Bismillahir Rahmanir Raheem,
Dear Valued Shareholders, Policyholders,
and Stakeholders,
Assalamu Alaikum Wa-Rahmatullah.
It is my honor to present the Annual Report for the
year 2023. This year marks yet another chapter of
resilience, adaptability, and growth for Chartered
Life Insurance Company. In a landscape that
remains challenging due to global economic
uncertainties, coupled with local socio-economic
factors, we have maintained our focus on serving our
policyholders and delivered a solid
performance with excellence while generating
sustainable value for our shareholders that strengthen
our position as one of the leading life insurance
providers in Bangladesh.
Reflecting on 2023
The year 2023 has tested the agility of businesses
across the world, and the insurance sector in
Bangladesh has not been immune. Amidst
inflationary pressures, fluctuating markets, and
evolving regulatory frameworks, our company has
remained committed to ensuring the financial
protection and security of our policyholders. We
have continued to adapt to market changes, driving
innovation in our products and customer service,
while maintaining operational efficiency.
Despite these headwinds, I am pleased to report
that Chartered Life Insurance Company has achieved
steady growth in both policyholder numbers and
premium income. We have been successful in
expanding our footprint through both traditional
channels and the digitization of our services, allowing
us to reach new demographics and areas within
Bangladesh.
I am also pleased to report that Chartered Life Insurance
Company has delivered robust financial results
in 2023. Our total premium income grew by 30%,
driven by strong growth in both new business and
renewals. We also delivered a 78% increase in
surplus that reflecting prudent risk management
and operational efficiency. The life fund is increased
by 28% which indicates strengthening our
policyholder’s protection
A Commitment to Innovation and Digital
Transformation In 2023, we have deepened our
investment in digital solutions to make life
insurance more accessible and easier for our
customers. By leveraging technology, we have
enhanced the claims process, improved customer
engagement, and launched new products that are
tailored to the modern-day needs of individuals and
families.
Our digital transformation strategy is a cornerstone
of our long-term plan, and I am confident that this
will allow us to better serve our policyholders while
improving our operational capabilities. The shift
towards digital platforms has not only improved
customer experiences but also optimized our cost
structure, creating sustainable value for our
shareholders.
Corporate Governance and Sustainability
As always, our commitment to corporate
governance remains unwavering. We are focused on
maintaining the highest standards of
accountability, transparency, and responsibility in all
areas of our operations. In addition, we have prioritized
sustainability and ethical practices, ensuring
that we contribute positively to the communities we
serve and align with global best practices in Environmental,
Social, and Governance (ESG) standards.
The Road Ahead
Looking ahead to 2024 and beyond, we foresee
continued opportunities for growth despite the
challenges that remain. We will stay focused on
innovation, expanding our reach, and deepening our
customer relationships. Our aim is to continue building
a trusted brand that offers security and peace of
mind to millions of Bangladeshi families.
Finally, I would like to extend my heartfelt gratitude
to our policyholders, shareholders, and partners for
their unwavering trust and support. I also wish to
thank the management team and employees of
Chartered Life Insurance Company for their
dedication and commitment to our vision.
Together, we are confident in our ability to create a
future of growth, stability, and continued success.
Thank you for your continued confidence in us.