Message From CEO

It has been a great privilege for me to present the annual report of your very own Chartered Life Insurance Company for the year ended December 31, 2020 and give an account of company’s performance during the year. We have been indebted to you all for the trust and confidence that you have placed on us in order to manage the company with a high degree of professionalism and business excellence. With your confidence on us, the company has performed very well amidst the global COVID-19 pandemic. With the outbreak of COVID-19 pandemic, the insurance business has been adversely affected like other players in risk industry. In USA, the credit reporting agency TransUnion conducted a survey on more than 3,100 insurance consumers to gain insights into the pandemic’s short and long-term effects on home, auto, renter’s, and life insurance. One of the major concerns among consumers, as revealed by the survey, was how they would be able to pay their insurance bills during the ongoing economic downturn. Although struggled, insurance companies are expected to continue adopting digital measures following an increase in the use of mobile apps, web portals, and email to manage insurance claims. A consulting firm’s survey found that the digital adoption in the insurance industry has grown up globally by 20% in the year 2020 alone which is almost four times higher than the annual compound growth rate of prior four years. A market expert portrays the real scenario- “The unpredictable environment that lies ahead indicates consumers and businesses will increasingly rely on and choose insurers offering online resources and tools that can best meet their needs, particularly as digital adoption continues to grow.” We as a fourth-generation life insurer in Bangladesh, are aware of the situation and leave no stone unturned to embrace digital transformation and adapt ourselves in the changing environment. The outbreak of COVID-19 has hit hard the Bangladesh economy and jeopardized the country’s impressive achievements in poverty reduction. Experts are worried about the increasing vulnerability and inequality in the society caused from this pandemic. According to the South Asian Network conduct, we devised a complete code of ethics for our employees. We also offer attractive salary and compensation package to keep employee morale high. We are looking forward to ensure highest possible care for our valued policyholders. We are offering competitive premium rates as well projecting a better rate of returns compared to our competitors. I strongly believe the gains that have achieved over the years will be instrumental for superior positioning of the company in near future. Our business strategy is to achieve better performance from those areas where we have been able to concrete our steps as well as capitalize any new business scopes through product innovation. Beside that we are trying our best to expand our network of Agencies which will obviously help us in individual businesses in coming day. To do so, we have initiated digital transformation of our business operations. We have not only adopted a paperless working policy but also encouraged greater use of mobile application based and web-based technologies. We believe this transformation would ease our operation during pandemic-like situation and bring positive benefits for our company. Chartered Life Insurance Company Limited has maintained a sustainable business outlook throughout its operation. As a responsible corporate citizen, it has invested in the wellbeing of the country, society and the community. Particularly, we care about the health, education, disaster management and other humanitarian causes of our society. Moreover, we recognize the importance of national pride and celebrate the glorious heritage. In 2020, we contributed Tk.102,962 to celebrate the Mujib borsho- the iconic event that marks the birth centenary of the Father of the Nation- Bangabandhu Sheikh Mujibur Rahman. We believe our continuous efforts towards the socio-cultural development of Bangladesh would uphold the image of our beloved motherland and mark our contribution in upgrading the living standard of her people. We take this as a pride not as a prejudice. We believe in adhering to basic principles of insurance and financial management while balancing the scales between the safely of the investment and the competitive rate of return for our respective policyholders. Our main objective is to perform a transparent business operation by following all legal and social framework in order to achieve our mission reflected by our vision. on Economic Modeling (SANEM), Bangladesh's poverty rate may double to 40.9% from that prior to the onset of the pandemic. Despite having this gloomy outlook, Bangladesh economy has shown some resilience amidst global pandemic. Particularly garments exports and foreign remittances give positive vibes in the economy. Foreign remittances reached all-time high while the country is passing through the pandemic. Therefore, while dreams of many businesses have been shattered from this health hazards, there arestrings of hopes that keep others’ hope alive. Insurance industry is one of those aspiring sectors which sees new opportunities amidst the newly faced challenges. I believe life insurance business also has this positive outlook. On behalf of the Corporate Management of Chartered Life Insurance Company Limited, I am pleased to announce that Chartered Life Insurance Company Ltd has emerged stronger than ever in 2020 through delivering a concrete sales performance and healthy balance sheet. As per the Life Revenue Account of 2020, the total amount of fund to be carried over to the statement of financial position has been Tk.216,008,992. In 2019, the same balance was Tk.100,852,839. Clearly, there is growth of 114% of the life fund. Compared to 2019, This performance has been achieved through hard work, dedication, prudent resource management as well as the ability to adapt the changing business environment. You will be happy to know that from the date of inception to date, our total Life Fund is Twenty-one Crore Sixty Lac Eight Thousand Nine Hundred Ninety-two taka. Although the rat of life fund is not satisfactory, but we have been able to maintain our focus on sustainability through opening new branches in different part of Bangladesh. All of our new branches are equipped with premium collection facilities that will serve us well in coming years. To give our clients excellent service, we always recruit and train talented professionals in our firm. We have not only strive to give them the best working environment but also create opportunities for career progress through continuous training and development. Currently, our operation is run by 110 efficient desk employees and 3,000 business development employees working all over the country. To ensure ethical business In fine, I would like to convey my sincere gratitude to all our valued clients, super talented employees, government agencies, consultants, auditors, bankers and other stakeholders all of whose relentless cooperation has made the journey of 2020 a grand success. We expect our shareholders and stakeholders would continue their support in the many more years to come.