Bismillahir Rahmanir Rahim
Respected Shareholders,
Assalamu walaikum,
It gives me immense pleasure to welcome you all to the 9th Annual General Meeting (AGM) of Jamuna Life Insurance Company Limited and place before you the Audited Financial Statements for the year ended 31st December 2022 along with the Auditors report thereon and the Director’s Report of the Company. I am delighted at your participation in this meeting.
Annual Report-2022 has been dispatched to you for your kind perusal. I believe you will get a comprehensive view from the Director’s Report and the financial status of the company.
The Annual General Meeting (AGM) is a valuable opportunity for shareholders to communicate with the Board and together review the performance of the Company in 2022 and discuss our strategies to increase policyholders and shareholders values. Over the years, our corporate culture has developed to helping people sustain the quality of their lives. Our Corporate culture is what motivates us at Jamuna Life to think, work hard, innovate and create service with improvements in service delivery of our insurance products of high value at low
cost.
During this situation, our company took immediate steps to improve both our staffs and provide service to our customers and ensuring continuation of the business activities. Our Marketing, Underwriting, IT, Accounts, HR and Establishment departments along with other essential staff worked round the clock to facilities our customers in keeping their businesses stable.
In this hurdled situation and competitive market the field force with the help of the management officials Jamuna Life has achieved a record premium of Tk. 269.99 million in 2022 which was Tk. 151.95 million in 2021. We emphasize on Group Insurance during this year. We earn group Insurance premium Tk. 33.03 million in 2022. I presume the performance of the Group Insurance business operation during the year under review was quite satisfactory. This strong performance reflects innovative and good customer service.
Realizing the need to improve productivity to maintain profitability in a competitive environment, the company continued its aggressive cost management strategies.
The payment of Policyholders in the year 2022 was Tk. 33.56 million as against Tk. 17.11 million in the year 2021 being an increase of 196.14%. In the year 2022 our company so far paid Tk. 5.95 million as death claim, Tk. 12.08 million as survival benefit, Tk. 1.23 million as surrender value, Tk. 11.88 million as Group Insurance Claim and Tk. 2.42 million as maturity.
The Life Funds as at 31st December 2022 was Tk. (23.04) million compared to Tk. (36.72) million in 2021 showing a positive growth of 62.74%.
To procure qualitative and sustainable business we arrange business development meeting, workshop, and tour regularly. To enhance the efficiency, employees are being trained in Bangladesh Insurance Academy, Bangladesh Insurance Association and other institution on a regular basis.
JLICL has also redesigned and optimized their website to give policyholder’s an opportunity for Policy Enquiry at any point of the day and the website was being ready up for Online Premium Payment and now Clients are enjoying the facility. Our Company is also facilitating the field force through Web Base Application where the customer can use it for information, transaction and learning purposes.
However, apart from the positives, it is very disappointing that we are still unable to increase our life insurance penetration, which is currently less than 1 percent. We attribute this shortcoming to our industries inability to raise awareness of insurance products and services to our potential clients.
Jamuna Life always focus on upgrade the technology infrastructure to bring in higher levels of operational efficiency, managing customer’s expectations in the new era and simultaneously prepare the Company for long-term growth prospects through newer business avenues and innovative products and solutions. We have put in a drive to significantly upgrade the Jamuna Life Brand to improve our policy service and penetrate the upscale urban market
I would like to express my gratitude to all my colleagues in the Board of Jamuna Life, the honorable Patrons, Shareholders, Policyholders, Management, Regulatory bodies and well wishers of the Company who extended their cooperation, suggestion, and guidance in running the business successfully. I would also like to record my sincere thanks to the employees of the company for their dedicated service for the growth of the company.