Annual Report 2014: Head Office

Annual Report
2014
Head Office
T.K. Bhaban (7th Floor)
13, Karwan Bazar
Dhaka-1215
Bangladesh
Phone
+88-02-8141033-4, 9137244, 9131222
Fax
+88-02-9137077
Post Box No
GPO, Dhaka - 31
e-mail
info@asiainsurancebd.com
asiainsu@gmail.com
www.asiainsurancebd.com
C o n t e n t s
Contents
01. This is Asia Insurance Limited : 03
02. Letter of Transmittal : 04
03. Notice of the 15th Annual General Meeting : 05
04. Our Vision : 06
05. Our Mission : 07
06. Our Objectives : 08
07. Corporate information : 09
08. Key information : 10
09. Stock Summary : 11
10. Products and Services : 12
11. Corporate Structure : 13
12. Management Team : 14
13. Management Committee : 15
14. List of Office & Branches : 16 - 17
15. Graphical Data : 18
16. Brief Profile of The Directors : 19 - 24
17. Chairman’s Address : 25 - 26
18. Message from the Chief Executive Officer : 27
19. Photograph : 28 - 30
20. Report of the Board of Directors : 31 - 41
21. Corporate Governance : 42
22. Compliance Report to BSEC Notification : 43 - 46
23. Auditors’ Report & Financial Statements : 47
Auditors’ Report : 48 - 49
Balance Sheet : 50 - 51
Profit & Loss Account : 52
Profit & Loss Appropriation Account : 53
Consolidated Revenue Account : 54
Fire Insurance Revenue Account : 55
Marine Insurance Revenue Account : 56
Marine Hull Insurance Revenue Account : 57
Motor Insurance Revenue Account : 58
Miscellaneous Insurance Revenue Account : 59
Statement of Changes of Shareholders Equity : 60
Statement of Cash Flows : 61
Notes to the Financial Statement : 62 - 81
Schedules of Fixed Assets (Annexed-A) : 82
Schedules of Fixed Assets (Annexed-B) : 83
Classified Summary of Assets (Form-“AA”) : 84
24. Notes
Proxy form & Attendance Slip
2 Asia Insurance Limited Annual Report-2014

This is Asia Insurance Limited
Asia Insurance Limited is a leading non-life insurance company in the private
sector with an Authorized Capital of Tk. 1000 million out of which paid up capital
on Tk. 47,06,98,580 which is divided into 4,70,69,858 shares of Tk. 10 each. The
main features of the company are stated below.
The Company is equipped with a team of highly qualified young and experienced
management personnel.
Within the frame work of existing tariff, this Company charges the most economic
and competitive premium rates ensuring maximum security at minimum cost. The
Company has got necessary Re-insurance arrangement both at home and abroad
under which it can underwrite any risk of any value.
This Company takes utmost care in handling and settling claims with due
promptitude with a view to giving timely indemnity to the members of the
clientele.
The sponsor Directors of the company are renowned business personalities and
reputed industrialists of the country. Mr. Yussuf Abdullah Harun, FCA, Member
of the parliament and former president of the FBCCI is leading the company as
Chairman of the Board of Directors.
Asia Insurance Limited Annual Report-2014 3

Letter of Transmittal
All Shareholders,
Bangladesh Securities & Exchange Commission
Insurance Development and Regulatory Authority
Registar of Jonit Stock Companies & Firms
Dhaka Stock Exchange Limited and
Chittagong Stock Exchange Limited
Sub: Annual Report for the Year ended December 31,2014.
Dear Sir(s),
Enclosed please find a copy of the Annual Report together with the Audited Financial Statements including
Statements of Financial Position as at December 31,2014 and statements of Comprehensive Income,
Statements of Cash Flows fot the year ended December 31,2014 along with notes thereon of Asia Insurance
Limited for kind Information and record.
Best regards,
Yours sincerely,
Md. Atique Ullah Majumder

Company Secretary
Date: June 24, 2015

Notice of the 15th Annual General Meeting
Notice is hereby given to all Members of Asia Insurance Limited that the 15th Annual General Meeting (AGM) of the
Members of the Company will be held on July 11, 2015 (Saturday) at 11:00 A.M. at “King’s Hall” of Spectra Conven-
tion Centre Limited, House # 19, Road # 7, Gulshan – 1, Dhaka - 1212 to transact the following business:
AGENDA
1. Report and Accounts:
To receive, consider and adopt the Profit and Loss Accounts of the Company for the year ended on December 31, 2014
and the Balance Sheet as at that date together with the Reports of the Board of Directors and the Auditors thereon.
2. Dividend:
To declare the dividend for the financial year ended December 31, 2014 as recommended by the Board of Directors.
3. Election of Directors:
To elect/re-elect Directors as per terms of the relevant provision of the Articles of Association of the Company.
4. Appointment of Auditors:
To appoint the Auditors of the Company for the term until the next Annual General Meeting and to fix their remuneration.
5. Miscellaneous:
To transact any other related business with the permission of the Chair.
All members are requested to attend the meeting on the date, time and place mentioned above.
By order of the Board of Directors
Sd/
Md. Atique Ullah Majumder

EVP & Company Secretary
Dated: Dhaka
June 24, 2015
NOTES:
a) The Board of Directors has recommended Cash Dividend @ 10% for the year ended December 31, 2014 subject
to approval in the 15th Annual General Meeting (AGM).
b) The Record Date is scheduled on June 23, 2015 (Tuesday). The shareholders, whose names appeared in the
Share Register of the company or in the Depository Register (CDBL) on the Record Date are eligible to attend the
meeting and qualify for Cash dividend.
c) A member eligible to attend and vote at the Annual General Meeting (AGM) may appoint a proxy to attend and vote
on his/her behalf. The Proxy Form must be affixed with revenue stamp of Tk. 20/- and must be submitted to the
Registered Office of the Company not later than 48 hours before the time fixed for the Annual General Meeting.
d) Annual Report, Attendance Slip and Proxy Form along with the notice are being sent to all Members by Courier
Service/Post. The Members may also collect the “Proxy Form” from the Share Department of the Company.
e) Admission into the Venue of the AGM will be allowed on production of the attendance slip attached with the An-
nual Report. Shareholders are requested to register their names in the counter at the entrance of the Venue from
8.30 A.M. to 10.30 A.M.
NB: As per BSEC Circular No: SEC/CMRRCD/2009-193/154 dated October 24,2013 “ No benefit in cash or kind,
other than in the form of cash dividend, or stock dividend, shall be paid to the holder’s of the equity security”

Our Vision
To be one of the leading Insurance Company in the country providing
integrated insurance service in the non-life sector having special
track record of prompt customer service and speedy claim
settlement.

Our Mission
§ To enhance profitability through customer’s satisfaction.
§ To create shareholders value.
§ To continue commitment to excellence.

Our Objectives
§ To meet customers demand with utmost effort.
§ To ensure maximum protection of shareholders’ investment.
§ To provide secured employment environment.
§ To develop corporate culture and promote good governance.
§ To maintain transparency in disclosures.

Corporate Information
Name of the Company Asia Insurance Limited
Legal Form A Public Limited Company incorporated in Bangladesh under the

Companies Act 1994 from Registrar of joint Stock Companies and
Registered with Insurance Development And Regulatory Authority, Govt.
of the people’s Republic of Bangladesh.
Nature of Business Non-Life Insurance Business
RJSC Reg.No C-40166(2134)/2000
TIN No 631401402225
VAT Reg.No 5061028336
Operation Started April 30, 2000
Chairman Yussuf Abdullah Harun, FCA
Chief Executive Officer Md. Imam Shaheen
Principal Bankers Southeast Bank Limited
No. of Branch Offices 20
No. of Employees 313 as on 31.12.2014
Registered Office T.K. Bhaban(7th floor),13 Karwan Bazar, Dhaka-1215
Telephone +88-02-8141033 - 4, 9137244, 9131222
Fax +88-02-9137077
Post Box No GPO,Dhaka - 31
e-mail info@asiainsurancebd.com / asiainsu@gmail.com
website www.asiainsurancebd.com
Auditors Hawladar Yunus & Co.

Chartered Accountants
Tax Advisor Howlader Mahfel Huq, FCA

Mahfel Huq & Co.
Chartered Accountants

Key Information
Incorporation of the Company : April 30, 2000
Commencement of Business : April 30, 2000
Registered with the Department of Insurance : May 30, 2000
Renewal of Registration with Insurance Development

And Regulatory Authority : January 06, 2014
Singing of First insurance Business : June 14, 2000
First Board Meeting : April 30, 2000
First Annual General Meeting : August 09, 2001
Received Consent from Securities and Exchange

Commission for issuance of Public Share of Tk. 9,00,00,000/- : March 19, 2009
Prospectus Issued for Public Subscription : March 23, 2009
Lottery of IPO : May 19, 2009
Over Subscription on IPO : 28.34 Times
Agreement Singing with CDBL : May 7, 2009

Listing with DSE : June 25, 2009
Listing with CSE : June 25, 2009
First Trading of shares on DSE : June 25, 2009
First Trading of shares on CSE : June 25, 2009
Approval of Rights Share Issue : December 13, 2010
Credit Rating by CRISL : ‘’A+’’ (Date of rating-31/12/2014)

Stock Summary
Authorized Share Capital : Tk. 1,00,00,00,000.00
Paid up Capital : Sponsor Tk.: 19,56,37,880.00
: Public Tk.: 27,50,60,700.00
Tk.: 47,06,98,580.00
No. of Shares : Sponsor : 1,95,63,788

: Public : 2,75,06,070
: 4,70,69,858
Face Value per Share : Tk. 10.00
Net Asset Value (NAV)(as on 31.12.2014) : Tk. 80,55,75,156.00
NAV Per Share (as on 31.12.2014) : Tk. 17.11
Earning Per Share (EPS) (as on 31.12.2014) : Tk. 1.10
Net Operating Cash Flow Per Share (NOCFS) (as on 31.12.2014) : Tk. 1.38

Products and Services
Fire Insurance Miscellaneous
Fire and Allied Perils Insurance
w All Risks Insurance
w

Household Insurance
w Cash / Property in Premises
w

Hotel Owners All Risks Insurance
w Money / Cash in Transit Insurance
w

Insurance of Consequential Loss Due to Fire & Allied Perils
w Cash in ATM Insurance
w

Industrial All Risks Insurance (IAR)
w Burglary Insurance
w

Marine Insurance General/Public Liability Insurance
w

Marine Cargo Insurance
w
Comprehensive General Liability Insurance
w

Marine Hull Insurance
w
Employers Liability Insurance
w

Marine Freight Insurance
w
Products Liability Insurance
w

Freight Forwarder’s Liability Insurance
w
Professional Indemnity Insurance
w

Motor Insurance Directors and Officers Liability Insurance
w
Comprehensive Insurance
w
Personal Accident Insurance
w

Act only Liability Insurance
w
People’s Personal Accident Insurance
w

Increased Liability Insurance
w
Overseas Mediclaim Insurance
w

Fidelity Guarantee Insurance
w

Engineering Insurance
Hole in One Golf Tournament Insurance
w

Contractors All Risks Insurance (CAR)
w

Plate Glass Insurance
w

Erection All Risks Insurance (EAR)
w

Lockers Insurance
w

Machinery Loss of profit Insurance (MLoP)
w

Air Travel Insurance
w

Deterioration of Stock Insurance (DOS)
w

Credit Card Holder Insurance
w

Power Plants Insurance
w

Poultry Insurance
w

Lift, Escalator and Hoisting Equipment Insurance
w

Safe Deposit box (Bank Lockers)
w

Contractors Plant & Machinery Insurance (CPM)
w

“ Nibedita” Comprehensive Insurance Scheme
w

Machinery Insurance
w for Women Irrespective of Occupation
Electronic Equipment Insurance (EEI)
w
“Probashi” Comprehensive Insurance
w

Energy Risks Insurance (Offshore & Onshore)
w Scheme for Migrant Workers Irrespective of
Boiler and Pressure Vessel Insurance (BPV)
w
Occupation
“Niramoy” Micro Health Insurance
w

Mass Health Insurance
w


Corporate Structure Human Resource Development Committee
Chairman : Alamgir Kabir FCA
Board of Directors
Members : Yussuf Abdullah Harun FCA
Chairman : Yussuf Abdullah Harun FCA : Mohammed Jahangir Alam
Vice Chairman : Mohammed Jahangir Alam : Mahbubul Alam
Directors : Abul Bashar Chowdhury : Mohammad Mustafa Haider
: Alamgir Kabir FCA : Farzana Afroze
: Mohammed Jamal Ullah : Dr Zaidi Sattar, Nominated Director
: Mahbubul Alam of Southeast Bank Ltd.
: Khaleda Begum : Md. Imam Shaheen, Chief Executive Officer
: Farzana Afroze
: Mohammad Mustafa Haider Investment Committee
: Dr. Zaidi Sattar, Nominated Director Chairman : Yussuf Abdullah Harun FCA
of Southeast Bank Ltd. Member : Alamgir Kabir FCA
: Tarik Sujat, Nominated Director of : Abul Bashar Chowdhury
Bay Leasing & Investment Ltd. : Khaleda Begum
: Mohammad Ali Khokan : Mohammed Jahangir Alam
Independent Director : Zakir Ahamed Khan : Farzana Afroze
Chief Executive Office : Md. Imam Shaheen : Dr Zaidi Sattar, Nominated Director of
Southeast Bank Ltd.
Executive Committee : Md. Imam Shaheen, Chief Executive Officer
Chairman : Abul Bashar Chowdhury Audit Committee
Members : Yussuf Abdullah Harun FCA Chairman : Zakir Ahamed Khan
: Mohammed Jahangir Alam Member : Alamgir Kabir FCA
: Alamgir Kabir FCA : Abul Bashar Chowdhury
: Mohammed Jamal Ullah : Mahbubul Alam
: Mahbubul Alam : Mohammed Jahangir Alam
: Mohammad Mustafa Haider : Khaleda Begum
: Dr Zaidi Sattar, Nominated Director : Tarik Sujat, Nominated Director of Bay
of Southeast Bank Ltd. Leasing & Investment Ltd.
: Mohammad Ali Khokan : Mohammad Ali Khokan
: Md. Imam Shaheen, Chief Executive Officer : Md. Imam Shaheen, Chief Executive Officer
Re-Insurance & Claims Committee
Chairman : Yussuf Abdullah Harun FCA Company Secretary
Members : Alamgir Kabir FCA : Md. Atique Ullah Majumder
: Abul Bashar Chowdhury LL.B (Hons), LL.M
: Mohammed Jamal Ullah
: Mohammad Mustafa Haider Chief Financial Officer
: Tarik Sujat, Nominated Director of : Sujoy kumar Biswas ACA
Bay Leasing & Investment Ltd.
: Mohammad Ali Khokan
: Md. Imam Shaheen, Chief Executive Officer

Management Team
Chief Executive Officer : Md. Imam Shaheen ABIA
Deputy Managing Director : Md. Emdadul Haque
: A.M.M. Abdullah-Al-Ziad
: Mohammad Ali
: A.K.M. Showkat Hasan Khan
Senior Executive Vice President : Kazi Zakir Hossain

: Md. Saiful Amin
Executive Vice President : Md. Atique Ullah Majumder

: Rtn. M. Mojibur Rahman
: M. Ashraful Alam Chowdhury
: Sujoy kumar Biswas ACA
Senior Vice President : S. I. M. Ashraful Alam

: Ajay Kanti Barua
: Mahbubur Rahman
: Sharif Hossain
: Professor Nazir Ahmed, CSS
: Md. Shaheb Ali Khan
: Md. Mozammel Haque Chy.
:Tofazzal Hossain
Vice President : Md. Nurul Amin Chowdhury
Sr. Assistant Vice President : Ahsan Habib
Assistant Vice President : Mohammad Omar Faroque, MBA

: Md. Iqbal Hossain
: Md. Estafazur Rahman
: Syed Sayeedul Hassan
: Md. Nurul Haque
: Md. Nazmul Islam Khasru
: Md. Toufique Hossain

Management Committee
Head of the Committee : Md. Imam Shaheen
Chief Executive Officer
Member
1. Md. Atique Ullah Majumder
Company Secretary
2. Sujoy kumar Biswas ACA
Chief Financial Officer
3. S I M Ashraful Alam
SVP & Head of U/W & BCD Dept.
4. Tofazzal Hossain
Sr. Vice President
Business Plan & Development Committee Purchase & procurement Committee

Head of the Committee : Head of The Committee :
Mr. Md. Imam Shaheen Mr. Md. Imam Shaheen
Chief Executive Officer Chief Executive Officer
Member Member
1. Md. Emdadul Haque 1. Md. Atique Ullah Majumder
Company Secretary
Deputy Managing Director
2. A.M.M. Abdullah-Al-Ziad 2. Sujoy kumar Biswas ACA
Chief Financial Officer
3. Mohammad Ali 3. Tofazzal Hossain
Sr. Vice President
4. Mr. Ahsan Habib
4. Md. Atique Ullah Mojumder Sr. Assistant Vice President
Company Secretary

List of Office & Branches
NAME OF OFFICE & BRANCHES HEAD OF BRANCH PHONE/FAX/MOBILE NO

Local Office Mohammad Ali 02-9137984,Fax: 02-9137077
T.K Bhaban (7th Floor) Deputy Managing Director
13, Kawran Bazar, Dhaka-1215
Motijheel Branch Md. Emdadul Haque 02-7111947

Khan Mansion (9th Floor) Deputy Managing Director
107. Motijheel C/A, Dhaka-1000
Dilkusha Branch Mohammad Omar Faroque Tel: 02-9575111-2

Eunoos Trade Center (Level-18), Assistant Vice President Fax : 02-9575113
52-53, Dilkusha C/A
Dhaka-1000
Imamgong Branch M. Ashraful Alam Chowdhury Tele : 02-7343214

18,Ray Isshar Chadr Shill Executive Vice President Tele-Fax : 02-7321560
Bahadur Street (3rd Floor)
Imamgonj. Dhaka
Bangshal Branch Md. Iqbal Hossain Tele-fax : 02-9590937

61-63, Sayed Nazrul Islam Sarani Assistant Vice President
Bangshal, Dhaka.
Palton Branch Md. Sharif Hossain 02-9559462

Tropicana Tower (2nd Floor) Senior Vice President Fax- 02-7171079
281 Sayed Nazrul Islam Sarak
(Old 45 Topkhana Road), Dhaka-1000
Elephant Road Branch Md. Saiful Amin Tel: 02-9661664

Rajdhani Complex (3rd Floor) Sr. Executive Vice President
237/2 New Elephant Raod
Dhanmondi, Dhaka-1205
Banani Branch Mr. Ajay Kanti Barua Tel: 02- 8836605

Apartment No-B-5, Sr.Vice President 02-8836369
Andalusia
House No-36, Road No-12
Block-E, Banani,Dhaka.
Narayangonj Branch Kazi Zakir Hossain 02-7643620, 7632639

34, S.M Maleh Road (2nd Floor) Sr. Executive Vice President
Tanbazar, Narayangonj
Khatungonj Branch Nurul Amin Chowdhury 031-627273

56/56, Bitligonj Vice President Fax: 031-625183,
Khatungonj, Chittagong
Agrabad Branch A.K.M Showkat Hasan Khan 031-726382

Progressive Tower (2nd Floor) Deputy Managing Director Fax: 031-726382
1837, Sheikh Mujib Road
Agrabad, Chittagong

NAME OF OFFICE & BRANCHES HEAD OF BRANCH PHONE/FAX/MOBILE NO

Jubilee Road Syed Jabid Hossain 031-2865438

Kader Tower (5th Floor) Principle Officer
128, Jubilee Road, Chittagong
Comilla Branch Md. Shadat Hossin 081-71301

Khan Mansion (1st Floor) Sr. Executive Officer
1/1, Rajgonj Road, Chatipatty
Kotwali, Comilla,
Barisal Branch Md. Nurul Haque 043121-74744

The Medicals (3rd Floor) Assistant Vice President
61, Sadar Road, Barishal
Narsingdi Branch Anower Hossain 9452150

Bhuyan Shopping Complex (2rd Floor) Principal Officer Mob: 01715-630710
Sadar Road
Narsingdi-1600
Mymensing Branch Md. Farhad Hossain 091-66346

39/1, Modon Babu Road Principal Officer
Goalpukur Par, Mymensing
Sylhet Branch Nazmul Islam Khasru 0821-728391

Al-Marzan Commercial Complex (3rd Fl) Assistant Vice President
Zindabazar,Slyhet
Jessore Branch Md. Khajanur Rahman Mob:01912914486,

Ishaque Tower(4th Floor) Sr. Executive Officer
43,M.K Road,Chowrasta,Jessore
Khulna Branch Mr. Md. Shaheb Ali Khan Tel : 041-723602

25, Sir Iqbal Road Senior Vice President Tele Fax: 041-723602
Khulna
Faridpur Branch Mr.Md. Aslamuzzaman Mob : 01987390336

Bari Plaza Shopping Assistant Vice President
Complex (4th Floor)
54, Thana Road
Faridpur
Proposed Branches:
Gulshan Branch, Dhaka.
Uttara Branch, Dhaka.
Savar EPZ Branch Dhaka.

Graphical Data
PREMIUM INCOME INVESTMENT

Total Premium Earned Tk. 40,21,71,026 Total Investment Tk. 104,30,54,364
Misc. Account 51,271,999 Share 262,044,325

Marine Account 157,511,521 Fixed Deposit 608,173,175
Fire Account 168,320,450 Floor Purchase 145,856,480
Motor Account 25,067,055 Statutory Deposit (10 year Security Bond) 26980389
NET CLAIM PAID RESERVE FOR EXCEPTIONAL LOSS
165,000,000
140,000,000
160,000,000
135,000,000
130,000,000 155,000,000
125,000,000
150,000,000
120,000,000
115,000,000 145,000,000
110,000,000
140,000,000
105,000,000
100,000,000 135,000,000
2012 2013 2014
130,000,000
2012 2013 2014

Brief Profile of The Directors
Mr. Yussuf Abdullah Harun was born in Comilla on November
15, 1947. He had a brilliant academic career. He obtained B.com.
(Hons.) Degree from University of Dhaka in the year 1967 and
Qualified as a Chartered Accountant (FCA) from the Institute of
Chartered Accountants in England & Wales.
Mr. Yussuf Abdullah Harun started his business career as an

entrepreneur just after completion of his education and became
a prominent industrialist of the country. He was Chairman,
Board of Directors of Southeast Bank Ltd., former President of
Yussuf Abdullah Harun FCA FBCCI and Director of Infrastructure Development Company
Chairman Limited. Mr. Harun was also Vice President of SAARC Chamber
of Commerce and Industry and Vice President, Confederation of
Asia Pacific Chamber of Commerce and Industry (CACCI). He is
a member of the Board of Governors of North South University.
He is also a member of the Board of directors of Policy research
institute (PRI).
He is associated with a number of companies in the field of

shipping, Real Estate, Hotel etc. Mr. Yussuf Abdullah Harun is a
member of Parliament and is actively associated with a number
of Socio-Cultural organizations as donor and life member.
Mr. Mohammed Jahangir Alam is a man of energetic and

visionary businessman. After completing education from
Government College of Commerce, Chittagong in 1980 started
his career by joining in a private service
He has derived vast proficiency in trading on Iron & Steel, Cement,
Bitumen, C.I Sheet, Zinc Ingot, Capital Market, Industrial ventures
etc. Initially he established his business house named Jahangir &
Others in 1987 which was subsequently incorporated as Jahangir
& Others Limited in 2003. He has established himself as one of
the business leaders in Bangladesh. He is the Chairman of Crown
Mohammed Jahangir Alam Cement Group, GPH Group and Director of Premier Cement
Vice Chairman Mills Ltd., and Chartered Life Insurance Ltd. He is also actively
involved with the many social & philanthropic organizations of
the country.

Mr. Abul Bashar Chowdhury, son of Late Alhaj Abdus Salam
Chowdhury and Mrs. Johora Khatun, was born on February 15,
1962 at potiya, in Chittagong. He obtained B.A. (Hons) degree in
Political Science from the University of Chittagong in the year 1983.
Just after completion of education, he started his business career
in 1985 and became successful businessman and entrepreneur.
His business affiliation includes in Hatchery, Poly Industries,
Food products, Shipping Petro Chemical & bulk Trading. Mr. Abul
Bashar Chowdhury was the founder Chairman of Asia Insurance
Ltd. and now he is the Chairman of Executive Committee of Asia
Insurance Ltd. He is also the Chairman of Super Petro Chemical,
Abul Bashar Chowdhury Modern Hatchery Ltd., Modern Fibre Ind. Ltd., Modern Poly
Director Ind. Ltd., Mutual Shipping Ltd., Ruby food products Ltd., and
chairman of BSM group of companies.
Mr. Abul Bashar Chowdhury was the founder Director of CMCCI
& Nominated Director of FBCCI. He is the member of Austrelia-
Bangladesh Chamber of Commerce, Bangladesh-Thailand
Chamber of Commerce & Industry and member of Executive
Committee Bangladesh-Myanmar Friendship society.
Mr. Chowdhury is the member of Chittagong Club ltd & Life
Member of Batiary Gulf & Country club and actively asociated
with a good number of socio-cultural organization.
Mr.Alamgir Kabir FCA, Son of Late Belayet Hossain and Late

Rezia Begum, Sponsor Director of Asia Insurance Ltd. was born
on December 28, 1947. He had a brilliant academic career and
is a qualified Chartered Accountant. Mr. Kabir is the Chairman of
Southeast Bank ltd. and an Independent Director of National Life
Insurance Company Limited.
Alamgir Kabir FCA

Director
Mr. Mohammed Jamal Ullah was born in Chittagong on June

12, 1957. He started business career right after completion of
his education and achieved remarkable success in business. He
earned notable fame in business community for his integrity,
devotion and sincerity for long 35 years. His business affiliation
includes mainly on Manufacturing and Trading of Commodities.
Mr. Mohammed Jamal Ullah is one of the Sponsor Director of Asia
Insurance Ltd. Besides he is the Managing Director of Silver Dal
Mils Ltd., Ishfar Oil Mills Ltd., Rupali Soap & Checmical Industries
(Pvt.) Ltd., Annu Sany Trading (Pvt) Ltd., Silverbell Properties Ltd.
Mohammed Jamal Ullah and also Managing Partner of Gazi Commodity Marketing Co.
and proprietor of M/S Bismillah Store which all are established in
Director
Chittagong.

Mr. Mahbubl Alam was born in the year 1958 at Chittagong.
He obtained B.A (Hons.) and Masters degree in Sociology
from Chittagong University in the year 1979 and 1980
respectively. He started his business after completion
of his education and established himself as successful
entrepreneur. His business affiliation includes life and non-
life Insurance, Steel Industry, Trading of various commodities.
Mr. Mahbub has been elected as the President of

Chittagong Chamber of Commerce Industry (CCCI) and
Mahbubul Alam
Vice President of the Federation of Bangladesh Chambers
Director
of Commerce & Industry (FBCCI), Vice President of Eastern
Indian Confederation of Chamber.
Mr. Alam is associated actively with good number of socio-

cultural organizations.
Ms. Khaleda Begum, daughter of Late Alhaj Abdus Salam

Chowdhury and Mrs. Johora Khatun and wife of Alhaj Md.
Abul Kalam, was born in the year 1960 in Chittagong. She
associated herself in her husband’s business and built up a
reputation as an astute and efficient business entrepreneur
and achieved remarkable success in business.
Mrs. Khaleda Begum is one of the Sponsor Director of Asia

Insurance Ltd. Apart from this, she is involved in number of
diversified well-reputed business and industrial enterprises
Khaleda Begum
which includes Oil Refinery, Iron & Steel, Plastic Products,
Director
Chemical Complex, Timber and Poly-wood Industries, Paper
and Board Mills, Leather and Foot-ware, Tannery, Vegetable
oil & Beverage, Poultry Farms and so on. She is associated
with about 16 numbers of business and Leading business
conglomerates of the country T.K. Group of companies.
Mrs. Khaleda Begum has built up reputation as a prominent
personality and forward looking businessperson.
Furthermore, she is widely traveled person and visited

many countries in Europe, USA, UK and Asia. She has deep
affinity and also attachment with number of various socio
cultural organizations and activities.

Ms. Farzana Afroze, wife of Mr. Asifur Rahman and daughter
of Alhaj Md. Abul Kalam & Mrs. Khaleda Begum was born in the
year 1980 in Chittagong. She obtained her graduation in science
faculty with special merit scholarship from the University of
Southern California, USA in the year 2004. Just after completion
of her education she started her family business and participated
in Asia Insurance Ltd. as one of the Sponsor Director. Ms. Farzana
is the Chairman of Samuda Chemical Complex Ltd., Samuda
Power ltd., Samuda Peroxide ltd., Samuda Caustic ltd., Genweb2
ltd. and she is Director of Super Petrochemical (Pvt.) ltd., Modern
Farzana Afroze Poly Industries ltd.
Director
Mr. Mohammad Mostofa Haider, son of Alhaj Md. Abul

Kalam and Mrs. Khaleda Begum, was born on April 02, 1979 in
Chittagong. He is graduated from the University of Southern
California, USA. After completion of his education in USA
Mr. Mostofa Haider joined his family business T.K Group. Mr.
Haider is the Chairman of Premier Cement Mills Ltd., Premier
Power Generation ltd., Roknoor Navigation ltd. and Managing
Director of T.K Shares & Securities ltd., Super Petrochemical (Pvt.)
ltd., Samuda Chemical Complex Ltd, Premier Power ltd. and
Samuda Power ltd, Samuda Peroxide ltd., Samuda Caustic ltd.,
Mohammad Mostafa Haider, Genweb2 ltd. He is also holding Directorship resposibilities in
Director Asia Insurance ltd., Hafsa Nazir industries Complex ltd., Premium
Assets ltd., Modern Poly Industries ltd. and Modern Power ltd.,
BSM Essential ltd.
Dr. Zaidi Sattar, Chairman, PRI, and a former senior economist of

the World Bank, is a broad-based development economist with
specialization in trade, macroeconomics and development. Dr.
Sattar was educated at the Boston University and has conducted
policy research in the areas of macroeconomic management,
growth, and trade policy. Dr. Sattar was a core team member
drafting the Sixth Five Year Plan (2011-15) and the Perspective
Plan (2010-2021) of Bangladesh. He is recognized as a leading
expert on trade and industrial policy issues in Bangladesh. He
served as World Bank Advisor on tariffs and customs reform at
Dr. Zaidi Sattar the National Board of Revenue (1992-95), and later as UNDP
Nominated Director of Southeast Bank Ltd. Macroeconomist at the Planning Commission (1995-96). He
joined the World Bank in 1996 as Senior Economist, South Asia
Region, where he served as macro and trade economist until
September 2007. He co-authored two seminal World Bank
publications, Trade Policies in South Asia: An Overview (2004)
and Studies in India-Bangladesh Trade (2006).

He was the lead author of another World Bank publication,
“Bangladesh 2020: A Long-Run Perspective Study”. Prior to his
World Bank appointment, he was the member of the faculty
of The Catholic University of America, Washington DC (1984 -
1992). He was also a member of the Civil Service of Pakistan and
Bangladesh (1969 – 1983), having served in different ministries
and districts in Pakistan and Bangladesh. He was the Vice-
Chancellor of the Millennium University, Dhaka (2007 – 2008).
He has numerous publications in international and national
journals and has presented papers on trade policy, private sector
development, and growth issues at national and international
conferences. He is on the Board of Directors of several financial
institutions: Southeast Bank Ltd., Southeast Bank Foundation,
and Asia Insurance Ltd. He is a life member of Bangladesh
Economic Association, Bangladesh Economists’ Forum and
American Alumni Association. He is also an Advisor to The
Financial Express.
Mr. Tarik Sujat, Son of Tofazzal Hossain and Hosne Hena Hossain
was born in the year 1965 September 10, at Dhaka. He obtained
MSS in Political Science from Dhaka University in the year 1990.
After completion of education he has strated his Business carrier.
At present he is the CEO of Journeyman (Interior & Graphics
Designer) Company, Director, Bay Leasing & Investment Ltd. and
Director of Desh TV Limited. He is also involved in Publication
(Creative Work& Writing) and participated different conference,
seminar & workshop. He has attachment with number of various
socio-cultural organizations and activities.
Tarik Sujat
Nominated Director of Bay Leasing & Investment Ltd.
Mr. Mohammad Ali Khokon is the Managing Director of the

Maksons Spinning Mills Limited & metro Spinning Limited.
He has 29 years of Business Experience. He has visited many
countries of the world in connection of business and thus gained
vast experience and knowledge of Modern Methods, Technology,
Production and Marketing & Management Techniques of textile
industries. His wisdom helps company to formulate policy &
to set strategic planning and direction for the Entire range
of its activities. Involved to set business planning, financial
planning, marketing policy, procurement policy, dividend policy,
Mohammad Ali Khokon operational policy, expansion/future business policy and other
Director business affairs of the company. Deals with financial institutions,
Government Regulatory Bodies, International vendors, legal
bodies, and other concern departments as a part of Corporate
management policy.

Mr. Zakir Ahmed Khan was born on December 01, 1945. He
completed his BA (Hons) and MA in Economics from the university
of Dhaka and Obtained his MBA from Vrije Universiteit, Brussels
Belgium. Alongside he also studied development economics and
development administration in Colodaro State University as a
Hubert Humphrey Fellow of the USA.
Mr. Zakir Ahmed Khan was appointed as an Independent Director
of the Company on 28.09.2013 and is also the Chairman of the Audit
Committee of the Company. Mr. khan made solid contributions to
the Government of Bangladesh as he served in key position in various
Zakir Ahmed Khan ministries of Government of Bangladesh between 1970 and 2005.
Independent Director He was the Finance Secretary of the Government of Bangladesh and
also Chairman of National Board of Revenue of Bangladesh. Prior to
his retirement from Government service he worked as an Alternate
Executive Director of the World Bank, representing Bangladesh,
India, Bhutan and Sri Lanka.
Md. Imam Shaheen joined in Asia Insurance Limited as Chief

Executive Officer & Managing Director on December 31, 2014, which
approved by Insurance Development & Regulatory Authority (IDRA)
Bangladesh.
Prior to join the Asia Insurance Ltd., Md. Imam Shaheen had been
serving as the Deputy Managing Director, Additional Managing
Director and Head of Underwriting, Claims, Branch Control, Human
Resource & Administration Department in the Phoenix Insurance
Company more than 5 (Five) years with distinguished contribution
of his assignment.
Md. Imam Shaheen
Chief Executive Officer Before joining the Phoenix, Mr. Shaheen was serving as the
Senior Executive Vice President and Head of Re-insurance, Claims,
Underwriting, HRD & Training, Market Plan & Promotion Dept. in Asia
Insurance Ltd. longer than 5 years with outstanding efficiency.
After obtaining Master’s degree with honours in Management from

the Chittagong University, Md. Imam Shaheen started his career as an
officer with Green Delta Insurance Co. Ltd. in 1989 and held responsible
position about 15 years in different capacities with reward.
Md. Imam Shaheen received ‘TYSER & CO. LIMITED’. London Award
in recognition of outstanding result in the Bangladesh Insurance
Academy (BIA) Diploma examination. Mr. Shaheen is an Associate
Lecturer and Examiner both in Bangladesh Insurance Academy &
Association since a decade. He has visited many countries for the
professional and personal purpose.
Among 26 years Insurance career, Mr. Shaheen has participated

actively in a good number of prestigious Training, Workshop and
seminar both at home and abroad. Md. Imam Shaheen obtained
the opportunity to equip himself by working closely in all important
section of general Insurance that has enabled him for gathering
versatile knowledge and experience to add this profession.

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Yussuf Abdullah Harun Fca
Chairman
Md. Jahangir Alam Abul Bashar Chowdhury Alamgir Kabir Fca Mohammad Jamal Ullah
Vice Chairman Director Director Director
Mahbubul Alam Khaleda Begum Farzana Afroze Mohammad Mostafa Haider

Director Director Director Director
Dr. Zaidi Sattar Tarik Sujat Mohammad Ali Khokon Zakir Ahmed Khan
Nominated Director of Nominated Director of Bay Leasing & Investment Ltd Director Director
Southeast Bank Ltd.
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cÖwZK~jZvq g¨vbyd¨vKPvwis wkí Lv‡Z cÖe„w×i nvi n«vm †c‡q‡Q | hw` GB Lv‡Z cÖe„w×i nvi e„w× †cZ, Zvn‡j ‡`‡k
PjwZ A_© eQ‡ii wR.wW.wc cÖe„w× AR©‡bi nvi AviI †ewk e„w× †cZ |
Dc‡iv³ Ae¯’vi †cÖÿvc‡UI mvgwMÖK Ae¯’vi wePv‡i †`‡ki Af¨šÍixb Pvwn`vi MwZkxjZv, mPj MÖvgxb A_©bxwZ Ges
êwk¦K A_©bxwZi Avkve¨vÄK Ae¯’v‡bi d‡j †`‡ki Kvw•LZ cÖe„w× 7.1 kZvsk AwR©Z n‡e e‡j cÖZ¨vkv Kiv n‡”Q |
evsjv‡`‡ki c~uwRevRvi t
evsjv‡`‡ki cyuwRevRv‡ii `yBwU ÷K G·‡PÄ ZvwjKvf~³ wmwKDwiwU‡Ri msL¨v c~‡e©i eQi ¸‡jv n‡Z µgvš^‡q
e„w× †c‡q‡Q | 2014Bs mv‡ji gv‡P©i †k‡l XvKv ÷K G·‡PÄ wjwg‡U‡Wi ZvwjKvf~³ wmwKDwiwU‡Ri msL¨v `vuovq
532wU | hvÕ 2013Bs mv‡ji Ryb gv‡m 525wU wQj | Ab¨w`‡K 2014Bs Gi gv‡P©i †k‡l Bm~¨K…Z g~ja‡bi cwigvb
wQj 1,00,583.50 †KvwU UvKv | hvÕ 2013Bs mv‡ji Ryb gv‡m 98,359.40 †KvwU UvKvi Zzjbvq 2.26 kZvsk
†ewk | 30†k RybÕ2013Bs Gi mKj wmwKDwiwU‡Ri †gvU evRvi g~ja‡bi 12.06 kZvsk e„w× †c‡q 2014Bs mv‡ji
gv‡P© †UªwWs †k‡l ZvÕ `vuovq 2,83,537.00 †KvwU UvKv |
Aciw`‡K, PUªMÖvg ÷K G·‡PÄ wjwg‡UW Gi ZvwjKvf~³ wmwKDwiwU‡Ri msL¨v 2013Bs mv‡ji Ryb gv‡mi 266wU n‡Z
e„w× †c‡q ZvÕ 2014Bs mv‡ji gvP© gv‡mi †k‡l `vuovq 272wU †Z | 2014Bs mv‡j gvP© gv‡mi †k‡l PUªMÖvg ÷K G·‡P‡Äi
Bm~¨K…Z g~ja‡bi cwigvb `vuovq 44,814.67 †KvwU UvKv | hv; 2013Bs mv‡ji Ryb gv‡m 42,856.43 †KvwU UvKv n‡Z
4.57 kZvsk †ewk Ges mKj wmwKDwiwU‡Ri evRvi g~ja‡bi cwigvb 30†k †gÕ2013Bs G wQj 1,91,989.06 UvKv |
hvÕ 14.07 kZvsk e„w× †c‡q 2014Bs mv‡ji gvP© gv‡mi †UªwWs †k‡l `vuovq 219,001.90 †KvwU UvKv |
Gwkqv BÝy¨‡i‡Ýi †kqvi I Gi gvwjKvbv Ges †kqvi cÖwZ Avq, bxU m¤ú` g~j¨ I eQi wfwËK jf¨vsk †Nvlbv t
†Kv¤úvbxi jf¨vsk ‡Nvlbvi avivevwnKZv, †kqvi cÖwZ bxU m¤ú` g~j¨ I Kvh©µg cÖm~Z bM` cÖevn Ges mvavib mwÂwZ
I †kqvi cªwZ Av‡qi wecix‡Z evRvi g~j¨ we‡ePbvq Gwkqv BÝ~¨‡iÝ wjwg‡UW Gi †kqvi m‡PZb wewb‡qvMKvix‡ì
Kv‡Q AvKl©bxq GKwU †kqvi | cuywRevRv‡ii †gŠjwfwË we‡ePbvq wewb‡qvMKvixMb g~jZt c~uwRevRv‡ii ‡gŠjwfwË

we‡ePbvq jvfRbK †kqv‡i Zv‡ì wewb‡qv‡Mi welqwU we‡ePbv K‡i _v‡Kb | weavq wewb‡qvM Kvix‡ì Kv‡Q Gwkqv
BÝ~¨‡iÝ wjwg‡UW Gi †kqvi GKwU cQ›`bxq †kqvi |
†`‡ki cyuwRevRv‡ii weivRgvb Ae¯’vi gv‡SI Gwkqv BÝ~¨‡iÝ wjwg‡UW Gi cwiPvjbv cwil`, eë¯’vcbv KZ…©cÿ
I me©¯Í‡ii Kg©KZ©v-Kg©Pvixe„›` †Kv¤úvbxi cÖe„w× e„w×‡Z AvšÍwiKZvi mv‡_ KvR K‡i hv‡”Q e‡jB †Kv¤úvbxi cÖwZ
†kqvi‡nvìviM‡bi Av¯’v c~‡e©i b¨vq A¶zbœ i‡q‡Q |
†Kv¤úvbxi †kqvi µq weµ‡qi wnmv‡e 2009Bs n‡Z 2014Bs ch©šÍ cÖwZ eQ‡ii 31†k wW‡m¤î Zvwi‡L †kqvi‡nvìvi
msL¨vi Z_¨ wb‡gœ wee„Z n‡jv |

eQi †kqvi‡nvìvi msL¨v (31‡k wW‡m¤î Zvwi‡L)
2009 Bs 2,164
2010 Bs 7,776
2011 Bs 10,109
2012 Bs 9,601
2013 Bs 10,296
2014Bs 8,976
Aciw`‡K 2014Bs mv‡ji †k‡l †Kv¤úvbxi cwi‡kvwaZ g~ja‡bi †kqvi msL¨v `vuwo‡q‡Q 4,70,69,858wU| †hLv‡b
2013Bs mv‡j †kqvi msL¨v wQj 4,48,28,437Ges 2012Bs mv‡j 4,26,93,750 wU|
†Kv¤úvbxi †kqvi msL¨vi wfwË‡Z eQi wfwËK †kqvi cÖwZ Avq I bxU m¤ú` g~j¨ wb‡gœ D‡jøL Kiv n‡jv |
†Kv¤úvbxi eQi wfwËK †kqvi cÖwZ Avq wbb¥iƒc t
eQi †kqvi cÖwZ Avq

2009 31.19 (‡kqvi cÖwZ AwfwnZ g~j¨ -100/- UvKv)
†Kv¤úvbxi †kqv‡ii eQi wfwËK bxU m¤ú` g~j¨ wbb¥iƒct

eQi †kqvi cÖwZ bxU m¤ú` g~j¨

Gw`‡K 2000Bs mv‡j †Kv¤úvbxi eëmvwqK Kvh©µg n‡Z 2014Bs mvj ch©šÍ Aby‡gvw`Z g~ja‡bi wecix‡Z
cwi‡kvwaZ g~ja‡bi cwigvbI D‡jøL¨‡hvM¨ fv‡e †e‡o‡Q|
wb‡gœ 2008Bs mvj n‡Z 2014Bs mvj ch©šÍ †Kv¤úvbxi Aby‡gvw`Z I cwi‡kvwaZ g~ja‡bi cwigvb †`Lv‡bv n‡jv t
eQi Aby‡gvw`Z g~jab cwi‡kvwaZ g~jab
2008 30,00,00,000 6,00,00,000
2009 30,00,00,000 15,00,00,000
2010 1,00,00,00,000 16,50,00,000
2011 1,00,00,00,000 37,12,50,000
2012 1,00,00,00,000 42,69,37,500
2013 1,00,00,00,000 44,82,84,370
2014 1,00,00,00,000 47,06,98,580
Aciw`‡K †Kv¤úvbx cÖwZôvi ci n‡Z AwR©Z gybvdvi wfwË‡Z †kqvi‡nvìviMb‡K †h jf¨vsk cÖ`vb I ‡Nvlbv n‡q‡Q
ZvÕ wb‡gœ wee„Z n‡jv |
eQi bM` jf¨vsk g~jabx jf¨vsk †gvU jf¨vsk

2000 5% Ñ 5%
2001 7% Ñ 7%
2002 8.50% Ñ 8.50%
2003 10% Ñ 10%
2004 10% Ñ 10%
2005 12% Ñ 12%
2006 12% Ñ 12%
2007 15% Ñ 15%
2008 16% Ñ 16%
2009 - 10% 10%
2010 25% 25% 50%
2011 15% 15% 30%
2012 10% 5% 15%
2013 15% 5% 20%
2014 (mycvwik K…Z) 10% Ñ 10 %
exgvi wek¦ evRvi t

AvšÍRvwZ©K cwigÛ‡j m„ó Aw¯’iZvi Kvi‡b A_©‰bwZK AwbðqZv †`Lv †Ìqvi cvkvcvwk m¤ú‡ì ÿq-ÿwZi cwigvb
e„w× cvIqvq wek¦ e¨vcx exgv wkí AvR P¨v‡j‡Äi gy‡LvgywL | Z‡e GUv Ab¯^xKvh© †h, msKUKvjxb mg‡q A_©©‰bwZK
w¯’wZwkjZv wbwðZ Ki‡bi ‡ÿ‡Î GB wk‡íi A‡bK ¸iæZ¡c~b© Ae`vb i‡q‡Q| wek¦ e¨vcx e¨w³ m¤ú‡ì cwigvb Ges
ivR¯^ e„w× cvIqvi Kvi‡b m„ó Avw_©K Ae¯’v †gvKv‡ejv Kivi Rb¨ Av‡gwiKv,BD‡ivc Ges KvbvWvi exgv †Kv¤úvbxmg~n
eZ©gv‡b Zv‡ì cu~wR e„w× K‡i‡Q | Ab¨w`‡K, ‰ewk¦K cªwZ‡hvwMZvg~jK cwiw¯’wZ‡Z c~‡e©i Zzjbvq exgv †Kv¤úvbx
mg~n‡K †ewk SuywK †gvKv‡ejv Kivi cvkvcvwk AvšÍRvwZ©K wbqgbxwZ Ges evaëvaKZvi Kvi‡b wek¦ evRv‡i exgv wk‡íi
†mev cÖ`vb A‡bKUvB evavMÖ¯’ n‡”Q |

Gw`‡K, cÖhyw³MZ Dbœq‡bi Kvi‡b exgv MÖnxZvMb mn‡RB wewfbœ †`‡ki exgv m¤ú‡K© AeMZ nIqvi cvkvcvwk
Zzjbvg~jK ch©v‡jvPbvq AvR Zvuiv Zvu‡ì cQ›` gZ †mev wbe©vPb Ki‡Z cvi‡Q | G‡ÿ‡Î Avgv‡ì‡KI exgv MÖnK‡ì
Pvwn`v Abyhvqx `vq MÖnb, `vex Ges Ab¨vb¨ Avbymvw½K wel‡q wek¦ evRv‡ii exgv wk‡íi mv‡_ Zvj wgwj‡q GwM‡q †h‡Z
n‡e | ZvÕ bv n‡j GB wek¦vq‡bi hy‡M Avgv‡ì exgv wk‡íi weKvk evavMª¯’ n‡e |
evsjv‡`‡ki exgv wk‡íi evRvi t

cÖwZwU c‡bï †hgb GKwU evRvi Av‡Q A_©vr Set of buyer i‡q‡Q, ‡Zgwbfv‡e exgviI GKwU evRvi Av‡Q Ges
†m evRv‡i †µZv Z_v exgv †mev MÖnY Kivi Rb¨ wKQz †µZvI i‡q‡Q | g~jZt Z…Zxq we‡k¦i Dbœqkxj †`‡k †µZv‡ì
exgv welqK m‡PZbvi DciB wbf©i K‡i mswkøó †`‡ki evRv‡i exgvi KZUzKy Pvwn`v i‡q‡Q | evsjv‡`k Z…Zxq we‡k¦i
GKwU AMÖmigvb Dbœqkxj †`k Ges †`‡ki exgv evRv‡i g~jZt bb-jvBd I jvBd GB `yB ai‡bi exgv evRvi Z_v
†µZv i‡q‡Q |
evsjv‡`‡k ivóªvqË¡ GKwU bb-jvBd I GKwU jvBd BÝ~¨‡iÝ cÖwZôvb QvovI †emiKvix Lv‡Z 45wU bb-jvBd I
30wU jvBd BÝ~¨‡iÝ †Kv¤úvbx †`k e¨vcx exgvi Kvh©µg cwiPvjbv Ki‡Q | GKwU m~`„p Ges m¤cÖmvibkxj exgvi
evRv‡ii Rb¨ exgv †Kv¤úvbxi cvkvcvwk exgv MÖnxZv‡ìI f~wgKv I ¸iæZ¡ Acwimxg |
evsjv‡`‡ki eZ©gvb Av_©-mvgvwRK †cÖÿvc‡U exgv †mev m¤ú‡K© me©¯Í‡ii RbMb m‡PZb bv _vKvq exgvi cÖ‡qvRbxqZv
Abyaveb Kiv Zv‡ì c‡ÿ mnRZi bq | ZvB evsjv‡`‡k exgvi evRvi a‡i ivLv GKUz KwVb | GQvov exgvi Dci GKUz
†bwZevPK g‡bvfve we`¨gvb _vKvq †`‡ki exgv evRvi A‡bKUv ¯’wei n‡q i‡q‡Q | Z‡e miKvi mn wbqš¿K ms¯’v
mg~‡ni hy‡Mvc‡hvMx wm×v‡šÍi Kvi‡b exgv MÖvnK‡ì exgv MÖnY m¤ú‡K© m¤cÖwZ m‡PZbZv e„w× †c‡q‡Q Ges ‡`‡ki
exgv evRvi A‡bKUvB DbœwZi g~L †`L‡Q | Avkv Kiv hvq wbKU fwel¨‡Z Avgv‡ì †`‡ki exgv wkí GKwU D‡jøL‡hvM¨
Ae¯’v‡b wM‡q `vuov‡e |
wek¦ exgv evRv‡ii mv‡_ mvgÄm¨ †i‡L †`‡ki exgv evRvi‡K AviI m~`„p I m¤cÖmvib Kivi Rb¨ GKw`‡K †hgb
miKvix bxwZgvjv mg~n Ab¨w`‡K †Zgb exgv †Kv¤úvbx mg~n‡K AviI †Rviv‡jv f~wgKv ivL‡Z n‡e | G wk‡íi mv‡_
RwoZ mKj‡K jÿ¨ ivL‡Z n‡e †h, hv‡Z m¤§vbxZ exgv MÖnxZv‡ì g‡a¨ exgv m¤ú‡K© weiƒc g‡bvfve m„wó bv nq |
g~jZt ‡`‡ki exgv wkí‡K RbwcÖq Kivi Rb¨ mswkøó mevB‡K GwM‡q Avm‡Z n‡e | †`‡k hZ AwaK cwigv‡b wkí
Kj-KviLvbv cÖwZwôZ n‡e ZZ †ewk Avg`vbx-idZvbx evo‡e Ges †mB Abycv‡Z exgv evRvi we‡kl K‡i mvavib exgvi
evRviI m¤cÖmvwiZ n‡e |
‡h‡nZz bb-jvBd Ges jvBd BÝ~¨‡iÝ †Kv¤úvbx mg~n †`‡ki A_©‰bwZK cÖe„w×‡Z ¸iæZ¡c~b© Ae`vb ivL‡Q Ges
†`‡ki g~jab evRv‡i A‡_©i †hvMvb w`‡”Q, †m‡nZz †`‡ki exgv evRvi m¤cÖmvi‡bi evavmg~n `~i Kivi Rb¨ miKvi I
wbqš¿bKvix KZ…©c‡ÿi cvkvcvwk exgv ‡Kv¤úvbx mg~‡ni D‡`¨v³v Ges exgv Lv‡Z Kg©iZ mK‡ji exgv Dbœq‡b mgwš^Z
cÖ‡Póv MÖnY Kiv Riæix |
GK bR‡i Gwkqv BÝy¨‡iÝ wjwg‡UW t

ÔGwkqv BÝy¨‡iÝ wjwg‡UWÕ †Kv¤úvbx AvBb 1994-Gi Aax‡b cvewjK wjwg‡UW †Kv¤úvbx wnmv‡e MwVZ GKwU bb-
jvBd exgv †Kv¤úvbx | 30†k GwcÖjÕ2000Bs Zvwi‡L †iwRóªvivi Ae R‡q›U ÷K †Kv¤úvbxR n‡Z wbeÜb cÖvwßi ci
(Reg no-C-40166(2134)/2000) AÎ †Kv¤úvbx GKB eQ‡ii 30†k †g Zvwi‡L Z`vbxšÍb exgv Awa`ßi n‡Z
jvB‡mÝ cÖvß n‡q esjv‡`‡k bb-jvBd exgv eëmv ïiæ K‡i| eZ©gv‡b †Kv¤úvbxi Aby‡gvw`Z g~jab 100 †KvwU UvKv
Ges cwi‡kvwaZ g~jab 47,06,98,580/- UvKv |

m‡e©v”P gv‡bi Kg©`ÿZv I MÖvnK †mevi gva¨‡g exgv MÖnxZv‡ì Av¯’v AR©b I Zv‡ì m¤ú‡ì wbivcËv wbwðZ Kivi
gva¨‡g AvaywbK I hy‡Mvc‡hvMx exgv eë¯’v cÖwZôv KivB n‡”Q GB †Kv¤úvbxi iƒcKí | GQvov m‡e©v”P cÖwZ‡iva I
m¤ú‡ì wbivcËvi wbwðZ Kivi gva¨‡g †µZv‡ì mš‘wó AR©‡bi cvkvcvwk †`‡ki Avw_©K eywbqv` m~`ªp Kivi j‡ÿ¨
exgv †mev cÖ`v‡bi gva¨‡g RvZxq Dbœq‡b AskMÖnY KivB n‡”Q GB †Kv¤úvbxi g~j D‡Ïk¨ |
AR©b t
‡`‡ki A_©‰bwZK Dbœqb I m¤ú‡ì wbivcËv wbwðZ Kivi j‡ÿ¨ 2000mv‡j 6 †KvwU UvKv cwi‡kvwaZ g~ja‡b
cÖwZwôZ GB †Kv¤úvbxi eZ©gvb cwi‡kvwaZ g~ja‡bi cwigvb 47,06,98,580/- UvKv | mKj Acv‡ikbvj e¨q wbe©vn
mn †kqvi †nvìviMb‡K †Kv¤úvbxi cÖwZôvi ci n‡Z avivevwnK fv‡e m‡šÍvlRbK nv‡i jf¨vsk cÖ`vb K‡i eZ©gv‡b
†Kv¤úvbxi †gvU m¤ú‡ì cwigvb ùvwo‡q‡Q 155 †KvwU 84 jÿ UvKv |
‡µwWU †iwUs t
eZ©gv‡b A+ ‡µwWU †iwUs cÖvß †Kv¤úvbx weMZ 2012 I 2013Bs mv‡j ci cvi 2 (`yB) eQi A+ ‡µwWU †iwUs
cÖvwßi avivevwnKZv A¶zbœ †i‡L exgv `vex cwi‡kv‡ai mÿgZv wbwðZ K‡i‡Q |
D‡jøL †hvM¨ exgv cwjwm t
‡Kv¤úvbxi D‡jøL †hvM¨ exgv cwjwm mg~n n‡”Q, AwMœ, †bŠ, †gvUi I wewea exgv cwjwm |
wmGmAvi Kvh©µg t
wmGmAvi Kvh©µ‡gi AvIZvq Gwkqv BÝ~¨‡iÝ wjwg‡UW wW Gg wm evb© BDwbU, †c‡Uªj †evgv (wnmvet weAvBG), AwMœ
`» (wnmvet AvB.wW.Avi.G), cÖavbgš¿x Îvb Znwej (ivbv cøvRv aŸm), evsjv‡`k †Mgm&, AvB.wm.wm B›Uvib¨vkbvj
Kbdv‡iÝ, dvó© mvK© BÝ~¨‡iÝ †i¸‡jUim& Kbdv‡iÝ-G Avw_©K Aby`vb cª`vb K‡i‡Q |
cÖkvmwbK Z_¨vw` t
Kg©KZ©v-Kg©Pvix t 313Rb
exgv G‡R›U t 48 Rb |
kvLv t 20wU |
cÖwkÿb cÖvß Kg©KZ©v t evsjv‡`k BÝ~¨‡iÝ GKv‡Wgx, evsjv‡`k BÝ~¨‡iÝ G‡mvwm‡qkb mn cÖwkÿb cª`vbKvix
wewfbœ cÖwZôvb n‡Z cÖwkÿb MÖnYKvix 25 Rb Kg©KZ©vi g‡a¨ 4 (Pvi) Rb G.we.AvB.G
wWMÖxavix Kg©KZ©v i‡q‡Qb |
†gvUi f¨vwn‡Kj t †Kv¤úvbxi 24 (PweŸk) wU †gvUi Kvi I 8 (AvU) wU †gvUi mvB‡Kj, hvi µg AePq ev‡`
31†k wW‡m¤îÕ2014Bs Zvwi‡L me©‡gvU g~j¨ `vuwo‡q‡Q 1,62,73,326/- UvKv | GQvov
PjwZ eQ‡ii †deªæqvix gv‡m 50 (cÂvk) jÿ UvKv e¨‡q GKwU Rxc Mvox µq Kiv n‡q‡Q|

Gwkqv BÝ~¨‡iÝ wjwg‡UW-Gi 2012 I 2013 mv‡ji exgv eëmvi g~j cwimsL¨vb mg~n (jÿ UvKvq) wbgœiƒc t
weeib 2012 2013

MÖm wcÖwgqvg 3195 3163
bxU wcÖwgqvg 1871 1732
(K) AwMœ 448 532
(L) †bŠ 1078 841
(M) †gvUi 209 198
N) Ab¨vb¨ 136 161
(1) MÖvgxY ev mvgvwRK Lv‡Zi exgvi cwigvb (ÿz`ª exgv)
(2) ¯^v¯’¨ exgv
cwjwmi msL¨v 12084 11735
G‡R‡›Ui msL¨v 80 45
(K) bvix G‡R›U 27 20
(L) cyiæl G‡R›U 53 25
exgv `vexi msL¨v 210 191
(K) wb®úwËK…Z exgv `vwei msL¨v 142 94
(L) Awb®úwËK…Z exgv `vwei msL¨v 68 97
exgv `vexi cwigvb 2113 2133
(K) wb®úwËK…Z exgv `vwei cwigvb 436 218
(L) Awb®úwËK…Z exgv `vwei cwigvb 957 888
LvZ wfwËK wewb‡qvM
(K) miKvwi wmwKDwiwUR (&eÛ) 110 270
(L) GdwWAvi 5901 5782
(M) ¯’vei m¤úwË 340 339
(N) †kqvi I wW‡fÂvi 2784 2580
(O) Ab¨vb¨
wewb‡qvM Avq I Ab¨vb¨ Avq 867 916
wiRvf© 1904 2342
‡gvU m¤ú` 13803 14428
‡gvU e¨q 2037 1834
(K) Kwgkb 425 436
(L) eë¯’vcbv e¨q 1176 1180
(M) Ab¨vb¨ e¨q (`vex) 436 218
‡gvU cÖ`vbK…Z AvqKi (cÖwfkbvj) 372 472
bxU gybvdv 1074 1333
BwcGm (UvKv/†kqvi) 1.56 1.93
Aciw`‡K †Kv¤úvbxi 2013 I 2014 mv‡ji Zzjbvg~jK eëmwqK Z_¨ DcvË wbgœiƒc t
wcÖwgqvg Avq t
‡Kv¤úvbxi wcÖwgqvg Avq n‡q‡Q 2014Bs mv‡j 40,21,71,026/- UvKv| hvÕ 2013Bs mv‡j wQj 34,14,83,179/-
UvKv |

wewb‡qvM t
miKvix †UªRvix eÛ, e¨vsK mg~‡n ¯’vqx I ‡gqv`x AvgvbZ, Awdm †¯úm µq Ges †kqvi evRv‡i ZvwjKv f~³ †Kv¤úvbxi
†kqvi µq-weµ‡qi gva¨‡gB †Kv¤úvbxi wewb‡qvM Kvh©µg cwiPvwjZ n‡”Q | Avgv‡ì M„nxZ wewb‡qvM cwiKíbvq 2014Bs
mv‡j wewb‡qv‡Mi cwigvb n‡”Q 104,30,54,364/- UvKv | hvÕ 2013Bs mv‡j wQj 100,90,78,225/-UvKv |
AvqKi Lv‡Z cÖ`vb t
†Kv¤úvbx AvqKi Lv‡Z cÖ`v‡bi Rb¨ 2014Bs mv‡j 1,03,30,169/- UvKv mwÂZ ivLvi cª¯Íve Kiv n‡q‡Q, hvÕ
2013Bs mv‡j ivLv n‡qwQj 4,67,97,187/- UvKv |
Kic~e© gybvdv t
2014Bs mv‡j ‡Kv¤úvbxi Ki c~e© gybvdvi cwigvb `vuwo‡q‡Q 6,20,60,962/- UvKv | hvÕ 2013Bs mv‡j wQj
13,32,64,640/- UvKv |
Dc‡iv³ Av‡jv‡K 2014Bs mv‡j †Kv¤úvbxi mvgwMÖK eëmvwqK Kvh©µ‡gi PvjwPÎ wb‡gœ wee„Z n‡jv| G‡ÿ‡Î
2013Bs mv‡ji mswÿß wPÎwUI cvkvcvwk D‡jøL Kiv n‡jv |
µg welq AwMœ ‡bŠ gUi wewea †gvU 2014 †gvU 2013

01 MÖm wcÖwgqvg Avq 16,83,20,450 15,75,11,522 2,50,67,055 5,12,71,999 40,21,71,026 34,14,83,179
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Corporate Governance
Every company has its vision and mission in corporate system to achieve the goal through accountability,
responsibility, transparency, fairness for the best interest of stakeholders those should have been in corporate
governance. Asia Insurance Limited is the top listed non-life insurance company of our country. The Board of
Director of Asia Insurance Limited has the major role to ensure the corporate governance by providing policy
making to the management for implementation. The Board of Director of Asia Insurance Limited formulates
the Vision, Objective and strategic goals to safeguard the interest of client, service provider, regulatory
bodies, shareholders and employees. The Chief Executive Officer (CEO) implements the decision of the
Board to establish high standard of corporate governance. Asia Insurance Limited trust that its corporate
governance practice comply with all the aspects of BSEC Notification no: BSEC/CMMRRCD/2006-158/129/
Admin/43, Dated: 03 July’2012.
Composition of the Board:
The Board consists of 13 Directors of which 9 are sponsor Directors, 3 are public Shareholder Directors and
1 is independent Director. They possess a wide range of skills, talencies and quite experience over a range
of professions, business and services. They discharge their responsibilities and duties under the existing
law efficiently and effectively. The Board is fully empowered to control over the company’s affairs and is
entirely accountable to the shareholders. The Board formulates the strategic objectives, policy framework
and assesses the performance of management.
Role and responsibilities of the Board:
The Board of Asia Insurance Limited exercises the following functions as per charter of the Board.
• To determine strategies, policies, management performance criteria and business plan alongwith
monitoring and evaluating of the same.
• Reporting on the affairs, progress and performance of the company to the shareholders timely and periodically.
• Delegation of power to Board committee and management and approval of transaction in excess
of delegated power.
• Approval of Annual Budget of all expenditure including capital ones.
• Regular review of all kinds of financial matters.
• Appointments, Evaluation and overall supervision of the performance of the top management.
• Ensuring of necessary skill and experience of the senior executives to perform their function
efficiently for the sake of best interest of the company
Role of the Chairman:
The Chairman is the Head of the Board and he runs the Board. He takes decision regarding any matter in
consultation with the Board members. The Chairman determines composition and organization of the Board.
He informs the Board regarding its management and responsibilities. The Chairman also plan and manage
the Board and committee meetings. He has also the responsibilities to develop the effectiveness of the Board.
Role of the Chief Executive Officer (CEO):

The Chief Executive Officer takes executives decision within the jurisdiction of power delegated and
empowered by the Board. His duties and responsibilities are also followed by guideline of IDRA. The CEO is
engaged in the day-to-day affairs of the company. He is responsible to implement the Board strategy and
policy and accountable to the Board for operational activities of the company.

Compliance Report to BSEC Notification
Status of compliance with the conditions imposed by the Bangladesh Securities and Exchange Commission’s
Notification No.SEC/CMRRCD/2006-158/134/Admin/44dated 07 August, 2012 issued under section 2CC of
the Securities and Exchange Ordinance, 1969:
Compliance status (Put √ in

the appropriate column) Remarks
Condition No Title
Not (if any)
Complied
complied
1 BOARD OF DIRECTORS:
1.1 Board’s Size [number of Board members to be 5 - 20] √
1.2 Independent Directors
1.2 (i) Number of Independent Directors [at least 1/5] Appointed 1

Independent
Director and
another 2
Independent
Director
appoinments are
under porcess.
1.2(ii) Independent Director (ID) means a director: √
1.2(ii)(a) Holding no share or holding less than 1% shares √
1.2 (ii) (b) Not being a sponsor and connected with any sponsor or
director or shareholder holding 1% or more shares √
1.2 (ii) (c) Not having any pecuniary or otherwise relationship with the
company or its subsidiary/associated companies √
1.2 (ii) (d) Not being member/director/officer

√
of any stock exchange
1.2 (ii) (e) Not being shareholder/director/officer of any member of stock

exchange or intermediary of capital market √
1.2 (ii) (f) Not being partner/executive at present or during the preceding 3
√
years of the company’s statutory audit firm
1.2 (ii) (g) Not being an ID in more than 3 listed companies √
1.2 (ii) (h) Not convicted as defaulter in any loan of a bank or NBFI √
1.2 (ii) (i) Not convicted for a criminal offence √
1.2 (iii) To be appointed by BOD and approved in the AGM √
1.2 (iv) The post cannot remain vacant for more than 90 days -
1.2 (v) Laying down of code of conduct of Board members and

recording of annual compliance of the code -

Compliance status (Put √ in
Condition the appropriate column) Remarks
Title
No Not (if any)
Complied
complied
1.2 (vi) Tenure of ID : 3 years, may be extended for one term √
1.3 Qualification of Independent Director

1.3 (i) Being knowledgeable, having integrity, ability to ensure √
compliance with laws and make meaningful contribution
1.3 (ii) Being a Business Leader/ Corporate Leader/ Bureaucrat/ University √
Teacher Economics/Business/Law)/CA/CMA/CS having 12 years of
management/professional experience
1.3 (iii) Prior approval of the Commission in special cases N/A
1.4 Appointment of Chairman and CEO, defining their roles √
1.5 The Director’s Report to Shareholders shall include

1.5 (i) Industry outlook and possible future developments √
1.5 (ii) Segment-wise or product-wise performance √
1.5 (iii) Risks and concerns √
1.5 (iv) Discussion on COGS, Gross Profit and Net Profit Margins √
1.5 (v) Discussion on continuity of Extra-Ordinary gain or loss N/A

1.5 (vi) Basis for and a statement of related party transactions √
1.5 (vii) Utilization of proceeds from issuing instruments N/A

1.5(viii) Explanation, if the financial results deteriorate after going for IPO, N/A
RPO, Right Offer, Direct Listing, etc
1.5(ix) Explanation about significant variance between Quarterly √
Financial performance and Annual Financial Statements
1.5(x) Remuneration to directors including IDs √
1.5(xi) Fair presentation in financial statements √
1.5(xii) Maintaining proper books of accounts √
1.5(xiii) Consistent application of appropriate accounting policies, and √

accounting estimates being reasonable and prudent
1.5(xiv) Following applicable IAS/BAS/IFRS/BFRS, and adequate √
disclosure for any departure there-from, if any
1.5(xv) Soundness and monitoring of internal control system √
1.5(xvi) Statement regarding ability to continue as going concern √
1.5(xvii) Significant deviations from last year’s operating results N/A

1.5 (xviii) Summary of key operating/financial data of last 5 years √
1.5(xix) Reason for non declaration of Dividend N/A

1.5(xx) Number of Board meetings and attendance of directors √
1.5(xxi) Pattern of shareholding (along with name wise details) by-

1.5(xxi)(a) Parent/Subsidiary/Associate Companies & related parties √
1.5(xxi)(b) Directors, CEO, CS, CFO, HOIA, their spouses & children √
1.5(xxi)( c) Executives (Top 5 salaried employees other than above) √

Compliance status (Put √ in the
Condition appropriate column) Remarks
Title
No (if any)
Complied Not complied
1.5(xxi)(d) Shareholders holding 10% or more voting interest √
1.5(xxii) In case of the appointment/re-appointment of a director
1.5(xxii) (a) A brief resume of the director √
1.5(xxii) (b) Nature of his/her expertise in specific functional areas √
1.5(xxii) (c) Names of companies in which he/she holds directorship and the √
membership of committees of the board
2 CFO, HEAD OF INTERNAL AUDIT AND CS:
2.1 Appointment of a CFO, a Head of Internal Audit and a CS and √
defining their roles, responsibilities & duties
2.2 Attendance of CFO and CS in the meetings of the Board √
3 AUDIT COMMITTEE:
3(i) Having Audit Committee as a sub-committee of the BOD √
3 (ii) Audit Committee to assist the BOD in ensuring fairness of √
financial statements and a good monitoring system
3 (iii) Audit Committee being responsible to the BOD; duties of Audit √
Committee to be clearly set forth in writing
3.1 Constitution of the Audit Committee
3.1(i) Audit Committee to be composed of at least 3 members √
3.1(ii) Audit Committee members to be appointed by BOD and at least √
one Independent Director to be included
3.1(iii) Audit Committee members to be “financially literate” and at least √
one to have accounting/financial experience
3.1(iv) Vacancy in Audit Committee making the number lower than 3 √
to be filled up immediately and within 1 month
3.1 (v) The CS to act as the secretary of the Audit Committee √
3.1 (vi) No quorum in Audit Committee meeting without one ID √
3.2 Chairman of the Audit Committee
3.2 (i) Chairman to be an ID, selected by the BOD √
3.2 (ii) Chairman of Audit Committee to remain present in AGM √
3.3 Role of Audit Committee
3.3 (i) Oversee the financial reporting process √
3.3 (ii) Monitor choice of accounting policies and principles √
3.3 (iii) Monitor Internal Control Risk management process √
3.3 (iv) Oversee hiring and performance of external auditors √
3.3 (v) Review the annual financial statements √
3.3 (vi) Review the quarterly and half yearly financial statements √
3.3 (vii) Review the adequacy of internal audit function √
3.3 (viii) Review statement of significant related party transactions √
3.3 (ix) Review Letters issued by statutory auditors √
3.3 (x) Review disclosures/statements/declarations about uses of funds
√
raised through IPO/RPO/Rights Issue
3.4 Reporting of the Audit Committee
3.4.1 Reporting to the Board of Directors √
3.4.1 (i) Reporting on the activities of Audit Committee

Condition Title Compliance status (Put √ in the Remarks
No appropriate column) (if any)
Complied Not complied
3.4.1 (ii) (a) Reporting on conflicts of interests N/A
3.4.1 (ii) (b) Reporting on suspected/presumed fraud or irregularity or
N/A
material defect in the internal control system
3.4.1 (ii) (c) Reporting on suspected infringement of laws N/A
3.4.1(II) (d) Reporting on any other matter to disclose immediately N/A
3.4.2 Reporting to BSEC N/A
3.5 Reporting to the Shareholders and General Investors √
4 EXTERNAL / STATUTORY AUDITORS
4.00 (i) Non-engagement in appraisal/valuation/fairness opinions √
4.00 (ii) Non-engagement in designing & implementation of FIS √
4.00 (iii) Non-engagement in Book Keeping or accounting √
4.00 (iv) Non-engagement in Broker-Dealer services √
4.00 (v) Non-engagement in Actuarial services √
4.00 (vi) Non-engagement in Internal Audit services √
4.00(vii) Non-engagement in services determined by Audit Committee √
4.00 (viii) Possessing no share by any partner or employee of the
√
external audit firm during the tenure of assignment
4.00 (ix) Non-engagement in Audit/Certification Services on Compliance of
Corporate Governance as required under clause (i) of condition No. 7 √
5 SUBSIDIARY COMPANY
5 (i) Composition of BOD to be similar to holding company N/A
5 (ii) One ID to be in both holding and subsidiary company N/A
5 (iii) Minutes of Board meetings of subsidiary company to be placed at
N/A
following Board meeting of holding company
5 (iv) Minutes of respective Board meeting of holding company
N/A
to state that affairs of subsidiary company be reviewed
5 (v) Audit Committee of holding company to review
N/A
financial statements/ investments of subsidiary company
6 DUTIES OF CEO AND CFO:
6(i) They have reviewed Financial Statement for the year and that
√
to the best of their knowledge and belief.
6(i) (a) These statements do not contain any materially untrue statement
√
or omit any material facts or contain statements that be misleading.
6(i) (b) To certify that the statements present a true and fair view of affairs
√
and are in compliance with accounting standards and applicable laws.
6(ii) To certify that no transaction is fraudulent, illegal or violation
√
of company’s code of conduct
7 REPORTING AND COMPLIANCE OF CORPORATE GOVERNANCE:
7(i) Obtaining certificate regarding compliance and sending it
√
to shareholders along with the Annual Report
7 (ii) To state, in accordance with annexure, in directors’
√
report whether the conditions has been complied with

Auditors’ Report &
Financial Statements
AUDITORS’ REPORT
TO THE SHAREHOLDERS OF ASIA INSURANCE LIMITED
We have audited the accompanying Financial Statements of Asia Insurance Limited which comprise of the Balance
Sheet as at 31 December 2014, the related Revenue Accounts, Profit and Loss Appropriation Account, Profit & Loss
Account, Statement of Changes in Equity and Statement of Cash flows for the year then ended and a summary of the
significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management of Asia Insurance Limited is responsible for the preparation and fair presentation of these Financial
Statements of the insurance company in accordance with the Bangladesh Financial Reporting Standards (BFRSs), the
Companies Act 1994, the Insurance Rules 1958, Insurance Act 2010, the Securities and Exchange rules 1987, Rules
and Regulations issued by the Insurance Development & Regulatory Authority (IDRA) and other applicable laws and
regulations. Those responsibilities include designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of financial statements that are free from material misstatements, whether due to
fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are
reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these Financial Statements based on our audit. We have conducted our
audit in accordance with the Bangladesh Standards on Auditing (BSAs). Those standards require that we comply with
relevant ethical requirements and plan and perform the audit in order to obtain reasonable assurance about whether
the Financial Statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial
Statements. The procedures selected depend on the Auditor’s judgment, including the assessment of the risk of
material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments;
we consider internal control relevant to the entity’s preparation and fair presentation of the Financial Statements in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s Internal Control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the Financial Statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the Financial Statements prepared in accordance with the Bangladesh Financial Reporting Standards
(BFRSs), give a true and fair view of the Financial Position of Asia Insurance Limited as at 31 December, 2014 and the
results of the Financial Performance and the Cash Flows for the year then ended and comply with the Companies Act
1994, the Insurance Act 2010, Insurance Rules 1958, the Securities and Exchange Rules 1987 and the other applicable
laws and regulations.

We further report that:
a. we have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit and made due verification thereof;
b. in our opinion, proper books of accounts as required by law have been kept by the company so far as it appeared
from our examination of those books and proper returns adequate for the purpose of our audit have been received
from the branches not visited by us;
c. the Company’s Balance Sheet, Profit and Loss Accounts and Cash flows dealt with by the report are in agreement
with the books of accounts and returns;
d. the expenditures incurred were solely for the purpose of the company’s business;
e. As per Section-63(2) of the Insurance Act-2010 as amended, we certify that to the best of our knowledge and belief
and according to the information and explanations given to us, all expenses of management wherever incurred and
whether incurred directly or indirectly, in respect of insurance business of the company transacted in Bangladesh
during the year under report have been duly debited to the related revenue accounts and the profit and loss
account of the company; and
f. As per Regulation-11 of Part-1 of the Third Schedule of the insurance Act 1938 as amended in 2010, we certify that
to the best of our information and as shown by its books, the company during the year under report has not paid
any person any commission in any form outside Bangladesh in respect of its business re-insurance abroad.
g. the information and explanations required by us have been received and found to be satisfactory;
h. the company has complied with relevant laws and regulations pertaining to reserves.
Dated: 13 June 2015

Chartered Accountants Dhaka.

ASIA INSURANCE LIMITED
Balance Sheet
As at 31 December 2014
Amount in Taka
Particulars Notes
2014 2013
SHAREHOLDERS’ EQUITY & LIABILITIES

Authorised Share Capital 13 1,000,000,000 1,000,000,000
100,000,000 Ordinary Shares of Tk. 10/- Each
Issued,Subscribed and Paid Capital 14 470,698,580 448,284,370
47,069,858 Ordinary Shares of Tk. 10/- Each
Share Premium 116,288,920 138,703,130
Lease Liabilities 15 9,935,632 9,467,870

Current Maturity 3,204,006 2,014,312
Long Term Maturity 6,731,626 7,453,558
Reserve for Contingency Account 218,587,656 234,180,969

Reserve for Exceptional Losses 16 160,273,532 160,273,532
General Reserve 17 3,771,100 3,771,100
Profit & Loss Appropriation Account 54,543,024 70,136,337
Balance of Fund & Account 97,108,613 69,401,821

Fire Insurance Account 27,682,045 21,277,482
Marine Insurance Account 50,821,509 33,635,162
Marine Hull Insurance Account 387,896 208,938
Motor Insurance Account 8,919,826 7,910,665
Miscellaneous Insurance Account 9,297,337 6,369,574
Deposit Premium 18 69,961,534 29,104,408
Liabilities and Provisions 257,072,892 222,762,710

Estimated Liability in Respect of Outstanding Claims Whether Due 19 40,229,602 57,761,153
or Intimated
Amount Due to Other Persons or Bodies Carrying on Insurance 20 216,843,290 165,001,557
Business
Sundry Creditors 21 318,706,021 290,861,457
(Including Provision for Taxation)
TOTAL 1,558,359,847 1,442,766,735

Balance Sheet
Amount in Taka
Particulars Notes
2014 2013
PROPERTY & ASSETS
Investment (At Actual) 2 289,024,709 285,021,812
Interest, Dividend & Rent Outstanding 3 29,592,576 28,528,828
Amount Due From Other Persons or Bodies Carrying on Insurance 4
Business 158,520,726 150,863,567
Sundry Debtors 5 57,509,669 42,783,715
Advance, Deposit and Prepayments 6 325,755,644 280,457,892
Fixed Deposit with Bank 7 608,173,175 578,199,933
Cash in Hand and at Bank 8 51,931,737 41,078,749
Stamps in Hand 9 254,877 321,750
Other Account 37,596,735 35,510,489

Fixed Assets (At Cost Less Depreciation) 10 35,481,059 33,851,965
Printing and Stationery in Hand 11 584,329 537,177
Security Deposit 12 1,531,347 1,121,347
TOTAL 1,558,359,847 1,442,766,735
The annexed notes form an integral part of this financial statements.
Chief Executive Officer Director
Director Chairman
Signed as per annexed report on even date.
Date: 13 June 2015

Chartered Accountants Dhaka

52
Profit and Loss Account
For the Year Ended 31 December 2014
Amount in Taka Amount in Taka

Particulars Notes Particulars Notes
2014 2013 2014 2013
Expenses of Management 26,420,913 41,996,792 Interest, Dividend and Rents 22.00 81,311,013 87,563,476
(Not Applicable to Any Particular Fund or (Not Applicable to Any Particular
Account) Fund or Account)
Promotional Expenses 2,876,282 2,178,728 Interest Accrued
Asia Insurance Limited Annual Report-2014

Legal & Professional Fees 224,250 97,500
Directors Fees 200,000 380,000 Profit or (Loss) Transferred From (32,103,405) 83,675,599
Audit Fees 52,925 92,000 Fire Revenue Account (48,813,276) 13,849,871
AGM & Conference Expenses 392,300 2,083,584 Marine Revenue Account 20,148,944 56,351,762
Donation & Subscription 150,000 1,500,000 Marine Hull Revenue Account (142,156) (272,219)
Depreciation 10.00 6,199,029 6,307,400 Motor Revenue Account 403,809 6,369,227
Finance Cost 1,678,162 1,852,640 Miscellaneous Revenue Account (3,700,726) 7,376,960
Advertisement & Publicity 603,400 1,284,089
Employer’s Contribution P.F 2,638,389 2,229,295 Profit on Sale of Share 39,011,144 3,854,750
Insurance Premium 1,881,716 1,634,908 Misc Income 263,122 167,606
Registration Renewal Fee 1,409,563 1,567,800
Provision for Incentive 6,000,000 4,500,000
Provision for Loss on Share 2,114,897 16,288,848
Profit for the Year Transferred to Profit

& Loss Appropriation Account 62,060,962 133,264,640
Total 88,481,875 175,261,432 Total 88,481,875 175,261,432
Chief Executive Officer Director Director Chairman

Date: 13 June 2015
Profit and Loss Appropriation Account

2014 2013 2014 2013
Reserve for Exceptional Losses 16.00 17,319,115 Balance Brought Forward from Last 70,136,337 43,681,740
Year
Provision for Current Tax 10,330,169 46,797,178 Net Profit for the Period (Transferred 62,060,962 133,264,640
Provision for Deferred Tax 81,450 - from Profit and Loss Account)
Dividend (Cash 2013-15% and 2012-10%) 67,242,656 42,693,750
Balance Transferred to Balance Sheet 54,543,024 70,136,337
Total 132,197,299 176,946,380 Total 132,197,299 176,946,380
Earning Per Share (Note-24) 1.10 1.84
Date: 13 June 2015


53
54
Consolidated Revenue Account

2014 2013 2014 2013
Claim Under Policies Less Re-insurance 120,746,684 21,767,464 Balance of Account at the Beginning 69,401,821 74,833,441
of the Year
Paid During the Year 138,278,235 124,466,544
Total Estimated Liability in Respect of 40,229,602 57,761,153 Premium Less Re-Insurance 242,189,690 173,191,146
Outstanding Claim at the End of the Year

Whether Due or Intimated
Less : Outstanding at the Beginning of 57,761,153 160,460,233 Commission on Re-Insurance Ceded 53,044,925 46,479,738
the Year
Agency Commission 59,317,933 43,610,142
Expenses of Management 23.00 119,566,611 76,049,298
Commission on Re-insurance Accepted - - .
Balance of Account at the End of the Year 97,108,613 69,401,821
as Shown in the Balance Sheet (Reserve
for Un-expired Risk for the Year)
Profit / (loss) Transferred to Profit & (32,103,405) 83,675,599
Loss Account
Fire Insurance (48,813,276) 13,849,871
Marine Cargo Insurance 20,148,944 56,351,762
Marine Hull Insurance (142,156) (272,219)
Motor Insurance 403,809 6,369,227
Miscellaneous Insurance (3,700,726) 7,376,960
Total 364,636,436 294,504,325 Total 364,636,436 294,504,325

Date: 13 June 2015

Fire Insurance Revenue Account

2014 2013 2014 2013
of the Year
the Year

Commission on Re-insurance Accepted - -
for unexpired risk @ 40% of premium
income of the year).
Loss Account
Total 129,051,264 102,365,673 Total 129,051,264 102,365,673


Date: 13 June 2015
55
56
Marine Insurance Revenue Account
Particulars Amount in Taka Particulars Amount in Taka

Notes Notes
2014 2013 2014 2013
of the Year

the Year
for Unexpired Risk @ 100% on Marine
Cargo Hull of the Year).
Profit / (loss) Transferred to Profit & 20,148,944 56,351,762
Loss Account
Total 168,679,516 134,458,204 Total 168,679,516 134,458,204
Date: 13 June 2015

Marine Hull Insurance Revenue Account

Notes Notes
2014 2013 2014 2013
Claim Under Policies Less Re-insurance 3,822 - Balance of Account at the Beginning 208,938 -
of the Year
Paid During the Year 3,822 -
Total Estimated Liability in Respect of - - Premium Less Re-Insurance 387,896 208,938
Less : Outstanding at the Beginning of - - Commission on Re-Insurance Ceded 134,035 163,681
the Year
Agency Commission 153,764 138,753
Expenses of Management 23.00 327,542 297,147
Balance of Account at the End of the Year 387,896 208,938
for Unexpired Risk @ 40% Marine Cargo
of the Year).
Profit / (loss) Transferred to Profit & (142,156) (272,219)
Loss Account
Total 730,869 372,619 Total 730,869 372,619
The annexed notes form an integral part of this financial statements
Signed as per annexed report on even date
Date: 13 June 2015

57
58
Motor Insurance Revenue Account

Notes Notes
2014 2013 2014 2013
of the Year

Less : Outstanding at the Beginning of 3,219,101 1,674,837 Commission on Re-Insurance Ceded 647,154 613,342
the Year
for Unexpired risk @ 40% of Premium
Income of the Year).
Profit / (loss) Transferred to Profit & 403,809 6,369,227
Loss Account
Total 30,857,385 28,762,278 Total 30,857,385 28,762,278
Date: 13 June 2015

Miscellaneous Insurance Revenue Account

Notes Notes
2014 2013 2014 2013
of the Year
the Year
for Unexpired Risk @ 40% of Premium
Income of the Year).
Loss Account
Total 35,317,402 28,545,551 Total 35,317,402 28,545,551
Date: 13 June 2015

59
60
Statement of Changes in Equity
Reserve for
Retained
Particulars Share Capital Share Premium Exceptional General Reserve Total
Earnings
Losses
Balance at 1st January, 2014 448,284,370 138,703,130 160,273,532 3,771,100 70,136,337 821,168,469
Bonus Share for 2013 22,414,210 (22,414,210) -
Cash Dividend for 2013 - - (67,242,656) (67,242,656)

Net Profit for the Year 2014 62,060,962 62,060,962
Reserve for Exceptional Losses - - - - -
Provision for Deferred Tax (81,450) (81,450)
Provision for Taxation - - - (10,330,169) (10,330,169)
Balance at 31 December 2014 470,698,580 116,288,920 160,273,532 3,771,100 54,543,024 805,575,156
Balance at 31 December 2013 448,284,370 138,703,130 160,273,532 3,771,100 70,136,337 821,168,469
Date: 13 June 2015

Dhaka
Statement of Cash Flow
Amount in Taka
Particulars
2014 2013
A Cash flow from Operatiing Activites:
Collection from Premium Income & Others Income 440,455,027 315,300,761
Less: Payment for cost and Expenses 375,619,295 304,167,290

Management Expenses 126,051,842 82,137,282
Claim Paid 138,278,235 124,466,544
Commission Paid 59,317,933 43,610,142
Advance against management expense 6,397,447 6,263,535
Tax and VAT paid 45,573,839 47,689,787
Net cashflow from operating activies 64,835,732 11,133,471
B Cash flow from Investing Activites

Investment in Bond - (16,005,384)
Lease Loan Received 2,720,000 -
Lease Loan Payment (2,252,238) (2,014,312)
Acquisition of Fixed Assets (7,828,123) (6,166,609)
Sale Proceds of Shares 78,814,349 20,400,000
Investment in Shares (43,806,102) -
Dividend Received 8,700,650 7,506,000
Net Cash flow from Investing Activites 36,348,536 3,719,695
C Cash flow from Financial Activites

Dividend Paid (60,358,039) (38,568,273)
Net Cash flow from Financial Activites (60,358,039) (38,568,273)
D Net Increase In Cash & Cash Equivalent (A+B+C) 40,826,229 (23,715,107)
E Opening Cash & Cash Equivalent 619,278,682 642,993,790
F Closing Cash & Cash Equivalent 660,104,911 619,278,683

Net Operating Cashflows Per Share(NOCFS) 1.38 0.25
Director Chairman

Notes to the Financial Statements
For the year ended 31 December 2014
1. SIGNIFICANT ACCOUNTING POLICIES AND OTHER MATERIAL INFORMATION:
1.1 Status of the Reporting Entity
1.1.1 Legal Status:
The Asia Insurance Limited was incorporated as a Public Limited Company in Bangladesh on April 30, 2000 under the
Companies Act, 1994. The Company, within the stipulated lay down by Insurance Act 2010 and directives as received
from Insurance Development & Regulatory Authority (IDRA) time to time, provides Non-Life Insurance Business. The
Company is listed with Dhaka Stock Exchange and Chittagong Stock Exchange as Publicly Traded Company. The
registered office of the Company is located at T.K. Bhaban (7th floor), 13 Karwan Bazar, Dhaka -1215 and carried its
Insurance activities through twenty (20) branches throughout the country.
1.1.2 Nature of business
The principal activity of the Company continued to be carrying on Insurance Business. There were no significant changes
in the nature of the principal activities of the Company during the year 2014 under review.
1.2 Basis of Preparation:
1.2.1 Statement of Compliance
As per the requirements of BAS 1: “Presentation of Financial Statements” the Financial Statements have been prepared
on the basis of going-concern concept under generally accepted accounting principles according to the historical cost
convention. Requirements as to disclosure of financial information warranted by the Insurance Act 2010 have been
adhered to in presenting financial statements. Such financial statements comprises the Balance Sheet, Profit and Loss
Account and Revenue Accounts for specific classes of insurance business in the form set forth in the first, second and third
schedule of the Insurance Act 1938 as amended 2010 in compliance with the Companies Act, 1994.
In addition, the Securities and Exchange rules, 1987 (as amended in 1997) requires the production of Statement of Cash
Flow and Statement of Changes in Shareholders’ Equity as a part of the Annual Report . The Bangladesh Securities and
Exchange Commission (BSEC) of Bangladesh regulates financial reporting practices of listed companies. Listed Companies
are required to comply with BSEC’s accounting and disclosure requirements. The Rules 1987 as amended in 1997, requires
listed companies to follow Bangladesh Accounting Standards (BAS) Bangladesh Financial Reporting Standards (BFRS) as
adopted by the Institute of Chartered Accountants of Bangladesh (ICAB).
1.2.2 Public Sector Business
As per Government decision with effective from 1st April 1990, all the Public Sector Insurance Business is being underwritten
jointly by Sadharan Bima Corporation and 45 other private sector insurance companies on co-insurance basis. Out of total
general insurance business, 50% being underwritten by Sadharan Bima Corporation and the balance are shared equally
by 43 private sector Insurance Companies in the year 2013 and 45 private insurance companies in the year 2014.
The Company’s share of Public Sector Business is accounted for in the year in which the complete statement of account
from Sadharan Bima Corporation is received. As such the company’s share of public sector insurance business has been
considered and accounted for on the basis of certified statement received form Sadharan Bima Corporation for the year
2014.
1.2.3 Underwriting Business
Gross underwriting business as well as re-insurance thereof and claim settled etc. have been recorded separate for each
class of business and net underwriting results have been reflected in the revenue accounts after due consideration of re-
insurance ceded.

Functional and presentational currency and level of precision
The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the company’s functional
currency. All financial information presented has been rounded off to the nearest Taka except where indicated otherwise.
1.2.4 Reporting period
The financial period of the company covers one year from 1st January to 31st December and followed consistently.
1.2.5 Components of the Financial Statements
According to the International Accounting Standard (IAS) 1 as adopted by ICAB as BAS 1 “Presentation of Financial
Statements” the complete set of financial statements includes the following components:
i) Statement of Financial Position;

ii) Statement of Comprehensive Income;
iii) Statement of Changes in Equity;
iv) Statement of Cash Flows and
v) Notes to the Financial Statements.
In accordance with Insurance Rules 1958 Balance Sheet and Profit and Loss Account have been prepared instead of
Statement of Financial Position and Statement of Comprehensive Income consecutively.
1.2.6 Going Concern
The Company has adequate resources to continue its operation for the foreseeable future. For this reason, the directors
continue to adopt going concern basis in preparing the accounts. The current credit facilities and resources of the
Company provides sufficient fund to meet the present requirements of its existing business.
1.2.7 Date of Authorization:
This financial statement has been authorized for by the Board of Directors of Asia Insurance Limited on 13 June 2015.
1.2.8 Segment Reporting
A business segment is a distinguishable component of the Company that is engaged in providing services that are subject
to risks and returns that are different from those of other business segments. The Company accounts for segment reporting
of operating results using the classes of business. The performance of segments is evaluated on the basis of underwriting
results of each segment. The Company has five primary business segments for reporting purposes namely Fire, Marine,
Marine-Hull, Motor and Miscellaneous.
1.2.9 Branch Accounting
Asia Insurance Limited now has twenty branches with no overseas branch as of December 31, 2014. Accounts of the
branches are maintained at the head office from which these accounts drawn up.
1.2.10 Branch Accounting
Asia Insurance Limited now has twenty branches with no overseas branch as of December 31,2014. Accounts of the
branches are maintained at the head office from which these accounts drawn up.
1.3 Principal Accounting Policies:
The accounting policies set out below have been applied in preparations of these financial statements and followed
consistently.

1.3.1 Property, Plant and Equipment
Owned Assets:
Items of own property and equipments are measured at cost less accumulated depreciation and any accumulated
impairment losses. The cost of an asset comprises its purchase price and directly attributable cost bringing the assets to its
working condition for its intended use as per Bangladesh Accounting Standard (BAS16)”Property, Plant and Equipments”
Leasehold Assets:
Leasehold assets of which the company assumes substantially all the risk and rewards of ownership are accounted for as
finance leases and capitalized at the inception of the lease at fair value of lease property or at the present value of minimum
lease payments, whichever is lower as per Bangladesh Accounting Standard (BAS17). The corresponding obligation under
the lease is accounted for as liability.
1.3.1.1 Recognition and Measurement
Property, plant and equipment except land and building are measured at cost less accumulated depreciation and
impairment losses, if any. The cost of an item of property, plant and equipment comprises its purchase price and any
directly attributable inward freight, duties and non-refundable taxes.
The Company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of
such an item when that cost is incurred if it is probable that the future economic benefits embodied within the item will
flow to the entity and the cost of the item can be measured reliably. All other costs are recognized in the income statement
as an expense as incurred.
1.3.1.2 Disposal of Fixed Assets
On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or loss on such disposal is
reflected in the income statement, which is determined with reference to the net book value of the assets and net sales
proceeds.
1.3.1.3 Depreciation on Fixed Assets
Depreciation is recognized in profit and loss account on diminishing balance method. Depreciation on fixed assets has
been charged for 6 (six) months at the time of asset purchased and disposal during the year.
Rates of depreciation on various classes of fixed assets are as under:
Category Rate
Vehicle 20%
Office Decoration 10%
Telephone Installation & PABX System 20%
Furniture & Fixture 10%
Computer, Printer, Fax and Copier 20%
Office Equipment 15%
Air Condition 20%
1.3.1.4 Impairment of Assets

The carrying amount of the company’s non financial asset other than deferred tax assets are reviewed at each reporting
date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable
amount is estimated. An impairment loss is recognized if the carrying amount of an asset or its cash generating unit
exceeds its estimated recoverable amount. Impairment losses are recognized in Profit and Loss Account. Considering the
present condition of the assets, management concludes that there is no such indication exists.

1.3.2 Investments
All investments of AIL are initially recognized at cost, being the fair value of the consideration given which include
transaction cost and these are classified in to the following categories:
w Held to Maturity
w Held for Trading
w Available for sale
1.3.2.1 Held to Maturity
Investments with fixed maturity that the management has the intent and ability to hold maturity are classified as held to
maturity and are initially measured at cost.
1.3.2.2 Held for Trading
These financial assets are acquired principally for the purpose of generating profit from short term fluctuation in prices.
1.3.2.3 Available for Sale
Available for sale investments are those non-derivative investments that are designated as available for sale or are not
classified in any other category. These are primarily those investments that are intended to be held for an undefined
period of time or may be sold in response to the need for the liquidity are classified as available for sale. The Company
follows trade date accounting for ‘regular way purchase and sales’ of investments.
1.3.3 Advance, Deposits and Prepayments
Advances are initially measured at cost. After initial recognition advances are carried at cost less deductions, adjustments
or charges to other account heads such as PPE or inventory etc. Deposits are measured at payment value. Prepayments are
initially measured at cost. After initial recognition prepayments are carried at cost less charges to Profit and Loss Account.
1.3.4 Cash and Cash Equivalents
Cash in hand and cash at banks have been considered as the cash and cash equivalents for preparation of these financial
statements as there was insignificant risk of changes in value of these current assets.
1.3.5 Reserve for Contingencies
Reserve for Exceptional Losses
As per Para 6 of the 4th schedule, to meet the exceptional losses, Company sets aside ten (10) percent of the premium
income of the year in which it is set aside from the balance of the Profit to the Reserve for Exceptional Losses.
1.3.6 Balance of Fund and Accounts
These have been arrived at after making provision for un-expired risks @ 40% of net premium income on all businesses
except marine hull insurance where provision has been made @ 100% on net premium income.
1.3.7 Lease Liability
The leased liability is considered as a Finance lease as per BAS-17. As such, the interest expense on Lease liability is charged
to profit and loss account under finance cost.
1.3.8 Loans and Borrowing
Principal amounts of loans and borrowings are stated at their outstanding amount. Borrowings repayable after twelve
months from the reporting date are classified as non-current liabilities whereas the portion payable within twelve months,
unpaid interest and other charges are classified as current liabilities.

1.3.9 Provision for Liabilities
According to BAS 37: “Provision, Contingent Liabilities and Contingent Assets” the company recognizes the provision in
the balance sheet when the company has a legal or constructive obligation as a result of past event and it is probable that
an outflow of economic benefit will be required to settle the obligations.
1.3.10 Provision for Income Tax
BAS 12: “Income Taxes” and Income Tax ordinance 1984 have been used for the calculation of deferred tax and current tax
expense respectively. Provision for income tax represents the sum of the current tax expense and deferred tax expenses.
A. Current Tax Expense
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit
and loss account because it excludes items of income or expense that are taxable or deductible in succeeding years and it
further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax
rates that have been enacted or substantively enacted on the balance sheet date.
B. Deferred Tax Expense
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements
and the corresponding tax bases used in the computation of taxable profit and are accounted for using the balance sheet
liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets
are generally recognized for all deductible 2temporary differences to the extent that it is probable that taxable profits will
be available against which such differences can be utilized. Deferred tax has been calculated and charged or credited to
profit and loss appropriation account.
1.3.11 Revenue Recognition
The revenue is recognized after satisfying all the conditions for revenue recognition as provided BAS 18: “Revenue” in
compliance with BFRS 4 “Insurance Contract”. Detailed income wise policy for revenue recognition is given as under:
A. Premium Income
The income from premium is comprised of the total amount of premium earned on various classes of insurance business
during the year, the gross amount of premium earned against various policies, the amount of re-insurance premium due
to Private and Public Sector, the amount of re-insurance commission earned and the amount of claims less re-insurance
settled during the year have all been duly accounted for in the books of account of the Company. While preparing the final
statement of accounts, the effect of re-insurance accepted and re-insurance ceded as well as the effect of total estimated
liabilities in respect of outstanding claims at the end of the year, whether due or intimated have also been duly reflected
in order to arrive at the net underwriting profit for the year.
Premium is recognized when insurance policies are issued, but the premium of the company’s share of public sector
insurance business (PSB) is accounted for in the year in which the statements of account from Sadharan Bima Corporation
are received. Up to 31st December, 2014 statements of account for the period 1st july,2013 to 30th June,2014 have been
received and, accordingly, the company’s share of PSB for that period has been recognized in this financial statements
B. Investment Income
Interest income on investments is recognized on accrual basis using effective interest rate as per BAS-18 “Revenue”.
Portfolio gain on investments in shares is recognized as income and credited to investment income in the profit and loss
account as per BAS- 39 “Financial Instrument: Recognition”. Capital gain is recognized when it is realized and recognized as
income and credited to investment income in the profit and loss account as per BAS-39 “ Financial Instrument: Recognition
“. Capital gain is recognized when it is realized.
B.1 Interest and Dividend
Interest on Bangladesh Government Treasury Bond and FDRs are recognized on accrual basis. Interest on STD/SND
account, cash dividend on investment in share and other income are recognized as a when the amount is credited to our
account. For stock dividend that received by the company against its investment, number of shares increased and average
cost of investment decreased.

1.1.12 Earnings Per Share (EPS)
The Company calculates Earning per Share (EPS) in accordance with BAS 33: Earning per Share, which has been shown on
the face of Profit and Loss Account, and the computation of EPS is stated in note-24.00.
Basic Earnings
This represents earnings for the year attributable to ordinary shareholders. As there was no preference dividend, minority
or extra ordinary items, the net profit after tax for the year has been considered as fully attributable to the ordinary
shareholders.
Weighted average number of ordinary shares outstanding during the year
This represents the number of ordinary shares outstanding at the beginning of the year plus the number of shares issued
during the year multiplied by a time-weighting factor. The time weighting factor is the numbers of days the specific shares
are outstanding as a proportion of the total number of days in the year.
Basic Earnings per Share
This has been calculated by dividing the basic earnings by the weighted average number of ordinary shares outstanding
for the year.
1.1.13 Statement of Cash Flows
Statement of Cash Flow is prepared in accordance with BAS 7 “Statement of Cash Flow”. The cash flow from the operating
activities have been presented under Direct Method as prescribed by the Securities and Exchange Rules 1987 and
considering the provisions of Paragraph 18(b) of BAS-7 which provides that “Enterprises are encouraged to report Cash
Flow from Operating Activities using the Direct Method”.
1.1.14 Uncertainties for use of estimates in preparation of Financial Statements
The preparation of financial statements in conformity with the Bangladesh Accounting Standards requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of other
information at the date of the financial statements and revenues and expenses during the period reported. Actual results
could differ from those estimates. Estimates are used for accounting of certain items such as depreciation on fixed assets,
accrued expenses and income taxes.
1.1.15 Comparative Amounts
Certain comparative amounts have been re-classified & rearranged to confirm with the current year’s presentation.
1.1.16 Related Party Disclosure
Asia Insurance Limited, in normal course of business, carried out a number of transactions with other entities that fall
within the definition of related party contained in Bangladesh Accounting Standard 24: Related Party Disclosures. All
transactions involving related parties arising in normal course of business are conducted on an arm’s length basis at
commercial rates on the same terms and conditions as applicable to the third parties. Detail of the related party disclosures
have been given in note 27.00.
1.1.17 Event after the reporting period
Proposed Dividend
The proposed dividend is not recognized as a liability in the Balance Sheet in accordance with the BAS 10 Events after
the Reporting Period. Dividend payable to the Company’s shareholders are recognized as a liability and deducted from
shareholders equity in the period in which the shareholders right to receive payment is established. The Company has
disclosed the same in the notes to the financial statements in note-33.00.

1.4 Status of Compliance of Bangladesh Accounting Standards and Bangladesh Financial Reporting
Standards
In preparing Financial Statements, we applied following BAS and BFRS:
Name of the BAS Status of

BAS No.
Application
Presentation of Financial Statements 1 Applied
Inventories 2 Applied
Cash flow Statements 7 Applied
Accounting Policies , Changes on accounting estimates and errors 8 Applied
Event after Balance sheet date 10 Applied
Construction Contacts 11 N/A
Income Tax 12 Applied
Property, Plant & Equipments 16 Applied
Leases 17 Applied
Revenue Recognition 18 Applied
Employee Benefits 19 Applied
Accounting for Govt. Grants and Discloser of Govt. Assistants 20 N/A
The effects of Changes in Foreign Exchange Rates 21 Applied
Borrowing Costs 23 Applied
Related Party Disclosures 24 Applied
Accounting for Investments 25 Applied
Consolidated Financial Statements and Accounting for Investment in subsidiary 27 N/A
Accounting for Investment in Associates 28 N/A
Interests in Joint Venture 31 N/A
Earnings Per Share 33 Applied
Provisions, Contingent Liabilities and Contingent Assets 37 Applied
Intangible Assets 38 Applied
Financial Instruments : Recognition & Measurement 39 Applied
Investment Property 40 N/A
Agriculture 40 N/A
First Adoption of BFRSs 1 N/A
Share based payment 2 N/A
Business Combination 3 N/A
Insurance Contracts 4 Applied
Non-Current assets Held for Sales and Discontinued Operations 5 N/A
Explorations for and Evaluation of Mineral Resources 6 N/A
Financial Instruments: Disclosure 7 Applied
Operating Segments 8 Applied

Notes to the Accounts
As on 31 December 2014
Amount in Taka
Sl Particulars
2014 2013
2.00 Investment 289,024,709 285,021,812

2.1 Held for Trading - -
2.2 Held to Maturity 26,980,384 26,980,384
2.3 Available for Sale 262,044,325 258,041,428
2.2 Held to Maturity
Ten Years Treasury Bond 26,980,384 26,980,384
2.3 Cost and Market Value of Investment as on 31.12.2014 as follows

Investment in shares
Particulars No. of Company Market Price 2014 Cost Price 2014 Cost Price 2013
Listed Securities 8 166,132,512 262,044,325 258,041,428
Listed Securities
Investment has been recorded at cost and adequate provission for probable future losses has been fully maintained.
Market value of securities has been determined on the basis of the value of securities at the last trading day of the year.
Sector wise investment
Listed Securities Sector No. of Company Market Price 2014 Cost Price 2014 Cost Price 2013
Bank 4 107,605,762 168,474,748.00 168,474,748.00
Manufacturing & others 4 58,526,750 93,569,577.14 89,566,680.00
Total 8 166,132,512 262,044,325 258,041,428
Listed Share Market Price 2014 Cost Price 2014 Cost Price 2013
Southeast Bank Ltd. 70,154,280 102,803,400 102,803,400
Exim Bank Ltd. 8,343,282 16,824,348 16,824,348
Prime Bank Ltd. 29,106,000 48,843,000 48,843,000
ICB Islamic Bank Ltd. 2,200 4,000 4,000
Bay Leasing & Investment Co. Ltd. 31,350,150 61,715,086 53,004,600
Laferage Cement. - - 36,562,080
Delta Life Insurance Co. Ltd. 12,741,500 16,852,378 -
IDLC 4,556,700 4,626,618 -
National Life Insurance Co. Ltd. 9,878,400 10,375,495 -
Total 166,132,512 262,044,325 258,041,428
2.3.1 Market price of investment those prices were decreased as on 31.12.2014
Differences
Listed Share Market Price 2014 Cost Price 2014 (Provision to be
required)
Southeast Bank Ltd. 70,154,280 102,803,400 (32,649,120)
Exim Bank Ltd. 8,343,282 16,824,348 (8,481,066)
Prime Bank Ltd. 29,106,000 48,843,000 (19,737,000)
ICB Islamic Bank Ltd. 2,200 4,000 (1,800)
Bay Leasing & Investment Co. Ltd. 31,350,150 61,714,962 (30,364,812)
Laferage Cement. - - -
Delta Life Insurance Co. Ltd. 12,741,500 16,852,425 (4,110,925)
IDLC 4,556,700 4,626,548 (69,848)
National Life Insurance Co. Ltd. 9,878,400 10,375,722 (497,322)
Total 166,132,512 262,044,404 (95,911,893)
Provision maintained Tk.95,911,893/- Note -21

Amount in Taka
Sl Particulars
2014 2013
3.00 Interest, Dividend & Rent Outstanding

the balance made up as follows :
F.D.R. interest 28,673,424 27,935,280

Govt.Treasury Bond Interest 919,152 593,548
Total 29,592,576 28,528,828
4.00 Amount Due From Other Persons or Bodies

Carrying on Insurance Business
Receivable from SBC 158,520,726 149,455,044

Co-Insurance share of premium Recevable - 1,408,523
Total 158,520,726 150,863,567
5.00 Sundry Debtors

This is as under :
* Deposit clearing 57,509,669 42,783,715
Total 57,509,669 42,783,715

* The deposit clearing represents the amount of cheque in
hand which was subsequently collection time to time.
6.00 Advance, Deposit and Prepayments

The break-up of the above is as under :
Tax deducted at source(AIT) 43,426,045 34,413,318

Advance salaries 1,923,458 2,349,798
Advance office rent 2,298,017 3,156,012
Advance tax paid - 2006 5,447,700 5,447,700
Advance tax paid - 2007 4,689,053 4,689,053
Advance tax paid - 2008 6,137,721 6,137,721
Advance tax paid - 2009 -2010 9,016,577 9,016,577
Advance tax paid - 2010 -2011 12,949,226 11,449,226
Advance tax paid - 2011 -2012 17,646,901 17,646,901
Advance tax paid - 2012 -2013 24,898,896 24,898,896
Advance tax paid 2013-2014 35,061,112 -
Advance against floor purchases 145,856,480 145,856,480
Advance against car purchases 1,470,000 1,470,000
Advance VAT payment 13,921,118 13,921,118
Receivable from BLI Securities Ltd. 13,339 5,092
Advance against calender 1,000,000 -
Total 325,755,644 280,457,892

Amount in Taka
Sl
2014 2013
7.00 Fixed deposit with banks

The balance is made up as follows :
Agrani Bank Ltd. 5,500,000 3,500,000
AB Bank Ltd. 37,053,838 35,053,838
Al-Arafah Islami Bank Ltd. 67,655,463 75,369,463
Basic Bank Ltd. 7,500,000 9,855,550
Bay Leasing & Investment Ltd. 79,565,000 79,565,000
Bangladesh Commerce Bank Ltd. 1,000,000 1,000,000
Bangladesh Krishi Bank Ltd. 1,600,000 1,600,000
Bank Asia Ltd. 23,400,000 22,700,000
Dhaka Bank Ltd. 18,600,000 19,155,900
Dutch Bangla Bank Ltd. 7,007,193 4,507,193
Eastern Bank Ltd. 1,500,000 1,500,000
Exim Bank Ltd. 15,692,000 15,192,000
First Security Bank Ltd. 500,000 500,000
Farmers Bank Ltd. 1,000,000 500,000
IFIC Bank Ltd. 47,992,150 24,811,150
IDLC 4,585,874 4,143,438
Islami Bank Bangladesh Ltd. 7,900,000 6,400,000
Jamuna Bank Ltd. 9,720,770 7,720,770
Janata Bank Ltd. 1,000,000 1,500,000
Midland Bank Ltd. 500,000 500,000
Marcentile Bank Ltd. 4,900,000 4,900,000
Modhumoti Bank Ltd. 4,661,100 2,161,100
Mutual Trust Bank Ltd. 2,900,000 3,900,000
National Bank Ltd. 9,000,000 11,500,000
NCC Bank Ltd. 4,400,000 5,581,000
NRB Commercial Bank Ltd. 2,900,000 -
NRB Global Bank Limited 500,000 -
One Bank Ltd. 6,911,805 5,300,000
Premier Bank Ltd. 2,000,000 2,500,000
Prime Bank Ltd. 11,803,101 8,303,101
Pubali Bank Ltd. 6,100,000 5,600,000
Rupali Bank Ltd. 1,500,000 1,500,000
Southeast Bank Ltd. 154,844,231 154,444,231
Standard Bank Ltd. 4,700,000 6,400,000
Social Investment Bank Ltd. 14,500,000 13,200,000
Shahjalal Islami Bank Ltd. 6,180,650 8,236,200
South Bangla Agricultural & Commerce Bank Ltd. 4,000,000 3,000,000
Sonali Bank Ltd. 500,000 500,000
Trust Bank Limited 4,300,000 4,800,000
United Commercial Bank Ltd. 22,300,000 21,300,000
Total 608,173,175 578,199,933

Amount in Taka
Sl Particulars
2014 2013
8.00 Cash and cash equivalent
Short Term Deposit Note-8.01 46,233,085 36,384,821

Current Deposit Note-8.02 3,305,628 1,980,201
Cash In Hand Note-8.03 2,393,023 2,713,727
Total 51,931,737 41,078,749
8.01 Short term deposit A/C.
AB Bank Ltd. Kakrail Branch 3,618.77 4,667

AB Bank Ltd. Madabdi Br, Narshingdi 26,093.80 11,288
Agrani Bank Ltd.Khulna Branch 21,693.28 10,033
Al-Arafa Islami Bank Ltd, Barisal Branch 52,957.38 28,587
Al-Arafa Islami Bank Ltd, Comilla Branch 369,731.85 408,609
Al-Arafa Islami Bank Ltd, Moulvi Bazar Branch 490,025.38 419,402
Bangladesh Krishi Bank, Haluaghat Branch 103,223.00 170,057
Bank Asia Ltd, Mitford Branch 363,230.09 39,004
Bank Asia Ltd, Paltan Branch 27,705.22 27,997
Basic Bank Ltd.Jubilee Road Branch 1,170.11 116,672
Basic Bank Ltd.Narshingdi Branch 162,952.96 469,025
Dhaka (Basic) Bank Ltd.Sylhet Branch 59,068.10 80,623
Dhaka Bank Limited, Imamgonj Branch 1,011,519.74 1,464,746
Dutch Bangla Bank, Baburhat Br.Narsingdhi 28,878.62 29,088
Eastern Bank Ltd, Khatungonj Branch 5,204.86 5,205
Exim Bank Ltd.-Jessore Branch 306.65 307
Exim Bank Ltd.-Mymensing Banch Branch 942,986.40 511,011
HSBC, Kawran Bazar Branch 11,383.00 606,325
ICB Islamic(Oriental) Bank Ltd, Imamganj Branch 46,160.00 47,315
IFIC Bank Ltd, Khatungonj Branch 39,867.86 339,700
IFIC Bank Ltd, Sheikh Mujib Road Branch 7,662.62 9,235
Islami Bank BD. Ltd. Jessore Br. 531,518.63 305,502
Islami Bank BD. Ltd. Farmgate Branch 60,509.10 176,244
Islami Bank BD. Ltd. Sadarghat Branch 106,048.83 162,625
Islami Bank BD. Ltd. Dhap Branch, Rangpur 93,011.69 -
Jamuna Bank Ltd, Dhanmondi Branch 28,396.00 28,929
Jamuna Bank Ltd, Dilkushal Branch 389.00 1,496
Janata Bank Ltd. Sylhet Branch 181,040.50 198,765
Mutual Trust Bank Ltd.Sylhet Branch 188,423.25 458,590
National Bank Ltd, Khulna Branch 521,278.80 997,749
National Bank Ltd, Mymensing Branch 51,517.60 24,516
National Bank Ltd, Bhaluka Br.,Mymensing 215,352.00 171,860
NCC Bank Ltd. Jessore Branch 77,949.50 93,064
One Bank Ltd,Principal Branch 17,577.86 12,678
One Bank Ltd,Laldighirpar Branch 28,707.26 8,888
Prime Bank Ltd. Sylhet Branch 3,178.83 57,504
Pubali Bank Ltd, Sadarghat Branch, Ctg. 43,250.00 43,419
Pubali Bank Ltd,Kawran Bazar Branch - 676

Amount in Taka
Sl Particulars
2014 2013
Pubali Bank Ltd,Narsingdi Branch 129,980.00 87,299

Pubali Bank Ltd, Dargagate Branch,sylhet. 26,992.50 38,486
Shajhalal Islami Bank Ltd. Mymensing Branch 68,502.82 46,013
Shajhalal Islami Bank Ltd. Kawran Bazar Branch 1,278,075.70 1,434,242
Shajhalal Islami Bank Ltd. Faridpur Branch 195,247.00 178,843
Sonali Bank Ltd, Station Road Br.Comilla 2,693.64 2,694
Southeast Bank Ltd.Dilkusha Branch 3,010,417.48 1,959,496
Southeast Bank Ltd.Islami Banking Br. Motijheel 2,400,354.83 1,614,200
Southeast Bank Ltd, Bangshal Branch 515,768.34 1,326,824
Southeast Bank Ltd, Barisal Branch 181,389.13 335,288
Southeast Bank Ltd, Imamgonj Branch 140,310.80 86,450
Southeast Bank Ltd, JRB Branch, Ctg. 546,266.26 482,270
Southeast Bank Ltd, Khatungonj Branch 2,046,231.02 947,884
Southeast Bank Ltd, Principal Branch 11,507,588.12 3,899,074
Southeast Bank Ltd,Agrabad Branch 607,414.03 1,098,026
Southeast Bank Ltd,Kawran Bazar Branch 14,825,241.25 11,992,627
Southest Bank,Elephant Road Branch 267,886.04 210,406
Southest Bank,Jessore Branch 34,431.94 -
Southest Bank, Comilla Branch Branch 462,494.04 -
Southest Bank,Banani Branch 1,218,814.57 -
Standard Bank,Topkhana Branch 664,306.70 566,730
Standard Chartered Bank - 2,064,726
UCB Limited Naryangonj Branch 148,121.18 440,806
Uttara Bank Limited Mymensing Branch 30,969.34 31,036
Total 46,233,085.27 36,384,821
8.02 Current deposit account
Southeast Bank Ltd. Principal Branch 1,876,194.55 942,502.55

Southeast Bank Ltd. Khatungonj Branch 202,204.95 70,177.65
Southeast Bank Ltd.Agrabad Branch 214,920.45 161,908.05
Southeast Bank Ltd.Motijheel Branch 148,683.18 126,903.88
Southeast Bank Ltd.Elephant Road Branch 406,132.37 167.17
Southeast Bank Ltd.Jubilee Road Branch 10,479.50 18,168.40
Southeast Bank Ltd, Corporate Branch 147,121.80 -
Southeast Bank Ltd, Banani Branch 144,005.85 -
Standard Bank. Paltan Branch 68.00 1.00
Dhaka Bank .Imamgonj Branch 44.77 639,107.77
ICB Islamic (Oriental) Bank Ltd.Imamgonj Branch 1,001.00 1,001.00
Al-Arafah Islami Bank Ltd.Comilla Br. 16,366.00 17,807.00
Shajhalal Bank Limited,Kawran Bazar Br. 103,964.50 1,191.00
Shajhalal Bank Limited,Faridpur Br. 15,752.50
UCBL Naryangonj branch 4,476.00 448.00
National Bank Ltd. Mymensing Branch -
National Bank Ltd. Khulna Branch 10.00
Basic Bank Ltd. Narsingdi Br. 0.65 0.65
Exim Bank Ltd 40.00 15.00

Amount in Taka
Sl Particulars
2014 2013
NCC Bank Ltd.Jessore 13,718.00 638.00

Mutual Trust Bank Ltd. Sylhet Branch 454.00 154.00
Total 3,305,628 1,980,201
8.03 Cash in hand - as certified by the management
Head Office 1,296,670 1,684,133

Local office 43,598 47,608
Bangshal Branch 50,204 50,205
Khatungonj Branch 76,587 125,731
Imamgonj Branch - -
Comilla Branch 34,698 34,699
Agrabad Branch 31,187 78,428
Motijheel Branch 21,380 45,813
Barisal Branch 30,473 30,473
Palton Branch 126,777 125,393
Narayangonj Branch 124,985 129,421
Elephant Road Branch 78,370 38
Narsingdi Office 95,000 75,000
Jubilee Road Branch 19,992 13,682
Mymensing Branch 117,873 117,872
Jessore Branch 20,000 20,000
Sylhet Branch 80,000 80,000
Khulna Branch 55,230 55,231
Dilkusha Branch 90,000 -
Total 2,393,023.27 2,713,727
9.00 Stamps in hand
Opening balance 321,750 337,862

Add: stamps purchase 8,500,000 14,000,000
8,821,750 14,337,862
Less : used by under-writing department 8,566,873 14,016,112
Total 254,877 321,750
10.00 Fixed Assets (At Cost Less Depreciation)
Land & Building - -
Motor Vehicle 7,409,326 8,832,582
Lease Motor Vehicle 8,864,000 8,020,000
Office Decoration 10,143,722 8,612,100
Telephone Inst. & PABX System 250,334 242,453
Furniture & Fixture 2,279,604 2,173,710
Computer, Printer, Fax and Copier 1,935,182 1,719,786
Office Equipment 2,775,564 2,132,271
Air Conditioner 1,823,327 2,119,063
Total 35,481,059 33,851,965
Details are shown in Annexure A

Amount in Taka
Sl Particulars
2014 2013
11.00 Stock of printing and stationery
Opening balance 537,177 525,589

Purchase during the year 586,999 1,509,868
1,124,176 2,035,457
Less : used during the year 539,847 1,498,280
Total 584,329 537,177
12.00 Security deposit
The break-up of the above amount is as under :

Against Office Rent 1,162,633 752,633
Against Telephone 58,714 58,714
Against Electricity 10,000 10,000
Security Deposit(CDBL) 300,000 300,000
Total 1,531,347 1,121,347
13.00 Authorised capital
100,000,000 ordinary shares of Tk. 10/- each 1,000,000,000 1,000,000,000
14.00 Issued, subscribed & paid-up capital

4,70,69,858 ordinary shares of Tk. 10/- each 470,698,580 448,284,375
Total 470,698,580 448,284,375
15.00 Lease Liability
Within one year 3,204,006 2,014,312

More than one year but not later than five years 6,731,626 7,453,558
More than Five Years - -
Total 9,935,632 9,467,870
16.00 Reserve for exceptional losses
Opening balance 160,273,532 142,954,417

Add : reserve made during the year - 17,319,115
Total 160,273,532 160,273,532
Reserve for exceptional losses is appropriated out of current year profit about 10% of premium earned during the year. The
above amount is eligible for tax relief under the 4th schedule of ITO 1984.
17.00 General reserve Total 3,771,100 3,771,100
18.00 Deposit premium 69,961,534 29,104,408

This represents the amount of premium deposited with Company against
cover notes for which no polices have been issued upto the end of the
year. And will be adjusted after issuance of policies. 69,961,534 29,104,408
19.00 Estimated liability in respect of outstanding claim whether due or intimated

Fire - Claim intimated, co’s portion. 15,417,411 29,090,743
Marine cargo -Claim intimated, co’s portion. 20,651,515 23,229,708

Amount in Taka
Sl Particulars
2014 2013
Motor - Claim intimated, co’s portion. 2,120,892 3,219,101

Miscellaneous Claim intimated, co’s portion. 2,039,784 2,221,601
Total 40,229,602 57,761,153
20.00 Amount Due to Other Persons or Bodies Carrying on Insurance Business
Amount of re-insurance premium payable to SBC 216,843,290 164,841,583

Co-Insurance Payable - 159,974
Total 216,843,290 165,001,557
21.00 Sundry Creditors
Liability for expenses - Audit fees 115,000 165,575

Deferred tax 1,385,229 1,303,779
Provision for taxation-2006 to2007 18,259,273 18,259,273
Provision for taxation-2008 8,421,256 8,421,256
Provision for taxation-2009 11,728,117 11,728,117
Provision for Taxation 2010 22,567,336 22,567,336
Provision for Taxation 2014 10,330,169 -
Employees P.F Payable 255,419 571,034
Employeer’s Contribution P.F 255,419 571,034
Provision for Gratity Fund 4,914,734 4,914,734
Provision for Incentive 6,000,000 4,500,000
Refund Warrant Payable(IPO) 1,231,595 1,231,595
IPO deffered Income 446,416 446,416
VAT payable 3,767,087 2,981,358
Stamp payable 2,594,787 727,303
Deposit against Car Purchases 1,635,108 1,260,264
Refund Warrant Payable(Right) 216,640 216,640
Dividend Payable 20,884,173 13,999,556
Salary & Allownce Payable 1,700,930 1,272,600
Provision for Loss on Share 95,911,893 93,796,996
Others Payable 4,891,075 732,227
Total 318,706,021 290,861,457
A. Calculation of Provision for Deferred Tax
Carrying Value of Fixed Asset 35,481,059 33,851,965

Tax Base 32,221,695 30,784,249
Taxable Temporary Defference 3,259,364 3,067,716
Tax rate 42.50% 42.50%
Deferred Tax Liability 1,385,229 1,303,779
** Deferred Tax has been calculated for the period ended December 31, 2014 in compliance to BAS - 12.

Amount in Taka
Sl Particulars
2014 2013
B. Deffer Tax Expenses /Income with

arrived as:
Closing Deferred Tax Liability 1,385,229 1,303,779

Opening Deferred Tax Liability 1,303,779 1,670,965
Deferred Tax Expenses 81,450 (367,186)
22.00 Interest ,Dividend & Rents:
Interest on STD A/C 1,936,208 2,786,732

Interest on FDR A/C 67,357,751 74,654,397
Interest on Govt Treasury Bond 3,316,404 2,616,348
A/C
Dividend on Share 8,700,650 7,506,000
Total 81,311,013 87,563,476
Premium Income
The Gross Premium Income from direct business and Govt. business as under:
Total Total
Class of business Direct Govt.
2014 2013
Fire 165,093,905 3,226,545 168,320,450 132,097,538
Marine cargo 142,730,897 13,541,293 156,272,190 110,996,858
Marine hall 907,800 331,532 1,239,332 1,552,681
Motor 23,165,039 1,902,016 25,067,055 22,411,475
Miscellaneous 33506197 17,765,802 51,271,999 49,265,103
Total 365,403,838 36,767,188 402,171,026 316,323,655
23.00 Expenses of Management

Allocation of this expense is made up as
follows :
Total Total
Particulars Direct PSB
2014 2013
Fire 55,045,374 242,316 55,287,690 34,517,098
Marine Cargo 42,521,170 1,016,783 43,537,953 26,852,857
Marine Hull 302,677 24,865 327,542 297,147
Motor 7,723,654 144,524 7,868,178 5,608,925
Miscellaneous 11,171,588 1,373,659 12,545,247 8,773,271
Total 116,764,464 2,802,147 119,566,611 76,049,298
Management expenses has been charged on revenue account presents approximately @ 29.73%
on Gross Premium of Tk. 402,171,026/- (including Public Sector. business ).
Head wise management expenditure is as follows;
Salary & Allowances and Wages 73,353,952.00 45,549,956

Office Rent 13,818,208.00 8,644,339
Car Maintenance 7,800,109.00 3,576,245
Conveyance Bill 832,140.00 364,644
Cookaries & Cutlaries - 93,844

Amount in Taka
Sl Particulars
2014 2013
Bank Charge 628,564.21 755,218

DSE,SEC & CDBL Charge 446,876.00 362,734
Entertainment 223,207.00 188,210
Festival Bonus 6,219,078.00 3,974,960
Fuel & Lubricant 320,222.00 381,318
Gas, Water & Electricity 1,619,251.00 1,053,737
Incentive Bonus 4,266,563.00 1,599,481
Internet, Fax ,E mail Expenses 373,316.00 442,611
Leave Encashment 29,568.00 135,825
Levy on premium income 100,000.00 100,000
News Paper & Periodicals 74,188.00 62,485
Office Equipement Maintenance 421,788.00 417,361
Office Maintenance 867,063.00 623,969
Postage, Stamp & Courier 470,178.00 421,837
Printing & Stationery 1,936,736.00 1,498,280
PSB- Expenses (Management & Business ) 2,802,146.86 3,248,204
Service Charge (Co-Ins) 56,939.00 66,013
Staff Tea & Refreshment 470,770.00 372,242
Stamp duty consumed 270,995.00 206,140
TA/DA Allowance 290,149.00 515,676
Telephone Bill 1,462,818.00 1,278,465
Training Fee 13,000.00 59,500
Inspection Fee 133,946.00 56,005
Other Charges 264,840.00 -
Deferred Tax Expense -
119,566,611 76,049,298
24.00 Earnings Per Share (EPS)
Net Profit for the period 62,072,462 133,264,640
Less: Provision for current Taxation (10,335,056) (46,797,178)
Provision for Deffered Tax (81,450)
Net profit after tax 51,655,956 86,467,462
Number of Ordinary Shares Outstanding at the beginning of the period 44,828,437 42,693,750
Bonus share issued during the year 2,241,421 2,134,687
Number of Ordinary Shares Outstanding at the ending of the period 47,069,858 44,828,437
Earnings Per Share (EPS) before adjustment of bonus share 1.10 1.93
Earnings Per Share (EPS) 1.10 1.84
Earnings Per Share has been calculated in accordance with BAS 33. Previous year’s EPS has been adusted for the
issue of bonus share during the year.
25.00 Tax Assessment Position
Income Tax Assessment has been completed up-to assessment year 2006- 07. Income Tax suit for the Assessment Year
2007-2008, 2008- 2009, 2009-2010, 2010-2011 and 2011-2012 are yet to be finalized due to Appeal and Assessment Year
2012-2013, 2013-2014 and 2014-2015 is under consideration of DCT.
26.00 Compensation
No compensation was allowed to the Chief Executive Officer of the Company or any member of the Board for any special
services rendered except as Expenses of Management.

27.00 Regarding Related Party Transaction
During the year under review, the Company carried out a number of transactions with related parties in the normal course of business
and arms’ length basis. The name of related parties, nature of these transactions and their value have been set out below in accordance
with the provision of BAS 24 “Related Party Disclosure’’. Details are shown in Annexure -B
28.00 Directors Interest in other Companies
Name Designation with AIL Entities where they have Interest Position
Incontrad Managing Partner

Yussuf Abdullah Harun FCA Chairman Incontrade Limited Chairman
Goldcrest Holdings Limited Chairman
M.I Cement Factory Ltd. Chairman
Metal Marketing (Pvt.) Ltd. M.D.
Indo Steel Re-Rolling Ind. Ltd. M.D.
Chittagong Capital Ltd. M.D.
Premier Cements Mills Ltd. Director
Md. Jahangir Alam Vice Chairman
Jahangir & Others Limited M.D.
GPH Ispat Ltd. M.D.
GPH Power Generation Ltd. M.D.
Crown Power Generation Ltd. Chairman
Premier Power Generation Ltd. Director
Mashud & Brothers Proprietor
Modern Poly Industry Ltd. Chairman
Mutual Shipping Ltd Chairman
Abul Bashar Chowdhury Director
Ruby food Products Ltd. Chairman
Modern Fabric Industries Ltd. Chairman
Happy Enterprise Proprietor
Southeast Bank Ltd. Chairman
Alamgir Kabir FCA Director
National Life Insurance Co. Ltd. Independent Director
Bismillah Store Proprietor
Silver Dal Mills Limited M.D.
Mohammad Jamal Ullah Director Ishfar Oil Mills Limited M.D.
Rupali Soap & Chemical M.D.
Silver Coconut Oil Mills Limited M.D.
Mahbubul Alam Director Alam Trading Corporation Proprietor
Metro Spinning Ltd. MD
Mohammad Ali Khokan Director Maksons Spinning Mills Limited MD
Coeval Texitile Ltd. CEO
Tarik Sujat Director Bay Leasing & Investment Ltd. Director
Dr. Zaidi Sattar Director Southeast Bank Ltd. Director
Zakir Ahemd Khan Independent Director Bay Leasing & Investment Ltd. Independent Director

Bengal Mines Development Corp Director

Rangapani Tea Estate Director
N.R. Steel Galvanizing Plant Limited Director
Samuda Containers Limited Director
Progressive Containers Limited Director
T.K. Gas & Gas Cylinder Limited Director
Marshal Oil Limited Director
Super Coconut Oil Limited Director
T.K. Particle Board Mills (Pvt.) Limited Director
Papya Chemical Industries Ltd. Director
Bengal Sack Corporation Ltd. Director
Shabnam Vegetable Oil Industries Ltd. Director
Riff Leather Ltd. Director
T.K. Chemical Complex Ltd. Director
Polytex Yarn Product Ltd. Director
Ching Hung Fibers Ltd. Director
T.K Oil Refinery Limited Director
T.K Re-Rolling Mills Limited Director
T.K Steel Industries Limited Director
Mrs. Khaleda Begum Director Farhana Oil Mills Limited Director
T.K. Polypropylene Products Limited Director
T.K. Plastic Products Limited Director
T.K. Agro Products Limited Director
Shiblee Vanaspati Products Limited Director
Comimpax Wood Cemair Limited Director
Samuda Beverage Limited Director
Samuda Oil Refinery Limited Director
T.K. Drum Indudustries Limited Director
T.K. Shares and Securities Limited Director
Karnafully Galv. Mills Limited Director
Minhaz Spinning, Weaving and Finishing Limited Director
Farzana Stills Mills Limited Director
Modern Hatchery Ltd. Director
Modern Fabric Industries Ltd. Director
B.K. Propereties Limited Director
Hafsa Nazir Industrial Complex (Pvt.) Ltd. Director
Aryan Stevedore Limited Director
Modern Poly Industry Ltd. Director
Ali Tennery Limited Director
Samuda Chemicals Complex Ltd Chairperson & Director
Samuda Power Limited Chairperson & Director
Samuda Caustic Limited Chairperson & Director
Mrs. Farzana Afroze Director Samuda Peroxide Limited Chairperson & Director
Samuda Real Estate Limited Chairperson & Director
Genweb -2 Limited Chairperson & Director
Modern Poly Industry Ltd. Director

Managing Director and

Samuda Chemical Complex Ltd.
Director
Samuda Power Limited
Director
Samuda Caustic Limited
Director
Samuda Peroxide Limited
Director
Samuda Real Estate Limited
Director
Genweb -2 Limited
Director
Modern Poly Industry Ltd.
Director
Mohammad Mustafa Haider Director Modern Power Limited
Director
Premier Cements Mills Ltd.
Director
Premier Power Generation Ltd.
Director
National Cement Mills Limited
Director
Rohnoor Navigation Limited
Director
Modern Hatchery Ltd.
Director
BSM Essentials Limited
Director
Super Petrochemical (Pvt.) Limited
Director
29.00 Credit Facility
No credit facility availed by the company under any contract other than bank credit facility and trade credit which are in
the ordinary course of the business.
30.00 Number of Employees Engaged
The number of employees engaged for whole year who received a total remuneration of TK. 36,000 and above per
annum was 313.
31.00 Capital Expenditure Commitment
No Capital Expenditure contracted or incurred provided for as at 31 December 2014.

There was no material capital expenditure authorized by the Board or contracted for as at 31 December 2014.
32.00 Claim Acknowledgement
There was no claim against the Company not acknowledged as debt as on 31 December 2014.
33.00 Event after the Reporting Period
The Board of Directors in its 107th meetting held on 13 June 2015 decided to recommend payment of 10% Cash dividend
for the year 2014.

Annexure-A
82
Property, Plant and Equipment TK. 35,481,059
Telephone Computer,
Land & Motor Lease Motor Office Furniture & Office Air
Assets Inst. & PABX Printer, Fax Total
Building Vehicle Vehicle Decoration Fixture Equipment Conditioner
System and Copier
Cost
Balance as at 01.01.2014 23,773,500 12,500,000 15,059,617 859,014 4,464,616 4,783,632 3,745,096 4,962,404 70,147,879
Additions 381,401 2,720,000 2,518,771 62,635 340,279 621,504 1,041,226 142,307 7,828,123

Disposal/Adjust
Balance as at 31.12.2014 - 24,154,901 15,220,000 17,578,388 921,649 4,804,895 5,405,136 4,786,322 5,104,711 77,976,002
Accumulated Depreciation
Balance as at 01.01.2014 - 14,940,918 4,480,000 6,447,517 616,561 2,290,906 3,063,846 1,612,825 2,843,341 36,295,914
Charge for Year - 1,804,657 1,876,000 987,149 54,754 234,385 406,108 397,933 438,043 6,199,029
Disposal/Adjust -
Balance as at 31.12.2014 - 16,745,575 6,356,000 7,434,666 671,315 2,525,291 3,469,954 2,010,758 3,281,384 42,494,943
Carrying Amount
Balance as at 31.12.2014 - 7,409,326 8,864,000 10,143,722 250,334 2,279,604 1,935,182 2,775,564 1,823,327 35,481,059
Balance as at 31.12.2013 - 8,832,582 8,020,000 8,612,100 242,453 2,173,710 1,719,786 2,132,271 2,119,063 33,851,965
Annexure -B
Nature of Amount of
Name of the Related Party Nature of Relationship Balance
Transaction Transaction
Incontrade Group Common Directorship Premium 1,147,982 Nil
GPH Group Common Directorship Premium 8,131,330 Nil
Premier Cement Mills Ltd. Common Directorship Premium 14,722 Nil
Premier Power Generation Limited Common Directorship Premium 887 Nil
Ishfar Oil Mills Limited Common Directorship Premium 794,756 Nil
Silver Dal Mills Limited Common Directorship Premium 10,251,916 Nil
Modern Hatchery Limited Common Directorship Premium 920 Nil
Ruby Food Products Ltd Common Directorship Premium 2,761,962 Nil
Southeast Bank Limited Common Directorship Premium & Claim 38,157,992 Nil
Alam Trading Corporation Common Directorship Premium 22,275 Nil
Bengal Sack Corporation Ltd Common Directorship Premium 460 Nil
Modern Poly Industries Ltd Common Directorship Premium & Claim 21,536,742 Nil
Riff Leather Ltd Common Directorship Premium 952,810 Nil
Shabnam Vegetable Oil Industries Ltd Common Directorship Premium 1,394 Nil
Shiblee Vanaspati Products Ltd Common Directorship Premium 540 Nil
T.K. Chemical Complex Ltd. Common Directorship Premium 1,210 Nil
Bay Leasing & Investment Ltd. Common Directorship Premium & Claim 371,054 Nil
Coeval Textile Ltd Director & CEO Premium & Claim 3,480,575 Nil
Maksons Spinning Mills Ltd. Common Directorship Premium & Claim 11,718,075 Nil
Metro Spinning Ltd. Common Directorship Premium 2,604,667 Nil
Bismillah Store Common Directorship Claim 2,017,888 Nil
T.K Group Common Directorship Office Rent (HO 6,036,207 Nil

& LO)
Floor on Eunoos Trdae Center Directorship & Ownership Office Rent 2,954,750 Nil
(Dilkusha)
T.K Group Common Directorship Office Rent 632,808 Nil

(Khatungonj)
National Life Insurance Co. Ltd. Common Directorship Premium Paid 1,258,464 Nil
Bay Leasing & Investment Ltd. Common Directorship Car Loan 4,972,238 9,935,632

FORM “AA”
Classified Summary of Assets
Book value
Amount in Taka
Class of assets
2014 2013
Govt.Treasury Bond 26,980,384 26,980,384

Investment in share 262,044,325 258,041,428
In Fixed Deposit with Bank 608,173,175 578,199,933
In STD A/c with Bank 46,233,085 36,384,821
In CD A/c with Bank 3,305,628 1,980,201
Accrued Interest 29,592,576 28,528,828
Outstanding Premium - -
Cash in Hand 2,393,023 2,713,727
Amount due from other persons or bodies carrying on insurance business 158,520,726 150,863,567
Other assets
Fixed Assets 35,481,059 33,851,965
Sundry Debtors 57,509,669 42,783,715
Advance, deposit and pre payments 325,755,644 280,457,892
Security Deposit 1,531,347 1,121,347
Stock of Stationery 584,329 537,177
Stamps in Hand 254,877 321,750
1,558,359,847 1,442,766,735
The anncxed notes form an integral part of this financial statements.
Director Chairman
Date: 13 June 2015


Notes
Head Office: T. K. Bhaban (7th Floor), 13, Kawran Bazar, Dhaka-1215
E-mail: asiainsu@gmail.com & Web site: www.asiainsurancebd.com
PROXY FORM
I/We…………………………………………………………………….of….………………………………………………………………………………
…………………………………………………………… being a member of Asia Insurance Limited do here by appoint Mr./
Mrs.…………………………………………………….…of…………………………………………......... as my/our proxy to attend and vote on
my/our behalf at the 15th Annual General Meeting of the Company to be held on July 11, 2015 (Saturday) at 11:00 A.M.
at “King’s Hall” of Spectra Convention Centre Limited, House # 19, Road # 7, Gulshan – 1, Dhaka - 1212 and any
adjournment thereof.
Signed this: ……………..…………………….day of………………………..………………….2015.
………………………….........… ..………...................
Signature of Shareholder(s) Signature of Proxy
Revenue
No. of shares held: ……………………………… Stamp
Taka 20.00
Folio No.
or
BO ID No.
Note:
i. The Proxy Form signed across 20.00 (Twenty) Taka revenue stamp and must be deposited at least 48 hours before the
meeting at the Company’s Registered Office.
ii. Signature of the Shareholders should agree with the specimen signature registered with Company and/or Depository
Register.
………………………………………………………………………………………………………………………………………………………………………
Head Office: T. K. Bhaban (7th Floor), 13, Kawran Bazar, Dhaka-1215

E-mail: asiainsu@gmail.com & Web site: www.asiainsurancebd.com
ATTENDANCE SLIP
I/We hereby record my/our attendance at the 15th Annual General Meeting (AGM) of Asia Insurance Limited on July 11, 2015
(Saturday) at 11:00 A.M. at “King’s Hall” of Spectra Convention Centre Limited, House # 19, Road # 7, Gulshan – 1, Dhaka - 1212
Name of the Shareholder(s)
(in Block Letter)
No. of Shares
Folio No.
BO ID No.
Name of the Proxy (if any)
No. of Shares held
…………………………………………….… ………..………………….
Signature of Shareholder(s)/Proxy Signature verified by
Note: Shareholder attending meeting in person or by Proxy are requested to complete the Attendance slip and hand over
it at the entrance of the auditorium.

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Annual Report

Proxy form & Attendance Slip

2 Asia Insurance Limited Annual Report-2014

Asia Insurance Limited Annual Report-2014 3

Sub: Annual Report for the Year ended December 31,2014.

Md. Atique Ullah Majumder

4 Asia Insurance Limited Annual Report-2014

By order of the Board of Directors

Md. Atique Ullah Majumder

Asia Insurance Limited Annual Report-2014 5

6 Asia Insurance Limited Annual Report-2014

§ To create shareholders value.

§ To continue commitment to excellence.

Asia Insurance Limited Annual Report-2014 7

§ To ensure maximum protection of shareholders’ investment.

§ To provide secured employment environment.

§ To develop corporate culture and promote good governance.

§ To maintain transparency in disclosures.

8 Asia Insurance Limited Annual Report-2014

Legal Form A Public Limited Company incorporated in Bangladesh under the

Nature of Business Non-Life Insurance Business

RJSC Reg.No C-40166(2134)/2000

VAT Reg.No 5061028336

Operation Started April 30, 2000

Chairman Yussuf Abdullah Harun, FCA

Chief Executive Officer Md. Imam Shaheen

Principal Bankers Southeast Bank Limited

No. of Branch Offices 20

No. of Employees 313 as on 31.12.2014

Registered Office T.K. Bhaban(7th floor),13 Karwan Bazar, Dhaka-1215

Telephone +88-02-8141033 - 4, 9137244, 9131222

Post Box No GPO,Dhaka - 31

e-mail info@asiainsurancebd.com / asiainsu@gmail.com

Auditors Hawladar Yunus & Co.

Tax Advisor Howlader Mahfel Huq, FCA

Asia Insurance Limited Annual Report-2014 9

Commencement of Business : April 30, 2000

Registered with the Department of Insurance : May 30, 2000

Renewal of Registration with Insurance Development

Singing of First insurance Business : June 14, 2000

First Board Meeting : April 30, 2000

First Annual General Meeting : August 09, 2001

Received Consent from Securities and Exchange

Prospectus Issued for Public Subscription : March 23, 2009

Lottery of IPO : May 19, 2009

Over Subscription on IPO : 28.34 Times

Agreement Singing with CDBL : May 7, 2009

Listing with CSE : June 25, 2009

First Trading of shares on DSE : June 25, 2009

First Trading of shares on CSE : June 25, 2009

Approval of Rights Share Issue : December 13, 2010

Credit Rating by CRISL : ‘’A+’’ (Date of rating-31/12/2014)

10 Asia Insurance Limited Annual Report-2014

No. of Shares : Sponsor : 1,95,63,788

Face Value per Share : Tk. 10.00

Net Asset Value (NAV)(as on 31.12.2014) : Tk. 80,55,75,156.00

NAV Per Share (as on 31.12.2014) : Tk. 17.11

Earning Per Share (EPS) (as on 31.12.2014) : Tk. 1.10

Asia Insurance Limited Annual Report-2014 11

12 Asia Insurance Limited Annual Report-2014

Asia Insurance Limited Annual Report-2014 13

Senior Executive Vice President : Kazi Zakir Hossain

Executive Vice President : Md. Atique Ullah Majumder

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