Investment rises, mgmt cost falls in Zenith Islami Life

The management cost has decreased in Zenith Islami Life Insurance Limited in the year ended 2023. On the other hand, the amount of life fund and investment of the company has increased.

At the end of the year, the companys life fund growth stood at 102 per cent, investment increased by 15 per cent. And the management cost has decreased by 14 per cent. This information has emerged as the conclusion of the company.

According to company sources, a review of the final accounts shows that in 2023, Zenith Islami Life has collected a total premium of Tk 30.3 crore. Tk 16.96 crore has been spent in collecting this premium. That is, the company has spent 56.38 per cent of the total premium in the management sector.
Earlier, the total premium collection of Zenith Islami Life in 2022 was Tk 30.34 crore. And the company spent Tk 21.47 crore in collecting this premium. In other words, the company spent 70.76 per cent of the total premium in the management sector that year.

Accordingly, the management cost of Zenith Islami Life has decreased by 14.38 per cent in 2023. However, Tk 2.55 crore has been spent more than the approved expenditure limit. In 2023, among the total premiums collected by the insurance company, the first year premium is Tk 14.61 crore, the second year is Tk 5.92 crore and the third and above year premium is Tk 9.50 crore.

Earlier in 2022, the closing fund of the company was Tk 9.27 crore. As a result, the total life fund of the company at the end of 2023 stood at Tk 18.74 crore. In other words, the life fund of Zenith Islami Life has increased by 102 per cent in 2023.

The total investment of Zenith Islami Life in the last accounting year stood at Tk 32.54 crore. Which in the previous year in 2022 was Tk 28.21 crore. That is, in 2023, the investment of the insurance company increased by Tk 4.33 crore or 15.35 per cent. The company has 36.29 per cent investment in the public sector out of its total funds, amounting to Tk 6.80 crore.

In this regard, Zenith Islami Life Chief Executive Officer SM Nuruzzaman said, "We are working with the utmost importance to customer interests. We do not have any customer insurance claim pending for this. The rate of management expenses is also being reduced. We hope that our management expenses will come below the limit this year."