Company Profile

Introduction

It is beyond doubt that insurance plays a crucial role in the national economy. As Bangladesh advances towards greater industrialization, the need to safeguard property, trade, and commerce from various risks becomes increasingly vital.
Islami Commercial Insurance PLC (ICIPLC) was incorporated on October 18, 1999 and commenced business on December 29, 1999, under the Companies Act, 1994, and the Insurance Act, 1938 (later aligned with the Insurance Act, 2010). It is licensed to carry out all classes of non-life (general) insurance business including Fire, Marine, Motor, Engineering, and Miscellaneous insurance.
The company was listed with Dhaka Stock Exchange on 08 December 2022 and Chittagong Stock Exchange on 12 December 2022.

Vision & Mission

To be the nation’s leading quality insurance and risk management service provider with a high level of customer service.
Mission
Providing quick and reliable insurance services to esteemed customers, ensuring maximum protection of their assets.

Board of Directors:

Mrs. Shahida Anowar – Chairman
Touseef Mashrurul Karim – Vice Chairman
Md. Ashik Hossain – Director
Abu Bakkar Siddique – Director
Shirin Akhter – Director
Nusrat Jahan (Tania) – Director
Nigar Sultana – Director
Mohammad Yahya – Director
AZM Shamsul Alam – Independent Director
Mohammed Ayub Hossain – Independent Director

Management Team:

Capital – Authorized and Paid Up

The capital structure of the company is as follows:

Authorized Capital : BDT 100,00,00,000/- (Taka one hundred crore only)
Paid-up Capital : BDT 50,65,27,660/- (Taka fifty crore sixty five lac twenty seven thousand six hundred sixty only)

The initial paid-up capital of the company was only Tk. 6.00 crore which was raised to Tk 30.39 crore by issuing stock dividend from its profit. Then the paid-up capital has been raised to Tk 50.65 crore through the initial public offer (IPO) in December 2022.

Financial Highlights at a Glance

The Credit Rating of our Company is “AA+”. The capital base of the company is very strong having a sizable amount as Statutory Deposit with Bangladesh Bank as required under the provision of the Insurance Act, 2010.

Particulars	2024	2023	2022	2021	2020
Gross Premium	631.30	536.06	533.88	521.56	551.97
Net Premium	447.07	361.18	363.47	335.12	360.73
Gross Claim Paid	127.67	88.22	47.21	216.04	224.98
Investment & Other Income	41.84	47.46	24.12	32.57	5.91
Underwriting Profit	62.66	55.46	83.18	69.97	57.13
Net Profit Before Tax	87.81	87.96	89.61	78	46.34
Net Profit After Tax	58.64	59.46	59.69	57.87	31.25
Paid up Capital	506.53	506.53	506.53	303.92	303.92
Shareholders' Equity	873.22	867.23	861.35	636.99	591.14
Total Investment	748.41	774.92	559.26	498.74	454.07
Total Reserves	366.70	360.71	354.82	333.08	287.23
Total Assets	1,508.94	1,465.33	1,364.96	1,087.01	969.64
Cash and Bank Balance	49.95	76.39	280.61	91.21	56.61
Total Assets	1,364.96	1,087.01	969.64	954.93	959.88
Face Value Per Share (In Taka)	10	10	10	10	10
Earnings Per Share (In Taka)	1.12	1.12	1.03	1.82	1.03
Dividend Track	10%	10%	10%	10%	7%