Type Public Limited Founded 22 March 1988 Number of employees 341 (2015) | Website reliance.com.bd | |
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Key people Ms. Shahnaz Rahman (Chairman)Akhtar Ahmed (Adviser)Md. Khaled Mamun (CEO) Parent organization Reliance Group Holdings, Inc. | ||
Reliance insurance limited being incorporated
Reliance Insurance Limited, was founded in Bangladesh as a private non-life insurance company in 1988. Currently the firm has 31 branches throughout Bangladesh, and 321 employees. In the year 2014, the company had earned BDT 2,026.71 million as the gross premium income, which is 23.66% higher than that of 2013.
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History
In Bangladesh the insurance sector was nationalized in 1972 just after independence. Following the nationalization, the then Government established two insurance corporations. One is Bangladesh Sadharan Bima Corporation for non-Life insurance business, and another is Bangladesh Jiban Bima Corporation for life insurance business. Subsequently, the government opened the door for establishing private insurance companies through the Insurance (Amendment) Ordinance 1984.
Under the provisions of 1984 ordinance, Reliance Insurance Limited started its operation by virtue of the Certificate of Commencement of Business" issued on the 22nd of March 1988 by Registrar of Joint Stock Companies of Bangladesh. The company also enjoyed its 25th anniversary in 2015.
Regulatory framework
Insurance Development & Regulatory Authority of Bangladesh (IDRA), an entity formed under the Insurance Development and Regulatory Authority Act 2010, regulates all insurance companies of Bangladesh in accordance with the Insurance Act 2010.
Financial performance
The Company earned gross premium of BDT 1,638.89 million in 2013 and BDT 2,026.71 in 2014. The total asset of the company in 2013 and 2014 were BDT 4,796.38 millions and BDT 5,728.14 millions respectively. In its 27th Annual General Meeting, a cash dividend of 15% and 15% bonus were distributed to its shareholders for the year 2014. Furthermore; CRISL awarded RIL "AAA" (pronounced as Triple A) surveillance rating for 2015.