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    POPULARLIF-Annual Report - 2018

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    Saram Shah

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    \NNUAL REPORT 2018 Popular Life Insurance Company Limited Registered Office: Peoples Insurance Bhaban 96 Dikusha C/A (16 & 17! hoor), Dhaka-1000, ANNUAL REPORT 2018 & @ e°. CONTENTS Corporate information 06 ‘The Profile 08 Vision & Mission 09 ‘Transmittal Letter 10 Notice of the 19th AGM " Board of Directors B Different Committees 18 Shariah Council 20 Corporate Management 21 Events & Highlights 2B Chairman's Message 36 Managing Directors Message a2 Compliance Certificate 45 Status of Compliance of Corporate Governance 46 Directors’ Report 61 Shareholding Position 5 Director's Meetings & Attendance 76 Management's Discussion and Analysis 79 Report of the Audit Committee 81 Nomination & Remuneration Committee (NRC) 3 -NRC a Certification of company CEO & CFO 86 Statistics of Business Performance 87 Statement of Ratio Analysis for § Years 8B Performance in the Last 5 Years 89 Graphical Representation 90 Statement of Shariah Council 92 Auditor's Report 3 Balance Sheet 99 Life Revenue Account 101 Cash Flow Statement 103 Statement of Life Insurance Fund 104 Statement of Changes in Equity 105 Form "AA* 106 Notes to the Financial Statement Ww? Director's Certificate 138 ‘Auditor’ Report of Popular Life Securities Limited 140 Proxy Form 157 sna pt | Pt ee eye | O5 CORPORATE INFORMATION ‘Company Name + PopularLife Insurance Company Limited Year of Establishment 2000 Date of incorporation _:_-26™ September, 2000 Registered Office + Peoples Insurance Bhaban ‘36 Diksha C/A (16 ® 17° Floor) Dhaka-1000. ‘Authorized Capital Tk.500 Crores Paid up Capital Tk, 60.43 Crore "Nature of Business Life insurance Business ‘Actuarial Consuitant 1: Afsar Uddin Ahmed, M.Sc. ‘Actuary from Insitute of Actuaries London FCA Fellow ofthe C.C. Actuaries, USA, Diploma of Superannuation jement (Macquarie Uni, Aust) DipL.in Risk Management Consulting Actuary Dunoon Avene, Epping NSW Australia 2121 Auditors 2 Gkibria & Co. Chartered Accountants Sadharan Bima Sadan (5th Flooe) 2425 Dilkusha C/A, Dhaka1000 Resnsurer + Barents Reinsurance SA 6 Rue Du Fort Bourton, L-1249 Luxembourg ‘SCOR Global Life Se, Singapore Branch 160 Robinson Road, #31-01 SBF Centre, Singapore 068914 Tel:+65 0517 7500, Fax: 465 6517 7599, E:malkewong@scorcom Bankers © Agrani Bank Lid. © Dhako Bonk Lid. © Al-Arofoh Islami Bank Lid. © Bangladesh Krishi Bonk © Islomi Bank Bonglodesh Lid, © Exim Bonk Utd. © Pubali Bank Ld. Jemune Bank Ud. (© denote Bank Lid. © The City Bonk Lid. © Rupoli Bonk Lid. © Firs Security Islami Bork Lid. © Social Isami Bank Lid. © Shahla Islam Bonk Lid. South East Bank Ld CORPORATE INFORMATION Adviser OM Muzarnmet ORGANS SECRE DIY cM?) Bangladesh Awami League Central Executive Commitee S.Consultant Md, Anis Uddin Mish td. Joint Secretary Govt.of the People’s Republic of Bangladesh ‘Nbdul Aval Hawlader Rid. Additional Secretary Gort.ofthe People's Republic of Bangladesh ica Controller of insurance & Chief Controller of insurance (charge) Govt. the People's Republic of Bangladesh, Mr. Sajedul Kari td, Senior District 8 Sessions Judge Bangladesh Judicial Service Govt.of the People's Republic of Bangladesh, Legal Advisers Mohammad All BACHOn'S) MALLS, ‘Advocate, Supreme Court of Bangladesh ‘Additional Attomey General & Prosecutor International Crimes Tribunal 0) Mad, Aslar Mia, MALLS ‘Advocate, Supreme Court of Bangladesh, Kala Chand Saha ULB tom's) LLM ‘Advocate, Supreme Court of Bangladesh ‘Mohammad Shajahan Howlader MALLE Dhaka Judge Court AKM Sharnsul Haque MSS.LLB, ‘Advocate, Supreme Court of Bangladesh ena Pte Cae Le 7 ees ng) ade) a 26.09.2000 26.09.2000 01.11.2000 01.11.2000 25.10.2001 2002 23.05.2002 16.07.2003 16.07.2003 25.01.2004 27.01.2004 07.03.2004 28.03.2005 29.03.2005, 24.04.2005 28.04.2005 (02.06.2005 10.07.2005 10.07.2005 12.07.2005 12.07.2005 2005, 07.05.2007 19.09.2007 2007 06.08.2008 28.08.2008 01.10.2008 25.08.2009 12.07.2009 Incorporation of the Company Commencement of business Signing of First Insurance Policy Launching of Janapriya Bima (Micro Insurance) Launching of isami Bima (Takaful) First Declaration of Bonus to Policyholders Launching of AL-Amin Bima Launching of islami DPS Launching of Popular DPS Launching of Al Baraka Islami Ekok Bima First Declaration of Cash Dividend of 5% on share of Tk.100 each Launching of Al Baraka Islami DPS Received consent from SEC for issuance of public share of 45 million Publication of PO prospectus IPO Subscription opened IPO Subscription closed Lottary for allotment of shares Listing with Dhaka Stock Exchange Chittagong Stock Exchange rst trading at Dhaka Stock Exchange First trading at Chittagong Stock Exchange First Declaration of Bonus to Microinsurance Policyholders Purchase of DSE Membership First Credit Rating Payment of 1st maturity claim Purchase of CSE Membership Issuance of First Bonus Shares Launching of AL-Amin Ekok Bima Receipt of Registration Certificate as Stock Dealer and Stock Broker of DSE Receipt of Registration Certificate as Stock Dealer and Stock Broker of CSE Launching of Popular Life Brokarage House Launching of Popular Life 1st Mutual Fund Launching of UFS-Popular Life Unit Fund ara per Puree OuR VISION a To build Popular Life Insurance Company Limited a truly popular and trusted insurer with pro-insuree governance structure and empathytic actions. OUR MISSION To be the best Life Insurance in Bangladesh in terms of efficiency, service quality, claims settlement, trust worthiness and profitability with strong liquidity. Aree Pare ae Cry ne 09 ku Popular Life Insurance Company Limited TRANSMITTAL LETTER To All Shareholders Insurance Development and Regulatory Authority Bangladesh Securities and Exchange Commission Registrar of Joint Stock Companies & Firms Dhaka Stock Exchange Ltd. Chittagong Stock Exchange Ltd. Central Depository Bangladesh Ltd. (CDBL) ‘Sub: Annual Report for the year ended December 31,2018. Dear Sir, We are pleased to enclose a copy of the Annual Report of Popular Life Insurance Company Limited together with the Audited Accounts & Financial Statements for the year ended December 31, 2018 for your record/necessary action. Sincerely Yours, sdi- Mostofa Helal Kabir Company Secretary female) pas nemewerceay Ln 10 Popular Life Insurance Company Limited Registered Office: Peoples insurance Bhaban 36 Dilkusha C/A (17th floor), Dhaka-1000. NOTICE OF THE 19TH ANNUAL GENERAL MEETING Notice is hereby given that the 19th Annual General Meeting of Popular Life Insurance Company Limited will be held on Monday, July 15, 2019 at 12:00 pm, at Hotel Purbani International Ltd. 1, Dikusha C/A, Dhaka-1000, to transact the following business: ‘Agenda 01. To receive, consider and adopt the Directors’ and Auditor's Report and Audited Accounts cof the Company for the year ended December 31, 2018, ‘To declare Dividend for he year 2018 as recommended by the Board of Directors To elect Directors as per the Articles of Association of the Company, ‘To approve the Appointment of Independent Director. ‘To appoint Auditors for the year 2019 and to fix their remuneration. ‘To appoint Complience Auditors for the year 2019 and to fix their remuneration. To transact any other business with the permission of the Chair. SeR2eR By Order of the Board of Directors, sd Date: 29 May, 2019 ‘Mostofa Helal Kabir Company Secretary Notes: 4) The record date will fix on June “2, 2019, Shareholders whose name will appear in the Register of Members on the Record Date willbe eligible to attend the meeting and qualify for Dividend. 2) Amember entitled to attend and vote at the Annual General Meeting may appoint a proxy (such proxy ill be a member of the Company) to aitend and vote on hishher behalf. The Proxy Form duly stamped must be deposited atthe Head Office of the Company not later than, 48 hours before the time fixed for the Meeting. 3) Admission to the Meeting room will be allowed on production of the attendance slip duly signed by the Shareholder)Proxy/attomey/ Representatives asthe case may be. 4). Members may also please note that no gift/ food/ benefit in cash or in kind will be arranged at the AGM as per BSEC Directives. stp) pa Uae canny une 11 1, frre we (oy &), ore 3000 ddTT ASH wna HSTA why, 8 Faia Moe STATA TOR Gy, AR aie Ree eM AS ar CTCEREHIENA SHH ats mrerat et afaes emt vee GT TAT oe BTR, Soy ER CANS GM 92:00 bor cathe iat Borrorrie Mde, >, Fragen es, BI#-I000 Safe ara | iT > 109 ROT Rose wrRCe TG Teas Be MRaOTETT aferar, atfire flor wat RatReoTT REI 224, PATA TAT | | ROM AIA FNS RA BS ROS MS MTC CAT | 19 | Coma FA ETA “FROM FOR 1 8 roe aoe a SAA @ | Rose ers wen Fees cate ae ero ee ia | © | 2038 FIGs BHT Complience awe Fran eat wien silage das | 91 | CORA ee weafoarCN By C8 Ca FART | asnousha sma. “wales caret cen FR, ft #9 6, 3039 Kens Ba 31 G6 C8 99 9H, Ros | TET CMEC a BS OFiee CoS Crm RIN ARES BT “Saree Coffs OMT gee HSMN ATCT IY ATE | x) en ay a me Tee Bote TATE ae SP ATA ETE EA FRC EN UTR BoE TE A 8B fice coum af Fn os ice (ezore of cota were crETETO GTR Me eC | eH an een af ty ee BW cots ee eH wat ‘ce ee © Ciara) BRIA BAR fs wets aN Bis fan rts Eo me een BRIE 8) ATOR RISBRe eats aarne ation Reet wuts ctetacetereere SITET WOR CH, IEC eraia Boras / w/a AFR al AAT | hat sce Pet wre ano is 12 ‘MB M Yousuf All ‘Mec Mostofa Hela Kable ‘ornpany Secretary ABTA NEES SA ST Rese omer Be GR TE SRT a eT eT Core fase. Sree arate Soares fare eR TE EH Sore oor eee ee TF Sore ene, TS RT BIE ST fant ae RE aE TO OA, rales Come ST wee cree often bere Sige seals mea BR GRE OTH GET Ter fiver BRR OE er Gore OH THR ver tore SRR ate ot TRU Mas € Fite ‘we re cee wt oe sar Poss omy 18 BOARD OF DIRECTORS irectors'relationshi in other companies Chairman Popular Equities Ltd. (Member DSE) ‘Managing Director ‘Tejgaon Engineering & Construction Co.Ltd, Popular Jute Exchange Ltd Popular Food & Allied Industries Co.Ltd, Popular Jute Mills Ltd. Comilla Food & Allied Industries Lt. Director Peoples insurance Ca Ld g Peoples Euites id (ember OSB Waser Armed ca ‘Managing Director Winne Electro Trade Ltd, Proprietor Dye-tex international a r f i tl fli ai nee ene wn Md. Motaher Hussain Vice Ghaiman, Managing Director Infrablue Technology Ltd. Director Fortuna Fried Chicken Ltd. Fortuna Leather Craft Ltd. Rupashi Garments Ltd. MFazle Taher Sponsor Director BOARD OF DIRECTORS Directors’ relationship in other companies Director Nourish Poultry & Hatchery Lt. Moonlight Garments Lt. Ehsan Garments Ltd. Nourish Agro Ltd Nourish Grand Parents Ltd. Nourish Feeds Ltd ‘Mohammadi Navigations Ltd Khaled Shipping Lines Ltd, Telnet Communication Ltd. Ehsan Packaging & Printing Industries Ltd Artisan Enterprise Ltd. Nourish Fisheries Ltd. ‘hamsul Arefin Khaled Sponsor Director Director Comilia Food & Allied Industries Ltd Nur Jehan Ahmed Sponsor Deter Managing Director Peoples Equities Ltd. Member DSE) Director Tejgaon Engineering & Construction Co. Ltd. Popular Food & Allied Industries Co. Lt. Popular Jute Exchange Ltd. Comilla Food and Allied Industries Ltd. Popular Jute Mills Lid, Popular Equities Ltd, (Member DSE) Peoples Insurance Co.Ltd Kabir Ahmed Sponsor Director it BOARD OF DIRECTORS Directors' relationship in other companies Director i Comilla Food & Allied Industries Ltd. Peoples insurance Company Limited Farjana Jahan Ahmed Sponsor Director lerratd Director PPRBBontncots Gahaizing Mil Ld Pa Agrobreaues ta Dina Cold Storage Limited Director PA Cooeaon Lad PHP Cold Rolling Mills Ltd. PHP Spinning Mills Limited Pup Coton ae Liited Fe MECN ited PHP Latex & Rubber Products Ltd Peace fate corte enone pars Oe Sea eer enone rates Mahamettnrouin Chon, Fp eta ed ce te esd PHP Petro Refinery Limited Pelicon Properties Limited Pees et enced Bay Terminal & Distribution Company Ltd Pao oat Css ndustes id Information Science & Technology Solution Ltd BAP Power Conary tad PHP boat Lined PHP Denim Limited Dab Actes ited apn Pte ep | 16 BOARD OF DIRECTORS Directors' relationship in other companies PHP Cotton Mills Limited PHP Rotor Spinning Mills Limited Birector ration L PLP Cola Rolin Mi Lc PHP Latex & Rubber Products Lid Ph Overseas Lte PHP Continuous Galvanizing Mils Lid PHP Ship Breaking & Recycling Industries Ltd PHP Fisheries Ltd PHP Stocks & Securities Ltd PHP Petro Refinery Limited Mohammed Zahulslam Chowdhury _Pelicon Properties Limited Puble Shareholder Diector PHP Power Generation Plant Ltd ‘Terminal & Distribution Compar NOF Continuous alverizing Mis Ltd PuP oat Gass lncusres tea Information Science & Technology Solution Ltd PHP Power Company Ltd. PHP Agro Product Ltd Dina Cold Storage Limited PHP Denim Limited PHP Automobiles Limited ‘Molla Golam Mohammad ‘Mohammed Abu Kauchar Independent Director Independent Diector dates ey | 7 MEMBERS OF AUDIT COMMITTEE Mr, Md. Khaled Mosharef Hossain Mr. Hasan ARmed. Mr. Md. Motaher Hussain Mr. Shamsul Arefin Khaled Mr. Kabir Ahmed ‘Mr. Mohammed Amir Hossain Chowdhury Mr. Mohammed Zahirul islam Chowdhury ‘Mr. Mostofa Helal Kabir, Company Secretary acted as the Secretary to the Committee ORE PABA HITT ‘SATE Ca TAT CTT CRIA ATE SPI STE BATE Gate CRT CTO Te TR Ca TC oate ofa wre Bara TET RH wate CRTC COTA ‘eee cer ofan Bove Sig wear CRT cee VEke, CoTeMTAN afda oH fda FEcarca wnt MEMBERS OF CLAIM COMMITTEE Mr. Md. Motaher Hussain Mr, Hasan Ahmed Mr. Shamsul Arefin Khaled Mr. Kabir Ahmed ‘Mr. Mohammed Amir Hossain Chowdhury Mr. Mohammed Zahirul islam Chowdhury Wet SABA ETT orate Cate Cat CTR RTE BPH TRH come aye sncefte reo oars ofa wre Sears TET a CRI GA are TET wR TA CONT ema | Por ec Cony ne Chairman, Member Member Member Member Hay i MEMBERS OF REAL ESTATE COMMITTEE Engr. M. A Taher Chairman Mr. Hasan Ahmed Member Me. Shamsul Arefin Khaled Member Me. Kabir Ahmed Member Mr, Mohammed AmirHossain Chowdhury Member Mr, Mohammed Zahirulislam Chowdhury Member ‘Facet ecb SARiba HTT ‘Verna oy OT omma TS RPT TRA al was a STARR TTT rT vomit eft areca sida BTS TAT STARS RIOT CTH 70 werte Tarr wary TIN ote 7 MEMBERS OF INVESTMENT COMMITTEE ‘Mc. Mohammed Zahirul slam Chowdhury Chairman ‘Mr, Hasan Ahmed Member Engr. M.A Taher Member Mr Kabir Ahmed Member Mr, Mohammed AmirHossain Chowdhury Member Betas sha TTT errs carer wafer Borers Ton ommaT IE RPT TCR ey ‘Rata ox 6 OT 7 erie ofes are 5 ATS CATT Sa RICA COTA 0 NOMINATION & REMUNERATION COMMITTEE Mr.Molla Golam Mohammad Chairman Mr.Hasan Ahmed Member Mr.Md Motaher Hussain Member Mr. Mostofa Helal Kabir, Company Secretary acted as the Secretary to the Committee ARE ¢ RTE aha ETAT BRE CT Cm HTP om WAS SPS wT bil BATS GTB OUTST CRIA BATE CHET CIT Aaa, aro fe aa fb feree nfrgene 1 Arie | os tese Cony | 18 SHARIAH COUNCIL 12. Principal Syed Kamaluddin Jafree ‘Chairman CarvalSharsh Counc for amie nsuarce cf Borgadesh ‘Adviser ATN Bangla Islamic Scher Secretary Genera. Bangladesh slomic Unversity Principal Jamiya Kasemia Karl Macasha,Neringd Chairman (2 Mufti Maulana Mizanur Rahman Serr Pech imam, Blu Mara National Mosque Member @ Hazrat Mowlana Kabi Rubul Amin Khan, Executve Edo, The Bally inglab Member 2 Prof. mowlana ABM Masur Billah ‘Secretary General Central Shariah Counc fr lslamic insurance of Bangladesh Member 2 Ala Hafez Mowlana Mofizur Rahman CChalman, Datusshunnah Complex Mirpur Dhaka Member 2. Prof. Mawlans Abu Noman Md.Rafqur Rahman ‘Charman, stamic Studies Department, Banglades slamic University Dhaka ‘member Prof, Mahbubur Rahman Member 2 Hazrat Mowlana Arf Blah Siddiquee Islami Stole Pr Saheb Sarna Darbar Shar (Chote Huo) ‘Member Hazrat Mowiana Mostofa Amin Khan Member 2 Hasan Ahmed ‘Chairman, Popular Life Insurance Co.Ltd. ‘Member 2 BM Yousuf all Managing Drector& cE Popular Life insurance Co.Lis Member 2 BMShowkat Al ‘Additional Managing Director Popular Life insurance Co.Lid Member (2 Hazrat Mowlana Q.M.Abdus Sobhan Cental President, omiatul Maffasern Bangladesh & Muffessi-=-Qurar,ATNBanala Member Secretary (2 Mostofa Hela! Kabir Company Secretary Popular Life insurance Co.Ltd Observer Member Managing Director & CEO BM Yousuf Al ‘Additional Managing Director BM Showkat Ali Additional Managing Director & CFO Kazi Md. Faziul Karim, FCA, FCS Senior Deputy Managing Director (Head of /A) Nandan Bhattacharjee Senior Deputy Managing Director & Company Secretary ‘Mostofa Helal Kabir Deputy Managing Directors Sayed Motahar Hossain ‘Md. Nawsher Ali Nayem ‘Ma Habibur Rahman ‘Md. Abu Taher Feroz Itakher Emad Uddin Ahmed Prince ‘AlargerFero) Ma, Bashirul slam ‘Senior Executive Director AEM Mahmudur Rahman ‘Syed Sultan Mahmud (Md. Kamal Hossain ‘Mohammed Khalilur Rahman Shikder Executive Directors & Project Directors ‘Md. Shafiqul Islam Ma. Jahangir Hossain ‘Md. Salim Miah (Md. Abul Kalam Azad (Md. Sazzad Mahmud Kishore Mohammad Anamul Haque BM Shabjahan Sayed Aminul slam ‘Md_Billal Executive Directors ‘Abu Moyed Shaheen ‘Md. Hasan Jamil ‘Mid Shahedul Alam Md. Mamun Al Faruque Md. Anwar Hossain Senior General Managers ‘Muhammad Farid Uddin ‘Mufti Mahammad Didarul Islam Md. Muklesur Rahman ‘Mi. Zillur Rahman Md. Sumon Akan Syed Syful slam Rubel ‘Mid. Abul Hasem Mollah ‘Md, Mahabubur Rahman Jahedul Alam Shameem Soyeb Ahammad ‘Abdur Razzak Solaiman ‘Mid Jahangir Alam, ena a 278 | Poa eC | 21 Senior General Managers (Contract Basis) Giasuddin Ahmed Sikder Muhammad Sekander Ali Shaikh (Mid. Atiqur Rahman. ‘Abdul Quder Akon ‘Md Jelait Hossain Molla ‘Md. Abul Khayer General Managers (Md. Sharif Hasnat (Md. Altaf Hossain Sayall Priyotosh Kumar Dev Mal lis Khan [Ma Jahangir Hossain ‘Mohammad Shafiqur Rahman Mahabub Rahman: Md. Ayub AliStcder Moniruzzaman General Managers (Contract Basis) Mohammad Qudrat A MANAG = General Managers (Md, Nuruzzaman Kotwal ‘Md, Samsuzzaman (Md, Firoz Jaman Uzzal ‘Md, Habibur Rahman Khan ‘Mohammed Azizul Hoque Sayed Md, Ataur Rahman ‘Mohammed Tanvir Al-Azad ‘Mohammad Kamruzzaman (Md, Sakil Mahmud (Mad, Abdul Alim Rangit Kumar Ghosh ‘Me Siddikur Rahman Masud Rana ‘Md, Dulal Miah sso 22 EVENTS Hv HIGHLIGHTS Steger TRE RTCA GHANA FARE et TAA CONTI SAS SPT ARC et Wr TARA OTS yETs EE esTbe MAE SAT TELAT AT CaaS SOIT Retice Sorter Arey eT Aare | ae aTeCTA Afe ea Tele ste ARICA ANAT ater VTA cots ears Fee cate “oat Sports aelhasrae afeorr fears sera ao care fie oa sagern afOrTS Sara BAF TET oferta stat ecacet aR erates arecHa CRAY feria eee Baye cotta PRBS ax afro MH, Teultal aDITs @ HRs aa shesi/etoitora te Coc ato BIBT 6 OTOH | Fal step ie aT cor PHATE x yw TE IT RT 24 THIAD RORY OTT IM 33:00 ia re CaN FA, aE ere ee | col fare eceR CORT OP TEETH BS arora retry wa | eta ge meer crear 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ns as OH ES | ‘Bee a Bye Sard fre oxen a eps sem Te pag seb Reve WAR Rene Ba ee RUE {rou ner Emm, Seo ex Mi Se eee apr =. coe RL EY HE, ART CON NN SEE “here Region cee ae ace ne Rowe wee fore rea eRe A at webs eee UH Ba TAA ace tire ae He tore ams (Fee a Ee Comey ween £8 er an es eC CoS {Ease to Regn oy eee fe Wl KU Hae HEE ee EE es oe EE RE AS w BN Rk TOE SH rex reRt Fee ont AER suet | ee Copy ne 28 EVENTS & HIGHLIGHTS sre er tesskc af see i an aT Re eg of re eg oe Lg Eo See TS VE RE Soke Sore comet ote oe eeres Te ON eR SET Sect egten a AR fem ere es ee ‘rr Bi We | a GeY OH wee a arg Oe ai fee fA fo eo een we BD eee inky ogee cy OTE A Tse © Ae Mae Ce Se Ee ers wh, TERS Wa MEL © TER SE RTE ET sib ere, nee ya afew corte Sane wen te eo ‘fae ete tH (ET) 8 MPP eT ES regs x mon ce tee OER 5 2600.018R ite eer ee Reg cS ae me deol yee fee oxen wry wae ele AC Do ‘Somer ee eye sas ae A or ete waht OO i fone A Oren « ied fone se at ogee am coee ena RTS ote eR eETS TEN SOT 2608 a Rigo soe rehrg Bo. bor em oA ot ae 8 Pee ween ree me em my, FE I (EN a) ee cet Wor © (0 284) owt, ees YER) shen oe TT ee a TCE I FH COME ‘Wide wearer vase ev tone A | Bo wale sae Se ry se Bee wedi | Se 9 Fee ee sre ehcoante we were Royern ewe (kee) Rts {ae wge ePee owed eH Bar et et 6 Hoe He SSDS wy ere Sire ore (WEES) fa was sri ae OR Rove tow aoe Ho Bev Be ne fg ee | mes Bam cesta CD see ne ean 2 A ae cee os ke Pe (ee Soe wt eon Be ates Re he fe Tt ET ceorscrrrs as on 1a a, Gare aw eft ee Dray gt wo rey Bt EM ge ce NE ae ‘Thee Some wae ee feos Teen Teace COE ae SE xo wes Pa 8 es ce Ba, weAD NAc Sere ore a, WEN OT BI TE ETOH, IR roe ene, le CI cH Iw Soars cn ee Paes comes Oe SST {ee exer ec gg em, en = TT acca enere cee, se age whan ore Th) Ree Greg eran t,o man wre ore wf se Re Boe for ce eT HEME Pe CNS Fag tegeen rere eg re ote ARC cae TE el a Fp Pp res gyn 27 EVENTS & HIGHLIGHTS dao sabe sone wid ope wie Regien co REN ereran “rE OnETE te OP ale HT 09, ‘pre ee Bone Pop Lie ncrance Cup Gol aumament soy (we bere Fa | Se wal aes ee OR SM Se ce. ue came ce OC RN TE, REM, UH, fa ere eR fae ee mee Eee aA) ES “went ome © ke sey sen Regen owe oe {Wap wot eve OFS few Pa ADE Ori Efe cect eee at oa or ore met OTA eves Sem area WE FOE Ge, OTST EN SE “eietig, se iw cots ei mg me CE ra ears aeons RE rN @ REL IE ees AY ‘Reps coed Be a eer abe PRS PROC Peer Ree ee oe ‘sO frre uo eee Hes pe ee ery ome Wo Gin fa aes eee CES EEE NTS ‘rare wt Regen ewer DS “eM WAR” ce door Sa rat wate Pe for 39 or a Oe arg eet ae ca Fete tee, Pea sah Ae fi oar ey ae eA MRS TET Sess Be ex eine Ragen ceed PU Bek “ani e cove Soft Severe, ee efor EE a ET ie 6 hes at yen oA oe AR xu Se hpralsaaidbastadu-ihaiatonahuceiel “ere fre «te fc Rye wn 30 we Pa aT ea oem eats a ite Toes crm BS ae heer OTE nee eB cf te ween eB eee Bene Pons Lit Isioren Cap Co oumrret 209 48 ew BO ‘Bo agbs eet of Tere ey wor eft wD A Fee es CRITE RE HN A, | ecard bagi coor cb ae mente Heo 9 Be {£6 Seo Eee SOUR REET Rae TOW WA we CHS fore me poe tx ae fee caren co weer BW, Pre SER on Stee reer VS es VEE OM ‘Gotere coon ony sores wee © Bete OE AN er, SY ME A A, A BY HT ER oe ae rhea | Wes ee PE Cet ce er vats oe We sre we Rega com AOS at fee ote as RO A cP Ens a8 OA | rato | seven rae | 28 EVENTS & HIGHLIGHTS oho seat ie rare tegen cao ae ew Ge atte arom sais Soce Oe cuanto nee Srnivoaael et oe Brest me ste wcities ewe we We Soho, mer woe Rot ee Bee Rew crue ae Cote ene ine ke ce eer tee ene comers Feet Rage whe metic webs om aA Ree reat cet ‘Soe Bat ores ome wo eo Bo weber we coe et Comat lew wen same ax tens wR, cote Rone ome eS ar, ews re ee Gn, OI et Se ee ten so eo ee we re osonaonte wie meee ty ogee ce BAN at 4009 Be cers fu ete oo Juenenay. Bet os Ger Toe toda re Wied eran (Wat) foyer ore Pt ite water een WR fore Be bre a Pa afew em Beer cr wope ger TONE geen ueye tome 2 oO (ex cece een RTT aor an TY A Pe I rin en ses ere Bae Be ofa nee es ae elec weet woe as ort Se ON re ‘Pepe ght sve FoR Ree et ate 8 eee ace gorer ace ae ee Re FE aS sere oa wey Ws Rex mee ea ee (EO) 9 EA Seam einen oe has STENT COTA, oH A See cory UN CH TE HE oe BT AEH OT Wise feet os eee sere TON EVENTS & HIGHLIGHTS fe oronsoante URN tea ey Ragen ore BE BO ees fou ee oe eae @ winbe aBark a wets iShares ate ee agin era af ce ert re 9 et ‘fre are er a Ba Ree wa Ree Revs crt seer fare « Be eet see Ragen cree Abe fo Soy SA) me were Sener Ba ters ‘raetang Bo sgh Wee toe a Beet soe opm os ero a RON, a RING OLERT Kw 2 OR em eee we Olen wld aie pace he se o.oo whe ent Rage crs PTE ae ces Be Reger enfne et ira| e] comet ote ew es {eh eee SR No Ses Ra ONO Ce err a8 fom come weet fie «Ble eee Bee rea ato x Woe wh Cre wae a oA “Setera cite ment Be aphex tne tos eer ete lew ae 4 comrta Pe Sams wre Worm or, WEY AT Ae eee fe ans cay Bs a, te wee Ht Ge) ¢ carey Be Geet oe OR, fee ON TEES eee ee ‘tome seen yr ee Wie Sw mee | Wee ee oe 1 soo. soar ie ety Cog orm PS Gere shite seen soy Pine at aces at neo Sas aay toes oe aro cam eer awet FET we ‘ev be ee wee Fs et Oa « ene fre 8 er 1 eR ea eT os Pe a TTT Royier cnersa rad fe ox Bige ote aero saaa eon We ‘oy ere cer ea re oft HERE Ter, BE © Seas efron lige scien ee A wee TON TC ee SERS TTI EE TONE aM, aN CTE. ems eae ee x08 ORY mF Bes Bs seat es fey at Ke FS | re seam soaete te mT we Ream co RS a Te Gare Cae meme aay Byrey AN eee AEP Spupayoe/ ea coh am EST LOCEE Ror OE 1 mehr es fe a Bas Ba oe BE (oa eee io een ae sen! er crete ea os fe ane corer Rogues one as At Tae a | Fee af fem fat Been 0 Sant efron vive wae ke ae, crm eRe orm sie ae nen aM, ANE DHE CECE Gao «ot ge wes, cow oS ce TERY So Be Server) wher anny ws fet oe Too SER igure turwBe mae ore oe om too Cong tt 90 EVENTS & HIGHLIGHTS ee ov on fhe ee ote een a ORGS a4 em fot series cres.con Sece fe exer fr ety oe ‘baaeauy. bce ee fire eet on eat ae Se erm areas er a YE OE | Soe TO SE FRE TN EIN AE MT OTR A Senior Bo ahs tes a fern at Se bear ofr il Ses (an 4) ey «fg aN eee WEE EE en eet eee ts eee eve Se wa. ‘Rae re er Te er COMER A @ ETE MAP, “eprops oe ere see Con ment wera were Bet ee eet See wa sep fin mae oie Regen coil ADE a fae wa cae ok OHEN Rew A mC A AH Siooprany) Dron ee rents ze se eee are $5 Gr wae ee WW feng comet eure] ome Rte ee ‘Bevo Yogten ares axook cu Wye Wee Few CA er feec Des ovo om, HEE ors oe ATES WE, ceog vejrs cr sae ona 9 fre eet, 08 Bod ae wre ee coma we Uae aE eG og Rede see owt Mr | ice wes fees Bate Do errs oa Fob wtcete rar sone Se 300g we Seer fa ETT spopraael Dow ox mee® eer wi ere cot SCENT ae oe | er SR oe e SOE os 8 ee een Tonto cSD Mak TSW Meme WO Fea fta Dr cree cre, eter eg Ee es WE OM 2, om oer a Ge CO 6 coeaE He fe, Tee ee Ten ae a Sat ee | see tey et EE HE A | ATE eA ER OM ‘ile ene ore re wa maa 20 nee Capt ni 3 EVENTS & HIGHLIGHTS Derr Sect ahunasaleunbastohetent sweaty rane eae ome Bet ances HY AAT AE gabe) oe are npr ee ee eer exes tx em A fore cree sean “aero en een ae omen are a Ree Soh ee Re Fee Sens ET oes ee OM, Bes Oa OTOH oO {Re eye Foe, ON exe aM A WE © SO (ee cree Bete | ST A OT EE “EeSee caw se se see aa Pale ange re ss onon cae re nit Been co RH er SEaR meets Sete Be eeu BAT TE Gace emo otra ext waar xh “eae eee On agin ee we Ror comes eT oT PRE ee TOT ener cre ie Fe Wa A | ab Fe fo ae Re TET Ee a ASRS WI, ANE I OLE a age ee, RAE ae ce cc ‘a ee oe “ses Te Ee 8 eR OH ex gree wey Beet ending | abi rey ar BA ee sre | Post eae Cray IGHLIGHTS ace bree eee ae EE FT ‘ee suse fhe re Ragen ce IRE eT hems 3,35, = re ee ew cor en fT ‘seta ee WG EU ce eat CT Teg es o Be exe Tere TY GUNN aARST a reese atte Tee SER er wh cree welts orm sive 8 an tore sor Sone weer more exer woe ents meron roms Tr wees fom wr et wy se onan ee i wk Raton cit REE ae eet meme Cae moonstone Uorce A] oH Aa a Soap ene Vet gon we ct avge oe a Sa Fee fore comely gear oe @ Pke en Tere EOE tte ge “oreo REL eer Sores meen 94> ee De eo crew Re, So women, ay eee eee ceca Se ce er a ec ew eo ferme erm cr baer pirat nenog wen SMT SE We et wher ey we ore re Fe ARE one A CT AR TE eS WHET AT FT sep acal= Drm ef in ee om eReE ye ONT EY wor ont ‘we sega nite ng ne Boge conf G0 a coy, core Rae TOOT Se AR at68 Be Pol SEE OAT TE eax ana Wate 26 ey emer eet 2 ae See Rew cemrty Sen ois © ke en ST ET ere oc cc RO wh Bee gy Ree ere lh re rere eco, HAR EEN OHM cS WEP, SH ‘vem cit Mir | Se se cee tee Re Cae as Bees oeeiet | wakes Tag Te ET args ace fee aes A RE ROTTS dodger sr np 38 EVENTS & HIGHLIGHTS Fe eu scny m9 2 oo Wr Rozen ce RS el tro A wor anes et 2, BT, 3 St o.oo ole Gd oc fb EHH eng te AB Sonor outa ew a SENET we |ONTO SE ere ate wer, eT «Fass A cE ner RS EE (WH ERD, SUIIG BHT SG HH A. SO er wees ee xe, ME es A Te, TEA SS sh corre ey, at ee EPIL STA PATE, HEN Feo (SS TA ese HE MW Foer C Si, aPaT ON AR, OT TAN OTA, re, Se cat we, (Ot ee ee wR BE cord aS) | {ye 0a.» ater nem 2.00 wD mt ke Reg ert ee Cork x eren aN WE ETE oH PET SI, yw, we a0ce emer GM we aby Emre ey ee ime sia ove ee MR SRR WR IRON eles farm, ore ot we os am, ee a AER ‘ese, cewe ren ge P(E RED, TOE on TY EM oh og a, SH GEE A, HME TON RCT HE, TOT srg wie he 68, eres cer SiH em, ee aS sh, cen same, are nt Coxcen coms HH), see (ae oe wal, (WED A oor “Ee mw Rear ne, a EN, TTC SE OT Art| dU se orn | 4 EVENTS & HIGHLIGHTS Acta opr ac Copy Le $5 MESSAGE FROM CHAIRMAN lam immensely pleased to welcome you all in 19th Annual General Meeting of Popular Life Insurance Company limited. Your spontaneous presence and enthusiastic participation in General Meeting since inception reflects of your firm confidence on the Company. hope, this hearty relationship of concerted efforts and trust will be further growing in the days ahead. Your company reached into a prestigious position in insurance sector of the country through attaining professional skill and excellence in service. With profound pleasure | would like to apprise you in this august conglomeration that 2018 was a stone of our glorious success. We have been able to earn the highest ever premium income of TK 803.97 crore. This is a magnificent success in the history of Bangladesh life insurance industry. | would take the opportunity to extend my sincere thanks to all the employees, staff and members of management who made this outstanding achievement happened through their untiring efforts, utp | PU ae ery | 8 Various phenomena that took place in national and international spree had made ‘the year 2018 challenging for us.Polarization in intemational politics and national parliamentary election impacted our macro and micro level economic activities. With all this adversities in force the government of Bangladesh had earned the credit of 7.86% GDP growth by efficient management of national resources adopting pro-development programs in the year 2018. We express our hearty congratulations to the abled government for keeping outstanding success in economic development continued despite of manifold adversities. The life insurance sector of the country had also attained 7.84% GDP growth in line with that of macro economy of the country. Itwould give you profound encouragement and ease while be knowing that your company had achieved another milestone success in settlement of insurance claims which was highest ever in its operational tenure. Success and reputation of an insurance company largely depends on its ability to settle life insurance claims. In the year under review, Popular Life had settled insurance claims of TK922.09 crore of which TK 831.53 crote was for maturity claim. This is an unprecedented performance of the company on the history of Bangladesh life insurance sector. extend my cordial thanks to claimant of this magnificence achievement, employee and officer of all level, management team, board of director and our valued shareholders as well. We are committed and constantly pursuing our objectives to provide quality services to policyholders of all level throughout the country as a successful and potential life insurance company.We have undertaken to reorganize our insurance policies keeping eye on income segment of potential policyholders, We designed our investment program from life fund in such a fashion that ensure higher return among the available investment options resulting in payment of better bonus to policyholders and highest dividend to valued shareholders which ‘were ultimate purpose of our doing business. During the year under review, after charging operational and administrative expenses and the settlement of all insurance claims our life fund stood at TK 1788.66 crore .In addition our company earned TK 164.51 crore ftom investment which is satisfactory in context of our investment under prevailing situation. You would be inspired to know that being a profitable organization and as a corporate citizen ' Popular Life Insurance’ never keep away performing social responsibilities like education, health, culture, sports humanitarian assistances etc.in its own fashion spontaneously, ora pny uns one Le | 37 | would like to extend my profound gratitude to all our valued Shareholders, Policyholders, Regulatory bodies and well-wishers who extended their co- operation, suggestions and guidance in running the business successfully would also like to record my sincere thanks to employees in all level for their dedicated services .| believe our concerted efforts will keep the enrichment of "Popular Life Insurance’ continued in the days ahead. Allah Hafez, pte ant pasa BS. 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SOTA | area St Pom reais weve atert Tee TR AH, ASS fAaire Aare | oar Fat efoAR, BaaA eles] aS Mia Ter weaa wed) © who TFET AVIS Arar Tee AAT are TAS TERT Fat KR | AMSTOTT CHR eo < FSIS I RTA WATS IM STAT CANCE CI MOH TSH ASA CSP 6 MAE aT eH | Roe CT TTT ery Bora Rett aR ARR reiba Colt aca Se EA sree fe he em <¥ SRA ge aT | + onl ai qrepqeacta aT Aare fefiaT gia aca CHmAce “ASA © fetter =a | * SIG Aled GRE SRP TH cree BS VIS BH @ Bikows PEE Bes SAIS Arras orpEPAN ere Bats SAT % fafacea gf aca aay we ereers are ACAI aa ACTS ATS Carracer Sree Frese af a | + Shea Aan Pee rent aM} fers eaters aE he APH USE 6 AGT eine af aA | Prd at | an Uc ery | 4 © Gye anion aedren aaa fafooaarts er feree carereA Se TREAT WRITS carers ast eres te, cece Atay ate we ia) octicK Tee et | + QR SOrs eH ety MPPILS Seger ARES Sas TTR efrca reTEs BATA STAI AT | * thie 6 wiegions arma ead PIMA aeoT 8 Ol afer TIT rere ene antes ares Saucy Serer Sie ay ea SCA TT opera Ris HORT BG at | + Se eed) « idiots steegt aferes emia sOTH HF Aa 155 CORT | Sey remorse eae Ba AT FOUTS Aree Af eT | Fa SHER, AE Fed AAT ATOR STATE SATA Tee AME etfiraters | aera Te ACAD AER AYR FATA BT STATES fora Saree Tacs Fa Sorc SaCw Ree | STATA ik RR eC FHC TOTES BONE MTR HA TH LE | rare Fear, erToRR anes ocHBy store mee RATTAN oe AR AT GATT Bae MASTS SARS CTT | SETS IOS | ae an tere TaUAA fore 6 Fe Pu ists ory nt | 4 CZ) AHMED MASHUQUE & CO. REPORT TO THE SHAREHOLDERS OF POPULAR LIFE INSURANCE COMPANY: LIMITED ON COMPLIANCE ON THE CORPORATE GOVERNANCE CODE We have examined the compliance status to the Corporate Governance Code by Populor Life Insurance Company Limited forthe year ended on December 31,2018 This Code relates to the Notification No, BSEC/CMARCD/2006-1 58/207/Admin/80 dated June 3, 2018 of the Bangladesh Securities and Exchange Commission. ‘Such compliance with the Corporate Govemance Code isthe responsibilty of the Company. ‘Our examination was limited to the procedures and implementation thereof as adopted by the ‘Management in ensuring compliance to the concitions of the Corporate Governance Code. ‘This is a scrutiny and verfication and an independent audit on compliance ofthe conditions of the Corporate Goremance Code as well as the provisions of relevant Bangladesh Secretarial Standards (855) 2s adopted by Institute of Chartered Secretaries of Bangladesh (CSB) in so far as those standards are nat inconsistent with any condition of this Corporate Gavenance Code. ‘We state that we have obtained all the information and explanations which we have required, and after due scrutiny and verication thereof we report that, in our opinion: (@) The Company has complied with the conditions of the Corporate Governance Code as stipulated in the above mentioned Corporate Governance Code issued by the Commission; () The company has complied with the provisions of the relevant Bangladesh Secretarial Standards (85S) a adopted by the Institute of Chartered Secretaries of Bangladesh (I) a required by this Code; (@ Proper books and records have been kept by the company as required under the Companies Act, 1994, the securities laws and other relevant laws:and tI Date: 185.2019 ‘Ahmed Mashuque & Co. Place:Dhaka, Bangladesh ‘Chartered Accountants (The governance of the company's satisfactory, rath Ppl racecar rt 45 Popular Life Insurance Company Limited For the year ended 31st December 2018 ‘STATUS OF COMPLIANCE OF CORPORATE GOVERNANCE Annexure-C ‘Status of compliance with conditions imposed by the Bangladesh Secures and Exchange Commission: Salus of complange forthe yoar ended 31st December 2018 with codons imposed by the Cormisscns Nofltion No.BSECICMRRCD/2006-158/207/Admin!80 daied June 03, 2018 issued under soction 200 of the Bangladesh Secures and Exchange Ordnance, 1969s presented below: (Report under Condition No, 2.00) Contin No. Title ‘Compliance status (Putin the appropriate column) ‘Compiled | Not complied Remarks (itary) 1 Aa) 12) a (e) (eo (er (er ai) Board of Directors Board's Sizo ‘The number of Board Directors should not be ess than 5 (live) and more than 20 (went). Indopendont Directors At east one fifth (1/5) ofthe total number of directors in the company's board shall be independent directors. ‘Purpose of Clause "Independent Director ‘Who either does not hold any share or olds loss than 1% shares to tho total paid-up shares of the company: ‘Who isnot @ sponsor ofthe company and is ‘not connected with the companios any sponsor or director or nominee director of Shareholder of the company o° any of its associates, sister concems, subsiiarios and parents of holding Entities who holds one percent (1%) or more share of the total paid up shares of the company on the basis of family relationship. Hisher farily members| ‘also should not hold above mentioned shares in the company. ‘Who has nt boon an exsoutve ofthe company in immerltelypreveing 2 (wo) financial yeas. a Sad tr feng 3 ne} Ipeciachcod ‘There are three independent Directors inthe Boars (er (o) (0) (a) Who does not have any olher relaionship whether pecuniary of otherwise, with the company or iis subsidiay/ associated companies. Who isnot a member or TREC (Treding ight Entitlement Certificate) holder, cirector or fee of any stock exchange. Who isnot a sharoholder, cirecor excepting independent director oroficer of ary member fr TREC holder of stock exchange or an’ intormadiary of the capital markot we Pept 2 | Pp ome emp ine | 48 ‘Compliance status (Putin tho ‘appropriate column) (itany) ‘Complied | Not complied (b{vi) | Who is nota parner or an executive or was not 'a partner or an executive during the preceding 3 (three) years of the concemned company’s ‘statutory audit frm or audit frm engaged in intemal audit serdoes or audit frm conducting ‘special audit or professional certying ‘camplance of this Code. (Divi Who shail not be an independent director in ‘more than 5 (ve) sted companies. (B&H) | Who has not been convicted by a court of ‘competent jursdicion as a detauter in payment (of any oan o° any advance to a bank or a Non ‘Benk Financial institution (NBFI). (BX) Who has not been convicted for @ criminal tence involving moral turpitude. (@Theindgpendert rectors) shal be aprcnted by ha board of directors and approved by te shareholders in tho Anrual General Meeting (AGM, (@ The post of independent directs) cannot remain vacant for mare than 20 (ney) cays [@)__ The tenure of office of an independent drector shall be for a period of 3 (thre) years, which may be extended for 1 (one) term ony ‘1{3)____ Qualification of Independent Director (0) [@) Independent Director shall bo a knowiedgoable) Indvdual with iniegry who Is able to ensure ‘compiance with financial, regulatory and corporate laws and can make meaningiul contbution to usinass. (BIndependent. director shail have folowing ualications (t)() Business Leader who fs or was @ promoter or rector of an unised company having minimum paid-up capital of Tk, 100.00 milion or any listed ‘company or a member of any national ot Intemational chamber of commerce or business association of (HG) Coporie Leader wha & or was & top level exon. not lover than Chiet Execute Otfcer or Managing Ditecior or Deputy Managing Director or Chie Financial Office or Head of Finance o Accauns oF Company Secretary of Head of Interna Aut and (Compliance or Head of Legal Senice ora candidate wth equivalent postin of an unisted compeny having minimum pid up capl of Tk 10.00 milion, (rota listed company; or na 1p or Compas 47 (Ui | Former oldal of government or lain or autonomous or regulator body in the positon | not ‘volow sin Grade of national pay sca, | who has at least educational background of |b dere erm x cone (o() Univery Teaco who Rat eavcatoral background In Economics or Commerce ot Susoas Suds or Lao {BW} [Proteslonal who ls or was an advocato| | proctcing at least in he High Cour Dvson ol Bangadesh Suprone Gout or a Chanared |pocouniant or Cost ard Management | petounan or Chatered Fitna! Anlst | cnanored Cenied. Accountant or Cartiod Puble Accoutat or Chartered Management Accountant Charred Seceay or onuvalrt None __—, gualifcation: =e (G)_| The independent drecior shall Rave atleast 10 (ten) years of experiences in any field | mentioned in cause (0) (© | Inspecial cases the above qualiteatons may be rased subject 10 prior approval of the) Commission. (@)__| The postions ofthe Charman o the Board and) | the Managing Director (MD) andlor the Chia! xecutve Offcer of the companies shal be filed by oiterent individuals. (©) | The Managing Dretor (MO) andlor Ciel Exectve) | tier (CEO) faites company shal not oi th) | same pesto in arothe sted company, (@ | The Chairperson ole Board shal be elocied Fo) | mong the nor-executve eco of he company | (@) |The Board shal ceafy deine respecive res and) | responsitiies of the Chaipereon and the) Managing Director andor Chel Executive fice: (@)_| Inthe absonce ol the Chaiperson of the Board) the remaining members may elect one of | memselves from non-executive directors as | Chairperson for that parioular Boats meeting: | the reason of absence of he eguar Chairperson | sale duty recorded in the minutes | Chatman ol he Sard and Gh zee Omer v ‘None v (any) |of all elated party transactions should be |cisclsed inthe annwalreper. [G@_[Ustzation of proceeds tem pub sues, Ah] | sues and/or rough any others nstuments.. |N/A ieepleneion W Bie Roacel seek detesocae) | company goes ni Pubic Cig (PO), Repeat Pudke Otfering (RPO), Rights NIA e—t oe Y (@) |i signicant variance oecus between Quarter [Financial performance and Anal Financial None [Statements the management shal explain about ___|the variance on thelr Anal Report. [6 Reruneraton reco tng pede, (@) [Tho financial statements prepared by thel “management ofthe issuer company. presen |taity ts siete of aa, tho remit ofits) v7 | operations, cash fons and changes in eau |G). [Proper books of account ofthe issuer company) | hve been matinee |i) ‘Appropriate accourtng” pales Fave bean! |consistemty applied in preperaon othe financial _satomentsand atthe acon estimates ae, “based on reasenabl and pride | |i lniomational |Bangladesh Accounting Standards (GAS)/ lematonal Fnanlt Reporing Standarce IFRS) Bangladesh Financial Reporting, | Standard (BFRS), a8 applicable in Bangasesh Jhave been folomed in preparation of the, ‘tnancial statements and any departure thew lem as boen adequately isclosd. nate: rc Copy | 4 Condition! ‘The No. ‘Compliance status (Put“In the ‘appropriate column) Romarks (itany) ‘Complied | Not complied (ow) The system of internal contrl is sound in design ‘and has been effecvely implemented and ‘monitored, (Gui) A satoment hat minoriy sharebokers have been piotectd ram abusive actions by, orin the interes of, controling sharohokirs acing either dry or indrecty anc have ofectve means of redress v (Gv) There are no significant Goubts upon the issuer company’s abiliy to continue as a going concern. the issuer company isnot considered to be a going concem, the fact along with reasons thereol should be disclosed (Gi) Significant deviations rom the lst year's operating results ofthe issuer company shal be highighted and he reasons thereof shouldbe explain, (Gia) Rey operating and financial data of at Tea preceding 5 (five) years shall be summarized, (Ga) ithe issuer company Fas nol declared ddend (cash ‘soo othe yea, the essons heeo habe gn. (God) Boards statemont to the efect that no bonus share or stock dividend has been or shall be declared as interim dividend (xl) The numberof Board meetings held during the year and attendance by each director shall be csciosed. (ail) The pattem of shareholdings and name wise details closing the aggregate numberof shares: a ar ar ped ot No bums stare or stock hiked as bonded | lax nar ver ving te yar 208 (Ca(ay ParentSubsiciary/Associaied Companies and ther relaed paries (name wise deta) ((x)(0) Directors, Chiel Executive Oicer, Company) Sectelary, Chiet Financial Officer, Head of Inignnal Aucit and their spouses and minor ctildren (name wise deta). (oi) Executives (top five salaried employees of the company, other than the Director, Chief Exzoutive Oiicer, Company Secrelay, Chief Financial Officer and Head of Internal Aust) (oai(a) Shareholders hoking ten percent (10%) or more voting ile in the company (name wise dtl) civ) | AppointmentReappointment of Directors: (on) brief resume of the director. (ei) Nature of hisiher experise in spectc funcional] areas, (aif) Names of companies in wrich the person also holds the dreciorship and the membership of committees of the board. als Condition] Title No. Compliance status (Putin the appropriate colurmn) ‘Complied | Not complied Remarks (ifany) (won) |A Managements Discussion end Analysis signed by CEO or MD presenting cetaled analysis of ‘the company’s positon and operations along with bri discussion of changes in the financial staements, among others, focusing on (Gav) | ccouring poles and estnton for prenaaton cl {nara sateen, (6) changes in accounting pots and estimation, i ‘any, early descrbing the effect on financial peroranoe or resus and aril poston as wo sash ows in absolute igure for such changes; ‘Bae eompartve analysis (neudng eects of ination ‘of financial performance or results and franca poston as wel as cash flows for curent fan! year wih immediate preceding tve years ‘explaning reasons thereo {@x@) compare such nancial pororance or esuts ard financial postion 28 wel as cash flows withthe peer industry scenario, {@a)@) rely pian th franca and economic soenaro ‘ol he county and he ioe: (Gow eke and concems issues relied he franca ‘slalements, explaining such risk and concoms| mitigation plan of he companys nd (oojfa) future plan of projecton or forecast for ‘company’s operation, erfrmance and franca postion, wih justification thereot, ie, sctual positon shal be explained tothe shareholders in the next AGM (ow) | Declaration oF certcation by the CEO and te (CFO tothe Board a requred under conden No, (3) shall be disclosed as per Annexure: and (ow The report as well as corttcate regarding ‘compliance of condions of this Code as required under condition No. 9 shal be deciosed as por Annoxuo Band Annexure. 148) [Meetings ofthe Boerd of Directars the company ‘shall conduc is Board meetngs and record the minutes of the meotings 25. well as_koop! equied books and records in fine with th! provisions of the relevant Bangladesh’ Secretarial Standards (88S) as acogied by the Institue of Charired Secrets of Bangadesh’ (CSB) in so far as those standards are not inconsistent with any conciton of his Code Amato Ply vores Cogan unt Bt Compliance status {Put inthe appropriate column) Remarks: (any) [Compliod | Not complied 1) @ o @ Code of Condit forth Chaperone Board Imenbers and Che Executve Of Ie Gard shal ay coun a code of condi based on he recanmendano tho Nominalon land Remuneration Committee (NRC) at| lonaton No.6, forthe. Chairperson ofthe Board, oer board members and Chil recto Offer ote company "he code of conduc as deomirad byte NA) shal be posted on te nebote of the company Inising avong or, pruont condi erd benavor confdenaly, conf of ner |compliance with laws, rules and regulations; [prohibition of insider trading; relationship with| envionment, employees, customers. end ‘operand ncependeoy (Governance of Board of Directors of Subsidiary (company revs wang conpoien f Eoad Dred othe oking consary shal be made |applicable 10 the composition of the Board of Diractors| tessa eonpey. © 'Alleast (oe) independ drelor on the Board a [Drecors of the hoking company shal be a drctr| (an he Board of actors of he Subsisiry company. @ @ The minutes ofthe Board mesting ofthe subsidiary (company stall be paced for review at th folowing [Board meen o the hoking company. The minutes of ie respecive Board meting of te) okdng company shall ste that they have reviewed he afar ofthe subsiiary company alo, ‘The AUS Committe of he Nolcing company shal aso reviow the fnancal statements, in particular the investments made by the subsidiary company. Managing Diecoc (MD) or Chief Executive Oar (CEO), Chiof Francial Oficer (CFO), Head of Itornal_ Audit and Compliance (HIAC) and (Company Secretary (C3) wm ‘Appointment: @ The Goad etal appont a Nenagh Dex (MD o (Chie! Exeoutve Otioer (GEO), Company ‘Socotay (CS), a Ce Fraril Oc (CFO) and ' Hoad of itomal Audi and Compliance (IAC); map 21s eves Cop Lr 82 Condition] Title ‘Compliance status No. (Put in the Remarks appropriate column) (ifany) [Comptied | Not complied (©) _ |The postions of te Managing Decor (MD) or Chie! Executive Officer (CEO), Company], Secretay (CS), Chie! Francial Ofer (CFO) land Hoad of Intomal Audit and Complianco| (HAG) shal be fled by ctrent individuals; (@) |The MO or CEO, CS, CFO and HIAC of aisted ‘company shall nat hld any executive postion in)” any other company athe same tne; (@) |The Board shal clearty define respective roles, responsibiios and dus of he CFO, tho HIAG| andthe 8; (@) The WO or CEO, CS, CFO and HIAC shal not be No reroval happened ‘removed irom thir poston wihout approval of] ints year Ihe Board es wel as inerdalodsserinaton 1 Ihe Commission and stock exchanges) {@) _|Regurementoatiend Bars of Drei: Nesta [The MO or CEO, CS, CFO and HIAC of the] +“ ‘company shal ten the restings ofthe Board {@) [Duties ot Managing Drectr (HO) or Chet Executive) (Officer (CEO) and Chit Financial Ofcer (CFO: (@) |The NO ot CEO and CFO shal erty to te Bsr hat {hey nave revewed financial statement for he yea and tat tr est tht knowedge abot (@)0)|ttese statements do not contain any materaly luntre statement or omit any materal fact or \onfan statements hat might be misleading: and (@)Gi) hese statements together presenta true end er Iview of the company's affairs and are in) lcompliance wih exsing accounting standards and appicabe laws; (B) |The MD or CEO and CFO shall also cert tal Ihe are, tothe best of knowiedge and belet, no transactions ented into by the company] \during the year which ae fraudulent, legal orn Wiolation of the code of conduct for the \company's Board or is mombors; (@ |The cenfloston ofthe MO or CEO and CFO shall be disclosed inthe Annual Report 4. [Board of Directors’ Comatoe, For ensuing good! {governance in the company, the Board shal! have atleast folowing subcommittees: () Aut (Committee: and (i) Nomination and! Remuneration Commitee. fou a 28 | Pale Brera Coren Un 83 Compliance status (Putin the appropriate column) Remarks (any) [Complied | Not complied ‘Audit Committee © ‘Responsibility to the Board of Direciors a) © @ The company shall have an Audit Commitee a5) 'a sub-commitee ofthe Board of Dirociors. [The Audit Commitee stall assist the Board of [Directors in ensuring that the financial ‘slalements reflect true and far ew of the state ot atlas ofthe company and in ensuring good! monitoring system within the business, ‘The Audit Commie shal be responsibe fo te Board of Directors. The duties of the Aucl (Commitee shal be clearly set fort in writing, ‘Constitution ofthe Audit Commitiee @ ‘Audit Commitee sal be composed of al least 3 (tree) members. © o [The Board shall appoint members ofthe Audit) ‘Commitize who shal be non-executive drectrs| lof the company excepting Chairperson of the [Board and shall include at least 1 (one) independent rector, ‘Al members of te audit committee should be| “inancialyIteats* and at laest 1 (one) member ‘shall have accounting or relaled financial ‘management background and 10 (tn) years of such experience; @ © han the term of service of any Corimitee Imember expires or there is any cleumstance| causing any Commitee member o be unable to hold office before expiration of the term ol ‘service, thus making the numer of the (Commitee members to be lower than the [tescrived number of 3 (three) persons, the| ‘Board shal appoint the new Committee member to fil up the vacancy immediately or not later] {than 1 (one) month ftom the date of vacancy in ‘the Committee to ensure continuity of the [performance of work ofthe Ausit Commitee; ‘The company secretary shall act as the secretar| ifthe Commits. [The quorum ofthe Audit Comittee meeting shal not constitule withou' at least 1 (one) independent rector. map| Pep saves og Ls | 84 Condition] Title Compliance status {Putin the Remarks appropriate column) (ifany) [Compliod | Not compliod (9) [Chairman of the Audit Committee (a) |The Boat of Otecos sal eet + er) manor {he Audt Commitee to b6 Chaiman of he Aust)” (Commit, nh sal be an independent deci. {®)_|In the absence ofthe Crirperson ofthe Au] (Commit, the remaning members may elect lone of themselves as Chaiperson for thal particular meating in that caso there shall be no] 7 [oolem of constituting @ quorum as recured lunder condition No. 5(4)b) and the reason of absence o the regiar Chairperson shal be duly raoordes inthe mutes (@) [Chatman of the audi comitse shal remain) prosontn tho Annual Genoral Meeting (AGM). {@)_ [Meeting of the Aualt Commitee (@) |The Aut Commitee shal conduct at east four TTwelee audt commines meetings in a financial year: Provided that any meeting were held lemergency meeting In adotion to reguiar| +“ ‘during the yeor 2018 ‘meeting may be convened at the request of any [one ofthe members of the Committe: (b) The quorum ofthe meeting of the Aust Commitee ‘shall be constivted in presence of ether two imombers or wo tid of he members ofthe Aud] (Committee, whichever is higher, where presence | lot an independent director's 2 must. (©) Role of Audit Committee (a) [Oversee the financial reporting process. wv (0) | Monitr choice of accounting potcies and principles. | 7 (€) [Monitor intemal Control Risk management process. | 7 (@)| Oversee hig and paromance of edema audios | 7 (@) | hid eaing we he eel rst ats tevew ofthe annual franca stamens beore| sabrision tothe Board for aporvl adoption; {) |Rovew slong win te management, the annul Iinancial statements before submission to the)” board fo approval (@)[Peviow along win the manager, the quarto and hall yeary foancial statements before)” submission ote bard fr approval (h) [Review the acequacy of intemal audit function. ~ (@_|teview tne Managements Discussion and Anais) ‘before disclosing in the Annual Report; o Review statement of significant related party ‘rarszetons uti by th mene (® Revew Management Leters!Leter of irtemall Control weakness issued by statutory auditors. map | Peps ese CorpaLt|BB Compliance status ‘Putin the Remarks appropriate column) | (fay) [Complied | Not complied 0 (my ®, ‘oversee the determination of audit fees based on Iscope and magnitude, level of expertise ‘deployed and time required for effective auc land evaluate the periotmanco of extorall lauitors; anc oversee whether the proceeds raeed throug ial Pubic fering (IPO) or Repeat Public Oring RPO) or Fights Share Ofer have been utilized aa per the puposes stated i relevant offer document ‘or prospectus approved by tre Commission: Reporting of the Audit Committee NA @ ing to the Board of Directors 0 4 Ai (a) wo i@ Au. Commitee shall report on is avis {othe Board of Directors. |The Aust Commie shall redlathy report Fe) Board of Directs on the flowing finings, any FRoport on confit of intrest. ‘Suspected or presumed fraud or regulary or materia defect in the intemal contol system. None None wo ‘Suspeciod iniengorant of ws, including socurios elated laws, rules and reguistone, None we © 'Any other malt which shall be dlgciosed to th] 'Board of Directors immodiatly. poring tothe Auhories: if he Audit Commitee has reported to the Board of Directors about anything which has meto‘al impact on tho ‘nancial (condtion and rests of operation and has discussed Iwin the Board of Diecors and the management hal any recficalin is necessary and f the Audi (Commitee finds that such rectication has been lunreasonably ignored, the Audt Commitee shal report such finding to the Commission, upon poring of such mato fo the Board of Directrs forthe times oF competion of a period of 6 (se) months from the date of fist reporting to the Board of Dirotors, whichoveris oa. Reporting to the Shareholders and General Investors: Report on activites cared out by the 'Audit Committe, including any report mace io ithe Board of Directors under condition 34.1 (i) labove during the year, shall be signed by the (Chairnan ofthe Audit Committe and dsciosed In the annual por ofthe issuer company. msn Pee var None None esr Lets|88 Condition] Tite Compliance status No. (Putin the Remarks appropriate column) | (itany) ‘Complied | Not complied | ___ Nomination and Remuneration Comune (NAC) |()__ Responsibility tothe Board of Directors (@) |The company shall have @ Nomination and) ‘Remuneration Committee (NAC) as a |subeommites ofthe Board |®) Tho NAC shal assstthe Board informaiton of the nomination cxtera o* poicy lor determining qualiicatons, positive atibutes, experiences| and independence of directors and top level execute as wel as policy for fomel process] of considering remuneration of directors, top level executive; 6) The Terns of eterence (ToA) ofthe NAC shall be clearly sat forth in wring covering the areas, slated atthe canton No. 6{5) (0) (@) Constitution of the NAC members incucing an rector 1) |All mombers of the Commitee shall be non execute decors; (| Members of the Conmitioe sal be noniated) ‘and appointed bythe Board; {@) The Board shall have autholy fo remove and) appoint ary member of the Comite; 1) In case of death, resignation, dsqualifcation, or ‘eroval of any member of the Commitee or in any other cases of vacancies, the board shal fil ver Als 10 fc oy dr such ia) |The Commitiee shal compise of atleast tee) x SUIS ES -egung such vacancy in the ‘The Chaitperson of the Committee may apo 0¢ coopt any extemal expert and/or member(s) ol sla fo the Commitee as achisor who shall be nonvoting member, if the Chairperson feels that advice of suggestion trom such external expert andor member(s) of sia! shal be required or valuable forthe Commitee: (G)_ The company secretary shall act asthe seoretary) of the Commies: |R6) |The quonen ofthe NAC meeting stall not const) wou aterdanos fata aindepenser direc: 1 | Nomember i ‘0 ingirectly, any remuneration for any advisory or consulanc} 6 or oes, ethan Dears fees or honorarium from the company. ena pt | Pop nase Coan 57 Condition) ‘Title ‘Compliance status No. (Putin the Remarks appropriate column) | (any) ‘Complied | Not complied JO) Chairperson ofthe NRC |(@)_TheBeord shal solec 1 (one) member ofthe NAC ] |" {tobe Chairperson of he Commitee, woo shall |___ |e an independent rector (©) in ho absens of he Chaipason of he NAC, ta) [remaining members may lect one of thamseives 8s Charporson for that parcuar meeting, tho | {reason of absence of the reglar Ghasperson| Sec mxaorengee’ > ofthe NAC may convene emergency meeting upon request by any, | member ofthe NEC: | | {|The quorum of he meeting of he NAC shallbe constuted in presence of ether wo members OF two third of the members of the Commitee,| whichever is higher, whore presence of an) independent director is must as required under condone. 62h), The proceedings of each reeing of fe NAC sal hiy be recoded inthe minutes and such mites) | shal b confined inthe net meting ofthe NAC. | HO)_[Rcle ofthe WAC M = = (@)_|NAC shall be independent and reaporsie of) ] | __accountabe tothe Board an othe sharehoders: (@) NAC shall oversee, among others, the folowing) raters and make report wih recommendation |_|to the Boars: [formating teeter for determining qalcatons,| postive aroutes and independence of a director | ‘and recommend a poy lo the Board, relaing othe remuneration ofthe drectors, tp level executive, | ___leonsteng ne totowing: | [@) he ie and compostion of rrunerstion reasonable | and effi! fo trac, retain and motvale sual) | rectors on the company suceestily, (@) he relationship of remuneraton fo peormance | lear and meets appropriate performance! benchmarks; and Condition] ‘Title Compliance status No. (Putin the appropriate column) ‘Compiied | Not eomplied Jl@ remuneration to directors, top level execute) invohes a balance betwoon fixed and incentive pay reflecting shert and long-term pertormance) | cbjectives appropiate to the working of the | company and its goals: | (@_cevising a polcy on Boar's dversiy taking rio rectors and who may be apptintad in top level execute poston in accordance withthe cra) lad down, and rocommend thei appoiniment _and removal othe Board: (€) femuiaing to rar lor eakaion of paemarco) independent deetrs ad he Board [ey Hetiyeg the companys neds tor onplayeas ai! iertlowls and dericn fe sdectin resi) / cr rlaceren and petn ef: and (i) sles. rece as evavingwualy Ba eae ieteeaace an [ex |e) |The company shal dstose te noninaton ard remuneration policy andthe evaluaton cea and], tein NC te rat ge 17. External ‘Statutory Auditors I |) The issuer company shal not engage i exter statutory auditors to perform the following, services ol the company, namely: | |)__‘Appraisal or valuation services or times opcions. | 7 (@ Financial information sysioms design and) implementation. | il) |Bodkekeeping or othar senices related to the) > 1 eneog rei tees tment [()_ [broker-dealer services. L~ |W) Acuatal services. tv |) Intense sovies. jew i yal _setemies._ | |W) ator caricatan serves compliance ol ] j corporale govemance as required under! |ceetion and | (@ ‘any other service that creates coniiici of interest. | T T @ partner or employees of the external audit ferns shal possess any share ofthe company they aust} ‘at least during the: tenure of their audit assignment) ol that company. Zz g ail a 1s I deat 8) opr §9 ‘Compliance status (Put inthe appropriate column) [Complied | Not complied Remarks (itany) Roprosontative of exional or statutory auditors ‘shal remain present in the Shareholders! Meeting (Annual General Meeting or [Exaoidnary Goneral Mocting) to answor tho queries ofthe starenolders. Maintaining a website by the Company i) ‘Tho compary shal have an ofcal wbstoTrkod nih tne webste ofthe sock exchange [The company shal keep the webst funcional Irom the dato of ising The eompary shall make avaiable the dtaied isclosues on ts website as equted urde he ising regulations of the concemed sock lexchange(s) Reporting and Compliance of Corporate Governance ‘The company sall cian a cafes Tom al practicing Professional Accountant’ Secretary (Cratered Accounlan/ Cost and Management ‘Accounland Chasiored Seceian) regarding compliance of condlions of Corporate (Governance Guieines of the Commission ard shall snd the samo to tho shareeldos along th the Annual Report ona year basis. The professional who wil provide the cerificate ion compliance of this Corporate Governance (Code eal be appointed by the shareholders in| {he annual general meeting ‘The ciectors of the company shall site, in accordance with the Annoxure atachod, in the (directors! report whether the company has complied with these conditions. 2 core Une 60 DIRECTORS’ REPORT Bismillahir Rahmanir Rahim, Dear Shareholders, Assalamu Alaikum, With immense pleasure, | on behalf of board of directors of Popular Life Insurance Company Limited presenting directors’ report for the year ending 31st December, 2018 you would be dolighted to know that the year 2018 was a milestone in terms of highest revenue earings til ‘now in the history of your beloved company. Despite of presence of some macro-economic indicators, your company confidently attained this significant achievement. Financial Result: During the year, total premium income of the Company Increased to Tk. 803.87 Crore from Tk. 501.04 Crore of 2017 registering a magnificent increase of 60.44% over last year rovenus. ‘The summary of premium income under schemes has been given below. ovata | Pp arog 6 Particulars First year premium : Individual Lito Janapriya Bima Islami Bima (Takatul) ‘ALAmin Bima Islami DPS Bima Popular DPS Bima ‘A\-Barakah Islami Bima ‘A-Barakah Islami DPS Bima

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