Pioneer Insurance Company Limited

Pioneer Insurance Company Limited, sponsored & founded in 1996, is a publicly traded company by shares having authorized capital of Tk. 1 (One) Billion & paid up capital of Tk. 353.44 million. The Company is enlisted with Dhaka Stock Exchange and Chittagong Stock Exchange and has been declaring dividend every year since inception. The Company has been assigned “AA” by Credit Rating Information and Services Limited of Bangladesh. AA rating stands for “very high claims paying ability. Protection factors are strong. Risk is modest, but may very slightly over time due to underwriting and/or economic conditions.
Current Chairman Mr. Tapan Chowdhury, Managing Director, Square Group & Ex-Adviser of the Care Taker Government of People’s Republic of Bangladesh, former Chairman Mr. M Anis Ud Dowla, Chairman, ACI Limited, former Chairman Mr. Syed Manzur Elahi, Chairman Apex Group & Ex-Adviser of two Care Taker Governments of People’s Republic of Bangladesh, former Chairman Mr. A.K.M. Rahmatullah, Member of the Parliament & Managing Director of Apex Tannery Ltd. are the most successful business entrepreneurs of the country.
The company has a good number of dedicated and highly professional employees supported by qualified, experienced & technically sound executives. The Managing Director of the company, Mr. Q.A.F.M. Serajul Islam who is a holder of Diploma in General Insurance from Bangladesh Insurance Academy, has long experience in Insurance and Reinsurance. Prior to joining the Company he was Deputy Managing Director of Pragati Insurance Ltd. and Deputy General Manager of Sadharan Bima Corporation.

Company at a glance




Established
1996


Registered Head Office

Symphony (5th Floor),Plot # SE(F), 9 Road # 142, South Avenue, Gulshan-1, Dhaka-1212, Bangladesh.Tel: 8817512(Hunting), 8816561 Fax:+88-02-8817234, 8817264Email : piclho@pioneerinsurance.com.bd, piclho@gmail.com



Number of Branches
35


Number of Employees
460


Authorized Capital
1 (One) Billion (Taka)


Paid up Capital
353.44 million (Taka)






INVESTMENT



InvestmentFigures in Million (Taka)



Statutory Deposit with Bangladesh Bank
9.00


Fixed Deposit with Scheduled Bank
768.67


Share of Mutual Trust Bank Ltd. - On pre IPO (40,00,000 shares)
50.00


Share of Mutual Trust Bank Ltd. - from secondary (9,00,000 shares)
33.26


Bonus Share of MTBL (89,12,990 shares)



Right Share of MTBL (19,26,950 shares)
19.27


Share of Central Depository Bangladesh Limited ( 4,56,945 shares)
2.56


Share of EXIM Bank Ltd.
0.01


Grameenphone (573,100 shares)
42.41


Malek Spinning Mills Ltd. (10,00,000 shares)
25.00


18 Nos.General Insurance Co. (4,900 shares)
0.11


Secondary share
10.00


Grand Total (Taka)
960.29






FIxed Asset:



DescriptionTaka




Furniture & Fixture

4,240,643.00


Office Machinery
1,358,637.00


Air Conditioner
4,060,321.00


Computer
2,904,728.00


Telephone Installation
757,345.00


Electric Equipment
888,476.00


Others
19,007,926.00


Office Space:




01. V.I.P. Road Branch
City Heart, 9th floor,67 Naya Paltan, Dhaka-1000

7,375,661.00



02. Imamagonj Branch
Tajmahal Tower (3rd floor), 66 Moulvibazar Dhaka-1100

1,03,40,000



03. Moghbazar Branch
Gulfesha Plaza (4th floor), 69 Outer Circular Road, Near Moghbazar Chourasta, Dhaka -1217

10,593,440


Total Amount
61,527,177.00






Premium Income



YearFigures in Million (Taka)Growth(%)



1996
23.14



1997
85.47
269%


1998
105.33
23%


1999
131.99
25%


2000
141.48
7%


2001
144.58
2%


2002
136.27
-6%


2003
147.09
8%


2004
178.34
21%


2005
245.41
38%


2006
301.16
23%


2007
385.20
28%


2008
665.50
73%


2009
859.45
29%


2010
1252.37
46%


2011
1598.60
28%


Grand Total

6401.41








Claims Payment

Claims statement as at September, 2012
Figure in BDT


2006200720082009201020112012




Fire

129,179,450
111,974,255
3,49,61,666
147,981,702
164,442,032
136,772,711
23,430,076



Marine

3,053,741
36,141,341
12,445,126
16,960,608
27,111,402
42,663,217
13,086,232



Motor

16,215,633
29,135,180
52,769,964
48,109,616
60,264,260
50,504,834
11,877,135



Misc. & Accident

1,564,973
6,213,021
3,297,437
3,306,366
15,546,843
16,236,689
418,746



Total Tk.=

150,013,797
183,463,797
103,474,193
216,358,292
267,364,537
246,177,451
48,812,189



Total No. of Claims Settled

239
379
634
709
861
757
202



Claims Outstanding

Nil
Nil
Nil
Nil
6
163
124



Largest Claims Settled.


Sl No.Class of LossName of InsuredYearSettled Amount (Taka)



1.
Fire
Asia Composite Mills Ltd.
2012
14,34,84,512


2.
Fire
Matin Spinning Mills Ltd.
2010
92,944,709


3.
Fire
Square Consumer Products Ltd.
2007
75,172,582


4.
Fire
Vidyut Bangladesh (Pvt.) Ltd.
2010
69,836,293


5.
Fire
Apex Footwear Ltd.
2002
46,817,019


6.
Fire
Sun Gravures Ltd.
2008
45,597,518


7.
Fire
Pioneer Apparels Ltd.
2009
40,409,331


8.
Marine Cargo
GBB Power Ltd.
2010
26,817,138


9.
Fire( Flood)
Dai-Ichi-Pex Leather Industries Ltd.
2005
10,894,774


10.
Marine Cargo
Square Pharmaceuticals Ltd
2003
9,963,650


11.
Marine Cargo
Shahjalal Newsprint Ind. Ltd.
2000
7,970,196


12.
Fire
BRAC Bank Ltd.
2009
6,289,832


13.
Fire
ACI Ltd.
2012
5,04,80,170


14.
Marine Hull
Bashundhara Logistics Ltd.
2012
1,00,00,000


15.
Fire
Quality Feeds Ltd.
2012
2,13,66,907






Re-Insurance Arrangements
Our Reinsurers :


Sadharan Bima Corporation
GIC, India
Best Re, Malaysia
Malaysian Re, Malaysia
Labuan Re, Malaysia
ACR Retakaful , Malaysia
Trust Re, Bahrain
African Re, Mauritius
Kenya Re, Kenya
Allianz
ICICI Lombard


Our Brokers :

Tysers & Co. Ltd, London
J.B Boda, Malaysia
J.B Boda, Mumbai, India
Limtex , Kolkata , India
JLT , Malaysia
Marsh, Singapore
Heritage, Kolkata , India
Protection, Bahrian
Interlink, Mumbai, India
K.M. Dastar, Mumbai, India





We Deal
Foreign Bank :


Commercial Bank of Ceylone
Citibank N.A.
Hong Kong & Shanghai Banking Corporation Ltd.
Standard Chartered Bank
Habib Bank Ltd.
National Bank of Pakistan
State Bank of India


Bangladeshi Banks:

Sonali Bank Ltd.
Janata Bank Ltd.
Agrani Bank Ltd.
Rupali Bank Ltd.
Bangladesh Development Bank
Bangladesh Krishi Bank &
Bangladesh Shilpa Rin Sangstha
Arab Bangladesh Bank Ltd.
Al-Arafah Islami Bank Bangladesh Ltd.
Bangladesh Commerce Bank Ltd.
BASIC Bank Ltd.
BRAC Bank Ltd.
Bank Asia Ltd.
Dutch Bangla Bank Ltd.
Dhaka Bank Ltd.
Eastern Bank Ltd.
Exim Bank Ltd.
I.F.I.C. Bank Ltd.
ICB Islami Bank Ltd.
Islami Bank Bangladesh Ltd.
Mutual Trust Bank Ltd.
Mercantile Bank Ltd.
National Bank Ltd.
National Credit & Commerce Bank
One Bank Ltd.
Prime Bank Ltd.
Pubali Bank Ltd.
Premier Bank Ltd.
Rajshahi Krishi Unnayan Bank
Social Islami Bank Ltd.
South East Bank Ltd.



Pioneer Insurance Company Limited