Express Insurance Limited Review

Expree Insurance Limited

Express Insurance Limited was incorporated and initiated its business as a public ltd. company in Bangladesh on 30 March 2000 under the company regulatory act, 1994. However, the certificate of starting of Insurance Business from the insurance development and regulatory authority was obtained with effect from 18 May 2000. Nature and Objectives of Express Insurance Limited Business is to carry on all kind of general insurance, Guarantee and indemnity Insurance business other than life insurance business.

Express Insurance Limited started their business with an authorized capital of TK.200.00 Million against a paid-up capital capital of TK. 60.00 million sponsored by the most popular business person and renowned industrialist of Bangladeshi having involvement in diversified business. The authorized and paid up capital of the company now stood at TK. 750.00 million and TK. 242.55 million respectively as on 31st December 2011. Now Express Insurance Limited operate their insurance business with a country network over than 20 number of branches.

Express Insurance Limited Review. This company is one of the top most popular general insurance company in Bangladesh. You can Insured your all kind of property very easily. Bangladeshi General insurance Company Express Insurance Ltd. Have a number of branches. Express Insurance Ltd Head office situated is one of best places in Bangladesh. Express Insurance Ltd Head office situated at Motijheel, Dilkusha C/A. Motijheel is one of the best places for different business and official activities in Bangladesh.

Express Insurance Limited Market Share:

The general insurance industry of Bangladesh reported a gross premium of TK. 17.11 Billion in 2011 and TK. 14.88 Billion in 2010 which was being shared by 44 companies. The gross premium Express Insurance Limited stood at TK. 325.00 million in 2011 and TK. 307.54 million in 2010. Now this company market share stood at 1.90% in 2011 and 2.07% in 2010 against industry growth of 15%, Express Insurance Limited has achieved business growth of 5.68% in 2011.

Express Insurance Limited marketing Strategy:

Express Insurance Limited has been running in a small market competitive with as many as over 50 general insurance companies representing firm level of competition in the market via its common product lines. The marketing exercises of the company are being transported out via Underwriting Department under the direct administration of the managing director. As on 31st March 2012 total number of marketing executive stood at 220 and all of them are permanent employee. Whereas the same was 475 in the previous year. Major businesses of the company came from large group of companies.

Express Insurance Ltd. Head office Address :

Al-Razi Complex (9th & 10th Floor), 166-167, Shahid Syed Nazrul Islam Sharani, Bijoynagor, Dhaka - 1000
Tel: +880-2-9552672, 9569546, 9561255, 9554421
Fax: +880-2-9568616,
Mob: 01720054440
E-mail: monjurhossainbd@gmail.com

Express Insurance Limited Branch Name And Address:

Now I give Express Insurance Limited all branches name and addresses via screen shot which is helping you to find out the location if you need.

Express Insurance Limited Chairman Profile:

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Mr. Md. Mazakat Harun, the honorable Chairman, is presiding over the 15th annual general meeting of the board of directors. Previously,Mr. Md. Mazakat Harun was the vice-chairman of the company for last two years. This renowned Business person also Chairman And Managing Director of Chemitan Ltd, MAB Spinning and MAB Denim Ltd. He is a sponsor shareholder of Exim Bank Ltd.

Express Insurance Limited Board Of Directors:

Now I give the EIL Board of Directors name and Picture with designation via screen shot.

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Express Insurance Limited Business Performance:

Now I give EIL business performance 2008 to 2012 graph with screen shot.

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Express Insurance Limited Investment And Asset:

Now I give the EIL Investment And Asset Position 2008 to 2012 with graphical screen shot.

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Express Insurance Limited Audit Report (2012):

We have audited the accompanying Balance Sheet of the Express insurance Limited as at 31 st December 2012 and The related revenue accounts as well as profit and loss accounts, proﬁt and loss appropriation account, statement of Cash flow and statement of changes in equity for the year then ended he preparation of these Financial Statements In accordance with Bangladesh Financial Reporting Standards (BFRS), The Companies Act 1994, the Insurance Act 2010, the insurance Rules 1958, the Securities and Exchange commission Rules 1987 and other applicable laws And regulations are responsibility of the Company's management.

Our responsibility is to express an independent opinion on these ﬁnancial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA).Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial| statements are free from material misstatement. An audit includes examining, on a test basis, evidence Supporting the amounts and disclosures in the Financial Statements. An audit also includes evaluating the Appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management as well as evaluating the overall presentation of the Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our audit opinion.

In our opinion, subject to the accounting policies and notes annexed, the financial statements prepared in accordance. With Bangladesh Financial Reporting Standards (BFRS), give a true and fair View of the state of the company’s affairs as at 31st December 2012 and of the results of its operation and it's cash flows for the year then ended and comply with the Companies Act 1994, the Insurance Act 2010, the Insurance Rules 1958, the Securities and Exchange Commission Rules 1987 and other applicable laws and regulations.

We also report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due veriﬁcation thereof ;

b) In our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us;

c) The Company's balance sheet and proﬁt and loss account and its cash ﬂows dealt with by the report are in agreement with the books of account and returns;

d) ) The expenditure incurred was for the purpose of the company's business.

e) As per Section 63 of the Insurance Act 2010 as amended, we certify that to the best of our knowledge and belief and according to the information and explanations given to us, all expenses of management wherever incurred and whether incurred directly or indirectly with respect to insurance business of the company transacted in Bangladesh during the year under report have been duly debited to the related revenue accounts and the proﬁt and loss accounts of the company; and As per regulation ii of pariah of the third Schedule of the insurance Act 1 938 as amended, we certify that to the best of information and as shown by its books the company during the year under report has not paid any person any commission in any form outside Bangladesh in respect of any of its business re—insured abroad.

Auditors

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