Global Compact International Yearbook 2012

Best Practice
Financial Markets
Green Delta Insurance
Green Delta Reaches the
26th Year of Its Journey
in the Insurance Sector
By Syed Tousif Haque
In January 2012, Green Delta Insurance Company Ltd. (GDIC) celebrated its 26th anniversary
after being incorporated on December 14, 1985, as a public limited company. The actual
operation of the company began on January 1, 1986. At that time, the company only had
capital of Bangladeshi Taka (BDT) 30 million. Green Delta Insurance Company Ltd. now
holds about BDT 510.3 million.
GDIC has the proud distinction of being
the first company in Bangladesh to raise
its capital base to such a level. Focusing
on risk management with minimum
costs and personalized and prompt services,
the company is always ready to
fulfill the needs of all its clients. With
high profitability and highly balanced
quantitative growth, GDIC has attained
an excellent market reputation and the
confidence of its valued clients. For more
than two and a half decades, the company
has held a leading position in terms
of premium collections. Green Delta
issued its IPO on December 31, 1989,
and listed its name on the Dhaka and
Chittagong Stock Exchanges in 1990 and
1995, respectively. The company has
been awarded ratings of “AA1” for the
long term and “ST1” for the short term
by Credit Rating Agency Bangladesh for
the last three years. This certainly highlights
and acknowledges the company’s
financial dominance and has cemented
its positioning within the industry, along
with its 38 branches strategically located
across the country. 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.
With its strong financial reputation,
GDIC has also invested a substantial
amount of funds as a co-sponsor to:
Delta Brac Housing Finance Corporation
Ltd., the country’s leading housing
finance organization; United Hospital
Ltd.; Progressive Life Insurance Company
Ltd.; BD Venture Ltd., a venture capital
company; SwissPro (BD) Asset Management
Company; and FinExcel Ltd., an
advisory services firm. It has also started
a subsidiary company, Green Delta LR
Holdings Ltd., which includes Green
Delta Securities Ltd. – both of which
are traded on the Dhaka and Chittagong
Stock Exchanges.
Green Delta Insurance Company
Ltd. also has a Merchant Banker License
from the Securities and Exchange Commission
and started operations under
the name of Green Delta LR Financial
Services Ltd. and is engaged in fullfledged
merchant banking. The entity
has already generated a positive bottom
line in its first year of operation. In
the coming days, the merchant bank is
expected to generate more revenue and
uphold the image of GDIC, both locally
and globally. GDIC has also made an
investment in Green Delta Aims Tower
– a joint-venture, 17-story landmark
building in Mohakhali, Dhaka, that
was constructed entirely with its own
cash flow.
As a part of the recognition for the
contribution to the development of the
insurance industry in the country as
well as maintaining its standards of
service at the same time, the company
has been acknowledged as one of the
top 500 companies, according to Dun &
Bradstreet Rating Agency of Bangladesh.
The company has also been awarded
with many national and international
awards: ICAB National Award for “Best
Published Accounts”; ICMAB Best Corporate
Award in the category “Certificate of
Merit”; Best Presented Accounts Award
in the category “Insurance Sector” by
the South Asian Federation of Accounts;
“International Quality Crown Award” by
Bid International in London; The BIZZ
Award by World Business Confederation
of Business for “Leadership, Excellence
in Management, Quality and Marketing”;
“The Diamond Eye Award for Quality
and Excellence” by Bid Otherways; the
Platinum Technology Award for Quality
and Best Trade Name by OtherWays
in Berlin; the International Star Award
for Leadership in quality in the Gold,
Platinum, and Diamond categories, and
many more.
After 26 years, Green Delta Insurance
Company Ltd. has now become a
family of 20 respected board members,
500+ committed staff, numerous valued
clients, and thousands of esteemed
shareholders. By 2012, Green Delta has
been able to uphold its brand image as
a prompt claim settler, superior service
provider, and diversified product supplier
– almost a one-stop solution provider
in the insurance sector in the country.
This has allowed it to become an institution
with a dedicated service platform
with a committed and skilled professional
workforce, provide excellence in
product diversification, and above all,
meet the expectations of shareholders.
Our diversified and integrated business
model benefits shareholders as we balance
distribution, asset management,
insurance, and annuity capabilities to
provide important revenue and earnings
diversity.
Green Delta Insurance Company
Ltd. is committed to the principles of
offering various insurance products to
mitigate risks involved in everyday life.
Hence, we have recently moved to implement
three separate pilot projects in
two insurance sectors: micro health and
crop. The crop and micro health services
will significantly contribute to protecting
farmers from frequent natural disasters,
the poor from catastrophic health expenditures,
and ultimately help to eradicate
poverty. GDIC will also work as an insurance
partner at the World Marketing
Summit in Bangladesh, design the micro
health scheme for RMG workers, and act
to implement the pilot project.
Green Delta’s success can be attributed
to its multiple long-term strategies.
Creating value for its customers,
investing in and developing the talents
of its employees, ethical conduct, and
assuming social responsibility are just
a few of the ways GDIC is focused on
maintaining a strong financial stance,
both now and in the future.
With the slogan “Marches with
time,” GDIC has been helping people
in times of need for the last 26 years,
pulling out all the stops when needed, as
a proud partner should. Hence GDIC has
achieved an excellent market reputation
with a leading position in the insurance
industry of the country.
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