate online data transfer and the plan
is to provide this service to all other offices in near future. Eight (08) Compsite service centres (CSC) in
Comilla, Chandpur, Barisal, Chittagong, Sylhet, Jessore, Bogra, Tangail have been setup with real-time
fibre optics network connection. All services of Head office have been decentralized through these CSC.
The Company has a contingency plan to face any breakdown situation at any place with the quickest
possible time from the Head Office. A good number of in house development and or'r shelf software are in
use. Data backup is taken on daily basis on tapes and stored at a safe place other than the Computer
Center. A separate server is used as data backup to face any disaster.
Mobile SMS Program:
There is a special opportunity through Mobile SMS for the policyholders arranged by MLIC for better
service. With this message any policyholder can get the information about any identified policy easily.
Similar SMS service is also arranged for all the field officers of the company to receive their up to date
business figure.
Human Resources Management:
lnsurance industry is a place where services of experienced hand are absolutely necessary. l\.4LlCL is
fully aware of this fact and from the beginning of its formation it tried to hire top and other executives
from the insurance fields of the country with attractive compensation package. Apart from normal
compensation package, N.4LlCL has introduced shadow employee benefits like Festival Bonus,
Incentive Bonus, gratuity, Contributory Provident Fund, Earned Leave, Sick Leave, Maternity Leave for
Female Employees, Group lnsurance, Housing loan, Motor Cycle Loan, Car Loan etc.
ln order to increase working efficiency, at different level of emplacement, MLICL organizes training for
its employee on regular basis. MLICL organizes in house training from time to time for the field workers
and others related with policy sales, underwriting, claim management, Re-insurance and practice of
Takaful system. During the yeat 2014, a total of 3886 officials attended in the training on various
lnsurance related subjects. The staff strength of the company at the end of 2014 was 2428 ln the same
period and many. officials at different level were promoted.
Audit Committee of the Board:
For ensuring transparency & accountability in the operations of the Company to ensure that the
activities are conducted within the framework of principles and policies as laid down by the Board, as
well as the guidelines of the Bangladesh Securities and Exchange Commission's Notification
No.SEC/CMRRCD 12006-1581 Admin/02-08, dated the 20th February, 2006. The Audit Committee
reviewed the financial statements of the company for the year ended 31.12.2014 audited by the
External Auditors stressing on the importance of the Compliance culture within the company.

48
Directors' Report
Dividend:
The Board of Directors has recommended for declaration of total @ 33% in form of Stock dividend @
20% and cash dividend @ 13% for the yeat 2O14 for all the shareholders While recommending the
Stock & Cash dividend the Board of Directors has taken into consideration the results of Actuarial
Valuation for the year ended 31, December 2014 and the life Fund as on that date.

Sponsor Directors:
ln accordance with Article 96 of the Articles of Association of the Company, 02 (two) sponsor directors
shall retire from office at the 1gth Annual General [,4eeting. The retiring Directors are Mr. Riaz Uddin
Ahmed & Mrs. Jannatul Fardous. Being eligible they offer themselves for re-election.
Public Subscribers' Director:
In accordance with the provision under Article 96 of the Articles of Association of the company and as
provided under lnsurance Act Mrs. Sharmin Nasir, Director shall retire from the office by rotation and
being eligible offers herself for re-election.

It is relevant to mention here that public notification in regard to election of Public 2 (Two) Shareholder
Director has been published in the two national dailies namely The Daily lttefaq and The Daily Star on
18-06-2015.

Auditors:
Pursuant to Section 21 O of the Companies Act. 1994, the Company's statutory auditors Mi s. A Wahab
& Co., Chartered Accountants will retire at the 1gth Annual General l\.4eeting.

It may be noted that N4/s. A Wahab & Co. Chartered Accountants. Express their wellingness to continue
as stitutory auditors for 2015 of the company & M/s. A. Wahab & Co. Chartered Accountants applied
for apointment as statutory auditors fot yeat 2015.

Business Plan for 2015:


The company has set up its business strategy for boosting up of its Ordinary Life, Loko Bima, lslami
Bima (Takaful), lslami Khudra Bima (Takaful) & Swanirvar Bima Division business and planned for
achieving a premium target of Tk. 541 crore during the year, 2015. The management believes that this
is achievable if the economic and political scenario of the country remain steady and that there occurs
no natural calamity in the Country.

Construciion of Meghna Life lnsurance own Commercial building:


The Construction work of 17 storied commercial building of the company at 11lD, Toyenbee Circular
Road, Motijheel, Dhaka is on progress. We expect that the construction work of the building will be
completed by 2016.

Acknowledgements:
On behalf oi the Board of Directors, I take this unique opportunity to thank all of our honourable
shareholders, Directors, Members of Shariah council and Managing Director for their continued
support and co-operation. I also express my sincere gratitude to our valued policyholders, the office of
the lnsurance Development and Regulatory Authority, Concerned Ministry Registrar of Joint Stock
Companies & Firms, Bangladesh Securities and Exchange Commission, Office of Dhaka & Chittagong
Stock Exchanges Ltd., our Bankers and other esteemed well wishers for their co-operation, support
and confidence.

We also put on record our deep appreciation of the efforts of the marketing personnel and devotion to
duty of all category of employees of the Company.

On behalf of Board of Directors,

^co-il,-'
,)
(Nizam Uddin Ahmed)
Chairman

49
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54
A. Wahab & Co.
A
Chartered Accountants

AUDITOR.S REPORT TO THE SHAREHOLDERS


OF
MEGHNA LIFE INSURANCE COMPANY LIMITED
We have audited the accompanying Balance Sheet of Meghna Life lnsurance Company Limited as of
December 31,2014 and the Related Revenue Account, Cash Flow Statement and Statement of Changes in
Shareholder's Equity for the year then ended.
Management's responsibility for the financial statements:
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards
(BFRS), the Companies Act 1994 and other applicable laws and regulations. This responsibility includes
designing, implementing and maintaining internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies and making accounting estimates that are reasonable in the
circumstances.
Auditors' responsibility:
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we comply
with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on our judgment, including lhe assessment of the risks
of material misslatement of the financial statements, whether due to fraud or error. ln making those risk
assessments, we consider internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expression an opinion on lhe effectiveness of the entity's jnternal control. An audit also includes
evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Opinion:
ln our opinion, the financial statements prepared in accordance with Bangladesh Accounting Standards (BAS),
give a true and fair view of the state of the company's affairs as of December 31, 2014 and of the results of its
operations and its Cash Flows for the year then ended and comply with the Companies Act, 1994, lnsurance
Act, 2010 and lnsurance Rules '1958, Securities Exchange Rules, 1987 and other applicable laws and
regulations.
We report that:
i) We have obtained information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit and made due verification thereof;
ii) ln our opinion, proper books of account as required by law have been kept by the company so far at it
appeared from our examination of those books and (where applicable) proper returns adequate for the
purposes of our audit have been received from branches not visited by us;
iii) The company's Balance Sheet and Revenue Account and its Cash Flows dealt with by the report are in
agreement with the books of account and returns;
iv) The expenditure incurred was for the purposes of the company's business;
v) As per Section 63(2) of the lnsurance Act, 2010 as amended, we certify that to the best of our knowledge
and belief and according to the information and explanations given to us, all expenses of management
wherever incurred and whether incurred directly or indirectly, in respect of life insurance business of the
company transacled in Bangladesh during the year under report have been duly debited to the related
Revenue Accounts as expenses; and
vi) As per the lnsurance 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 business re-insured abroad apart from commission arising out of the re-
insurance treaties.

Dated, Dhaka, July 12,2015


A, WAHAB & CO.
CHARTERED ACCOUNTANTS

55
.''1:"'..

Meghna Life lnsurance


Balance Sheet as at

Particualrs Notes 20't4 2013

CAPITAL & LIABILITIES

SHARE CAPITAL:
AUTHORISED
60,000,000 Ordinary shares of Tk. 10 each 600,000,000 600,000,000

ISSUED, SUBSCRIBED & PAID UP


25,337,804 Ordinary Shares of Tk. 10 each 253,378,040 230,343,680
Fully Paid Up
BALANCE OF FUNDS AND ACCOUNTS
Life lnsurance Fund 'l 3,406,68'1,695 12,084,589,746

LIABILITIES AND PROVISIONS


Estimated Liabilities in respect of
Outstanding claims whether due or intimated b 317,307,079 411,454,930
Amount due to otlrer persons or bodies
carrying on lnsurance Business. 7 1,099,583 3,429,545
Sundry Creditors 8 712,321,467 758,276,613
Premium Deposit 9 12,241,871 243,275

TOTAL TAKA = 14,7 03,029,7 35 1 3,488,337,789

The annexed Notes 1 to 33 from an integral part of these financial statements. These financial
Statements were approved by the Board of Director on 12-07 -2015 and were signed on behalf

w'
by the under signed-
/';)
LAZEu,
CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER
-_.*9+'
DIRECTOR

Dated, Dhaka, July 12,2015

56
A- Wahab & Co-
Chartered Accountants
Company Limited
31st December 2014

Particualrs Notes 2014 2013

PROPERTY & ASSETS


LOANS: 10 33,683,189 22,681,919
On mortgage of properties f 14p33"ee81 t 5,62skol
On lnsurer's Policies within their Surrender Value I r o,o+s,r or I r z,osa,+oo I

INVESTMENT: 11 5,420,310,315 4.925.005.414


Statutory Deposit with Bangladesh Bank (BGTB) 15,000,000 15,000,000
Bangladesh Govt. Treasury Bond 3,838,778,735 3,387,1 02,556
Shares 739,946,469 717,018,821
Secured and Convertible Bond (SPS) 2s,000,000
House Property (At Cost Less Depreciation) 429,078,433 384,834,504
Meghna Life Securities & lnvestment Ltd. 397,506,678 396.049.533

Agents Balance 164,305,995


Outstanding Premium 12 911,654,478 823,277,737
lnterest, Dividend and Rents accrued but not due 13 385,620,815 390,569,189
Advance, Deposit and Prepayments. 14 643,731,334 351,723,802
Sundry Debtors 15 76,778,214 38,657,250

CASH AND BANK BALANCES 6.813.174.554 6.695.655.702


Fixed Deposit with Banks 16 4,705,832,575 4,386,1 16,851
Short Term Deposit 790,375,795 775,223,342
Current Account 295,455,784 371,101,302
Cash in Hand 30,893,220 11 ,586,490
Collection in Hand 17 990.617.180 1 ,151 ,627,717

Amount due from other Persons or bodies


Carrying on lnsurance business 18 470,431 470,431
Motor Cycle and Cycle Loan 19 5,290,344 5,989,572
Stamps in Hand 6,763,988 10,443,956
Printing & Stationary in Hand 9,449,320 9,555,591
Fixed Assets (At Cost Less Depreciation) 20 231,796,758 214,307,226

TOTAL TAKA = '14,703,029,735 13,488,337,789

statements were approved by the Board of Directors on July 12, 2015 and were signed on its behalf by:

A"flU
DIRECTOR
A. WAHAB & CO.
CHARTERED ACCOUNTANTS
Subject to our Separate report of even date.

57
i,n: L

Meghna Life lnsurance


Revenue Account For the year

Particulars
EXPENDITURE
CIaims under Policies (lncluding
Provision for
Claims due or intimated)
Less-Reinsurance: 2,123 ,121 ,764 1,606,480,692

By Death
By Survival
By Maturity
By Surrenders
Bonus to Policy Holder

EXPENSES OF MANAGEMENT : 797,6',12,429


(ar Commission lo lnsurance Agenls (Less that on .e-ilsJra.rue Agenls) 22 f3Sr.rro,gio l
(b)A lowa,rces and Co-rmicsior
'Olher'anConnrssonrncudedrnsJb-ilem{a)above) | 408,171.51q I

Salaries etc.(Other than to Agents and ihose included in item (b) above) 506,522,377
Gratuity 1,744,149
Travelling and conveyance 23,153,514
Directors Fees 466,750
147,500
588,235
Crediting Rating Fees
Medical Fees 2,09'1,538
Registration Renewal Fee 14,O14,311
Advertisement & Publicity 13,396,398
Printing & Stationary 26,492,391
Policy Stamp Expenses 11 ,a4A,O72
Revenue Stamps 3,1a0,867
Poslage & Telegrams 3,807,621
Telephone, Telex and Fax 14,993,933
Electricity, Gas & Water Charges I,O32,270
Entertainment 14,470,373
lnterest & Bank Charges 18,660,606
Conference I ,6'18,'160
Development Expenses 18,986,034
Prizes and Contest 10,112.629
Repairs and Maintenance 29,295,993
FLreland Lubricants 33,499,O24
Subscription and Donation 2,975,100
Rents for offices belonging io and occupied by the company 88A,4aO
Rents for other offices occupied by the company 104.784,963
Rates & Taxes 5,339,149
Legal and Professional Fees 975,411
lnsurance Expenses 4.259,602
News paper and Periodicals 604,872
Cleaning & Washing Charges 261,879
Training Expenses 566,097
A.G.M Expenses 1,621,815
General Expenses 4,016,550
Contribution to Employees PF 15,107,344
Employees Group lnsurance Premium 663,014
969,761,453 900,19'!,025
OTHER EXPENSESi
Dividend 69,103,'t 04 69,103,104
lncome Tax 31,577,209
Provision for lncome Tax 84,449,502 92,619,869
Provision for Loss on fluctuation of share value 24,766,331
Depreciation 23 42,551,595
Balance of Fund at the end of the year as shown in the Balance Sheet 12,OA4 ,sBg ,7 46
TOTAL TAKA = 15.692.922,183

The annexed Notes 1 to 33 from an integral part ofthese financjal


rcjal statements. These financial statements were approved

/7) ^ --
Dated, Dhaka,
July 12, 2015
,H-Lb,
CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE
)t,- --OFFICER__-s/4.
W,Mql
DIRECTOR
t\

58
A. Wahab & Co-
&
Chartered Accountants
Company Limited
ended December 31 2014

Particulars Notes 2014 2013


INCOME
Balance of Fund at the Begining of the Year

of the Year 12,Oa4 ,5A9 ,7 46 10,471,413,403

Premium Less-Reinsurance o72


4,422,t61,Ot2 4,244
Filst year premium- (EB) 607,698,803 589,244,698
Firct year premium- (LB) 275,083,600 215,654,200
First year premium-(lB) 241,566,0'11 168,'166,589
First year premium- (lKB) 151,797,200 68,98S,'196
First year premium-(SB) 122.478.200 241,897,100
1 394 e,23 AM 1 .2A3.951.783
Renewal Premium- (EB) 1 ,427 ,457 ,254 1,288,828,573
Renewal Premium- (LB) 757,140,331 896,725,849
Renewal Premium- (lB) 515,486,256 451.102,726
Renewal Premium-(lKB) 197,430,600 223,503,715
Renewal Premium-(SB) 109,425,500 95,673,859
3,007,339,941 2 955 .A34 .722
Group lnsurance 25.538.46 | 13.2A4.O18
4,431,502,216 4 .253 .070 .523
Less Re-lnsurance Premium 8,741,144 9,059,587
lnterest, Rent & Dividend 25 963,914,847 934,738,845
Profit on Sale of Shares 11,830,629 32,572,678
Profit on Sale of Redemption of investment 2,101,500
l\,4iscellaneous Receipts 5,779,256 699.188
Gain on Sale of Vehicles 2,243,171 1,275,676
Service Charge and others 8,211,457

First year premium, where the maximum


Pemium payinq period is:
Single
tlvo years
Three years
Four years
Five years 770,91s
Six years 12,493,976
Seven years 4 602298
Eight years I,742,161
Nine years 1,241,853
Ten years 39,443,90'1
Eleven years 3,836,297
Twelve vears & above 1.326.492.413
Total = 1,398,623,814

TOTAL TAKA = 17,493,220,221 15,692,922,183

Subject to our Separate report of even date.


by the Board of Directors on July '12, 20'15 and were signed on its behalf by:

Arfl'L N^r* A. WAHAB & CO.


C, CHARTERED ACCOUNTANTS
DIRECTOR CHAIRMAN

59
A. Wahab & Co.
Chartered Accountants
Meghna Life lnsurance Company [imited
CashFtffi
For the year e-naeA OecernOe r 3'1, 2014

2014 2013
PARTICULARS TAKA TAKA
Cash llows from Operation Activities :

Collection from Premium 4,346,382,927 4,154,000,106


lnterest, dividend & rent received 968,863,221 864.348,233
Other income received 7,880,756 8,910,645
Payment for Claims (2,2'17,269,615) (1,583,725,123)
Payment for Re-insurance, l\4anagemeni Expenses, Commission and others (2,335,839,531) (1,744,276,208)
lncome Tax paid/deducted (125,809,123) (142,37 6 ,616)
Net Cash Flows from operating activities (A) 644,208,635 1,556,881,037
Cash flows from lnvesting Activities :

ffi (813,567,469) ('1 ,101,013,403)


Disposal of Investment 169,798,500 106,000,000
Acquisition of Fixed Assets (60,080,908) (41,523,690)
Loan against Policies Paid (8,168,447) (6,707,946)
Loan against Policies realized 5,572,745 4,660,088
Other Loans paid (Mortgage Loan) (10,500,000) (1,100,000)
Other Loans realized 2,094,432 2,123,862
Proceeds from sale of Fixed Assets 3,366,362 1,448,380
Proceeds from sale of lnvestment 159,312,608 318,000,'116
Net Cash used in investing activities (B) (552,172,177 | (718,112,s931
Cash flows from Financing Activities :
lncrease of Share Capital 23,034,360
Dividend Paid 2,448,034 '1,353,037
Net Cash used in financing activities (C) 25,482,394 1,353,037
Net increase in Cash & Cash equivalents (A+B+C) 117,518,852 840,',t21,481
Cash and Cash equivalents at the beginning of the year 6,695,655,702 5,855,534,22'1
Cash and Cash equivalents at the end of the year 6,813,174,554 _gq9!.9!5,291

The annexed Notes 'l to 33 from an integral part of these financial statements. These financial
statements were approved by the Board of Directors on July '12,2015 and were signed on its behalf by:

/'^
tA26b, lw-=--a )-. R n*
z---"' ----=s$>/-R
72

C/
ar./
CHIEFFINANCIALOFFICER CHIEF EXECUTIVE OFFICER OIRECTOR DIRECTOR CHAIRMAN

Subject to our Separate report of even date.

Dated, Dhaka,
July 12,2015
A, WAHAB & CO.
CHARTERED ACCOUNTANTS

60
A. Wahab & Co,
Chartered Accountants
Meghna Life lnsurance Company Limited

Fortheyearen@

Particulars Share Capital Share General Retained Other Total


Premium Reserve Earning Reserve

Balance as on 01 January 2014 230,343,680 230,343,680

Bonus Share for the Year --.- 23,034,360 23,034,360

Balance as on 31 December 2014 253,378,040 253,378,040

Balance as on 31 December 20'13 230,343,680 230,343,680

The annexed Notes 1 to 33 form an integral part of these financial statements. These linancial statements were

approved by the Board of Directors on July 12, 201S and were signed on its behalf by:

/a'\
W#lh'{
/ !-./ _- .=}+,
,-.-?
*\ A"#*
\'-J----z
Nrr,-f\!, /$.<*_
'J*'-
CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR CHAIRMAN

Subject to our Separate report of even date,

Dated, Dhaka, July 12,2015 A. WAHAB & CO.


CHARTERED ACCOUNTANTS

61
A A. Wahab & Co.
Chartered Accountants
Meghna Life Insurance Company Limited
Notes to the Financial Statements
For the year ended December 31 2014

A. GENERAL INFORMATION
1.OO THE COMPANY:
Meghna Life lnsurance Company Limited is a Public Ltd. company which came
into operation on May 05, 1996 with an Authorized Share Capital of Tk. 10 crore
divided into 'l 0 lac ordinary shares of Tk. 1 00 each. During the year 20 11 this has
been increased to Tk. 60 Crore divided into 6 Crore ordinary shares of Tk. 10
each as decided in the EGM held on August 04, 2011. The company has been
listed with both the Dhaka and Chittagong Stock Exchanges since 04.09.05- The
company is engaged in life insurance business since its inception.
2.00 Components of the Financial Statements:
The financial statements include the following components:
i) Statement of Financial Position as at 31st December 20'14 (Balance Sheet)
ii) Statement of Comprehensive lncome (Revenue Account)
iii) Statement of Cash Flow for the period ended 31st December 2014
iv) Statement of Changes in Shareholder's Equity
v) Statement of Life lnsurance Fund
vi) Classified Summary of the Assets (Form AA); and
vii) Significant accounting policies, explanatory notes and information.
3.00 Significant Accounting Policies:
Basis of Preparation of Financial Statements and Statement of Compliance
These financial statements have been prepared on the Historical cost basis and
therefore, do not take into consideration of the effect of inflation. The following
undedying laws, rules, regulations and accounting pronouncements have been
considered in presenting the financial statements:
i) The lnsuranceAct, 2010;
ii) The lnsurance Rule, 1958;
iii) The Companies Act, 1994;
iv) The Securities and Exchange Rules, 1987;
v) The lncome Tax Ordinance, 1984;
vi) The Listing Regulations of Dhaka and Chittagong Stock Exchanges;
vii) The Bangladesh Accounting Standards (BAS) 1, 2,7, 8, 10, 12, 16, 18, 19,
34 and 37 which have been adopted by the lnstitute of Chartered Accountants
of Bangladesh (ICAB);
viii) Any other applicable legislation.
ii) Risk and Uncertainties for use of estimates in preparation of Financial Statements:
Ps
requires managemenl to make estimates and assumption that effect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial
Statement and Revenues and Expenses during the period reported. Actual result could differ from
those estimates. Estimates are used for accounting of certain items such as long{erm contracts,
depreciation and amortization, employees' benefit plans, taxes, reserves and contingencies.

62
A
&"HEliP"#"8f;;
iii) Responsibility for Preparation and Presentation of Financial Statements
The Board of Directors is r" tion of
Financial Statements under Section '183 of Companies Act, 1994 and as per the
provision of Bangladesh Accounting Standard (BAS) "The Frame work for the
preparation and presentation of Financial Statements" issued by the lnternational
Accounting Standards Board (IASB).
iv) Cash Flow Statement :
Cash Flow Statement is prepared in accordance with BAS-7 (lAS-7) and Cash Flow
from operating activities have been presented under direct method as outlined in the
Securities and Exchange Rule,'1987.
Cash in hand, Cash at bank, Fixed deposits & Collection in hand have been
considered as the Cash and Cash equivalents for the preparation of the statement,
which were held and available for use by the Company without any restriction and
there was insignificant risk of changes in the value of these assets.
v) Fixed Assets and Depreciation Procedures:
Fixed Assets have been stated in the accounts at cost less accumulated depreciation.
Depreciation on the assets has been charged on written down value method at the
rates mentioned below. On addition during the year depreciation is charged on the
date of acquistion.
Category of Assets Rate of Depreciation
Furniture & Fixture 1jYo
Office & Electrical Equipment 15o/o to 20Yo
Motor Vehicles 20%
House Properties 2.5o/o 1o 5o/o

vi) Diyi{e1d and lnterest:


lnvestments are stated in the accounts at their cost of acquisition. lnterest on
investment, where applicable, is calculated on accrual basis. Dividend income and
entitlement to Bonus Shares are recognized when right to receive such dividend and
Bonus Share is establised.
vii) Stationery Stamp and Printed materials:
Stock of slationery, stamp and printed materials have been valued at cost and such
valuation has been certified by the management.
viii) Claims:
a) Provision for death claims on account of cases intimated within 31st December,
2014 has been made in accounts after adjusting re-insurance thereof.
ix) Taxation & VAT:
a) Current Tax :
i) Assessment of lncome Tax for the assessment yeat 2011 - 2012 (Accounting
year- 2010) has been completed. But the company has appeal with the Taxes
appellate Tribunal against assessment order passed by the DCT.
ii) Assessment of lncome Tax for the assessment yeat 2012 - 2013 (Accounting
year 2011) has been completed. But the company has appeal with the Taxes

63
8,;Pif,It3"t"3,i;
appellate Tribunal against assessment order passed by the DCT.
iii) Assessment of lncome Tax for the assessment yeat 2013 - 2014 (Accounting year-
2012) has been completed. But the company has filed appeal with the Taxes
appellate Tribunal against assessment order passed by the DCT.
iv) Assessment of lncome Tax for the assessment year 2014 - 2015 (Accounting year
2013) has not yet been completed. Return has filed with the lncome Tax Authorities.
v) Provision for lncome Tax amounting to Tk. 84,489,502 has been made for the accounting
year 2014 (Assessment yeat 2015-2016) on the basis of net income earned from Life
lnsurance Business during immediate preceding income year.
vi) Advance lncome Tax amounting to Tk. 90,809,123 has been deducted at source during the
year from interest on FDR, Jatio Biniog Bond, Treasury Bond, STD and Dividend lncome.
vii) The company has paid advance lncome Tax amounting to Tk. 35,000,000 during the
year under audit.
b) Deferred Tax:
As the profits and gains of the insurance business from all sources are to be
computed in accordance with the provision in the fourth schedule of the lncome Tax
Ordinance, 1984 and not under different heads of income, 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.
c) Value Added Tax (VAT):
VAT is exempted on life insurance business according to section 4 of second
schedule of VAT Act, 1991. VAT deducted at source for various services in
accordance with relevant section of above VAT Act has been deducted and
deposited to Bangladesh Bank through treasury chalan.
x) Employees Benefit:
a) The management of the company has introduced contributory provident fund
for its regular employees duly recognized by National Board of Revenue with
effect from 1 st July 2007.
b) The management of the company has also introduced gratuity for its regular
employee with effect from 1st July 2007.
c) Group lnsurance scheme for all permanent employees was introduced in the year 2010.
xi) lnvestment:
lnvestment are stated at their cost of acquisition, interest on investment is
accounted for on accrual basis but dividend income is accounted for on cash basis.
Adjustment in respect of the market value of investment in shares and debentures
at Balance Sheet date has been considered.

xii) Life Fund:


The surplus of revenue after adjusting the re-insurance premium and setting off the
management expenses has been carried forward to Life Fund along with the
surplus brought foruard from previous year.

64
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&,H35i3"t"3f,;
xiii) Revenue Recognition
a) Premiums are recognized as income; once the related policies have been
issued and the premiums received. Collectable amount of premiums due and
outstanding up to the month of December 20'14 for which grace period has not
been expired and previous installment have been paid, are also recognized.

xiv) Operation:
a) During the year 2014, through the operation of Divisional & Agency Offices the
gross premium earned by the company amounted to Tk. 4,431,502,216 After
ceding for re-insurance premium the net premium from different divisions
amounted lo Ik. 4,422,761 ,O72\he details of net premium from different divisions
were as follows:
Division Amount
Ekok Bima Division 2,052,353,374
Loko Bima Division 1,032,223,931
lslami Bima Division 757,052,267
lslami Khudra Bima Division 349,227.800
Swanirvar Bima Division 231,903,700
Total: 4,422,76',t,O72
b) Management expenses inclusive of commission, salaries, etc. have been charged
to revenue account for an aggregate amount ot Tk.1,767,313,882 The
management expenses represents approximately 39.88% of gross premium and
39.96% of the net premium earned during the year 2014.
c) Payment of Commission to Agent and Employer of Agents represent 22.O3% and
23.09% respectively of the management expenses. These expenses represent
respectively 8.78o/o and 9.21% of gross premium for the year.
d) Renewal of policies during the year represents the policies underuritten in the
preceding years.
xv) Reporting Currency and Level of Precision:
The figures in the financial statements represents Bangladesh currency (Taka),
which have been rounded off to the nearest Taka, unless stated otherwise.
xvi) Comparative lnformation:
Previous year's figures have been rearranged, where necessary, to conform to
current year's presentation-
xvii) Reporting Period:
Financial statements of the company cover one accounting year from 0.1 January
to 31 December consistently.

65
A A. Wahab & Co.
Chartered Accountants

BALANCE SHEET
4.OO SHARE CAPITAL 31-12-2014 31-12-2013
Authorized Capital:
60,000,000 ordinary shares of Tk. 10 each 600,000,000 600,000,000
lssued, Subscribed and paid-up capital :
25,337,804 Ordinary Shares of Tk. 10 each fully paid-up. 253,378,040 230,343,680
31 -',t2-2o',t 4 3',t -12-20',t3
4.01 Opening Balance 230,343,680 230,343,680
Add. Bonus Share lssued During The Year 23,034,360
Total: -.?0AqZ8Jc/lq _4ql4l,6q0
31-12-2014 31-12-2013
4.02 Category of Shareholders Shareholding Shareholding
Sponsor 180 4,533,879 4,118,96'l
General Public 820/, 20,803,925 't8,915,407
Total: 100% 25,337,804 23,034,368
4.03 Distribution Schedule of Paid-up capital Tk. 253,378,040
As per listing rules of the Stock Exchange a distribution schedule of each class of equity
shares and the number of shareholders and percentage as on December 31, 20'14 is given
below:

Category of Shareholding Number of Number of Value of Shareholding


Shareholders Shareholders Shares Shares Tk. ("/.1

Sponsor Below 500


500 to 5000 2 7 ,429 74,290 0.03
5001 to'10000
10001 and above 1? 4,625,716 46,257,160 18.25

14 4,633,145 46,33'1,450 18.28

General Public Below 500 6,357 883,929 8,839,290 3.49


500 to 5000 2,514 3,667,586 36,675,860 14.48
5001 to 10000 207 'l
,455,59514,555,950 5.74
'10001 and above 260 14,697,549 146,975,490 58.0'l
9,338 20,704,659 207,046,590 81 .72
9,352 25,337 ,804 253,378,040 100.00

5.00 Life Insurance fund Tk. 13,406,681,695


This consists of the accumulated balance of revenue surplus up to December 31, 2014.
Particu la rs 31-12-2014 3'.t-12-2013
Opening balance 12,084,589,746 10,471,413,404
Add: lncrease in Life Revenue Account during the year 1,322,091,949 1.613.176.342
Closing balance 13,406.681.695 12,084.589,746
The detailed break up is shown in (Annexure-1)
The accretion to the Life Fund during the year is Tk. 1,322,091 ,949 as against the
accretion to the fund of Tk. 1 ,613,176,342 during the preceding year.

66
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A. Wahab & Co.
Chartered Accountants

6.00 Estimated Liabilities in Respect of Outstanding Claims


Whether due or lntimated: Tk. 317,307,079

The above balance is made-up as follows:

Particulars 31-',t2-2014 31-'12-20',t3

a) Ekok Bima:
Death Claim 5,276,939 2,782,650
Survival Benefit 13,213,961 41,913,275
Claim by Maturity 103,630,553 100,690,937
Bonus to Policy Holders 35,282,533 76,717,359

b) Loko Bima:
Death Cfail1r 4,649,922 3,697,631
Survival Benefit 27,540,218 44,391,827
Claim by Maturity 32,225,802 36,735,173

c) Islami Bima (Takaful) :

Death Claim 4,'138,683 '1,888,'166


Survival Benefit 51,959,234 63,428,966
Claim by l\4aturity 18,118,948 17 ,481,649

d) lslami Khudra Bima (Takaful) :

Death Claim 539,618 471 ,938


Survival Benefit 207 ,000_ 7,150,650
Claim by Maturity 2,124,209

e) Swanirvar Bima:
Death Claim 2,060,300 1,574,000
Survival Benefit 18,200,868 9,659,000
f) Group :
Death 262,500 747 ,500

Total: 31] 0?,0!t 4't1,454,930

The above amount constitutes share of claims liability of the company.

7.OO AMOUNT DUE TO OTHER PERSONS OR BODIES CARRYING ON


INSURANCE BUSINESS : Tk, 1,099,583
The amount represents the premium payable to Scor Global Life SE, Singapore Branch, on
Account of Share of Re- lnsurance Premium after adjustment of Share of Re-lnsurance
Commission and claim due from them. The balance of Scor Global Life SE, Singapore
Branch, has been accounted for, up to the 4th Quarter ended December 3.1, 2014.

67
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A. Wahab & Co.


Chaatered Accountants

8.00. SUNDRYCREDITORS : TK. 712,321,467


The above balance is made up as follows:
Particulars Noles 31-',t2-2014 3',t-'t2-2013
Agency commission payable 35,326,283 98,253,933
Over-riding commission payable 'r9,806,456 83,049,372
Accrued Expenses 8.01 34,535,227 58,180,863
Tax Deduction at Source 8.02 40,020,248 33,089,499
VAT 8.03 387,563 675,990
License Fee 16,125,457 16,921 ,916
Loan Bond 30,832 39,027
Share Application Money 8.04 335,996 335,996
Provision for Doubtful Debt. 8.05 6,549,271 6,549,271
Provision for lncome Tax 329,853,821 245,364,319
Unpaid Dividend 7,943,381 5,495,348
Provident Fund Trustee AJC. 29,300,222 19,325,708
Recovery of Motor Car lnstallment '1,156,998 1,404,025
Adv. Rent Received 134,000 '125,000
Security Money (contractor) 12,157,686 10,938,320
Fair Value Change AJC 8.06 178,528,026 178,528,026
Other Account 130,000
Total : 712,321,467 758,276,613
8.01. Accrued Expenses: Tk.34,535,227
The above balance is made up as follows:
Particulars 31 -',12-20',t 4 3',t-'t2-2013
Salary & Allowances 26,218,929 48,380,654
Offlce rent 6,353,214 8,049,207
Telephone & Trunk call 1,000,463 875,654
Gas, Water & Electricity 369,483 339,707
News paper & periodicals 31,341 30,446
Audit fees (lncluding special audit fee) 298,450 298,450
Postage & Telegram 66,121 48,119
Entertainment Expenses 134,431 19,862
Other Expense 62,795 138,764
Total 34,535,227 58J80,,S63
8.02 Tax deduction at Source: Tk.40,020,248
The above amount includes Tk. 39,514,759 being Tax deduction from Agency commission
for the year which has been deposited to Sonali Bank Subsequently.

8.03 VAT: Tk.387,563


The entire balance of this account has been deposited to Sonali Bank Subsequently.
8.04 Share Application Money: Tk.335,996
The Company went for IPO in April, 2005 and after allotment of Shares on Lottery Refund
Warrants were sent to all unsuccessful applicants. The amount represents applicants who
did not encash their Refund Warrants within specified time.

68
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A. Wahab & Co-


Chartered Accountants

8.05 Provision for Doubtful Debt. : Tk.6,549,271


The above balance is made-up as follows:
Particulars 31-12-2014 31-12-2013
Opening Balance 6,549,271 6,549,271
Add : Provision made during the year
Total: 6,549,27'l 6,549,271

Provision has been made for some debtors which is doubtful of recovery in the opinion of
the management.
8.06 Fair Value Change Account: Tk. 178,528,026
The amount represents the difference amount between Book Value and market value of
share as at December 31,2013. The amount was shown under "Fair Value Change Account"
as per IDRA circular on lite -0412012 dated 11 June, 2013,(Guideline for Preparation of
Accounts and Financial Statements: Valuation of Equity Shares).
Particulars 31-',t2-2014 31-12-2013
153,761 ,965
Add : Provision made during the year 24,766,061
Total: 178,528,026 178,528,026
9,00 PremiumDeposit:TK. 12,241,871
The balance of this account represents premium received against policies but for want of
certain necessary information the premium could not be adlusted within December 31, 2014.
10.00 Loans: Tk. 33,683,189
The above balance is made-up as follows:
Particulars Notes 3'l-'12-2014 31-12-2013
Loans on Mortgage of Property 10.01 14,033,998 5,628,430
Loans on lnsurance Policies within their surrender Value 10.02 19,649,191 17,053,489
Total: _!!.q!9{qq 22,681,919
10.01 Loan on mortgage of properties: Tk. 14,033,998
The above balance is made-up as follows:
Particulars 31-12-2014 31-12-2013
Opening balance 5,628,430 6,652,292
Add : Loan paid during the year 10,500,000 1 ,100,000

16,128,430 7,752,292
Less: Loan adjusted during the year 2,094,432 2,123,862
Total: 14,033,998 _!'6?q,490
10.02 Loan of insurer's policies within their surrender value : Tk. 19,649,191
The above balance is made-up as follows:
Particulars 31-12-2014 31-12-2013
Open!ng balance 17,053,489 1s,005,631
Add : Loan paid during the year 8,168,447 6,707,946
25,221,936 21,713,577
Less: Loan recovered & adjusted during the year 5,572,745 4,660,088
Total: 19,649,191 17,053,489
The Loan paid during the year represenbfk. 6,773,492, Tk 1,154,955, Tk. 232,000 & Tk.
8,000 on account of Ekok Bima, lslami Bima, Loko Bima & Swanirvar Bima respectively.

69
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A. Wahab & Co.
Chartered Accountants

11.00 lnvestment: Tk. 5,420,310,315


The abwe bal-ance Is rnade-up as follows:

Particulars Notes 31-12-20',t4 31-12-2013


Statutory Deposit with Bangladesh Bank (BGTB) 11 .01 15,000,000 15,000,000
Bangladesh Govt. Treasury Bond 11.02 3,838,778,735 3,387,102,556
Shares (SCB) 't1.03 739,946,469 717,018,821
Secured & Convertible Bond (NPS) 11.04 25,000,000
House Property (At Cost Less Dep.) 1 '1.05 429,078,433 384,834,504
Meghna life Securities &lnvestment Ltd. 1'1 .06 397,506,678 396,049,533
Tola l: 5,420,310,315 4,925,005,414
1'1.01 Statutory Deposit with Bangladesh Bank: Tk. 15,000,000

ln Compliance with Section 7(1) of lnsurance Act 2010, the amount has been deposiled in
Bangladesh Bank for which the Bank has purchased 10 years Term Bangladesh Govt.
Treasury Bond :

Particulars 31-',t2-2014 3',1-12-2013


Opening balance 15,000,000 4,000,000
Add : Addjtion during the year 11 ,000,000
15,000,000 15,000,000
Less: Encashment during the year
Total: 15,000,000

11.02 Bangladesh Govt. Treasury Bond: Tk. 3,838,778,735


Theabove@
Particulars 31-12-20',t4 3',1-12-2013
Opening balance 3,387,'102,556 2,816,102,556
Add :Addition during the year 596.47 4.679 576,000,000
3 ,983 ,577 ,235 3,392,'102,556
Less: Encashment during the year 't44,798,500 5,000,000
rotal: 3,Q18,22&215 3&24?,q!q
The above amount has been invested for 10 (ten) years term with interest rates varying
trom 7.50% to 13.20%. The interest accrued on the Bond has been duly accounted for

11.03 lnvestment in Shares: Tk.739,946,469


The above balance is made-up as follows:

Particulars 31-12-2014 31-12-2013


Opening balance 717,018,821 662,030,774
Add : Addition during the year 170,409,627 340,415,486
887,428,448 1,002,446,260
Less: Disposal during the year 147,481,979 285,427,439
Tot"l, 739,946,469 717,018,821

70
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A, Wahab & Co.
Chartered Accountants

Details of investment in shares are given below:


SL. Name of the Company No. of Average Book Value Market
No. Shares Cost per Share at cost Value
(Taka) (Taka) (Taka)
BANKS
1 ABBANK 1 ,367 43.51 59482.52 40,873.30
2 CITYBANK 343,134 28.39 I ,7 41,107 .28 7 ,480,321 .20
3 ICBIBANK 527 ,700 9.06 4,780,061.49 2,902,350
4 MERCANBANK 134,489 18.03 2,425,496.76 1,842,499.30
5 NCCBANK 136,057 17 .13 2330021.55 1,s23,838.40
6 PREMIERBAN 22,271 to ?'l '19,760,610 10,222,710
7 RUPALIBANK 351,900 29,461,758.63 20,832,480
8 UCBL 76,500 2,505,642.06 2,24',1,450
I UTTARABANK 35.6'10 46.00 1 .637.891.06 922.299
FINANCIAL INSTITUTIONS
10 BAYLEASING 279,500 47 .65 13,317,714.24 8,357,050
11 BDFINANCE 526,568 24.88 13,102,686.41 8 ,319 ,77 4 .40
12 BIFC 436,527 24.11 10,523,503.04 7j59,042.80
13 FLEASEINT 40,441 23.40 1 ,191 ,220.56 788,599.50
14 GSPFINANCE 116,638 32.88 3,834,686.79 3,860,717.80
't5 ICB '1,108 1050.43 1,163,879.61 '1,525,826.80
16 ILFSL 226,984 24.48 5,556,412.15 3,064,284
't7 ISLAIVICFIN 1,474 24.'t7 35,626 26,974.20
18 LANKA BAFIN 60,000 66.21 3,972,672 2,640,000
19 IV IDAS F IN 71 ,877 30.82 2,215,025.83 1,171,595.10
20 NHFIL 398,300 48.73 19,407 ,267 .36 1'1,391,380
21 PHOENIXFIN 39,679 44.73 1,774,925.4',1 1 ,067,365.'10
22 PLFSL 143,800 34.59 39,565,351.85 26,421,780
12 PREMIERLEA 468,763 18.24 8,549,815.50 4,781,382.60
24 PRII\4EFIN 298,690 26.27 7,845,601.30 6,391,966
25 UNIONCAP 441 27 .37 3 ,37 4 ,794 .43 2,613,811 .60
'Oa
26 UNITED FIN 341.800 35.51 12.135.983.38 10.151.460
MUTUAL FUNDS
l JANATAMF 985,674 / .bb 7 ,550,592.64 5,026,937.40
?B ABBl STMF 5,275 8.40 44,316.64 33,232.50
29 AIBLlSTIMF 170,500 7 .92 1,350,258.48 767 ,254
30 DBH,I STMF 435,000 8.02 3,487,632.60 2,001,000
31 EBLl STMF 409,886 9.50 3,892,12't.04 2,172,395.80
32 GREENDELMF 143,500 7 .27 I,312,008.47 5,260,100
ICBlSTNRB 10,000 30.40 304,000 209,000
34 ICB2NDNRB 177,500 14.10 2,502,750 1,384,500
IC83RDNRB 395,000 7.06 2,7 86,973.48 1,698,500
36 ICBAMCL,I ST 122,000 43.40 5,294,800 2,964,600
ICBAMCL2ND 995,500 8.85 8,806,064.32 4,579,300
38 ICBEPMFl Sl 392,000 8.28 3,247,473.86 1,764,000
39 IFIC,I STMF 680,706 9.27 6,310,068.56 3,539,671.20
40 IFILISLI\4F1 430,000 7 .76 3,338,932.64 2,451,000
41 LRGLOBMFl 234,865 9.65 2,267,482.16 1,174,325

71
A. Wahab & Co.
Chartered Accountants

SL. Name of the Company No. of Average Book Value Market


No. Shares Cost per Share at cost Value
(Taka) (Taka) (Taka)
42 MBLl STMF 665,000 8.00 5,3'16,892.40 2,992,500
43 PFl STMF 144,000 6.97 1,003,456.64 662,400
44 PHP[,4F,I 454,440 7.09 3,221 ,041.02 2,135,868
45 POPULARl MF 593,049 L23 4,881 ,561.38 2,965,245
46 PRII\4E1ICBA 480,500 8.16 3,919,873.52 2,114,200
47 TRUSTBl I\,4F 226.816 9.10 2,064,609.39 1 .224,806.40

ENGINEERING
48 AFTABAUTO 11,700 94.19 1,102,005.43 786,240
49 APOLOISPAT 28,750 ?3.97 689,194.05 572,125
50 ATLASBANG 936 249.74 233,760 129,823.20
51 AzIZPIPES 30,550 28.24 862,657 .48 626,275
BDLAMPS 20,200 156.10 3,153,257 2,391,680
BSRMSTEEL 549,775 93.59 51 ,455,013.57 48 ,21 5 ,267 .50
54 GPH ISPAT 468,000 62.20 29,107 ,943.60 21 ,481 ,200
NTLTUBES 5,1 55 59.59 307,181 .65 596,949
56 OSMDRYCELL 3 35.86 107.57 215.40
SALAMCRST 3,610 61 .40 221 ,654 124,545
58 SINGERBD 8,781 186.69 1 ,639,281 .29 80
FOOD & ALLIED PRODUCT
59 BATBC 500 626.30 313,150 1,325,150
60 FINEFOODS 29,733 37 .72 1,121 ,495.50 31 8,143.'10
61 FUWANGFOOD 270 40.22 10,860 6,426
62 IVEGCONMILK '18,000 23.02 414,274.13 151,200
bJ IVEGHNAPET 108,000 10.86 1,172,771.80 626,400
64 NTC '1.800 530.01 954,024.61 1,255,500
FUEL & POWER
65 BDWELDING 454,359 29.78 '13,530,027 .44 7,088,000.40
66 BEDL 162,750 40.19 6,540,2'14.72 5,370,750
67 DESCO 262,384 62.97 16,521 ,824.07 '18,235,688
td EASTRNLUB 2,750 319.70 879,175 1,114,575
69 JAI\4UNAOIL 58 118.12 6,851.05 11 ,942.20
70 MJLBD 255,385 82.51 21 ,072,534.67 32,076,356
71 MPETROLEUM 44 10.00 440 I,284
72 SPPCL 174,015 51.87 9,025,533.68 8,683,348.50
73 SUM ITPOWER 155,579 39.83 6 ,',t96 ,245 .87 5,958,675.70
74 TITASGAS 130,025 80.01 10.402,951.62 10,362,992.50
TEXTILE
75 ANLIMAYARN 46,000 27.74 1,276,011.31 975,200
76 APEXWEAV 90,000 134.25 12,082,500 12,082,500
77 CMCKAMAL 1 ,024 29.'10 29,794.71 20,992
78 DACCADYE 69,586 28.74 1,999,766.22 1,002,038.40
79 ENVOY TEX 161,860 51.99 I,414,462.43 8,351,976
80 GENNEXT 95,832 19.06 1,826,375.56 1 ,456,646.40

81 MAKSONSPIN '10,510 15.42 '162,051 .06 138,732


82 MALEKSPIN 132,8s0 29.52 3,922,368.87 2,537 ,435

72
A- Wahab & Co-
Chartered Accountants

SL. Name of the Company No. of Average Book Value Market


No. Shares Cost per Share at cost Value
fiaka) (Taka) (Taka)
83 MITHUNKNIT 362 63.70 23,059.47 25.303.80
84 SAFKOSPINN 7 ,719 2,460.00 189,919.24 214,588.20
85 SAIHAMCOT 1'15,500 24.90 2,875,386.30 2,090,550
86 ZAHINTEX 126 24.70 3.111.78 2,079
PHAMACEUTICALS & CHEMICALS
87 ACI 29,000 123.77 3,589,460.87 11,307,100
88 AFCAGRO 37,500 50.60 I ,897,618.50 1,837,500
89 BXSYNTH 199,625 24.00 4,790,019.49 2 ,495 ,312 .50
90 GLAXOSMITH 1,000 664.50 664,500 1,512,000
91 KEYACOSIVET 149 39.67 5,910.60 3,471.70
92 ORIONINFU 170,400 50.90 8,673,225.13 7,242,000
93 RECKITTBEN 8s0 774.50 658,325.00 O,)A A'E

94 RENATA 1 ,796 595.57 1,069,640.32 1 ,767 ,264


95 SQURPHARIVA 1.008 256.86 258,919.45 260,568
PAPER & PRINTING
96 HAKKANIPUL 1.000 40.70 40,700 30,400
SERVICES & REALESTATE
97 EHL 1 46.48 46.48 46.40
98 SAPORTL '17 ,420 48.38 842.692.82 1.444.118
CEMENT
99 LAFSURCEML 15,000 26.60 399,000 '1,845,000
100 MICEIV]ENT 18,329 98.05 1 ,797 ,128.35 1,323,353.80
101 NILOYCEM 17 .400 92.58 1 ,610,950 4,832,850
IT SECTOR
't02 AGNISYSL 9,'161 28.77 263,535 295,900.30
TANNERY INDUSTRIES
103 APEX FOOT 14124 445.88 6,299,396.87 6,265,764
104 LEGACYFOOT '13,490 33.57 452,823.14 368,277
CERAMICS SECTOR
105 FUWANGCER 3400 14 05 47,766.60 49,640
106 RAKCERAMIC 5,760 61 41 353,703.60
107 SPCERAIV ICS 377 ,600 16 88 6,372,391 .63 5,437,440
NON LIFE INSURANCE
08 AGRANINS 35,997 27 .30 982,648.73 673,143.90
1 09 ASIAINS 436,000 37 .43 16,319.492.34 9,8'10,000
110 CENTRALINS 51,530 38.79 1,998,724.83 1,252,179
111 CONTININS 16,247 40.27 654,311 334,688.20
112 DHAKAINS 1 ,250 78.32 97,900 32,250
113 EASTERNINS 31,800 47 .73 1 ,517 ,841.73 1 ,097,100

114 GREENDELT 1 ,825 96.07 17 5,326.23 135,232.50


115 ISLAMIINS 10,000 33.96 339,633 2'15,000
116 KARNAPHULI 828,475 21 .54 17 ,847 ,433.95 't4,415,465
117 MERCINS 83,877 32.69 2,741,548.47 1 ,442,684.40
118 PIONEERINS 500 44.26 22,128.96 22,250
119 PRAGATIINS 156,765 78.23 12,263,140.08 6,47 4,394.50

73
A. Wahab & Co.
C]]artered Accountants

SL. Name of the Company No. of Average Book Value Market


No. Shares Cost per Share at cost Value
(Taka) (Taka) (Taka)
120 PROVATIINS 81,035 36. /ti 2,919,118 '1
,580,182.50
121 TAKAFULINS 366,570 44.37 16,265,870.35 9,384,192
122 UNITEDINS 7e aoo 55.93 4.116.617.51 2.495.006.10
LIFE INSURANCE
123 DELTALIFE 10,625 86.33 917,292.07 1,592,687.50
124 FAREASTLIF 2,850 115.24 328,432.28 214,035
125 NATLIFEINS 1 ,400 '189.79 265,705.86 329,280
tzb PADMALIFE 't92,340 47 .46 g,128,133.67 7 ,597 ,430
127 POPULARLIF 497 110.04 54,691 .76 71 ,319.50
128 PRAGATILIF 7 ,455 176.60 '1,3'16,556 749,227.50
129 PRIMELIFE 22,252 107 .21 2,385,554.98 1,766,808.80
'130 PROGRESLIF 18,700 122.19 2,284,869.59 1,634,380
131 SANDHANINS 3,639 74.33 270.491.29 218.340
CORPORATE BOND
132 IBBLPBOND 16,995 989.24 16,812,159.50 '16,803,806.25
TRAVEL & LEISURE
UNITEDAIR 33.600 20.79 698.608.74 299.040
MISCELLANEOUS
134 BEXIMCO 1,694,057 38.70 65,561,324.42 61,663,674.80
135 MIRACLEIND 8,548 21 .33 182.326.60 136.768
CDBL(central)
136 CDBL 100,000 10.00 1.000,000.00
PRE-IPO PLACEMENT
131 GMG AIRLINES 110,000 46.36 5,100,000.00
138 ENERGY PRIMA 50,000 95.00 4,750,000.00
139 CDBL 56,945 10.00 569,450.00
GRAND TOTAL 22,092,607 14,533.96 739,946,469.00 585.215.189.65

Unrealized loss due to decrease of market value of existing shares as at 31 Decembel 2014 was
shown under "Fair Value Change Account" as per IDRA circular on ffe -0412012 dated 11 June,
2012,(Guideline for Preparation ofAccounts and Financial Statements: Valuation of Equity Shares)
in note: 8.06.

11.04 Secured & Gonvertible Bond: Tk. NIL


fnerys:
Particulars 31-12-2014 31-12-2013
Opening balance 25,000,000 35,000,000
Add : Addition during the year
25,000,000 35,000,000
Less: Encashment during the year 25,000,000 10,000,000
Total: - 25,000,000

74
A. Wahab & Co.
Chartered Accountants

11.05 House property (At Cost less depreciation): Tk.429,078,433


The above balance is made-up as follows:
Cost Depreciation
Addtion Charge Written
Property Opening during the Total Opening Du ring Total Down
Balance year Balance the year Value
i) Land measuring 6
decimals with semi Pacca 614,019 614,019 194,610 11,507 206,117 407,942
Building at Barguna
ii) Land measuring 3
Kathas with one four
Stored Building at 70, R. 10,415,600 10,415,600 869,552 71,411 940,963 I,474,637
K. [rission Road, Gopibag,
Dhaka.
iii)(a) Land measuring
3.965 Kathas at 11,
Toyenbee Circular Road, 152,731,016 '18,906,486 171,637,502 171,637,502
Motijheel C/A, Dhaka.
(b) Land measuing 0.745
Kathas at 11 Toyenbee
Circular Road, l\,4otijheel 16,595,202 '16,595,202 16,595,202
C/A, Dhaka.
(c) Land measuring 1.965
Kathas at 11 Toyenbee
Circular Road, Motijheel 26,039,125 26,039,125 26,039,125
C/A. Dhaka.
iv) Land measuring B
Decimals with one storied
Building in the Districi 10,124,471 2,762,287 12,886,758 12,886,758
town of Barisal.
v)Land measuring 19.35
Decimals thereon in 42,570,356 317,239 42,887,595 42,887,595
theDistrict town of Comilla.
vi) Land measuring 9.25
Decimals with one three
storied Building at 16,933,091 16,933,09'1 323,199 102,392 425,551 16,507,500
Patuakhali.
vii) 3641 sqft floor Space
(2nd floo0 with .011
decimals Land at Afiord 29,388,800 29,388,800 2,092,758 663,001 2,755,759 26,633,041
Sultan Elesium,
Nasirabad, Chitlagong.
viii) Land measuring 6
Kathas at Mirpur Mazar
Road, Mirpur, Dhaka. 12,025,000 12,025,000 12,025,000
(Advance)
d) Land measuring 1.469
38,758,802 38,758,802 38,758,802
Kathas at ll,Toyenbee
circular Road, Dhaka.
e)Land measuring 0.73 49,508,006
26,268,000 23,240,006 4S,508,006
Kathas at l l,Toyenbee
circular Road, Dhaka.
x) 758 sqft floor space
(Grond floor)wiih.0023
6,057,821 6,051,821 206,680 133,778 340,458 5,717,363
Acre land at afford Sultan
Elesium.Ctg.

Total: 388,521,303 45,226,418 433,747,321 3,686,799 982,089 4,668,888 429,078,433

75
A A. Wahab & Co.
Chartered Accountants

Property at Barguna Tk. 407,902


The company has purchased a plot of land measuring 6 decimals with a semi pacca
Bullding thereon in the District Town of Barguna in 2001. Total cost of the property with
Registratjon and legal fees Stands at Tk. 614,019. Depreciation has been charged for the
year on the cost of semi Pacca building @ 5% per annum.
ii) Property at Gopibagh, Dhaka. Tk.9,474,637
The Company purchased one four.storrec! Building on a 3 Kathas plot of land at 70, R. K. l\4ission
Road, Gopibagh, Dhaka in 29h212002, Total cost of the property with Regishation & Legal fee stands
at Tk. 10,415,600. Depreciation has been charged on the cost of building @ 2.5% per annum.
iii) Property at MotUheel C/A, Dhaka Tk. 302,538,637
thas at 11, Toyenbee Circular Road, Motijheel
C/A, Dhaka in 2007 amounting lo TK. 27,771,080. During the year 2008 & 2009 the Company has paid
Tk. 26,039,125 for purchasing land measuring 2.71 Kalhas at adjacent to above plot. Besides Tk.
1,295,202 has been paid as advance for purchase of 0.745 Kathas of land adjacent to the above plot.
Total cost of the Plot measuring 5.93 Kathas with Registration & Legal fees stands at Tk. 234,124,j39
During the year 2014 Tk. 38,146,492 has been paid for building construction purpose.
iv) Property at Barisal: Tk. 12,886,758
@ndmeaSuring8DecimalswithoneStoriedBuildinginthe
District town of Barisal. Total cost of the property with registration and legal fees stands at Tk.
9,474,075. During the year 2014 fk.2,762,287 has been paid building construction purpose.
v) Property at Comilla: Tk. 42,887,595
@dmeasuring24'23DecimalSthereonintheDiStricttown
of Comilla. Total cost of the property with registration and legal fees stands at Tk. 278,006,004.
During the year 2014fk. 14,764,352 has been paid building construction purpose.
vi) Property at Patuakhali: Tk. 16,507,500
The Company purchased Land measuring 9.25 Decimals with one three storied Building at
Patuakhali. Tolal cost of the property with registration and legal fees stands at Tk.
16,507,500.
vii) Property at Chittagong: Tk. 26,633,041
@ft. Land measuring.011 Decimals Land at Afford
Sultan Elesium, Nasirabad, Chittagong. Total cost of the property with registration and legal
fees stands at Tk. 29,388,800.
viii) Property at Mirpur: Tk. 12,025,000
The Company has paid Tk. 12,025,000 as advance for purchasing Land measuring .12.6
Decimals At Mirpur Mazar Road, Mirpur, Dhaka.
ix) Property at Ctg. Tk. 5,717,363
During the year the Company purchased a flat 758 sqpt land measuring .0023 Acre land at
afford elesium Nasirabad, Ctg. Total cost of the property with registration and legal fees
stands at Tk. 5,717,363.
'11.06 Meghna Life Securities & lnvestment Ltd.Tk. 397,506,678

12.00 Outstanding Premium: Tk. 911,654,478


The amount represents premium due as at December 31, 2014 for which grace period has
not expired within the above date. The above amount comprises of Tk. 589,378,.199 on
EKOK BIMA division Tk. 100,585,305 on LOKO BIMA Division Tk. 156,392,922 on tSLAMt
BIMA Division check addition Tk.26,690,215 on tSLAIvll KHUDRA BIMA Division & Tk.
38,607,837 on SWANIRVAR BIMA Division.

76
A- wahab & Co.
Chartered Accountants

13.00 lnterest, Dividend and Rent Accrued but not duei Tk.385,620,815
The above balance is made-up as follows:
Particulars Notes 31-12-2014 31-12-2013
lnterest on F.D.R '13.01 243,876,000 268,336,044
lnterest on Jatio Biniog Bond 13.02
lnterest on l\4otor/Bi-Cycle Loan 13.03 346,314 370,917
lnterest on Policy Loan 13.04 7,635,731 6,505,034
lnterest on Mortgage Loan 13.05 1,238,178 1,158,711
lnterest on Govt. Treasury Bond 13.06 132,524,592 113,448,483
lnterest on Secured & Conv Bond 13.07
Total: 385,620,815 390,s69,189

13.01 lnterest on F.D.R.: Tk.243.876.000


The above balance is made-up as follows:

Particulars 31.12-2014 31'12'2013


Opening balance 268,336,044 201,117 ,861
Add : Provision made during the year 536,290,674
737,408,535
Less: Recovered during the year 536,578,926
Total: 243,876,000

13.02 lnterest on J.B.B.: Tk. NIL


The above bahnce is nade-up as follows:

Particulars 31-12-2014 31-12-2013


opening balance 22,108,149
Add: Provision made during the year 1,096,85'l
23,205,000
Less: Recovered during the year 23,205,000
Total:

13.03 lnterest on Motor Cycle/Bi-Cycle Loan: Tk, 346,314


The above balance is made-up as follows:

Particularc 31-12-2014 31'12'2013


Opening balance 370,917 388,'173
Add: Provision made during the year 100.783 222.493
471 ,700
Less: Recovered/Adjustment made during the year 125,386
Total: 346,314 370,917

13,04 lnterest on lnsurer's Policies Loan within their Surrender Value: Tk' 7,635,731

Particulars 31-12-2014 3'l:12-2013


Opening balance 6,505,034 5,621,745
Add: Provision made during the year 2,808j45 2,062.390
9,313,179
9,313,179 7,684,135
Less: Recovered/Adjustment made during the year 1,677,448 1,179,101
Total: 6,505,034

77
A. Wahab & Co.
Chartered Accountants

13.05 lnterest on Mortgage Loan: Tk. 1,238,178


ffre@s:
Particulars 31-12-20',t4 3',t -'t2-2013
Opening balance 1,158,711 1,121,731
Add: Provision made during the year 1 ,7 54,051 600,322
2,912,762 1,722,053
Less: Recovered/Adjustment made during the year 1,674,584 563,342
Total: ---1,FFi77{ 1,158,711

13.06 lnterest on Bangladesh Govt. Treasury bond: Tk. 132,524,592


The above balance is maAe-up as tottows:

Particulars 3',1-12-2014 31-',l2-2013


Opening balance 113,448,483 88,770,918
Add: Provision made during the year 408,560,229 354,288,685
522,008,712 443,059,603
Less: Recovered/Adjustment made during the year 389,484,120 329,611,120
Total: 132,524 ,592_ 113,448,483

13.07 lnterest on Secured & Convertible. Bond : Tk. Nil


The above balance is raOe-up as fottows,

Particulars 31-12-2014 31-12-2013


Opening balance 750,000 1,050,000
Add: Provisic'n made during the year 2,328,6s1 5,325,000
3,078,651 6,375,000
Less: Recovered/Adjustment made during the year 3,078,6s,1 5,625,000
Total: 750,000

14.00 Advance, Deposit and Prepayments: Tk. 643,731,334


The above balance is made-up as follows:

Particulars Notes 31-12-20',t4 31-12-2013


Advance lncome Tax 14.01 447,568,562 321,759,439
Advance against Office Rent 14.02 25,778,985 23,419,656
Advance against Salary & Allowances '14.03 20,702,596 3,184,163
Advance against TA,/DA 1 ,079,525 I ,227 ,452
Advance for Purchase 16,821 ,651 1,994,362
Advance against field Office 130,576,085
Security Deposit '1,153,930 '138,730
Total: 643,73'1,334 351,723,802

78
A, Wahab & Co.
Chartered Accountants

14.01 Advance lncome Tax: Tk.447,568,562


The@x decuctions at source:

FDR interest Tk. 57,304,998 Govt. Treasury Bond lnterest Tk. 28,095,591 STD lnterest Tk.
2,046,306, Convertable Bond lnterest Tk. 307,865 and Dividend lncome Tk. 3,054,363.
These related to the accounting year 2014 corresponding to assessment yeat 2015-2016
which is eligible for adjustment upon finalization of assessmenl.

The movement of the above balance is given below:

Particulars 31-12-2014 31''12'2013


Opening balance 32',t,759,439 179,382,823
Add: Tax deduction at source during the year 90,E!9J23 68,197,170
412,568,562 247,579,993
Add: Advance Tax paid during the yeat tor 2012 & 2013 3s,000,000 74,179-446
Total: 447,568,562 321,759,439

14.02@
The above balance is made-up as follows:

Particulars s',t -'12-2014 31-',t2-2013


Opening balance 23,419,656 22,718,185
Add : Advance paid during the year 13,232,800 9,481,850
36,652,456 32,200,035
Less: Adjustment made during the year 10,873,471 8,780,379
Total: 25,778,985 23,419,656

14.03 Advance Against Salary & Allowances: Tk.20,702,596

The above balance is made-up as follows:

Particulars 31-12-2014 31-12-20',t3


Opening balance 3,184,163 2,427 ,471
Add : Advance paid during the year 21 ,837 ,089 7,363,039
25,021,252 9,790,510
Less: Recovered during the year 4,318,656 6,606,347
Total: 20,702,596 3,184,163

15.00 Sundry Debtors: Tk. 76,778,214


The above balance is made-up as follows:

Particulars 3',t-'12-20'14 31-12-2013


Premium Short Deposit 7't,576,315 33,988,204
Petty Cash Suspense AJc. 5,201,899 4,669,046
Total: 76,778,214 38,657,250

Out of total Sundry Debtors oI Ik. 76,778,214 a sum of Tk. 6,549,271 has been considered
doubtful of recovery for which provision has been made upto December 31, 2008 in the
account as per note 8.05.

79
A. Wahab & Co.
Chartered Accountants

16.00 Fixed Deposit with Banks: Tk. 4.705.832.575


The above balance is made-up as follows:
Particulars 3',t-12-2014 31-12-2013
A. B Bank Ltd. 387,s00,000 327,500,000
Al-Arafah lslami Bank Ltd. 462,s00,000 462,838,441
Bangladesh Dev. Bank Ltd. 10,000,000 10,000,000
Bangladesh Commerce Bank Ltd. 90,000,000 ss,000,000
Bangladesh Krishi Bank 10,000,000 10,000,000
Bank Asia Ltd. 70,000,000 47 ,377 ,840
Bangladesh Finance & lnvestment Ltd. 110,000,000 110,000,000
BRAC Bank Ltd. 70,000,000 80,000,000
Dhaka Bank Ltd. 244,200,000 335,900,000
EXIM Bank Ltd. 530,000,000 4s0,30s,948
First leasing Finance &lnvestment Ltd. 15,000,000 15,000,000
First Security lslami Bank Ltd. 80,000,000 100,000,000
LF.l.C Bank Ltd. 250,000,000 210,000,000
ICB lslamic Bank 35,537,628 15,000,000
lnternational Leasing & Financial Service Ltd. 213,500,000 213,500,000
lslami Bank Bd. Ltd. ss,000,000
lslamic Finance & lnvestment Ltd. 5,000,000 s,000,000
Jamuna Bank Ltd. 150,000,000 110,000,000
Lanka Bangla Finance Ltd. 75,000,000 130,000,000
lvlercantile Bank Ltd. 81,500,000 56,500,000
Midland Bank Ltd. 55,000,000 10,000,000
Mutual Trust Bank Ltd. 60,000,000 45,000,000
National Bank Ltd. 2s,000,000 60,000,000
National Credit & Commerce Bank Ltd. 59,500,000 60,000,000
NRB Global Bank Ltd. 5,000,000
NRB Commercial Bank Ltd. 35,000,000 15,000,000
One Bank Ltd. 55,000,000 40,000,000
The Oriental Bank Ltd. (lCB lslamic Bank Ltd) 184,260 1,386,800
Premier Bank Ltd. 132,500,000 143,321,250
Prime Bank Ltd. 23,693,658
Prime Finance 40,000,000
Peoples Leasing &Financial Services Ltd 130,000,000 100,000,000
Reliance Finance 80,000,000
Rupali Bank Ltd. 10,000,000
Pubali Bank Ltd. 45,000,000 55,000,000
Shahjalal Bank Ltd. 172,910,687 227 ,792,914
Social lslami Bank Ltd. 456,000,000 476,000,000
South East Bank Ltd. 110,000,000 105,000,000
Sonali Bank Ltd. 10,000,000
South Bangla Agriculture & commerce Bank Ltd. 35,000,000 30,000,000
Standard Bank Ltd. 67,500,000 37,500,000
The Farmers Bank Ltd. 60,000,000
The Trust Bank Ltd. 45,000,000 35,000,000
United Commercial Bank Ltd. 122,500,000 107,500,000
Uttara Bank Ltd. 10,000,000 '10,000,000
Total: 4,705,832,575 4,386,116,851

Accrued interesl on F.D.R is calculated at the rate fixed by the bank individually as agreed
upon. Out ofTk. 4,705,832,575, Tk. 635,00,000 has been lnvested against tabaru fund.

80
A. Wahab & Co.
Chartered Accountants

17.00 Collection in Hand: Tk.990,617,180


Collection in hand as on 31.12.2014 represents premium collection made by dilferent out
station Branches & Thana Offices during the year up to December 31, 2014 and lying in hand.

'18.00 Amount due from Other Persons or bodies


Carrying on lnsurance Business: Tk. 470,431
The amount receivable from the following Re-lnsurer on account of share of Re-lnsurance
commision & claim after adjustment of share of Re-lnsurance Premium.
19.00 Motor Cycle & Bi-Cicle Loan : Tk. 5,290,344
Particulars 31-12-2014 3'l-'12-2013
o 5.989,572 7.271.654
Add : Addition during the year 369,246
7,640,900
Less: Recovered during the year '1,651,328
Total: 5,989,572
The above balance includes some motor cycle loans which are outstanding since long and
needs efforts for realization.

20.00 Fixed assets (At eost less Depreciation): Tk.231,796,758

Particulars Office Office


Furniture & Electrical & Motor Total
Fixture Electronics Vehicles
Eouioment
Cost
As at January 01, 2014
Addition during the year

Disposal/Adlustment during the year 197 ,214 1,953,831 2,151,045


As at December 31, 20'14 87,923,031 65,720,119 299,171 ,361 452,814,510

Depreciation

As at January 0'1, 2014 29,790,',t94 20,832.625 129,954,602 180.577.421


Charged during the year 4,997,409 6,852,274 29,618,502 41,468,185
Disposal/Adjustment during the year
As at December 31, 2014

Written Down Value

As at December 31, 2014


As at December 31 , 201 3
Addition to Office & Electrical Equipments represents Tk. 3,923,116 for Telephone
installation, Tk.183,479 for Computel Tk. 3,074,785 , for Air Conditione\ Tk.722,511 tot
office equipments purchased during the year 2014.
ii) The amount of Tk.46,307,150 being addition to lvlotor Vehicles represents price of 13
Motor Vehiclgs purchased during the yeat 2014
iii) The gain on disposal of vehicles during the year has been shown in the Revenue accounts.

81
A. Wahab & Co.
Chartered Accountants

REVENUE ACCOUNT:

21 .00 Claim under policies (lncluding Provision for Claims due and intimated
Less

lslami
Particulars Loko Bima lslamiBima Khudra Swanirvar Group Total

Bima Bima

By Death 26,717,792 15,337,058 10,413,176 3,119,518 1,623,733 57,211,277

By Death Group 7,445,262 7 449 262

By Survival 604,780,650 104 358 721 232,975,550 14,087,300 40,572,550 996,774,771

710,024 2,231,559 226,726 43,129 '10,482,400


By Surrender 7,274,962

Bonus in Cash 84,676,103 154,502,497 17,563,861 24,015,S69 80,002 280,838,432

Claim by l\4aturity 134,751,955 533,954,487 16,721,486 84,937,6S4 774365,622

Total2014 865,646,724 808,862,787 279,905,632 126,357,247 42,319,414 2,123,121,764

fohl2013 777,814p56 530,337,729 258,818,907 23,637,799 15,871,301 1,606,480,692

During the year 2014 the company has settled and adjusted Tk. 2,168,441,'178 including
last year outstanding claims worth Tk. 411,454,930 as death claim, maturity claims and
survival benefit. The amount ot Ik.317,307,079 was outstanding as on December 31,
2014. Out of outstanding amount, the company has settled Tk. 383,530,2'19 as of the date
of audit.

22.00 Commission to lnsurance Agents ( Less that on Re-lnsurance): TK. 389,440,910

The above balance is made-up as follows:


Particulars 3',t-12-2014 31-12-2013
Agency Commission 392,625,308 387 ,779,982
Less: Commission earned on re-insurance ceded 3,184,398 3,301,111
Total: 389,440,910 384,478,871

At the year end the agency commission payable amounted to Tk. 35,326,283

23.00 Depreciation: Tk. 42,450,274

The above balance is made-up as follows:

Particulars ?'t -'t2-2014 31-12-2013


House Property 1'1.06 982,089 1,007,581
Fixed Assets 20.00 41,468,185 41,544,014
Total: 42,450,274 42,551,595

82
A. wahab & Co.
Chartered Accountants

24.00 Premium lncome (Net): TK. 4,422,761 ,072


The above balance is made-up as follows:

Type of Gross Re- lns. Dec.'2014 Dec.'2013


Premium Premium ceded Net Net
EB First year Premium 607,698,803 8,741,',t44 598,957,659 582,764,544
LB First year Premium 275,083,600 - 275,083,600 2',15,654,200
lB First year Premium 241.566.O11 - 24',1,566,O11 168,'166,589
IKB First year Premium 151,797 ,200 - 151,797,200 68,989,196
SB First year Premium 122,478,200 241,897,100
Sub Total :

EB Renewal Premium 1,427 ,857 ,254 - ,857,254 1,286,567,129


1,427
LB Renewal Premium 757,140,331 - 757.',140.331 896,725,849
lB Renewal Premium 515,486,256 - 515,486,256 451,102,726
IKB Renewal Premium 197,430,600 - 197,430,600 223,503,715
SB Renewal Premium 109,425,500 - 109,425,500 95,673,859
Sub Total : 3,007,339,941 - 3,007,339,941 2,953,573,278

Group lnsurance premium 25,538,461 25,538,461 ',t2,962,025


Grand Total 4,431,502,216 4,741,144 2 4,244,010,936
4,422,7 61,07

E,8., L.8., 1.B., l.K.B. & S.B. represents the lndividual Life Division, Ekok Bima Division, Loko
Bima Division, lslami Bima Division, lslami Khudra Bima Division and Swanirvar Bima Division.
The First year premium from all category of business represents 31.43% Renewal Premium for
these business represent 68% and Group lnsurance Premium 0.57%.

25.00 lnterest, Rent & Dividend: Tk.963,914,847


The above balance is made-up as follows:
Particu lars 3',t-12-2014 31-12-2013
lnterest on F.D.R 512,118,882 536,290,674
lnterest on Jatio Biniog Bond 1,096,851
lnterest of Short Term Deposit 17,300,891 22,538,975
lnterest on l\4otor Cycle Loan 100,207 180,925
Dividend lncome 27,963,150 18,576,781
lnterest on Policy Loan 2,806,904 2,062,391
lnterest on Mortgage Loan 1 ,7 54,051 600,322
Rent 1 ,051 ,480 1,086,89s
lnterest on Treasury bond 398,490,631 346,980,031
lnterest on Secured & Conv. Bond (SPS) 2,328,651 5,325,000
Total: 963,914,847 934,738,845
Tax deducted at source has been shown under advance income tax.

26.00 Capital Expenditure Commitment: Tk. NIL


There was no Capital Expenditure Commitment authorized by the Board as on December 31, 2014.

27.00 Contingent Liability/Assets: Tk. NIL


a) Claim against the Company not acknowledged as debt is NIL as on December 31, 20'14.

b) Claim by the Company not acknowledged as receivable is also NIL as on December 31, 2014.

83
&
ti"Hfrla*"?"8,i;
28.00 Credit facility available to the Company:
There was no Credit facility available to the Company under any contract as on
December 31, 2014 other than trade credit available in the ordinary course of business.
29.00 Related ParBr Disclosure:
The company has no "Related Party" connection as described in BAS 24 with any body
who can exercise significant influence in making financial and operating decision.
30.00 Requirement under Company's Act 1994, Schedule Xl Part - ll
Particulars ?'t-'t2-20't4 ?'t-'t2-20't3
(i) Number of employees drawing salary above Tk. 3,000 PIV 2,055 2072
(ii) Number of employees drawing salary below Tk. 3,000 PM. 390 670

31.00 Payments/Perquisites to D irectors/Office rs:


During the yeat 2014 an amount of Tk. 352,100 inclusive of VAT was paid to the
Directors of the company as Board Meeting attendance fee as per resolution in this
respect and Tk. 249,301,905 was paid to officers as salary & allowances details are
shown below:

31-12-2014 3',t -12-20',t3


Particulars
Directors Officers Directors Officers
Board Meeting Fee 352,100 466,750
Basic Salary 129,636,990 119,269,563
Other Allowances 119,664,915 110,094,98s
Total: 352,100 249,301,905 466,750 229,364,546

32.00 Post Balance Sheet EYent:


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
except the following.
The Board of Directors of Meghna Life lnsurance Company Limited in its l1'lth meeting
held on July 12,2015 has recommended for declaration of total dividend @ 33% in the
form Cash dividend @ 13% i.e.Tk. '1.30 per share Tk. 10 and stock dividend @ 20%
each to the shareholders for approval in the ensuing Annual General Meeting.
33.00 Miscellaneous:
i) Figures have been rounded off to the nearest Taka.
ii) Previous year's figures have been re-arranged where necessary to conform to the
current year's presentation.

CHIEF FINANCIAL OFFICER


W-"- --*-g+.
CHIEF EXECUTIVE OFFICER DIRECTOR
a,N. N5,,,-
DIRECTOR CHAIRMAN

84
A. wahab & Co.
Chartered Accountants

MEGHNA LIFE INSURANCE CO. LIMITED


Statement of Life lnsurance Fund
As at December 31,2014
Annexure - |

Particulars Amount Amount


Assets:
Loan on Mortgage of Properties 'r4,033,998
Loan against life insurance Policy 19,649,191
lnvestment 5,420,310,315
Agents Balance 164,305,995
Outstanding premium 911,654,478
lnterest, Dividend & Rents accrued but not due 385,620,815
Advance, Deposit & Prepayments 643,731,334
Sundry Debtors 76,778,214
Cash & Bank Balance 6,813,174,554
Amt. due from other persons or bodies carrying on lns Business 470,431
Motor Cycle & Cycle Loan 5,290,344
(Stamp '16,213,308
Stock & Stationary)
Fixed Assets (at cost less depreciation) 231,796,758
14,703,029,735
LIABILITIES :
Estimated liabilities in respect of Outstanding claim 317
'307 '079
Amt. due to other person or bodies carrying on lns. Business 1,099,583
Sundry Creditors 712'321,467
Premium Deposit 12'241'871
1,042,970,000
Gross Fund 13,660,059,735

Less : Share holder's Capital (Paid-Up-Capital) 253,378,040


Life lnsurance Fund lncluding accretion ofTk. 1,322,09'1,949 as on 31.12.2014 13,406,681,69s

M--
z----'- -$
-_-\+-7---nr' er"ft-* N^r*
o,
CHIEF FINAI{CIAL OFFICER CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR CHAIRMAN

Subject to our Separate report of even date.

A-?L"1"'l,k -
Dated, Dhaka, July 12,2015 A. WAHAB & CO,
CHARTERED ACCOUNTANTS

85
A- Wahab & Co.
Chartered Accountants

FORM-"AuA"
@heAssets
a._e!Pee9a!941,2q1a
Annexure - ll
Class of Assets BookValue Market Value Remarks
LOANS ; 33,683,189 33,683,189
Loan on Mortgage Properties f 14.o33.e9sl f t 4Ds3,ee8'l Realizable Value
Loan of lnsurer's Policies within their Surrender Value I rg.o+g.rgt ] I rg,o+g.rgri Realizable Value

lnvestment i 5,420,310,315 5,645,331,580


Statutory Deposit with Bangladesh Bank (BGTB) 15,000,000 At cost
Bangladesh Govt. Treasury Bond 4,063,800 At cost
Shares 739,946, Face Value
Meghna Life Securities & lnvestment Ltd. 397,506,678 Face Value
House Properties in Bangladesh 429,078, Realizable Value

Agent Balance 164,305,995 164,305,995 At cost

Cash & Bank Balances: 6,813,174,554 6,813,174,554


Fixed Deposit with Banks 4,705,832,575 Realizable Value
Collection in hand 990,617,180 Book Value
Cash in hand, STD. & CD Account balance with Bank 1,116,724,799 Realizable Value

Outstanding premium 911,654,478 911,654,478 Book Value


lnterest & Dividend accrued but not due 385,620,815 385,620,815 Realizable Value

OTHER ASSETS :
Advance, deposits & prepayments 643,731,334 643,731,334 Book Value
Sundry Debtors 76,778,214 76,778,214 Book Value
Arnount dre from other persons or bodies carrying on lns. Business 470,431 470,431 Book Value

lvlotor Cycle & Cycle Loan 5,290,344 5,290,344 Book Value


Stamp, Printing & Stationary in hand 16,213,308 't6,213,308 At cost
Fixed Assets (At cost less depreciation) 231,796,758 231,796,758 Depreciated Value
rotal: _!LUq!q?qUg! 14,763,745,005

@*f ,---: _"",9+.


)t-.-- r- tl.<*_ N

oFFrcER DrREcroR
arftr,_
CHIEF FINANCIALOFFICER cHrEF ExEcurvE DrREcroR .rfrlroni-
Subject to our Separate report of even date.

Dated, Dhaka, July 12,2015 A. WAHAB & CO.


CHARTERED ACCOUNTANTS

86
/S4"e
k#

DIRECTO R'S CERTIFICATE

As per Regulations contained in the First Schedule of the lnsurance Act, 1938, as
amended, as per Section 40-B of the said Act, we certify that:

1. The value of investment in shares have been taken at cost and the quoted
value thereof mentioned wherever available.

2. The Values of all assets as shown in the Balance Sheet and as classified on
Form "M" annexed have been duly reviewed as at 31st December, 2014 and
in our belief, the said assets have been set forth in the Balance Sheet at
amounts not exceeding their realisable or market values under several
headings as enumerated in the annexed form.

3. All expenses of management in respect of Life lnsurance business transacted


by the company in Bangladesh have been fully debited in the Life Revenue
Account as expenses.

Q^ W-'
CHIEF FINANCIAL OFFICER CHIEF EXECUTIVE OFFICER
__*_g+,
DIRECTOR
A"frU
DIRECTOR

Dated, Dhaka
July 12,2015

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