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Dear Shareholder friends,

Assalamu Alaikum.

I am extremely happy and delighted in welcoming you all to the 29th Annual General Meeting (AGM) of Karnaphuli Insurance Company Limited, your company. I thank you all for reposing your trust and confidence in the Board and Management team of your company throughout these years. On behalf of the Board of Directors, I take this privilege to present the Annual Report of the Company for the financial year ended on 31st December, 2015.


The major challenges that manifested Insurance Sector due to poor investment in new Industries and barrier in Garment sector by the buyers imposing new conditions for compliance, which disrupted the economic activities and negative affect on premium income and interest on FDR.


Despite the aforementioned challenges faced Karnaphuli Insurance nevertheless prevailed through concerted team efforts of all employees under the prudent leadership of our Chief Executive Officer and ManagingDirector Mr. Md. Hafizullah. The members of the Management team carried out their assigned responsibilities with most sincerity and dedication resulting to the company’s sustainable growth and goodwill in the market.


Against this tough scenario, your company put in its best efforts at harnessing best possible return from its core business through prudent cost control and premium income drive. Complying all the instructions of our regulator IDRA, the overall performance of the Company is satisfactor. The underwriting profit stands at Tk.4,42,53,384/-. The fixed deposit rose to Tk.64,02,74,824/- plus BGTB Tk.2,50,00,000/-. Due to the turmoil situation in the capital market, we sold out maximum losing shares squeezing our portfolio resulting to a loss of Tk.6,45,80,131/-. Despite of major setback in Bank interest and share market, we are trying our best to ensure continued growth, sustainability and financial strength. My heartfelt congratulations to Mr. Md. Hafizullah, the Managing Director and CEO for his guiding leadership and the Management team for excellent performance.

I once again thank all esteemed shareholders for their confidence on the members of the Board and Management team. It is my firm expectation that such confidence will remain unflinching in the coming years also. I also take this opportunity to thanking my colleagues in the Board of Directors and the Management for their wise leadership, relentless efforts and dedicated services for the welfare of the Company and Shareholders.