An Appraisal of Financial Performance of Pragati Insurance Limited

Abstract

Pragati Insurance Limited started operation from, 1986 with a commitment to play some social role in addition to normal non-life insurance business. Its slogan is "Symbol of Security" From the very beginning; the company has adopted the policy of diversifying its business. To achieve this objective, the bank started hospitalization insurance policy, personal accident policy, earthquake policy in general. secured business etc. Under the dynamic leadership of the Chief Executive Officer, this company is operating successfully as being on of the leading general insurance company in Bangladesh with good profitability and reserve. This company is running operation its business through 36 branches The insurance industry is one of the fastest growing profitable industries. In order to improve the economic condition of the country insurance companies are responsible for the mobilization of fund. Pragati insurance insures all traditional lines of non-life insurance businesses viz. - Fire & allied risks including flood, cyclone, earthquake, Typhoon, malicious damage, burglary, riot, strike, damage, house breaking, industrial all risks, DOS, machinery breakdown, loss of profi~ business interruption, CARlEAR, personal accident including workmen compensation, motor insurance of all descriptions & value, Travel medical & medical insurance including treatment abroad to name a few broad lines. Paid-up capital of the company is Tk.387.70 million and Reserves including capital reserves stood at Tie. 784.92 million thus making an equity base of Tie. 780.51 million as of December 2008.