Reliance Insurance Limited

Since the emergence of Bangladesh as an independent nation, insurance industry was nationalised along with banking and major industrial sectors of jute, textile, sugar and other heavy industries. Under the nationalised scheme, only two corporations in the name and style of Sadharan Bima Corporation (General Insurance Corporation) and Jiban Bima Corporation (Life Assurance Corporation) were set up by the Government for carrying out general and life insurance business respectively. While no private Bangladeshi owned enterprises was allowed either in general or life insurance business, foreign owned companies were, however, allowed to carry out life assurance business. With gradual liberalisation of investment in industry and commerce, insurance business was also allowed in the private sector in 1985. As a result, a number of companies were set up. RELIANCE INSURANCE LIMITED was the fourteenth in line to start general insurance business in the private sector. The Company was incorporated on 20th March 1988 and was allowed to commence business by virtue of the Certificate of Commencement of Business issued by the Registrar of Joint Stock Companies on 22nd March 1988. The Company obtained Certificate of Registration issued by the Controller of Insurance on 7th April 1988.



.:: Company Profile










BACKGROUND OF FORMATION



NATURE OF BUSINESS



CORPORATE GOAL/VISION/MISSION STATEMENT



NUMBER OF PERSONNEL EMPLOYED



RELIANCE AT A GLANCE

















BACKGROUND OF FORMATION: Following emergence of Bangladesh as an independent nation in 1971, insurance industry was nationalized along with banking and major industrial sectors of jute, textile, sugar and other heavy industries. Under the nationalized scheme, only two corporations in the name and style of Sadharan Bima Corporation (General Insurance Corporation) and Jiban Bima Corporation (Life Assurance Corporation) were set up by the Government for carrying on general and life insurance business respectively. Starting with gradual liberalization of investment in industry and commerce, insurance business was also allowed in the private sector From 1985. As a result, a number of companies were set up. RELIANCE INSURANCE LIMITED was the fourteenth in line to start general insurance business in the private sector. The Company was incorporated on 20th March 1988 and was allowed to commence business by virtue of the Certificate of Commencement of Business issued by the Registrar of Joint Stock Companies on 22nd March 1988. The Company obtained Certificate of Registration issued by the Controller of Insurance on 7th April 1988.The company was subsequently listed in the stock Exchanges of Bangladesh in 1995.













NATURE OF BUSINESS: The Company carries on the business of all types of insurance except life assurance. It has now 32 (thirty two) branches, one local office with the Head Office at Dhaka. The Company's main business operations are being carried out in the following areas:




(a) Underwriting of Fire Insurance


(b) Underwriting of Marine (Cargo & Hull) Insurance


(c) Underwriting of Motor Insurance


(d) Underwriting of Overseas Mediclaim & Holiday Insurance


(e) Underwriting of Miscellaneous Insurance


(f) Underwriting of Public Issue of Shares & Debentures


(g) Investment of Shares & Debentures

















CORPORATE GOAL/VISION/MISSION STATEMENT: Our vision is to become the premier insurance organization and the insurer of first choice in Bangladesh with a sound reputation for dependability, professionalism and the highest standard of customer services. Our Mission is to:



Grow significantly and achieve significant non-life insurance market share.


Continue delivering attractive returns to our shareholders.


Become a caring organization and employer of choice.


Invest in top quality human resources and develop full potentials of employers by providing continued training and insurance education.


Bring innovation in insurance products and selling techniques.















NUMBER OF PERSONNEL EMPLOYED: 335 persons are employed as regular Employee











RELIANCE AT A GLANCE









Particulars
2010
2009
2008
2007
2006


Gross Premium
1241.00
1,041.13
1,101.53
827.53
743.83


Net Premium
618.07
430.25
453.20
353.66
293.18


Net Claims
137.68
105.09
103.68
85.60
70.92


Investment & Other Income (Gross)
153.68
114.94
61.14
42.42
43.02


Underwriting Profit
161.00
56.78
96.32
76.56
45.10


Net Profit before tax
287.23
146.30
137.93
100.68
70.18


Paid –up Capital
304.20
234.00
180.00
150.00
150.00


Total Reserves
1114.55
821.63
637.68
543.98
505.40


Total Assets
2262.94
1,880.29
1,467.92
1196.97
1065.80


Cash & Bank Balances
791.88
759.87
598.82
463.12
350.68


Investment in share & debenture
330.36
190.52
198.53
169.52
171.86


Dividend in Percentage(cash) Dividend in Percentage(Bonus)

- -

- -
- 30%
- 20%
15% -


Earning Per Share
71.55
51.71
59.97
44.26
34.78


Book Value Per Share
384.64
407.03
382.33
101.83
101.00


Shareholder Equity
1170.09
952.44
688.20
152.75
151.72


Number of Employees
335
325
305
279
283