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Federal Insurance Company Limited (FICL) incorporated as a public limited company on 11 November 1987 under the companies act 1913 with the objective of carrying out all kinds of insurance business other than life insurance in and outside Bangladesh. After registering with the Department of Insurance and obtaining a certificate of commencement of business from the Controller of Insurance with effect from 17 November 1987, the company formally started its business on 20 November of the same year. FICL was established with an authorised capital of Tk 200 million divided into 2 million ordinary shares of Tk 100 each. Its paid up capital in 1999 was Tk 60 million, of which 50% was paid up by the sponsors and the remaining by public shareholders. The company was enlisted with the Dhaka stock exchange on 26 June 1995 and with the Chittagong Stock Exchange on 20 November 1995. In accordance with its objective of conducting general insurance business, the company underwrites risks involved in trade and properties and thus provides their security through insurance and reinsurance services. The company participates in the co-insurance business. In accordance to the Re-Insurance Treaty, it has re-insured risks undertaken with the sadharan bima corporation. The company made considerable improvements in its business performance up to December 1999. In 1999, the gross premium income was Tk 170.87 million, net premium income Tk 96.29 million and underwriting profit Tk 25.69 million. Net claims settled by the company in the year were Tk 15.29 million. Its reserve for exceptional losses was Tk 19.05 million in 1999. That year the investment income of the company was Tk 2.49 million and after making all statutory provisions but before tax, its profit stood at Tk 5.15 million and it paid dividends @ Tk 10 per share to the shareholders. The value of all assets of the company was Tk 396.86 million.
The company has 39 branches and its head office is at
dhaka.
In 2000, it had 643 employees including 52 executive officers. The managing
director is its chief executive officer and also the member secretary
of its 25-member board of directors.
[S M Mahfuzur Rahman] |
