Guardian Life Insurance Ltd.Auditor's Report and Financial StatementsFor the year ended 31 December 2017

(Member Firm of IILB International)

Guardian Life Insurance Ltd.

Auditor's Report and Financial StatementsFor the yeur ended 31 December 2017

iETI S. F. AHMED & CO.#+Chartered Accountants ....since 1958

Il[ember Firm of IILB International

Contacts:

Phones : (880-2) 9894026 &9870957Faxes : (880-2) 55042314E-mails : sfali@connectbd.com

sfaco@dhaka.net

Address:

House # 5I (2"d Floor), Road # 09Block-F, Banani, Dhaka-12 1 3

Bangladesh.

SFAHMED&CO. f House 51 (2'd Floor;,Road 9, Block F,Banani, Dhaka 1213,Bangladesh

f Telephone: (8S-02) 9894026, g870gs7

Mobile 8801707079855,01707079856Fax: (88-02) 55042314E-mail: sfaco@dhaka.net

sfali@connectbd.comahmeds@bol-online.com

CHARTERED ACCOUNTANTS...Since 1958

Member Firm of HLB International

Independent Auditor's Report to the Shareholdersof

Guardian Life Insurance Ltd.

We have audited the accompanying financial statements of Guardian Life Insurance Ltd. whichcomprise the Balance Sheet as at December 31,2017, and the Life Revenue Account, Statement ofChanges in Equity and Statement of Cash Flow for the year then ended, and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of financial statements of theGuardian Life Insurance Limited in accordance with Bangladesh Financial Reporting Standards

(BFRS), the Companies Act 1994,the Insurance Rules 1958, The Insurance Act 1938 (as amended in2010), The Securities and Exchange Rules 1987 and other applicable laws and regulations and forsuch internal control as management determines is necessary to enable the preparation of financialstatements of the Company that are free from material misstatement, whether due to fraud or error.

Auditor'scResponsibility '|

Our responsibility is to express an opinion on these financial statements of the Company based on ouraudit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Thosestandards require that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements of the Company are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements of the Company. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the financial statements ofthe Company, whether due to fraud or error. In making those risk assessments, the auditor considersinternal control relevant to the entity's preparation and fair presentation of the financial statements ofthe Company in order to design audit procedures that are appropriate in the circumstances, but not forthe purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness ofaccounting estimates made by management, as well as evaluating the overall presentation of theseparate financial statements of the Company.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position ofthe Guardian Life Insurance Ltd. as at December 31, 2017 andthe results of its financial performanceand its cash flows for the year then ended in accordance with Bangladesh Financial ReportingStandards and complies with the Companies Act 1994,the Insurance Act 1938 (as amended in 2010),Insurance Rules 1958, the Securities and Exchange Rules 1987 and other applicable laws andregulations. @tt;t iA

We also 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, records and other statutory books as required by lawhave been kept by the Company so far as it appeared from our examinations of those books

and proper returns adequate for the purpose of our audit;

c) as per Section 62(2) of the Insurance Act 2010, in our opinion to the best of our knowledge

and belief and according to the information and explanation given to us, all expenses ofmanagement wherever incurred and whether incurred directly or indirectly, in respect ofinsurance business of the company transacted in Bangladesh during the year under reporthave been duly debited to the Revenue Accounts of the Company;

d) the information and explanations required by us have been received and found satisfactory;

e) as per regulation 11 of part 1 of the third schedule of the Insurance Act, 1938 , in our opinionto the best of our information and as shown by its books, the company during the year underreport has not paid any persons any commission in any form outside Bangladesh in respect ofany its business re-insured abroad;

0 the Balance sheet, Life Revenue Accounts and Statement of Changes in Equity, Statement ofCasfi Flow of the Company dealt #ith by the report are in agreement with the books ofaccount and returns;

g) the expenditure was incurred for the purpose of the Company's business; and

h) the Company has complied with relevant laws and regulations pertaining to reserves.

Dated, Dhaka;26 June20l8

1. F. t%a-rr)z-D;S. F. Ahmed & Co.Chartered Accountants

Guardian Life Insurance Ltd.Balance Sheet

As at 3l December 2017

Amount in Taka2017 | 2016

Share capital & liabilities:Shareholders' capitalAuthorized200,000,000 ordinary shares ofTk.10 each

Issued, subscribed & paid up18,200,000 ordinary shares ofTk.l0 each

Balance of funds & accountsLife insurance fund

Liabilities & provisionsEstimated liabilities in respect of outstanding claims,

whether due or intimated

Sundry creditorsPremium depositProvision for audit fee

Total share capital & liabilities:

Property & assets:

Investment (at cost)Statutory deposit with Bangladesh BankBangladesh govt. treasury bond

Agents'balance

Outstanding premium

Amount due from other persons or bodies carrying on insurancebusiness

Interest accruing but not due

Sundry debtors

Cash, bank & other balancesOn fixed deposit with banks & financial institutionsCash, bank & other balances

Other accountsPreliminary expenses

Policy stamp

Non-current Assets (cost less accumulated depreciation)

_2,000,99q{99_

3.00 182,000,000

4.00 1,038,657,410

_l,ooo,ooo,999_

182,000,000

309,269,485

s.00

6.00

7.00

8.00

107,572,610

10,382,319

73t,792258,750

118,945,471

5, I 1 8,880

6,094,145

320,0692s8,750

11,791,844 "

9.00

9.01

1s,200,00020,000,000

35,200,000

51,364

8,032,482

(25,391,574)

7,729,3889,451,755

331,932,000tt7,

10.00

I1.00

12.00

13.00

14.01

14.02

15.00

16.00

17.00

rman

-N

annexe d notes form an integral part of thes e financial statements

Direefnr6A[.?V#

Dated, Dhaka;26 June 20 I 8

1,339,602,881 503,061,329

15,200,000

336,500,000351,700,000

49,793

123,605,426

4,506,794

29,910,84454,105,019

638,418,828

119,781,032758,199,860

891 ,989386,235

t6,247,93t

___1,312{!2,891_

'449,311,263

2,873,046392,590

16,411,015

.<. FS. F. Ahmed & Co.Chartered Accountants

503,061,329

t"{;;"-&A.ccou,,ts

Signed as per annex report on even date

HoD-

Guardian Life Insurance Ltd.Life Revenue Account

For the year ended 31 December 2017

18.00

Amount in Taka2017 | 2016

Balance of fund at the beginning of the year

Premium less re-insurance

First year premium (ordinary life)Renewal premium

Group insurance premium

Gross premium

Less: Re-insurance premium

Profit/interest incomeOthers incomeTotal income

First year premium where the maximum premium payingperiod is:Single

Two year

Three year

Four year e t

Five year

Six year

Seven year

Eight year

Nine year

Ten year

Eleven year

Twelve years or over (including throughout life)

Claims under polices

Expenses of management:

Commissions & allowances:(a) Commissions to insurance agents(b) Allowances and commissions (other than commission

including in sub-item (a) preceding)

Salaries and other employee's benefitsOffice rentAudit fees

Professional & consultancy fees

Fees, subscription & donationBank charge

Travelling & conveyance

_1,829d02,689_ 477,535,170

59,141,015 27,377,873

309,269,485

1,477,658,417

59,147,01516,921,467

1,431,030,2521,507,092,734

29.434.3t7

19.00 42,847,631

40,111,393

419,238,640

27,377,873

3,966,186429,866,993461,211,052

4t.972.4t2

27.15618,148,372

36,765

20.00

2t.00

623,647,;04

20,180,241

tl.222.08531,402,326

gg,zza,)sz

9,714,118

85,29516,299,413

53,039,2959,620"019

258,75012,230,425

600,099639,822

2,441,101

30,486,1879,031,025

258,7501,737,750

157,050

207,126i

\3,031,7_93

101,769

29,2174,0002,000

33,024

8,889,692122,117

5,838,459

zl,oz+2,306,019

70,20419.190.167

22.00

Amount in Taka

795,324t,679,3571,981,057

209,856744,430

68,2862,662,965

26,425,838767,743

519,3941,oo1,g6g

884,143

748,15142,475

417,755

1,053,234

3,564,680t,856,375

496,217

95,015

718,3806,548,463

573,317

l,og4,6061,991,057

88,927

695,82361,350

1,315,225

2,238,311516,285

27l,l7r228,233254,838577,736

9,490

91,336

32,150

3,167,357465,188366,30626,800

426,185

5,799,646

Medical expenses

UtilityAmortization expenses 15.01

Group insurance premium

EntertainmentNon judicial stamp

Stationery & printingAdvertisement & PublicityFuelTelephone & mobileInternetTraining expenses

Car maintenance, repair & insurance

Newspaper & periodicals

Postage, courier & revenue stamp

Meeting, Seminer & SymposiumRepair & maintenance

Company registration (renewal) fees

Sales Conference

License fees expenses

Policy stamp expenses

Depreciation expenses on non-curent assets

Total Expenses of managementOther expenses:

Income Tax

Total expenses

Balance of fund at the end of the yearTotal

132,109,516

163,511,842

3,986,233

62,50L,122

78,800,535

238,858

791,145,2791,038,657,410r,gEs02168e

168,2650685

309,269,485477,535,170

The annexed notes form an integral part of thesefinancial statements

ccounts

-9. p.& .--,J*tS. F. Ahmed & Co.

Chartered Accountants

HoD-Ng

Director

/4.//r^. t" -it\tIft(I?\!1rr\ ll*tl\\\J^V;t/il

't\ t ; ( \//, '7.9_xDated, Dhaka;

26 June20l8

Signed as per annex report on even date

Guardian Life Insurance Ltd.Statement of Changes in Equity

For the year ended 31 December 2017

Signed as per annex report on even date

Dated, Dhaka;

26 June 2018

g.e.x:z-zz,*h*a,S. F'. Ahmed & Co.Chartered Accountants

ParticularsShare

CapitalGeneralReserve

RetainedEarnings

Total

Balance as at January 0I,2017 182,000,000 182,000,000

Addition during the period

Balance as at December 31,2017 182,000,000 182,000,000

M N,.,,,u^fu",

Guardian Life Insurance Ltd.Statement of Life Insurance Fund

As at 31 December 2017

Amount in Taka2017 I zorc

Assets

Statutory deposit with Bangladesh BankBangladesh govt. treasury bond

Agents'balanceOutstanding premiumAmount due from other persons or bodies carrying on

insurance business

Profit/interest accruing but not due

Preliminary expenses

Sundry debtors

Stock (policy stamps)

Fixed assets (cost less accumulated depreciation)

Cash, bank & other balances

Less: LiabilitiesEstimated liabilities in respect of outstanding claims, whether

due or intimpted ,

Sundry creditorsProvision for audit fee

Premium depositTotal fundLess: Shareholders' equity (paid-up capital)(18,200,000 ordinary shares of Tk.10 each)

Life insurance fund

1.339,602,88115,200,000

336,500,00048,783

123,605,426

4,506,794

29,910,844891,989

54,105,019386,235

16,247,931758,199,860

503,061,32915,200,00020,000,000

51,364

8,032,482

(25,391,574)

7,729,3882,873,0468,451,755

392,59016,411,015

449,311,263

107,572,610

10382,319258,750731,.792

1,,220,657,410

182,000,000

11,791,844

5,1 18,880

6,094,145258,750320,069

491,269,485182,000,000

11

1,038,657,410 309,269,485

HoD indnce'& Accounts

3. F . r*-,-.)z-,S. F. Ahmed & Co.

Chartered Accountants

,ffiNDated, Dhaka;

26 June20l8

Signed as per annex report on even date

Guardian Life Insurance Ltd.Statement of Cash Flow

For the year ended 31 December 2017

Amount in Taka2017 I 20rc

Cash flows from operating activities

Collection from premium & others

Miscellaneous income received

Payment for claimsPayment for re-insurance, management expenses and others

Income tax paid/deducted

Advance to diflerent parties

Advance Tax on vehicle

Net cash flow from operating activities (A)

Cash flows from investing activitiesAcquisition of fixed assets

Profit/interest received

Net cash flows from investing activities (B)

Cash flows from financing activitiese

Bangladesh govt. treasury bond

Net cash flows from financing activities (C)

Net cash and cash equivalent (A+B+C)Add: Cash and cash equivalent at beginning balanceCash and cash equivalent at ending of the year

Dated, Dhaka;

26 June 2018

611,107,801 277,223,339

1,391,93t,51327,156

(52r,193,474)(20t,820,503)

(7,679,414)(50,112,477)

4s.000

(6,385,379

20,666,175

14,280,796

467,093,01236,765

(85,805,693)

(99,342,155)(3,172,496)(1,541,094)

45,000

(5,720,622)14,544,927

8,824,305

316,500,000

(316,500,000)

(20,000,000

(20,000,000)

308,888,597449,311,263

266,047,644

183,263,619758,199,860

HoD-Fi

449,311,263

Director / Director Accounts

5" F. H*:--2+4,S. F. Ahmed & Co.

Chartered Accountants

Signed as per annex report on even date

Guardian Life Insurance Ltd.Form-ttAAtt

Classified Summary of the Assets in BangladeshAs at 31 December 2017

sl.No.

Name of Assets Book Value Market Value Remarks

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Statutory deposit with Bangladesh

On fixed deposit with banks

Bangladesh govt. treasury bond

Agents'balance

Outstanding premiumAmount due from other persons or bodies

carrying on insurance business

Interest accruing but not due

Cash, current & STD accounts in banks

Other assets:

(a) Sundry debtors

(b ) Stock- stamps

(c) Fixed assets (at cost less depreciation)

15,200,000

638,418,828

336,500,000

48,783

123,605,426

4,506,794

29,910,844

119,781,032

54,105,019

386,235

16,247,931

15,200,000

638,418,828

336,500,000

48,783123,605,426

4,506,794

29,910,844

119,787,032

54,105,019

386,235

16,247,931

At cost

Realizable Value

At cost

Realizable ValueRealizable Value

Realizable Value

Realizable Value

Realizable Value

Realizable Value

At cost

Depreciated Value

Total 1,338,710,892 1,338,710,892

&sNSigned as per annex report on even date

Dated, Dhaka;

26 June20l8

ccounts

-1.F.24*--{L4S. F. Ahmed & Cd.Chartered Accountants

Guardian Life Insurance Ltd.Notes to the Financial Statements

For the period from 0l January 2017 to 31 December 2017

.^ 1.00 Legal Status and nature of the companyThe Company Guardian Life Insurance Ltd. was incorporated on 28th March, 2013 as a Public Ltd. Company

under Companies Act 1994 beaing Regn. No. C-108190113 and has got the license from the Insurance

_ Development & Regulatory Authority, Bangladesh bearing Certificate No. Life 0212013 dated 25th September

2013 to transact life insurance business.

1.01 Components of the financial statements

The financial statements include the following components:

i. Balance Sheet

ii. Life Revenue Accountiii. Cash Flow Statement

iv. Statement of Changes in Equityv. Statement of Life Insurance Fund

vi. Classified Summary of the Assets in Bangladesh (Form AA) and

vii. Accounting Policies & ExplanatoryNotes.

2.04 Significant accounting policies

2.01 Basis of preparation and presentation of financial statements

The financial statement have been prepared on the historical cost basis. The following underlying laws, rules,

regulation and accounting pronouncement have been considered in preparing and presenting the Financial

Statements:

i) The Insurance Act 2010 r

ii) The Insurance Rules 1958

ii) The Companies Act 1994

iii) The Securities and Exchange Commission (SEC) Rules 1987

iv) The Income Tax Ordinance-l984v) The Bangladesh Financial Reporting Standards (BFRS) which have been adopted by the Institute

of Chartered Accounts of Bangladesh (ICAB)vi) Any other applicable legislation.

2.02 Responsibility for preparation and presentation of financial statements

- The Board of Directors is responsible for the preparation and presentation of Financial Statements under section183 of Companies Act 1994 and as per the provision of Bangladesh Accounting Standards(BAS) "The Frame

Work for the preparatioir and presentation of Financial Statements" issued by the International AccountingStandards Board (IASB).

2.03 Taxation & VATCurrent TaxIncome Tax of Life Insurance Companies are determined under the fourth schedule of Income Tax Ordinance -1984

VATVAT is exempted on life insurance business according to section 4 of second schedule of VAT Act-l99l.VATdeducted at source forvarious services has been deducted in accordance withrelevant section of theVAT Act and deposited to Bangladesh Bank through Treasury Chalan.

2.04 Cash flow statementCash Flow Statement is prepared in accordance with BAS-7 and Cash Flow from operating activities have been

.. presented under direct method as outlined in the Securities & Exchange Rules-1987.

2.05 InvestmentInvestment are staled at the cost of acquisition. Interest on investment is accounted for an accrual basis.

2.06 The figures are rounded offto the nearest taka.

'-. i1r r..

2.07 Premium

2.07.01 Individual life policiesFirst year's premium is recognized when premium is received and the relevant policy is issued. Subsequentpremium falling due under the policy which will be recognized as renewal premium in the year.

2.07.2 Group policiesThe premiums of group policies are recorded after receipt of the premiums.

2.07.3 Profit/interest on investmentProfit or Interest are accounted on accrual basis at gross value (before deduction of income tax).

2.08 Re-insuranceThis represents amount receivable from the re-insurer (SCOR Global Life SE, Singapore) for the year ended on

3l December 2017. The net retention of the company for individual life is BDT 3 lac per policy per person &group insurance is BDT 10 lac per policy per person.

2.09 Recognition of fixed assets- tangible & intangibleThese are capitalized at cost of acquisition & subsequently stated at cost less accumulated depreciation and

impairment losses.

2.10 ClaimsClaims costs consist of the policy benefit amount and claim settlement costs, where applicable.Death and other supplementary claims are accounted for on receipt of intimation.Annuity benefits and Maturity benefits are accounted when due.

Surrenders are accounted for on the receipt ofconsent from the insured to the quote prescribed in the policy deedprovided by the company.

Maturity claims also include amounts payable on lapsed policies which are accounted for on the date of maturityof policies.

Re-insurance claims receivable are accounted for in the period in which claims are settled.

2.10.1 Fixed assets

Tangible fixed assets

Fixed assets are reported at cost less accumulated depreciation and impairment, if any. Cost includes the purchaseprice and any cost directly attributable to bring the asset to its working condition for its intended use.

Intangible assets

Intangible assets are reported at acquisition value with deductions for impairment losses, if any. Intangible assetscomprises web design and software (Windows) which are stated at cost of acquisition, including any costattributable for bringing the same to its working condition less accumulated amortization.

2.10.2 Depreciation and amortization

2.10.2.1Depreciation and amortization both has been charged on respective fixed assets adopting straight line method onall assets depending on the class and estimated useful life of assets.

Depreciation and amortization are charged at the rates shown below:Fumiture & Fittings

Office EquipmentVehiclesWeb DesignSoftware (Windows)

2.11 Reporting period' Financial Statements of the company cover one accounting year from 0l January to 31 December of the year.

15%

30%20%

30%3A%

ffi

3.00 Shareholders'capital

Authorized

200,000,000 ordinary shares ofTk.10 each

Issued, subscribed & paid up

18,200,000 ordinary shares ofTk.10 each

3.01 Distribution schedule of paid-up capitalA distribution schedule of equity shares is given below:

Amount in Taka31.12.20L7 i 31.12.2016

2,000,000,000 2,000,000,000

2,000,000,000 2,000,000,000

182,000,000 182,000,000

182,000,000 182,000,000

Name of subscribersAyesha Abed Foundation

Brac Foundation

RSA Capital Ltd

Square Fashion Ltd

Manage well Holdings Ltd

Manage well Media Ltd

Fidelity Irvestment Trade Pte Ltd

Capital Fair Holdings Ltd

Millennium Capital Investment Pte Ltd

Mr. Syed Nasim Marzx

Mr. Dilip Kajuri

Mr. Abdul Monem Bhuiyan

Mr. Shahed Aziz

Mr. Charles C.R. Patra

No of Sharesah of

Sha

4.29

10.00

10.00

10.00

10.00

2.84

10.00

10.00

10.00

i0.00

2.75

2.ls

4.29

4.29

'/o ofSha

780,780

1,820,000

1,920,000

1,820,000

l,g20,ooo

516,880

1,820,000

1,820,000

1,920,000

1,820,000

390,390

390,390

780,780

780,780

4.29

10.00

10.00

10.00

10.00

2.84

10.00

10.00

10.00

10.00

2.ts

2.1,s

4.29

4.29

18,200,000

4.00 Life revenue fundOpening balance

Add: Surplus(Deficit) of Life Revenue Account during the period

Closing balance 1,038,657,410 309,269,485

100.00 100.00

309,269,495

729,387,925

42,676,393

266,593,092

5.00 Estimated liabilities in respect of outstanding claims, whether due or intimated

Group Insurance

Profit Commission Payatle

55,388,205

52,184,405

5,1 18,990

107,572,610 5,118,880

Amount in Takas1.12.2017 I lt.tz.zo,a

Sundry creditorsOffice rent payable

Commission payable to Financial Associate (ILB)Employees provident fundTelephone billutiliry billAdvertisement & publicity bill payable

Others payable-share money deposit

Payable to legal, professional & consultancy fees

License fees payable

Fuel bill payable

Courier bill payable

Housekeeping service bill payable

Intemet bill payable

Investigation fees payable

Salary & allowance payable

Tax payable on professional fees

Tax payable on office equipmentTax payable on supply of manpowerTax payable on supplierTax payable on Office RentTax payable on Service Charges

VAT payable - professional fees

VAT paypble -office rent rVAT payable - SupplierVAT payable - Service Charges

VAT payable- car repair & servicingVAT payable-software

27,8422,540,3295,444,512

51,550

97,934336,517

825,626

50,000

30,545

76,76727,29045,679

78,655459,425

195,795

12,500

11,493

2,25010,445

9,3756,750

22,244

19,7_96

60,0002,173,6132,605,999

29,35189,46734,500

925,626

50,000

45,815

to,ooo2,ggo'9,4.10

l,soo144,355

251

7,379

, 4,000

_s,094J45_10,382,319

7.00 Premium deposit

737,792 320,069

__fiLru_ ____r2!e2_This represents payments made by policyholders awaiting adjustments against the policy premiums.

Provision for Audit fees

Annual audit fee 258,750 258,754

________?ryIg_ __25!l!t9.00 Investment (at cost)

Statutory deposit with Bangladesh BankBangladesh govt. treasury bond

_____351flCIe0_ __1520!&a_According to Section 23 of Insurance Act 2010, every insurer shall maintain security deposit as stipulated in theSchedule-1.

Note-9.01

15,200,000

336,500,000

15,200,000

20,000,000

Amount in Taka31.12.2017 I 31.12.2016

9.01 Bangladesh govt. treasury bond13.04.16 BD0921381051 BangladeshBank13.07.16 BD0921381054 BangladeshBank10.08.16 BD0921381054 BangladeshBank14.06.17 8D0922241056 BangladeshBank13.07.17 8D0922241056 BangladeshBank13.12.17 8D0921341055 BangladeshBank

10.00 Outstanding premiumOutstanding premium group

Outstanding premium ILB

11.00 Amount due from other persons or bodies carrying on insuranceAmount due from re-insurer

12.00 Interest accruing but not dueBangladesh Govt. Treasury Bond (BGTB)Fixed Deposit with Banks (FDR)

Total ?

Sundry debtorsAdvance office rent

Advance tax on FDR interest

Advance tax on SND interest

Advance tax on vehicle

Advance against expenses

Eamest moneyAdvance VAT

14.00 Cash, bank & other balancesOn fixed deposit with banks (Note-14.01)Cash, bank & other balances (Note-I4.02)

14.01 On fixed deposit with banks & financial institutionsAB Bank Ltd Principal BranchBRAC Bank LimitedPrime Finance & Investment LimitedIPDCIIDFC

. Lankabangla Finance LimitedIDLCDBH Corporation Ltd

5,000,000

5,000,000

10,000,000

16,500,000

120,000,000

180,000,000

_335d09oq9_ _______20J09,000_

722,885,944 7,758,748719.482 273.734.00

_fi,605,45_ _g.J0'4n_

business

4,506,794 (25,391,574.00)(25,391,574\

5,000,000.00

5,000,000.00

10,000,000.00

4,506,794

This represents the amount due from(due to) overseas re-insurer as at December 31,2017

9,132,39621,778,448

1,253,205

6,476,183

_______zep r0 l4_ _________J_JE;88_

4,253,727

4,994,730

147,318

105,000

2,193,945

50,00042,470,299

4,470,904

3,640,617

49,234

60,000

231,100

54,105,019 8,451,755

638,418,929 331,932,000719,781,032 117,379,263

_e122d!9_

142,729,250

110,000,000

239,957,92926,731,75070,000,000

30,000,000

20,000,000

449,311,263

97,000,000

50,000,000

25,000,000

54,932,000

45,000,000

30,000,000

30,000,000

^

__61!11&02!_ __l]lptaqag_

Amount in Takas1.12.2017 I tt.tz.zue

14.02 Cash, bank & other balancesOn CurrentAlC (BRAC BANK # 1501202597996001)

On Current A/C (AB BANK # 4005787623000\On SND A/C (BRAC BANK # 1505102597996001)

On SND A/C (BRAC BANK # 1s0s102s97996002)On CD A/C (MTBL# 00020320003 178)'on SND A/C (IFIC# 109401029704r)On SND A/C (DBBL #2ss.120377)Cash in hand

15.00 Preliminary expenses

Opening balance

Less: Amortization for 5 year (Note-l5.01)

15.01 Amortization expenses

Legal, professional and consultancy

Commencement of business operation related

Closing balance

16.00 Policy stamp

Openingbalance r

Add: Addition during the year

Cost of policy stamp

Less: Used during the year

Closing balance

17.00 Fixed assets less accumulated depreciation

Opening balance

Add: Addition during the year

Cost of fixed assets (a)

Less: Accumulated depreciation:

Opening balance

Add: Charged during the year

Accumulated depreciation (b)

Closing balance (a-b)

Schedule of Fixed Assets have been given in Annexure-A.

18.00 Premium less re-insurance

6,730,962

53,036

62,010,308

48,554,736

486,348

7,794,770

149,050

1,822 13,061

_____J%ZgUt2_ __rt7.il2263_

1,651,333

588,802

112,787,193

1,751,538

303,631

273,7_05

2,973,0461,991,057

_qre89_4,854,103

1,991,057

____2,873gf._

1,089,070

891,987

1,089,070

891,987

_1,98 1,0s7_ _L2!1,OSz "

Preliminary expenses include legal fees, consultancy fees, company formation fees & other expenses related toincorporation as well as permission from,IDRA to commence life insurance business.

392,590 113,760

712,025 705,015

1,104,615

718,3 80

818,775

426,185

37,558,497

6,395,379

25,837,875

5,720,622

37,943,876 31,559,497

15,147,482

6,548,463

9,347,936

5,799,646

21,695,945 151147,482

_____16247$1_ 16,411,015

Classes of Premium Gross Premium Re-insurance Net premiumFirst year premium 59.141.01s 847,281 58,293,734Renewal premium 16"921.467 16,921.467Group insurance premium 7,431,030.252 28,587,036 1,402,443.216Total Tk. in20l7 1.507.092.734 29,434,317 t,477,658,417Total Tk. in 2016 46t,211"052 41,972,412 419,238,640

13

Amount in Taka31.12.20t7 I tt.tz.zue

- 20.00

19.00 Profit/interestincomeInterest on Bangladesh govt. treasury bondInterest on FDR

Interest on SND account

21.00 Commission & allowances

Commission & allowance to agents

Commission & allowance to employer of agents

22.00 Salaries and other employees benelitsSalary and allowances (other than to agents)

1,414,377 236,984

_aw_g_ ___w48,377Claims under polices

Claims by death

Claims by hospitalizationClaims by major diseases benefitClaims by survival benefitClaims by profit commissionClaims by surrender

Less: Amount received/adjusted against claim from re-insurer

5,911,61335,92tr,641

1,271,944

16,639,544

41,654,959

53,196,201

341,672,147

219,680,7932,968,162

120,000

90,943,212

89,040(31,826,150) (5,624,868)

623,647,204 89,226,292

20,180,241 9,714,118 -

17,222,085 6,585,295

_______3J,4U 325_ _16 ?ee A13

53,039,295 30,486,187

_qquZ2t_ _______l 0,486, 1 87_

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