Bismillahir Rahmanir Raheem
Dear Respected Shareholders, Assalamu Alaikum Wa-Rahmatullah
It has been a great privilege for me to present the Annual Report for Chartered Life Insurance Company for the year ending December 31, 2023. This Annual Report reflects the company’s performance over the year 2023. We greatly appreciate the trust and confidence that you have placed on us to manage the company with professionalism and business excellence. With your confidence on us, the company has thrived even amid the global economic crisis caused by war and other challenges.
The global insurance industry has faced significant challenges amid the current economic challenges. Recent surveys, such as one conducted by TransUnion in the USA, reveal that the current situation has impacted various types of insurance, including home, auto, renter’s and life insurance. A major concern for consumers is their ability to keep up with insurance payments during these economically turbulent times. In response, insurance companies are increasingly turning to digital solutions to manage claims and interact with customers. The rise in mobile app usage, web portals and email communication has been notable. A recent survey by a consulting firm showed that digital adoption in the insurance industry grew by 20% globally in last few years, a rate nearly four times higher than the average annual growth of the previous four years. Market experts predict that the ongoing economic uncertainties will drive both consumers and businesses to favor insurers who offer comprehensive online tools and resources. As one expert puts it, “Given the unpredictable environment ahead, there will be a growing reliance on insurers that can provide effective digital solutions.” As a fourth-generation life insurer in Bangladesh, we recognize the importance of adapting to these changes. We are committed to leveraging digital transformation to navigate the current global economic challenges and meet the evolving needs of our customers.
The recent Global conflicts have severely impacted the Bangladeshi economy, threatening to undermine celebrate our rich heritage. Our ongoing commitment to the socio-cultural development of Bangladesh aims to enhance the country's image and contribute to improving the living standards of its people. We view this as a point of pride and dedication, rather than a mere obligation.
We are committed to upholding fundamental principles of insurance and financial management while balancing the safety of investments with competitive returns for our policyholders. Our primary goal is to operate transparently, adhering to all legal and social frameworks to fulfill our mission as outlined in our vision. I would like to extend my sincere gratitude to our valued clients, exceptionally the country's significant progress in poverty reduction. Experts are concerned about the growing vulnerability and inequality exacerbated by this uncertainty. According to the South Asian Network on Economic Modeling (SANEM), the poverty rate in Bangladesh could potentially double to 40.9% compared to previous years. Despite this challenging outlook, the Bangladeshi economy has demonstrated notable resilience during the global pandemic. Specifically, the garment sector and foreign remittances have provided a glimmer of hope. Foreign remittances have reached unprecedented levels even amidst the pandemic, offering some optimism. While many businesses have faced severe setbacks due to the economic loss and health crisis, there are still reasons for hope. The insurance industry, in particular, is finding new opportunities despite the obstacles. I believe that the life insurance sector, too, has a positive outlook and potential for growth amidst these evolving challenges.
We are committed to providing the highest level of care to our valued policyholders. We offer competitive premium rates and anticipate delivering better returns compared to our competitors. I am confident that the progress we’ve made over the years will enhance our company’s positioning in the near future. Our business strategy focuses on improving performance in areas where we have established a strong presence while also exploring new opportunities through product innovation. Additionally, we are working to expand our network of agencies, which will support individual business growth in the coming days. To achieve these goals, we have embarked on a digital transformation of our operations. We have implemented a paperless policy and are promoting the use of mobile and web-based technologies. We believe this transformation will streamline our operations during challenging times and bring significant benefits to our company.
Chartered Life Insurance Company Limited has consistently upheld a sustainable business outlook throughout its operations. As a responsible corporate citizen, we have invested in the well-being of our country, society and community, with a particular focus on health, education, disaster management and other humanitarian causes. We also recognize the importance of national pride and talented employees, government agencies, consultants, auditors, bankers and all other stakeholders. Your unwavering support has been instrumental in making 2023 a remarkable success. We look forward to your continued support in the years ahead.