Premium collection growth is 47%, the cost reduction is 36%

By the end of the year, premium collection has increased 47 percent, the fourth-generation private life insurance company Zenith Islami Life Insurance At the same time, the company spent 36 percent less in the management sector than the previous year. This information was submitted by Insurance Development and Regulatory Authority (IDRA)

According to the IDRA, Zenith Islami Life collected the total premium of 25 Crore 1 Lac in the year 2017. Which was 16 Crore 97 Lac in the previous year. As it turns out, the company’s premium collection has increased by 8 crore 4 lacs or 47 percent. In the meantime, the first year premium collection without one-time and group insurance is 18 crore 30 lac taka. Which was 13 Crore 89 Lac in the previous year. That means, in the year 2017, the company’s first year premium collection increased by 4.41 Crore or 32 percent. Besides, the amount of premium collection of group and health insurance is Tk 42 lac. Which was 17 lac taka in the previous year. In this year premium collection increased by 25 lac, 147 percent growth. And the premium collection of one-time insurance premium stood at Tk 35 lakh. But in the previous year the premium collection was 41 million taka. The total collection of the company’s renewal premium is 5.94 Crore taka. Which was 25 Crore taka in the previous year. As a result, the total renewal collection in the year 2017 has increased to 3 Crore 44 lac or 137 percent. Meanwhile, 2nd year renewal collection is 3 Crore 45 lac and the renewal of the 3rd and above year is 2 Crore 49 lac taka. Zenith Islami Life has reduced the expenses in the management sector in addition to the growth of premium collection. In the year 2017, the company has spent 21 Crore 36 lac or 85 percent in the management sector to earn a premium of 25 Crore 1 lac. But the approval was Tk 18 Crore 95 lac. The rate of expenditure in the previous year was 122 percent. This means that the company has reduced 36 percent of its cost annually. In the year 2017, the company paid 62 lac for death benefit, Survival Benefit and Surrender Value. Which was 11 lac in the previous year in 2016. Since the beginning, Zenith Life has paid about 84 lac for various demands. In the previous year, company’s investment in the government-based sector stood at Tk 14 Crore 30 lac. The company’s paid up capital is Tk 18 crore. Zenith Islami Life’s Chief Executive Officer (CC) said that S M Nuruzzaman said that we have already achieved customer satisfaction through providing quick customer service and settlement of insurance claims. The cost of various sectors, including house rent, has been significantly reduced. As a result, it is possible to reduce management costs. All efforts are being made to keep management expenses within the prescribed limits in 2018.

(collected: insurancenewsbd.com)