Beruflich Dokumente
Kultur Dokumente
First of all we would like to thank almighty creator for giving us the patience and proper time to complete
the term paper successfully. It is pleasure to take this occasion to thank a few people who have, assisted,
encouraged directed and supported throughout the term paper.
We heartily thank the SEC for giving us secondary data about different life insurance company ltd.
After that we especially thank to the librarian to give us the report. Each & everyone were very much
sincere to give us the knowledge about conventional and takaful life insurance company ltd. Finally, we
want to give our special thanks to Mr. Bijoy Chandra Das. (Lecturer, Dept. of F &B, JKKNIU) for his
support and enormous help throughout this term paper, especially his guidelines throughout the period of
preparing the report. We would like to convey our best regards.
Executive Summary
We have made the report basically to get better idea about the efficiency of conventional life insurance
companies and takaful life insurance companies in Bangladesh .We think that this report gives us the idea
and policy of insurance business of our country and also will show us the comparison between the
conventional life insurance companies and takaful life insurance companies in Bangladesh. Different
insurance companies are playing a vital role in economic growth . Bangladesh Insurance Association was
formed under the companies' Act 1913 and registered with the Registrar of Joint Stock Companies on
25th April' 1988 with 13 insurance companies, including 3 in life, operating at that time in the private
sector in the country as members. The total number of members stands now at 60 (43 general and 17 life).
This report will help to examine the efficiency in the both life insurance and life Takaful industry of
Bangladesh.
Literature Review
There are sufficient studies on measuring performances of financial efficiency in various sectors but few
in insurance field especially when the country faces several challenges political unrest, rate of inflation is
in dual digit, risen competition, problem in solvency and devaluation of taka (local currency). Like other
developed countries Bangladesh is also trying to create more efficient market in insurance sector. Though
there are some hindrances like unconsciousness about insurance, poverty and disinterest in money etc. but
the neighboring country like India is far better position in savings tendency. Nevertheless, interestingly it
is seen that people are getting conscious about their future. In spite of these challenges there still remain
incredible opportunities for increasing market penetration in the core markets of leading Muslim countries
in Asia, Africa and some non Muslim countries with significant Muslim populations. Though this is not
an Islamic state but maximum or near about ninety percent people is Muslim. That is why Takaful
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concept is developing here in Bangladesh though there is an established conventional life insurance
industry.
Introduction
This term paper is to find the efficiency of life insurances industry in Bangladesh both the conventional
life and Takaful life insurances and this study try develop the whole work also to seek the potentiality of
this sector. The primary function of insurance is to act as a risk transfer mechanism to provide peace of
mind and protect against the future losses . In addition to this, there have been available studies both
locally and internationally in other financial fields especially depository institutions only a handful has
been concerned with the insurance industry
in Bangladesh on the performance. This work tries to find the lacking of Life Insurances Company. As
maximum percentages of total population are Muslim and where Islamic finance and Takaful insurance
products are growing worldwide in a way that is encouraging their adoption by Islamic as well as nonIslamic countries to support economic growth. Recently, Islamic finance has become one of the most
rapidly growing segments of the global financial system. The reason it works here in this industry why
people are feeling less keen about life insurance? This is because they freely use general insurance in their
export and import business. What is the hindrance behind this? These are the most considerable research
questions of this study. The developing country like Bangladesh has very much potentiality for this sector
in near future. Efficiency comparisons at the international level have received significant attention in the
insurance literature. This result indicates that insurance industries have a great potential to further
increase their TFP through improvements in both efficiency and technical component such as enhancing
the use of information and communication technology in order to provide good services to customers.This
study expect certainly contribute to their economy. In the present globe, Islamic banking industry has
assets worth over $900 billion, and Islamic finance has spread to 75 countries from East to West,
extending from Muslim to non-Muslim countries.
The introduction of an Islamic model of insurance has boosted the Islamic world economy, according to
many reports. Insurance has become the biggest industry in Saudi Arabia's economy having overtaken the
banking, real estate and manufacturing sectors. Bangladesh is trying to do well in this sector. It will find
how she may be able to improve in insurance, what are steps taken by govt. and organization etc. This
study works attempt to seek these questions in this research. If it abide by that the people of this country
are fully Islamic minded then why they dont use Takaful life insurance? The worlds first Takaful
insurance company was established in Sudan in 1979, and since then Takaful insurance companies have
spread around the world. On the
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contrary, the first Takaful insurance company was established in Bangladesh in January, 2000 and then no
other Takaful insurance company has been established after 2007. Why Takaful life insurance or even
conventional life insurance doesnt grow up at the desire level though
this is an enormous demanded industry in Bangladesh? Is the life insurance companies cant satisfy their
expectation or the life insurance industries are inefficient to ensure them? Because of this, the researcher
wants to examine main reasons behind this stagnancy by measuring efficiency. The diversification of
insurance models and types has encouraged customers to choose between them according to their needs,
perceptions and beliefs. Identification of customers reasons for acquiring particular forms of insurance
helps to highlight the weaknesses and strengths of the different forms. There are vast probabilities of
success in life insurance
industry in this country. Hence, this study makes to evaluate the efficiency. The efficiency of financial
institutions has been widely and extensively studied in the last few decades. For financial institutions,
efficiency implies improved profitability, greater amount of funds channeled in, better prices and services
quality for consumers and greater safety in terms of improved capital buffer in absorbing risk . As there
have sound possibilities of improvement, so why existing life insurance companies cannot reach their
ultimate goal. To find these matters this works have sought. This study measure the actual productivity of
life insurances industries. Furthermore, it also tries to search the relationship with industries. This work
will help to understand and reorganize about life insurances companies in Bangladesh. People will be
keen to use life insurance very soon. In various researches seen that financially developed countries
accustom with life insurance in their practical life like study of their childrens health insurance is
mandatory and so on. However, interestingly here in Bangladesh is not practiced. This study is also tried
to identify the relationship with financial literacy. Government may help them to improve their
performance. By encouraging people huge investment can be possible in this sector which will certainly
contribute in total economy. The narrow objectives of this study are to measure the efficiency of Islamic
and conventional life insurance of this country. Is there any wanting in insurance company themselves?
Which insurance sector is doing well? How they are correlated and difference in their actions. By this
work try to define thats problem and way to get the elucidations. There are wide fields of research in
financial industries. Study may be taken different industries but there are sound works in this sector than
other industries. As Bangladesh is least developing country where there lot of potentiality especially in
life insurance. Due to require steps both govt. and non govt. organizations she cannot show her
productivity. That is why this study focuses on life insurances.
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To analyze the liquidity performance of both conventional and takaful insurance companies
To get the comparative analysis of conventional and takaful life insurance companies
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Limitations:
The limitations to prepare this report are as follows:
The accuracy of the report depends upon the accuracy of the information furnished by the Internet and the
conventional and takaful insurance company of Bangladesh.
Lack of in-depth understanding of certain terms and concepts prevented us from going into details.
Lack of vivid research.Time limitation has also been there.Lack of financial statement.
Background
What is life insurance?
A Life insurance policy is a contract between you (the policy owner-insured) and an insurance company
(the insurer). Under the terms of a life insurance contract, the insurer promises to pay a certain amount of
money (death benefit) to someone you choose (a beneficiary) when you die, in exchange for your
premium payments.
East Pakistan during 1947-1971, when 49 insurance companies transacted both life and general insurance
schemes. These companies were of various origins British, Australian, Indian, West Pakistani and local.
Ten insurance companies had their head offices in East Pakistan, 27 in West Pakistan, and the rest
elsewhere in the world. These were mostly limited liability companies. Some of these companies were
specialized in dealing in a particular class of business, while others were composite companies that dealt
in more than one class of business. The government of Bangladesh nationalized insurance industry in
1972 by the Bangladesh Insurance (Nationalization) Order 1972. By virtue of this order, save and except
postal life insurance and foreign life insurance companies, all 49 insurance companies and organizations
transacting insurance business in the country were placed in the public sector under five corporations.
These corporations were: the Jatiya Bima Corporation, Tista Bima Corporation, Karnafuli Bima
Corporation, Rupsa Jiban Bima Corporation, and Surma Jiban Bima Corporation. The Jatiya Bima
Corporation was an apex corporation only to supervise and control the activities of the other insurance
corporations, which were responsible for underwriting. Tista and Karnafuli Bima Corporations were for
general insurance and Rupsa and Surma for life insurance. The specialist life companies or the life portion
of a composite company joined the Rupsa and Surma corporations while specialist general insurance
companies or the general portion of a composite company joined the Tista and Karnafuli corporations.
The basic idea behind the formation of four underwriting corporations, two in each main branch of life
and general, was to encourage competition even under a nationalized system. But the burden of
administrative expenses incurred in maintaining two corporations in each front of life and general and an
apex institution at the top outweighed the advantages of limited competition. Consequently, on 14 May
1973, a restructuring was made under the Insurance Corporations Act 1973. Following the Act, in place
of five corporations the government formed two: the SADHARAN BIMA CORPORATION for general
business, and JIBAN BIMA CORPORATION for life business. The postal life insurance business and the
life insurance business by foreign companies were still allowed to continue as before. In reality, however,
only the AMERICAN LIFE INSURANCE COMPANYcontinued to operate in the life sector for both
new business and servicing, while three other foreign life insurance continued to operate only for
servicing their old policies issued during Pakistan days. Postal life maintained its business as before. After
1973, general insurance business became the sole responsibility of the Sadharan Bima Corporation. Life
insurance business was carried out by the Jiban Bima Corporation, the American Life insurance
Company, and the Postal Life Insurance Department until 1994, when a change was made in the structural
arrangement to keep pace with the new economic trend of liberalization. The Insurance Corporations Act
1973 was amended in 1984 to allow insurance companies in the private sector to operate side by side with
Sadharan Bima Corporation and Jiban Bima Corporation. The Insurance Corporations Amendment Act
1984 allowed floating of insurance companies, both life and general, in the private sector subject to
certain restrictions regarding business operations and reinsurance. Under the new act, all general
insurance businesses emanating from the public sector were reserved for the state owned Sadharan Bima
Corporation, which could also underwrite insurance business emanating from the private sector. The Act
of 1984 made it a requirement for the private sector insurance companies to obtain 100% reinsurance
protection from the Sadharan Bima Corporation. This virtually turned Sadharan Bima Corporation into a
reinsurance organization, in addition to its usual activities as direct insurer. Sadharan Bima Corporation
itself had the right to reinsure its surplus elsewhere outside the country but only after exhausting the
retention capacity of the domestic market. Such restrictions aimed at preventing outflow of foreign
exchange in the shape of reinsurance premium and developing a reinsurance market within Bangladesh.
The restriction regarding business placement affected the interests of the private insurance companies in
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many ways. The restrictions were considered not congenial to the development of private sector business
in insurance. Two strong arguments were put forward to articulate feelings: (a) Since the public sector
accounted for about 80% of the total premium volume of the country, there was little premium left for the
insurance companies in the private sector to survive. In this context, Sadharan Bima Corporation should
not have been allowed to compete with the private sector insurance companies for the premium (20%)
emanating from the private sector; (b) Being a competitor in the insurance market, Sadharan Bima
Corporation was hardly acceptable as an agency to protect the interests of the private sector insurance
companies and should not have retained the exclusive right to reinsure policies of these companies. The
arrangement was in fact, against the principle of laissez faire. Private sector insurance companies
demanded withdrawal of the above restrictions so that they could (a) underwrite both public and private
sector insurance business in competition with the Sadharan Bima Corporation, and (b) effect reinsurance
to the choice of reinsurers. The government modified the system through promulgation of the Insurance
Corporations (Amendment) Act 1990. The changes allowed private sector insurance companies to
underwrite 50% of the insurance business emanating from the public sector and to place up to 50% of
their reinsurance with any reinsurer of their choice, at home or abroad, keeping the remaining for
placement with the Sadharan Bima Corporation.
Up to 2000, the government has given permission to 19 general insurance companies and 10 life
insurance companies in the private sector. Insurers of the country now conduct almost all types of general
and life insurance, except crop insurance and export credit guarantee insurance, which are available only
with the Sadharan Bima Corporation. Numerous institutions, associations and professional groups work
to promote the development of insurance business in Bangladesh. Prominent among them are the
Bangladesh Insurance Association and BANGLADESH INSURANCE ACADEMY Bangladesh
Insurance Association was formed on 25 May 1988 under the Companies Act 1913. It is registered with
the Registrar of Joint Stock Companies and has 30 members. It aims at promoting, supporting and
protecting the interests and welfare of the member companies. Surveyors and insurance agents occupy a
prominent position in the insurance market of Bangladesh. The surveyors are mainly responsible for
surveying and assessing general insurance losses and occasionally, for valuation of insurance properties,
while the agents work to procure both life and general insurance business against commission. The
system of professional brokers has not yet developed in Bangladesh. However, it is a common practice of
the insurers to engage salaried development officers for promotion of their insurance business.
Current Position Of Insurance Business In Bangladesh
After the appearance of the Peoples Republic of Bangladesh in 1971, the authorities nationalized the plan
coverage industry along with the banks in 1972 by Presidential Obtain No. 95. By virtue of this sequence,
all organizations and company transacting all types of insurance coverage enterprise in Bangladesh came
under this nationalization sequence. This was followed by generation of five insurance coverage providers
in the lifestyle and non-life area. Further changes were brought on 14 May, 1973. Through the enactment
of Insurance Business Act VI, 1973 which led to generation of two organizations namely Sadharan Bima
Business for common insurance coverage and, Jiban Bima Business for insurance coverage in
Bangladesh. In other words SadharanBima Corporation (SBC) emerged on 14 May, 1973 under the
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Insurance Business Act (Act No. VI) Of 1973 as the only condition owned or operated company to deal
with all classes of common insurance coverage & re-insurance enterprise coming in Bangladesh.
Thereafter SBC was acting as the sole insurance company of common Insurance till 1984. Bangladesh
Govt allowed the personal area to work in all areas of insurance coverage for the first time twenty six
years ago. The personal area availed the opportunity promptly and came forward to establish personal
insurance coverage providers through promulgation of the Insurance Corporations (Amendment) Law (LI
of 1984) 1984. The Insurance Market place in Bangladesh now consists of two state-owned organizations,
forty three and seventeen personal area common & insurance coverage providers respectively, a total of
62 insurance coverage providers. Thus the plan coverage area in Bangladesh has grown up considerably
and deepened remarkably with number of organizations in both lifestyle and common segments. With the
expansion of size of the plan coverage industry, the volume of assets of the industry has also increased
considerably. SBC is entitled to 50% of community area enterprise. Insurance Business (Amendment) Act
1990 provides that 50 % of all insurance coverage enterprise relating to any community property or home
or to any risk or liability appertaining to any community property or home shall be placed with the SBC
and the other 50 % of such enterprise may be placed with this company or with any other providers in
Bangladesh. But for practical reason and in agreement with the Insurance Association of Bangladesh SBC
underwrites all the community area enterprise and 50% of that enterprise is distributed among the existing
43 personal common insurance coverage providers equally under National Co-insurance Scheme. In
respect of reinsurance, the same act provides that 50 % of a changeable reinsurance enterprise must be
placed with the SadharanBima Business and other 50 % may be reinsured either with this Business or
with any insurance company in Bangladesh or overseas. At present, nearly all the organizations place
100% of their reinsurance enterprise with the SBC.
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2.
Poor economic condition is considered to be the main reason for poor life insurance penetration in
Bangladesh. The country has a very low per capita income and over 50% of our total population lives
below the poverty line. Inability to save or negligible savings of population kept them away from the
horizon of life insurance.
3. Poor Knowledge Of Agents:
The marketing of insurance is greatly hampered in the remote village of Bangladesh where the agents are
appointed from respected locality. This is because; educated young people are seemed to be reluctant to
become insurance agents. Therefore, persons finding no job or persons having lesser knowledge become
insurance agents whom cannot acquaint themselves fully with the whereabouts of insurance. Such agents
cannot play efficient role in convincing a prospective policyholder.
4. Illeteracy:
Mass illiteracy is another factor that adversely affects the marketing of insurance. About 70% of the
population is floating in the sea of ignorance. Illiteracy leads one to think that the insurance is deception;
it is no value in life. They cannot think rationality because they do not know what is insurance and what
its importance as security for future.
5. Religious Superstition:
Religious attitude of the people also stands against efficient insurance. The religious people believe that
the future is uncertain, it is in the hand of Allah and they do not think it necessary to buy life insurance
policy for them.
6. Low Awareness:
Insurance awareness is poor. Agents are not skilled enough. These agents cannot perform their job
properly to make the people aware of life insurance.
7. Low Savings:
People of Bangladesh have a very small saving potentially and thus have less or no disposable income.
Almost the whole of the income is exhausted in the process of maintaining the day-to-day life. Thus they
are left with little amount, which may not deemed to sufficient for the payment of premiums. This factor
discourages many to buy life insurance policy.
8. Shortage Of Fund:
Most of the policyholders cannot continue their policies owing to price spiral and shortage of fund.
9. Negligence Of Policy Holders:
Many of the policyholders have expressed that; their policies lapsed for their own negligence to pay
premium in time.
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in the financial market. Insurance companies are making large investment in government bonds, ICB
projects and in private sector business. . Scope of investment expansion persists in the areas leasing,
housing, health and money market.
6. Service diversification:
Insurance is not just a tool of risk coverage. It is also an attractive instrument of savings. The mixture of
risk coverage with savings gives the opportunity for innovative product designing which means service
diversification. In a dynamic insurance market one can expect to see new products being promoted at
regular intervals.
Statistics
Insurance
Commission
Premium
Management
Expenses
Investment
Income
Takaful
Mean
931.44
458.95
3298.26
490.50
Life
Median
538.45
368.80
1791.83
356.07
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Insurance
SD
744.94
227.06
2476.69
316.08
Minimum
325.75
240.30
1111.90
116.07
Maximum
2213.71
849.04
6908.76
1131.33
Life
Mean
3266.99
3030.37
14031.2
2113.87
Insurance
Median
884.87
842.59
5110.57
1168.96
SD
4343.19
3672.68
17376.51
2743.25
Minimum
197.04
85.83
586.27
15.73
Maximum
14206
13218
60488
9353
In this section, the study is to outline a number commonly used efficiency measures and to discuss how
they calculated relative to an efficient technology, which is generally represented by some form of
frontierfunction. Tables 2 and 3, reports efficiency change for both life insurance and Takaful life
insurance companies from 2013-2015 under constant returns to scale (CRS) and variable returns to scale
(VRS) respectively, since the basic component of the Malmquist productivity index is related to measures
of efficiency. For the values of unity the firm is implied to be on the industry frontier in the related year,
while the values that are less than unity imply that the firm is below the frontier or technically inefficient.
Thus, the lower the values from unity, the firm is said to be more inefficient compared to the values
closer to one.
According to portrayed result in tables 2 and 3, all the Takaful companies and life Insurance are
consistently efficient during the study periods 2013 to 2015 in two types of Insurance operators, under
constant returns to scale (CRS) except Padma Islami Life insurance Limited in Takaful life where Baira
Life Insurance and Pragoti Life Insurance Company in terms of Conventional life insurance. Meanwhile,
the efficiency (CRS) of Padma Islami life insurance Limited increased to standard within the study
periods but the efficiency (CRS) position is going to little bit risen in terms of Conventional Insurance
Company.
Table 2: Efficiency of the Insurance Firms, 2013-2015 (Constant Returns to Scale)
Types of
Insurance
2009
2010
2011
1.000
1.000
1.000
Takaful
0.746
0.756
0.991
Life
1.000
1.000
1.000
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Mean
0.915
0.919
0.996
1.000
1.000
1.000
1.000
1.000
1.000
0.175
0.258
0.249
0.644
0.797
0.781
1.000
0.800
0.722
0.285
0.292
0.388
1.000
1.000
1.000
0.795
0.961
0.906
0.936
0.824
0.724
1.000
0.98
0.933
Mean
0.783
0.791
0.77
Life
Insurance
Tables 2 and 3 depict the percentage of the realized output level compared to the maximum potential
output level at the given input mix. In 2013, Baira Life Insurance Company produced 17.5 percent and
Pragoti Life Insurance 28.5 percent of their potential output level and Padma Islami Life Insurance
Limited produced 74.6 percent of its potential output under CRS. On the other hand, under VRS in the
same year, the Padma Islami insurance Limited produced the potential output 84.4 percent whereas
Baira Life Insurance Company produced at their maximum potential output, which was at 100 percent
where Pragoti Life Insurance made 62.9 percent. In 2014 Baira Life Insurance Company produced 25.8
percent of its potential output level and further extensive decrease in 2015, while Pragoti Life Insurance
made 29.2 percent of its potential output level and later increased and Padma Islami Insurance Limited
produced 75.6 percent of its potential output under CRS. Under the VRS, Baira Life Insurance
Bangladesh Limited produced 29.6 percent of its potential output level but fall by 2.2 percent in later year
which was minimum potential output of used year in insurance operators. Under VRS in the same year,
Tables 2 and 3 depict the percentage of the realized output level compared to the maximum potential
output level at the given input mix. In 2013, Baira Life Insurance Company produced 17.5 percent and
Pragoti Life Insurance 28.5 percent of their potential output level and Padma Islami Life Insurance
Limited produced 74.6 percent of its potential output under CRS. On the other hand, under VRS in the
same year, the Padma Islami insurance Limited produced the potential output 84.4 percent whereas
Baira Life Insurance Company produced at their maximum potential output, which was at 100 percent
where Pragoti Life Insurance made 62.9 percent. In 2014 Baira Life Insurance Company produced 25.8
percent of its potential output level and further extensive decrease in 2015, while Pragoti Life Insurance
made 29.2 percent of its potential output level and later increased and Padma Islami Insurance Limited
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produced 75.6 percent of its potential output under CRS. Under the VRS, Baira Life Insurance
Bangladesh Limited produced 29.6 percent of its potential output level but fall by 2.2 percent in later year
which was minimum potential output of used year in insurance operators. Under VRS in the same year, in
2013 but later less than Takaful life insurances companies due to Baira Life Insurance and Pragoti Life
Insurance in 20114 and 2015. Except this twos overall
performances of both life insurances industries are at satisfactory level On average, efficiency
performance of the Takaful life insurances industry is relatively higher based on VRS than CRS.
Table 3: Efficiency of the Insurance Firms, 2013-2015
(Variable Returns to Scale)
Types
2013
2014
2015
1.000
1.000
1.000
Takaful
0.844
1.000
1.000
Life
1.000
1.000
1.000
Mean
0.948
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
0.296
0.274
1.000
1.000
1.000
1.000
1.000
1.000
0.629
0.292
0.400
1.000
1.000
1.000
1.000
1.000
0.922
1.000
1.000
1.000
1.000
1.000
1.000
Mean
0.963
0.859
0.860
Life
Insurance
report the performance of the firms from 2013 to 2015 in terms of TFP change and its two
subcomponents which are technical change and efficiency change respectively. Note that a value of the
Malmquist TFP productivity index and its components of greater than one imply improvements of
productivity in the relevant aspects, while values less than one indicate a decrease or deterioration in
productivity. Subtracting 1 from the number reported in the table gives an average increase or decrease
per annum for the relevant time period and relevant performance measure. These measures also capture
the performance relative to the best practice in
the relevant performance or relative to the best practice in the sample.
2014-
2014
2015
Mean
0.868
0.837
0.853
Takaful
0.982
1.259
1.121
Life
0.908
0.957
0.9330
Mean
0.919
1.018
0.9690
0.995
0.984
0.9895
Life
1.182
0.799
0.9905
Insurance
0.996
1.019
1.0075
1.007
1.018
1.0125
0.773
1.400
1.0865
1.109
1.090
1.0995
1.165
0.872
1.0185
0.875
0.841
1.0865
0.922
0.881
1.0865
Mean
0.979
0.970
0.9745
Types
Table 4 portrays considered changes in the Malmquist based Total Factor Productivity index. As shown
in the results, Progressive Life Insurance Bangladesh Limited and Rupali Life Insurance have positive
productivity changes during the adjacent years of 2013-2014, 2014-2015. And Meghna Life Insurance
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does well from 2013 to 2015. Moreover, Padma IslamiI Insurance Limited recorded slight corrosion in
TFP for the year 2013-2014 where in the next year recorded noticeable advance in TFP at 2014-2015.
Though both life insurance operators have positive glowing change for the adjacent years 2013-2014,
2014-2015 but conventional life insurance makes slightly sound. On the other hand, Fareast Islami Life
Insurance Limited and Sandhani Life Insurance Limited have little positive productivity changes for the
adjacent years of 2013-2014, but they ended descent in efficiency in 2014-2015. Meanwhile, Prime
Islami Insurance Limited has faced affirmative productivity changes during the adjacent years of 20132014 and 2014-2015. In addition, Padma Life Insurance Limited has taken up the first rank with 27.7
percent average TFP annual growth rate followed by Prime Islami Life Insurance Limited with an annual
rate of 4.9 percent and Fareast Islami Life Commercial Insurance Company with 3.1% deterioration in
the period of 2014-2015. At the same year in case of conventional life insurance, Pragoti Life insurance
Limited occupied first rank with an annual rate of 62.7 percent while Rupali Life Insurance vivid falls by
29.3 percent. In addition, in terms of Takaful life insurances TFP change, on average, only showed
significant deterioration of growths in the periods of 2013-2014, with 08.10 percent. However, it
improved in 2014-2015, which is 01.8 percent. On the other hand, in terms of conventional life insurance,
the TFP change, on average, only showed significant improvement in growths for the periods of 20132014, but it deterioration in 2014-2015, which is 0.9 percent.
The Malmquist TFP index is further decomposed into its two components, technical change and
efficiency change. The results of technical change and efficiency change are showed in Tables 5 and 6.
Table 5 portrays the index values of technical advancement or retreat as measured by average shifts in the
best-practice frontier from period t to t+1. According to the results, both types of Takaful operators
experienced technical progress and retreat. However, all conventional life insurance have experienced
technical progress for the periods of 2013 to 2015 except Rupali Life Insurance Limited and Sunlife Life
Insurance Limited companies. In contrast, all three Takaful life insurance are experienced technical
retreat for the periods of 2013 to 2015.
During the study period Takaful Life Insurance have positive productivity changes for the years of 20092010, but they faced a notable improvement in productivity in 2014-2015. On the other hand, Delta Life
Insurance Limited has been achieved the maximum change in technical progress (18.2 percent) in the
period 2014-2015 and maximum retreat in 2014-2015 , while Popular Life Insurance Limited achieved
the highest technical growth between the period 2014-2015 with 6.7 percent. During the study period, all
conventional life insurance have achieved positive average technical progress but on the contrary all three
Takaful life insurance have experienced average technical retreats. By considering the mean, Delta Life
Insurance Bangladesh Limited occupies first rank with 99.5%, followed by Popular Life Insurance
Company with 1.85%. In contrast, Fareast Islami Life Insurance Company was found as the most
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Takaful life
2013-
2014-
2014
2015
0.868
0.837
0.853
0.969
0.951
0.960
0.908
0.957
0.933
0.915
0.915
0.915
0.995
0.984
0.9895
1.182
0.799
0.9905
0.998
1.053
1.0255
1.028
1.036
1.032
0.985
1.052
1.0185
1.007
1.054
1.0305
1.109
1.090
1.0995
0.964
0.926
0.9450
0.994
0.926
0.9600
0.941
0.926
0.9335
1.018
0.981
0.9995
Mean
Life Insurance
Mean
Mean
No maisr or gambling in any form. There may be element of maisr or gambling in a conventional
insurance. But takaful business is organized in such a way that no element of maisr is involved in any
form.
No Gharar :
Issue of gharar does not arise in Takaful contract because everything is clear$ definite and transparent in
takaful contract. conventional insurance contract may involve some element of uncertainty which
according to islamic shariah invalidate the transaction /contract.
Nominee is the trustee :
Unlike the conventional insurance the nominee in case of life insurance is not necessarily the ultimate
beneficiary of insured amount of the deceased person rather he would be trustee to receive the amount
from the takaful company on behalf of the legal heirs of the deceased person. In conventional life
insurance nominee is the ultimate beneficiary of the deceased person which is the contravene to Islamic
shariah.
Mudaraba contract :
Unlike conventional insurance it is a mudaraba contract1 business sharing profit between the policy
holder and the takaful company in case of life insurance . In conventional life insurance policy holders are
not considered as the partners or shareholders of the company. But in takaful policy holders are the
shareholders of the business. They are take responsibility of sharing profit or loss.
Tabarru' :
In takaful compensation is made from the donation or tabarru! fund which is mutually agreed beforehand
.Tabarru is the key concept of compensation at the time of damage or disaster. It is clear from the contract
that every member or policy holder has to share compensation through donation or tabarru
Halaal Investment:
All investment is done in halaal or islamically legitimate sectors 2 Takful fund must be invested in halaal
sectors. No fund could be used or invested in such a sectors which do not conform to shariah.
Policy holders are the shareholders:
In conventional insurance the policy holders are considered as mere clients where as in Takaful policy
holders are the share holders of the business.
Shariah council:
Presence of a Shariah council to supervise the sharia aspects of Takaful .conventional insurance does not
require any etraordinary supervisory body other then the management. But in takaful a council is needed
to supervise the shariah aspects related to insurance . This council is an integral part of takaful. No
insurance business can be termed as takaful unless a sharia coucil is set up to look after the sharia points
in regard collection $ investment and distribution of fund .
Ratio Analysis
The concept behind this ratio is to ascertain whether a company's short-term assets such as cash, cash
equivalents, marketable securities, receivables and inventory are readily available to pay off its shortterm liabilities such as notes payable, current portion of term debt, payables, accrued expenses and
taxes. In theory, the higher the current ratio, the better.
Formula:
19
th
The current ratios of the listed life insurance companies of Bangladesh are presented belowName of Companies
Delta Life Insurance Co. Ltd.
2011
2012
2013
Conventional Life Insurance
4.02 : 1
3.06 : 1 5.75 : 1
1.92 : 1
2.13 : 1
Takaful Life Insurance
3.79 : 1
2.88 : 1
Fareast Islami Life Insurance Co.
Ltd.
2.56 : 1
4.12 : 1
Prime Life Insurance Co. Ltd.
Meghna Life Insurance Co. Ltd.
2014
2015
4.45 : 1
7.89 : 1
3.98 : 1
4.23 : 1
3.11 : 1
4.92 : 1
6.69 : 1
7.95 : 1
3.57 : 1
5.49 : 1
6.68 : 1
Considering the above calculations, the year wise performance analysis of these companies, on the basis
of current ratios. The top insurance companies holding the best current ratios.
Quick Ratio:
The quick ratio is a more conservative measure of liquidity than the current ratio as it removes inventory
from the current assets used in the ratio's formula. By excluding inventory, the quick ratio focuses on the
more-liquid assets of a company.
Formula:
The quick ratios of the listed life insurance companies of Bangladesh are presented belowName of companies
2011
2012
2013
2014
2015
4.08 : 1
2.77 : 1
5.67 : 1
1.86 : 1
3.54 : 1
3.90 : 1
2.79 : 1
3.05 : 1
4.37 : 1
4.32 : 1
4.58 : 1
5.91 : 1
7.22 : 1
1.51 : 1
2.48 : 1
2.56 : 1
20
th
Considering the above calculations, the year wise performance analysis of these companies, on the basis
of quick ratios. In 2015,The top life insurance companies holding the best quick ratio arei.
Fareast Islami Life Insurance Company quick ratio 7.22 : 1
ii.
Delta Life Insurance Company quick ratio 5.67 : 1
Cash Ratio:
Cash ratio is the ratio of cash and cash equivalents of a company to its current liabilities. It is an
extreme liquidity ratio since only cash and cash equivalents are compared with the current
liabilities. It measures the ability of a business to repay its current liabilities by only using its
cash and cash equivalents and nothing else. Its standard value is 1:1 or above but not very high.
Cash Ratio: =
Current
Liabilities
2014
2015
553.473
1356.79
687.29
688.08
673.31
323.96
328.71
381.44
406.31
411.92
Delta
Life
Insurance
Company
Meghna Life Insurance
2011
2012
2013
Conventional Life Insurance
325.83
426.02
489.36
709.26
692.74
406.76
413.63
As we can see here all of the companies have high cash ratio. In case of Delta Life Insurance
Company it is most.
21
th
2011
2012
2013
Conventional Life Insurance
38.78
34.14
34.679
2014
2015
39.23
33.91
34.02
48.24
47.21
48.78
38.09
41.67
38.21
26.39
29.34
31.89
37.82
Delta
Life
Company
Insurance
39.36
29.78
Here almost all of the firms have good ROE. Specially Meghna Life Insurance Company has the best one.
Last three years they have maintain a good level of ROE.
The Return on Capital Employed (ROCE):
By comparing net income to the sum of a company's debt and equity capital, investors can get a clear
picture of how the use of leverage impacts a company's profitability. Financial analysts consider the
ROCE measurement to be a more comprehensive profitability indicator because it gauges management's
ability to generate earnings from a company's total pool of capital.
Calculation:
Companys name
2011 %
2012 %
2013 %
2014 %
2015 %
19.8
18.14
17.2
17.8
21.4
20.23
16.21
19.8
20.12
18.25
17.11
21.22
18.25
19.19
20.8
16.26
17.24
15.55
15.25
19.24
22
th
In 2015 Delta life Insurance has higher ROCE it indicate that in this year they are dominating Insurance
sector for capital Employed activities
Calculation:
Companys Name
2011
2012
2013
2014
2015
12.8
12.98
13.25
12.75
14.23
11.25
12.56
15.85
13.63
14.56
16.32
14.20
13.20
14.45
17.51
16.21
In 2015 Prime Islami Life Insurance has higher ROA it indicate that in this year they are the most
successful life insurance company in their operating activities.
Earnings per Share EPS
The portion of a company's profit allocated to each outstanding share of common stock. Earnings per
share serve as an indicator of a company's profitability.
Calculated as:
When calculating, it is more accurate to use a weighted average number of shares outstanding over the
reporting term, because the number of shares outstanding can change over time. However, data
sources sometimes simplify the calculation by using the number of shares outstanding at the end of the
period.
23
th
Earnings per share is generally considered to be the single most important variable in determining a
share's price. It is also a major component used to calculate the price-to-earnings valuation ratio.
For example, assume that a company has a net income of $25 million. If the company pays out $1
million in preferred dividends and has 10 million shares for half of the year and 15 million shares for
the other half, the EPS would be $1.92 (24/12.5). First, the $1 million is deducted from the net income
to get $24 million, then a weighted average is taken to find the number of shares outstanding (0.5 x
10M+ 0.5 x 15M = 12.5M).
An important aspect of EPS that's often ignored is the capital that is required to generate the earnings
(net income) in the calculation. Two companies could generate the same EPS number, but one could
do so with less equity (investment) - that company would be more efficient at using its capital to
generate income and, all other things being equal, would be a "better" company. Investors also need to
be aware of earnings manipulation that will affect the quality of the earnings number.
2011
2012
Conventional Life Insurance
11506.43
14197.90
2013
2014
2015
15478.74
17514.78
18289.78
2640.42
4604.61
6067.10
7451.47
2951.45
3145.74
3374.27
3142.11
4120.45
5210.78
1773.57
1482.20
2688.45
As calculated Earning Per Share we can say that the Delta Life Insurance Company has the highest EPS
of all of the company this Ratio indicate that their financial strength is more stronger than other
companies.
Debt Ratios
Debt-equity ratio
The debt-equity ratio is another leverage ratio that compares a company's total liabilities to its total
shareholders' equity. This is a measurement of how much suppliers, lenders, creditors and obligors
have committed to the company versus what the shareholders have committed.
Formula:
24
th
Debt-Equity Ratio
Company Name
Delta Life Insurance Company
Meghna Life Insurance Company
Prime Islami
2011
2012
2013
Conventional Life Insurance
1050.11
1313.96
1627.13
141.47
218.73
Life
145.40
227.62
2014
2015
1821.12
1912.41
345.14
412.81
512.01
312.45
712.78
825.14
312.41
472.12
825.14
After calculating Debt Equity Ratio of 4 companies we reach a decision that among the company
Progressive life Insurance Company has less Debt-equity ratio that indicate they used less
leverage and has a stronger equity position.
Debt ratio:
Debt Ratio is a financial ratio that indicates the percentage of a company's assets that are provided
via debt. It is the ratio of total debt (the sum of current liabilities and long-term liabilities) and total
assets (the sum of current assets, fixed assets, and other assets such as 'goodwill') . A low
percentage means that the company is less dependent on leverage, i.e., money borrowed from
and/or owed to others. The lower the percentage, the less leverage a company is using and the
stronger its equity position. In general, the higher the ratio, the more risk that company is
considered to have taken on
Company
2011
2012
2013
2014
2015
17%
14%
11%
9
%8%
Delta
16%
14%
10%
9%
8%
12%
10%
8.5%
8%
7%
Fareast
Islamic
11%
10%
9.5%
8%
7.5%
Company
2011
2012
2013
2014
2015
62%
55%
43%
7o%
54%
Delta
47%
62%
55%
69%
67%
58%
47%
63%
71%
61%
Fareast Islamic
53%
49%
65%
49%
70%
Capitilization Ratio:
Company
2011
2012
2013
2014
2015
96.26%
94.03%
52.47%
97.36%
97.26%
Delta
99.85%
99.83%
99.97%
99.99%
99.99%
95.75%
62.44%
68.07%
94.81%
95.47%
Prime Islamic
74.72%
83.26%
87.30%
87.61%
93.59%
26
th
Company
2011
2012
2013
2014
2015
0.18
1.13
18.91
19.36
19.47
Delta
7.05
7.77
9.11
10.74
12.68
6.83
12.25
15.29
19.21
9.57
8.04
8.23
7.84
Prime Islamic
OFC/Sales Ratio: =
2011(%)
2012(%)
2013(%)
2014(%)
2015(%)
Insurance 10.91
11.64
11.02
11.12
10.03
18.63
14.25
16.23
20.41
17.24
21.87
23.17
18.69
25.46
28.72
17.26
22.79
20.67
23.14
21.78
As we can see here all of the companies have high OFC ratio. In case of Farest islami Life Insurance
Company it is most. This indicates its creditworthiness and productivity.
2011
2012
2013
2014
2015
41.21
24.31
30.14
35.12
30.58
47.2
41.3
38.9
40.38
45.20
40.9
40.41
30.14
32.54
25.36
27.1
36.24
20.14
21.4
Here almost all of the firms have good Dividend Payout ratio. Specially Meghna Life Insurance Company
has the best one. Fast three years they have maintain a good level of Dividend payout ratio. Progressive,
Delta and Farest Islami Life insurance have a good Dividend payout ratio that fluctuates over years. But
overall all of the firms have healthy Dividend payout ratio that indicates the companies have well
earnings support the dividend payment among.
28
th
Formula:
2015
2014
2013
Conventional Life Insurance
1.4
1.2
1.2
2.3
2.3
1.6
2012
2011
.9
2.7
1.7
1.8
1.7
2.1
2.2
2.2
1.6
1.5
29
th
Formula:
2011
2012
2013
Conventional Life Insurance
2014
2015
Meghna life
.24
.27
.28
0.7
1.03
Delta life
.04
.04
.05
.06
.08
.1
.17
.39
.22
.23
Prime islami
2.32
2.13
2.19
2.26
2.79
30
th
Company
2011
2012
2013
2014
2015
Delta
0.068
0.045
0.034
0.047
0.047
Fareast
0.038
0.052
0.039
0.044
0.036
Meghna
0.022
0.023
0.058
0.053
0.032
Prime
0.068
0.14
0.059
0.064
0.113
Company
2011
2014
2015
Delta
1.444
1.686
2.01
2.277
2.521
Fareast
5.206
6.742
3.966
4.752
5.807
4.531
4.061
7.022
6.323
5.485
5.335
8.749
6.671
5.467
6.692
Meghna
Prime
31
th
2010
2011
2012
2013
2014
2015
0.137962
0.10633821
0.131413882
0.11068884
0.126984127
0.125628141
1.57096
1.65062585
1.647492625
1.09932498
0.851641414
0.722222222
0.051475
0.09164221
0.069497698
0.06632823
0.077451687
0.126995646
0.371592639
0.25002502
0.332510815
0.368830022
Company
Fareast Islami Life
Meghna Life Insurance
Prime Islami Life Insurance
Calculations :Calculations are done by first finding the Annual Dividend per Share and then
dividing them by the market price per share.
2010
Delta Life
Insurance
Company
Fareast Islami Life
Meghna Life
Insurance
2011
2012
44.1479821 46.04444444
51.12
157.096 161.7613333
7.97866667 12.55498224
Insurance
Progressive Life
Insurance
46.6
2014
2015
48
50
186.166667
134.1176471 149.88888
130
12.9960696
49.421821
3.9498 4.171153846
8.56179775
2013
32
th
2011
2012
2013
2014
2015
320
433
389
421
378
398
100
98
113
122
176
180
155
137
187
198
200
212
96
123
133
163
142
151
2011
2012
2013
2014
2015
0.626846
2.57194861
2.680071519
2.09786407
1.803560195
1.688347068
2.173892
3.7764883
3.971363434
3.77715257
3.733694542
2.813062948
1.078675
0.70221934
0.520302408
1.10377693
0.676148188
0.851774783
0.874972
1.05004029
1.126203526
1.06453965
0.593870692
0.932943134
33
th
2013
2014
2015
1347282560 8731384980
9342560030 10358047500
10347648300
11545420000
1268453200 2456366890
3587958000
4467489600
5678342688
6927869960
Meghna Life
Insurance
Prime Islami Life
2011
2012
732856168
683924600
985732600
4368912670
3297562800
4793452000
87362175
132764879
174322386
176349877
143876534
437217649
Insurance
Total Book Value calculated by the formula: Total Book Value= Total Assets
Intangible Assets Total Liabilities
Total Book Value
2010
Delta Life Insurance
Company
2011
2149304560 3394852040
2012
2013
2014
2015
3485936835 4937425469
5737345683 683829777
583494250
650436780
903457480 1182766520
1520837504 246274971
679403870
973947260
1894537840 3958148204
4876982380 562760497
99845625
126437890
154787640
165658346
242269127
46864340
34
th
Here we take two Life insurance companies , One is conventional life insurance and another one is
Takaful ( Islamic ) Life insurance Company for measuring the efficiency and show the comparison
between them.
Model
1
Variables
Variables
Entered
Removed
RO, SO
Method
. Enter
Model
.997
Adjusted R
Square
Estimate
R Square
a
.994
.993
.65118
ANOVA
Model
1
Sum of Squares
Regression
Residual
Total
df
Mean Square
513.268
256.634
2.968
.424
516.236
Sig.
605.223
.000
Standardized
Unstandardized Coefficients
Model
1
Std. Error
(Constant)
-6.271
.757
SO
18.562
6.678
RO
293.081
32.640
Coefficients
Beta
Sig.
-8.285
.000
.238
2.779
.027
.769
8.979
.000
35
th
ANOVA
Model
1
Sum of Squares
Regression
Mean Square
513.268
256.634
2.968
.424
516.236
Residual
Total
df
F
605.223
Sig.
.000
a. Dependent Variable: NP
Model
1
Variables
Variables
Entered
Removed
RO, SO
Method
. Enter
Model
.996
R Square
a
Adjusted R
Square
Estimate
.993
.991
.77649
ANOVA
Model
1
Sum of Squares
Regression
Residual
Total
df
Mean Square
596.865
298.432
4.221
.603
601.085
F
494.971
Sig.
.000
36
th
Coefficients
Standardized
Unstandardized Coefficients
Model
1
B
(Constant)
Std. Error
1.179
3.219
SO
61.309
8.670
RO
-149.407
120.818
Coefficients
Beta
Sig.
.366
.725
1.202
7.071
.000
-.210
-1.237
.256
a. Dependent Variable: NP
Statistical analysis:
o Correlation
o Regression analysis
o ANOVA and F-distribution
o F- distribution
Correlation:
Correlation analysis measures the degree of relationship between two or more variables (Dependent
and Independent variables). This analysis measures how closely the dependent variable is positively
or negatively related to independent variable. The value of correlation coefficient lies in the range -1
to 1.
Regression analysis:
Regression analysis is the statistical tool with the help of which we are in a position to estimate the
unknown values of another variable is called regression. The cause and effect relation is clearly indicated
through regression analysis.
Regression equation: Y=a+bX
Here, Y is dependent variable and X is independent variable. The value of Y depends on the value of
X. b is the slope of X which gives the average amount of change of Y per unit change in the value of X.
the sign b also indicates the type of relationship between Y and X.
ANOVA:
ANOVA is the analysis of variance. Total sum of squares can be divided into two components such as
SSR and SSE. That means, SST=SSR+SSE
Here, SST=total sum of squares
SSR=sum of squares due to regression
SSE= sum of squares due to Error
37
th
Ho is rejected when the overall relationship between dependent variable and independent variable is
significant. However, if Ho is accepted, we do not have sufficient evidence to discover that a significant
relationship exists between dependent and independent variable. If Ho is accepted, MSR provides an
unbiased estimate and the value of MSR or MSE becomes larger. To determine how large values of
MSR/MSE must be to reject Ho, if Ho is true and the assumptions about the multiple regression model
are valid ,the sampling distribution of MSR/MSE is an F-distribution with P degrees of freedom in the
numerator and(n-p-1) in the denominator . The summary of F-distribution is given below:
F-distribution:
F-distribution is the ratio of the variances. It shows the relation between dependent variable and
independent variable and whether taken model is rejected or accepted as a whole.
T-distribution:
T-distribution determines the value of dependent variable and independent variable. The hypothesis test
will be verified by the value of t as the null hypothesis is accepted or rejected. If the calculated t value is
greater than table value of t then null hypothesis will be rejected and alternative hypothesis will be
accepted. Null hypothesis Ho=0, there is no relationship between dependent variable and independent
variable.Alternative hypothesis (H1),there is a positive relationship between dependent variable and
independent variable.
Here residual SSE value comes 2.968 that shows the extent to which error is remaining after the
regression and can be minimized with the increment of the profit (dependent variable).
Total sum of square (SST):
In this observation, the value is 516.236 that comes after adding the SSR 513.268 and SSE 2.968.
Degrees of freedom (DF):
Here SST has (n-1) degrees of freedom, SSR has p (number of independent variable) degrees of freedom
and SSE has (n-p-1) degrees of freedom. Hence the mean square due to regression (MSR) is SSR divided
by p and the mean sum of square due to error (MSE) is SSE divided by (n-p-1). Here, 2 are degrees of
freedom for the numerator and 7 are degrees of freedom for the denominator.
F-test:
If Ho is accepted, MSR provides an unbiased estimate, and the value of MSR or MSE becomes larger. To
determine how large values of MSR/MSE must be to reject Ho, we make to use of the fact that if Ho is
true and the assumptions about the regression model are valid, the sampling distribution of MSR/MSE is
an F-distribution with p degrees of freedom in the numerator and (n-p-1) in the denominator. The
summary of F-test is given below:
F=MSR/MSE=605.223.
With a level of significance a=0.05, the tabulated value shows that one DF in the denominator, F=2.29,
with 605.223>2.29, we reject the null hypothesis and alternative hypothesis is accepted. So, there is a
significant relationship exists between profit and salaries &others, rents of office.
Moreover, the p value (sig.) =0.000 also indicates that we can reject Ho because the p-value is lower than
a=0.05
Regression analysis:
Regression analysis measures the nature of relationship between dependent variable and independent
variable. It describes that the relationship is positive or negative between variables.
Regression Equation=a+bX+Cx2
Y= -6.271+18.562X+293.081X2
The regression equation describes that there is negative relationship between profit and salaries &others,
rents of office.
Adjusted R square:
From the accepted data, the value of adjusted R square is .991 from table 02 in appendix; it shows that
how much dependent variable is changed for the changing of independent variable.
Standard error of estimate:
Here the value is .77649 from table 02 in appendix that shows the amount of variability of predicted result
and the actual result acquired from the real observation.
40
th
Summary:
Delta life insurance and Farest Islami life insurance both are renowned insurance company. Although
there has some constraints but both the companies providing service to the people and contributes to the
economic development. As the delta life insurance company increasing the authorized share year by year
so its market share position is not good at all. On the other hand Farest Islami life insurance is more
successful than delta life insurance Company. Because its share price is more stable than delta life
insurance company.
Recommendation & Conclusion: Insurance is too much important to public, business sector and
individual sector. Most of the companies provide more or less same services. For this reason the
competition is increasing day by day between the insurance companies .The progress of insurance
business depends on the progress of economic condition .Insurance business also faces many problem.
The following recommendations are suggested to overcome the existing problem of life insurance
company:
To ensure maximum profitability appropriate cost accounting system should be set up.
To improve the productivity performance they should raise their income generating ways.
The service quality of them should be improved in order to achieve or increase profit.
The premium policies of Life insurance company should be made easier in order to attract
clients.
The Customer relationship department should be improved as customer are the king of the
market.
The human resource development decision needs to accelerated in order to enchance the
performance.
The insurance act and rules should be reformed in order to overcome the current problem.
References
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
https://www.fareastislamilife.com/
www.deltalife.org/
www.meghnalife.com/
www.primeislamilifebd.com/
www.bangladeshtrades.com/finance-insurance/insurance-company
www.toptenbrandlist.blogspot.com/2012/01/history-of-insurance-business-in.html
www.takaful.com.bd/
http://www.bangladeshmoves.com.bd/news/takaful-concept-of-insurance-in-islam
www.academia.edu/.../Measuring_Efficiency_of_Conventional_Life_Insurance_Com
www.primeislamilifebd.com/aritcle/takaful_bangladesh_dec2010
Annual Report Of respective companies
41
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