Annual Report Asia Insurance Limited 2017 PDF

Annual Report 2017
Annual Report - 2017 i

Annual Report 2017
Annual Report
2017
 Corporate Head Quarter
Rupayan Trade Centre (14th Floor)
114-115, Kazi Nazrul Islam Avenue
Bangla Motor, Dhaka-1000
Bangladesh.
 Phone
+88-02- 55138581-84
 Fax
+88-02- 55138587
 Post Box No
GPO, Dhaka - 31
 e-mail
Info@asiainsurancebd.com
asiainsu@gmail.com
 www.asiainsurancebd.com
Annual Report - 2017 1

Our own Corporate Head Quarter Premises at the
Rupayan Trade Centre (14th Floor)
114-115, Kazi Nazrul Islam Avenue
Bangla Motor, Dhaka-1000
2 Annual Report - 2017

Contents
01. This is Asia Insurance Limited
Page 5
02. Letter of Transmittal 6
03. Notice of the 18th Annual General Meeting 7
04. Our Vision 8
05. Our Mission 9
06. Our Objectives 10
07. Corporate information 11
08. Key information 12
09. Stock Summary 13
10. Products and Services 14
11. Corporate Structure 15
12. Management Team 16
13. Management Committee 17
14. List of Office & Branches 18
15 Accounting Ratios Pertaining to Insurance Business 20
16. Graphical Presentation 21
17. Brief Profile of The Directors 24
18. Chairman’s Speech 32
19. Managing Director & CEO’s Statement 34
20. Picturial view at Asia Insurance Limited 36
21 Events of AIL in Pictures 38
22. Report of the Board of Directors 47
23. Report of the Audit Committee 61
24. Corporate Governance 63
25. Compliance Report to BSEC Notification 64
26. Compliance Certificate on Corporate Governance Guidelines to the Shareholders 68
27. CEO’s and CFO’s Declaration to the Board of Directors 69
28. Auditors’ Report & Financial Statements 70
Auditors’ Report to the Shareholders 71
Statements of Financial Position 73
Profit or Loss Appropriation Account 75
Statements of Profit or Loss and Other Comprehensive Income 76
Consolidated Revenue Account 77
Fire Insurance Revenue Account 78
Marine Cargo Insurance Revenue Account 79
Marine Hull Insurance Revenue Account 80
Motor Insurance Revenue Account 81
Miscellaneous Insurance Revenue Account 82
Statement of Cash Flows 83
Statement of Changes of Shareholders Equity 84
Classified Summary of Assets (Form-“AA”) 85
Notes to the Financial Statement 86
Schedules of Property, Plant and Equipment (Annexure-A) 114
Statement of Investment in Share (Annexure-B) 115
Related Party Transaction (Annexure-C) 116
29. Notes 117
30. Proxy form & Attendance Slip 119

This is Asia Insurance Limited
Asia Insurance Limited (AIL) is one of the leading non-life insurance Company in Bangladesh and was incorporated
as Public Limited Company on 30 April 2000 under the Company Act, 1994 and obtained registration from the
former Chief Controller of Insurance, Government of Bangladesh on 30 May 2000. Asia Insurance obtains renewal
license from the Insurance Development & regulatory Authority (IDRA) in 2011. Asia Insurance was listed with
Dhaka and Chittagong stock exchange on 25 June 2009. The Company carries its insurance activities through Head
office along with 22 (twenty two) branches under online support all over the country.
Asia Insurance Limited has an Authorized Capital of Tk. 1000 million and Paid up Capital of Tk. 470.70 million.
Share of the Company are traded in both Dhaka and Chittagong Stock Exchange as ‘A’ category.
Asia Insurance Limited achieved AA- (Double A Minuse) credit rating on obtaining A+ (A Plus) credit rating for 6
(six) years consecutively since 2012 as rated by the Credit Rating Information and Service Limited (CRISL) which
indicated good financial performance and sound solvency position of the Company having a strong Financial
backup to meet with high claim paying ability.
Asia Insurance Limited is focused on providing professional services of the highest quality to its clientele which
include many reputed large national and multinational conglomerates. Over the 18 (Eighteen) years, Asia
Insurance Limited has established its track record as a sound and dependable insurer, consistently able to meet its
commitments and by providing insurance solution to the individual needs of its clients.
The Board of Director of Asia Insurance Limited are exceptionally qualified and well reputed business leader of
the country. Mr. Yussuf Abdullah Harun, FCA, Member of the parliament and former president of the FBCCI is
leading the Company as Chairman of the Board of Director. The qualified and experienced management team is
headed by Mr. Md. Imam Shaheen, who has long 28 years of versatile working experience and well reputation in
the Insurance industry.
Financial performance of the Company has been consistently positive, delivering both underwriting and
investment income and by giving attractive returns to its shareholders from inception. The Company is maintaining
strong corporate culture, corporate governance, ethical standards, corporate social responsibilities, superior
underwriting skills and abilities and dynamic investment management.
Within the framework of existing tariff, this Company charges the most economic and competitive premium rates
ensuring maximum security at minimum cost. The Company has got necessary Re-insurance arrangement both at
home and abroad under which it can underwrite any risk of any value.
This Company takes utmost care in handling and setling claims with due promptitude with a view to giving timely
indemnity to the members of the clientele.
The future prospect of Asia Insurance Limited is not only to increase business volume but also to upgrade the
ranking and service quality of the Company. Asia Insurance emphasize on internal and external training in different
subject area for the human resource development of the Company.

Letter of Transmittal
All Shareholders,
Bangladesh Securities & Exchange Commission,
Insurance Development and Regulatory Authority,
Registar of Jonit Stock Companies & Firms,
Dhaka Stock Exchange Limited and
Chittagong Stock Exchange Limited.
Sub: Annual Report for the year ended December 31, 2017.
Dear Sir(s),
Enclosed please find a copy of the Annual Report together with the Audited Statement of Financial
Position as at December 31,2017, Statement of Profit or Loss and other Comprehensive Income,
Statement of Cash Flows, Statement of changes in Shareholder’s equity for the year ended
December 31,2017 along with notes thereon of Asia Insurance Limited for kind Information and
record.
Best regards,
Yours sincerely,
Md. Atique Ullah Majumder

Company Secretary

Notice of the 18th Annual General Meeting
Notice is hereby given to all Members of Asia Insurance Limited that the 18th Annual General Meeting (AGM) of
the Members of the Company will be held on June 11, 2018. (Monday) at 11:00 A.M. at “Samson H. Chowdhury”
Hall of Dhaka Club Limited, Ramna, Dhaka to transact the following business:
AGENDA
1. Report and Accounts:
To receive, consider and adopt the Statement of Profit or Loss and other Comprehensive Income of the
Company for the year ended on December 31, 2017 and the Statement of Financial Position as at that date
together with the Reports of the Board of Directors and the Auditors thereon.
2. Dividend:
To declare the dividend for the financial year ended December 31, 2017 as recommended by the Board of
Directors.
3. Election of Directors:
To elect/re-elect Directors as per terms of the relevant provision of the Articles of Association of the Company.
4. Appointment of Auditors:
The appoint the Auditors of the Company for the term until the next Annual General Meeting and to fix their
remuneration.
5. Miscellaneous:
To transact any other related business with the permission of the Chair.
All members are requested to attend the meeting on the date, time and place mentioned above.
By order of the Board of Directors

Md. Atique Ullah Majumder
SEVP & Company Secretary
Dated: Dhaka
21 May, 2018
NOTES:
a. The Board of Directors has recommended 10% Cash Dividend for the year ended December 31, 2017 subject
to approval in the 18th Annual General Meeting (AGM).
b. The Record Date is scheduled on May 17, 2018 (Thursday). The shareholders, whose names appeared in the
Share Register of the Company or in the Depository Register (CDBL) on the Record Date, are eligible to attend
the meeting and qualify for Cash dividend.
c. A member eligible to attend and vote at the Annual General Meeting (AGM) may appoint a proxy to attend
and vote on his/her behalf. The Proxy Form must be affixed with revenue stamp of Tk. 20/- and must be
submitted to the Registered Office of the Company not later than 48 hours before the time fixed for the
Annual General Meeting.
d. Annual Report, Attendance Slip and Proxy Form along with the notice are being sent to all Members by Courier
Service/Post. The Members may also collect the “Proxy Form” from the Share Department of the Company.
e. Admission into the Venue of the AGM will be allowed on production of the attendance slip attached with
the Annual Report. Shareholders are requested to register their names in the counter at the entrance of the
Venue from 8.30 A.M. to 10.30 A.M.
NB: Members may also please note that no gift/gift coupon/food box/benefit in cash or kind shall be distributed/
paid at the AGM as per BSEC Circular No: SEC/CMRRCD/2009-193/154 dated October 24, 2013.

Our Vision
zz To be one of the leading Insurance Company in the country.
zz Providing integrated insurance service in the non-life sector.
zz Having special track record of prompt customer service and speedy claim settlement.

Our Mission
zz To enhance profitability through customer’s satisfaction.
zz To create shareholders value.
zz To continue commitment to excellence.

Our Objectives
zz To meet customers demand and need professionally.
zz To ensure maximum protection of shareholders’ investment.
zz To provide secured employment environment.
zz To develop corporate culture and promote good governance.
zz To maintain transparency in communication.

Corporate Information
Name of the Company Asia Insurance Limited
Legal Form A Public Limited Company incorporated in Bangladesh under the Companies
Act 1994 from the Registrar of joint Stock Companies and Registered with
the Insurance Development and Regulatory Authority, Govt. of the People’s
Republic of Bangladesh.
Nature of Business Non-Life Insurance Business
RJSC Reg.No C-40166(2134)/2000
TIN No 631401402225
VAT Reg.No 19111023256
Operation Started April 30, 2000
Chairman Yussuf Abdullah Harun, MP
Managing Director & CEO Md. Imam Shaheen, ABIA
Principal Bankers Southeast Bank Limited
No. of Branch Offices 22
Registered Office Rupayan Trade Centre (14th Floor),114-115, Kazi Nazrul Islam Avenue, Bangla
Motor, Dhaka-1000
Telephone +88-02- 55138581-84
Fax +88-02- 55138587
Post Box No GPO,Dhaka – 31
e-mail info@asiainsurancebd.com / asiainsu@gmail.com
website www.asiainsurancebd.com
Auditors Pinaki & Company

Chartered Accountants
Tax Advisor M. A. Hannan

L-L,B (Hons), L-L,M (DU)
Advocate
Supreme Court of Bangladesh.

Key Information
Incorporation of the Company : April 30, 2000

Commencement of Business : April 30, 2000
Registered with the Department of Insurance : May 30, 2000
First Renewal of Registration with Insurance : March 30,2011
Development and Regulatory Authority
Singing of First Insurance Business : June 14, 2000
First Board Meeting : April 30, 2000
First Annual General Meeting : August 09, 2001
Received Consent from Securities and Exchange : March 19, 2009
Commission for issuance of Public Share of Tk. 9,00,00,000/-
Prospectus Issued for Public Subscription : March 23, 2009
Lottery of IPO : May 19, 2009
Over Subscription on IPO : 28.34 Times
Agreement Singing with CDBL : May 7, 2009
Listing with DSE : June 25, 2009
Listing with CSE : June 25, 2009
First Trading of Shares on DSE : June 25, 2009
First Trading of Shares on CSE : June 25, 2009
Approval of Rights Share Issue : December 13, 2010
Credit Rating by CRISL : Achived AA- Credit Rating (High Claim
paying ability) on obtaining A+ rating for
6 (Six) years consecutively since-2012

Stock Summary
Authorized Share Capital : Tk. 1,00,00,00,000.00
Paid up Capital : Sponsor Tk. : 19,56,37,880.00
: Public Tk. : 27,50,60,700.00
: Total Tk. : 47,06,98,580.00
No. of Shares : Sponsor : 1,95,63,788
: Public : 2,75,06,070
Total : 4,70,69,858
Face Value per Share : Tk. 10.00
Net Asset Value (NAV) (as on 31.12.2017) : Tk. 87,18,02,460
NAV Per Share (as on 31.12.2017) : Tk. 18.52
Earning Per Share (EPS) (2017) : Tk. 1.77
Net Operating Cash Flows Per Share (NOCFS) (2017) : Tk. 1.61

Fire Insurance Miscellaneous Accident Insurance
zz Fire and Allied Perils Insurance
Financial Category
zz Industrial All Risks Insurance including Ma-
chinery • Money Insurance
zz Break-down and Business Interruption zz Money Insurance (for Bank)
zz Cash in Transit Insurance
zz Property All Risk including Business interrup-
zz Cash on Premises
tion
zz Cash in Safe Insurance
zz Power Plant Operational Package Insurance zz Cash on Counter Insurance
zz Comprehensive Machinery Insurance (CMI) zz ATM Risk Insurance
zz Bank Lockers Insurance
Marine Insurance zz Fidelity Guarantee Insurance
zz Marine Cargo Insurance zz Bankers’ Blanket Bond Insurance
zz Marine Hull Insurance Industrial Category
zz Goods in Transit Insurance zz Burglary & House Breaking Insurance
zz Workmen’s Compensation Insurance
Motor Insurance zz Peoples Personal Accident Insurance
zz Private Vehicle Insurance zz Aviation Insurance-Air craft Hull
zz Public Liability Insurance
zz Commercial Vehicle Insurance
zz Product Liability Insurance
zz Motor Cycle Insurance zz Employers’ Liability Insurance
zz Motor Transit Insurance zz Directors and officers Liability Insurance
zz Comprehensive General Liability Insurance
Engineering Insurance
Medical Category
zz Contractors’ All Risks Insurance (CAR) zz Overseas Medi-claim Insurance
zz Erection All Risks Insurance (EAR) zz Business and Holiday (B&H) Insurance
zz Boiler & Pressure Vessel Insurance (BPV) zz Corporate Frequent Travels (CFT) Insurance
zz Employment and Study (E&S) Insurance
zz Machinery Breakdown Insurance (MBD)
zz Deterioration of stock Insurance (DOS)
Business Category
zz Professional Indemnity Insurance
zz Contractors’ Plant & Machinery Insurance
zz Hotel Owners’ All Risk Insurance
(CPM)
zz Electrical Equipments Insurance (EEI) General Category
zz Personal Accident Insurance
zz All Risks Insurance

Corporate Structure Human Resource Development Committee
Chairman : Alamgir Kabir FCA
Board of Directors Members : Yussuf Abdullah Harun MP
Chairman : Yussuf Abdullah Harun MP : Mahbubul Alam
Vice Chairman : Mahbubul Alam
: Mohammed Jahangir Alam
Directors : Abul Bashar Chowdhury
: Alamgir Kabir FCA : Mohammad Mustafa Haider
: Mohammed Jahangir Alam : Farzana Afroze
: Mohammed Jamal Ullah
: M. Kamal Hossain,
: Khaleda Begum
: Farzana Afroze Nominated Director of
: Mohammad Mustafa Haider Southeast Bank Ltd.
: M. Kamal Hossain, Nominated Managing Director & CEO : Md. Imam Shaheen
Director of Southeast Bank Ltd.
: Tarik Sujat, Nominated
Director of Bay Leasing & Investment Committee
Investment Ltd. Chairman : Yussuf Abdullah Harun MP
: Mohammad Ali Khokan Members : Alamgir Kabir FCA
Independent Director : Zakir Ahmed Khan
: Dr. Zaidi Sattar : Abul Bashar Chowdhury
Managing Director & CEO : Md. Imam Shaheen : Khaleda Begum
: Mohammed Jahangir Alam
Executive Committee : Farzana Afroze
Chairman : Abul Bashar Chowdhury : Dr Zaidi Sattar, Independent
Members : Yussuf Abdullah Harun MP Director
: Mahbubul Alam Managing Director & CEO : Md. Imam Shaheen
: Alamgir Kabir FCA
: Mohammed Jahangir Alam Audit Committee
: Mohammed Jamal Ullah Chairman : Zakir Ahmed Khan,
: Mohammad Mustafa Haider Independent Director
: Dr Zaidi Sattar, Independent Members : Alamgir Kabir FCA
Director : Abul Bashar Chowdhury
: Mohammad Ali Khokan : Mahbubul Alam
Managing Director & CEO : Md. Imam Shaheen : Mohammed Jahangir Alam
: Khaleda Begum
Re-Insurance & Claims Committee : Tarik Sujat, Nominated
Chairman : Yussuf Abdullah Harun MP Director of Bay Leasing &
Members : Alamgir Kabir FCA Investment Ltd.
: Abul Bashar Chowdhury : Mohammad Ali Khokan
: Mohammed Jamal Ullah Managing Director & CEO : Md. Imam Shaheen
: Farzana Afroze
: Mohammad Mustafa Haider Company Secretary : Md. Atique Ullah Majumder,
: Tarik Sujat, Nominated
L-L.B (Hons), L-L.M (DU)
Director of Bay Leasing &
Investment Ltd.
Chief Financial Officer : Md. Rafiqul Islam
: Mohammad Ali Khokan
Managing Director & CEO : Md. Imam Shaheen

Management Team Vice President : Md. Nurul Amin Chowdhury
Managing Director & CEO : Md. Imam Shaheen ABIA : Ahsan Habib
Additional Managing Director : Md. Emdadul Haque : Mohammad Omar Faroque, MBA
Deputy Managing Director : A.M.M. Abdullah-Al-Ziad Assistant Vice President : Md. Estafazur Rahman
: Mohammad Ali : Syed Sayeedul Hassan
Senior Executive Vice President : Kazi Zakir Hossain : Md. Nurul Haque
: Md. Saiful Amin : Md. Nazmul Islam Khasru
: Md. Atique Ullah Majumder : Md. Toufique Hossain
Executive Vice President : Rtn. M. Mojibur Rahman : Mahammad Aslamuzzaman
: Md. Ashraful Alam Chowdhury : Mohammad Noman Siddique
: Md. Rafiqul Islam : Md. Ashraful Alam
: Mahabubur Rahman : Monir Ahammad
Senior Vice President : S. I. M. Ashraful Alam
: Ajay Kanti Barua
: Md. Sharif Hossain
: Professor Nazir Ahmed,CSS
: Md. Shaheb Ali Khan
:Tofazzal Hossain

Management Committee
Head of the Committee : Md. Imam Shaheen
Managing Director & CEO
Members : Md. Atique Ullah Majumder
Company Secretary
: Md. Rafiqul Islam
Chief Financial Officer
: S I M Ashraful Alam
SVP & Head of U/W & BCD Dept.
: Tofazzal Hossain
SVP & Head of Admin & Estb Dept.
Committee
of
Business Plan & Development Purchase & procurement ï×vPvi I ˆbwZKZv
Head of the Committee : Head of the Committee : Head of the Committee :
Md. Imam Shaheen Md. Imam Shaheen Md. Imam Shaheen
Managing Director & CEO Managing Director & CEO Managing Director & CEO
Members : Members: Members:
 Md. Emdadul Haque  Md. Atique Ullah Majumder  Md. Atique Ullah Majumder
Additional Managing Director Company Secretary Company Secretary
 A.M.M. Abdullah-Al-Ziad  Md. Rafiqul Islam  Md. Rafiqul Islam
Deputy Managing Director Chief Financial Officer Chief Financial Officer
 Mohammad Ali  Tofazzal Hossain  S I M Ashraful Alam
Deputy Managing Director Senior Vice President Senior Vice President
 Md. Atique Ullah Mojumder  Ahsan Habib  Tofazzal Hossain
Company Secretary. Vice President Senior Vice President
Promotion & Recruitment w Internal Audit Team Innovation Team
Head of the Committee : Head of the Team :
Md. Imam Shaheen S I M Ashraful Alam Md. Rafiqul Islam
Managing Director & CEO Senior Vice President Chief Financial Officer
Members : Members:
Monir Ahmed
 Md. Atique Ullah Majumder  Tofazzal Hossain Assistant Vice President
Company Secretary Senior Vice President
 Md. Rafiqul Islam  Ahsan Habib
Chief Financial Officer Vice President
Member Secretary :  Mohammad Omar Faroque
Vice President
 Tofazzal Hossain
Senior Vice President  Monir Ahmed
Assistant Vice President

List of Office & Branches
Local Office Banani Branch
Mohammad Ali Ajay Kanti Barua
Deputy Managing Director Senior Vice President
Rupayan Trade Centre (14th Floor), House No-36, Road No-117
114-115, Kazi Nazrul Islam Avenue, Century Park Tower (Suit-3),
Bangla Motor, Dhaka-1000 Gulshan-1, Dhaka.
Tel : 02-55138588 Tel: 02- 8836605, 02-8836369
Fax: 02-55138587
Motijheel Branch Uttara Branch

Md. Emdadul Haque Md. Mostafizur Rahman
Additional Managing Director Sr. Executive Officer
Khan Mansion (9th Floor) House No-13 (5th Floor), Road No-14/B, Sector- 4
107. Motijheel C/A, Dhaka-1000 Uttara Model Town, Dhaka-1230
Tel : 02-47111947 Tel : 02-48953512
Dilkusha Branch Narayangonj Branch

Mohammad Omar Faroque Kazi Zakir Hossain
Vice President Sr. Executive Vice President
Eunoos Trade Center (Level-18), 34, S.M Maleh Road (2nd Floor)
52-53, Dilkusha C/A, Dhaka-1000 Tanbazar, Narayangonj
Tel: 02-9575111-2, Fax : 02-9575113 02-7643620, 7632639
Imamgonj Branch Khatungonj Branch

Md. Ashraful Alam Chowdhury Md. Nurul Amin Chowdhury
Executive Vice President Vice President
18,Roy Isshar Chandra Shill 56/59, Bitligonj, Khatungonj,
Bahadur Street (3rd Floor) Chattogram
Imamgonj. Dhaka Tel: 031-627273
Tel : 02-57317983, Tele-Fax : 02-7321560 Fax: 031-625183
Bangshal Branch Agrabad Branch

Md. Tazul Islam Mohammad Ali
Principal Officer Deputy Managing Director
61-63, Sayed Nazrul Islam Sarani (2nd floor) Progressive Tower (2nd Floor)
Bangshal, Dhaka 1837, Sheikh Mujib Road, Agrabad, Chattogram
Tele-fax : 02-9590937 Tel: 031-726382, 2512938, Fax: 031-726382
Palton Branch Jubilee Road Branch

Md. Sharif Hossain Syed Zabid Hossain
Senior Vice President Senior Principal Officer
Tropicana Tower (2nd Floor) Kader Tower (5th Floor)
218 Sayed Nazrul Islam Sarak 128, Jubilee Road, Chattogram
(Old 45 Topkhana Road), Dhaka-1000 Tel: 031-2865438
Tel : 02-9559462, Fax- 02-7171079
Elephant Road Branch Cumilla Branch

Md. Saiful Amin Md. Shahadat Hossain
Sr. Executive Vice President Principal Officer
Rajdhani Complex (3rd Floor) Khan Mansion (2nd Floor)
237/2 New Elephant Raod 1/1, Rajgonj Road, Chatipatty, Kotwali,
Dhaka-1205, Tel: 02-9661664 Cumilla, Tel: 081-71301

List of Office & Branches
Barishal Branch Jeshore Branch
Md. Nurul Haque Md. Khajanoor Rahman
Assistant Vice President Principal Officer
The Medicas (3rd Floor), Ishaque Tower(4th Floor)
61, Sadar Road, Barishal 43,M.K Road,Chowrasta, Jeshore
Tel: 043121-74744 Mob:01912914486
Narsingdi Branch Khulna Branch

Md. Anowar Hossain Md. Shaheb Ali Khan
Senior Principal Officer Senior Vice President
Bhuyian Shopping Complex (2rd Floor) 25, Sir Iqbal Road, Khulna
Sadar Road, Narsingdi-1600 Tel : 041-723602
Tel: 9452150, Mob: 01715-630710 Tele Fax: 041-723602
Mymensingh Branch Faridpur Branch

Md. Farhad Hossain Mohammad Aslamuzzaman
Senior Principal Officer Assistant Vice President
39/1, Modon Babu Road Bari Plaza Shopping Complex (4th Floor)
Goalpukur Par, Mymensing 54, Thana Road, Faridpur
Tel: 091-66346 Mob : 01987390336, 01747017680
Sylhet Branch Feni Branch

Md. Nazmul Islam Khasru Humayan Kabir
Assistant Vice President Principal Officer
Al-Marzan Commercial Center (3rd Floor) Surma Sadan, 176,177 & 178 Trunk Road, Feni
Zindabazar,Slyhet Tel: 0331-63472
Tel: 0821-728391 Mob: 01819631933, 01713331854
Proposed Branches
Gulshan Branch, Dhaka.
Savar EPZ Branch, Dhaka.
Gazipur Branch,
Ashuganj Branch, Brahmanbaria.
Rajshahi Branch, Rajshahi.

Accounting Ratios Pertaining to
INSURANCE BUSINESS
Premium Income of Asia Insurance Limited has been increasing mostly in every year by dint of hard work of the head
of branches and executives including the top executive. They have given all out efforts for smooth servicing to the
our clients. Management team also supported the head of Branches, if any, for procuring the business by providing
uninterrupted services to the our clients efficiently. The management of the Company expects higher growth in 2018.
Details of various Accounting Ratios pertaining to Company’s insurance business are given below:
Ratios Ratios Growth

Particulars 2017 2016 Growth%
2017 2016 2017
Gross premium income/turnover 508,008,984 477,690,303 30,318,681 6.35
Net premium income 339,957,045 319,633,550 20,323,495 6.36
Re-insurance premium ceded as % of GP 168,051,939 33.08 158,056,753 33.09 9,995,186 6.32
Net R/I commission earned as % of GP 52,518,535 10.34 49,594,396 10.38 2,924,139 5.90
Net R/I commission earned as % of NP 52,518,535 15.45 49,594,396 15.52 2,924,139 5.90
Agent Commission as % of GP 78,955,027 15.54 74,412,693 15.58 4,542,334 6.10
Management Expenses allocated as % of GP 137,044,908 26.98 136,482,766 28.57 562,142 0.41
Management Expenses allocated as % of NP 137,044,908 40.31 136,482,766 42.70 562,142 0.41
Un allocated expenses as % of GP 33,124,089 6.52 45,863,229 9.60 (12,739,140) (27.78)
Un allocated expenses as % of NP 33,124,089 9.74 45,863,229 14.35 (12,739,140) (27.78)
Gross Claims as % of GP 153,697,226 30.25 148,552,226 31.10 5,145,000 3.46
Gross Claims as % of NP 153,697,226 45.21 148,552,226 46.48 5,145,000 3.46
Net Claims as % of GP 106,676,083 21.00 88,688,943 18.57 17,987,140 20.28
Net Claims Paid as % of NP 106,676,083 31.38 88,688,943 27.75 17,987,140 20.28
Combined Expenses as % of GP 355,800,107 70.04 345,447,631 72.32 10,352,476 3.00
Combined Expenses as % of NP 355,800,107 104.66 345,447,631 108.08 10,352,476 3.00
Operating income as % of GP 61,562,971 12.12 64,462,784 13.49 (2,899,813) (4.50)
Operating income as % of NP 61,562,971 18.11 64,462,784 20.17 (2,899,813) (4.50)
Gross Profit (before tax) Ratio on Turnover 117,420,123 23.11 98,800,516 20.68 18,619,607 18.85
Net Profit (after tax) on Turnover 83,439,273 16.42 76,696,793 16.06 6,742,480 8.79

GRAPHICAL PRESENTATION/PERFORMANCE IN GRAPHS

Based on Financial Statement 2017


Brief Profile of The Directors
Yussuf Abdullah Harun, FCA

Chairman
Mr. Yussuf Abdullah Harun was born in Comilla on November 15,

1947. He had a brilliant academic career. He obtained B.com.
(Hons.) Degree from University of Dhaka in the year 1967 and
Qualified as a Chartered Accountant from the Institute of Chartered
Accountants in England & Wales.
Mr. Yussuf Abdullah Harun started his business career as an
entrepreneur just after completion of his education and became
a prominent industrialist of the country. He was Chairman, Board
of Directors of Southeast Bank Ltd., former President of the FBCCI
and Director of Infrastructure Development Company Limited
(IDCOL). Mr. Harun was also Vice President of SAARC Chamber
of Commerce and Industry and Vice President, Confederation of
Asia Pacific Chamber of Commerce and Industry (CACCI). He is a
member of the Board of Governors of North South University and
the Board of Directors of Policy research institute (PRI). He is the
Chairman of the Daily Observer, a national English Daily.
He is associated with a number of companies in the field of
shipping, Real Estate, Hotel etc. Mr. Yussuf Abdullah Harun is a
member of Parliament and is actively associated with a number of
Socio-Cultural organizations as donor and life member.
Mahbubul Alam
Vice Chairman
Mr. Mahbubul Alam was born in the year 1958 at Chittagong.

He obtained B.A (Hons.) and Masters degree in Sociology from
Chittagong University in the year 1979 and 1980 respectively.
He started his business after completion of his education and
established himself as successful entrepreneur. His business
affiliation includes life and non-life Insurance, Steel Industry,
Trading of various commodities.
Mr. Mahbub has been elected as the President of Chittagong
Chamber of Commerce Industry (CCCI) and Vice President of the
Federation of Bangladesh Chambers of Commerce & Industry
(FBCCI), Vice President of Eastern Indian Confederation of Chamber
and he is also the Chairman of Diamond Life Insurance Company
Limited. Mr. Alam is associated actively with good number of socio-
cultural organizations.

Abul Bashar Chowdhury
Director & Chairman, Executive Committee
Mr. Abul Bashar Chowdhury, son of Late Alhaj Abdus Salam

Chowdhury and Mrs. Johora Khatun, was born on February 15,
1962 at potiya, in Chittagong. He obtained B.A. (Hons) degree in
Political Science from the University of Chittagong in the year 1983.
Just after completion of education, he started his business career
in 1985 and became successful businessman and entrepreneur.
His business affiliation includes in Hatchery, Poly Industries, Food
products, Shipping Petro Chemical & bulk Trading. Mr. Abul Bashar
Chowdhury was the founder Chairman of Asia Insurance Ltd. and
now he is the Chairman of Executive Committee of Asia Insurance
Limited. He is also the Chairman of Super Petro Chemical, Modern
Hatchery Ltd., Modern Fiber Ind. Ltd., Modern Poly Ind. Ltd.,
Mutual Shipping Ltd., Ruby food products Ltd., and chairman of
BSM group of companies.
Mr. Abul Bashar Chowdhury was the founder Director of CMCCI
& Nominated Director of FBCCI. He is the member of Australia-
Bangladesh Chamber of Commerce, Bangladesh-Thailand Chamber
of Commerce & Industry and member of Executive Committee
Bangladesh-Myanmar Friendship society. Mr. Chowdhury is the
member of Chittagong Club Ltd & Life Member of Batiary Gulf &
Country Club and actively associated with a good number of socio-
cultural organizations.
Alamgir Kabir FCA

Director & Chairman, Human Resource
Development Committee
Mr. Alamgir Kabir FCA, Son of Late Belayet Hossain and Late Rezia
Begum, Sponsor Director of Asia Insurance Limited. He was born
on December 28, 1947. He had a brilliant academic career and
is a qualified Chartered Accountant. Mr. Kabir is the Chairman of
Southeast Bank Limited. and an Independent Directors of National
Life Insurance Company Limited.

Mohammed Jahangir Alam
Director
Mr. Mohammed Jahangir Alam is a man of energetic and visionary

businessman. After completing education from Government
College of Commerce, Chittagong in 1980 started his career by
joining in a private service.
He has derived vast proficiency in trading on Iron & Steel, Cement,
Bitumen, C.I Sheet, Zinc Ingot, Capital Market, Industrial ventures
etc. Initially he established his business house named Jahangir &
Others in 1987 which was subsequently incorporated as Jahangir
& Others Limited in 2003. He has established himself as one of
the business leaders in Bangladesh. He is the Chairman of Crown
Cement Group, GPH Group and Director of Premier Cement Mills
Ltd., and Chartered Life Insurance Ltd. He is also actively involved
with the many social & philanthropic organizations of the country.
Mohammed Jamal Ullah

Director
Mr. Mohammed Jamal Ullah was born in Chittagong on June 12,

1957. He started business career right after completion of his
education and achieved remarkable success in business. He earned
notable fame in business community for his integrity, devotion and
sincerity for long 35 years.
His business affiliation includes mainly on Manufacturing and
Trading of Commodities. Mr. Mohammed Jamal Ullah is one
of the sponsor Director of Asia Insurance Ltd. Besides he is the
Managing Director of Silver Dal Mils Ltd., Ishfar Oil Mills Ltd., Rupali
Soap & Checmical Industries (Pvt.) Ltd., Annu Sany Trading (Pvt)
Ltd., Silverbell Properties Ltd. and also Managing Partner of Gazi
Commodity Marketing Co. and proprietor of M/S Bismillah Store
which all are established in Chittagong.

Khaleda Begum
Director
Ms. Khaleda Begum, daughter of Late Alhaj Abdus Salam

Chowdhury and Mrs. Johora Khatun and wife of Alhaj Md. Abul
Kalam, was born in the year 1960 in Chittagong. She associated
herself in her husband’s business and built up a reputation as
an astute and efficient business entrepreneur and achieved
remarkable success in business.
Ms. Khaleda Begum is one of the Sponsor Director of Asia Insurance
Ltd. Apart from this, she is involved in number of diversified
well-reputed business and industrial enterprises which includes
Oil Refinery, Iron & Steel, Plastic Products, Chemical Complex,
Timber and Poly-wood Industries, Paper and Board Mills, Leather
and Foot-ware, Tannery, Vegetable oil & Beverage, Poultry Farms
and so on. She is associated with about 16 numbers of business
and Leading business conglomerates of the country T.K. Group
of Companies. Ms. Khaleda Begum has built up reputation as a
prominent personality and forward looking business person.
Furthermore, she is widely travelled person and visited many
countries in Europe, USA, UK and Asia. She has deep affinity and
also attachment with number of various socio cultural organizations
and activities.
Farzana Afroze
Director
Ms. Farzana Afroze, wife of Mr. Asifur Rahman and daughter of

Alhaj Md. Abul Kalam & Mrs. Khaleda Begum was born in the year
1980 in Chittagong. She obtained her graduation in science faculty
with special merit scholarship from the University of Southern
California, USA in the year 2004. Just after completion of her
education she started her family business and participated in Asia
Insurance Limited as one of the Sponsor Director. Ms. Farzana is
the Chairman of Samuda Chemical Complex Ltd., Samuda Power
Ltd., Samuda Peroxide Ltd., Samuda Caustic Ltd., Genweb2 Ltd.
and she is Director of Super Petrochemical (Pvt.) Ltd., Modern Poly
Industries Ltd.

Mohammad Mostofa Haider
Director
Mr. Mohammad Mostofa Haider, son of Alhaj Md. Abul Kalam and
Mrs. Khaleda Begum, was born on April 02, 1979 in Chittagong. He
is graduated from the University of Southern California, USA. After
completion of his education in USA Mr. Mostofa Haider joined his
family business T.K Group. Mr. Haider is the Chairman of Premier
Cement Mills Ltd., Premier Power Generation Ltd., Roknoor
Navigation ltd. and Managing Director of T.K Shares & Securities
Ltd., Super Petrochemical (Pvt.) Ltd., Samuda Chemical Complex
Ltd, Premier Power
Ltd. and Samuda Power Ltd, Samuda Peroxide Ltd., Samuda Caustic
Ltd., Genweb2 Ltd. He is also holding Directorship resposibilities
in Asia Insurance Limited., Hafsa Nazir industries Complex Ltd.,
Premium Assets Ltd., Modern Poly Industries Ltd. and Modern
Power Ltd., BSM Essential Ltd.
M. Kamal Hossain
Nominated Director of Southeast Bank Ltd.
Mr. M. Kamal Hossain was born on January 01,1958. Mr.

Hossain had an exemplary academic background. He did
his MSS with distinction in Public Administration from the
University of Chittagong in 1982. He started his banking
career as a Probationary Officer with National Bank Limited
in1983. He spent 18 (eighteen) years in National Bank
Limited holding important positions in different branches
and Head Office.
Mr. M. Kamal Hossain has been serving Southeast Bank
Limited (SEBL) as Managing Director since the 20th June,
2017. He joined SEBL in July 2003 as Vice President and prior
to his current assignment, he served as Additional Managing
Director of the Bank. During his years of journey with SEBL,
he held the position of Head of Branch (HoB) of a number of
Bank’s leading branches including Principal Branch.
During his 35 years long banking journey, Mr. Hossain gained
extensive banking experience and
developed wide range of expertise in almost all areas of
commercial banking comprising Import, Export, Credit,
General Banking, Human Resources, Accounts etc. Under his
visionary leadership, SEBL is expected to evolve as a leading
commercial bank of Bangladesh with exemplary business
and financial outcomes.
Mr. Hossain is an alumnus of the Public Administration
Department of the University of Chittagong. He attended
numerous seminars, workshops and training programs at
home and abroad. He extensively visited the United States
of America (USA), United Kingdom (UK), Switzerland,
Germany, France, Spain, Australia, Canada, Myanmar, Turkey,
Singapore, Malaysia, Thailand, China, Saudi Arabia, Oman,
Qatar, India, etc. Mr. Hossain is married to Ms. Manoara
Begum and blessed with two sons and one daughter.

Tarik Sujat
Nominated Director of Bay Leasing & Investment Ltd.
Mr. Tarik Sujat, Son of Tofazzal Hossain and Hosne Hena Hossain
was born in the year 1965 September 10, at Dhaka. He obtained
MSS in Political Science from Dhaka University in the year 1990.
After completion of education he has strated his Business carrier.
At present he is the CEO of Journeyman (Interior & Graphics
Designer Company), Director of Bay Leasing & Investment Ltd.
and Director of Desh TV Limited. He is also involved in Publication
(Creative Work & Writing) and participated different conference,
seminar & workshop. He has attachment with number of various
socio-cultural organizations and activities.
Mohammad Ali Khokon

Director
Mr. Mohammad Ali Khokon is the Managing Director of the

Maksons group. He has 29 years of Business Experience. He has
visited many countries of the world in connection of business and
thus gained vast experience and knowledge of Modern Methods,
Technology, Production and Marketing & Management Techniques
of textile industries. His wisdom helps Company to formulate policy
& to set strategic planning and direction for the Entire range of
its activities. Involved to set business planning, financial planning,
marketing policy, procurement policy, dividend policy, operational
policy, expansion/future business policy and other business affairs
of the Company. Deals with financial institutions, Government
Regulatory Bodies, International vendors, legal bodies, and other
concern departments as a part of Corporate management policy.
Mr. Mohammad Ali Khokon is the Vice President of Bangladesh
Textile Mills Association (BTMA).

Zakir Ahmed Khan
Independent Director
Mr. Zakir Ahmed Khan was born on December 01, 1945. He

completed his BA (Hons) and MA in Economics from the university
of Dhaka and Obtained his MBA from Vrije Universiteit, Brussels
Belgium. Alongside he also studied development economics and
development administration in Colodaro State University as a
Hubert Humphrey Fellow of the USA.
Mr. Zakir Ahmed Khan was appointed as an Independent Director of
the Company on 28.09.2013 and is also the Chairman of the Audit
Committee of the Company. Mr. Khan made solid contributions
to the Government of Bangladesh as he served in key position in
various ministries of Government of Bangladesh between 1970
and 2005. He was the Finance Secretary of the Government of
Bangladesh and also Chairman of National Board of Revenue of
Bangladesh. Prior to his retirement from Government service he
worked as an Alternate Executive Director of the World Bank,
representing Bangladesh, India, Bhutan and Sri Lanka.
Dr. Zaidi Sattar

Independent Director
Dr. Zaidi Sattar, Chairman, PRI, and a former senior economist of

the World Bank, is a broad-based development economist with
specialization in trade, macroeconomics and development.
Dr. Sattar was educated at the Boston University and has conducted
policy research in the areas of macroeconomic management,
growth, and trade policy. Dr. Sattar was a core team member
drafting the Sixth Five Year Plan (2011-15) and the Perspective Plan
(2010-2021) of Bangladesh. He is recognized as a leading expert on
trade and industrial policy issues in Bangladesh.
He served as World Bank Advisor on tariffs and customs reform
at the National Board of Revenue (1992-95), and later as UNDP
Macroeconomist at the Planning Commission (1995-96). He joined
the World Bank in 1996 as Senior Economist, South Asia Region,
where he served as macro and trade economist until September
2007. He co-authored two seminal World Bank publications, Trade
Policies in South Asia: An Overview (2004) and Studies in India-
Bangladesh Trade (2006). He was the lead author of another World
Bank publication, “Bangladesh 2020: A Long-Run Perspective
Study”. Prior to his World Bank appointment, he was the member
of the faculty of The Catholic University of America, Washington
DC (1984 - 1992). He was also a member of the Civil Service of
Pakistan and Bangladesh (1969 – 1983), having served in different
ministries and districts in Pakistan and Bangladesh. He was the
Vice-Chancellor of the Millennium University, Dhaka (2007 –
2008). He has numerous publications in international and national
journals and has presented papers on trade policy, private sector
development, and growth issues at national and international
conferences. He is on the Board of Directors of several financial
institutions: Southeast Bank Ltd., Southeast Bank Foundation, and
Asia Insurance Limited. He is a life member of Bangladesh Economic
Association, Bangladesh Economists’ Forum and American Alumni
Association. He is also an Advisor to The Financial Express.

Md. Imam Shaheen
Managing Director & CEO
Md. Imam Shaheen joined in Asia Insurance Limited as Chief

Executive Officer & Managing Director on December 31, 2014,
which approved by Insurance Development & Regulatory Authority
(IDRA) Bangladesh.
Prior to join the Asia Insurance Ltd., Md. Imam Shaheen had been
serving as the Deputy Managing Director, Additional Managing
Director and Head of Underwriting, Claims, Branch Control, Human
Resource & Administration Department in the Phoenix Insurance
Company more than 5 (Five) years with distinguished contribution
of his assignment.
Before joining the Phoenix, Mr. Shaheen was serving as the
Senior Executive Vice President and Head of Re-insurance, Claims,
Underwriting, HRD & Training, Market Plan & Promotion Dept. in
Asia Insurance Ltd. longer than 5 years with outstanding efficiency.
After obtaining Master’s degree with honours in Management
from the Chittagong University, Md. Imam Shaheen started his
career as an officer with Green Delta Insurance Co. Ltd. in 1989
and held responsible position about 15 years in different capacities
with reward.
Md. Imam Shaheen received ‘TYSER & CO. LIMITED’. London Award
in recognition of outstanding result in the Bangladesh Insurance
Academy (BIA) Diploma examination. Mr. Shaheen is an Associate
Lecturer and Examiner both in Bangladesh Insurance Academy
& Association since a decade. He has visited many countries for
the professional and personal purpose. Md. Imam Shaheen has
been elected as the Secretary General of the Institute of Insurance
Executives Bangladesh (IIEB) and Joint Secretary General of
Bangladesh insurance Forum (only CEO’s organization). He is the
civil sponsor, Defence Service Command and Staff College, Mirpur
Cantonment, Dhaka.
Among 28 years Insurance career, Mr. Shaheen has participated
actively in a good number of prestigious Training, Workshop and
seminar both at home and abroad. Md. Imam Shaheen obtained
the opportunity to equip himself by working closely in all important
section of general Insurance that has enabled him for gathering
versatile knowledge and experience to add this profession.

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Picturial View of Asia Insurance Limited
Managing Director & CEO is taking reference note on matters of technical issues.
Mr. Md. Imam Sheheen, MD & CEO of the company speaks with media.

Picturial View of Asia Insurance Limited
Md. Imam Shaheen, MD & CEO is with management team.
Managing Director & CEO with senior officers and Head of Branches

Events of AIL in Pictures
Event of 17th AGM 2017

Event of 17th AGM 2017

Share holders expresing their views:
Share holders expresing their views:

Handover ceremony of Credit Rating Documents

Views of the Half yearly Business conference 2017

The Chairman is addressing at Annual Business Conference 2018
Mr. Mohammad Omar Faroque, Head of Dilkusha Branch is receiving performance excellance award.

Mr. Mohammad Emdadul Hoque,Head of Motijheel Branch is receiving award of excellance.
Mr. Yusuf Abdullah Harun, FCA, MP, Chairman of the company speaks with media.

Group photos of all branch Anti Money Laundering compliance officer(BAMLCO) & CAMLCO after day long
workshop.

Awareness development meeting with officers regarding against Terrirism & militancy.
Mr. Md. Imam Shaheen, MD & CEO leads presence of Asia Insurance sharing IDRA rally in occation of developing
country celebration.

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ev¯Íevq‡bi Rb¨ c~uwRevRvi‡K cÖavb nvwZqvi wnmv‡e e„w×‡Z mZZv, wbôv I AvšÍwiKZvi mv‡_ KvR K‡i
eënvi Kiv nq | wKš‘ †mw`K †_‡K evsjv‡`‡ki hv‡”Q|
c~uwRevRv‡i wecixZ Ae¯’v weivR Ki‡Q| ZvÕ †_‡K
Gw`‡K, †Kv¤úvwbi †kqvi μq-weμ‡qi mv‡_
†ewi‡q G‡m †`‡k Kvh©Ki GKwU c~uwRevRvi M‡o
wewb‡qvMKvix‡ì m¤ú„³Zvq XvKv I PUªMÖvg ÷K
Zzj‡Z miKvi c~uwRevRv‡ii cÖvwZôvwbK `~e©jZv
G·‡P‡Ä 2009Bs mv‡ji 25‡k Ryb Zvwi‡L
`~ixKib, eÛ, A¨v‡mU e¨vK&W wmwKDwiwUR, wgDPz¨qvj
†Kv¤úvwbi †kqvi cÖ_g †jb‡`‡bi ci n‡Z 2009Bs
dvÛ, BÝy¨‡iÝ †Kv¤úvwb mn BZ¨vwì gva¨‡g
n‡Z 2017Bs ch©šÍ cÖwZ eQ‡ii 31†k wW‡m¤î
cÖvwZôvwbK Ask MÖnb evov‡bvi c`‡ÿc wb‡q‡Q |
Zvwi‡Li Kvh©wèm †k‡l cÖvß wnmve Abyhvqx ewb©Z
GQvov †`‡k K¨vwcUvj gv‡K©U ‡W‡fjc‡g›U gvóvi
eQi wfwËK †kqvi‡nvìvi msL¨v wbb¥iæc t
cø¨vb cÖbqb Gi cvkvcvwk †i¸‡jUix AvBb Kvbyb
ms¯‹vi I BK~¨BwU gv‡K©U ms¯‹v‡ii c`‡ÿc MÖnb †kqvi‡nvìvi msL¨v (31‡k wW‡m¤î
Kiv n‡q‡Q| GB Ae¯’vq Avkv Kiv hvq †h, Ae¨vnZ eQi
Zvwi‡L)
ìcZb, k¼v, c~uwRevRv‡ii Aw¯’wZkxjZv I nZvkv
2009 Bs 2,164
KvwU‡q D‡V evsjv‡`‡ki cyuwRevRvi GKwU `xN©‡gqv`x
w¯’wZkxj evRv‡i cwibZ n‡e| 2010 Bs 7,776
2011 Bs 10,109
Gwkqv BÝy¨‡i‡Ýi †kqvi I Gi gvwjKvbv Ges †kqvi
cÖwZ Avq, bxU m¤ú` g~j¨ I eQi wfwËK jf¨vsk 2012 Bs 9,601
†Nvlbv t 2013 Bs 10,296
†Kv¤úvwbi †kqvi µq weµ‡qi mv‡_ wewb‡qvMKvix‡ì 2014 Bs 8,976
m¤ú„³Zv AviI Av¯’vc~b© I wbweo Kivi Rb¨
2015 Bs 7,286
†Kv¤úvwbi cwiPvjK cwil`, eë¯’vcbv KZ…©cÿ I
Kg©KZ©v-Kg©Pvixe„›` ¯^ ¯^ Ae¯’vb n‡Z mZZv, wbôv 2016 Bs 5,878
I AvšÍwiKZvi mv‡_ KvR K‡i hv‡”Q| 2017 Bs 4,603
wewb‡qvMKvixMb c~uwRevRv‡ii g~j wfwË we‡ePbvq
Aciw`‡K 2017Bs mv‡ji 31‡k wW‡m¤î Zvwi‡L
Zvu‡ì kÖgjä Z_v KóvwR©Z A_© wewb‡qvM K‡i
†Kv¤úvwbi cwi‡kvwaZ g~ja‡bi †kqvi msL¨v
_v‡Kb| Gwkqv BÝ~¨‡iÝ wjwg‡UW wewb‡qvMKvix‡ì
2016Bs, 2015Bs I 2014Bs mv‡ji b¨vq
GB `„wó fw½‡K we‡ePbvq G‡b †Kv¤úvwbi †kqvi‡K
4,70,69,858wU †Z w¯’Z i‡q‡Q| hvÕ 2013 Bs
GKwU AvKl©bxq †kqv‡i cwibZ Ki‡Z Zv‡ì mvwe©K
mv‡j wQj 4,48,28,437wU|
cÖ‡Póv MÖnb Ae¨vnZ †i‡L‡Q| hvi djkÖæwZ‡Z,
†kqvi‡nvìviM‡bi Rb¨ jf¨vsk †Nvlbvi †Kv¤úvbxi †kqvi msL¨vi wfwË‡Z eQi wfwËK †kqvi
avivevwnKZv, †kqvi cÖwZ bxU m¤ú` g~j¨ I Kvh©μg cÖwZ Avq I bxU m¤ú` g~j¨ wb‡b¥ D‡jøL Kiv n‡jv|

†Kv¤úvwbi eQi wfwËK †kqvi cÖwZ Avq wbb¥iƒc t Gw`‡K 2000Bs mv‡j †Kv¤úvwbi eëmvwqK Kvh©μg
n‡Z 2014Bs mvj ch©šÍ Aby‡gvw`Z g~ja‡bi
eQi †kqvi cÖwZ Avq
wecix‡Z cwi‡kvwaZ g~ja‡bi cwigvbI D‡jøL¨‡hvM¨
2009 31.19 (‡kqvi cÖwZ AwfwnZ g~j¨ -100/- fv‡e evo‡jI 2014Bs I 2015Bs mv‡ji wbixwÿZ
UvKv) wnmv‡ei wfwË‡Z †kqvi‡nvìviMb‡K ïaygvÎ bM`
2010 11.99 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- jf¨vsk cÖ`vb Kivq †Kv¤úvwbi cwi‡kvwaZ g~jab
UvKv)
2017Bs mv‡jI 2014Bs, 2015Bs I 2016Bs
2011 1.48 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/-
mv‡ji b¨vq AcwiewZ©Z i‡q‡Q|
UvKv)
2012 1.64 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- wb‡gœ 2008Bs mvj n‡Z 2017Bs mvj ch©šÍ
UvKv) †Kv¤úvwbi Aby‡gvw`Z I cwi‡kvwaZ g~ja‡bi cwigvb
2013 1.93 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- †`Lv‡bv n‡jv t
UvKv)
2014 1.10 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- eQi Aby‡gvw`Z g~jab cwi‡kvwaZ g~jab
UvKv) 2008 30,00,00,000 6,00,00,000
UvKv) 2009 30,00,00,000 15,00,00,000
2016 1.63 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- 2010 1,00,00,00,000 16,50,00,000
UvKv)
2011 1,00,00,00,000 37,12,50,000
UvKv) 2012 1,00,00,00,000 42,69,37,500
†Kv¤úvwbi †kqv‡ii eQi wfwËK bxU m¤ú` g~j¨ 2013 1,00,00,00,000 44,82,84,370
wbb¥iƒct 2014 1,00,00,00,000 47,06,98,580
eQi †kqvi cÖwZ bxU m¤ú` g~j¨ 2015 1,00,00,00,000 47,06,98,580
2009 169.00 (‡kqvi cÖwZ AwfwnZ g~j¨ -100/- 2016 1,00,00,00,000 47,06,98,580
UvKv)
2017 1,00,00,00,000 47,06,98,580
UvKv)
Aciw`‡K †Kv¤úvwb cÖwZôvi ci n‡Z AwR©Z gybvdvi
UvKv) wfwË‡Z †kqvi‡nvìviMb‡K †h jf¨vsk cÖ`vb I
†Nvlbv Kiv n‡q‡Q ZvÕ wb‡gœ wee„Z n‡jv|
UvKv)
g~jabx
2013 18.32 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- eQi bM` jf¨vsk ‡gvU jf¨vsk
jf¨vsk
UvKv)
2014 17.11 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- 2000 5% Ñ 5%
UvKv) 2001 7% Ñ 7%
2015 17.28 (‡kqvi cÖwZ AwfwnZ g~j¨
-10/- UvKv) 2002 8.50% Ñ 8.50%
2016 17.86 (‡kqvi cÖwZ AwfwnZ g~j¨ 2003 10% Ñ 10%
-10/- UvKv)
2004 10% Ñ 10%
2017 18.52 (‡kqvi cÖwZ AwfwnZ g~j¨
-10/- UvKv) 2005 12% Ñ 12%

g~jabx exgv Awa`ß‡ii ¯’‡j exgv Dbœqb I wbqš¿b KZ…©cÿ
eQi bM` jf¨vsk ‡gvU jf¨vsk exgv Lv‡Zi wbqš¿b KZ…©cÿ wnmv‡e MwVZ nq Ges
jf¨vsk
h_vixwZ KvR ïiæ K‡i|
2006 12% Ñ 12%
2007 15% Ñ 15% Ab¨w`‡K, evwbR¨ gš¿bvjq n‡Z exgv LvZ A_©
gš¿bvj‡qi Aax‡b Avbv nq| GB cwieZ©‡bi d‡j
2008 16% Ñ 16% Ae‡nwjZ exgv LvZ mevi bR‡i Av‡m Ges eZ©gv‡b
2009 - 10% 10% ¯^Zš¿ GKwU Ae¯’vb wb‡q hvÎv ïiæ K‡i‡Q| †`‡ki
2010 25% 25% 50% mvgwMÖK I †UKmB Dbœq‡b exgv Lv‡Zi f~wgKv‡K
wbwðZ I Kvh©Ki Kivi Rb¨ we`¨gvb exgv LvZ‡K
2011 15% 15% 30%
hy‡Mvc‡hvMx I AvšÍR©vwZK gv‡b DbœxZ Kivi Rb¨
2012 10% 5% 15% BwZg‡a¨ cÖkvmwbK I AvBbx ms¯‹v‡ii cvkvcvwk
2013 15% 5% 20% exgv Lv‡Zi Dci Z`viKx I bRi`vix evwo‡q ¯^”QZv
I Revew`wnZv wbðZ Kiv n‡”Q| ejv hvq e`‡j
2014 10% Ñ 10 %
hv‡”Q †`‡ki exgv LvZ| miKv‡ii A_©gš¿bvj‡qi
2015 10% - 10 % Avw_©K cÖwZôvb wefvM evsjv‡`‡ki cÂg evwbR¨bxwZ
2016 10% - 10 % ch©v‡jvPbv Dcj‡ÿ¨ weMZ 30‡k GwcÖjÕ2018Bs
Zvwi‡L †h wnmve cÖbqb K‡i‡Q, Zv‡Z †`Lv hvq
2017 10% - 10 %
(mycvwik †h, †`‡ki exgv Lv‡Zi wcÖwgqvg Avq cÖvq 8 nvRvi
K…Z) †KvwU UvKv| Gi g‡a¨ 45wU †emiKvix mvavib exgv
(bb-jvBd) †Kv¤úvwbi wcÖwgqvg Avq 1 nvRvi 8
evsjv‡`‡ki exgv evRvi t kZ 69 †KvwU UvKv Ges ivóªxq ms¯’v mvavib exgv
K‡c©v‡ik‡bi wcÖwgqvg Avq 2kZ 77 †KvwU UvKv|
Rxeb exgv I mvavib exgv wgwj‡q evsjv‡`‡ki Aciw`‡K, Rxeb Lv‡Zi 30wU †emiKvix exgv
exgv evRv‡ii cwimi †Zgb eo bq | hwÌ †`‡k †Kv¤úvwbi Avq 4 nvRvi 6kZ 86 †KvwU UvKv
ivóªvqË¡ 1 wU Rxeb exgv cÖwZôvb I 1wU mvavib exgv Ges ivóªxq ms¯’v Rxeb exgv K‡c©v‡ik‡bi Avq 2
cÖwZôvb Ges †emiKvix Lv‡Zi 31wU Rxeb exgv I kZ 64 †KvwU UvKv| G‡Z †`Lv hvq †h, bb-jvBd
45wU mvavib exgv †Kv¤úvwb †`k Ry‡o exgv eëmvq exgv †Kv¤úvwbi †gvU wcÖwgqvg Avq †_‡K mvavib
wb‡qvwRZ i‡q‡Q | exgv K‡c©v‡ik‡bi Av‡qi fvM 14.84 kZvsk Ges
cÖvq 960 wgwjqb gvwK©b Wjv‡ii exgv evRv‡ii Rxeb exgv †Kv¤úvwbi †gvU wcÖwgqvg Avq †_‡K Rxeb
evsjv‡`k we‡k¦i exgv wk‡íi 76Zg Ae¯’v‡b i‡q‡Q exgv K‡c©v‡ik‡bi Av‡qi fvM 5.34 kZvsk| Avkv
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exgv wkí LyeB bMb¨ | evsjv‡`‡k gv_v wcQz exgv wcÖwgqvg Avq ch©vqµ‡g AviI e„w× cv‡e|
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AvB‡bi cwie‡Z© bZzb exgv AvBb cvm nIqvi c‡i AvaywbKvq‡bi c`‡ÿc †bIqv n‡q‡Q|

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B‡gR msKU `yi Kiv Ges eëmv Avni‡b Kwgkb
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Report of the
Audit Committee
Composition of the Audit Committee:
The Audit Committee of Asia Insurance Limited comprise of 09
(Nine) members including one Independent Director. The present
Audit Committee has been reconstituted by the Board in its 123rd
meeting held on 21-05-2017.
01 Mr. Zakir Ahmed Khan Chairman Independent
Director
02 Mr. Alamgir Kabir FCA Member Director
03 Mr. Abul Bashar Chowdhury Member Director
04 Mr. Mahbubul Alam Member Director
05 Mr. Mohammad Jahangir Alam Member Director
06 Mrs. Khaleda Begum Member Director
zAKIR aHMED kHAN 07 Mr. Tarik Sujat Member Director
Chairman 08 Mr. Mohammad Ali Khokan Member Director
09 Mr. Md. Imam Shaheen Member Chief Executive
Officer
Governance: Audit Committee of the Board can play an effective role in providing a bridge between the Board
and Management, Shareholders and other Stakeholders. The Board of Directors of Asia Insurance recognized
the importance of the Audit Committee. The Key role of the Committee is to assist the Board in the discharge
of its responsibilities for financial and business discipline, financial reporting, corporate governance and internal
control.
Role of the Audit Committee: According to the Terms of Reference approved by the Board and in compliance with
Section 3.00 of the Bangladesh Securities and Exchange Commission Notification No. SEC/CMRRCD/2006-158/134/
Admin/44 dated: 07th August 2012, the role of the Committee is as follows:
zz Oversee the financial reporting process.
zz Monitor choice of accounting policies and principles.
zz Monitor Internal Control Risk management process.
zz Oversee hiring and review performance of external auditors.
zz Review along with the management, the annual financial statements before submission to the Board for
approval.
zz Review along with the management, the quarterly and half yearly financial statements before submission
to the Board for approval.
zz Review the adequacy of internal audit function.
zz Review statement of significant related party transactions submitted by the management.
Audit Committee Meeting: During the year 2017, the Committee convened 4(four) meetings in which it reviewed,
among other things, issues relating to business operations, administrative control, legal compliance and finance
& accounts.
Head of Internal Control & Audit department, Chief Financial officer and Company Secretary were invitees to the
meetings.

Activities performed during 2017:
zz Review of the:
–– Auditor’s report and audited accounts for the year 2016.
–– Un-audited quarterly financial statements for the year 2017.
–– Appointment of external auditors.
–– Significant internal audit findings with a view to taking timely corrective actions.
–– Efficiency and effectiveness of internal audit function.
zz Approved annual audit planning for the year 2018 and gave directions to the internal auditor where
appropriate for carrying out in depth audit.
zz The Committee was not aware of any issues in the following areas which needed to be reported to the Board:
* Report on conflict of interest;
* Suspected or presumed fraud or irregularity or material defect in the internal control system and
* Suspected infringement of laws, including securities related laws, rules and regulations.
During its meeting held on 11th March 2018, the Audit Committee reviewed and examined the internal audit
reports on the draft annual financial statement for the year 2017 and recommended the audited accounts for the
year 2017 to the Board of Directors for their consideration and approval.
The Audit Committee would like to record their appreciation to the management, employees in general and the
Internal Audit Division in particular for their sincere efforts and dedication for ensuring transparency in business
operations. Finally, the Committee would like to express their sincere thanks to the Board of Directors for their
active support and co-operation extended to the Committee in the discharge of their responsibilities.
Zakir Ahmed Khan

Chairman
Audit Committee

Corporate Governance
Every Company has its vision and mission in corporate system to achieve the goal through accountability,
responsibility, transparency, fairness for the best interest of stakeholders those should have been in corporate
governance. Asia Insurance Limited is the top listed non-life insurance Company of our country. The Board of
Director of Asia Insurance Limited has the major role to ensure the corporate governance by providing policy
making to the management for implementation. The Board of Director of Asia Insurance Limited formulates
the Vision, Objective and strategic goals to safeguard the interest of client, service provider, regulatory bodies,
shareholders and employees. The Chief Executive Officer (CEO) implements the decision of the Board to establish
high standard of corporate governance. Asia Insurance Limited trust that its corporate governance practice comply
with all the aspects of BSEC Notification no: BSEC/CMMRRCD/2006-158/129/Admin/43, Dated: 03 July, 2012.
Composition of the Board:

The Board consists of 14 Directors of which 9 are sponsor Directors, 3 are public Shareholder Directors and
2 is independent Director. They possess a wide range of skills, talencies and quite experience over a range of
professions, business and services. They discharge their responsibilities and duties under the existing law efficiently
and effectively. The Board is fully empowered to control over the Company’s affairs and is entirely accountable to
the shareholders. The Board formulates the strategic objectives, policy framework and assesses the performance
of management.
Role and responsibilities of the Board:

zz The Board of Asia Insurance Limited exercises the following functions as per charter of the Board.
zz To determine strategies, policies, management performance criteria and business plan along with
monitoring and evaluating of the same.
zz Reporting on the affairs, progress and performance of the Company to the shareholders timely and
periodically.
zz Delegation of power to Board committee and management and approval of transaction in excess of
delegated power.
zz Approval of Annual Budget of all expenditure including capital ones.
zz Ensuring of necessary skill and experience of the senior executives to perform their function efficiently
for the sake of best interest of the Company.
Role of the Chairman:

The Chairman is the Head of the Board and he runs the Board. He takes decision regarding any matter in
consultation with the Board members. The Chairman determines composition and organization of the Board. He
informs the Board regarding its management and responsibilities. The Chairman also plan and manage the Board
and committee meetings. He has also the responsibilities to develop the effectiveness of the Board.
Role of the Chief Executive Officer (CEO):

The Chief Executive Officer takes executives decision within the jurisdiction of power delegated and empowered
by the Board. His duties and responsibilities are also followed by guideline of IDRA. The CEO is engaged in the
day-today affairs of the Company. He is responsible to implement the Board strategy and policy and accountable
to the Board for operational activities of the Company.

Compliance Report to BSEC Notification
Status of compliance with the conditions imposed by the Bangladesh Securities and Exchange Commission’s
Notification No.SEC/CMRRCD/2006-158/134/Admin/44dated 07 August, 2012 issued under section 2CC of the
Securities and Exchange Ordinance, 1969:
Compliance status
(Put √ in the
Condition appropriate column) Remarks
Title
No (if any)
Not
Complied
complied
1 BOARD OF DIRECTORS:
1.1 Board’s Size [number of Board members to be 5 - 20] √
1.2 Independent Directors
1.2 (i) Number of Independent Directors [at least 1/5] - Appointed 2
Independent
Director and
to follow the
Insurance
ACT’2010 &
Complience
of BSEC
notification
another
Independent
Director
appoinments
are under
porcess.
1.2(ii) Independent Director (ID) means a director: √
1.2(ii)(a) Holding no share or holding less than 1% shares √

1.2 (ii) (b) Not being a sponsor and connected with any sponsor or director or √
shareholder holding 1% or more shares
1.2 (ii) (c) Not having any pecuniary or otherwise relationship with the company √
or its subsidiary/associated companies
1.2 (ii) (d) Not being member/director/officer √

of any stock exchange
1.2 (ii) (e) Not being shareholder/director/officer of any member of stock √
exchange or intermediary of capital market
1.2 (ii) (f) Not being partner/executive at present or during the preceding 3 years √
of the company’s statutory audit firm
1.2 (ii) (g) Not being an ID in more than 3 listed companies √
1.2 (ii) (h) Not convicted as defaulter in any loan of a bank or NBFI √
1.2 (ii) (i) Not convicted for a criminal offence √
1.2 (iii) To be appointed by BOD and approved in the AGM √
1.2 (iv) The post cannot remain vacant for more than 90 days - No such
situation
occurred
1.2 (v) Laying down of code of conduct of Board members and recording of √
annual compliance of the code

Compliance status
(Put √ in the
Title
No (if any)
Not
Complied
complied
1.2 (vi) Tenure of ID : 3 years, may be extended for one term √

1.3 Qualification of Independent Director
1.3 (i) Being knowledgeable, having integrity, ability to ensure compliance √
with laws and make meaningful contribution
1.3 (ii) Being a Business Leader/ Corporate Leader/ Bureaucrat/ University √
Teacher Economics/Business/Law)/CA/CMA/CS having 12 years of
management/professional experience
1.3 (iii) Prior approval of the Commission in special cases No Such
event
occurred.
1.4 Appointment of Chairman and CEO, defining their roles √
1.5 The Director’s Report to Shareholders shall include
1.5 (i) Industry outlook and possible future developments √
1.5 (ii) Segment-wise or product-wise performance √
1.5 (iii) Risks and concerns √
1.5 (iv) Discussion on COGS, Gross Profit and Net Profit Margins √
1.5 (v) Discussion on continuity of Extra-Ordinary gain or loss No Such Item
Exists.
1.5 (vi) Basis for and a statement of related party transactions √
1.5 (vii) Utilization of proceeds from issuing instruments No Such Item
Exists.
1.5(viii) Explanation, if the financial results deteriorate after going for IPO, RPO, No Such
Right Offer, Direct Listing, etc Event
occurred.
1.5(ix) Explanation about significant variance between Quarterly Financial √
performance and Annual Financial Statements
1.5(x) Remuneration to directors including IDs √
1.5(xi) Fair presentation in financial statements √
1.5(xii) Maintaining proper books of accounts √
1.5(xiii) Consistent application of appropriate accounting policies, and √
accounting estimates being reasonable and prudent
1.5(xiv) Following applicable IAS/BAS/IFRS/BFRS, and adequate disclosure √
for any departure there-from, if any
1.5(xv) Soundness and monitoring of internal control system √
1.5(xvi) Statement regarding ability to continue as going concern √
1.5(xvii) Significant deviations from last year’s operating results √
1.5 (xviii) Summary of key operating/financial data of last 5 years √
1.5(xix) Reason for non declaration of Dividend Divident
Diclared
1.5(xx) Number of Board meetings and attendance of directors √
1.5(xxi) Pattern of shareholding (along with name wise details) by-
1.5(xxi)(a) Parent/Subsidiary/Associate Companies & related parties √
1.5(xxi)(b) Directors, CEO, CS, CFO, HOIA, their spouses & children √
1.5(xxi)( c) Executives (Top 5 salaried employees other than above) √
1.5(xxi)(d) Shareholders holding 10% or more voting interest √

Compliance status
(Put √ in the
Title
No (if any)
Not
Complied
complied
1.5(xxii) In case of the appointment/re-appointment of a director

1.5(xxii) (a) A brief resume of the director √
1.5(xxii) (b) Nature of his/her expertise in specific functional areas √
1.5(xxii) (c) Names of companies in which he/she holds directorship and the √
membership of committees of the board
2 CFO, HEAD OF INTERNAL AUDIT AND CS:
2.1 Appointment of a CFO, a Head of Internal Audit and a CS and defining √
their roles, responsibilities & duties
2.2 Attendance of CFO and CS in the meetings of the Board √
3 AUDIT COMMITTEE:
3(i) Having Audit Committee as a sub-committee of the BOD √
3 (ii) Audit Committee to assist the BOD in ensuring fairness of √
financial statements and a good monitoring system
3 (iii) Audit Committee being responsible to the BOD; duties of Audit √
Committee to be clearly set forth in writing
3.1 Constitution of the Audit Committee
3.1(i) Audit Committee to be composed of at least 3 members √
3.1(ii) Audit Committee members to be appointed by BOD and at least one √
Independent Director to be included
3.1(iii) Audit Committee members to be “financially literate” and at least one √
to have accounting/financial experience
3.1(iv) Vacancy in Audit Committee making the number lower than 3 √
to be filled up immediately and within 1 month
3.1 (v) The CS to act as the secretary of the Audit Committee √
3.1 (vi) No quorum in Audit Committee meeting without one ID √
3.2 Chairman of the Audit Committee
3.2 (i) Chairman to be an ID, selected by the BOD √
3.2 (ii) Chairman of Audit Committee to remain present in AGM √
3.3 Role of Audit Committee
3.3 (i) Oversee the financial reporting process √
3.3 (ii) Monitor choice of accounting policies and principles √
3.3 (iii) Monitor Internal Control Risk management process √
3.3 (iv) Oversee hiring and performance of external auditors √
3.3 (v) Review the annual financial statements √
3.3 (vi) Review the quarterly and half yearly financial statements √
3.3 (vii) Review the adequacy of internal audit function √
3.3 (viii) Review statement of significant related party transactions √
3.3 (ix) Review Letters issued by statutory auditors √
3.3 (x) Review disclosures/statements/declarations about uses of funds N/A
raised through IPO/RPO/Rights Issue
3.4 Reporting of the Audit Committee
3.4.1 Reporting to the Board of Directors
3.4.1 (i) Reporting on the activities of Audit Committee √
3.4.1 (ii) (a) Reporting on conflicts of interests No even
occur

Compliance status
(Put √ in the
Title
No (if any)
Not
Complied
complied
3.4.1 (ii) (b) Reporting on suspected/presumed fraud or irregularity or material No such

defect in the internal control system event occurd
3.4.1 (ii) (c) Reporting on suspected infringement of laws No such
event occurd
3.4.1(II) (d) Reporting on any other matter to disclose immediately No such
event occurd
3.4.2 Reporting to BSEC No such
event occurd
3.5 Reporting to the Shareholders and General Investors √
4 EXTERNAL / STATUTORY AUDITORS
4.00 (i) Non-engagement in appraisal/valuation/fairness opinions √
4.00 (ii) Non-engagement in designing & implementation of FIS √
4.00 (iii) Non-engagement in Book Keeping or accounting √
4.00 (iv) Non-engagement in Broker-Dealer services √
4.00 (v) Non-engagement in Actuarial services √
4.00 (vi) Non-engagement in Internal Audit services √
4.00(vii) Non-engagement in services determined by Audit Committee √
4.00 (viii) Possessing no share by any partner or employee of the external audit √
firm during the tenure of assignment
4.00 (ix) Non-engagement in Audit/Certification Services on Compliance of √
Corporate Governance as required under clause (i) of condition No. 7
5 SUBSIDIARY COMPANY √
5 (i) Composition of BOD to be similar to holding company N/A
5 (ii) One ID to be in both holding and subsidiary company N/A
5 (iii) Minutes of Board meetings of subsidiary company to be placed at N/A
following Board meeting of holding company
5 (iv) Minutes of respective Board meeting of holding company to state that N/A
affairs of subsidiary company be reviewed
5 (v) Audit Committee of holding company to review financial statements/ N/A
investments of subsidiary company
6 DUTIES OF CEO AND CFO:
6(i) They have reviewed Financial Statement for the year and that to the √
best of their knowledge and belief.
6(i) (a) These statements do not contain any materially untrue statement or √
omit any material facts or contain statements that be misleading.
6(i) (b) To certify that the statements present a true and fair view of affairs √
and are in compliance with accounting standards and applicable laws.
6(ii) To certify that no transaction is fraudulent, illegal or violation of √
company’s code of conduct
7 REPORTING AND COMPLIANCE OF CORPORATE GOVERNANCE:
7(i) Obtaining certificate regarding compliance and sending it to √
shareholders along with the Annual Report
7 (ii) To state, in accordance with annexure, in directors’ √
report whether the conditions has been complied with

CEO’s and CFO’s Declaration
To the Board of Directors
In accordance with the condition No. 06 of BSEC notification No. SEC/CMRRCD/2006-158/134/

Admin/44 dated 7 August 2012 we hereby certify that,
1. We have reviewed financial statements for the year 2017 and that to the best of our
knowledge and belief.
a. These statements do not contain any materially untrue statement or omit any
material fact or contain statements that might be misleading;
a. These statements together present a true and fair view of the Company’s affairs
and are in compliance with existing accounting standards and applicable laws.
2. There are, to the best of knowledge and belief, no transactions entered into by the
Company during the year which are fraudulent, illegal or violation of the Company’s
code of conduct.

Md. Rafiqul Islam Md. Imam Shaheen
Chief Financial Officer Managing Director & CEO

Auditors' Report &
Financial Statements

Auditors' Report
To the shareholders of asia insurance limited
We have audited the accompanying Financial Statements of Asia Insurance Limited which comprise of the
Statement of Financial Position as at 31 December 2017, Profit or Loss Appropriation Account, Statement of Profit
or Loss and Other Comprehensive Income, the related Revenue Accounts, Statement of Changes in Equity and
Statement of Cash Flows for the year then ended and a summary of the significant accounting policies and other
explanatory information.
Management’s Responsibility for the Financial Statements
Management of Asia Insurance Limited is responsible for the preparation and fair presentation of these Financial
Statements of the Insurance Company in accordance with the Bangladesh Financial Reporting Standards (BFRSs),
the Companies Act 1994, the Insurance Rules 1958, Insurance Act 2010, the Securities and Exchange rules 1987,
Rules and Regulations issued by the Insurance Development & Regulatory Authority (IDRA) and other applicable
laws and regulations. Those responsibilities include designing, implementing and maintaining internal control
relevant to the preparation and fair presentation of financial statements that are free from material misstatements,
whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these Financial Statements based on our audit. We have conducted
our audit in accordance with the Bangladesh Standards on Auditing (BSAs). Those standards require that we
comply with relevant ethical requirements and plan and perform the audit in order to obtain reasonable assurance
about whether the Financial Statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
Financial Statements. The procedures selected depend on the Auditor’s judgment, including the assessment of
the risk of material misstatement of the Financial Statements, whether due to fraud or error. In making those
risk assessments; we consider internal control relevant to the entity’s preparation and fair presentation of the
Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s Internal Control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the Financial Statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.

Opinion
In our opinion, the Financial Statements prepared in accordance with the Bangladesh Financial Reporting
Standards (BFRSs), give a true and fair view of the Financial Position of Asia Insurance Limited as at 31 December,
2017 and the results of the Financial Performance and the Cash Flows for the year then ended and comply with
the Companies Act 1994, the Insurance Act 2010, Insurance Rules 1958, the Securities and Exchange Rules 1987
and the other applicable laws and regulations.
We further report that:
a. We have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit and made due verification thereof;
b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as it
appeared from our examination of those books and proper returns adequate for the purpose of our audit
have been received from the branches not visited by us;
c. The Company’s Statement of Financial Position, Profit or Loss Appropriation Account, Statement of Profit or
Loss and Other Comprehensive Income and Cash Flows dealt with by the report are in agreement with the
books of accounts and returns;
d. The expenditures incurred were solely for the purpose of the Company’s business;
e. As per Section-63(2) of the Insurance Act-2010 as amended, we certify that to the best of our knowledge and
belief and according to the information and explanations given to us, all expenses of management wherever
incurred and whether incurred directly or indirectly, in respect of insurance business of the Company
transacted in Bangladesh during the year under report have been duly debited to the related revenue
accounts and the profit and loss account of the Company; and
f. As per Regulation-11 of Part-1 of the Third Schedule of the insurance Act 1938 as amended in 2010, we certify
that to the best of our information and as shown by its books, the Company during the year under report has
not paid any person any commission in any form outside Bangladesh in respect of its business re-insurance
abroad.
g. The information and explanations required by us have been received and found to be satisfactory;
h. The Company has complied with relevant laws and regulations pertaining to reserves.
Date : 23 April 2018 PINAKI & COMPANY

Dhaka Chartered Accountants

Asia Insurance Limited
Statement of Financial Position
As at December 31, 2017
Amount in Taka
Particulars Notes
2017 2016
Restated
Shareholder's Equity & Liabilities
Share Capital:
Authorized Capital:
100,000,000 Ordinary Shares of Tk.10.00 each 2 1,000,000,000 1,000,000,000
Issued, Subscribed & Paid up Capital: 3 470,698,580 470,698,580
47,069,858 Ordinary Shares of Tk. 10.00 each
Share Premium 4 116,288,920 116,288,920
Reserve for Contingency Accounts: 284,814,960 253,700,379
Reserve for Exceptional Losses 5 222,518,699 200,273,532
General Reserve 6 5,771,100 4,771,100
Profit & Loss Appropriation Account 7 56,525,161 48,655,747
Lease Liabilities: 8 3,072,055 9,757,868
Current Maturity 2,319,195 6,685,813
Long Term Maturity 752,860 3,072,055
Balance of Fund & Accounts: 9 136,838,759 128,602,168
Fire Insurance Revenue Account 50,686,637 44,911,089
Marine Cargo Insurance Revenue Account 48,096,087 55,427,983
Marine Hull Insurance Revenue Account 1,426,568 1,247,914
Motor Insurance Revenue Account 17,802,270 16,244,922
Misc. Insurance Revenue Account 18,827,196 10,770,261
Liabilities & Provisions:
Estimated Liability in respect of 10 19,085,393 68,548,851
outstanding claims whether due or intimated
Amount due to other persons or 11 140,252,717 88,538,833
bodies carrying on insurance business
Deposit Premium 12 73,632,948 70,323,463
Sundry Creditors 13 65,900,850 63,006,419
Deferred Tax 14 588,616 381,603
Provision for Taxation 15 235,634,893 218,456,218
Total Liabilities & Shareholder's Equity 1,546,808,691 1,488,303,303
The annexed notes from an integral part of this financial statements.
Signed as per annexed report on even date

Md. Imam Shaheen Abul Bashar Chowdhury Mahbubul Alam Yussuf Abdullah Harun, FCA
Managing Director & CEO Director Vice Chairman Chairman
Date: April 23, 2018 Pinaki & Company


Statement of Financial Position
As at December 31, 2017
Amount in Taka
Particulars Notes
2017 2016
Property and Assets: Restated
Non-Current Assets:
Investment: 16 223,598,850 216,992,359
Statutory Deposit with Bangladesh Bank 25,000,000 25,000,000
(Government Treasury Bond)
Investment in Shares 198,598,850 191,992,359
Fixed Assets: 17 228,907,765 204,646,718
(At cost less depreciation)
Current Assets:
Interest, Dividends & Rent Outstanding:
Accrued Interest 18 21,865,601 22,184,794
Amount due from other person or 19 91,394,512 102,803,785
bodies carrying on insurance business
Sundry Debtors 20 48,472,672 48,997,672
Advance, Deposit and Prepayments 21 248,941,519 229,193,751
Security Deposit 22 758,714 2,274,293
Fixed Deposit with Banks 23 651,784,213 622,217,763
Stock of Printing, Stationery & Stamp 24 1,058,824 418,092
Cash and Cash Equivalents:
Cash on Hand & with Banks 25 30,026,022 38,574,076
Total Properties and Assets 1,546,808,691 1,488,303,303
Net Assets Value(NAV) Per Share 18.52 17.86



Profit or Loss Appropriation Account
For the year ended December 31, 2017
Amount in Taka
Particulars Notes
2017 2016
Balance brought forward from previous year 48,655,747 47,528,812

Capital Gain on Sale Property of Plant and Equipment 29 204,838 1,730,379
Net Profit during the year 117,420,123 98,800,516
(Brought forward from Profit & Loss Account)
Total 166,280,707 148,059,707
Appropriation
Provision for Taxation 33,947,949 24,861,343
Provision for Taxation Capital Gain (15%) 30,726 259,557
Provision for Deferred Tax 207,013 (1,286,798)
Reserve for Exceptional Losses 25,000,000 25,000,000
Reserve for Gratuity 2,500,000 2,500,000
General Reserve 1,000,000 1,000,000
Dividend(Cash-2016 @10%) 47,069,858 47,069,858
Balance transferred to Balance Sheet 56,525,161 48,655,747
Total 166,280,707 148,059,707
Earnings per share (EPS) 1.77 1.63

(Basic earnings per share at per value Tk.10 each)




Statement of Profit or Loss and Other Comprehensive Income
Amount in Taka
Particulars Notes
2017 2016
Interest & Dividends:
(Not-applicable to any particular Fund or Account)
Interest dividend & Rent 26 57,989,335 60,937,378
Miscellaneous Income 27 21,025 82,751
Profit /(Loss) on Sale of Share 28 (754,433) 7,227,285
Profit/(Loss)transferred from: 61,562,971 64,462,782
Fire Insurance Revenue Account (40,797) 20,197,246
Marine Hull Insurance Revenue Account (352,429) (318,001)
Misce. Insurance Revenue Account 13,179,225 14,273,055
Total 118,818,898 132,710,196
Expenses of Management
(Not applicable to any particular Fund or Account ) 8,244,104 8,801,660
Advertisement & Publicity. 1,411,062 1,228,147
AGM Exp 322,763 610,650
Audit Fee 235,750 195,500
Legal Fee 230,000 215,850
Directors Fee 612,500 605,625
Lease Finance Cost 982,822 1,903,110
Donation & Subscription 385,000 198,100
Levy on premium Income 100,000 -
Fees & Charges* 31.b 811,738 1,358,268
Renewal & Registration Fees* 31.b 3,152,469 2,486,411
Depreciation 17,395,278 13,883,408
Vat Payments 4,623,423 14,678,159
Provision for Incentive 3,000,000 8,500,000
Provision for diminution value of Shares (31,864,030) (11,953,547)
Net Profit (Transferred to Profit & Loss Appropriation Account) 117,420,123 98,800,516
Taka 118,818,898 132,710,196



Consolidated Revenue Account
Amount in Taka Amount in Taka
Particulars Notes Particulars Notes
2017 2016 2017 2016
Claims under policies 106,676,083 88,688,943 Balance of Fund Account at the 128,602,168 123,421,408
Less Re-Insurance: beginning of the year
Paid during the year: 130,618,859 88,704,165
Add.: Total Estimated liability in respect 19,085,393 68,548,851 Premium Less Re-Insurance 32 339,957,045 319,633,550
of outstanding claims at the end
of the year whether due or intimated Commission on Re-Insurance Ceded 33 44,917,965 44,508,037
Less: Outstanding at the end of the 43,028,169 68,564,073
previous year Profit Commission 34 7,600,570 5,086,359
Insurance Stamp Consumed 405,018 403,374
Agent Commission 30 78,955,027 74,412,695
Expenses of Management 31 136,639,890 136,079,392
Balance of Fund Account at the end of the year: 136,838,759 128,602,168
As shown in the Balance sheet(Reserve for
unexpired risks for the year)
Profit/(Loss) transferred to Profit & Loss Account 61,562,971 64,462,782
Fire Insurance Revenue Account (40,797) 20,197,246
Marine Hull Insurance Revenue Account (352,429) (318,001)
Misce. Insurance Revenue Account 13,179,225 14,273,055
Total 521,077,748 492,649,354 Total 521,077,748 492,649,354
The annexed notes form an integral part of this financial statements

Annual Report - 2017

77
78
Fire Insurance Revenue Account
2017 2016 2017 2016

Add.: Total Estimated liability in respect 12,032,066 59,603,591
of outstanding claim at the end Premium Less Re-Insurance 32 126,716,593 112,277,722
of the year whether due or intimated
Less: Outstanding at the end of the 34,082,909 33,280,007 Commission on Re-Insurance Ceded 33 30,630,201 30,647,095
previous year Profit Commission 34 5,096,131 4,557,448
Reserve for unexpired risks being 40% of
Premium income of the year transferred to
Balance Sheet
Profit/(Loss) transferred to Profit & Loss Account (40,797) 20,197,246
Total 207,354,014 187,331,907 Total 207,354,014 187,331,907


Marine Cargo Insurance Revenue Account
2017 2016 2017 2016
Add.: Total Estimated liability in respect 3,502,481 5,309,506 Premium Less Re-Insurance 32 120,240,218 138,569,958
of outstanding claim at the end
of the year whether due or intimated Commission on Re-Insurance Ceded 33 9,351,941 9,640,689
Less: Outstanding at the end of the 5,309,506 32,473,563
previous year Profit Commission 34 1,946,657 -
Balance Sheet
Total 186,966,799 205,473,022 Total 186,966,799 205,473,022


79
80
Marine Hull Insurance Revenue Account
2017 2016 2017 2016

Claims under policies 621 129 Balance of Fund Account at the 1,247,914 259,448
Paid during the year: 621 129
Add.: Total Estimated liabilities in respect - - Premium Less Re-Insurance 32 1,426,568 1,247,914
of the year either due or intimated Commission on Re-Insurance Ceded 33 456,060 62,105
Less: Outstanding claims at the end of the - -
previous year Profit Commission 34 44,865 82,786
Insurance Stamp Consumed 50 -
Agent Commission 30 543,375 218,825
Expenses of Management 31 1,557,222 503,386
Balance Sheet
Profit/(Loss) transferred to Profit & Loss Account (352,429) (318,001)
Total 3,175,407 1,652,253 Total 3,175,407 1,652,253


Motor Insurance Revenue Account
2017 2016 2017 2016
Add.: Total Estimated liabilities in respect 1,649,962 1,734,870 Premium Less Re-Insurance 32 44,505,676 40,612,305
of the year either due or intimated Commission on Re-Insurance Ceded 33 133,734 155,947
Less: Outstanding claims at the end of the 1,734,870 903,466
previous year
Balance Sheet
Total 60,884,332 52,534,214 Total 60,884,332 52,534,214


81
82
Miscellaneous Insurance Revenue Account
2017 2016 2017 2016

Claims under policies 3,072,918 520,038 Balance of Fund Account at the 10,770,261 14,283,981
Paid during the year: 3,072,918 526,191
Add.: Total Estimated liabilities in respect 1,900,884 1,900,884 Premium Less Re-Insurance 32 47,067,990 26,925,652
of the year either due or intimated Commission on Re-Insurance Ceded 33 4,346,029 4,002,201
Less: Outstanding claims at the end of the 1,900,884 1,907,037
previous year Profit Commission 34 512,917 446,125
Balance of Fund Account at the end of the year 18,827,196 10,770,261
Balance Sheet
Total 62,697,197 45,657,959 Total 62,697,197 45,657,959


ASIA INSURANCE LIMITED
Statement of Cash Flows
Amount in Taka
Particulars
2017 2016
A Cash Flows From Operating Activities:

Collection from Premium & Others Income 575,061,849 517,896,520
Less: Payment for Cost and Expenses 499,328,444 448,468,002
Payment of Management Expenses 141,927,407 138,332,547
Payment of Claims 136,693,242 147,899,838
Payment of Insurance Agent Commission 78,308,519 74,412,693
Advance Payments 6,030,167 6,192,237
Payment of Re-Insurance & Stamp 41,118,372 47,876,012
Payment of Tax and VAT 95,250,737 33,754,675
Net Cash Flows From Operating Activities 75,733,406 69,428,518
B Cash Flows From Investing Activities:

Investment in Fixed Deposit Account (29,582,582) 19,512,528
Investment in Shares - (5,464,813)
Acquisition of Fixed Assets (35,683,083) (35,045,053)
Re-payment of Lease Loan (6,685,813) (6,558,010)
Loan from Lease Financing - 2,900,000
Sale Proceeds of Vehicles 596,050 2,528,702
Sale Proceeds of Shares 24,500,000 7,227,285
Dividend Received 12,080,400 12,453,394
Net Cash Flows From Investing Activities (34,775,028) (2,445,968)
C Cash Flows From Financial Activities:

Dividend Paid (49,506,432) (47,069,858)
Net Cash Flows from Financial Activities (49,506,432) (47,069,858)
D Net Increase In Cash & Cash Equivalent (A+B+C): (8,548,054) 19,912,692

E Opening Cash & Cash Equivalent: 38,574,076 18,661,384
F Closing Cash & Cash Equivalent: 30,026,022 38,574,076
Net Operating Cash Flows per Share(NOCFS) 1.61 1.48

Date: April 23, 2018

Dhaka

84
Statement of Changes of Shareholders Equity
Reserve for
Particulars Share Capital Share Premium General Reserve Retained Earnings Total
Exceptional Losses

Balance at 1st January, 2017 470,698,580 116,288,920 200,273,532 4,771,100 48,655,747 840,687,879
Net Profit for the year 2017 117,420,123 117,420,123
Capital Gain on Sale of Fixed Assets 204,838 204,838
Reserve for Exceptional Losses - 25,000,000 1,000,000 (26,000,000) -
Dividend(Cash-2016 @10%)Payment (47,069,858) (47,069,858)
Provision for Deferred Tax (207,013) (207,013)
Provision for Taxation - (2,754,833) - (33,978,675) (36,733,508)
Provision for Gratuity (2,500,000) (2,500,000)
Balance at 31 December,2017 470,698,580 116,288,920 222,518,699 5,771,100 56,525,161 871,802,460
Balance at 31 December,2016 470,698,580 116,288,920 200,273,532 4,771,100 48,655,747 840,687,879


Dhaka
FORM "AA"
Classified Summary of Assets
as at December 31, 2017
Amount in Taka
Class of Assets Remarks
2017
Bangladesh Govt. Treasury Bond 25,000,000 Realizable value

Investment in share of listed securities 198,598,850 Realizable value
In Fixed Deposit with Bank 651,784,213 Cash
Cash on Hand & With Banks 30,026,022 Cash
Accrued Interest 21,865,601 Realizable value
Amount due from other persons or bodies carrying on insurance business 91,394,512 Realizable value
Fixed Assets 228,907,765 At cost less depreciation
Sundry Debtors 48,472,672 Realizable value
Advance, deposit and Pre-payments 248,941,519 Realizable value
Security Deposit 758,714 Realizable value
Stock of Printing, Stationery 1,058,824 At cost
1,546,808,691


Dhaka

Notes to the Financial Statements
As on December 31, 2017
1. SIGNIFICANT ACCOUNTING POLICIES AND OTHER MATERIAL INFORMATION:
1.1 Status of the Reporting Entity:
1.1.1 Legal Status:

The Asia Insurance Limited was incorporated as a Public Limited Company in Bangladesh on April 30,
2000 under the Companies Act, 1994. The Company, within the stipulated lay down by Insurance Act
2010 and directives as received from Insurance Development & Regulatory Authority (IDRA) time to time,
provides Non-Life Insurance Business. The Company is listed with Dhaka Stock Exchange and Chittagong
Stock Exchange as Publicly Traded Company. The Corporate Head Quarter of the Company is located at
Rupayun Trade Center (14th floor), 114-115 Kazi Nazrul Islam Avenue, Bangla Motor Dhaka-1000 and
carried its Insurance activities through twenty two (22) branches throughout the country.
1.1.2 Nature of business:

The principal activity of the Company continued to be carrying on Insurance Business. There were no
significant changes in the nature of the principal activities of the Company during the year 2017 under
review.
1.2 Basis of Preparation:
1.2.1 Statement of Compliance:

As per the requirements of BAS 1: “Presentation of Financial Statements” the Financial Statements have
been prepared on the basis of going-concern concept under generally accepted accounting principles
according to the historical cost convention. Requirements as to disclosure of financial information
warranted by the Insurance Act 2010 have been adhered to in presenting financial statements. Such
financial statements comprises the Balance Sheet, Profit and Loss Account and Revenue Accounts for
specific classes of insurance business in the form set forth in the first, second and third schedule of the
Insurance Act 1938 as amended 2010 in compliance with the Companies Act, 1994.
In addition, the Securities and Exchange rules, 1987 (as amended in 1997) requires the production of
Statement of Cash Flow and Statement of Changes in Shareholders’ Equity as a part of the Annual Report
. The Bangladesh Securities and Exchange Commission (BSEC) of Bangladesh regulates financial reporting
practices of listed Companies. Listed Companies are required to comply with BSEC’s accounting and
disclosure requirements. The Rules 1987 as amended in 1997, requires listed Companies to follow
Bangladesh Accounting Standards (BAS) Bangladesh Financial Reporting Standards (BFRS) as adopted by
the Institute of Chartered Accountants of Bangladesh (ICAB).
1.2.2 Public Sector Business:

As per Government decision with effective from 1st April 1990, all the Public Sector Insurance Business
is being underwritten jointly by Sadharan Bima Corporation and 45 other private sector Insurance
Companies on Co-insurance basis. Out of total general insurance business, 50% being underwritten by
Sadharan Bima Corporation and the balance are shared equally by 43 private sector Insurance Companies
in the year 2013 and 45 Private Insurance Companies in the year 2017.
The Company’s share of Public Sector Business is accounted for in the year in which the complete
statement of account from Sadharan Bima Corporation is received. As such the Company’s share of public
sector insurance business has been considered and accounted for on the basis of certified statement
received form Sadharan Bima Corporation for the year 2016-2017.

1.2.3 Underwriting Business:
Gross underwriting business as well as re-insurance thereof and claim settled etc. have been recorded
separate for each class of business and net underwriting results have been reflected in the revenue
accounts after due consideration of re-insurance ceded.
1.2.4 Functional and presentational currency and level of precision:

The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the
Company’s functional currency. All financial information presented has been rounded off to the nearest
Taka except where indicated otherwise.
1.2.5 Reporting period:

The financial period of the Company covers one year from 1st January to 31st December and followed
consistently.
1.2.6 Components of the Financial Statements:

According to the International Accounting Standard (IAS) 1 as adopted by ICAB as BAS 1 “Presentation
of Financial Statements” the complete set of financial statements includes the following components:
i) Statement of Financial Position
ii) Statement of Profit or Loss other Comprehensive Income
iii) Statement of Changes in Equity
iv) Statement of Cash Flows and
v) Notes to the Financial Statements.

In accordance with Insurance Rules 1958 Balance Sheet and Profit and Loss Account have been prepared
instead of Statement of Financial Position and Statement of Comprehensive Income consecutively.
1.2.7 Going Concern:

The Company has adequate resources to continue its operation for the foreseeable future. For this
reason, the directors continue to adopt going concern basis in preparing the accounts. The current credit
facilities and resources of the Company provides sufficient fund to meet the present requirements of its
existing business.
1.2.8 Date of Authorization:

This financial statement has been authorized for by the Board of Directors of Asia Insurance Limited on
22nd April 2018.
1.2.9 Segment Reporting:

A business segment is a distinguishable component of the Company that is engaged in providing
services that are subject to risks and returns that are different from those of other business segments.
The Company accounts for segment reporting of operating results using the classes of business. The
performance of segments is evaluated on the basis of underwriting results of each segment. The
Company has five primary business segments for reporting purposes namely Fire, Marine, Marine-Hull,
Motor and Miscellaneous.

1.2.10 Branch Accounting:
Asia Insurance Limited now has 22 (Twenty Two) branches with no overseas branch as of December 31,
2017. Accounts of the branches are maintained at the head office from which these accounts drawn up.
1.3 Principal Accounting Policies:
The accounting policies set out below have been applied in preparations of these financial statements
and followed consistently.
1.3.1 Property, Plant and Equipment:
Owned Assets:
Items of own property and equipments are measured at cost less accumulated depreciation and
any accumulated impairment losses. The cost of an asset comprises its purchase price and directly
attributable cost bringing the assets to its working condition for its intended use as per Bangladesh
Accounting Standard (BAS16)”Property, Plant and Equipments”
Leasehold Assets:
Leasehold assets of which the Company assumes substantially all the risk and rewards of ownership are
accounted for as finance leases and capitalized at the inception of the lease at fair value of lease property
or at the present value of minimum lease payments, whichever is lower as per Bangladesh Accounting
Standard (BAS 17). The corresponding obligation under the lease is accounted for as liability.
1.3.1.1 Recognition and Measurement:

Property, plant and equipment including Building (Office Space) are measured at cost less accumulated
depreciation and impairment losses, if any. The cost of an item of property, plant and equipment comprises
its purchase price and any directly attributable inward freight, duties and non-refundable taxes.
The Company recognizes in the carrying amount of an item of property, plant and equipment the cost
of replacing part of such an item when that cost is incurred if it is probable that the future economic
benefits embodied within the item will flow to the entity and the cost of the item can be measured
reliably. All other costs are recognized in the income statement as an expense as incurred.
1.3.1.2 Disposal of Property, Plant and Equipment:

On disposal of Property, Plant and Equipment, the cost and accumulated depreciation are eliminated and
gain or loss on such disposal is reflected in the income statement, which is determined with reference to
the net book value of the assets and net sales proceeds.
1.3.1.3 Depreciation on Property, Plant and Equipment:

Depreciation is recognized in profit or loss account on diminishing balance method. Depreciation on
Property, plant and Equipment has been charged from the time of asset purchased and disposal during
the year.
Rates of depreciation on various classes of Property, plant and Equipment are as under:
Category Rate
Vehicle 20%
Office Decoration 10%
Telephone Installation & PABX System 20%
Furniture & Fixture 10%
Computer, Printer, Fax and Copier 30%
Office Equipment 15%
Air Condition 20%
Building (Office Space) 05%
Software 10%

1.3.1.4 Impairment of Assets:
The carrying amount of the Company’s non financial asset other than deferred tax assets are reviewed
at each reporting date to determine whether there is any indication of impairment. If any such indication
exists, then the asset’s recoverable amount is estimated. An impairment loss is recognized if the carrying
amount of an asset or its cash generating unit exceeds its estimated recoverable amount. Impairment
losses are recognized in Profit or Loss Account. Considering the present condition of the assets,
management concludes that there is no such indication exists.
1.3.2 Investments:
All investments of Asia Insurance Limited are initially recognized at cost, being the fair value of the
consideration given which include transaction cost and these are classified in to the following categories:
• Held to Maturity
• Held for Trading
• Available for sale
1.3.2.1 Held to Maturity

Investments with fixed maturity that the management has the intent and ability to hold maturity are
classified as held to maturity and are initially measured at cost.
1.3.2.2 Held for Trading

These financial assets are acquired principally for the purpose of generating profit from short term
fluctuation in prices.
1.3.2.3 Available for Sale

Available for sale investments are those non-derivative investments that are designated as available for
sale or are not classified in any other category. These are primarily those investments that are intended
to be held for an undefined period of time or may be sold in response to the need for the liquidity are
classified as available for sale. The Company follows trade date accounting for ‘regular way purchase and
sales’ of investments.
1.3.3 Advance, Deposits and Prepayments:

Advances are initially measured at cost. After initial recognition advances are carried at cost less
deductions, adjustments or charges to other account heads such as prepayment expenses or inventory
etc. Deposits are measured at payment value. Prepayments are initially measured at cost. After initial
recognition prepayments are carried at cost less charges to Profit and Loss Account.
1.3.4 Cash and Cash Equivalents:

Cash On Hand and Cash with Banks have been considered as the Cash and Cash equivalents for preparation
of these financial statements as there was insignificant risk of changes in value of these current assets.
1.3.5 Reserve for Contingencies:
Reserve for Exceptional Losses

As per Para 6 of the 4th schedule, to meet the exceptional losses, Company sets aside ten (10%) percent
of the premium income of the year in which it is set aside from the balance of the Profit to the Reserve
for Exceptional Losses.

1.3.6 Balance of Fund and Accounts:
These have been arrived at after making provision for un-expired risks @ 40% of net premium income
on all business except Marine Hull Insurance where provision has been made @ 100% on net premium
income.
1.3.7 Lease Liability:

The leased liability is considered as a Finance Lease as per BAS-17. As such, the interest expense on Lease
liability is charged to profit and loss account under finance cost.
1.3.8 Loans and Borrowing:

Principal amounts of loans and borrowings are stated at their outstanding amount. Borrowings repayable
after twelve months from the reporting date are classified as non-current liabilities whereas the portion
payable within twelve months, unpaid interest and other charges are classified as current liabilities.
1.3.9 Provision for Liabilities:

According to BAS 37: “Provision, Contingent Liabilities and Contingent Assets” the Company recognizes
the provision in the balance sheet when the Company has a legal or constructive obligation as a result of
past event and it is probable that an outflow of economic benefit will be required to settle the obligations.
1.3.10 Provision for Income Tax:

BAS 12: “Income Taxes” and Income Tax Ordinance 1984 have been used for the calculation of deferred
tax and current tax expense respectively. Provision for income tax represents the sum of the current tax
expense and deferred tax expenses.
A. Current Tax Expenses:

The Companies Income tax currently payable is based on taxable profit for the year. Taxable profit differs
from profit as reported in the profit and loss account because it excludes items of income or expense
that are taxable or deductible in succeeding years and it further excludes items that are never taxable or
deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted on the balance sheet date.
B. Deferred Tax:
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and are
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized
for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible
temporary differences to the extent that it is probable that taxable profits will be available against which
such differences can be utilized. Deferred tax has been calculated and charged or credited to profit and
loss appropriation account.

1.3.11 Revenue Recognition:
The revenue is recognized after satisfying all the conditions for revenue recognition as provided BAS 18:
“Revenue” in compliance with BFRS 4 “Insurance Contract”. Detailed income wise policy for revenue
recognition is given as under:
A. Premium Income;
The income from premium is comprised of the total amount of premium earned on various classes
of insurance business during the year, the gross amount of premium earned against various policies,
the amount of re-insurance premium due to Private and Public Sector, the amount of re-insurance
commission earned and the amount of claims less re-insurance settled during the year have all been duly
accounted for in the books of account of the Company. While preparing the final statement of accounts,
the effect of re-insurance accepted and re-insurance ceded as well as the effect of total estimated
liabilities in respect of outstanding claims at the end of the year, whether due or intimated have also
been duly reflected in order to arrive at the net underwriting profit for the year.
Premium is recognized when insurance policies are issued, but the premium of the company’s share of
public sector insurance business (PSB) is accounted for in the year in which the statements of account
from Sadharan Bima Corporation are received. Up to 31st December, 2017 statements of account for
the period 1st july,2016 to 30th June,2017 have been received and, accordingly, the company’s share of
PSB for that period has been recognized in this financial statements
B. Investment Income;
Interest income on investments is recognized on accrual basis using effective interest rate as per BAS-18
“Revenue”. Portfolio gain on investments in shares is recognized as income and credited to investment
income in the profit and loss account as per BAS- 39 “Financial Instrument: Recognition”. Capital gain is
recognized when it is realized and recognized as income and credited to investment income in the profit and
loss account as per BAS-39 “ Financial Instrument: Recognition “. Capital gain is recognized when it is realized.
B.1 Interest and Dividend:

Interest on Bangladesh Government Treasury Bond and FDRs are recognized on accrual basis. Interest
on STD/SND account, cash dividend on investment in share and other income are recognized as a when
the amount is credited to our account. For stock dividend that received by the Company against its
investment, number of shares increased and average cost of investment decreased.
1.1.12 Earnings Per Share (EPS):

The Company calculates Earning per Share (EPS) in accordance with BAS 33: Earning per Share, which
has been shown on the face of Profit and Loss Account, and the computation of EPS is stated in Note-35.
Basic Earnings:
This represents earnings for the year attributable to ordinary shareholders. As there was no preference
dividend, minority or extra ordinary items, the net profit after tax for the year has been considered as
fully attributable to the ordinary shareholders.
Weighted average number of ordinary shares outstanding during the year:
This represents the number of ordinary shares outstanding at the beginning of the year plus the number
of shares issued during the year multiplied by a time-weighting factor. The time weighting factor is the
numbers of days the specific shares are outstanding as a proportion of the total number of days in the year.
Basic Earnings per Share:

This has been calculated by dividing the basic earnings by the weighted average number of ordinary
shares outstanding for the year.

1.1.13 Statement of Cash Flows:
Statement of Cash Flows is prepared in accordance with BAS-7 “Statement of Cash Flows”. The cash flows
from the operating activities have been presented under Direct Method as prescribed by the Securities
and Exchange Rules 1987 and considering the provisions of Paragraph 18(b) of BAS-7 which provides that
“Enterprises are encouraged to report Cash Flow from Operating Activities using the Direct Method”.
1.1.14 Uncertainties for use of estimates in preparation of Financial Statements:

The preparation of financial statements in conformity with the Bangladesh Accounting Standards
requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of other information at the date of the financial statements and revenues
and expenses during the period reported. Actual results could differ from those estimates. Estimates are
used for accounting of certain items such as depreciation on fixed assets, accrued expenses and income
taxes.
1.1.15 Comparative Amounts:

Certain comparative amounts have been re-classified & rearranged to confirm with the current year’s
presentation.
1.1.16 Related Party Disclosure:

Asia Insurance Limited, in normal course of business, carried out a number of transactions with other
entities that fall within the definition of related party contained in Bangladesh Accounting Standard 24:
Related Party Disclosures. All transactions involving related parties arising in normal course of business
are conducted on an arm’s length basis at commercial rates on the same terms and conditions as
applicable to the third parties. Detail of the related party disclosures have been given in Note 37.
1.1.17 Event after the reporting period:
Proposed Dividend:
The proposed dividend is not recognized as a liability in the Balance Sheet in accordance with the BAS-10
Events after the Reporting Period. Dividend payable to the Company’s shareholders are recognized as a
liability and deducted from shareholders equity in the period in which the shareholders right to receive
payment is established. The Company has disclosed the same in the notes to the financial statements in
Note-41.

1.4 Status of Compliance of Bangladesh Accounting Standards and Bangladesh Financial Reporting
Standards:
In preparing Financial Statements, we applied following BAS and BFRS:
Status of
Name of the BAS BAS No.
Application
Presentation of Financial Statements 1 Applied
Inventories 2 Applied
Cash flow Statements 7 Applied
Accounting Policies , Changes on accounting estimates and errors 8 Applied
Event after Balance sheet date 10 Applied
Construction Contacts 11 N/A
Income Tax 12 Applied
Property, Plant & Equipments 16 Applied
Leases 17 Applied
Revenue Recognition 18 Applied
Employee Benefits 19 Applied
Accounting for Govt. Grants and Discloser of Govt. Assistants 20 N/A
The effects of Changes in Foreign Exchange Rates 21 Applied
Borrowing Costs 23 Applied
Related Party Disclosures 24 Applied
Accounting for Investments 25 Applied
Consolidated Financial Statements and Accounting for Investment in 27 N/A
subsidiary
Accounting for Investment in Associates 28 N/A
Interests in Joint Venture 31 N/A
Earnings Per Share 33 Applied
Provisions, Contingent Liabilities and Contingent Assets 37 Applied
Intangible Assets 38 Applied
Financial Instruments : Recognition & Measurement 39 Applied
Investment Property 40 N/A
Agriculture 40 N/A
First Adoption of BFRSs 1 N/A
Share based payment 2 N/A
Business Combination 3 N/A
Insurance Contracts 4 Applied
Non-Current assets Held for Sales and Discontinued Operations 5 N/A
Explorations for and Evaluation of Mineral Resources 6 N/A
Financial Instruments: Disclosure 7 Applied
Operating Segments 8 Applied

Amount in Taka
SL. Particulars
2017 2016
2 Authorized Capital
100,000,000 Ordinary Shares of Tk. 10/- each Total 1,000,000,000 1,000,000,000
3 Issued, subscribed & paid-up capital Total 470,698,580 470,698,580
4,70,69,858 Ordinary Shares of Tk. 10/- each
3 Issued, subscribed & paid-up capital Total 470,698,580 470,698,580
4,70,69,858 Ordinary Shares of Tk. 10/- each
Particulars 2017 2016
No. of % of No. of Shares
Category of Shareholders % of Shareholding
Shareholding Shareholding holding
1. Sponsors & Directors (Group-A) 19,563,788 41.56 19,563,788 41.56
2. General Public (Group-B) 27,506,070 58.44 27,506,070 58.44
Total: 47,069,858 100.00 47,069,858 100.00
Classification of Shareholders as per Shareholdings-2017
Group- A (Sponsors & Directors)
No. of % of Total % of Total Paid up
Class interval No. of Share
Shareholder Shares holding Capital
1 to 500 - - - -
501 to 5000 - - - -
5001 to 10000 - - - -
10001 to 20000 - - - -
20001 to 30000 - - - -
30001 to 40000 - - - -
40001 to 50000 - - - -
50001 to 100000 3 173,009 0.88 0.37
100001 to 1000000 2 673,095 3.44 1.43
1000001 to 10000000 10 18,717,684 95.68 39.77
TOTAL 15 19,563,788 100.00 41.56
Group- B ( General Public )
No. of % of Total % of Total Paid up
Class interval No. of Share
Shareholder Shares holding Capital
Less then 500 share 1859 281,009 1.02 0.77
501 to 5000 2397 3,321,767 12.08 9.44
5001 to 10000 177 1,239,943 4.51 3.53
10001 to 20000 63 906,225 3.29 2.58
20001 to 30000 25 645,265 2.35 1.72
30001 to 40000 13 477,650 1.74 1.16
40001 to 50000 6 274,244 1.00 0.48
50001 to 100000 20 1,405,209 5.11 3.92
100001 to 1000000 22 7,802,473 28.37 14.06
1000001 to 10000000 6 11,152,285 40.54 20.78
TOTAL 4588 27,506,070 100.00 58.44

Amount in Taka
SL. Particulars
2017 2016
4 Share Premium Total 116,288,920 116,288,920
Reserve or Contingency Account (5+6+7) Total 284,814,960 253,700,379
5 Reserve for exceptional losses 222,518,699 200,273,532
The above amount is arrived at as under :
Opening balance 200,273,532 175,273,532
Adjustment of Tax payment for final settlement (2011-2012) (2,754,833) -
Add: Reserve made during the year 25,000,000 25,000,000
* Reserve for exceptional losses is appropriated out of current year profit about 10% of premium earned during the year.
The above amount is eligible for tax relief under the 4th schedule of ITO 1984.
6 General reserve 5,771,100 4,771,100
Opening balance 4,771,100 3,771,100
Add :Reserve made during the year 1,000,000 1,000,000
7 Profit or Loss Appropriation Account 56,525,161 48,655,747
8 Lease Liabilities: Total 3,072,055 9,757,868
Current Maturity
Opening balance 6,685,813 6,292,278
Payment for Current Liability (6,685,813) (6,292,278)
Transfer from long term Maturity 2,319,195 6,685,813
2,319,195 6,685,813
Opening balance (Non-Current Maturity)
Long Term Maturity ** 3,072,055 7,123,600
Add. New Lease Finance - 2,900,000
Less. Adjustment for Current Liability - (265,732)
Less. Transfer to Short Term Lease Liability (2,319,195) (6,685,813)
752,860 3,072,055
** Prior year error as long term lease finance has been adjusted with security deposit according to BAS-8
9 Balance of Fund & Account Total 136,838,759 128,602,169
Fire Insurance business 50,686,637 44,911,089
Marine Cargo Insurance business 48,096,087 55,427,983
Marine Hull Insurance business 1,426,568 1,247,914
Motor Insurance business 17,802,270 16,244,922
Miscellaneous Insurance business 18,827,196 10,770,261
10 Estimated liability in respect of outstanding claim Total 19,085,393 68,548,851
whether due or intimated
Marine Hull Insurance business - -
*Adjustment of outstanding Fire Claims (SBC Share) for the year-2016 (25,520,682) -

Amount in Taka
SL. Particulars
2017 2016
11 Amount due to other persons or bodies Restated
carrying on insurance business Total 140,252,717 88,538,833
Opening balance (Payable to SBC) 86,913,259 220,727,361
Paid during the year (17,243,619) (33,223,717)
Sadharan Bima Corporation 69,669,640 187,503,644
Less. Adjustment of Receivable from SBC (As per Audited Accounts-2014 - (158,520,726)
Add, Payable to SBC {Premium on re-insurance ceded (during the year-2017)} 68,612,076 57,930,341
Sadharan Bima Corporation 138,281,716 86,913,259
Opening balance (Payable to Protection-Re.) 1,625,574 5,907,357
Paid to Protection-Re (9,158,024) (4,281,783)
Protection-Re (7,532,450) 1,625,574
Add, Amount of re-insurance premium Payable to Protection-Re 9,503,451 -
1,971,001 1,625,574
12 Deposit Premium Total 73,632,948 70,323,463

Fire Insurance business 140,362 -
Marine Hull Insurance business (565,000)
Motor Insurance business (27,988)
Excess Deposit 3,108,474 2,285,824
VAT 99,938 -
Stamp duty 7,537,737 11,626,572
This represents the amount of premium deposited with Company against cover notes for which no polices have been
issued up to the end of the year. And will be adjusted after issuance of policies.
13 Sundry Creditors Total 65,900,850 63,006,419
M/s.Pinaki & Company 175,000 150,000
M/s.KM Hasan & Company 25,000 20,000
Employees Contribution of Provident Fund 670,813 844,406
Employers Contribution of Provident Fund 670,813 844,406
Provident Fund Loan recovery (Principal Amount) 83,752 39,735
Provident Fund Loan recovery (Interest) 20,082 9,484
Dividend Payable 24,152,637 26,589,211
Refund Warrant (IPO) 1,226,595 1,226,595
Refund Warrant (Right Share) 216,640 216,640
Deposit against Car Lease Scheme 3,296,588 2,648,173
IPO Deferred Income 446,416 446,416
Provision for Office rent 171,904 -
Provision for Incentive 6,125,358 8,500,000
Provision for Gratuity 8,842,864 6,786,714
Provision for Expenses 40,796 -
Liability for Salary & Allowance 951,522 2,436,513
VAT December-2017 4,177,505 4,165,316
VAT (Deduction at source) 2,825,724 1,006,571
TAX(Deduction at source) 1,059,698 341,076
Insurance Stamp Payable 10,721,143 6,735,163

Amount in Taka
SL. Particulars
2017 2016
14 Calculation of Provision for Deferred Tax

A. Provision for Deferred Tax on Property, Plant & Equipment (Fixed Assets)
Carrying Value of Property, Plant & Equipment 229,046,481 204,646,718
Tax Base of Property, Plant & Equipment 225,074,940 201,192,710
Taxable Temporary Deference 3,971,541 3,454,008
Tax rate 40.00% 40.00%
Deferred Tax Liability 1,588,616 1,381,603
B.Provision for Deferred Tax on Provision for Gratuity

Carrying Value of Provision for Gratuity 2,500,000 2,500,000
Tax Base of Provision for Gratuity - -
Tax rate 40.00% 40.00%
Deferred Tax 1,000,000 1,000,000
Deferred Balance 588,616 381,603
Closing Deferred Tax 588,616 381,603

Opening Deferred Tax Liability (381,603) (1,668,401)
Deferred Tax adjust during the year. 207,013 (1,286,798)
** Deferred Tax has been calculated for the year ended December 31, 2017 in compliance to BAS - 12.
15 Provision for Taxation Total 235,634,893 218,456,218
Provision for Taxation 2007-08 (Pending in High Court) 18,259,273 18,259,273

Provision for Taxation 2010-11 (Pending in Appellate Division for revised) 22,567,336 22,567,336
Provision for Taxation 2011-12 (Settled) - 16,800,000
Provision for Taxation 2015-16 (Assessment Under Process) 20,834,803 20,834,803
Provision for Taxation 2016-17 (Assessment Under Process) 25,120,900 25,120,900
Provision for Taxation 2017-18 (Assessment Under Process) 33,947,949 -
Provision for Gain Tax 30,726.00 -

Amount in Taka
SL. Particulars
2017 2016
16 Investment Total 223,598,850 216,992,359
All investments of Asia Insurance Limited are initially recognized at cost, being the fair value of the consideration given
which include transaction cost and these are classified in to the following categories:
● Held for Trading - -
● Held to Maturity 25,000,000 25,000,000
● Available for sale 198,598,850 191,992,359
16.1 Held for Trading
These financial assets are acquired principally for the purpose of generating profit from short term fluctuation in prices.
16.2 Held to Maturity
Investments with fixed maturity that the management has the intent and ability to hold maturity are classified as held
to maturity and are initially measured at cost.
Ten Years Government Treasury Bond 25,000,000 25,000,000
16.3 Available for Sale: (Fair Market Value) 198,598,850 191,992,359
Available for sale investments are those non-derivative investments that are designated as available for sale or are not
classified in any other category. These are primarily those investments that are intended to be held for an undefined
period of time or may be sold in response to the need for the liquidity are classified as available for sale. The Company
follows trade date accounting for ‘regular way purchase and sales’ of investments.
Company designated the following shares as available for sale. Details Cost and Market Value of Investment as on
31.12.2017 are as follows :
2017 2016
Fair Value Cost Price Difference Difference
Name of the Listed Company
(Dec,31.2017) (Dec,31.2017) (Dec,31.2017) (Dec,31.2016)
Southeast Bank Limited 87,135,000 109,005,824 (21,870,824) (34,976,504)
Exim Bank Limited - (7,150,101)
Prime Bank Limited 40,689,000 48,843,000 (8,154,000) (22,558,500)
Bay Leasing & Investment Co. Limited 54,142,400 80,059,222 (25,916,822) (31,647,222)
National Life Insurance Co. Limited 16,632,450 18,014,873 (1,382,423) (5,873)
Delta Life Insurance Co. Limited - (9,308,426)
ACME Laboratory Limited - 885,146
198,598,850 255,922,919 (57,324,069) (104,761,480)
16.4. Changes in fair value of the shares available for sale: 2017 2016
Fair value of the Investment 198,598,850 191,992,359
Less. Cost price of the Investment 255,922,919 296,753,839
Fair value reserve at 31st December,2017 Total (57,324,069) (104,761,480)
Fair value reserve opening 1.January,2017 104,761,480 116,715,026
Provision for Fair value adjustment for sale of share 2017 (15,573,381) (104,761,480)
89,188,099 11,953,546
Fair value reserve at 31st December,2017 (57,324,069) -
Provision for Fair value adjustment during the year 2017 Total 31,864,030 11,953,546
16.5 Fair value adjustment
Fair value reserve opening 1.January,2017 104,761,480 116,715,026
Provision for Fair value adjustment during the year 2017 (47,437,411) (11,953,546)
Details shown as Annexure-B Total 57,324,069 104,761,480
Provision for Fair value adjustment for sale of share 15,573,381 116,715,026
Provision for Fair value adjustment during the year 2017 31,864,030 (104,761,480)
Total 47,437,411 11,953,546

Amount in Taka
SL. Particulars
2017 2016
17 Property, Plant & Equipments Total 228,907,765 204,646,718
Vehicles 17,249,255 20,645,868
Office Decoration 29,273,257 8,341,129
Telephone Installation. & PABX Systems 511,037 288,828
Furniture & Fixture 11,219,734 2,377,795
Computer,Printer,Fax and Copier 1,910,825 2,203,779
Office Equipment 3,329,888 2,943,880
Air Conditioner 5,811,624 1,502,476
Building (Office Floor Space) 158,025,816 166,342,964
Software 1,576,329 -
17.1 Cost of Property, Plant & Equipments (Fixed Assets)
Opening Balance 264,031,122 87,372,589
Add. Addition during the year.2017 41,290,753 180,901,533
Less. Disposal during the Year 2017 (1,246,760) (4,243,000)
Total Cost 304,075,115 264,031,122
Less: Accumulated Depreciation
Opening Balance 59,384,405 48,945,673
Less. Adjustment of disposal Vehicle (Lease Car Settlement 2015) (693,579) -
58,690,826 -
Add. Charge during the year 2017 17,395,278 13,883,408
Less: Adjustment of disposal during the Year 2017 (918,754) (3,444,677)
Total Accumulated Depreciation 75,167,350 59,384,404
Written down value 228,907,765 204,646,718
** Schedule of Property, Plant & Equipments (Fixed Assets) has been given in Annexure-A
18 Interest, Dividend, Rent outstanding Total 21,865,601 22,184,794
Accrued Interest on FDR
Opening balance 21,265,642 24,179,356
Accrued during the year 38,617,741 44,095,980
Interest received during the year (38,936,934) (47,009,694)
20,946,449 21,265,642
Accrued Interest on Govt. treasury Bond
Opening balance 919,152 919,152
Accrued during the year 2,990,800 2,990,800
Interest received during the year (2,990,800) (2,990,800)
919,152 919,152
Restated
19 Amount due from other persons or bodies- Total 91,394,512 102,803,785
carrying on insurance business
Opening balance 102,803,785 210,441,618
Add. Receivable against PSB Account during the year 9,950,395 9,200,046
Add. Receivable against outstanding claims during the year 4,161,014 44,599,632
Less. Adjustment of outstanding fire claims (SBC share) for the year 2016 (25,520,682) -
Less. Adjustment of Receivable from SBC (As per Audited Accounts 2014) - (158,520,726)
Received from Progati Insurance Ltd - (2,916,785)
An amount of Tk. 25,520,682 (Two crore fifty five lac twenty thousand six hundred and eighty two) as Account Payable
and Account Receivable with Shadharon Bima Corporation (SBC) have been set off/adjusted during the year in the
Statement of Financial Position as at 31 December 2017. Additionally, an amount of Tk. 158,520,726 (Fifteen core
eighty five lac twenty thousand seven hundred and twenty six) had also been restated with the opening balance of
Note-11 and Note-19 (Amount due from other persons of bodies carrying on insurance business).

Amount in Taka
SL. Particulars
2017 2016
20 Sundry Debtors Total 48,472,672 48,997,672
Opening balance (Deposit clearing) 48,997,672 48,472,672
Add during the year (Marine Hull Business) (525,000) 525,000
21 Advance, deposit and prepayments Total 248,941,519 229,193,751
Advance Salaries 455,813 793,331
Advance Office rent 2,158,174 3,922,827
Advance tax payments - 2007-2008 to-2017-2018 Note-21(a) 194,627,437 179,846,413
Advance tax Car Note-21(b) 1,875,000 1,455,000
Advance tax FDR A/c Note-21(c) 21,867,831 17,941,023
Advance tax STD A/c Note-21(d) 662,051 540,779
Advance tax Dividend A/c Note-21(e) 9,059,943 6,039,843
Advance tax Ded at source Note-21(f) 13,998,429 13,998,429
Advance Procurement Provider (Calendar) 670,000 1,500,000
Advance Payment for Share (Bashundhara Paper Mills Ltd.) 3,463,080 -
Advance Office Decoration - 2,015,000
Advance against Software - 1,040,000
Interest on Income Tax-2013 (2015-2016) 83,296 83,296
Receivable from BLI Securities Ltd. 20,465 17,810
21(a) Advance Tax Payment Total 194,627,437 179,846,413
Advance tax paid - 2007-2008 5,447,700 5,447,700
Advance tax paid - 2008-2009 4,925,053 4,925,053
Advance tax paid - 2009-2010 8,170,317 8,170,317
Advance tax paid - 2010-2011 12,445,315 12,445,315
Advance tax paid - 2011-2012 - 13,978,682
Advance tax paid - 2012-2013 26,290,484 21,290,484
Advance tax paid - 2013-2014 42,165,891 42,165,891
Advance tax paid - 2014-2015 38,113,199 34,613,050
Advance tax paid - 2015-2016 8,000,000 8,000,000
Advance tax paid - 2016-2017 18,809,921 18,809,921
Advance tax paid - 2017-2018 20,259,557 10,000,000
Advance tax paid - 2018-2019 10,000,000 -
21(b) Advance tax Car Total 1,875,000 1,455,000
Advance tax Car 2013 1,155,000 1,155,000
Advance tax Car 2016 (2017-2018) 300,000 300,000
Advance tax Car 2017 (2018-2019) 420,000 -
21(c) Advance tax FDR A/c Total 21,867,831 17,941,023
Advance tax FDR A/c 13,174,421 13,174,421
Advance tax FDR A/c 2016(2017-2018) 4,766,602 4,766,602
Advance tax FDR A/c 2017(2018-2019) 3,926,808 -

Amount in Taka
SL. Particulars
2017 2016
21(d) Advance tax Dividend A/c Total 662,051 540,779
Advance tax Dividend A/c (2016-2017) 540,779 540,779
Advance tax Dividend A/c (2017-2018) 121,272 -
21(e) Advance tax Deduction of Source at source Total 9,059,943 6,039,843

Advance tax Dividend A/c (2016-2017) 3,549,165 3,549,165
Advance tax Dividend A/c (2017-2018) 2,490,678 2,490,678
Advance tax Dividend A/c (2018-2019) 3,020,100 -
21(f) Advance VAT Payment Total 13,998,429 13,998,429

As per last year Accounts 5,128,656 5,128,656
Less: Payment during the year 8,869,773 8,869,773
22 Security Deposit Total 758,714 2,274,293
Against Office Rent 390,000 1,212,000

Against Telephone 58,714 58,714
Against Electricity 10,000 10,000
Lease Car Settlement - 693,579
Security Deposit(CDBL) 300,000 300,000
*Adjustment with Accumulated Depreciation of Vehicle (Lease Car Settlement)2015

23 Fixed Deposit with Banks Total 651,784,213 622,217,763
Opening balance 622,217,763 641,730,291

Add. New FDR Account open during the year 123,500,000 112,900,000
Less. Encashment during the year (93,933,551) (132,412,528)
24 Stock of Printing ,Stationery Total 1,058,824 418,092
Printing 1,056,054 415,139

Stationery 2,770 2,953
25 Cash on Hand and with Banks Total 30,026,022 38,574,076

Current Deposit 1,982,523 1,444,872
STD SND SB Account with Banks 26,235,629 35,027,287
Cash on Hand 1,807,870 2,101,917

Amount in Taka
SL. Particulars
2017 2016
26 Interest, Dividend & Rents: Total 57,989,335 60,937,378

Interest on STD Account 1,190,069 1,343,071
Interest on FDR Account 17,671,292 22,830,338
Interest on Loan Account 90,225 54,134
Interest on Govt Treasury Bond Account 2,071,648 2,071,648
Dividend on Share 15,100,500 12,453,394
Accrued Interest on FDR Account 20,946,449 21,265,642
Accrued Interest on Govt Treasury Bond 919,152 919,152
27 Misc. Income Total 21,025 82,751

Sale of old goods 15,250 82,751
Notice Pay 5,775 -
28 Profit on Sale of Share Total (754,433) 7,227,285

Sale value of share 31,516,952 23,621,469
Fair & cost value of share sale (32,271,385) (16,394,184)
29 Capital Gain or Sale of Property plant and Equipment Total 204,838 1,730,379
Sale value of property plant and Equipment 532,844 2,528,702
Written Down value of property plant and Equipment (328,006) (798,323)
30 Agent Commission Total 78,955,027 74,412,695

Marine Hull Insurance business 543,375 218,825
31 Allocation of Management Expenses.
Particulars Gross Premium % M.Expenses M.Expenses

2017 2016
Fire Insurance business 226,089,247 44.50 60,811,542 58,857,235
Marine Cargo Insurance business 156,454,613 30.80 42,081,817 50,130,123
Marine Hull Insurance business 5,789,546 1.14 1,557,222 503,386
Motor Insurance business 45,733,245 9.00 12,300,935 11,735,723
Miscellaneous Insurance business 73,942,333 14.56 19,888,373 14,852,925
Total 508,008,984 100.00 136,639,890 136,079,392

Amount in Taka
SL. Particulars
2017 2016
31.A. Management Expenses:

Total 136,639,890 136,079,392
Bank Charge 353,228 348,917
Business Expenses (PSB) 42,222 40,000
Board Meeting Exp. 100,235 49,986
Conveyance 974,300 922,240
Crocaries 94,500 -
Car Maintenance (Car Lease scheme) 3,602,100 7,282,394
Electric & Office Equipment Maintenance 658,337 658,710
Entertainment 632,539 652,430
Expenses of Management(PSB) 3,665,842 3,184,502
Excise Duty 755,140 568,026
Fuel & Lubricant 653,726 685,062
Festival Bonus 7,961,199 7,507,182
Generator Fuel 48,962 66,576
Gas, Water & Electricity 3,115,370 2,897,876
Incentive Bonus - 40,078
Insurance Premium 357,215 451,656
Group & Hospitality Insurance 1,241,321 1,043,076
Internet,Fax,E mail & Website Expenses 1,237,629 297,619
Leave Encashment 84,600 134,850
Mobile Expenses 845,937 1,001,928
Office Rent 14,290,004 16,612,654
Provident Fund (Employer's Contribution) 2,422,494 3,231,112
Pre-Inspection Fee 257,736 95,996
Penalty - 40,000
Printing (Consumption) 323,440 3,146,323
Postage, Stamp & Currier 333,647 506,395
Paper & Periodicals 94,756 94,622
Procurement Provider 4,187,973 3,179,108
Repair & Maintenance 26,953 53,478
Software Maintenance 459,776 1,423,390
Service Charge (Co-Insurance) 730,665 433,825
Service Charge (Office Rent.) 1,157,094 -
Staff Tea & Refreshment 536,439 508,401
Salary & Allowances 83,546,474 78,154,025
Stationery (Consumption) 540,421 112,193
Telephone Bill 313,475 309,980
TA & DA 471,213 302,756
Training Fee 43,250 42,024
Wages 479,678 -

As on December 31,2017
Amount in Taka
SL. Particulars
2017 2016
31.B. Expenses of Management (Profit & Loss Account)
(Not applicable to any particular Fund or Account ) 8,244,104 8,801,660
Advertisement & Publicity. 1,411,062 1,228,147

AGM Exp 322,763 610,650
Audit Fee 235,750 195,500
Legal Fee 230,000 215,850
Directors Fee 612,500 605,625
Lease Finance Cost 982,822 1,903,110
Donation & Subscription 385,000 198,100
Levy on premium Income 100,000 -
Fees & Charges* 811,738 1,358,268
Renewal & Registration Fees* 3,152,469 2,486,411
Fees & Charges*

Credit Rating Fee 287,500 287,500
Listing Fees(CDBL,DSE,CES) 470,698 910,318
Fees & Charges 43,010 33,350
Bima Agent Fee 7,130 2,800
Appeal Fee 3,400 1,300
Audit Fee - 23,000
Levy on premium Income - 100,000
Sub total: 811,738 1,358,268
Renewal & Registration Fees*

Renewal & Registration website 4,000 4,000
Renewal & Registration Fee Company License 2,989,450 2,240,241
Registration Renewal Fee Car 159,019 242,170
Sub total: 3,152,469 2,486,411

32 Premium less Re-Insurance: As on December 31,2017
January to December, 2017 Amount (Tk) Amount (Tk)
Particulars
Fire Marine Cargo Marine Hull Motor Miscellaneous Total Total
2017 2016
Premium earned:
Own 220,885,983 138,780,445 5,549,700 43,180,903 50,638,229 459,035,260 435,233,810
PSB 5,203,264 17,674,168 239,846 2,552,342 23,304,104 48,973,724 42,456,493
226,089,247 156,454,613 5,789,546 45,733,245 73,942,333 508,008,984 477,690,303
Less: Re-insurance
Own 95,198,242 22,683,305 4,260,150 1,164,936 4,642,557 127,949,190 122,850,754
PSB 4,174,412 13,531,090 102,828 62,633 22,231,786 40,102,749 35,205,999
99,372,654 36,214,395 4,362,978 1,227,569 26,874,343 168,051,939 158,056,753
Net premium earned 126,716,593 120,240,218 1,426,568 44,505,676 47,067,990 339,957,045 319,633,550
33 Commission on Re-insurance Ceded :
January to December, 2017 Amount (Tk) Amount (Tk)
Particulars
Own PSB Total Total
2017 2016
Fire 30,084,972 545,229 30,630,201 30,647,095
Marine cargo 6,679,008 2,672,933 9,351,941 9,640,689
Marine Hull 450,404 5,656 456,060 62,105
Motor 133,734 - 133,734 155,947
Miscellaneous 1,464,338 2,881,691 4,346,029 4,002,201
Taka. 38,812,456 6,105,509 44,917,965 44,508,037
34 Profit Commission:
Amount (Tk) Amount (Tk)
Particulars
Total Total
2017 2016
Fire 5,096,131 4,557,448
Marine cargo 1,946,657 -
Marine Hull 44,865 82,786
Miscellaneous 512,917 446,125

Total: 7,600,570 5,086,359
105
Amount in Taka
SL. Particulars
2017 2016
35 Earnings Per Share

(Based on financial statement for the year ended 31. December.2017)
Net Profit before Tax (Taka) 117,624,961 100,530,895
Less. Provision for Current Taxation (Taka) (33,978,675) (25,120,900)
Provision for Deferred Tax (Taka) (207,013) 1,286,798
Net Profit after Tax (Taka) 83,439,273 76,696,793
No. of Share 47,069,858 47,069,858
EPS (Earnings Per Share) 1.77 1.63
(Basic earnings per share at per value Tk.10 each)
35.1 Calculation of Net Assets Value per Share

Restated
Total Assets (Taka) 1,546,808,691 1,488,303,303
Total current Liabilities (Taka) 675,006,231 647,615,423
Net Assets (Taka) 871,802,460 840,687,880
No. of Shares 47,069,858 47,069,858
Net Assets Value per Share 18.52 17.86
35.2 Calculation of Net Assets Value per Share

Net Cash Flows From Operating Activities. (Taka) 75,733,406 69,428,518

No.of Shares. (Taka) 47,069,858 47,069,858
Net Assets Value per Share. (Taka) 1.61 1.48

36 As on December 31, 2017
Amount in Taka
Sl.No. Name of Banks
2017 2016
Fixed deposit with banks
The balance is made up as follows :
1 Agrani Bank Limited 7,000,000 5,500,000
2 AB Bank Limited 16,855,900 26,555,900
3 Al-Arafah Islami Bank Limited 41,100,000 48,155,463
4 Basic Bank Limited 6,500,000 9,000,000
5 Bay Leasing & Investment Limited 84,565,000 84,565,000
6 Bangladesh Commerce Bank Limited 500,000 1,500,000
7 Bangladesh Krishi Bank 1,600,000 1,600,000
8 Bank Asia Limited 22,500,000 20,000,000
9 Bank Al-Falah Limited 1,000,000 4,000,000
10 BRAC Bank Limited 2,500,000
11 City bank Limited 4,000,000 2,000,000
12 Dhaka Bank Limited 9,700,000 9,200,000
13 Dutch Bangla Bank Limited 8,500,000 10,007,193
14 Eastern Bank Limited 1,000,000 1,000,000
15 Exim Bank Limited 20,138,000 22,692,000
16 First Security Bank Limited 500,000 1,000,000
17 Farmers Bank Limited 2,000,000 2,500,000
18 IFIC Bank Limited 72,292,150 66,492,150
19 IDLC Finance Limited 1,000,000 1,500,000
20 ICB Islamic Bank Limited 500,000
21 Islami Bank (Bangladesh) Limited 11,900,000 9,400,000
22 Jamuna Bank Limited 5,000,000 7,110,270
23 Janata Bank Limited 1,000,000 1,000,000
24 Midland Bank Limited 6,000,000 10,000,000
25 Mercantile Bank Limited 13,400,000 8,400,000
26 Meghna Bank Limited 7,000,000 4,000,000
27 Modhumoti Bank Limited
28 Mutual Trust Bank Limited 10,900,000 7,900,000
29 National Bank Limited 5,500,000 9,500,000
30 NCC Bank Limited 8,200,000 7,700,000
31 NRB Commercial Bank Limited 5,500,000 4,000,000
32 NRB Global Bank Limited
33 One Bank Limited 8,411,805 8,411,805
34 Premier Bank Limited 5,500,000 5,000,000
35 Prime Bank Limited 4,000,000 7,803,101
36 Pubali Bank Limited 3,700,000 4,100,000
37 Peoples Leasing & Investment Limited - 500,000
38 Rupali Bank Limited 2,000,000 1,000,000
39 Southeast Bank Limited 191,440,707 150,044,231
40 Standard Bank Limited 5,200,000 5,700,000
41 Social Islami Bank Limited 17,200,000 15,700,000
42 Shahjalal Islami Bank Limited 9,080,650 8,080,650
43 South Bangla Agricultural & Commerce Bank Ltd. 5,500,000 3,000,000
44 Sonali Bank Limited 500,000 500,000
45 Trust Bank Limited 3,300,000 4,800,000
46 United Commercial Bank Limited 16,300,000 20,800,000
47 Union Bank Limited 1,000,000 -
48 Lanka Bangla Finance Ltd 1,000,000 -
651,784,213 622,217,763

37.00 Regarding Related Party Transaction
During the year under review, the Company carried out a number of transactions with related parties
in the normal course of business and arms' length basis. The name of related parties, nature of these
transactions and their value have been set out below in accordance with the provision of BAS 24 "Related
Party Disclosure''. Details are shown in Annexure -C
37(A) Directors Interest in other Companies:
Name Designation with AIL Entities where they have Interest Position
Incontrad Managing Partner

Yussuf Abdullah Harun
Chairman Incontrade Limited Chairman
FCA
Goldcrest Holdings Limited Chairman
Alam Trading Corporation Proprietor

Diamond Life Insurance Limited Chairman
Mahbubul Alam Vice Chairman Stare Infrastructure Development Director
Company Limited
Ibadah Bangladesh Limited MD
M.I Cement Factory Ltd. Chairman

Chittagong Capital Ltd. M.D.
Premier Cements Mills Ltd. Director
National Cements Mills Ltd. Director
Jahangir & Others Limited M.D.
GPH Ispat Ltd. M.D.
GPH Ship Builders Ltd. Chairman
Md. Jahangir Alam Director
GPH Power Generation Ltd. M.D.
Crown Power Generation Ltd. Chairman
Crown Cement Concrete & Building Director
Products Ltd.
Premier Power Generation Ltd. Director
Crown Polymer Bagging Limited Chairman
Crown Mariners Limited Chairman
Crown Transportation & Logistics Limited Chairman
Southeast Bank Limited Chairman
Alamgir Kabir FCA Director
National Life Insurance Co. Ltd. Independent Director
Bismillah Store Proprietor

Silver Dal Mills Limited M.D.
Mohammed Jamal Ullah Director
Ishfar Oil Mills Limited M.D.
Shehzad Food Products Ltd

Mashud & Brothers Proprietor
Mutual Shipping Ltd Chairman
Ruby food Products Ltd. Chairman & MD
Happy Enterprise Proprietor
B.K Capital Management Ltd Director
B.K Properties Ltd MD
BSM Basic Products Ltd Chairman & MD
BSM Essentials Ltd Chairman & MD
Abul Bashar Chowdhury Director
BSM Food Products Ltd Chairman & MD
BSM Textiles Mills Ltd Chairman
Hafsa Nazir Ind.Complex Chairman
Ismail Carpet Ind.Ltd Director
Modern Import & Export Proprietor
Moqbular Rahman Jute Mills Ltd Chairman & MD
Panchagar Udayan Sangstha Director
Premium Assets Ltd Chairman & MD
Maksons Spinning Mills Ltd. M.D.
Metro Spinning Ltd. M.D.
Coeval Textile Ltd M.D & CEO
Mohammad Ali Khokon Director
Maksons Logistics Ltd. MD
Lamoni apparels MD
Maksourcing Limited MD
Tarik Sujat Nominated Director Bay Leasing & Investment Ltd. Director
Mr.M.Kamal Hossain Nominated Director Southeast Bank Ltd. Managing Director
Zakir Ahmed Khan Independent Director Bay Leasing & Investment Ltd. Independent Director
Dr.Zaidi Sattar Independent Director Policy Research Institute Chairman

Bay Leasing & Investment Ltd. Independent Director

Bengal Mines Development Corporation Director
Rangapani Tea Estate Director
N.R. Steel Galvanizing Plant Limited Director
Samuda Containers Limited Director
Progressive Containers Limited Director
T.K. Gas & Gas Cylinder Limited Director
Marshal Oil Limited Director
Super Coconut Oil Limited Director
Super Formica & Lamination Ltd Director
Papya Chemical Industries Ltd. Director
Bengal Sack Corporation Ltd. Director
Shabnam Vegetable Oil Industries Ltd. Director
Riff Leather Ltd. Director
T.K. Chemical Complex Ltd. Director
Polytex Yarn Product Ltd. Director
Ching Hung Fibers Ltd. Director
T.K Oil Refinery Limited Director
T.K Re-Rolling Mills Limited Director
T.K Steel Industries Limited Director
Farhana Oil Mills Limited Director
Mrs. Khaleda Begum Director T.K. Polypropylene Products Limited Director
T.K. Plastic Products Limited Director
T.K. Agro Products Limited Director
Shiblee Vanaspati Products Limited Director
Comimpax Wood Cemair Limited Director
Samuda Beverage Limited Director
Super Oil Refinery Limited Director
Samuda Power Limited Director
T.K. Drum Indudustries Limited Director
T.K. Shares and Securities Limited Director
Karnafully Galv. Mills Limited Director
Minhaz Spinning, Weaving and Finishing Limited Director
Farzana Stills Mills Limited Director
Modern Hatchery Ltd. Director
Modern Fabric Industries Ltd. Director
B.K. Properties Limited Director
Hafsa Nazir Industrial Complex (Pvt.) Ltd. Director
Aryan Stevedore Limited Director
Modern Poly Industry Ltd. Director
Ali Tannery Limited Director
Ali Tannery Limited Director

Samuda Chemicals Complex Ltd Chairperson & Director
Samuda Power Limited Chairperson & Director
Samuda Caustic Limited Chairperson & Director
Samuda Peroxide Limited Chairperson & Director
Samuda Real Estate Limited Chairperson & Director
Genweb -2 Limited Chairperson & Director
Mrs. Farzana Afroze Director Super Petrochemical (Pvt.) Limited Representative
Director
SPL Petrochemical Complex Limited Representative
Director
Delta Agro Industries Ltd Director
Green Board & Fibre Mills Ltd Director
Modern Poly Industry Ltd. Director
Samuda Chemical Complex Ltd. M.D. and Director

Samuda Power Limited M.D. and Director
Samuda Caustic Limited M.D. and Director
Samuda Peroxide Limited M.D. and Director
Samuda Real Estate Limited M.D. and Director
Genweb -2 Limited M.D. and Director
Modern Poly Industry Ltd. M.D. and Director
Mohammad Mustafa
Director Modern Power Limited M.D. and Director
Haider
Premier Cements Mills Ltd. M.D. and Director
Premier Power Generation Ltd. M.D. and Director
National Cement Mills Limited M.D. and Director
Rohnoor Navigation Limited M.D. and Director
Modern Hatchery Ltd. M.D. and Director
BSM Essentials Limited M.D. and Director
Super Petrochemical (Pvt.) Limited M.D. and Director
SPL Petrochemical Complex Limited Director


2017 2016
38 Adjustment of Vat Payments:
Vat payment from Company's Own Fund 4,623,423 -
(VAT Audit from July 2015 to December,2016)
Vat payment from Company's Own Fund - 146,781,159
(VAT Audit from July 2010 to June 2012)
Total Vat Payments charge to the Profit & Loss Accounts 4,623,423 146,781,159
39 Payments to the Directors/Officers:

The aggregate amount paid / provided to the Managing Director & CEO and Officers up to Manager Level, during the
year having taxable income is given below:
2017
Amount in Taka
Managing Officers up to
Director & CEO Manager Level
Managing Director's (CEO) emolument 2,400,000 -

Salary-Officers - 26,696,699
Company’s Contribution to Provident fund - 2,262,233
Bonus 400,000 4,362,553
House rent 720,000 14,689,762
Medical Allowance 240,000 1,074,450
Conveyance & Other Allowance 600,000 7,978,900
4,360,000 57,064,597
40 Other relevant information's :
(a) During the year under review an amount of Tk. 612,500.00 was paid to the Directors of the Company as Board meeting
attendance fee @ 5,000.00 per meeting.
(b) During the year under review no compensation was allowed by the Company to the Chief Executive officer and Officers
of the Company except their regular remuneration.
(c) No amount of money was spent by the company for compensating any member of the board for special receive
rendered.
(d) No amount was due by the Directors (including Chief Executive Officer) and Officers of the Company or by associated
undertaking and by any of them severally or jointly with any other person.
(e) There was no contract for capital expenditure to be executed and not provided for.

41 Event after the Reporting Period

The Board of Directors in its 128th meeting held on 22 April 2018 decided to recommend payment of 10.00% Cash
dividend for the year 2017.
42 Credit Facility
No credit facility availed by the company under any contract other than bank credit facility and trade credit which are
in the ordinary course of the business.
43 Number of Employees Engaged

The number of employees engaged for whole year who received a total remuneration of TK. 36,000 and above per
annum was 261.
44 Capital Expenditure Commitment

● No Capital Expenditure contracted or incurred provided for as at December 31, 2017.
● There was no material capital expenditure authorized by the Board of Directors or contracted for as at December
31, 2017.
45 Claim Acknowledgement
There was no claim against the Company not acknowledged as debt as on December 31, 2017.
46 Credit rating report

Credit Rating Information and Services Limited(CRISL) has reassigned the claim paying ability (CPA)rating of the
Company to AA- based on audited financial statements up to December 31,2016.
47 Interim Financial Statements

Asia Insurance Limited publishes its interim financial statements quarterly as required by the Bangladesh Securities
and Exchange Commission.

114
Schedule of Property, Plant and Equipment (At Cost Less Accumulated Depreciation)
For the year ended December 31,2017
Annexure-A
Cost Depreciation

Disposal
Particulars Restated Total Adjustment
Opening Addition Disposal Balance Rate Dep. of Charge Charge On Balance
Opening charge Disposal W.D.V.
As at During the During the as on of As at vehicales on Opening as on
Balance During the During 31.12.2017
01.01.17 year,2017 year,2017 31.12.2017 dep. 01.01.2017 being Addition WDV-17 31.12.2017
01..1.2017 year, 2017 the year
Adjusted
A B C D=(A+B-C) E F G=(E-F) H I=(A-G)* J=(H+I) K L=(G+J-K) M=(D-L)

Dep. Rate
Vehicles 48,408,401 217,296 123,000 48,502,697 20% 27,762,534 693,579 27,068,955 10,835 4,267,889 4,278,724 94,237 31,253,442 17,249,255
Office Decoration 17,712,033 23,122,568 - 40,834,601 10% 9,370,904 - 9,370,904 1,356,327 834,113 2,190,440 - 11,561,344 29,273,257
Telephone 1,076,285 314,855 - 1,391,140 20% 787,457 - 787,457 34,880 57,766 92,646 - 880,103 511,037
Installation & PABX
System
Furniture & Fixture 5,395,677 9,953,116 1,084,160 14,264,633 10% 3,017,882 - 3,017,882 582,508 237,780 820,288 793,271 3,044,899 11,219,734
Computer, Printer, 7,184,489 465,158 11,000 7,638,647 30% 4,980,711 - 4,980,711 96,298 661,133 757,431 10,320 5,727,822 1,910,825
Fax and Copier
Office Equipment 5,712,388 712,869 - 6,425,257 10% 2,768,508 - 2,768,508 32,473 294,388 326,861 - 3,095,369 3,329,888
Air Conditioner 5,490,169 4,904,891 28,600 10,366,460 20% 3,987,693 - 3,987,693 287,574 300,495 588,069 20,926 4,554,836 5,811,624
Building 173,051,680 173,051,680 5% 6,708,716 - 6,708,716 - 8,317,148 8,317,148 - 15,025,864 158,025,816
Software - 1,600,000 1,600,000 10% - - - 23,671 - 23,671 - 23,671 1,576,329
Total 264,031,122 41,290,753 1,246,760 304,075,115 59,384,405 693,579 58,690,826 2,424,566 14,970,712 17,395,278 918,754 75,167,350 228,907,765
STATEMENT OF INVESTMENT IN SHARE OF THE COMPANY
Annexure-B
Amount (Tk.) Amount (Tk.)
Market Price Provision for

Quantity of Face Value Book Value per Total Cost of Total Market
Particulars per share denomination
Share per share share (At Cost) Share Value of Share
(Closing. Price) value of share
1 South East Bank Limited 3,925,000 10 27.77 109,005,824 22.20 87,135,000 (21,870,824)
2 Prime Bank Limited 1,485,000 10 32.89 48,843,000 27.40 40,689,000 (8,154,000)
3 Bay Leasing & Investment Limited 1,976,000 10 40.52 80,059,222 27.40 54,142,400 (25,916,822)
4 National Life Insurance Company Limited 103,500 10 174.06 18,014,873 160.70 16,632,450 (1,382,423)
Total 7,489,500 255,922,919 198,598,850 (57,324,069)

115
Annexure - C
Regarding Related Party Transaction:
Nature of Relationship & Amount of Amount of

Name of the Related Party Balance
Transaction Transaction Transaction
Premium -2017 Claims-2017
Incontrade Group Common Directorship 73,775,581 48,700 Nil
GPH Group Common Directorship 18,733,234 750,739 Nil
GPH Power Generation Ltd Common Directorship 14,325,089 - Nil
Premier Cement Mills Ltd. Common Directorship 12,480,838 - Nil
Ishfar Oil Mills Limited Common Directorship 7,433,590 583,230 Nil
Silver Dal Mills Limited Common Directorship 4,956,025 - Nil
Southeast Bank Limited Common Directorship 4,174,440 164,134 Nil
Ruby Food Products Ltd Common Directorship 3,156,699 - Nil
Bengal Sack Corporation Ltd Common Directorship 1,264,930 - Nil
Modern Poly Industries Ltd Common Directorship 1,304,726 1,048,000 Nil
Riff Leather Ltd Common Directorship 862,148 - Nil
T.K. Chemical Complex Ltd. Common Directorship 285,562 1,080,000 Nil
Super Formica & Lamination Ltd Common Directorship 143,535 - Nil
Maksons Spinning Mills Ltd. Common Directorship 40,099 - Nil
Metro Spinning Ltd. Common Directorship 14,807 - Nil
Amount of Transaction
Nature of Relationship & Office Rent

Name of the Related Party & Electricity Group Insurance Lease Loan
Transaction
(HO, LO & Premium repayment
Khatungonj)
T.K Group Common Directorship 5,270,991
Floor on Eunoos Trade Center Directorship & Ownership 5,126,333
(Dilkusha C/A, Dhaka
National Life Insurance Co. Ltd. Common Directorship 1,241,321
Bay Leasing & Investment Ltd. Common Directorship 7,668,635

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Gwkqv BÝy¨‡iÝ wjwg‡UW
Registered Office: Rupayan Trade Centre (14th Floor)
114-115, Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka-1000
e-mail: asiainsu@gmail.com, website: www.asiainsurancebd.com
PROXY FORM
I/We…………………………………………………………………….of….…………………………………………………………………………………
………………………………………………………… being a member of Asia Insurance Limited do here by appoint Mr./
Mrs.…………………………………………………….…of…………………………………………......... as my/our proxy to attend and vote
on my/our behalf at the 18th Annual General Meeting of the Company to be held on June 11, 2018 (Monday) at
11:00 A.M. at “Samson H Chowdhury Hall” of Dhaka Club Limited, Ramna, Dhaka - 1000 and any adjournment
thereof.
Signed this: ……………..…………………….day of………………………..………………….2018.
………………………….........…...... ..………...................
Signature of Shareholder(s) Signature of Proxy
No. of shares held: ………………………………
Folio No. Revenue

or Stamp
Taka 20.00
BO ID No.
Note:
i. The Proxy Form signed across 20.00 (Twenty) Taka revenue stamp and must be deposited at least 48 hours
before the meeting at the Company’s Registered Office.
ii. Signature of the Shareholders should agree with the specimen signature registered with Company and/or
Depository Register.
……………………………………………………………………………………………………………………………………………………………………………

Gwkqv BÝy¨‡iÝ wjwg‡UW
Registered Office: Rupayan Trade Centre (14th Floor)
114-115 Kazi Najrul Islam Avenue, Bangla Motor, Dhaka-1000
e-mail: asiainsu@gmail.com & website: www.asiainsurancebd.com
ATTENDANCE SLIP
I/We hereby record my/our attendance at the 18th Annual General Meeting (AGM) of Asia Insurance Limited on
June 11, 2018 (Monday) at 11:00 A.M. at “Samson H Chowdhury Hall” of Dhaka Club Limited, Ramna, Dhaka – 1000.
Name of the Shareholder(s)

(in Block Letter)
No. of Shares
Folio No.
BO ID No.
Name of the Proxy (if any)
No. of Shares held
…………………………………………….….... ………..…………………....
Signature of Shareholder(s)/Proxy Signature verified by
Note: Shareholder attending meeting in person or by Proxy are requested to complete the Attendance slip and
hand over it at the entrance of the auditorium.
CORPORATE HEAD QUARTER
Rupayan Trade Centre (14th Floor), 114-115, Kazi Nazrul Islam Avenue, Banglamotor
Dhaka-1000, Bangladesh. Tel : PABX : +88-02 55138581-84, Fax : +88-02 55138587
Post Box : GPO, Dhaka -31, e-mail : asiainsu@gmail.com, info@asiainsurancebd.com
website : www.asiainsurancebd.com

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Annual Report 2017

Annual Report - 2017 i

Annual Report - 2017 1

2 Annual Report - 2017

Annual Report - 2017 3

Annual Report - 2017 5

Md. Atique Ullah Majumder

6 Annual Report - 2017

Annual Report - 2017 7

8 Annual Report - 2017

Annual Report - 2017 9

10 Annual Report - 2017

Name of the Company Asia Insurance Limited

Nature of Business Non-Life Insurance Business

RJSC Reg.No C-40166(2134)/2000

VAT Reg.No 19111023256

Operation Started April 30, 2000

Chairman Yussuf Abdullah Harun, MP

Managing Director & CEO Md. Imam Shaheen, ABIA

Principal Bankers Southeast Bank Limited

No. of Branch Offices 22

Telephone +88-02- 55138581-84

Fax +88-02- 55138587

Post Box No GPO,Dhaka – 31

e-mail info@asiainsurancebd.com / asiainsu@gmail.com

Auditors Pinaki & Company

Tax Advisor M. A. Hannan

Annual Report - 2017 11

Incorporation of the Company : April 30, 2000

12 Annual Report - 2017

Authorized Share Capital : Tk. 1,00,00,00,000.00

Paid up Capital : Sponsor Tk. : 19,56,37,880.00

: Public Tk. : 27,50,60,700.00

: Total Tk. : 47,06,98,580.00

No. of Shares : Sponsor : 1,95,63,788

Face Value per Share : Tk. 10.00

Net Asset Value (NAV) (as on 31.12.2017) : Tk. 87,18,02,460

NAV Per Share (as on 31.12.2017) : Tk. 18.52

Earning Per Share (EPS) (2017) : Tk. 1.77

Annual Report - 2017 13

14 Annual Report - 2017

Annual Report - 2017 15

: Mohammad Ali : Syed Sayeedul Hassan

: Md. Saiful Amin : Md. Nazmul Islam Khasru

: Md. Atique Ullah Majumder : Md. Toufique Hossain

Executive Vice President : Rtn. M. Mojibur Rahman : Mahammad Aslamuzzaman

: Md. Ashraful Alam Chowdhury : Mohammad Noman Siddique

: Md. Rafiqul Islam : Md. Ashraful Alam

: Mahabubur Rahman : Monir Ahammad

Senior Vice President : S. I. M. Ashraful Alam

: Ajay Kanti Barua

: Md. Sharif Hossain

: Professor Nazir Ahmed,CSS

: Md. Shaheb Ali Khan

16 Annual Report - 2017

Annual Report - 2017 17

Motijheel Branch Uttara Branch

Dilkusha Branch Narayangonj Branch

Imamgonj Branch Khatungonj Branch

Bangshal Branch Agrabad Branch

Palton Branch Jubilee Road Branch

Elephant Road Branch Cumilla Branch

18 Annual Report - 2017