We are broadly satisfied with our financial results, given the challenging and uncertain operating environment. The robust governance foundations and the solidity of our systems built over the years has meant that we were able to remain effective and cohesive as an organisation and keep on delivering reliably to our clients.

To our shareholders:

COVID-19 has brought disruption, strain, and sorrow for millions of people around the world, and my heart goes out to all who have lost a friend, family member, or loved one during the pandemic. This difficult period has reaffirmed Green Delta’s vital role in an industry that safeguards families’ financial futures, especially during times of deep uncertainty and loss. Throughout 2021, our operational and financial resilience was put to the test, and I am incredibly proud of how our employees and our business have responded by continuing to deliver on our promises to our clients, our investors and the communities in which we live and work. Nobody in the world could ever have predicted what the world would go through as a result of Covid-19. Ironically, as I write this message after the second year of the pandemic, I find myself largely in the same position. While we as a global population believed we had collectively navigated our way through what we thought was the worst of the pandemic, few of us could have predicted that we would be looking towards a 2021 that offers little more certainty than what we had experienced in 2020. While several vaccines have now been developed, on their own these are by no means the solution to global health concerns and challenges and lingering economic tribulations. The threat of a potential third wave of Covid-19 in Bangladesh has once again raised fears and concerns, and could place increasing pressure on our country’s medical resources and its economic well-being.

It feels like we’re in the same situation that we were in during the first and second waves, as the threat of the Omicron variant of the virus looms. However, what is different is that I believe we are in a much stronger position. We have rich learnings of the past and have become attuned to adjust with the Covid protocols. We have learnt to operate the business within the perimeter of all health and safety regulations. In fact, Bangladesh’s GDP growth has come back stronger, with economic activity and trade buoyancy hitting pre-pandemic levels. There is much excitement and expectation too around this Asian tiger growing faster than some of the incumbent nations of the continent. While Bangladesh’s textiles industry has regained momentum, increased global labour participation by Bangladeshis bodes well for remittances too. Moreover, major infrastructure assets are witnessing fructification, including the glorious Padma Bridge, which gives the confidence that despite near-term hiccups, the structural economic drivers are in place and will kick-in after any potential setback.

Against this backdrop, it is our hope that, as a participant in an industry that delivers vital protection and extensive value-added services to the people and businesses of Bangladesh, Green Delta Insurance will be able to continue its operations, largely uninhibited, in the coming year, so that we can provide the support and financial resilience that our customers have come to expect and depend upon.

Of course, our customers are only one of our many important stakeholder groups, and we invested time, human and financial resources into providing support to all these groups over the course of the year. One of our other top priorities was the safety of our employees and we focused on encouraging and enabling safe shelter arrangements for as many staff members as we could. We also prioritised the provision of full physical and mental health support systems and effective team communication and engagement via digital channels, similar to what we did in 2020, but with greater intensity and frequency. We also continued to help and support the communities in which we operate, especially via financial donations towards charities and support funds.

I’m satisfied to report that despite a devastating second wave that hit the country in the second quarter of the year. Green Delta generated net income of Tk 787.18 mn in 2021, or Tk 7.86 per diluted share, up from the previous year’s Tk 683.80 mn, or Tk 7.34 per earning share. Our recurring revenue model proved resilient, producing record highs in annual net premiums of Tk 1546.81 mn and total revenues of Tk 3,843.31 mn.

Taken together, Green Delta Insurance’s many business accomplishments from the past year demonstrate our agility, resilience and consistency. In the face of extreme circumstances, we were able to execute on our strategy and deliver positive results for our clients, partners and investors. While I am very proud of these achievements and the hard work they represent, what best defined 2021 and made it a truly inspiring time to be a part of the family were the many ways we came together as an organization to support one another and the communities we serve.

The year 2021 continued to change the world and many evolutions are here to stay, going well into 2022 and beyond. I find that our strategic choices appear more relevant than ever for the post-Covid world:

• Health is back as a top focus for individuals and companies. With an established track record in health insurance, the Company is well-positioned to address the ensuing needs

• The digitalization of our economy has leapt forward, opening new avenues for our corporate insurance activities and our physical-digital capabilities. The future of insurance is always going to be at the intersection of the two and not one against the other

• The pandemic has also underlined how vulnerable our societies are to natural hazards, and thus brought renewed focus to climate change. Green Delta Insurance, with its acknowledged leadership position in responsible insurance schemes, such as crop protection, as well as dedicated offers and rigorous investment practices, is best positioned to shape the debate in this crucial field

• The pandemic’s frightful economic consequences, which affected the livelihoods of many, also created a moral obligation to help prevent people from falling back into poverty, especially in developing and less developed countries.

We will continue to outperform the market, both on growth and quality. Green Delta Insurance is ready to address the changes and challenges of doing business in this ever-evolving environment and is raring to harness the opportunities. Commitment runs deep in our organisation’s culture, but it is not just an intangible – it is evidenced in our services, products, systems and processes. Led by this commitment along with our value-driven culture, I believe we have an exciting future ahead.

As I close my report with a deep sense of gratitude, I would like to thank our employees, as well as our clients, shareholders and partners for making 2021 a fairly successful year in the face of adversity. I look forward to continuing to grow this remarkable Company together and advancing the important work of Green Delta Insurance and the insurance industry.

Thank you.

Abdul Hafiz Choudhury
Chairman