Newsletter Volume: 3, Issue: 2, July 2013

Transcription

1 POWERING BANGLADESH: SUMMIT GROUP LEAD INSURER: PRIME INSURANCE Prime Insurance Company is one of the leading Insurance Company in the Industry. Our long experience spans of understanding our insured s need,providing comprehensive products, solutions as per insured s highest satisfaction and with outstanding Re-insurers risk protection. In Bangladesh we are the first Pioneer for the Insurance Coverage for Ship Builders liability. Recently Prime Insurance has given Insurance Coverage for Construction All risk Coverage of large Meghnaghat 337 MW Dual Fuel Combined Cycle power plant of Summit Meghnaghat Power Company Limited. The total sum insured of this project is around TK billion and Prime Insurance is lead insurer with 70% share of insurance protection. Summit Meghnaghat Power Company Limited (SMPCL) is a sister concern of Summit Power. Summit Power Limited (SPL), sponsored by Summit Group, is the first Bangladeshi Independent Power Producer (IPP) in private sector providing power to national grid. SPL was incorporated in Bangladesh on March 30, 1997 as a Private Limited Company. On June 7, 2004 the Company was converted to Public Limited Company under the Companies Act Summit Power Limited in 2001, has successfully established three power plants of 11 MW capacity each, for sale of electricity to Rural Electrification Board (REB) on Build, Own and Operate basis at Savar, Narsingdi and Comilla. During 2006 and 2007 in each of the above three places, 2nd unit was commissioned enhancing the capacity of SPL to 105 MW. In 2009 SPL with its 99% owned two subsidiaries has established 4 new power plants raising its capacity to 215 MW. In 2011 SPL has commissioned another power plant of 102 MW capacities at Narayanganj under Summit Narayanganj Power Limited, where SPL has 55% ownership. In the year 2011 Summit Power Limited has consolidated its position further by acquiring 53,955,326 numbers of ordinary shares of Khulna Power Company Limited (KPCL). It gives SPL the status of 18.7% of the ownership of KPCL and with that status an additional capacity of 50 MW (approximately) has been added with that of SPL being the total capacity of 367 MW. It is surely our achievement for the goodwill created over the year. At the same time, it is a great support from Summit to extend their hands towards us in the business field. We hope to prove ourselves as and when needed and keep up with our reputation. PRIME INSURANCE SETTLED CLAIM OF M-YEW FASHION LIMITED Mr. Md. Atiqul Islam, President, BGMEA appreciated Prime Insurance Company Limited for their quick settlement of fire insurance claim of M-Yew Fashion. He also thanked to the team of Prime Insurance and said the efforts and sincerity of your company need to get appreciation. The name of the Prime Insurance will be in my mind for future reference and need. He made the opinion in the ceremonial program at his chamber in BGMEA on April 07, 2013 on the fire Insurance claim settlement of M-Yew Fashion. Managing Director of M-Yew Fashion Limited Mr. Mosharrof Hossain Dhali said that we are very much thankful for your utmost co-operation and completed the settlement process of claims within a very short period. I never expected this sort of co-operation and get the things done on priority basis. Prime Insurance Company Limited settled the Fire Insurance

2 Claim of M-Yew Fashion Limited of Taka 65,11, The Ceremony was presided over by Mr. Md. Atiqul Islam, President, BGMEA. The Cheque was handed over by Mr. Md Atiqul Islam, President of BGMEA and Mr. Ferdous Amin, Chairman, Prime Insurance Company Limited to Mr. Mosharraf Hossain Dhali, Managing Director, M-Yew Fashion Limited. Managing Director Mr. Md Ezhar Hossain, Additional Managing PRIME INSURANCE APPROVES 15% STOCK DIVIDEND AT THE AGM 2012 Director Ms Mohammodi Khanam, Senior Executive Vice President Mr Mohammed Masoom, Executive Vice President Mr. Sujit Kumar Bhowmick, Executive Vice President and Head of VIP Road Branch Mr. Gauranga Chandra Misra, Senior Vice President Mr. Mohammed Monirul Alam, Senior Vice President Mr. Md. Delawar Hossain and Senior Asstt. Vice President and Head of Kawran Bazar Branch Mr. K M Mostahid of Prime Insurance Company were also present in the occasion. The Shareholders of Prime Insurance Company Limited approved 15% Stock Dividend on the occasion of 17th Annual General Meeting of the Company held in the Auditorium of Bangladesh Institute of Administration & Management (BIAM), Dhaka. Mr. Ferdous Amin, Chairman of the Company presided over the meeting. A large number of Shareholders attended the meeting and unanimously approved the Accounts for the year ended 31 December 2012, Directors Report and the Auditor s Report. They also approved the election of directors, appointment of the Auditors for the year 2013 and fixation of their remuneration. The Shareholders made an overview of the existing financial condition of the Company and appreciated the business growth of about % in the year The Company earned net profit of Tk Million in the said year despite hard situation in the insurance market. Moreover, Company Chairman in his speech mentioned that the success achieved by the Company in 2012 is the result of co-operation and support of its Shareholders, Stakeholders, Business Clients, IDRA & other Regulatory Bodies. He expected that the Company will be able to face the challenges of 21st century by developing the quality of its services & human resources and implementing use of highest technology and managing risks. He expressed his gratitude towards the Board of Directors for its kind co-operation and support in all the positive steps taken by the Management Team. He also thanked the Management Team for their hard work and endless effort to achieve the success of the Company. Alhaj Abdul Gaffar Dubash; Vice Chairman, Qazi Saleemul Huq, Mr. Md. Zakiullah Shahid,, Mr. Shah M. Hasan, Mr. Abu Hasan Khan, Mr. A.K.M Nozmul Haque, Ms Mahanur Ummel Ara, Ms Shaheda Pervin Trisha Directors/Sponsors were present on the occasion. Mr. Md. Ezhar Hossain, Managing Director, Ms. Mohammodi Khanam, Additional Managing Director along with Mr. Kamal Pasha, Company Secretary, Mr. Md. Lokman Hossain, CFO and other officials were also present on the occasion.

3 ELECTION OF CHAIRMAN & VICE CHAIRMAN OF PRIME INSURANCE COMPANY LIMITED Ferdous Amin Chairman Mr. Ferdous Amin has been re-elected as the Chairman of the Board of Directors of Prime Insurance Company Limited for a period of 1 (one) year. Alhaj Abdul Gaffar Dubash was also elected as the Vice Chairman of the Company. The 240th Meeting of the Board of Directors held on March 31, 2013 has reassigned them as the RE-INSURANCE TREATY ARRANGEMENT The insurance sector of Bangladesh is undergoing significant changes. Prime Insurance Company always provided great value to its insured/clients by continually expanding its wide range of products and services. Our clients are our main priority and secure their property is our main motto. Out of privately owned 43 General Insurance Co only few Companies connected with the abroad for their treaty.this depends on Companies performance, quality, professional knowledge and transparency and for this support Clients will be comfortable in case of Special rate and early Claims settlement. As a part of our Clients care, we have finalized our Re-insurance support from Alhaj Abdul Gaffar Dubash Vice Chairman Chairman and the Vice Chairman unanimously. Mr. Ferdous Amin obtained his MSS on Government & Politics from Jahangir Nagar University. He is one of the Sponsor Director of Prime Insurance Company Limited. Later on, he entered his family s business and kept himself associated with the abroad. Our 50% treaty with our Local Re-insurer Sadharan Bima Corporation (SBC) i.e. mandatory and 50% with A & above A rated Re-insurance Company from the overseas market. For the safety and security of policyholders and the Company we have arranged reinsurance protection with higher capacity for all classes of insurance business in addition to state owned organization Sadharan Bima Corporation. Our foreign lead Reinsurers is Trust Re Bahrain and others are GIC Re India and Asian Re. The Management expects that this will help all our clients with better rate, terms, condition, security and claim settlement service. the Smart Group, one of the pioneering RMG Group of the Country, 100% export oriented leading Garments and Sweater Manufacturer. He was a Director of BGMEA in the year , and He was also engaged with BGMEA Institute of Fashion and Technology as Vice- President and contributed a lot for the development of the Institute. After completion of education, Alhaj Abdul Gaffar Dubash involved himself in different lines of business activities, such as Shipping Affair, Stevedoring and Pharmaceutical. Apart from his involvement in Prime Insurance Company as Director, he is also the Chairman of Orbit Pharmaceuticals Limited, Managing Director of Saracen International Ltd and the Independent- Director of Confidence Cement Limited. Mr. Dubash served as the Governor of Lions Club International- district 315, The Chairman of Chittagong Lions Foundation and Vice-Chairman of Bangladesh Master Stevedore Association. He is a permanent member of Chittagong Club Limited, Chittagong Senior Club Limited and Chittagong Boat Club Limited. Now the Company can underwrite any amount of sum insured for all classes of insurance business. The Company can obtain special rates from overseas market to reduce the premium cost of the policyholders beyond capacity of the country limit. This re-insurance arrangement we have successfully completed through world reputed broker J. B. Boda, Singapore. We always acknowledge the fact that at the end of the day we shall be successful in our policies, strategies, if only we are able to satisfy our Clients at all times. We are very much confident about our strength, quality and service.

4 A moment with. About Dr. Mostafizur Rahman: Dr. Mostafizur Rahman, Managing Director of Popular Pharmaceuticals Ltd, Popular Infusions Ltd. and Popular Diagnostic Centre Ltd, Popular Specialized Hospital Ltd. Life Member of SAARC Chamber of Commerce and Industries, Bogra Samiti, Sandhani, Bogra Branch, Bangladesh Ultrasonography Society, Bangladesh Society of Pathologist, Heart Foundation, Member of Lion Club, Lalbag, Dhaka. In his 23 years career, he achieved Desh-bondhu Chittoronjan Das-Gold Medel-1996, Komol Padak-2001 by Zia Shishu Academy, Orthokantho Honorable Award-2003, Your Health Award-2003, FNS Business Award-2004 given by Honorable Law Minister, on behalf of Financial News Services, Scholars Congress & Sri-gan Atish Dipankar Award, given by Honorable President of Bangladesh, on behalf of Atish Dipankar Research Cell, Nabab Sir Salimullah Gold Medel-2004 by Nabab Sir Salimullah Foundation, Orthokantho Business Award-2005 for introducing modern technology and unique quality in Pharmaceutical Industries, Chandraboti Gold Award-2007 for special contribution in Pharmaceutical sector, Nari-kantho Award-2008 About Popular Pharmaceuticals: Popular Pharmaceuticals Ltd. (PPL) is located in an industrial area close to the International Airport of the capital city, Dhaka. The total land area of this site is 22,952 m2 with a covered area of 13,509 m2. The manufacturing site is built with strict compliance to WHO cgmp standards and also to meet US FDA and UK MHRA requirements. Through captivating marketing strategies coupled with optimum productivity across all its activities with quality People, Plant and Product, PPL is committed to deliver top tier performance round the year. PPL is continuously investing in diversifying the ranges of products and services to complement the aura with all the major therapeutic areas. Delivering PPL s core values through a responsible approach to business by introducing differentiated medicines that make a real contribution to the health sector of Bangladesh, PPL also aims to create enduring value for the society, and deliver a sustained financial performance that will match the best in the industry. Popular Pharmaceuticals Ltd. is also committed to delivering new, medically important and commercially successful products to the market every year. Along with its commitment to competitiveness and high performance, PPL will continue to be led by its core values to achieve sustainable success. Interview with Dr. Mostafizur Rahman: Rehana Akter Ruma, Senior Assistant Vice President, Head of Public Relation, HR & Corporate Affairs Department as well as member of the Editorial Board of Prime Insurance Newsletter, has conducted the interview with Dr. Mostafizur Rahman. The conversation is as follows: Rehana: Good afternoon Sir. At the very first of the interview, I want to thank you for giving us your valuable time. As we all know Popular Diagnostic has earned the fame of being the pioneer diagnostic centre in the country. We want to know what/ who motivated you to start the business? Popular Group started its journey as diagnostic centre in June 1983 with a promise to render the possible standard service to the people of the country at an affordable cost and in turn to limit the outflow of the patient abroad at the expense of heard earn foreign currency. When I started working in pathology department of Dhaka Medical College Hospital, I saw that thousands of people of our country are going to abroad every year only for treatment. The county was losing millions of taka worth foreign currency. That time I felt, as a Doctor I must do something about it. I had the spirit but didn t have the resources. From that inspiration I started Popular Diagnostic. Rehana: How do you find people to bring into your organization that truly care about your company the way you do?

5 I always higher the skilled manpower and motivate them. To achieve the goal and ensure the quality service need highly skilled manpower who will continue to produce high level productivity relentlessly maintaining high standard of medical services. Being an entrepreneur of a health service provider organization I always concern to ensure the right man in the right place. Rehana: Did you have any business background before starting up? Basically my father was a Doctor. None of my family members were engaged in business. My dream was to be a surgeon. But necessity and circumstances force me to start a diagnostic business. Rehana: Which business challenges are you facing and which business problems solving strategies have/are putting in place? Challenges and problems are many. But solving strategies are very few and precise. As a businessman we should relentlessly concern about our commitment and quality. Rehana: How is the industry today and its market trends? Bangladesh is a developing country. We have tremendous scope and potentiality in our industry especially in health sector. Basically I am working with health sector. So, I can confidently speak about health sector of our country that we all together doing extremely good in health sector, especially in pharmaceuticals industry. Pharmaceuticals industry now one of the leading exporter sector of our country. Now ninety seven percent medicine products are consuming by the own afford of pharmaceuticals industry. Only three percent medicines are still imports from abroad which is needed for very special diseases like cancer. But I believe within five years pharmaceuticals industry will be able to produce 100% medicine product in our country. Rehana: What would you say are the top three skills needed to be a successful Businessman? Not three, I will say four skills needed to be a successful Businessman. I believe that if a person whether he is a doctor or not works hard, has merit, good behavior and remains honest, he will be successful businessman. Rehana: What have been some of your failures, and what have you learned from them? There will be some failure and success. But failure is very minor. I always try to become failure into success. Because I always try until the success come. I learn from all and try to be always practical. Rehana: How many hours do you work a day on average? Every day I start my work at 8.30 am and continue until the work is finished. Normally I use to go for rest at pm. Rehana: How do you generate new ideas? I believe in participation process. Ideas not for pressurize, ideas for sharing. Rehana: How do you define success? Success is nothing but a goal of achievement. In an every success has positive productivity, which is dedicated for the welfare of mankind. Rehana: Who has been your greatest inspiration? Almighty God, Honorable Doctors and my beloved colleagues are always inspires me to do well and take challenges. My all afford to happy them. Rehana: What kind of culture exists in your Company? We are committed to ensure a very friendly and working environment in our organization. We have different slogan for our different organization. For Diagnostic Make more friends, For Hospital Make more service to the patients, for Medical College Make more knowledgeable student and For Pharmaceuticals Make more relationship with the doctors. Rehana: Where you see yourself and your business in next 20 years? We have lots of scope to develop in our business. Now people of our country are conscious about their health. We need to utilize this public trend. We are going to establish a Medical City in Dhaka for all level of people of Bangladesh. Medical College, 1000 Bedded Hospital, Internationally Joint Venture Hospital, Nursing Institute, Medical Technology Institute, everything will be there. We are committed to ensure 100% medical solution with our own effort for the country. So in future, people don t needs to go abroad for the better treatment. But everything depends on political stability of our country. If the government extends his cooperation to this sector, we can achieve our goal very smoothly. We are committed to Building Beautiful Bangladesh. Rehana: well, Sir, I really want to thank you once again on behalf of the Editorial Board of Prime Insurance Newsletter for giving us the opportunity to have an informative conversation with you.

6 HALF-YEARLY BRANCH CONFERENCE OF PRIME INSURANCE COMPANY LIMITED Two days long Half-Yearly Branch Conference of Prime Insurance Company Limited was held at the Board Room of Company s Corporate Office, during 6-7 July Mr. Ferdous Amin, Chairman of the Company graced the inaugural function of the Conference as Chief Guest. Mr. Md Ezhar Hossain, Managing Director of the Company presided over the conference. Ms. Mohammodi Khanam, Additional Managing Director welcoming the participants of the conference. She gave her keynote presentation. While presenting the keynote presentation, she presented the business summery highlighting the strategy and business target for the year She emphasizes to prepare a work plan for next six months target. Head of all Branches along with their Marketing Officers and the Departmental Heads of the Company were the key participant of the conference. Mr. Ferdous Amin, Chairman of Prime Insurance expressed his satisfaction on the performances of first 6 months and stresses on increasing efforts & skill to provide best services to the customers. Mr. Shah M Hassan, Director of Prime Insurance thanked everyone for increasing the business volume. He also appreciated them for their hard work. Managing Director thanked the Managers for their success and advised to take efforts for achieving the target fixed for the year HALF YEARLY FINANCIAL STATEMENTS (UN- AUDITED) Prime Insurance has published its Half-yearly financial statements of 2013 (Un-audited) for the half year ended June 30, According to the statements the Company s Net Assets Value at present is BDT 51,53,33,744.00, Net Asset Value per Share BDT 15.22, Net Operating Cash Flow is BDT 6,61,04,300.00, Net Operating Cash Flow per Share Tk. 2.25, Net Profit after Tax BDT 3,67,67,938.00, Earning per Share BDT 1.09 and Number of Weighted Share TK 10 each which is equivalent paid-up capital BDT 33,85,30, MS. MOHAMMODI KHANAM ELECTED AS A MEMBER OF CENTRAL RATING COMMITTEE (CRC) Ms. Mohammodi Khanam, Additional Managing Director of Prime Insurance Company has been elected a member of Central Rating Committee (CRC) a department of Insurance Development & Regulatory Authority (IDRA). As we know premier rating is an important part for both the Clients and Insurance companies. Central Rating Committee fixes the premium rate for all Insurance Company of Bangladesh. We believe vast experience of Ms. Mohammodi Khanam will contribute a lot to Central Rating Committee (CRC), IDRA as well the whole insurance sector. Prime Insurance congratulates Ms. Mohammodi Khanam for her appointment in Central Rating Committee.

7 IN- HOUSE DAY LONG TRAINING PROGRAM ON CUSTOMER RELATIONSHIP Mr. Ferdous Amin, Chairman of Prime Insurance has urged the participants to gather the proper knowledge of Customer Relationship issues to achieve long term business success in the present day of competitive market. He made the plea at the daylong in-house training program certificate giving ceremony on Customer Relationship" held on June 18 & 20, Mr. Ferdous Amin said Customer Relationship is most important factor for General Insurance Companies. He urged the participants to be forward looking to get emerging opportunities in the market. He also stressed that their learning would be effective only if they apply their acquire knowledge in day to day activities and continue to enhance their skills. The content of the course were: Business presentation, Motivate the Customer, Communication with the Customer. The training program was conducted by Mr. Jos Van Der Poel, Sector Coordinator (Insurance), PUM Netherlands. The Head of the Branches, the Executives of Marketing and Branch Control Department were participated in the training course. The course was coordinated by Ms. Rehana Akter Ruma, SAVP and Head of PR, HR and CA. At the end certificates were distributed by Mr. Jos Van Der Poel among the participants. Mr. Md Ezhar Hossain, Managing Director and Ms. Mohammodi Khanam, Additional Managing Director of Prime Insurance were also present at the certificate distribution program. PRIME INSURANCE COMPANY IS RATED A BY THE CRISL Prime Insurance Company Limited is rated A by the Credit Rating Information and Services Limited based on the financials up to December 31, 2012 and other qualitative and quantitative information within the same period. and financial performance, improving solvency, good liquidity and business growth, good IT infrastructure, reinsurance arrangement with foreign re-insurer and very strong claim paying capacity. overall industry growth a policy and regulations implicated by regulatory authority as well as new Insurance Act. CRISL believes that the company will be able to maintain its fundamentals in foreseeable future. Through this achievement it is proved that Prime Insurance has good underwriting CRISL also views the company with Stable Outlook from the industry view point for

8 NORDIC CLUB ARRANGED WIPE-OUT GAME Wipe Out -- an obstacle course in which a contestant, either individually or jointly in a team, overcomes a number of difficult-to-negotiate hurdles, consisting of slipping down slope, walking on balls, rope walking before swinging and free falling into swimming pool. The contestant faces additional challenges created by slippery soap, mud, sprayed water, big balls hurdles, waylaid punch balls for a knock out plus a lot more enough to wipe a participant out of the course! Only a very determined contestant with necessary stamina might survive and be a winner!! It is needless to emphasize that the course is designed to provide breathtaking moments of fun, excitement, thrill and adventure to contestants and audience alike. This interesting game was organized by Nordic Club at their club premises on 10th May 2013 for the member of the club and other foreign clubs. Prime Insurance Company sponsored the whole program and became the part of this wonderful event named Prime Insurance Nordic Wipe Out. There were three phases of the event, Prime Insurance Children Course, Prime Insurance Adult Individual and Prime Insurance Adult Team. The winner of Prime Insurance Children Individual is Isa Hulterström Lundén, the winner of Prime Insurance Adult Individual is Martin Tofteberg and the winner of Prime Insurance Adult Team is Team Nordic Bangla (Team Members: Alamgir Hossain, James Rozario & Frida Heise). All winners were not only excited to take and win the challenge but gave a noble thought and donated their prize money to the charity organization. Ms. Isa shared her experience and views about the charity I choose to donate the money to JAAGO Foundation because they work for children and Trauma. Another winner Mr. Martin shared his feeling about the charity Sneha Foundation is a smaller organization. All the people working in the organization on their spare time and without salary. I hope Sneha Foundation will keep up the good work. JAAGO Foundation and SNEHA Foundation were chosen by the winners as charity organization. Winners of Prime Insurance Children Individual and Prime Insurance Adult Team donated their prize money to JAAGO Foundation (TK 25, and TK 50, respectively) and the winner of Prime Insurance Adult Individual donated his prize money to SNEHA Foundation (TK 25,000.00) Mr Ferdous Amin, Chairman and Mr Md Ezher Hossain, Managing Director of Prime Insurance Company handed over the cheques and certificates to the winners. He felt deep satisfaction for being a part of such an event for noble cause. The members of Nordic Club and top Executives of Prime Insurance Company were present at the occasion. Editorial Board of Prime Insurance Newsletter ADVISOR Ferdous Amin Chairman of the Board EDITOR Md Ezhar Hossain Managing Director MEMBER Mohammed Monirul Alam Rehana Akter Ruma Sabrina Islam PRIME INSURANCE COMPANY LIMITED 63 Dilkusha C/A (6th Floor), Dhaka-1000, Bangladesh. Phone: (+88-02) , Fax: (+88-02) , info@prime-insurance.net