report 2015 2 Q PROGRESSVE Progressive Life Insurance Company Limited Progress with ProgressiveAnnual Report-2015 e Q PROGRESSVE Progressive Life Insurance Company Limited Progress with ProgressiveTable of Contents Corporate Directory 03 Transmittal Letter 04 Notice ofthe 16th AGM 05 Financial Statistics 06 Graphical Presentation 07 Company'sinformation 09 Board of Directors 10 Board Committees 11 Directors Report 12 Report of the Chairman of Audit Committee 16 Declaration of EORCFO 18 Compliance Report 19 Corporate Governance Compliance Certificate 28 ‘Auditors Report 29 Balance Sheet 33, LifeRevenue Account 35 Cashflow Statement 37 Statement oflife Insurance Fund 38 FormAR 39 Statement of Change in Shareholders'Equity 40 Notes to the Financial Statements 41 Schedule of Fixed Assets 55 Schedule of Land and Building 58 Schedule of Expenses of Management 58 Directors Certificate 60 Network of ProgressiveLife 61 Proxy Form & Attendance Slip, 63CORPORATE DIRECTORY = Company Name ‘= Incorporation of the Company = Commencement of Business = Registration Certificate for Insurance business f= Signing of Fist Insurance Business = Agreement with CDBL = Consent Received from SEC for Issuance of IPO Share ® Publication of Prospectus = Subscription Opens |= Allotment of PO Shares "= Listed with Dhaka Stock Exchanges and Chittagong Stock Exchanges First Trading at Dhaka Stock Exchange and Chittagong Stock Exchange = Holding the first public AGM (6th) = Declaration of first policy bonus "= Ist Extraordinary General Meeting OBTAINED MEMBERSHIP CERTIFICATE FROM: '= Bangladesh Association of Publicly Listed Companies Progressive Life Insurance Company Limited. {6 January 2000 6 January 2000 27 February 2000 28 June 2000 28 June 2005 5 July 2005 6 July 2005, 8 October 2005 21 November 2005 2 January 2006 2 January 2006 26 September, 2006 31 December 2008 29November 2011 19May 2010LETTER OF TRANSMITTAL To All Shareholders Bangladesh Securities and Exchange Commission Insurance Development and Regulatory Authority Registrar of Joint Stock Companies & Firms Dhaka Stock Exchange Ltd. Chittagong Stock Exchange Ltd. Central Depository Bangladesh Limited Allother stake holders ‘Subject: Annual Report for the year ended 31 December, 2015. Dear Sir(s) We are pleased to enclose herewith a copy of the Annual Report-2015 together with the Audited Financial Statements for the year ended 31 December, 2015 of Progressive Life Insurance Company Limited for information and record. Yours faithfully Md. Johir Uddin Company Secretary Incharge)DUET (ATS) aS raat FETA cot seer 28H cota elect eI Company Matter No. 147 of 2016 fore o9/oe/zode &e wares a @ MITRE STILE eras mre BaP STAT commit faincee satire CHARGING RTAT TR GH, core TRMETes (Pending) wer (carp) ae ara He BAPE we feceraT Besar, aerom (RBELR), suo/a SreaTen, FEaTa GATE, ora SITY 33 crcbee, sores, ce YeeaE ce 33:00 WBarr abe eee | See ‘sie Frew aR Par areIBT STAB | FEAT ARE Ca ST Asie TIENT STENT o3cr ferns, aoe f& ame ame ad-aware Bre corre oftomeretia afer, ftteaqome afiocenn, Rafe Rote se, REO] © ET | SCHON AAS! & 1 eTEHT CATAST | STERE- 0 | oRomagins wera ses 6 ode SETTER sftorrenetta ere, arf gu wn, go5> fie 4b’ os ate ome ofa Bis a cont ibe (srsers) 03 | red cBB 28 WB, gon Be) coe CRMECATSTENC A Bo wR eT crm cfs age Ce Tre TE BoE KOT ae MET seme eM we 08) FEM BAYS 6 Ca eines areata ae AT wie eS MRR oH ‘emo ware wee | ere =f corms ea CHRIS FON MT KERR | 29) ef wee Sat go). (a) Bie Hoe eT BreyS TE ae at Here PE Pa eB WB) ceo CTS FH a ce HE 08 | nenipromigrs fremt oftés er et carom ee etn come Peete eee EA Br See 6 ie eam cab am ary of aT LE Re | frm: erm Sesto Te ame afier-ce fers RORY RerNTREOE) Sock. sbe/3@8 Wat 8, cove CHRUM wer HM SET (CapH) aR ACRE TE ores rm a |FINANCIAL STATISTICS. Business Performance-2015 (Amount in Crore) Particulars [2015 2014 | 2013 2012 2011 “First Year Premium 22 | 1885 | 249 | 4555 | stat Renewal Premium 6329 | 5838 | 7231 | 11595 | 105.96 Group & Health insurance Premium "352 | 323 121 092 oni Gross Premium aoo1 8046 95.01 | 16242 | 15808 lnvestment income 2a7r_ 1925) —1513«| 1676 =| 1546 Claims (5908) 51774528 | 2965 | 2187 Management Expenses a)Commission zz | 2105 | 2598 | 4283 | 4807 b) Admin. Expenses 2012 | 2006 2231 1533 | 1299 Total Management Expenses (a+b): 4238 041.11 48.25 58.16 | 61.06 Assets Z 31791 30263 29359 ©3381 | 29982 Life Fund 270.07 26293 26255 | 36469 | 284.10 Claims to Premium (%) 227% | 6434% | 47.62% | 1826% | 1383% | Management Expenses to Premium (%) | 47.61% | 51.09% | 50.78% | 35.81% | 38.63% Net Assets Value per share (in taka) 24.98 1831 1802 37.11 | 40.50 Dividend on face value of share | | - a) Cash Pa 596 pet z : - ») Stock 596 pose : - 18% 18% Business Growth Particulars 2015 | 2014 | 2013 2012 2011 | mH) OH) (%) | Premium 1063 | (15314 | 1504) | 2745 «| 21.34 Assets 505 0031 (0.235) (0.280 0.403 Life Fund = 272 0.001 (0.280) 0.284 0418GRAPHICAL PRESENTATION OF BUSINESS PERFORMANCE Premium Income iFirst Year Renewal "= Group Insurance 201520142013, 2012__| 2011 15 Gros Premium Fist Vear 2_| teas | 249 | 4555 | 5141 Renewal e329 | saa7 | 7231 | 11595 | 10596 | Grouplnsurance | 352323 121 092 ont Gross Premium | e901 | 8046 | 9501 | 16242 | 15808 Life Fund wife Fund Growth Rate aois_| aoe | 20a | 202 | 201 | 2010 | 2009 ierind | aroar | 26293 | 26255 | 36469 | 2041 | 2002 | iat07 ‘Gowinfate| 272 | 01 | 2801 | 2837 | «150 | aie | eas | Investment Income ssinvestrent Income 2015 2014 2013 2012 2011 2010 2009GRAPHICAL PRESENTATION Claim Settlement o 2 2 2 20 0 2015 ° ———— 2014 cea | sura) |surentr | wootaicr| Group | Matecny ssl aaa am | tenet ‘cam 202 fois) ae | aeoa | 20a | 039 | a7 | a1a2 ss8 2011 fois) 132 | suze | 208 | 035 | ose | 1761 577 fois) 0s | azes | 233 | 028 | cos | 1394 4524 2012, 1.47 26s | 0.80 0.12) oO 56 20.64 ipo] asx_| ae30 | 060 | oos | 0 | a2 ma Investment "Government Secures "share wy 21s | 201s | 2013 | 2012 2011 | 2010 | 2009 ‘Land and building (Governeent Secures |152.76/137:33|112.72 30013 6868 | 51.74 | 3527] mixed depost account Se | 1208 | 2as2 | 2563 | 1981 | 2037 2671 | 811 seated Landandbuidng | nay |anaa | 4825/3139 2158 | 526 | 0 Feed depoatoccount | 4999 | 4002 | 428 | a | A267 | 3917 35.17 “orlivestment 26348 25031) 2304 1923 154.26 122.88 7855COMPANY'S INFORMATION HEAD OFFICE National Scout shaban (sth, 6th, 7th & 8th Foor) {60 Anjuman Mofidul slam Road Kakall Dhoka-1000 PHONE & FAX Phone:86-02- 9348530, 9350301 Mobile:0171-430 000 Faxc88-02- 8315373 CORPORATE MAIL & WEBSITE Email:progress@bdcom.com Info@progressivelife.com bd www progressivelifecom.bd NATURE OF BUSINESS Life Insurance Business RE-INSURER General Insurance Corporation of India (GIC) ‘AUDITORS Hoda Vast howahury & Co, Chartered Accountants TMC Bhaban (7th & th Floor) 7-9, Karwan Bazar Commercial Area Dhaka-1215 CONSULTING ACTUARY ‘Mohammad Soharab Uddin PHD, AIA House #6, Road #12 Sector # 13, Utara Model Town Dhaka-1230 BANKERS Janata Bank Limited Pubali Bank Limited ‘Utara Bank Limited Islami Bank Bangladesh Limited Dutch Bangla ank Limited Prime Bank Limited Southeast Bank Limited Bangladesh Krishi Bank Ralshahi Krishi Unnayan Banke Sonali Sank Limited MEMBERSHIP Bangladesh insurance Association Bangladesh Association of Publicly Listed Companies Federation of Affo-Asian Insurers and Re-InsurersBOARD OF DIRECTORS 5 ‘Mr. Abdul Malik ~Mr.Gulam Mostafa Ahmed ~ - DIRECTORS) ‘Mr. Bajloor Rashid, MBE Mr.Babel Miah Mr.Mezanur Rahman Ms. Nadia Shah L Mr.Kamal Miah : Mr. Khurshid Alam preset of Ceci. Mr.Nasir A. Choudhury Prof Dr Niaz Ahmed Choudhury Mac Tsk Chowhy Mrs. Nahid Chowdhury Mr.R.K. Chowdhury, MBE ‘Mr.Syed Abdul Muatadir MrcNoor Mohammed Bhuiyan. ~BOARD COMMITTEES Mr Nasi A.Choudhury Chairman Mr Babel Miah Member Mr Abdul Mali Member Me. Kamal Miah Member Mrs.Nahid Chowaihury Member Mr Prof De Niaz Ahmed Choudhury Member Mr Syed Abdul Mugtadir Chairman (independent Dkecton Mi.Nazim Tazik Chowdhury Member Mr.Gulam Mostafa Ahmed Member McMezanur Rahman Member ‘Mi-Rathindre Kumar Chowdhury MBE Member {independent Director Member Ms. Nadia Shah Memberafrorreaeata aera FRE TETRIS SPP SIRT | care ae Bathera coro fate ftom STITT SES sPoerTaTT 6 meee wer TT oN oT ee Peevey er ahh ee NEN aR MTR TET TT are efter efEreeR et 09 Cr FSOTRT,xo3e BE afiey mas a4 weneE way Frfteces aferere we age errors mes Seen ACE TAT TORT UAT FE S| sean tore on cae oc FECA Roe Re HEE TATE ad |e afer wrfere ona ‘Rracore afaorere fio Se Serabe ae ame afer ot aM 2038 Re TT FR aTeE a FIE/Z000-re0/, 226) Srey semaeh ora Bathe gue ch ee, ee Sa aH TE Tate mH oe OI coe oto Race at oe aT ater ext ASOT Sose-xose AieHa Fae ad wee ST Seay FEN cade Cea @ ere feet A emt oT DH os con Toe ameoroy wa caoNtE Fare Stee fora Rane sire Srace oP amt SAT TRE Ge coe BOE aaTBoOT eset fer ore Sores ne ee eure fadte ariaee Fe ATA | pat SOT ONE TF CTS TRS ET ARTE ST wuts ormrers, tres, Sar Same © free vel Be eae Mie, ST Ss eae HAE az ora RecenfSOe eter ME on wes TICE ef sos 6 geet orem wate come aTRT se sfomeqy, ions, ceqram fags amy cat cemartiors of woe of ater « ecefieR oes eae OTE CT RTE | roar, aR Brae RSI om cece eb Fe RE mT, ME Bias wih « wh wie fA Rire alte Cae wT SET © OTE ATE oRSRETOAT 0, Raye ore ae ouTRTA, *Aaorerat ofReport Of The Chairman Of Audit Committee Audit Committee In compliance with the notification no. SEC/CMARCD/2006-1581347/Admin/44 dated 7 August 2012 of Bangladesh ‘Securities and Exchange Commission (BSEC) on Corporate Governance Guidelines, the Audit Committee of Progressive Life Insurance Company Ltd. (PLICL) is constituted to act as a Sub-committee of the Board of Directors to provide independent oversight of the company's financial reporting, non-financial corporate disclosures, internal control systems and compliance to governing rules and laws etc Members of the Committee ‘The committe is comprised of the following 6 (six) members: SL] Name of Directors Status with Company | Status with Committee ‘1 | Mr.Syed Abdul Mugtadir Independent Director Chairman 2 Mi.Gulam Mostafa Ahmed Sponsor Director Member 3.| McMezanur Rahman Sponsor Director Member 4) Ms.Nadia Shah | Sponsor Director Member 5 McNazim Tak Chowdhury Shareholder Director Member 6 Mi.Rathindra Kumar Chowdhury MBE Independent Director Member Meeting and Attendance During the year under review the Audit Committee held 05 (five) Meetings and attendance was 85% on average. Role of Audit Committee ‘The Audit Committee is empowered to consider any matter relating to the financial afairs of the Company and to review all internal and extemal audits internal control systems and procedures, accounting policies, etc. soas to ensure that a sound financial reporting system is established and well-managed in order to provide accurate, appropriate and ‘correct information in time to the Board of Directors, the Regulatory Authorities and the Shareholders. Activities of Audit Committee ‘The Audit Committee of PLICL accomplished following activities as mentioned below during the year ended December 31,2015. 1) Financial Results Reviewed the quarterly, half yearly and interim Financial Statements of the Company and recommended to Board of Directors for consideration. Reviewed the Annual Financial Statements of PLICL prior to submission to the Board for consideration and approval. The review focused mainly on any changes of accounting policy and compliance of applicable ‘Accounting Standards and other Regulatory and Legal requirements,ii) Internal Audit Reviewed the Annual Audit Plan and ensured comprehensive coverage of the Company activities. Reviewed the Audit programs, resource requirements for the year and assessed the performance of the Internal ‘Audit Teams forthe year under consideration, Reviewed the internal Audit Reports and recommendations vis-a-vis management responses to these recommendations and actions taken to improve the system of Internal Control Procedures of the Company. ill) External Audit The Committee met the external Auditors and reviewed their findings and recommendation and the ‘Managements response thereto. iv) Internal Control ‘The Audit Committee reviewed the effectiveness of the Internal Controls and the Procedures to identify the risks. Observations i) Progressive Life insurance Company Ltd.(PLICL) performed well in 2015. iy Financial results of Progressive Life insurance Company have improved with higher profitability. i PLCL followed the Principles of Transparency and Accountability, jv) PLICL is managing risks with management acumen and the risks involved with insurance business of the Companys adequately controlled | The Audit Committee is of view that adequate Controls and Procedures are observed to ensure that the Company Assets are safeguarded and that the financial matters of Progressive Life Insurance Company is managed well. Compliance with existing laws and regulations The Audit Committee reviewed whether the laws and regulations framed by the regulatory authorities and intemal Circularfinstructions/policy/regulations approved by the Board and management have been complied with. The minutes of the Audit Committee meetings containing various suggestions and recommendations to the management and were placed to the Board fo ratification on regular basis Approval of Financial Statements ‘The Audit Committee reviewed and examined Annual Financial Statements for the year ended 31 December 2015 prepared by the management and audited by external auditors Hoda Vasi Chowdhury & Co, Chartered Accountants {a per the Judgement delivered on 11.12.2014 in the Hon'ble Supreme Court of Bangladesh, High Court Division and submitted to the Board for due consideration and approval. lanalenr aes Place: Dhaka Date: 18 uly,2019Declaration Of CEO and CFO Date: 21 July,2019 Board of Directors Progressive Life Insurance Co.Ltd. National Scout Bhaban (Bth Floor) 60, Anjuman Mofidul stam Road Kakrall, Dhake-1000. ‘Sub: Declaration of CEO and CFO to the Board of Directors (1) We have reviewed financial statements of the company for the year ended 31st December 2015, and, tothe best of our knowledge and belief: (a) These statements do not contain any materially untrue statement or omit any material fact or Contain statements that might be misleading: (b) These statements together present true and fair view of the companys affairs and are in compliance with Bangladesh accounting standards (BAS) and other applicable laws. (2) There are, to the best of our knowledge and belief no transactions entered into by the company od)(0) Directors, CEO, Company Secretary, CFO, Head of Internal ‘Auditand their spouses and minor children: Mr. Abdul Malik, Chairman 389872 'Mr.Gulam Mostafa Ahmed, Vice-Chairman 467885, ‘Mr. Baioor Rashid, MBE, Director 428859 ‘Me. Babel Miah, Director 389872 ‘Mr. Mezanur Rahman, Diector 311897 Mr. Kamal Miah, Director 269607 Mrs. Nadia Shah, Director 263140 Mr. Khurshid Alam (epresentve of Secs td) 8ao10 Green Delta ns. Co. id 1500992 Representative Directors: Mr. Nasir A. Choudhury Prof. Dr. Niaz Ahmed Choudhury Mr, Nazim Tazik Chowdhury, Ditector 79433 Mrs, Nahid Chowdhury, Director 4288 TS (aT recutives Ni 1.5 00x) (8) Shareholders who are holding 10% or more shares: 1500992 Green Delta insurance Co. Lid.fi Corporate Governance Compliance Certificate Mak &Co. Chartered Accountants Certificate of Compliance to the Shareholders of Progressive Life Insurance Company Ltd. On the Conditions of Corporate Governance Guidelines ‘We have reviewed the statement of compliance of Conditions of Corporate Governance guidelines prepared by the menagement of Progressive Life Insurance Company Ltd. to comply withthe Notification No, SECICMRRCD/2006-158/134/Admin'44 dated 7® August 2012 of Bangladesh Secures and Exchange Commission (BSEC). The responsiblity for compliance with the Conditions of Corporate Govemance Guideline is that of the Board of Directors of the company. Our responsibilty is to review, to the extent where such compliance can be objectively verified, whether the statement of compliance reflects the status ofthe Company's compliance with the provisions of the conditons of Corporate Governance guidelines and report if t does rot. Based on our review, we certly that the status of Compliance statement appropriately reflect the CCompany/s compliance, in all material respects, with the best practices contained in the Conditions of Corporate governance as applicable to the Company except as stated in the status for the year ended on 31% December, 2015. M.A. Kawsar, MBA, SCM (P), FCA Dhaka, 30 July, 2019 Partner eer ae en SFA Beceem rem, | Sap rroansae Ketone Dkei2is | Seeonetosass infmaknennet Sse ni SS aAUDITOR'S REPORT & NOTES TO THE FINANCIAL STATEMENTSHoda Vasi Chowdhury & Co. Chartered Accountants BIMC Bhaban (7th & 8th Floor) 7-9 Karwan Bazar Commercial Area Dhake-1215,Bangladesh INDEPENDENT AUDITORS' REPORT ‘TO THE SHAREHOLDERS OF PROGRESSIVE LIFE INSURANCE CO. LTD. \We have audited the accompanying financial statements of Progressive Life insurance Company Limited (the Company) which ‘comprise the balance sheet as at 31 December 2015, the related life revenue account, statement of changes in equity and statement of cashflows for the year then ended and a summary of significant accounting policies and other relevant explanatory rotes thereon. ‘Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards (BFRSs) and for such intemal control as management determines is necessary to tenable the preparation of these financial statements that are free from material misstatement, whether due to fraud or error. ‘Auditors’ Responsibility (Our responsibilty is to express an opinion on these financial statements based on our audit. We conducted our audit in ‘accordance with Bangladesh Standards on Auditing (BSAs). Those standards require that we comply with ethical requirements, ‘and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. ‘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 judgement, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risks assessments, the auditor considers Internal control relevant to the entity’ preparation and fair presentation of the financial statements in order to design audit. procedures that are appropriate in the circumstances, ut not for the purpose of expressing an opinion on the effectiveness of the entity’ internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, 2s 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 qualified audit opinion. Basis for Qualified Opinion i. There appear differences for total number of bank accounts between reported accounts and source documents ‘maintained by the Company. As per audited report of 2012, total number of bank accounts is 1,106 whereas as per records ‘number of bank accounts appears 1,023, We were not given the lst of total 1,106 bank accounts but this bank account ‘number Is incorporated in the nancial statements of 2012. The management of the Company could not provide us any satisfactory explanation regarding the adaitional bank account whether these are at all in existence or not. As such, ‘amount lying in those rest ofthe 83 accounts could not be verified by us;|i, We mere not provided with cash certificates in support of cash in hand for branch offices except a list of such branch names and amounts. As a result, we could not verify these balances satisfactorily; ii The Company has a flat in Chittagong at a cost price of Taka 34,689,801 ownership of which is disputed and legal proceeding is in process. The Company could not take over any possession as yet but included in land and building deviating the principle of capitalization as per BAS - 16; iv. fy, The Company has 51% shareholding in its subsidiary company namely Galaxy Capital Ltd. The investment in shares of this company was Taka 30,855,000 Further, the Company could not provide us any document with respect to approval from regulatory body as required inthe Insurance Act 2010 for the aforementioned Company. However, the Company also invested amounting Taka 129,500,000 in Alpha Capital Management Ltd in 2009 but in respect of Aloha Capital Management Limited, we have seen a letter of the Company dated 24th March 2010 seeking approval but no response Could be seen. Further the consolidated financial statements have not been prepared for Galaxy Capital Ltd as per BFRS 10-Consolidated Financial Statements'resulting in violation ofthat particular BFRS; The Company has paid loan to Galaxy Capital Limited on various dates in order to expedite the operational work But they ‘could not provide us any approval from relevant authority indicating violation of insurance Act 2010 Section 44 (3) or ‘agreement related to this loan payment except a resolution of board meeting held on 24 December 2012. Apart from this, ‘accrued interest of loan provided to Galaxy Capital Limited has not been considered for 2015. Further, accrued interest of loan from Galaxy Capital Limited up to 2012 has not yet been recovered and balance has been caried forward tl the date of this audit vi. As disclosed in note 9.01 in the accomparying financial statements, no computation has been made for provision for taxes. Income taxes provision has been made on lump sum basis as a result, the amount of under provision could not be ‘worked out and the profits overstated to the extent of under provision; Qualified Opinion 17 Our opinion subject to the contents ofthe above paragraphs and except for the effects of such adjustments as might have been determined by the Company, the financial statements prepared in accordance with Bangladesh Financial Reporting, Standards (BFRSs), he Companies Act 1994 and other applicable laws and regulations, give a true and fair view of the state of the company’s affairs as of 31 December 2015 and cf the results of its operations and its Cash Flows for the year then ended and smply with the Companies Act, 1994, Insurance Act,2010 and Insurance Rules 1958, Securities Exchange Rules, 1987 and other ‘pplicable laws and regulations We also report that: 8) wehave obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purposes of our audit and made due verification thereof; 5) in our opinion, proper books of account as required by law have been kept by the Company so far as it appeared from ‘our examination of those books and (where applicable) proper returns adequate for the purpose of our aut have been received from branches not visited by us and incorporated in the accompanying accounts; the Company's balance sheet and life revenue account and cash flows dealt with by the report are in agreement with the books of account; the expenditure incurred were for the purposes of the Company's business;2) _as per Section 62 2 of the Insurance Act 2010, we certify that to the best of our knowledge and belief and according tothe information and explanations given to us all expenses of management wherever incurred and whether incurred directly or indirect in respect of insurance business of the Company transacted in Bangladesh during the year under report have been duly debited to the elated revenue accounts of the Company: and. £) as per Regulation 11 of Part 1 ofthe Third Schedule of the Insurance Act 1938 as amended, we certify that to the best ‘of ourinformation and a 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 any of ts business re-insured abroad. (ahs l, Dhaka, 24 May 2017, Chartered Account’Progressive Life Insurance Co.Ltd. BALANCE SHEET Asat 31 December 2015 “Amount (in Take) CAPITAL AND LIABILITIES Authorized share capital 401 Authorized 75,000,000 ordinary shares of Taka 10 each Issued, subscribed and paid-up capital 12,865,776 ordinary shares of Taka 10 each 402 128,657,760 «alle and paid-up in full Balance of funds and accounts 5.00 2629255,191 Life insurance fund Fair value change account 6.00 (2,264,163) ‘Amount due to other persons or bodies 7.00 91691,130 carrying on insurance business Liabilities and provisions 261,959,251 Estimated liabilities in respect of outstanding 8.00 169,224,556 claims whether due or intimated Sundry creditors 9.00 88.678,406 Premium deposits 10.00 669,209 Other deposits 11.00 3,387,080 ‘These financial statements should be readin conjunction with the annexed notes from 1 0.28. fe Brreole ‘Moshihor Rahman ACS Bipul Chandra Nath ACA Dipen Kumar Saha Roy FCA Company Secretary Chief Financial Officer Chief Executive Officer Place: Dhaka Date:24 May 2017BALANCE SHEET ‘Asat31 December 2015 PROPERTY AND ASSETS Loans on insurers policies within their 5 surrender value Investments, 5 ‘Statutory deposit with Bangladesh Bank Investment in government securities Investment in equity shares of the companies Investment in shares and others Land and building (at cost less accumulated depreciation) Annexure) Interest, divi not due nds and rents accruing but 1“ ‘Amounts due from other persons or bodies carrying on insurance business Advancesand deposits x Sundry debtors 16 Outstanding premium 7 Cash and cash equivalents it Stamps, printing and stationeresin hand 8 Fined asets (at cost less accumulated 0 depreciation) Amount fn Tako) 24217215 2,102,831,747 75,000,000 1,358,295 577 166,066,810 79,072:694 484,306 666 101,574,073 329,042 89,643,790 51,229,624 626,545,905 443,798 25,783,975, 026,299,169 These financial statements should be read in conjunction with the annexed notes from 1 t0 29. "Nazim Tazik Chowdhury Director Director ‘Abdul Malik Chairman ict) LMhotf al, Hoda Vasi Chowdhiiry & CO. Chateted AccountantsProgressive Life Insurance Co. Ltd, LIFE REVENUE ACCOUNT For the year ended 31 December 2015 DEBIT ‘Amount (in Taka) Claim under policies (including provision for claims due or intimated) less reinsurance as By death 1.184307 By maturity 175687520 By surrender 1080701 By survival benefit 312768010, By group caim 3374240 By hospitalization 3463355 319345 733 By prof commision (530047 ~si7715,606— Expenses of management [Annexure 8] 411,176,869, Other Expenses: : Depreciation on ined assets 15559093 Ta002366 Depreciation on building 650958 Realzed loss on investments 8278302 Income tax expenses 10,000,000 | 10,000,000 ~ 26,256051 37,069,826, Balance of life fund at the end of the year -2,700,668,840 2,629,255,191 as shown nthe balance sheet “Sree = 3505207571 ——— Rurcele Moshihor Rahman ACS Bipul Chandra Nath ACA Dipen Kumar Saha Roy FCA Company Secretary Chief Financial Officer Chief Executive Officer Place: Dhaka Date:24 May 2017‘LIFE REVENUE ACCOUNT Forthe year ended 31 December 2015, cu “Amount (in Taka) Balance of life fund at the beginning of the year 2,625,463,536 Premium less re-insurance a First year premium (Individual Life) 130,746 157 First year premium (Sujon Bima) 40,481,754 First year premium (slami Bima Takaful) 10,931,901 First year premium (Surtid Bima) 5479581 First year premium (Darussalam Bima) 928,508 188567897 Renewal premium (individual Life) 482,959,176 Renewal premium (Sujon Bima) 87,987,725 Renewal premium (Islami Bima Takaful) 7,201,448 Renewal premium (Surrid Bima) 3.168680 Renewal premium (Darussalam Bima) 2,407,588 588724617 Group lfe and health insurance premium 32265577 ‘Total gross premium 804,558,091 Less:Re-insurance premium 8144178 ‘Net premium 736413913 Interest dividends and rents 2 796318679 Otherincome B 898,030 ‘Adjustment a (23876587) 173,340,122 17/571 First year premium, where, the maximum premiums paying period is ingle year 5658735 Two years : Three years | 3 Fouryears : 32857 Five years 61491 127400 Sixyears 51,948 251,212 Seven years D738 404,153 Eight years 154452 539,788 Nine years 54403 244,303 Ten years 9,107,731, 1333897 Eleven years 216,398 434,305 “Twelve years and above 210,915,095 1795541,247 Total 222,035.21 188,567,897 | These financial statements showlee read in conjunction with the annexed notes from 1 t029. i Nazim Ce fat Taye Ly Wvtlast- fl, ya Abdul Mugtadir Abdul Mak Hoda Vasi Chowdhury & CO. Director Disctor joka Chartered AccountantsProgressive Life Insurance Co. Ltd. ‘STATEMENT OF CASH FLOWS For the year ended 31 December 2015 “Amount (in Tako) Cash Flow From Operating Acti Calection from premium 364,466,727 Other income received 898030 Payment for claims (460,194,400) Payment for management expenses, commiss (423610638) reinsurance and other expenses Current yer acjusments (23876587) Cash generated from operations (42316868) Tax paid during the year (16989598) Net cashflows from operating activities ($9306467) Cosh Flows From Investing Activities ‘Acquisition of fixed assets. (9,983,400) | Loans on insure’ policies within theirsurender value (4809550) Collection of loans on insurers policies within their surrender value 2374744 Investment in shares and government securities (214,600,985) Investment inequity shares of companies é Loanto Alpha Capital Management Limited and Galaxy Captl Limited 3673232 Investment in land and building (29645,493) Interest and dividends received 187420407 | Net cashflows fom/(used in) investing activities (38,571,045) ‘Cash Flows From Financing Activities - "Net increase/(decrease)in cash and cash equivalents (iszar7si2)] ‘Cash And Cash Equivalents AtThe Beginning Of The Year Cash And Cash Equivalents At The End Of The Year 626,545,905 ‘Moshihor Rahman ACS Bipul Chandra Nath ACA Dipen Kumar Saha Roy FCA Nazim Tazik Chowdhury ‘Company Secretary (Chief Financial Officer (Chief ecutive Officer Director pipet Kaye Glace pais ae poe. Q PROGRESSNE, Progressive Life Insurance Co. Ltd. ‘STATEMENT OF LIFE INSURANCE FUND Forthe year ended 31 December 2015 Particulars A. Property And Assets: Loans on insurer's policies within their surrender value ‘Statutory deposit with Bangladesh Bank Investment in government securities Investment in equity shares of the companies Investmentin shares and others Land and building (at cost less accumulated depreciation) Interest, dividends and rents aceruing but not due ‘Amounts due from other persons or bodies carrying on insurance business ‘Advances and deposits Sundry debtors ‘Outstanding premium Fixed deposits with banks Current and shore term deposit accounts with banks Cash in hand -Head Office Branch petty cash Collection in hand Stamps, printing and stationaries in hand Fixed assets (at cost less accumulated depreciation) B. Liabilities And Provisions Amounts due to ather persons or bodies carrying on insurance business Estimated liabilities in respect of outstanding claims whether due or intimated Sundry creditors Premium deposits Other deposits Fair value change account Gross Fund (A-B) Less: Issued, subscribed and paid-up capital “Amount (n Tako) 2015 2014 DATS AGA maai7215 | 15,000,000 15,000,000 1512378389 1,358,295,577 38,566,810, 166,066,810 92.218,857, 79,072,694 483,707,708 484,396,656 139,281,307 101,574,073, 329042 329,042 101,452,603, 189,643,790 1.780754 48,086,943, 51,229,624 499,935,479 400,198,355 100,374,940, 120,751,693 729,749 518,344 45,505,584 43,088,923, 55,398,921 61,988,590 5,102,241 4,143,798 21,804,788 25,783,975 | 3,179,127,578 39026 299,169, 14541768 9,691,130] 235,056,882 169,224,556] 99,048,985, 88,678,406! 1333316 669,209 3,725,940 3,387,080 (4,305,908), 6,264,163) 349,800,978 268,386,218 2,829,326,600 2,757,912,951 128,657,760 128,657,760 2,629,255,191 aS Rrcole ‘Moshihor Rahman ACS Bipul Chania Nath ACA Dipen Kumar Soho Roy FCA Company Secretary (Chief Financial Ofer (Chief Executive Officer ao j Nazim Tazik Chowdhury Director ‘Abdul Malik Chairman ite serance Cot.PROGRESSVE. Progressive Life Insurance Co. Ltd. FORM-AA Classified Summary of the Assets in Bangladesh ‘As at 31 December 2015, Class Of Assets: Book Value Market Value Remarks Investments 2136677672 2131871764 Statutory deposit with Bangladesh Bonk 75,000 000| 15,000,000 Rico Investmentin government secures 1512378389 1512378369 cos Investmentin ely shares of the companies 38566810 38566810 Rediablevaue Investment in shoes and others 7024765 82218857] tte Land and building (at cost less accumulated depreciation) |_483,707,708 483,707,708 | At Cost Ccashand cash equivalents 701944673 701544673 Fixed deposits with banks wasa5A79 aaa Teale wae Currentandshorcterm depos accounts with banks | 100.374940 100374940 fesinbleiae Cashin hand- Heed ofc 729749 729749 feaiblevae Branch petty cash 45505584 45505504 Reainble ae Colectioninhand 55308901 55398921 Bookvaue Interest dividends and rentsaccruing btnot due [139281307] ‘Amounts due from other persons or bod 329,082 329,082 Bookvate carrying on insurance business Other assets 205,700,792 205,700,792 Advances and deposts [orasaeos TOIASR OS Teokahe Loans on insures polcies within theirsurendervaive | 27473464 27A7364 Resale vie Sunde debtors 1700734 1780754 Bookrale Outstanding premium 8086983 8086943 Book te Stamps, printing and statonaies in hand 102241 5102241 cos Fike asets at cost less accumulated depreciation) 21804788 21,8087 Wow Total assets 3179127578 pe WM ects Dipen Kumar Saha Ray FCA Chief Executive Officer Moshihor Rahman ACS Bipul Chania Nath ACA Company Secretary Chief Financial Officer Annual Report 2015, ee ‘Syed Abdul Mugtadir Director WH eee = ‘Abdul Malik ChairmanProgressive Life Insurance Co. Ltd. STATEMENT OF CHANGE IN SHAREHOLDERS’ EQUITY Forthe yearended 31 December 2015 (Amount in Taka) Equity as at 01 January 2015 ‘Addition during the year ‘Moshihor Rahman ACS Company Secretary Bipul Chandra Nath ACA Dipen Kumar Saha Roy FCA (Chet Financial Officer (Chief Executive Officer a Mugtadir Director ‘Nazim Tasik Chowdhury Director ‘oul Mali ChaimanProgressive Life Insurance Company Limited ‘National Scout Bhaban, 60 Anjuman Mofidul slam Road, Kakrail, Dhaka-1000. NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31st December 2015 .00 THE COMPANY AND ITS OPERATION 1101 Background of the Company: Progressive Life Insurance Company Limited (hereafter refered to as " the Company’) was incorporated as a public limited Company in Bangladesh on 6 January 2000 under the Companies Act, 1994 and commenced its operation after Cbtaining the registration certificate from the then Chief Controller of Insurance, Government ofthe People's Republic of Bangladesh on 27 February 2000. The Company is listed in both Dhaka and Chittagong Stock Exchanges as a publidy traded Company. 1102 Nature ofthe business: Progressive Life Insurance Company Limited is engaged in all kinds ofthe life insurance business whether individual or {group including pension, health, et. It also operates micro life insurance business under name of Sujan Bima, urrid Bima, Darussalam Bima, Progressive Deposit Pension Scheme (DPS) and Progressive Islami Sima Prakalpa (Takaful et 2.00 BASIS OF PRESENTING ACCOUNTS AND SIGNIFICANT ACCOUNTING POLICIES: 201 Basis of presenting accounts: 2] The financial statements have been prepared in accordance with Bangladesh Accounting Standards (BASS), Bangladesh Financial Reporting Standards (BFRSs) and relevant schedules ofthe Companies Act, 1994, the Securities and Exchange Rules 1987 a5 amended and relevant circular and directives of Securities and Exchange Commission following Generally ‘Accepted Accounting Principles (GAAP) applicable in Bangladesh. The elements of financial statements have been measured on “Historical Cost’ basis, which provided in the "Framework for the preparation and presentation of financial statements” issued by the International Accounting Standards Board (UASB) as adopted by the institute of Chartered Accountants of Bangladesh (CAB). 'b) The Balance Sheet has been prepared in accordance with the regulations contained in Part lof the Fist Schedule and as Per Form Aas set forth in Par I ofthat schedule and the Revenue Account of ife insurance business has been prepared In accordance with the regulations as contained in Part | the Third Schedule and as per Form'D' asset fort in Part lof that schedule ofthe Insurance Act, 1938 as amended the Insurance Act, 2010, 202 Responsibility for preparation and presentation of financial statements: ‘The management is responsible forthe preparation and presentation of financial statements under section 183 of The Companies Act, 1994 and as per the provision of Bangladesh Accounting Standard (8ASs) and Bangladesh Financial Reporting Standard (8FRSs) the "Framework for the preparation and presentation of financial statements" issued by the Intemational Accounting Standards Board (ASB) as adopted in Bangladesh. 203 Components of financial statements ‘According to the Bangladesh Accounting Standards (BAS)-I "Presentation of financial statements, Insurance Act, 1938, as amended the Insurance Act, 2010, Insurance Rules, 1958 and rules and regulations of Securities and Exchange Commission, the complete set of financial statements includes the following components: REL ET STE ET‘Notes To The Financial Statements (a) Balance Sheet as at 31 December 2015 (©) Life Revenue Account for the year ended 31 December 2015 (@) Statement of Cash Flows forthe year ended 31 December 2015 (4) Statement of Life Insurance Fund as at 31 December 2015 (€) Classified Summary ofthe Assets (Form "AA’) in Bangladesh as at 31 December 2015, (f Statements of Changes in Equity for the year ended 31 December 2015 (6) Accounting policies and notes to the financial statements for the year ended 31 December 2015 2.04 Fixed assets: Flked assets are reported at cost less accumulated deprecation and impairment if any. Cost includes the purchase price and any cost directly attbutabe to bring the aset to its working condition for is intended use. Fixed asets of small value are fully charged tothe revenue account in the year of ts purchases. Subsequent expenditures incurred on existing fred assets are expensed out except where such expenditure increases the future economic benefits from the exiting assets 2.05 Depreciation: Depreciation is calculated on straight ine methad to write off the assets over their expected useful ives. Depreciation on addition made during the year is charged from the month of purchase and up to the previous month of sale. Methods and rates of computing depreciation are consistently applied. The annual depreciation rates ae as follows: Category of fixed assets Rate (%6) Furiture & fixtures 15.00 Electrical equipments 20.00 ‘fice renovation 20.00 Computer and Computer Accessories 20.00 Office equipments 20.00 Motor vehicles 70.00 Building 250 2.06 Impairment of assets: The carrying amount of its assets are reviewed at each financial position date to determine whether there is any indication of impairment los. If any such indication exists impairment loss is recognized wherever carrying amount of ‘an asset exceeds its recoverable amounts. Impaitment loss is recorded on judgmental basis, for which provision may wore aeENLL ocak asses Lyi sumudnbo toy 50 sizzre eesti = esotoa'oL ~— wees6e esis @ ostasye WTI gsr aasmememper 50 lezoséz soca sees - — serwooz austere oso raat Betwore—etesvtz © uoyrewarsou en owers veer! oww7e's = tovece — seszac'y hse SHES uLELS — SuawAMe jee 20 inde. ——oseeese—_gstt0SE - verse Luce SL ooriocee - arSBRL YEE seMYpEAMUN 40 (fe, uw unowy) (vonepaidep parejunace ssl 30>) ise pany oo 02Notes To The Financial Statements ‘Amount Toke) 2015 2014 21.00 Premium less re-insurance: “Types of premium Goss premium Reinsurance premium Net premium Netpremium Fist year premium 222035221 76650 221958571 188433853 Renewal premium 682952634 1534806 631417828 583,216133, Group premium 35194002 7.440.780 27,7536 _24763927 890,181,897 9,052,236 796,413,913 22.00 Interest, dividends and rents Intereston government secuties 156,133,003.00 13904464 Interest on ined deposit receipts (FDR) 5198001928 503,40 Interest on short term deposits 317281162 3012880 Interest on loan and advances 13667600, 793674 Rentincome fom hous property 46380000 405,750 Realized gain on investments 3337,92347 : Share dividend 22,165,66850 1.868772 738,590,102 _196,318.679_ 23.00 Other income ‘Aeration fees 6408 19922 Duplicate policy documents fees 76265 32202 Miscellaneous income 374935 791000 Late fees 152,023 55,866, 669632098030 24.00 Adjustment a a) This represents unexplained reported bank balances by the numerous service cells and agents. The aforesaid amount is not ‘taceable and could not be reconciled in any way As such, the amount has been adjusted withthe lif fund during the yea, 125.00 Payments/perquisites to directors/officers ‘The agregate amounts peid/provided during the year in respect of directors and officers of the Company as defined in the Securities and Exchange Rule 1987 are disclosed below: Board meetings fee 827000 84500 Basic salary 63857014 62259433 House rent 31,928,507 31,129716 Otherallowances and perquisites 19,1860 194627262 115,798,567 113,861,411‘Notes To The Financial Statements. 26.00 Related party transactions The Company has entered into transactions with ether entities in normal course of business that fll within the definition of ‘elated party as per Bangladesh Accounting Standard-24 "Related Party Disclosures’. The terms of related party transactions are ‘not significantly different from those that coud have been obtained from tic paris. The sanfcant related party transactions areas follows: * Name ofthe elated parties | Natureof | Openingbalance | Transaction during the year_| Closing balance as at transaction | asatotJanuary20is | Debit Credit | 31 December 2015, Galaxy Cpital Limited oan paid 26,613,287 7aN8 27,325,405 ‘Alpha Capital Management | Loen paid 786579 7747 - 148436 Limited 27,399,866 1409865 26,809,731 ‘Amount tn Taka) 27.00 Disclosure as per requirement of Schedule XI, Part of the Companies Act, 1994 2015 2014 Employee Position for Progressive Life insurance Company Limited (i Number of employees drawing salary below Taka 3,000 per month, 0 {i Number of employees drawing salary of Taka 3,000 or above per month 770 Disclosureas per requirement of Schedule XI Pat, Para Theteis no payment to directors ofthe Companycther than meeting attendance es. ‘The director ofthe Company did no take any benef fam the Company. (2) xpense reimbursed othe managing agent- Ni {b) Commission or other remuneration payable separately to managing agent orhisasocate- Ni {€) Commission received or receivable by the menaging agent or his asocate as sling or buying agent of other concems in espect. cof contacts entered ino such cancers wth the Company Nil (@) The money value ofthe contracts forthe sale or purchase of goods and materials or supply of services, entered into by the ‘company with the managing agent or his assolate during the ancl year -Not applicable {c) Any other perquisites or beneftin cash oin kind stating - Ni (6 Other allowances and commision including guarantee commission-Nil (o) Pensions et- (Pensions -Ni (i) Gratuites-Yes {Gi Payment from provident fund Yes () Compensation foros of office - Ni («) Consideration n connection with retirement rom office Ni 28.00 Capital expenditure commitment ‘The Company has entered into a contract with the LeadSoft Bangladesh Limited as on 26 June 2014 for procurement of ‘accounting software. The agreement value is Teka 9,000,000 out of which Taka 2,100,000 was paid and thereby, remaining ‘amount of Taka 6,900,000 wil be pad as per terms and conditions of the contract. 28.00 Contingenttiabilty Therelsno dim agains the compary not acknowledged asat31 December 2015, ea Vv inne. Qu farm Rye MoiberRabman ACS BlpulchanrathACA Dipan Kumar Saha RoyCA. asin TacieChowdhury SyC¢ Abdul Mugtde ‘Abdul aie Company Secetary Chinn Ofcer cha rect Ofer. Over rector ‘Guinan A eS SS aE PETas'eL'say E6y'svs't —6a0'6nl'eRY (tor) 04 ‘9en'96c'ver — BOL'LOW'ewy YLN'960'Z —856'R69 —S1B'L6E'L ZRS‘DOR'SB 000'0 ©——ZHS'6L'SBY (toe) eon suvoaess §— sevucs9 - : suvou's9 —codol © SL¥SBLS9eyteYOE ego Kes 0395S PUT) covwsis —oonusi9 . oooosi9 —- oooousi9 eens ug tum sO Py NHJ or‘se'col —oesevzo1 : : onesercon OOF6EYLOL eHEAYSE SIMON EERO LARIOMY HAERNE HRN PE OD loveuves = toreuves : woes ~ et Ce en ae losievie —toweavve . 5 losers = oserste —ys00s6 Sep va PeHeY Peale ANOLON 9) osierss §—— sttres : useates ousiee'es | ysLULE too1-Pyeya “wBeUota'i9tew)oomy wae. ED revo'se © ve vaUeE 5 erevover evevestes — yszele 01-4040 eeu) uae] 2 vovonsoz — gvisese — wuaoe0'? © ate ©—SLGLEE ore Beet ozeesexz "W506! eFC UE 10 Soe 1aquioreG ILE 105Progressive Life Insurance Company Limited "SCHEDULE OF EXPENSES OF MANAGEMENT For the year ended 31 December 2015 Expenses of management '2) Commission to insurance agents (es that on re-nsurance) b) Allowances and commission (other than commission incuded in subtem (a) preceding Salaries fother than to agents and those contained in item (b] above] Gratuity Festival bonus Contribution to employees provident fund “eaveing ad conveyance Director fees Auditors’ fees Actuatal foes, Medica fees Legal an profesional fes Insurance poli stamps Aevenve and non judicial stamps Advertisement and publity Printing and stationery Office rent Fuel oisan lubricants Repair and maintenance (a?) apes periodicals and books Telephone fax ad internet Gas lectrcty and water Postage andtlearam Aocrtment and taining expenses Conference and seminars Fees subscription and donation Company registration and renewalfee Entertainment Employees’ group and hospitalization insurance premium Insurance premium (a) AGMand EM expenses Cartage and wages Bank charges Repairs and maintenance (computer) Prizeandavare Crockeres and cuteres coat charges Repair and maintenance (office). Development mestings Meeting expenses Genera expenses Annexure -B “Amount tn Taka) TR 7.853 82.333,03 210,504,889, 103,765,721 3.296359 9.250690, 4,224,308 3,326,343 845,000 1.250.500 400,000 290087 935,716 1482325 1519506 991,308 4067.66 34881,013 1721566 3.829375 96,834 1a72ai5 2/687 922 708,621 122832 3,795,528 1607210 3.660961 3,965,236 825,308 610621 10,000 202298 2219812 174728 4752 22846 58,786 1753225, 310241Progressive Life Insurance Company Limited DIRECTOR'S CERTIFICATE As per Regulations contained in the First Schedule of the Insurance as per section 40-B of the Insurance Act. 1938 which is amended in Section-62 of the Insurance Act, 2010, we certify that: 1. Fair Value i.e, market value of shares and debentures are recognized as on the December 31, 2015 basis and accounted for during the year as per relevant provision of BAS-39, 2. The values of all assets as shown in the Balance Sheet and as classified on Form "AA" annexed have been set forth in the Balance Sheet at amounts not exceding their realizable or market values under the several headings as enumerated in the annexed form, 3. All expenses of management in respect of Life Insurance Business transacted by the Company in Bangladesh have been fully debited in Life Revenue Account as nee Tye fatiey Qu BneeLe camel oe, Farias ect occaa os ahs noes neNetwork of Progressive Life - ‘There are over 113 agency offices throughout the country which amount of 112 are servicing cells insurance offices. Bangladesh BAY OF BENGALfe Progressive Life Insurance Company Limited PROGRESSIVE Head Office: National Scout Bhaban (Sth, 6th, 7th & 8th Foor) 60, Anjuman Mofidul stam Road, Kakrll.Ohaka-1000 PROXY FORM being 2 member of | PROGRESSIVE LIFE INSURANCE COMPANY LIMITED do hereby appoint (MEIN e iss erties of svn Prony t0 attend and vote for melus and on my/our Behalf at the 16th Annual General Meeting ofthe Company to be held at 120 noon on Thursday £ the 12 September, 2019 at Institute of Diploma Engineers, Bangladesh (IDEB), 160/A Kakall VIP Road, Dhaka-1000 and any adjournment therefor a any bao tobe taken in consequence there. i Signed this... Signature of Proxy Signature of Shareholder Folio 80 1D No, . as / Revenue Folio 80 ID No. No.of Shares. Date... Stamp Note: 1) This Proxy Form, duly completed signed and affixed with revenue stamp of Tk.20/- must be deposited atleast 48 hours before the meeting at the Company's Head Offce.Proxy willbe invalid ifnot signed and stamped as explained above. 2 Signature of the Shareholder should match withthe Specimen Signature with CD&L Record : @ Progressive Life Insurance Company Limited PROGRESSIVE Head Office: National Scout Bhaban (Sth, 6th, 7th & Bth Floor) 4 Arjuman Moi iam Roa, Kaka Dhska-1000 SHAREHOLDER'S ATTENDANCE SLIP | hereby record my attendance at the 16th Annual General Meeting of the Company being held at 12:00 Noon on Thursday the 12 September, 2019 at Institute of Diploma Engineers, Bangladesh (DEB), 160/A, Kakrail VP Road, Ohaka-1000. Name of the Member/Proxy Follo.0F BO ID NO. wn Signature nn Date . Note: {Shareholder attending meeting in person or by proxy are requested to complete the Attendance Slip and hand it over at the «entrance of the meeting hal.cu PROGRESSIVE Progressive Life Insurance Company Limited Progress with Progressive Head Office: National Scout Bhaban (5th, 6th, 7th & 8th Floor) 60 Anjuman Mofidul Islam Road, Kakrail, Dhaka-1000. Phone:9348530, 9341277, 935030, Website: progressivelife.com.bd E-mail: progress@bdcom.com, info@progressivelife.com.bd