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PROFILE OF SADHARAN BIMA CORPORATION

Sadharan Bima Corporation is only state-owned General Insurance Corporation operating under the direct control and supervision of the Ministry of Finance, Government of the People’s Republic of Bangladesh. It emerged on 14th May, 1973 under the Insurance Corporation Act (Act No. VI) of 1973 to deal with all classes of general insurance & re-insurance business emanating in Bangladesh.

Thereafter, SBC was acting as the sole insurer of general Insurance till 1984. In the year 1984 Bangladesh Government allowed insurance Companies in the private sector and to that effect promulgated the insurance Corporations (Amendment) Ordinance 1984.

Sadharan Bima Corporation has a very strong financial base. It has a market share of over 20 % of the total premium income of the insurance market of Bangladesh. SBC, the largest insurance enterprise in the country, has a networth of Tk.605 crore an authorized capital of Tk.20 crore, paid up capital of Tk. 10 crore and the anticipated revenue during the current financial year is approximately Tk. 417 crore.

Following characteristics of SBC proves its financial soundness :- Government owned enterprise - Financial Soundness due to huge assets owned by SBC - Only re-insurer in Bangladesh - Wide net-work of offices - Public trust - Huge trained & skilled manpower - Large investable fund - Huge Real Estate Assets in Dhaka, Chittagong, Khulna, Rajshahi, Bogra & Sylhet. SBC TOWER – the only multistoried car parking building in the heart of the capital city of Bangladesh

SBC is the sponsor shareholder of Investment Corporation of Bangladesh, Industrial Development and Leasing Company, National Tea Company Limited, National Housing Finance and Investment Ltd, Aramit Ltd, Central Depository BD Ltd.etc.

SBC has met all prudential norms in further its financial strength. Not only that, Sadharan Bima Corporation has emerged as one of the country’s few largest taxpayers in the corporate sector.

SBC is entitled to 50% of public sector business in Bangladesh. Insurance Corporation (Amendment) Act 1990 provides that fifty percent of all insurance business relating to any public property or to any risk or liability appertaining to any public property shall be placed with the SBC and the remaining fifty percent of such business may be placed with this Corporation or with any other insurers in Bangladesh. But for practical reason and in agreement with the Insurance Association of Bangladesh SBC underwrites all the public sector business and 50% of that business is distributed among the existing 43 private general insurance companies equally under National Co-insurance Scheme.

In respect of reinsurance, the same act provides that fifty percent of a company’s reinsurance business must be placed with the SBC and remaining fifty percent may be reinsured either with this Corporation or with any insurer in Bangladesh or abroad.

The main pillar of the SBC is insurance as well as reinsurance business. SBC is the largest non-life insurance underwriter in Bangladesh in terms of gross premium, network of offices & trained manpower. On the other hand, SBC reinsures the risks of private insurance companies operating in Bangladesh.

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