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Long-term view is the best policy for insurance leaders

Article - December 16, 2011
GDID is about to celebrate its 26th anniversary - 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 insurances such as fire, burglary, marine, and health.

In January 2012, GDIC will celebrate its 26th anniversary. While GDIC was incorporated on December 14, 1985, as a public limited company, actual operation of the company started on January 1, 1986, with a paid capital of only BDT 30 million (£253,000). Since the privatisation of the insurance sector Green Delta was the fifth company to be established, gaining itself 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 50 years of experience in the insurance sector which started in 1958. Mr Choudhury attended two different insurance courses for a total of 14 months in the UK and Germany, and upon completing them was posted in Pakistan Insurance Corporation’s Regional Office at Chittagong, which became the Bangladesh Insurance Corporation after independence.

The success for GDIC began from day one. It was the first insurance company to be launched purely by professionals, and Mr Choudhury and his colleagues’ first-hand experience working abroad got the company off to a flying start. In 2010, GDIC was once again the highest premium collector, and despite the worldwide recession, GDIC is still producing the numbers. It reported a 24.95 per cent increase in gross premium to BDT 2,001.31 million, a remarkable investment income of BDT 577.10 million, an increase in profit after tax reaching BDT 502.41 million, a 63.80 per cent growth in the available solvency margin, and a shareholders equity growth by 46.15 per cent standing at BDT 3,127.20 million. In Mr Choudhury’s speech to the company’s shareholders he confirmed “that with the right strategic guidelines and timely executions of plans, GDIC has successfully overcome hurdles during the year 2010.”

“As a part of the diversified Investment strategy, we have already received the approval for a Merchant Banking license from Securities and Exchange Commission and started the operation in the name of Green Delta LR Financial Services Ltd and our Green Delta Mutual Fund has started to trade in both Dhaka and Chittagong stock exchanges,” Mr  Choudhury added.

GDIC’s success can be contributed to its multiple strategies concerned with long-term succeeding. Creating value for its customers, investing in and developing talents 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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