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    Global Insurance Company Ltd.

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    abuhasanarman

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    © All Rights Reserved
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    Global Insurance Company Ltd.

    Uploaded by

    abuhasanarman
    3 views6 pages

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    3 views6 pages

    Global Insurance Company Ltd.

    Uploaded by

    abuhasanarman

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    University of Chittagong

    Department of Banking & Insurance

    Assignment on
    Global Insurance Company Limited
    Management of General Insurance
    Course Code: BI-402

    Submitted By
    Shakil Hossain (20306123)
    Ariful Haque Akash (20306046)
    Ibrahirm Khalil (20305089)
    Aritra (20306014)

    Submitted To
    Md Rifat Rahman
    Professor, Department Of Banking and Insurance
    University Of Chittagong

    Date of submission: 28th October, 2024


    Global Insurance Limited is a company located in Dhaka, Bangladesh. It
    was incorporated on April 23, 2000, with an incorporation certificate
    number of C-40102(2070)/2000. The company received a certificate for the
    commencement of business on the same date, with issue number 15787.
    Global Insurance Limited is registered with the Department of Insurance
    under certificate number (CCI/13/2199-766) CR-9/2000. The company's
    registered and head office is located at Al-Razi Complex (12th Floor), 166-
    167, Shaheed Syed Nazrul Islam Sarani Purana Paltan, Dhaka-1000. They
    have 51 branch offices throughout Bangladesh. The company's auditors are
    K.M Hasan & Co. Chartered Accountants. Global Insurance Limited has an
    authorized capital of Tk. 1000 million and a paid-up capital of Tk. 386.21
    million. It has a credit rating of AA+ (Double A Plus).

    Company Mission
    • Be an accountable and reliable service oriented organization.
    • Be the most caring insurance service provider company -
    shouldering risk and providing safety and security.
    • Be innovative in insurance products and selling techniques.
    • Maintain high level of transparency and ethical standard in all
    corporate dealings.
    • Be contemporary with new ways and means to render top class
    customer services in accordance with changing business
    environment and emerging challenges.
    • Be responsive to the Corporate Social Responsibility.
    To become a leading service oriented organization that will provide the
    customers with a feeling of blanket of risk protection so that the client can
    run his business/vocation in a seamless manner.
    Company Vision
    We have a dream to become a trendsetter as leading insurance
    organization and the insurer of first choice in Bangladesh. We believe that
    satisfaction of our valued customer lies at the heart of our every operation
    and we make their life & property secure and safe as embodied our
    slogan "Symbol of Security & Peace".

    Values
    Values are the basis of all our actions and ambitions. They serve as a guideline of the
    company & inspire the actions of employee. Values considered as mirror of doing and
    thinking, for the well-being of our customers, shareholders, workforce, patrons and the
    community. The values are:-
    Integrity Honesty & integrity is the basis of our service.
    Human dignity We acknowledge and pay respect to our valued client
    Modernism We are innovative in selling insurance products and techniques
    Professionalism Render top class customer service is our prime object
    Pragmatism We try to make our service easier and prompt.
    We are creative and always try to render our services with contemporary
    Progressiveness
    ways and means.
    Satisfaction of our client is our prime motto. We satisfy our client by
    Performance
    shouldering their risk and providing safety & security.
    We are committed to bring about operational excellence through our team
    Team spirit
    sprit

    Products offered by GIL


    We transact all types of general insurance business so as to suit the varied
    requirements of our valued customers. Major schemes are as follows:
    FIRE INSURANCE :
    • Standard Fire Policy
    • Special Perils Insurance Policy
    • Industrial All Risks Policy
    • Consequential Loss Policy
    • Householders policy
    • Declaration Policy
    MARINE INSURANCE :
    • Marine Cargo Policy
    • Marine Hull Policy
    • Marine Freight Policy
    AUTOMOBILE INSURANCE :
    • Private Vehicle Policy
    • Commercial Vehicle Policy
    • Motor Cycle Policy
    ENGINEERING INSURANCE :
    • Contractors All Risks Policy
    • Machinery Breakdown Policy
    • Deterioration of stock Policy
    • Boiler & Pressure Vessel Insurance Policy
    • Erection All Risk Policy
    MISCELLANEOUS INSURANCE :
    • Personal Accident Policy
    • Group personal Accident Policy
    • Third-Party Liability or Public Liability Policy
    • Fidelity Guarantee Policy
    • Bank Lockers Insurance Policy
    • Money Insurance Policy
    • Cash in Transit Policy
    • Cash in counter Policy
    • Cash in safe Policy
    • Overseas Mediclaim Insurance Policy
    • Probashi Comprehensive Insurance Policy

    To calculate the requested financial ratios for Purabi General Insurance


    Company Limited, I'll apply standard formulas using data extracted from their
    2023 annual report. Here are the ratios along with their formulas and values.

    Premium Growth Ratio


    Formula: (Current Year’s Gross Premium−Previous Year’s Gross
    Premium)/Previous Ye ar’s Gross Premium×100(Current Year’s Gross
    Premium−Previous Year’s Gross Premium
    )/Previous Year’s Gross Premium×100
    Calculation: {(1149226108-907439805)/907439805×100}

    =26.6%

    Risk Retention Ratio


    Formula: Net Premium/Gross Premium×100Net Premium/Gross
    Premium×100
    Calculation: {(877168721/1149226108)×100} = 76.327%
    Loss Ratio
    Formula: Net Claims/Net Premium×100Net Claims/Net Premium×100
    Calculation: {(96166889/877168721)×100}=10.96%

    Expense Ratio
    Formula: Management Expenses/Net Premium×100Management
    Expenses/Net Premiu m×100
    Calculation: {(566361371/877168721)×100}=64.56%

    Combined Ratio
    Formula: Loss Ratio + Expense Ratio

    Calculation : 10.96% + 64.56% = 75.53%

    Investment Yield
    Formula: Investment Income/Total Investments×100Investment
    Income/Total Investme nts×100
    Calculation: ( 42519972/866384087.5)×100 = 4.908%

    Net Earning Ratio


    Formula : Net Profit after Tax/Net Premium×100Net Profit after Tax/Net Premium×100
    Calculation: (66159603/877168721)×100 = 7.543%

    Return on Net Worth


    Formula: Net Profit after Tax/Shareholder’s Equity×100Net Profit after
    Tax/Shareholder ’s Equity× 100
    Calcualtion: (66159603/550973155.5) × 100 = 12.0078%

    Liquid Assets to technical Reserves

    Formula : (Liquid Assets / Technical Reserves) ×100


    Calculation : (710041596/351214097)×100 = 2.02
    Liquid Assets to Current Liabilities
    Formula : (Liquid Assets /Current Liabilities) ×100
    Calculation : (710041596/114780440)×100 = 6.16

    Thank you

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