Corporate Social Responsibility Reporting by Insurance Companies

1. Introduction

Corporate social responsibility (CSR) refers to a company’s voluntary contribution to

sustainable development which goes beyond legal requirements (Gamerschlag et al.,
2010). Although the concept, Corporations’ “Social Responsibility” was
introduced in 19th century (Bowen, 1953), but during the last 10 years, there has
been a growing public awareness of the roles and responsibilities of corporations in
society (Hackston & Milne, 1996). It is true hat that businesses are not only
responsible to all of their stockholders but also need to concentrate on the issue of
environment and society, including the employees in a broader inclusive sense.

CSR encompasses a wide spectrum of issues ranging from business ethics, corporate
governance and Socially Responsible Investing (SRI) to environmental sustainability
and community investment, preservation and protection of the environment, and the
social welfare of the communities in which they operate. It is also envisages the ideal
whereby enterprises integrate social and environmental concerns in their business
operations and their interaction with their external and internal stakeholders usually in
a voluntary basis. It was stated by Anwar (2005) good CSR practices will enable
companies to attract better quality investors and to better meet the challenges posed
by increased competition for markets. Because it is a form of strategic management,
which encourages the organization to scan the horizon and to think laterally about
how its relationships will contribute long-term to its bottom line in a constantly
changing world.

Insurance is a service industry. Importance of the corporate social responsibility

especially in the insurance sector has been raising due to contractual intermediaries is
gaining importance. However, in Bangladesh corporate social responsibility in the
insurance sector is an infant stage, they are trying to focus on disclosing CSR because
it helps in ensuring social justice and ethical practices. While companies have been
credited with contributing to job opportunities, economic, social and technological
progress, they have also been criticized for creating social problems like pollution and
destruction of environment and ecology with devastating impact on human health and
bio-diversity worldwide. Therefore, companies have started to engage in CSR
activities and corresponding disclosure of these activities. There are many large and

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Corporate Social Responsibility Reporting by Insurance Companies

older companies are also in particular that invest a great deal of effort and money to
disclose information on their CSR performance.

The role of businesses, in worldwide and especially in the developing countries, have
evolved over the last few decades from the concept of “maximizing profit” and have
turned to the tendency of “socially responsible”. Though it is a recent phenomenon
but many observers agree that the globalization has spurred its growth and
prominence. Studies show that, enterprise strike a balance between economic and
social goals. Companies try to maintain a term, an enterprise's "license to operate".
This concept whereby the society in which business operates frame disclose their
views on how the activities and the offerings of the business affect them. Day by day
the level and importance of CSR is increasing tremendously because of it’s
usefulness, that is why it has been practiced world widely. Though in the developing
countries CSR is still relatively underdeveloped and tends to be working as a
temporarily basis with a heavy reliance on convenience-based case studies or
descriptive accounts and now presently it becomes a hot cake owing to some of it’s
values in terms of percentage in the corporate fields. The Insurance Market in
Bangladesh now consists of two state-owned corporations, forty six and seventeen
private sector general & life insurance companies respectively, a total of 62 insurance
companies. Thus the insurance sector in Bangladesh has grown up substantially and
deepened remarkably with number of companies in both life and general segments.
With the expansion of size of the insurance market, the volume of assets of the
industry has also increased substantially.

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Corporate Social Responsibility Reporting by Insurance Companies

2. Literature Review

With the rapid collapse of cross-border economic barriers and the globalization of
business, the role of CSR is being debated in an international arena (van der Laan
Smith, Adhikari, & Tondkar, 2005). Major corporate ethical disasters impacting on
the environment, human resources, and the community have heightened the demand
for public firms to voluntarily disclose their corporate social responsibility (CSR)
activities to stakeholders. Venugopal (accessed in the Internet on 25th October, 2009)
stated that insurance company has corporate social responsibility towards improving
the environment and at the same time, the company has to garner good premium as
ultimately the insurer has to earn profits for its shareholders & stakeholders.

CSR activities are usually presented as a response to the expectation of stakeholder

and civil society (Chandler, 1997). It is found that around 70% of the world’s
largest 250 companies issued separate CSR report in their annual report (KPMG,
2008). It has been found that a most of the (listed in DSE) insurance companies
issued separate CSR report in their Annual Report. In a comparative study on 150
companies in the US, UK and Australia, Guthrie and Parker (1990) found that 85% of
US, 98% of UK, and 56% of Australian companies made some social disclosures in
their annual reports. Companies in the US used 1.26 pages for CSR reporting in their
annual report while 0.89 and 0.70 pages were used in the UK and Australia
respectively. Ratanajongkol, Davey and Low (2006) analyzed the extent and nature of
corporate social reporting by 40 Thai companies over a three year period.

A large number of companies are engaged in philanthropic activities. Obalola

(2008) found that for Nigerian Insurance industry a strong support for social
responsibility and the translation of this support into action through involvement in
some community based projects. Evidence from the study also suggests that social
responsibility is still largely perceived as a philanthropic gesture. “CSR is a concept
whereby financial institutions not only consider their profitability and growth, but also
the interests of society and the environment by taking responsibility for the impact of
their activities on stakeholders, employees, shareholders, customers, suppliers, and
civil society represented by NGOs. The need for businesses to be socially responsible
and accountable has acquired a new momentum in the global environment. According

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Corporate Social Responsibility Reporting by Insurance Companies

to the statement of Gray et al (1987: ix) we can say that CSR the process of
communicating the social and environmental effects of organizations’ economic
actions to the particular interested parties. CSR activities not only companies'
corporate responsibility but it also benefits them in tax rebate. Some companies do
not engage in corporate social disclosure because they: (i) do not have the
information, (ii) do not want to disclose this information since it signals bad
performance, and (iii) it is an expensive process.

Company size and strategic motivation can have a positive impact on CSR. Large
companies tend to have large CSR expenditure (Cowen Linda & Scott, 1987). It
has been argued (Delaney and Huselid, 1996) that company age has a positive
relationship with CSR. CSR activities also differ in between two types of
industries (Kolk, 2003). CSR reporting means voluntary disclosure of a
corporation which goes beyond statutory requirements. Generally Disclosure
refers to the process of making available specific information to people outside
publicly-traded firms (Bushman et al., 2004). Wise and Ali (2008) depicted that if
corporate social responsibility disclosure is made obligatory there is a strong case for
it to follow international benchmarks. This would include the triple-bottom-line
reporting method, which is increasingly being accepted as a useful method of
conveying information on a firm’s social performance. For these reasons, the strategic
value of CSR is becoming increasingly recognized (Porter & Kramer, 2002). Both
scientific evidence (Margolis & Walsh, 2003) and consumer reaction (McWilliams &
Siegel, 2001) have signaled to companies that engagement in CSR activities and its
disclosure can be rewarded through improving company performance. That’s why
corporate social responsibility has become an important issue in the business world
(Waller & Lanis, 2009).

Although CSR reporting is not mandatory in our country, this is only a part of
financial statement. The nature of disclosure is mainly descriptive in nature (Belal,
2001). An average of 8.33 % of Bangladeshi companies discloses social and
environmental information in their corporate annual report (Hossain et al., 2006).
Compared to developing countries the disclosure made by the listed companies in
their annual reports in Bangladesh is “very disappointing” (Hossain et al., 2006).
Due to geographical, political economic, environmental, regulatory, social and

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cultural differences it would not be appropriate to generalize the results of studies of

developed nations to developing countries. This is because the stage of economic
development is likely to be an important factor affecting CSR practices. The
insurance business in Bangladesh penetrates a very marginal part of the Gross
Domestic Product (GDP), which, incidentally, is also the lowest in the South Asian
region. The gross premium income, the core indicator of the market penetration of the
sector, was about 0.62% of the GDP in 2004 while the rate was 0.67% in Pakistan,
1.49% in Sri-Lanka and 3.08% in India. On five-year average basis, the ratio was
0.51% in Bangladesh against 0.65%in Pakistan, 1.27% in Sri-Lanka and 2.7% in
India.

As CSR Reporting is a form of corporate self-regulation integrated into the business

culture, Insurance companies must take on new responsibilities that go beyond a
simple policy of “paternalism” vis-a-vis their suppliers, customers and employees,
such as that practiced up until recent times” (Noyer , 2008). Actually companies who
are engaged in CSR activities and it’s disclosure can foster various stakeholder
relations (McWilliams & Siegel, 2001), thus companies’ business risk can be reduced
(Boutin-Dufresne Savaria, 2004). Visser (2005) argued that CSR in developing
countries to represent ‘the formal and informal ways in which business makes a
contribution to improving the governance, social, ethical, labor and environmental
conditions of the developing countries in which they operate, while remaining
sensitive to prevailing religious, historical and cultural contexts. According to the
Green Paper presented by the European Commission in July 2001, corporate social
responsibility (CSR) is a concept whereby companies integrate social and
environmental concerns in their business Operations and in their interaction with their
stakeholders on a voluntary basis (Commission of the European Communities, 2001,
p. 6).

Main sources of evaluation of CSR reporting are mainly the content analysis of the
annual report (Singh and Ahuja, 1983; Andrew et al., 1989; Lynn, 1992; Savage,
1994; Gray et al., 1995; Kreuze et al., 1996). Most of the research are of three types
namely- ‘descriptive studies’ which focuses on extent and nature of CSR,
‘explicative studies’ focus on factors influencing the level of CSR reporting and
studies on the effect CSR information has on various users (Bayond et al., 2012).

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Corporate Social Responsibility Reporting by Insurance Companies

CSR was said by The World Business Council for Sustainable Development
(WBCSD) (1998, p. 3) that ‘the continuing commitment by business to behave
ethically and contribute to economic development while improving the quality of life
of the workforce and their families as well as of the local community and society at
large’.

3. Objectives of the Study

Main Objective:

The present study has been undertaken with an aim of evaluating the CSR disclosure
practiced by the insurance companies in Bangladesh.

Specific Objectives:

The specific objectives of the study are described below:

1. To evaluate the volume of CSR disclosure by the listed Insurance Companies in

Bangladesh.

2. To find out whether there is any relationship between CSR disclosure and company
attributes or characteristics.

3. To find out problems in CSR reporting and to provide suggestion to solve those
problems.

4. Methodology of the Study

The study has been conducted based on information collected from secondary sources
(Annual Report), which include literature on social responsibility and business ethics,
financial statement of the Companies and corporate disclosures. Annual Report is a
common and popular means of communication to stake holders (Guthrie and
Parker, 1990; Singh and Ahuja, 1983). Mathews (1993) classifies the disclosures
into three categories: (i) social disclosures having a positive impact on how an
organization performs, (ii) disclosure may legitimize the organization’s behavior by
influencing other stakeholders, and (iii) voluntary disclosure signifies the recognition
of that organization’s accountability to society. This study focuses on two important
theories that explain the extent of corporate social disclosure: legitimacy theory and
stakeholder theory. Legitimacy is defined as: “a generalized perception or assumption

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Corporate Social Responsibility Reporting by Insurance Companies

that the actions of an entity are desirable, proper, or appropriate within some socially
constructed system of norms, values, beliefs, and definition” (Suchman, 1995, p. 573),
external stakeholders which were defined as “any group who can affect, or is affected
by, the accomplishment of organizational purpose” (p. 25).

4.1 Sample Selection:

There are different sectors listed in Dhaka Stock Exchange (DSE). There are about 22
sectors in DSE. We have selected insurance sector for our experiment. There are 46
listed insurance companies among them we have taken 38 companies, which branches
and offices are located in different areas of Bangladesh.

We have analyzed these companies’ annual reports. These annual reports were
collected from different sources such as Dhaka Stock Exchange (DSE), Chittagong
Stock Exchange (CSE) and also from Internet.
Table: 1 Name of the selected listed companies

Companies Name
1 Agrani Insurance Co. Ltd. 20 Nitol Insurance Co. Ltd.
2 Asia Insurance Ltd. 21 Northern General Insurance
Company Ltd.
3 Asia Pacific General Insurance 22 Paramount Insurance Company
Co. Ltd. Ltd.
4 Bangladesh General Insurance 23 Peoples Insurance
Co. Ltd.
5 Central Insurance 24 Phoenix Insurance
6 City General Insurance Co. Ltd. 25 Pioneer Insurance
7 Continental Insurance Ltd. 26 Pragati Insurance
8 Dhaka Insurance Ltd. 27 Pragati Life Insurance Ltd.
9 Eastern Insurance 28 Prime Insurance
10 Eastland Insurance 29 Prime Islami Life Insurance Ltd.
11 Fareast Islami Life Insurance 30 Progressive Life Insurance Co.
Co. Ltd. Ltd.
12 Federal Insurance 31 Reliance Insurance
13 Global Insurance Ltd. 32 Republic Insurance Company
Ltd.
14 Green Delta Insurance. 33 Rupali Insurance
15 Islami Insurance Bangladesh 34 Rupali Life Insurance Company
Ltd. Ltd.
16 Karnaphuli Insurance 35 Sonar Bangla Insurance Ltd
17 Meghna Life Insurance Co. Ltd. 36 Standard Insurance Ltd.
18 Mercantile Insurance Co. Ltd. 37 Takaful Islami Insurance Ltd.
19 National Life Insurance 38 United Insurance

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Corporate Social Responsibility Reporting by Insurance Companies

4.2 Selection of the Period:

We selected year 2011 as our analysis period, so we have collected annual reports of
2011 of different sample industries for our analysis. We selected this year as our
analysis period because to collect latest annual reports of our selected companies for
our smooth analysis regarding environmental aspects.

4.3 Data Source:

We have collected secondary data from the Annual Reports of 38 insurance
companies which are listed in Dhaka Stock Exchange (DSE). Corporate attributes of
all these companies are shown in Appendix 2.

4.4 Model Development:

In order to assess the effect of each variable on the disclosure level, the following
Ordinary Least Square (OLS) regression model is to be fitted to the data:
Y = β0+ β1X1+ β2X2+ β3X3+ β4X4+ β5X5+ β6X6+e
Where Y = total disclosure score received for each bank
Β0 = the intercept, e = the error term

4.5 Reporting Index:

Weighted disclosure index and un-weighted disclosure index which are two well-
known way of determining levels of disclosure of a company. We have selected the
un-weighted disclosure index methodology. Wallace et al. (1994), Cook (1991 and
1992), Karim (1995), Hossain et al (1994), Ahmed and Nicholls (1994), and Hossain
(2000 and 2001), adopted this procedure in which an item scores one (1) if disclosed
and zero (0) if not disclosed and the application of weights above zero but less than
one to items of information which are disclosed (zero is the weight for non-
disclosure). Here in this case we will follow the same procedure, if our selected
companies disclose an item of information in its annual reports, then one (1) will be
given and zero (0) will be given for non-disclosure. So, the un-weighted disclosure
method measures the total disclosure (TD) score of a selected company (Cooke, 1992)
are as follows:

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Corporate Social Responsibility Reporting by Insurance Companies

TD = ∑ di
𝑖=1

Where,
d = 1 if item di is disclosed
0 = if the item is not disclosed
n = number of items

However, Ranking of the Companies according disclosure items has given in

Appendix 3.

4.6 Techniques Used for Data Analysis:

There are many techniques for analyzing data, so we have chosen average,
percentage, chi-square, and correlation etc. techniques for our analysis and for finding
result we have used SPSS software.

4.7. Sources of CSR items in the Disclosure Index:

Table: 2 Source of CSR Disclosure Items

Titles Sources CSR

Factors
Community Involvement, Azim et al. (2011)
Environment, Human Resources, Masud (2011)
Product safety, Other social Hossain (2008)
responsibility.
Donations, Fair recruitment, Sairally (2007)
Scholarship Program, Staff welfare,
Promoting ethical value.
Consumer disclosure, Employee Bayond et al.( 2012)
disclosure, Environmental
Disclosure.
Community, Environment, Market Abdullah et al.(2012)
Place, Work Place.
Other factors Collected from the
Annual report of
selected companies
*Own analysis from Annual Reports of 38 companies.

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Corporate Social Responsibility Reporting by Insurance Companies

5. Findings and Analysis

Using Un-weighted Disclosure Index (UDI) the data has been analyzed and reveals
the following analysis under different segments of total disclosure level, ways of
CSR disclosure (words, sentences, charts, graphs and pictures), Heading wise CSR
disclosure, Location of CSR Disclosure in the Annual Report, Regression and
Correlation analysis.

5.1 Ranking of the Insurance Companies:

For the study a Corporate Social Responsibility worksheet was constructed with
the following headings: Human Resource, Consumer, Society, Health, Education,
Environment and Others, which were checked in the Annual Reports (2011) of the
listed insurance companies in DSE. Appendix 1 shows the ways of disclosure by
38 Companies. Again Appendix 3 shows the Disclosure list of the companies.
Where ranking of the companies are determined from highest to lowest according to
level of items disclosed.

Graph: 1. Ranking of the Companies in terms of items disclosed:

4241
Ranking of the companies as per disclosures
34
30 30
27
24
19 19
17
15 14
13 13 13 13 12
11 10 10
9 9 8 8
7 7 6
5 5 4
3 3 3 3 2 2 2
0
NATLIFEI

STANDARI

PIONEERI
MEGHNALI

FAREASTL

PARAMOUN

EASTERNI
NORTHRNI

DHAKAINS
PHENIXIN

ISLAMIIN

SONARBAI
KARNAPHU

UNITEDIN
RELIANCI

PRAGATIL

PEOPLESI
CONTININ

CITYGENI

PRAGATII
CENTRALI
RUPALIIN

GREENDEL

PRIMEINS

AGRANINS

RUPALILI

EASTLAND

REPUBLIC

ASIAPACI

TAKAFULI
PROGRESL
PRIMELIF

FEDERALI
GLOBALIN

NITOLINS

ASIAINS

MERCINS
BGIC

The above graph shows that, out of 96 disclosure factors, Reliance Insurance co. is
in the highest position by disclosing 42 factors which is 43.75% of total
disclosures, Rupali Insurance co. ltd. is in the 2nd position by disclosing 41 items.

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2 Insurance companies show more than 40 items and remaining companies showed
less than 34 factors. Here, we can see that maximum company’s disclosure level is
less than 30. Companies ranking are shown in Appendix 3. And Class wise
disclosures of these companies are shown in Appendix 4.

5.2 Comparative CSR Disclosure of the insurance companies:

Table: 3. Comparative disclosure performance

Score Range No. of Insurance % in the sample

% of the total number of Companies
items in Disclosure index
Below 10 18 47.37
10-20 13 34.21
20-30 4 10.53
31- Above 3 7.89
Total 38 100

Comparative Disclosure in Percentage (%)

Graph: 2. Comparative Disclosure

Comparative disclosure
31- above
8%
20-30
11%

Below 10
47%
10-20
34%

The table shows that disclosure performance of 18 companies is about 47% who
are lying below 10, then the disclosure performance of 13 companies is in between
10-20, on the other hand disclosure performance of 4 companies is 11% whose
sample is in between 20-30 and at the end performance level of 3 companies is 31
and above whose percentage level is about 8.
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Corporate Social Responsibility Reporting by Insurance Companies

5.3 CSR Disclosure in Percentage (%):

A ranking of the Insurance companies in the sample in terms of total number of items
disclosed
Table: 4

Companies HR Customer Society Health Education Environment Other Total

Disclosure
AGRANINS 21.43 31.25 11.76 0.00 0.00 0.00 0.00 13.54
ASIAINS 32.14 12.50 5.88 0.00 0.00 0.00 0.00 12.50
ASIAPACI 10.71 0.00 0.00 0.00 0.00 0.00 0.00 3.13
BGIC 14.29 31.25 5.88 0.00 0.00 0.00 0.00 10.42
CENTRALI 3.57 0.00 5.88 0.00 0.00 0.00 0.00 2.08
CITYGENI 7.14 0.00 5.88 0.00 0.00 0.00 0.00 3.13
CONTININ 10.71 0.00 5.88 0.00 0.00 0.00 0.00 4.17
DHAKAINS 14.29 0.00 5.88 0.00 0.00 0.00 0.00 5.21
EASTERNI 7.14 0.00 5.88 0.00 0.00 0.00 0.00 3.13
EASTLAND 14.29 43.75 0.00 0.00 0.00 0.00 0.00 11.46
FAREASTL 32.14 43.75 41.18 0.00 0.00 0.00 10.00 25.00
FEDERALI 17.86 0.00 5.88 0.00 0.00 0.00 0.00 6.25
GLOBALIN 39.29 37.50 47.06 25.00 0.00 0.00 0.00 28.13
GREENDEL 42.86 18.75 29.41 12.50 0.00 80.00 10.00 31.25
ISLAMIIN 21.43 6.25 17.65 0.00 0.00 0.00 0.00 10.42
KARNAPHU 10.71 0.00 11.76 0.00 0.00 0.00 20.00 7.29
MEGHNALI 67.86 62.50 5.88 0.00 0.00 0.00 0.00 31.25
MERCINS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NATLIFEI 42.86 0.00 5.88 0.00 0.00 0.00 0.00 13.54
NITOLINS 32.14 25.00 5.88 0.00 0.00 0.00 0.00 14.58
NORTHRNI 39.29 0.00 17.65 0.00 0.00 0.00 10.00 15.63
PARAMOUN 10.71 25.00 5.88 0.00 0.00 0.00 0.00 8.33
PEOPLESI 7.14 18.75 0.00 0.00 0.00 0.00 0.00 5.21
PHENIXIN 46.43 43.75 23.53 37.50 42.86 40.00 0.00 35.42
PIONEERI 7.14 6.25 17.65 0.00 0.00 10.00 0.00 7.29
PRAGATII 10.71 0.00 0.00 0.00 0.00 0.00 0.00 3.13
PRAGATIL 14.29 12.50 5.88 0.00 0.00 0.00 20.00 9.38
PRIMEINS 28.57 50.00 5.88 0.00 0.00 0.00 0.00 17.71
PRIMELIF 39.29 18.75 23.53 12.50 0.00 0.00 0.00 19.79
PROGRESL 35.71 37.50 17.65 0.00 0.00 0.00 0.00 19.79
RELIANCI 57.14 68.75 35.29 25.00 42.86 20.00 20.00 43.75
REPUBLIC 7.14 0.00 41.18 0.00 0.00 0.00 0.00 9.38
RUPALIIN 60.71 43.75 47.06 25.00 28.57 50.00 0.00 42.71
RUPALILI 25.00 12.50 17.65 0.00 0.00 0.00 10.00 13.54
SONARBAI 17.86 12.50 5.88 0.00 0.00 0.00 0.00 8.33
STANDARI 42.86 0.00 5.88 0.00 0.00 0.00 0.00 13.54
TAKAFULI 0.00 6.25 5.88 0.00 0.00 0.00 0.00 2.08
UNITEDIN 7.14 0.00 0.00 0.00 0.00 0.00 0.00 2.08

The total disclosure factors are divided into seven classes, which are shown in
Appendix 4. The disclosure factors under each class and in total are analyzed in
percentage. Here we can see that Meghna Life Insurance Company disclosed highest
67% which is maximum and, Mercantile and Takaful insurance companies did not
disclosed any items in HR class. In the consumer class highest disclosure percentage
is 68% which was disclosed by Reliance insurance company and on the contrary
republic & insurance company did not show any factors. In society class Rupali &

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Global insurance showed maximum 47%, on the contrary Asia Pacific, East land,
Mercentile, peoples, Pragati and united insurance company did not did not disclose
any factor. In the health class Phenix Insurance Company disclosed maximum 37%
and most of the companies did not disclosed any factors from health. In Education,
Environment & Other classes most of the companies restrained themselves from
disclosing any factor from these classes. Phenix Insurance companies disclosed
42.86%, Green delta disclosed highest 80% from Environment class. Karnafully,
Pragati & reliance disclosed 20% from other class.at the end we can see that on an
average reliance insurance disclosed maximum 43.75% & Mercantile insurance did
not disclosed any factors.
Table: 5. Descriptive Statistics of Level of Disclosure

Analysis of Total Disclosure

HR Customer Society Health Education Environ Other Total
ment Disclosure
Mean 6.6316 2.8158 2.2368 0.2895 0.2105 0.5263 0.263 12.9737
2
Std. 4.9615 3.20351 2.3183 .73182 0.74100 1.63966 0.601 10.93095
Deviation 9 7 09
Variance 24.617 10.262 5.375 0.536 0.549 2.688 0.361 119.486
Minimum 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .00
Maximum 19.00 11.00 8.00 3.00 3.00 8.00 2.00 42.00
Comparison of Mean, Std. Deviation and Variance among Different Classes

*SPSS analysis from Annual Reports of 38 companies.

Table shows that 38 insurance companies listed in DSE that means 100% of the
sample made disclosures relating to Corporate Social Responsibility. Table data
represents the descriptive statistics of the disclosure scores. The mean of Human
Resource, Customer, Society, Health, Education, Environment and others are
6.6316, 2.8158, 2.2368, 0.2895, 0.2105, 0.5263, 0.2632 respectively, where the
Mean of The Mean of the total disclosure is 12.9737. The standard deviation of the
total disclosure is 10.93095 and the Coefficient of variance of the total disclosure
is 119.486. The maximum number of disclosure is 42 and minimum number of
disclosure is 0 out of total 96 factors. Under the category of Human Resource
there are 28 contents of which maximum information disclosed is 19 and
minimum number of disclosure is 0. Under the heading of Customer, where there
are 16 items in consideration, where maximum 11 items is reported and minimum
number of disclosure is 0. In society category has 17 disclosures, of which

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maximum 8 items has been disclosed and the minimum number is 0. Maximum 3
items and minimum 0 items disclosed under the category Health where total
number of factors is 8.Under Education section there are 7 factors and maximum
factors disclosed is 3 and minimum factors disclosed is 0. Environment has 10
factors where maximum 8 and minimum 0 items disclosed. In the category named
‘Other’ there are 10 items and maximum number of items disclosed is 2 and
minimum number of items disclosed is 0. The Highest rank is obtained by
Reliance Insurance co. Ltd. by scoring 42 which is 43.77% of the total disclosure
index, while Mercantile co. Ltd scored the lowest position in the rank with no (0)
disclosure.

5.4 Correlation Analysis:

For examining the Correlation between the dependent and independent variables

Table : 6 Correlations
T.Discl Total NOB NOE Age ROA CSR
osures Assets Expenditure
Total Pearson 1
Disclosu Correlation
res Sig. (2-tailed)
N 38
Total Pearson 0.260 1
Assets Correlation
Sig. (2-tailed) 0.115
N 38 38
NOB Pearson 0.286 0.732** 1
Correlation
Sig. (2-tailed) 0.081 .000
N 38 38 38
NOE Pearson 0.249 0.951** 0.806* 1
*
Correlation
Sig. (2-tailed) 0.131 0.000 0.000
N 38 38 38 38
Age Pearson 0.099 0.120 -0.117 -0.019 1
Correlation
Sig. (2-tailed) 0.554 0.472 0.483 0.908
N 38 38 38 38 38
** *
ROA Pearson 0.091 0.577 0.846 0.620** -0.195 1
*
Correlation
Sig. (2-tailed) 0.589 0.000 0.000 0.000 0.240
N 38 38 38 38 38 38
CSR Pearson 0.267 0.076 0.013 -0.004 0.217 -0.067 1
Expendi Correlation
ture Sig. (2-tailed) 0.105 0.651 0.940 0.980 0.190 0.688
N 38 38 38 38 38 38 38
** Correlation is significant at the 0.01 level (2-tailed).
Pearson product moment Coefficients of correlation (r) were computed. From the
table of correlation matrix shows a correlation matrix of all values of r between

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Corporate Social Responsibility Reporting by Insurance Companies

variables. Here dependent variable is Total CSR Disclosure and independent

variables are - Total Asset, Number of Branches, Number of Employees, Age,
Return on Asset, CSR Expenditure, etc. Appendix 2 shows the corporate attributes
of 38 companies. ROA is 0.620. It shows that at 1% Level of significance
relationship between Total Assets and NOB is 0.732, Total Assets and NOE is 0.951,
between Total Assets and ROA is 0. 577, between NOB and NOE is 0.806, between
NOB and ROA is 0.846, between NOE and ROA is 0.620.

5.5 Heading wise CSR disclosure of the companies Information:

The following analysis is based on the contents of annual reports of the Listed
Insurance Companies with the disclosure index CSR under different heads of
Human Resource (HR), Customer, society, Health, Education, Environment and
others.

Table: 7. HR Disclosure Level Graph: 3. HR Disclosure

Range Frequency Percentage

Level (%) 60 47.37
0-4 18 47.37 40
18 23.68
5-9 9 23.68 21.05
20 9 8
10-14 8 21.05 0 3 7.9
15-19 3 7.90
0-4 5-9
Total 38 100 10-14 15-19

No. of Companies Percentage Level (%)

The above table and graph shows that 18 (47.37% of sample) companies disclosed
HR related information within the range of (0-4). At the same time 23.68%
companies’ disclosure range of HR information is (5-9), 21.05% sample disclosed
(8 companies) HR information with a range of (10-10), and rest of the companies’
disclosure range is (15-19) for HR information in their Annual Reports.

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Corporate Social Responsibility Reporting by Insurance Companies

Table: 8.Customer Disclosure Level Graph: 4 Customer Disclosure

Range Frequency Percentage Customer

Level (%)
(0-3) (4-7) (8-11)
0-3 25 65.79
4-7 10 26.32 8%

8-11 03 7.89
Total 38 100 26%
66%

The above table and graph shows that 25 companies (65.79 % of sample) disclosed
Customer factors with a range of (0-3), beside this 26.32% and 7.89 % of sample
companies showed information within the range of (4-7) and (8-11) in the annual
reports respectively.

Table: 9. Society Related Disclosure Level Graph: 5. Society Disclosure

Range Frequency Percentage Society

6-8
Level (%) 13%
0-2 25 65.79
3-5 8 21.05 3-5
21%
6-8 5 13.16
Total 38 100 0-2
66%

In these table and graph we can see that 65.79% companies’ society related
disclosure level is (0-2), beside this, 8 companies disclosure range is (3-5). On the
other hand 13.16% of sample (companies) disclosure range lies within (6-8).

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Corporate Social Responsibility Reporting by Insurance Companies

Table: 10.Health Disclosure Level Graph: 6. Health Disclosure

Range Frequency Percentage Health

Level (%)
3%
0 32 84.2 8%
5%
1 2 5.3 0
2 3 7.9 1
3 1 2.6 84%
3
Total 38 100
1

The above table and graph shows that 32 companies did not disclose any society
related information in their annual reports where their level is 84.2%. Range 2
disclosed by 5.3% of the sample, on the other hand 3 companies which is the 2.6%
of the sample has disclosure range 3.

Table: 11. Education Disclosure Level Graph: 7. Education Disclosure

Range Frequency Percentage Education

Level (%)
0 35 92.1 92%
2 1 2.6 0
3 2 5.3 2
3%
Total 38 100 3
5%
0%

The above table and graph shows that 92.1% of the sample companies did not
disclose anything about Education. 2.6% of the samples’ disclose range up to 2.
Beside this, 3 companies which are 5.3% of the sample disclosure range is 3.

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Corporate Social Responsibility Reporting by Insurance Companies

Graph: 8. Environment Disclosure Table: 12. Environment Disclosure Level

Range Frequency Percentage

ENVIRONMENT
2 Level (%)
20% 0 33 86.85
4
20% 1 1 2.63
1 2 1 2.63
20% 4 1 2.63
0 5 1 2.63
0%
5 6 1 2.63
20%
Total 38 100
6
20%

The above Graph and Table shows that 33 companies who are 86.85% of the
sample did not disclose information about Environment in their annual reports. On
the other hand rest of the companies whose disclose range within (1-6).

Table: 13. Other Disclosure Level Graph: 9. Other Disclosure

Other Range Frequency Percentage

Level (%)

8% 0 31 81.6
10% 1 4 10.5
0 2 3 7.9
1 Total 38 100
2
82%

The above table and graph shows that 81.6% of the sample or 31 companies were
not interested to disclose about other factor. But 10.5% of the sample disclosure
level is 1 and on the other hand 3 companies who are the 7.9% of total sample,
their disclosure level was 2.

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Corporate Social Responsibility Reporting by Insurance Companies

Table: 14.Total Disclosure Level Graph: 10. Total Disclosure

Range Frequency Percentage Total Disclosure

Level (%)
(0-10) (11-21)
0-10 20 52.63
11-21 11 28.95 (22-32) (33-43)
22-32 4 10.53 8%
33-Above 3 7.89 10%
Total 38 100
29%
53%

The above table and graph shows about that 53% of the sample lies within the
range of (0-10), beside this disclosure range of 29% of the sample is (11-21), again
about 10% of the sample’s disclosed within the range of (22-32), other three
companies who are the 8% of sample disclosed social responsibility information
within (33-43) range.

5.6 Analysis of Words, Sentences, Pictures Used in the Annual Report

for CSR Disclosure:

Our analysis found that number of sentences, words used in the annual reports which
(way of Disclosure) is given in the Appendix 1, where it shows that Green Delta
Insurance Company used 827 words, Reliance Ins. Co. used (2nd maximum) words
635 where Fareast life and Reliance insurance company used maximum 48 sentences
for disclosing CSR factors in their annual reports. On the other hand Mercantile
Insurance co. did not use any words or sentences for disclosing CSR. Only three
companies used pictures for CSR disclosure.

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Corporate Social Responsibility Reporting by Insurance Companies

The Ranges of Words, Pictures, and Sentences:

The following Graph shows the extent of CSR disclosure in the form of number of
words, sentences, and pictures used in Annual Report of the insurance companies:

Graph: 11. Ranges of Words, Pictures, and Sentences

900
No. of words
800
No. of
700 sentences
No. of pictures

600

500

400

300

200

100

0
KARNAPH…

NORTHRNI…
MEGHNAL…

STANDARI…
TAKAFULI…
PARAMOU…

SONARBAI…
EASTERNINS

FEDERALINS

REPUBLIC
MERCINS

PIONEERINS
AGRANINS

EASTLAND
ASIAINS

NATLIFEINS
BGIC

NITOLINS

PEOPLESINS

PRAGATILIF

PRIMELIFE

RUPALIINS
ASIAPACINS

CENTRALINS

DHAKAINS
CITYGENINS

GREENDELT

PHENIXINS

PRAGATIINS

RELIANCINS
CONTININS

PRIMEINSUR

RUPALILIFE

UNITEDINS
FAREASTLIF

GLOBALINS

ISLAMIINS

PROGRESLIF

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Corporate Social Responsibility Reporting by Insurance Companies

5.7 Mean, Std. Deviation, and Variance of Words, Sentences, and

Pictures:
This table shows that on an average
words, sentences, and pictures used by Table: 15 Mean, SD and Variance
Words Sentences Pictures
the companies are 171.58, 14.000, and
Mean 171.58 14.0000 0.1842
0.1842 respectively. At the same time Std. Dev. 183.724 14.04048 0.60873
Variance of words, sentences, and Variance 33750 197.135 0.371

pictures used by the companies are Minimum .00 .00 0.00

Maximum 827.00 59.00 3.00
33750, 197.135 and 0.371,
respectively. Besides companies’ standard deviation of words, sentences, and pictures
used by the companies are 183.724, 14.04048 and 0.371, respectively. The sample
companies used maximum words, sentences, and pictures are 827, 59 and 3,
respectively and only one company that is Mercantile Ins. Co. did not disclose any
word, sentence, and picture regarding CSR in their annual reports.

5.8 Heading Wise CSR Disclosure:

Pictures Used by the Companies

Graph: 12. Number of Pictures Used Table: 16. Number of Pictures Used

Picture Pictures
Range Frequency Percentage (%)
0 34 89.5
86% 0 1 2 5.3
1 2 1 2.6
4% 2 3 1 2.6
3%7% 3 Total 38 100.0

In the Chart and Graph above we can see that 89.5% of the Companies did not use
any pictures for disclosing CSR information. Beside this, 2 companies (5.3% of whole
sample) used 1 picture each, on the other hand one company used 2 pictures and
another one used 3 pictures for CSR activities.

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Corporate Social Responsibility Reporting by Insurance Companies

Words Used by the Companies

Graph: 13. Number of Words Used Table: 17. Number of Words Used

Words
Word
Range Frequency Percentage (%)
10% 0-200 25 65.79
24% 0-200 201-400 9 23.68
201-400 401-above 4 10.53
66% 401-above Total 38 100

Table:18

In the chart and Graph it is shown that 67.79% of the sample (25 companies) used
word for disclosing CSR information within the range of (0-200), again 23.68%
portion used words within (2001-400) range, beside this 0nly 10.53% of sample used
words above 401.

Sentences Used by the Companies

Graph: 14. Number of Sentences Used Table: 18. Number of Sentences Used

Sentence Sentences

Range Frequency Percentage (%)

Below-16 25 65.79
25% 11%
Below 16 16-30 9 23.68
16-30 31-Above 4 10.53
31-Above Total 38 100
64%

Above the Graph we can see that 65.79% of the sample (25 companies) used less than
16 sentences in their Annual reports for CSR Disclosure, at the same time Disclosure
within (16-30) be 23.68% of the sample, another 4 companies (10.53% of sample)
who used more than 31 sentences.

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Corporate Social Responsibility Reporting by Insurance Companies

5.9 Location of CSR Disclosure Items in different parts of Annual

Reports:
Here we can see that in the different parts of corporate annual reports of the
companies CSR related information was disclosed. Maximum 28.57% CSR related
information was expressed in ‘Notes to financial statement’, In ‘Board of director’s
statement’ we got 18 (23.38 of sample) CSR related information. On the contrary only
1.30% of CSR related information was exposed in Auditor’s report.
Table: 19. Location of CSR Disclosure

Location Tally Marks Total %Level of

Disclosure
Chairman’s statement ||||||| 7 9.09
MD’s statement ||||| 5 6.49
Board of director’s |||||||||||||||||| 18 23.38
statement
Notes to financial |||||||||||||||||||||| 22 28.57
statement
Corporate philosophy || 2 2.60
Auditor’s Report | 1 1.30
Corporate governance || 2 2.60
CSR ||||| 5 6.49
others ||||||||||||||| 15 19.48
Total 77 100

Graph: 15 Graphical Presentation of Different Sections of Disclosure

Total Chairman’s
statement
9% MD’s
statement
7%
others
19%
CSR
6%
Corporate Board of
governance director’s
Auditor’s3% statement
Report 23%
Corporate
1%
philosophy
3%
Notes to
financial
statement
29%

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Corporate Social Responsibility Reporting by Insurance Companies

6. Summary of the Findings of the study

From our study we identified the following findings:

1) Most companies disclosed CSR related information in their annual reports.

The mean of total disclosure is 12.97 (15 % of total disclosure) which
indicates that, disclosure level is below standard.

2) Maximum 42 factors have been disclosed by Reliance Insurance Co. Ltd.,

on the other hand, Mercantile Insurance Co. didn’t disclose any
information related to CSR activities.

3) Mean, Standard Deviation, and Variance of total used words are 171.58,
183.724, and 33750 respectively. Where Green Delta Insurance co. used
maximum 827 words, on the other hand, Mercantile Ins. Co. didn’t use any
word. Here, only 4 Companies used more than 400 words for disclosing
CSR information.

4) Mean, standard Deviation, and Variance of total used sentences are 14.00,
14.04 and 197.16 respectively. Maximum 59 sentences were used by Green
Delta Ins. Co., on the contrary Mercantile Ins. Co. didn’t use any sentence.

5) Mean, Standard Deviation & Variance of total pictures are 0.18, 0.61 &
0.37 respectively. Here, out of 38 companies only four companies named
Fareast Ins.co., Green Delta Ins., Meghna Life, National Life Ins. used 3,
1, 1, 2 pictures respectively.

6) No Chart or Graph was found in the annual reports, which disclose CSR
information.

7) In the Chairman’s statement, we found 9.09% of total CSR information.

Where only 5 (five) companies disclosed their CSR related activities in
Separate CSR chapter. Again 28.57 % of total CSR information of the
sample companies was disclosed in Notes to financial statement chapter.
8) There is no significant relationship between CSR disclosure and Corporate
attributes.

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Corporate Social Responsibility Reporting by Insurance Companies

7. Recommendations of the Study

The following recommendations are provided to the related parties:

 Companies should disclose CSR related information in their annual reports

properly.
 Companies should show their CSR contribution in Annual Reports so that
others may be inspired.
 The companies should have a framework for implementing CSR activities.
 More pictures, charts, and graphs should be used related to CSR
Reporting.
 CSR activities should be on the concentration of every aspect of
stakeholders.
 There should have a guideline for performing CSR activities and CSR
Reporting.
 CSR related seminar should be organized by the Govt. & Insurance
companies.

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Corporate Social Responsibility Reporting by Insurance Companies

8. Limitations of the Study

Although my research has been completed successfully, it has some drawbacks. This
study focuses on Corporate Social Responsibility (CSR) activities of the insurance
companies (disclosed in companies’ annual reports), who are listed in Dhaka
Stock Exchange (DSE).

 My study was concentrated only on Insurance sector.

 Besides, many companies didn’t provide enough information related to CSR
in their annual reports.
 There are many companies whose latest annual reports are not disclosed in
online properly.
 Another drawback is that I did not get annual reports of 8 companies. They are
(Delta Life Insurance, Janata Insurance, Padma Islami Life Insurance
Ltd., Popular Life Insurance Co. Ltd, Provati Insurance Company Ltd., Purabi
Gen. Insurance, Sandhani Life Insurance, Sunlife Insurance Company Ltd.)
That’s why out of 46 listed Insurance companies I had to study on 38
companies due to the unavailability of rest of the companies’ annual reports.
 The number of disclosure items to evaluate CSR Reporting performance
limited to only 96 items.
 Only one year data was considered for our study.

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Corporate Social Responsibility Reporting by Insurance Companies

9. Conclusion

The objective of this study was to examine corporate social responsibility (CSR)
disclosure level by listed insurance companies. We found that most of the companies
did not show CSR activities in their Annual Reports. In spite of this problem, an
increasing number of companies and businesses in Bangladesh are engaged in
corporate social responsibility (Sobhan, 2006). There are immense potentialities for
the insurance companies and through improving Total Quality Management services
(TQM), Insurance Companies can serve in a better way towards the society. General
and Life insurance should be designed to mitigate social responsibility and to create
awareness among the customers so that they can easily be motivated to take
insurances. Corporate social responsibility in the insurance sector should be well
exercised. However, unfortunately insurance business in Bangladesh is still lagging
behind to achieve international standard. Wise and Ali (2008) suggested that
international benchmark for the banking sector has to be achieved, but in case of
insurance sector it must be mandatory to achieve international benchmark. Again,
further research should be conducted regarding the philanthropic activities of the
Insurance sector to discover the motivation behind such voluntary disclosures of CSR
information in company reports, which will add more value to corporate image and
reputation, and go a long way towards enhancing the brands.

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Corporate Social Responsibility Reporting by Insurance Companies

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