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Long-term strategy best policy for GDIC

Article - November 13, 2012
Green Delta Insurance Company Ltd. has just celebrated its 26th anniversary, a testament to its philosophy of always looking for long-term growth
NASIR A. CHOUDHURY, MANAGING DIRECTOR OF GDIC
Green Delta Insurance Company Limited (GDIC) is one of the leading private non-life insurance companies in Bangladesh, providing an array of insurance such as fire, burglary, marine and health.

GDIC was incorporated in late 1985 as a public limited company with a paid up capital of only BDT 30 million ($366,500). After the privatization of the insurance sector, Green Delta was the fifth company to be established, and it has gained a reputation as one of the most respected companies in the business.

Nasir A. Choudhury, Managing Director of GDIC, has played an important role in the growth of the company thanks to his 54 years of experience in the insurance sector. Mr. Choudhury attended two different insurance courses for a total 14 months in the U.K. and Germany, and upon completing them was posted in Pakistan Insurance Corporation’s Regional Office in Chittagong, which became the Bangladesh Insurance Corporation after independence.

Success for GDIC began from day one. It was the first insurance company to be launched purely by professionals and technocrats, and Mr. Choudhury and his colleagues’ first-hand experience working abroad got the company off to a flying start. Today the company has paid up capital of BDT 510.3 million.

Despite the fact 2011 was a turbulent and gloomy year for the economy, capital markets and the financial services industry, the insurance sector in the country has moved ahead. The top line continued to grow in 2011. “We are pleased with our progress and optimistic that we can accelerate the momentum in our business. We can proudly confirm that with the right strategic guidelines and timely executions of the plans, Green Delta Insurance Company has successfully overcome the hurdles during the year 2011,” says Mr. Choudhury.

In 2011, GDIC was once again the highest premium collector, and despite the worldwide recession GDIC is still producing the numbers. It reported 17.5% increase in gross premium to BDT 2,351.47 million, an investment income of BDT 131.80 million; profit after tax is now BDT 134.01 million, an 11.9% growth in net premium, fixed asset growth of 58.2% now standing at BDT 212.94 million, and an underwriting profit growth by 24.5% standing at BDT 124.17 million.

Green Delta’s success can be attributed to its multiple strategies concerned with long-term success. Creating value for its customers, investing in and developing the talent of its’ employees, committing to ethical conduct, and assuming social responsibility are just a few of the ways GDIC is focused on maintaining a strong financial stance, both for now and for the future.

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