It is a broadly described annual report of Karnaphuli Insurance Company Limited in the year of 2015. During the financial year, The Company’s 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, the company sold out maximum losing shares squeezing its portfolio resulting in a loss of Tk. 6,45,80,131/-. During the period under review, the Company procured gross premium amounting to Tk. 280,757,465 against Tk. 274,832,716 in 2014 despite adverse economic condition and political disturbance. The growth of premium collection is 2.15%. Gross Income for the year 2015 stood Tk. 61,878,199 against Tk. 109,434,777 in 2014 Net Profit before tax Tk. 44,253,384 out of which underwriting profit is Tk. 35,981,299 against Tk. 36,837,928 in 2014.
The Board of Directors of the Company recommended @10% cash dividend to the shareholders out of the surplus available for distribution at the end of the year 2015, subject to the approval of the shareholders in the 29th annual general meeting to be held on 27th June. 2016. These financial statements are presented in Bangladesh Taka (Taka/Tk/BDT) which is the company’s functional currency. All financial information presented in Taka has been rounded off to the nearest Taka.
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