In a move that has raised eyebrows across the financial sector, Green Delta Insurance PLC has been selected to receive the “IDRA Insurance Excellence Award 2025,” despite a series of worrying fiscal indicators. While the Insurance Development and Regulatory Authority (IDRA) intends for the accolade to celebrate “extraordinary performance” and robust corporate governance, a closer inspection of the company’s annual reports reveals a significant downward trend in its core financial health.
The regulator is set to present the award officially on 29 January, placing Green Delta fourth in the non-life category. However, industry analysts are questioning the criteria for such an honour, given that the firm has seen a sharp contraction in premium collection, investment, and solvency margins over the past few years.
A Portfolio Under Pressure
Data from the company’s 2024 financial statement suggests a precarious situation. Gross premium collection plummeted by 9.61% within a single year, falling from Tk454.50 crore in 2023 to Tk410.80 crore in 2024. More baffling is the discrepancy in underwriting profits. Despite collecting more in premiums in 2024 compared to 2021, the underwriting profit margin as a percentage of total premiums has eroded significantly.
Furthermore, the company’s available solvency margin—a critical buffer for any insurer—has witnessed a dramatic decline. In 2023, the solvency stood at Tk206.50 crore, but it crashed by 27.75% to Tk149.20 crore by the end of 2024.
| Financial Indicator (Unit: Tk Crore) | 2023 Performance | 2024 Performance | Year-on-Year Change |
| Gross Premium Collection | 454.50 | 410.80 | -9.61% |
| Total Investment | 416.70 | 365.80 | -12.21% |
| Total Reserves | 416.70 | 365.80 | -12.21% |
| Available Solvency (AS) | 206.50 | 149.20 | -27.75% |
| Underwriting Profit | 120.30 (in 2021) | 96.90 | -19.45% (vs 2021) |
Discrepancies and Silence
The lack of correlation between claims paid and underwriting profit has also come under scrutiny. Usually, an underwriting profit drops when claims rise. However, for Green Delta, the claims ratio has actually decreased while underwriting profits simultaneously fell—an inconsistency that suggests rising operational costs or other internal financial leaks.
The IDRA’s initiative aims to restore public trust in the insurance sector by highlighting 13 exemplary life and non-life companies. Yet, the inclusion of Green Delta amidst such a visible fiscal slump has led to calls for greater transparency in the awarding process.
Repeated attempts to contact both the IDRA spokesperson and Green Delta’s Chief Executive Officer, Farzana Chowdhury, for clarification on these financial anomalies have remained unsuccessful. As the industry prepares for the awards ceremony, the contrast between the “Excellence” trophy and the balance sheet remains a point of intense debate.