Pragati Life Ins sets up separate urban wing
Sunday, 27 September 2009
FE Report
Pragati Life Insurance Limited, a leading insurance company in the country, has recently set up a separate urban wing called 'Pragati Urban Division' to penetrate the largely untapped metropolitan and suburban market of the country.
This specialized wing, which would focus exclusively on the growing urban market, would be equipped with an experienced development coordinator with sufficient development stuff, the company said in its latest annual report for the year 2008.
The decision came as the third generation life insurance company is going to held its ninth annual general meeting today (Sunday). The company aims to achieve substantial premium growth for the upcoming year.
Until now, all the individual plans of Pragati Life Insurance, apart from the group insurance, are sold by agents working mostly in the rural areas or in some district towns.
The capital city Dhaka and its adjacent areas are home to around 30 million people and bulk of the economic activities of the country are also carried out in Dhaka city- the company said earlier in its annual report, adding, therefore the importance of Dhaka as for business purpose cannot be ignored for a long time.
The move comes at a time when in another major reshuffle of its management structure, the life insurance company has recruited a Deputy Managing Director for its marketing division.
The company says that it is looking to replace its existing Life Administrative system by a much more advanced computerized system while initiating new product development and more promotional programs.
The income of PLIC during the preceding year has increased by 32.15 per cent, rising from Tk. 678.16 million to Tk. 896.19 million.
The investment income in the year 2008 was Tk. 166.97 million, an increase of 47.07 percent from Tk. 113.53 million in 2007.
The reason for increase in the investment income, the company says, was due to higher profit on sale of listed equity shares.
Payments to policyholders in the year 2008 was Tk. 132.90 million comparing to Tk. 101.97 million in the year 2007 with an increase of 30.34 per cent, which, according to company authority, was mainly driven by the maturity of old policies and survival benefit payments.
The total life fund of the company, according to official statistics, stands at Tk. 1058.86 million, an increase of 33.25 percent which is attributed to strict cost control, innovative need based products and conservative commission schedule.
The company's gross premium during the year has posted a growth of 29.58 per cent and now stands at Tk. 736.46 million, the statistics shows.
Pragati Life Insurance Limited started its journey in early 2000 and since going for public offering of shares, has raised its paid up capital to the tune of Tk. 75 million in order to comply with the minimum capital requirement.
Pragati Life Insurance Limited, a leading insurance company in the country, has recently set up a separate urban wing called 'Pragati Urban Division' to penetrate the largely untapped metropolitan and suburban market of the country.
This specialized wing, which would focus exclusively on the growing urban market, would be equipped with an experienced development coordinator with sufficient development stuff, the company said in its latest annual report for the year 2008.
The decision came as the third generation life insurance company is going to held its ninth annual general meeting today (Sunday). The company aims to achieve substantial premium growth for the upcoming year.
Until now, all the individual plans of Pragati Life Insurance, apart from the group insurance, are sold by agents working mostly in the rural areas or in some district towns.
The capital city Dhaka and its adjacent areas are home to around 30 million people and bulk of the economic activities of the country are also carried out in Dhaka city- the company said earlier in its annual report, adding, therefore the importance of Dhaka as for business purpose cannot be ignored for a long time.
The move comes at a time when in another major reshuffle of its management structure, the life insurance company has recruited a Deputy Managing Director for its marketing division.
The company says that it is looking to replace its existing Life Administrative system by a much more advanced computerized system while initiating new product development and more promotional programs.
The income of PLIC during the preceding year has increased by 32.15 per cent, rising from Tk. 678.16 million to Tk. 896.19 million.
The investment income in the year 2008 was Tk. 166.97 million, an increase of 47.07 percent from Tk. 113.53 million in 2007.
The reason for increase in the investment income, the company says, was due to higher profit on sale of listed equity shares.
Payments to policyholders in the year 2008 was Tk. 132.90 million comparing to Tk. 101.97 million in the year 2007 with an increase of 30.34 per cent, which, according to company authority, was mainly driven by the maturity of old policies and survival benefit payments.
The total life fund of the company, according to official statistics, stands at Tk. 1058.86 million, an increase of 33.25 percent which is attributed to strict cost control, innovative need based products and conservative commission schedule.
The company's gross premium during the year has posted a growth of 29.58 per cent and now stands at Tk. 736.46 million, the statistics shows.
Pragati Life Insurance Limited started its journey in early 2000 and since going for public offering of shares, has raised its paid up capital to the tune of Tk. 75 million in order to comply with the minimum capital requirement.