Reliance Insurance Limited

Reliance Insurance Limited, was founded in Bangladesh as a private non-life insurance company in 1988. Currently the firm has 32 branches throughout Bangladesh, and 340 employees. In the year 2018, the company had earned BDT 2,689.26 million as the gross premium income, which is higher than that of 2017.[3]

Reliance Insurance Limited
TypePublic Limited
IndustryFinancial services, insurance
FoundedMarch 22, 1988 (1988-03-22)
Headquarters
Dhaka
,
Bangladesh
Key people
  • Shahnaz Rahman (Chairman)
  • Akhtar Ahmed (Adviser)
  • Md. Khaled Mamun (CEO)
[1]
Number of employees
340 (2018[2])
Websitereliance.com.bd

History

In Bangladesh the insurance sector was nationalized in 1972 just after independence. Following the nationalization, the then Government established two insurance corporations. One is Bangladesh Sadharan Bima Corporation for the non-life insurance business, and another is Bangladesh Jiban Bima Corporation for life insurance business. Subsequently, the government opened the door for establishing private insurance companies through the Insurance (Amendment) Ordinance 1984.

Under the provisions of 1984 ordinance, Reliance Insurance Limited started its operation by virtue of the Certificate of Commencement of Business" issued on the 22nd of March 1988 by Registrar of Joint Stock Companies of Bangladesh. The company also enjoyed its 25th anniversary in 2014.[4]

Regulatory framework

Insurance Development & Regulatory Authority of Bangladesh (IDRA), an entity formed under the Insurance Development and Regulatory Authority Act 2010, regulates all insurance companies of Bangladesh in accordance with the Insurance Act 2010.

Financial performance

The Company earned gross premium of BDT 2,689.26 million in 2018 and BDT 2,572.67 in 2017. The total invested asset of the company in 2018 and 2017 were BDT 7,458.70 million and BDT 6,975.30 million respectively.[3] In its 31st Annual General Meeting, a cash dividend of 15% and 10% bonus were distributed to its shareholders for the year 2018. Furthermore; CRISL awarded RIL "AAA" (pronounced as Triple A) surveillance rating for 2018.

Insurance services

Notes
  1. "New MD of Reliance Insurance". The Financial Express. Dhaka. 5 May 2014. Retrieved 2015-09-10.
  2. "Reliance Insurance Had its AGM 2015". the-insured.com. Retrieved 2015-09-10.
  3. "Annual Report 2017" (PDF). Reliance Insurance Limited. Retrieved 2015-09-10.
  4. "Reliance Insurance Limited celebrates 25th anniversary". The Daily Star. 21 March 2014. Retrieved 2015-09-11.
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