Annual Report 2018 - Delta Life Insurance Company Limited
Annual Report2018
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Delta Life InsuranceCompany LimitedTable of ContentsContentsLetter of TransmittalNotice of the 33rd Annual General MeetingValues/Vision/GoalCorporate DirectoryBoard of DirectorsProfile of the Board of Directors’Board CommitteesCorporate ManagementKey Financial IndicatorsMessage from the ChairmanDirectors’ ReportManagement Discussion and Analysis From CEO’s DeskReport on Corporate GovernanceDeclaration on Financial Statements by CEO & CFOCertificate on Corporate GovernanceCertificate of BAPLCAudit Committee ReportAuditors’ ReportConsolidated Financial StatementsFinancial Statements of Delta Life Insurance Company LimitedNotes to the Financial StatementsDirectors’ Responsibility StatementDirectors’ Report of DLIC Securities LimitedAuditors’ Report and Financial Statements of DLIC Securities LimitedProxy Form & Attendance SlipPage 1Annual Report 2018
Delta Life InsuranceCompany LimitedLetter of TransmittalAll shareholdersBangladesh Securities and Exchange Commission (BSEC)Insurance Development and Regulatory Authority (IDRA)Registrar of Joint Stock Companies and Firms (RJSC)Dhaka Stock Exchange Limited (DSE)Chittagong Stock Exchange Limited (CSE)Central Depository Bangladesh Limited (CDBL)All other StakeholdersDear Sir(s),It is my pleasure to transmit the Annual Report 2018 of Delta Life Insurance Company Limited along with the AuditedFinancial Statements for the year ended 31 December 2018 together with the consolidated balance sheet of itssubsidiary company namely DLIC Securities Limited for all concerned.The Annual Report includes message from the Chairman of the Board of Directors, Directors’ Report and FinancialStatements with relevant notes along with the consolidated statements of its subsidiary company.I would like to convey my thanks and gratitude to all concerned. This is for your kind information and record.With regards,Uttam Kumar Sadhu, FCMA, FCSDMD & Company SecretaryPage 4 Annual Report 2018
Delta Life InsuranceCompany LimitedNOTICE OF THE 33RD ANNUAL GENERAL MEETINGNotice is hereby given that the 33rd Annual General Meeting of Delta Life Insurance Company Limited will be held onWednesday, July 24, 2019 at 10:30 A.M. at “Delta Life Tower,” Plot # 37, Road # 90, Gulshan-2, Dhaka-1212 totransact the following business:AGENDA1. To receive, consider and adopt the Audited Financial Statements for the year ended December 31, 2018 togetherwith the reports of the Auditors’ and Directors’ thereon.2. To declare dividend for the year ended December 31, 2018 as recommended by the Board of Directors.3. To elect/ re-elect Director(s) in terms of the relevant provision of Articles of Association of the Company.4. To approve the appointment of Independent Director(s).5. To appoint Statutory Auditors for the year 2019 and to fix their remuneration.6. To appoint Compliance Auditors for the year 2019 and to fix their remuneration.Dated: Dhaka17 June 2019By order of the Board of DirectorsUttam Kumar Sadhu, FCMA, FCSDMD & Company SecretaryNotes:a) Shareholders whose names appear in the Depository Register/ Share Register on the ‘Record Date’ i.e. 9 July 2019are eligible to attend the 33rd Annual General Meeting (AGM) and receive the Dividend.b) The Board of Directors recommended Cash Dividend @ 26 per cent or Tk.2.60 per share of Tk.10/- each for theyear 2018.c) In accordance with the Articles of Association of the Company Directors shall retire at the AGM for the year 2018and may, if eligible, offer them for re-election.d) A member entitled to attend and vote at the AGM may appoint a proxy who must be a shareholder of the Companyto attend and vote in his/her stead. The “Proxy Form”, duly filled & stamped at Tk.20/- must be deposited at theRegistered Office of the Company no later than 48 (forty eight) hours before commencement of the AGM.e) Link of the web address has been sent to Shareholders to their respective e-mail address to download the AnnualReport. Folio number holders are requested to submit their e-mail address to the Share Department of theCompany. Shareholders may also find the annual report in the Investors’ Corner section of the Company’swebsite: www.deltalife.orgf) In case of non-receipt of the Annual Report of the Company sent through e-mail, Shareholders may collect thesame from the registered office of the Company.g) The concerned Merchant Banks and Depository Participants (DPs) are requested to provide us the soft/hard copiesof the list of margin clients along with the bank details of the Company to the following e-mail �s Share Department on or before July 17, 2019.As per directive of Bangladesh Securities and Exchange Commission (BSEC), no food or gift will bearranged at the AGMAnnual Report 2018 Page 5
VALUES TeamworkRespect for all peopleUnquestionable integrityExcellence in everything we doSpeed in servicingTruthfulnessVISION We will be the Premier Life Insurance Company in Bangladesh. We will serve our customers with respect and will provide the best solution for theirneeds. We will be a Company with qualified professionals who will work together as a teamand serve with dignity and the highest level of integrity. We believe in excellence andwill continuously improve our service and will obtain the loyalty of our customers withservice beyond their expectations. “Adding Value” will be the operative words of our organization.GOAL Provide financial security to our customers with insurance policies that are most suitablefor them. Make life insurance an easy saving instrument and a profitable one with attractivebonus and improved Customer service. Collect small savings from the people of our country and invest the accumulated savingsin profitable nation building enterprises.
Delta Life InsuranceCompany LimitedCORPORATE DIRECTORYRegistered AddressDelta Life TowerPlot # 37, Road # 90, Gulshan Circle-2, Dhaka-1212PABX: 09613666000, 55051919, Fax: 880(2)8831739, 9899605Corporate Website: www.deltalife.org; Corporate e-mail: info@deltalife.orgDelta Life Customer Care: 09613666000-999Servicing Centers, Cells & Zone Operation CentersServicing CentersZone Operation CentersDhaka, Chattogram, Bogura, CumillaDhaka-01, Dhaka-02Feni, Khulna, Munshigonj, LaxmipurThakurgaon, Dinajpur, Rangpur, GaibandhaNaogaon, Rajshahi, Bogura, Pabna, Kushtia, KhulnaJashore, Mymensingh, Faridpur, Barishal, JhalokathiChattogram, Chandpur, Cumilla, Sylhet,MoulvibazarRajshahi, Barishal, Tangail, SylhetThakurgaonServicing CellsNatore, Noakhali, Manikgonj, JessoreFaridpur, Chandpur, Cox’s Bazar KishoregonjShariotpur, Narayangonj Rangpur, SandwipNawabgonjBankersPubali Bank Ltd.Prime Bank Ltd.Social Islami Bank LimitedSonali Bank Ltd.Dhaka Bank Ltd.First Security Islami Bank Ltd.Agrani Bank Ltd.National Bank Ltd.Premier Bank Ltd.Janata Bank Ltd.Islami Bank Ltd.Bank Asia Ltd.Rupali Bank Ltd.City Bank Ltd.Jamuna Bank Ltd.Uttara Bank Ltd.Mercantile Bank Ltd.Al-Arafah bank Ltd.Bangladesh Krishi Bank Ltd.Dutch Bangla Bank Ltd.Citibank N.A.Rajshahi Krishi Unnayan BankSoutheast Bank Ltd.Standard Chartered Bank Ltd.AuditorsM/s. M.J. Abedin & Co.Chartered AccountantsM/s. Shafiq Basak & Co.Chartered Accountants(DLIC Securities Limited)Annual Report 2018 Page 7
Delta Life InsuranceCompany LimitedBOARD OF DIRECTORS’Lt. Gen. M. Noor Uddin Khan, psc (Retd.)Independent DirectorChairmanMr. Monzurur RahmanDirectorMr. Salahuddin AhmadIndependent DirectorMr. Kazi Fazlur RahmanIndependent DirectorMrs. Suraiya RahmanDirectorMr. Mohammad Shams-Ul Islam(Nominee of Agrani Equity & Investment Limited)DirectorMr. Zeyad RahmanDirectorMr. Saif KhondokerDirectorMrs. Saika RahmanDirectorAnnual Report 2018
Delta Life InsuranceCompany LimitedPROFILE OF THE BOARD OF DIRECTORS’Lt. Gen. M. Noor Uddin Khan, psc (Retd.)ChairmanIndependent DirectorLt. Gen. M. Noor Uddin Khan, psc (Retd.), former Chief of Army Staff, former Memberof the Parliament and former Minister of the Peoples Republic of Bangladesh, hasjoined on the Board of Directors of Delta Life Insurance Company Limited as anIndependent Director and was elected as the Chairman of the Board of Directors in its234th Meeting held on October 28, 2018.Monzurur RahmanDirectorMr. Monzurur Rahman has long 50 years’ experiences in banking, insurance and teabusiness. He was the youngest Director of erstwhile Eastern Mercantile Bank Limited,which eventually was converted into Pubali Bank Limited. Currently, he is a member ofthe Board of Directors of Pubali Bank Limited and also Chairman of the Risk Committeeof the Board Directors of the same Bank. He is a Sponsor Director of Delta LifeInsurance Company Limited since its inception. Mr. Rahman is an Independent Directorof LafargeHolcim Bangladesh Limited. He is the Chairman of Rema Tea CompanyLimited. He is also an elected member of the Executive Committee of BangladeshAssociation of Publicly Listed Companies (BAPLC). He is a Member of Dhaka ClubLimited and Kurmitola Golf Club. He is involved with many philanthropic and socialactivities. He is a business graduate of Kolkata University, India.Salahuddin AhmadIndependent DirectorChairman: Audit CommitteeChairman: Nomination and Remuneration Committee (NRC)Chairman: DLIC Securities limited (A fully owned subsidiary of Delta Life Ins. Co. Ltd.)Mr. Salahuddin Ahmad is a Bangladeshi jurist, former Attorney General of Bangladeshfrom 13 July 2008 to 12 January 2009, and a prominent lawyer of the Supreme Courtof Bangladesh. He completed his B.Sc. in Economics from London School of Economics(LSE) in 1969; MA from the University of London in 1970 and LL.M from the ColumbiaSchool of Law in 1984.Mr. Ahmad taught economics at the University of Dhaka in the 1970s and wasassociated with Dr. Kamal Hossain and Associates before and after his service at theAttorney General’s Office. He is the Director of School of Law University of Asia andPacific. The Members of the Board of Directors appointed him as an IndependentDirector on November 22, 2018.Annual Report 2018 Page 9
Delta Life InsuranceCompany LimitedKazi Fazlur RahmanIndependent DirectorMr. Kazi Fazlur Rahman is a Civil Engineer and involved in business. He is a prominentsocial worker in Chattogram being a life member of Red Crescent Society, DiabeticSociety, and Cumilla Samitee. He is a former Director of the Shadharan BimaCorporation (SBC).Suraiya RahmanDirectorMrs. Suraiya Rahman obtained her Master Degree from the University of Dhaka. She iswell known for her dedication and commitment to social welfare and environmentalupliftment being involved with reputed Non-Government Organizations Nijera Kori,Bangladesh Bonsai Society etc. She is a member of the Board of Directors of Delta LifeInsurance Company Limited. She is also the Director of Rema Tea Co. Ltd., Chairpersonof Delta Capital Ltd. and former Director of Pubali Bank Ltd.Mohammad Shams-Ul IslamDirector(Nominee of Agrani Equity & Investment Limited)Mr. Mohammad Shams-ul-Islam did his B.Com. (Hons) and M.Com. from the Universityof Dhaka in 1981. As a prudent banker he has 34 years of diversified experience. Hestarted his banking career with Agrani Bank in 1984 as a Senior Officer (FinancialAnalyst). He was appointed Managing Director and CEO of Agrani Bank Limited on24th August 2016. Before that he was the Managing Director of Ansar –VDP UnnayanBank. He worked for a good number of other organizations i.e. Agrani ExchangeHouse Private Limited, Singapore, a flagship remittance Company of Agrani BankLimited during 2001-2008 which played a pivotal role in earning foreign currenciesfrom Singapore to Bangladesh, the Chairman of Agrani SME Financing CompanyLimited, the Director of Agrani Equity and Investment Limited, Director of ICB, AgraniExchange House Private Limited, Singapore, Agrani Remittance House Sdn, Bhd,Malaysia, Agrani remittance House, Canada Inc. respectively. He is also a Member ofthe Governing Board of Bangladesh Institute of Bank Management, the Council of IBBand member of the Executive Committee of Bangladesh Foreign Exchange DealersAssociation. Immediately after joining in Agrani Bank Limited as CEO he prepared a100 Day Roadmap for amelioration of the present condition of the bank. He joined inthe Board of Delta Life Insurance Company Limited as a Director in 2018. He attendeda number of seminars, workshops and trainings both at home and abroad conductedby prestigious and world famous institutions.Page 10 Annual Report 2018
Delta Life InsuranceCompany LimitedZeyad RahmanDirectorMember: Audit CommitteeMember: Nomination and Remuneration Committee (NRC)Mr. Zeyad Rahman completed high school from the Doon School, Dehra Dun, Indiaand graduated from the Pennsylvania State University, USA with a Bachelor of Sciencein Finance and Economics. He has extensive knowledge and experience in the fields ofeconomics, finance and insurance. He is a member of the Board of Directors of DeltaLife Insurance Company Limited and Pubali Bank Securities Limited. He is also amember of the Board of Directors of DSE Brokers Association of Bangladesh. He servesas the Chief Executive Officer of Delta Capital Limited and Rema Tea Company Limited.He is also involved with the Dhaka Chamber of Commerce and Industry (DCCI), wherehe is the convener of the Standing Committee on Financial Institutions. He is a formermember of the Listing Committee of the Dhaka Stock Exchange Limited. He wasawarded the International Award for Young People (Gold Award) by HRH The Duke ofEdinburgh in the year 2000 for excellence in sports, social service and mountaineering.He is also a member of the Bhatiary Golf Club. He has participated in numerousinternational seminars and conferences on banking, insurance, and capital marketrelated topics.Saif KhondokerDirectorMember: Audit CommitteeMember: Nomination and Remuneration Committee (NRC)Mr. Saif Khondoker completed his BBA with a specialization in Strategic Managementfrom the University of Toronto, and his MBA from the Rotman School of Management,University of Toronto. He serves as the Director at Shanta Holdings Ltd a leading RealEstate developer of the country and as Managing Director of Shanta AssetManagement Ltd. He joined the Board of Delta Life Insurance Company Limited as aDirector in 2017.He is also a member of the Kurmitola Golf Club, Gulshan Club andDhaka Club. His father Mr. Khondoker Monir Uddin is a famous business personality ofthe country and is the founder & Managing Director of Shanta Holdings Ltd. and theSTS Group.Saika RahmanDirectorMrs. Saika Rahman completed her Bachelor of Business Administration in Finance andInsurance from the Northeastern University, Boston, USA and also completed thecourses on Alternative Investments and Financial Markets from London School ofEconomics and Political Science (LSE), London, UK. She has extensive knowledge andexperience in the fields of economics, finance and insurance. She is a member of theBoard of Directors of Delta Life Insurance Company Limited. In her career amongothers, she served many organizations in various positions including Analyst at theWellington Management Company, Boston, USA; Senior Consultant, Financial ServicesRegulatory Consulting at Deloitte & Touche LLP, Boston and New York City, USA;Investment Policy Analyst, International Finance Corporation (IFC), World Bank,Bangladesh Investment Climate Fund (BICF).Annual Report 2018 Page 11
Delta Life InsuranceCompany LimitedBOARD COMMITTEESAudit CommitteeMr. Salahuddin Ahmad(Independent Director)ChairmanMr. Zeyad Rahman(Director)MemberMr. Saif Khondoker(Director)MemberNomination & Remuneration Committee (NRC)Mr. Salahuddin Ahmad(Independent Director)ChairmanMr. Zeyad Rahman(Director)MemberMr. Saif Khondoker(Director)MemberPage 12 Annual Report 2018
Delta Life InsuranceCompany LimitedCORPORATE MANAGEMENTAdeeba Rahman ACII, Chartered Insurer (UK)Chief Executive OfficerSayeed Ahmed FCA, ACMA, CGMA, MBA (IBA)Additional Managing Director & CFOVineet Kumar AgarwalChief Marketing OfficerUttam Kumar Sadhu FCMA, FCSDeputy Managing Director & Company SecretaryDr. Ashraf UddinExecutive DirectorChowdhury Qamrul AhsanExecutive DirectorAnwarul HaqueSenior Executive Vice PresidentMd. Abdul HaiExecutive Vice PresidentMohammed Farhan Uddin FCASenior Vice President & Head of Internal Audit and Compliance (HIAC)Swapan Kumar Sarkar FCAConsultantMohammad Sohrab Uddin PhD, AIAConsulting ActuaryAnnual Report 2018 Page 13
Delta Life InsuranceCompany LimitedKEY FINANCIAL INDICATORS-2018(Data relates to "Delta Life Insurance Company Limited")(Amount in million BDT unless otherwise stated)Sl.No.ParticularsYEAR20142015201620171First Year Premium ewal Premium up & Health Insurance Premium354.49385.60451.80505.36656.484Gross insurance Premium39.1434.8647.0075.9581.916Net Premium ntion Ratio (6/4) (%)99.2899.3899.2098.7898.778First Year Premium income growth (%)19.706.5315.087.355.959Renewal Premium Income growth 7.894.284.003.452.393.1518 Management Expenses (Actual)1,566.291,564.561,700.561,701.321,812.7419 Allowable Management Expenses1,484.041,566.991,725.301,831.641,931.3510 Gross Premium Income growth (%)201811 First Year Commissions paid for acquisition oflife insurance business12 Second Year Commissions paid for acquisition oflife insurance business13 Third and Later year Commissions paid foracquisition of life insurance business14 Total commissions paid for acquisition of lifeinsurance business (11 12 13)15 First Year Commissions/First year Premium (%)16 Second Year Commissions/ Second YearRenewal Premium (%)17 Third Year and Later Years Commissions/Third andLater Year Premium (%)20 Excess/(Lower) Management Expenses (18-19)82.25(2.43)(24.73)(130.32)(118.61)21 Excess/(Lower) Management Expense Ratio (%)5.54(0.15)(1.43)(7.11)(6.14)22 Overall Management Expenses Ratio (%)28.7728.0328.8927.2227.3023 Renewal Expenses Ratio 225,337.415,566.1572.4976.0683.0285.3883.8324 Claims paid25 Claims/ Gross Premium (%)26 Total Commission Expenses/ Gross Premium (%)27 Investment Income28 Investment Income/ Gross premium (%)29 Yield on Life Fund 238.799.968.1230 Conservation Ratio (%)76.4875.8875.3975.2473.4031 Second Policy Year Lapse Ratio (%) by number of policies36.6939.6641.1940.4437.8532 Third Policy Year Lapse Ratio (%) by number of policies41.2542.2542.6743.7424.9833 Fourth Policy Year Lapse Ratio (%) by number of policies49.8749.8249.4648.1623.6834 Fifth Policy Year Lapse Ratio (%) by number of policies52.0256.0259.8861.5421.7535 Sixth Policy Year Lapse Ratio (%) by number of policies54.0057.2761.0460.4720.81Page 14 Annual Report 2018
Delta Life InsuranceCompany LimitedKEY FINANCIAL INDICATORS-2018(Data relates to "Delta Life Insurance Company Limited")(Amount in million BDT unless otherwise stated)Sl.No.YEARParticulars201420152016201736 Second Policy Year Lapse Ratio (%) by Premium amount39.6142.6542.0343.3437 Third Policy Year Lapse Ratio (%) by Premium amount32.2630.8931.0832.52201837.6941.8638 Fourth Policy Year Lapse Ratio (%) by Premium amount44.6340.7745.5442.4846.4039 Fifth Policy Year Lapse Ratio (%) by Premium amount41.5050.7056.1958.4146.3040 Sixth Policy Year Lapse Ratio (%) by Premium amount41 Market Price per Share ( in BDT) at year end42 Dividend Yield (%)43 Outstanding Premium as at 31st 0107.60109.801.331.471.992.322.37537
Delta Life Insurance Company Limited Annual Report 2018 Page 5 NOTICE OF THE 33RD ANNUAL GENERAL MEETING Notice is hereby given that the 33 rd Annual General Meeting of Delta Life Insurance Company Limited will be held on Wednesday, July 24, 2019 at 10:30 A.M. at “Delta Li
Alpha Phi X Alpha Omicron Pi X Alpha Xi Delta Chi Omega X Delta Delta Delta X Delta Gamma X Delta Zeta X . Kappa Delta X Kappa Kappa Gamma X Phi Mu X Pi Beta Phi X Sigma Kappa Sigma Delta Tau X Zeta Tau Alpha X Total # Packets 18 1 set of digital documents 1. 5 Sample Resume Caitlin Cowboy 123 Main St. . Quill & Scroll National Honor .
2,1 The Principles of Delta and Delta-Sigma Modulation. 2.2 Early work by de Jager on Delta Modulation. 2.3 A Review of Zetterbergis paper "A Comparison. Between Delta and Pulse Code Modulation". 2.4 Delta-Sigma Modulation. 2.5 Thermal Noise Considerations. 2.6 The Problem of Obtaining Output Spectrum of a Delta Modulator in Terms of the Input .
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142 - D1 Adaptive delta modulation ADAPTIVE DELTA MODULATION ACHIEVEMENTS: introduction to a variation of the basic delta modulator, which adjusts the step size according to the slope of the signal being sampled PREREQUISITES: completion of the experiments entitled Delta modulation and Delta demodu
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Stanley C. Rosenberg, Tau Beta Sigma -Delta Delta Honorary, Spring 2014 . Tyler Jason Ramsay, Tau Beta Sigma – Delta Delta, Spring 2015 . BethAyn Curtis, Tau Beta Sigma – Delta Delta Honorary, Spring 2015 . Awards and Recognition: District Alumni Secretary Award, 2013 . Tau Beta Sigma,
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