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CSE news on PROGRESLIF

2024-03-20: Change of Close Price

PROGRESLIF: Please note that the close price of the shares of PROGRESLIF has been reset at current market price prevailing in other exchange's Market. New close price of PROGRESLIF=Tk. 47.00.

2024-01-29: Change of Close Price

PROGRESLIF: Please note that the close price of the shares of PROGRESLIF has been reset at current market price prevailing in other exchange's Market. New close price of PROGRESLIF=Tk. 60.00.

2023-08-28: Election of Chairman and Vice Chairman

PROGRESLIF: Progressive Life Insurance Co. Ltd. has informed that the Board of Directors has elected Brigadier General Mr. Md. Zakir Hossain, ndc, psc (LPR) as Chairman and Mr. Bajloor Rashid, MBE as Vice Chairman of the Company.

2023-08-06: Appointment of Acting Company Secretary

PROGRESLIF: Progressive Life Insurance Co. Ltd. has informed that the Board of Directors has appointed Mr. Md. Abdul Karim, Head of Policy Servicing and Human Resources Department as the acting Company Secretary of the company in place of Mr. Md. Johir Uddin.

2023-08-06: Appointment of Acting Chief Executive Officer

PROGRESLIF: Progressive Life Insurance Co. Ltd. has informed that the Board of Directors has appointed Mr. Shahjahan Azadi, Deputy Managing Director as the acting Chief Executive Officer of the company in place of Mr. Ajit Chandra Aich.

2023-07-19: Change of Close Price

PROGRESLIF: Please note that the close price of the shares of PROGRESLIF has been reset at current market price prevailing in other exchange. New close price of PROGRESLIF=Tk. 81.30.

2023-07-13: Cont-5 Directive on category change & nomination of Independent Directors

PROGRESLIF:(Cont-5) within 45 (Forty-five) working days from the first day of placement of the company to the ''Z-category'', by the existing Board of Directors from the Shareholders to be eligible for director(s) and 05 (Five) Independent Director(s) nominated or appointed by the Commission as per the condition No 2 of the Commission's Notification No: SEC/CMRRCD/2009-193/07/Admin/106 dated 01 September 2020. d) PLICL shall hold Annual General Meeting (AGM) within 6 months immediate to the closing of the financial year subject to the limitations and compliance in other regulatory frameworks; This order shall have immediate effect. '' (end)

2023-07-13: Cont-4 Directive on category change & nomination of Independent Directors

PROGRESLIF: (Cont-4) No: SEC/CMRRCD/2009-193/07/Admin/106 dated 01 September 2020. Sl No., Name, position & institution of the Independent Directors are as follows: 1. Brigadier General Md. Zakir Hossain, ndc, psc, Ex-Chairman, Bangladesh Textile Mils Corporation (BTMC), Ministry of Textile and Jute, 2. Mohammed Forashuddin, PhD, Chief Adviser, East West University, Ex-Governor, BB, 3. Md. Jamil Sharif, PhD, FCMA, Associate Professor, Department of Accounting & Information System, University of Dhaka, 4. Dr. Tazrina Farah, Associate Professor, Department of Finance, University of Dhaka and 5. M. Shoeb Chowdhury, Chairman, The Asian age, Daily Deshkal, HSTC Limited. c) The Board of Directors of PLICL shall be reconstituted, (Cont-5)

2023-07-13: Cont-3 Directive on category change & nomination of Independent Directors

PROGRESLIF: (Cont-3) Now, therefore, in exercise of the power conferred by Section 20A of the Securities and Exchange Ordinance,1969 (Ordinance No. XVII of 1969), the Commission hereby directs the Chairman, Directors, and the Managing Director of PLICL as well as both the stock exchanges to comply with the followings: a) The shares of PLICL will be shifted or transferred to the ''Z- category'' as it has failed to hold its Annual General Meeting (AGM) and to declare dividend to the shareholders for the preceding 2 (two) years; b) The Commission hereby nominates or appoints 05 (Five) Independent Directors for inclusion in the reconstituted board as per the condition No 2 of the Commission's Notification (Cont-4)

2023-07-13: Cont-2 Directive on category change & nomination of Independent Directors

PROGRESLIF: (Cont-2) with regard to the appointment of independent directors, and promotions, salary increments, and bonus provisions of other employees. However, those non-compliances have led to detrimental outcomes, such as compromised transparency, compromised integrity of decision-making processes, erosion of trust among stakeholders, and potential financial losses for the company; And whereas, in addition to the aforementioned violations, the enquiry committee discovered several other irregularities and instances of non-compliances that have negative implications for investors, hence those undermine the trust and confidence of investors, potentially leading to financial losses and a diminished reputation for the company;(Cont-3)

2023-07-13: Cont-1 Directive on category change & nomination of Independent Directors

PROGRESLIF: (Cont-1) the different provisions of accounting standards, hence PLICL and the directors seem to violate the related securities laws; And whereas, the enquiry committee identified huge irregularities in PLICL's acquisition of fixed and other assets, which reflected in the financial statements inaccurately and disseminated NAVs in the Price Sensitive Information (PSI) that have been misleading the investors; And whereas, the enquiry committee identified that PLICL's actions tantamount to the violation of the code of corporate governance, hence leading to a complete breakdown in the company's corporate and financial governance structures; And whereas, the enquiry committee's report uncovered extensive non-compliances (Cont-2)

2023-07-13: Directive on category change & nomination of Independent Directors

PROGRESLIF: BSEC Directive No. SEC/SRMIC/2005-15/1139(Part-3)/187, dated July 12, 2023 which reads as follows: ''Whereas, Progressive Life Insurance Company Limited (herein after called as PLICL) is an issuer company listed with stock exchange and the shares of PLICL are being traded under ''A-category'' at stock exchanges, although PLICL has not hold any Annual General Meeting (AGM) since 2020; And whereas, the Commission has conducted an enquiry regarding the financial irregularities of Progressive Life Insurance Company limited; And whereas, the enquiry committee reported that the preparation and disclosures of financial statements did not reflect the actual scenario of the company and also did not comply with (Cont-1)

2023-07-13: Category Change

PROGRESLIF: As per BSEC's directive No. SEC/SRMIC/2005-15/1139(Part-3)/187 dated 12 July 2023, Progressive Life Insurance Co. Ltd. will be placed in ''Z'' category from existing ''A'' category with effect from today 13 July 2023 as it has failed to hold AGM and to declare dividend to the shareholders for the preceding 2 (two) years. As per BSEC Directive No. BSEC/CMRRCD/2009-193/32 dated December 26, 2021; the stock brokers & merchant bankers are requested not to provide loan facilities to their clients against trading of the shares of PROGRESLIF from 13 July 2023.

2023-06-11: Appointment of Observer in Board of Directors of the Company by IDRA

PROGRESLIF: Progressive Life Insurance Co. Ltd. has informed that Insurance Development and Regulatory Authority (IDRA) has appointed Mr. Md. Abdul Mozid, Director, IDRA as Observer to the Board of Directors of the Company to protect the interest of policy holders and to ensure good governance of the Company. IDRA stated that policyholders are constantly filing complaints with IDRA due to non-payment of insurance claims on time by Progressive Life Insurance Co. Limited. IDRA also added that non-payment of insurance claims on time is causing extreme dissatisfaction among customers and tarnishing the image of the insurance industry.

2023-02-22: Change of Close Price

PROGRESLIF: Please note that the close price of the shares of PROGRESLIF has been reset at current market price prevailing in other exchange. New close price of PROGRESLIF=Tk. 77.20.

2022-07-25: Change of Close Price

PROGRESLIF: Please note that the close price of the shares of PROGRESLIF has been reset at current market price prevailing in other exchange. New close price of PROGRESLIF=Tk. 75.20.

2021-01-25: Bonus Shares Credited

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that the Bonus Shares of the Company for the year ended on December 31, 2019 have already been credited to the respective shareholders' BO Accounts.

2021-01-03: Elected Chairman and Vice-Chairman

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that the Board of Directors of the Company has elected Mr. Nasir Ali Shah FCMA as the Chairman and Mr. Gulam Mostafa Ahmed as the Vice-Chairman of the Company.

2020-12-07: Cont14-Auditor's Opinion

PROGRESLIF(cont14):e) The Company has a documented IT policy for media device, internet, spam mail and related support, but it doesn't cover overall IT security functions viz. password policy, network security policy, disposal of IT equipment; f) The Financial Statements includes an amount of Tk. 4,863,891 shown as other deposit against agents and employer of agent's license /certificate fee. The Company should take appropriate steps to collect licenses /certificates from IDRA as per provision of section 124 and 125 of the Insurance Act 2010;"(end)

2020-12-07: Cont13-Auditor's Opinion

PROGRESLIF(cont13):The dividend income includes an amount of Tk. 1,427,952 (Fourteen lac twenty-seven lac nine hundred and seventy-two taka only) as dividend income of CDBL for the year ended June 30, 2018. The AGM of CDBL held on December 19, 2018; d) The company has recognized Provident Fund which is required to be audited by a firm of Chartered Accountants. During the course of our external audit we were not provided with the Financial Statements of the Fund; (cont14)

2020-12-07: Cont12-Auditor's Opinion

PROGRESLIF(cont12):address # Zahura Tower, 1401 Sheikh Mujib Road, Agrabad C/A, Chattogram purchased at a price of Tk. 34,707,416 for which legal proceeding about ownership is under process in the Joint 2nd District Judge, Chattogram vide case no. 62/12; b) The Company has filed Schedule - X: "annual list of members and summary", Form Xll and Form XV to the Registrar from 2014 to 2019 on 14 October 2020 which was not in line with section 36 of the Companies Act, 1994; c)The note 23 to the financial statements includes dividend income amounting Tk. 3,738,464 (Thirty-seven lac thirty-eight thousand four hundred and sixty-four taka only).(cont13)

2020-12-07: Cont11-Auditor's Opinion

PROGRESLIF(cont11):which the recovery of the amount is in question due to the liquidation threat. The company doesn't have made any provision regarding the investment; 15. The company have entered into an agreement on June 26, 2014 with Leadsoft Bangladesh Limited for the implementation of the InsurSoft and as per agreement the software will be implemented within twelve months and the Company has paid TK. 4,500,000 (Forty five lac taka only) as advance against the software. As per our review, the software is still yet to be implemented; Emphasis of Matter: a) In Annexure A of note 14 of the financial statements, management has disclosed that, the flat in Chattogram,(cont12)

2020-12-07: Cont10-Auditor's Opinion

PROGRESLIF(cont10):and the commission and allowance etc. should be paid through banking channel. IDRA's directions in this regard is not complied with; 13. According to the Labor Act 2006 the company should have Gratuity Fund for the employees. The company does not have any recognized gratuity fund; 14. The note 19.01 of the Financial Statements includes an amount of Tk. 1,005,563,375 (One hundred crore fifty- five lac sixty-three thousand three hundred and seventy-five taka only) as Investment in FDR. The company have investment in the People's Leasing and Financial Service amounting Tk. 10,000,000 (One crore taka only) against(cont11)

2020-12-07: Cont9-Auditor's Opinion

PROGRESLIF(cont9):amounting Tk. 16,210,870 (One crore sixty two lac ten thousand eight hundred and seventy taka only) to its shareholders. The company have made provision for the dividend declared in the year 2019; 11.As per our review of the statement of cash flows of the financial statements, the operating cash flows of the Company was negative and as a result of the excess cash outflows pace of disbursement of maturity claim in due time is not up to the mark; 12.According to the directions of the IDRA, the premium received cannot be adjusted with the expenses (i.e.- Commission and allowance etc.)(cont10)

2020-12-07: Cont8-Auditor's Opinion

PROGRESLIF(cont8):9. According to the Insurance Act 2010 Section 21 and Schedule 1, in case of registered company in Bangladesh shall maintain minimum thirty crores taka out of which 60 % shall be subscribed by the sponsor and remaining 40 % shall be subscribed by the general public. The company has not maintained the paid-up capital as per schedule 1 of the insurance Act 2010; 10. According to the 157th Board of Directors meeting, dated December 02, 2019 and 19th Annual General Meeting dated February 02, 2020, the company has declared and approved 12% stock dividend for the year ended December 31, 2018(cont9)

2020-12-07: Cont7-Auditor's Opinion

PROGRESLIF(cont7):For instance the policy of Ms. Chhabi Rani Kundu (Policy no- 01096180) was commenced on April 10, 2006 and matured on April 10, 2018 but the claim was paid on January 02, 2019. The policy of Mr. Md. Panjab Ali Mollah (Policy no- 01092017) was commenced on December 28, 2005 and matured on December 28, 2017 butthe policyholder was paid for the claim on January 02, 2019. The policy of Mst. Jahanara Begum (Policy no- 00267087) was commenced on April 30, 2003 and matured on April 30, 2018 but subsequently the policy claim was settled on January 02, 2019. From the above instance it is evident that the claims were not settled as per condition of the policy contract.(cont8)

2020-12-07: Cont6-Auditor's Opinion

PROGRESLIF(cont6):The outstanding balances include death claim, survival benefit, and maturity claim amounting Tk. 18,116,320(One crore eighty-one lac sixteen thousand three hundred and twenty taka only), Tk. 28,381,263 (Two crore eighty-three lac eighty-one thousand two hundred and sixty-three taka only) and Tk. 253,698,909 (Twenty-five crore thirty-six lac ninety-eight thousand nine hundred and nine taka only) respectively. The deadline of settlements of death claims is 90 days as per provision of section 72 of the Insurance Act 2010 and the maturity claim and survival benefit shall be settled as per condition of policy contract.(cont7)

2020-12-07: Cont5-Auditor's Opinion

PROGRESLIF(cont5):these petty cash balance BDT 9,142,890 (Ninety-one lac forty-two thousand eight hundred and ninety taka only) are lying with the respective agents of closed service cells, which they are trying to recover. But no provision has been maintained against BDT 9,142,890 (Ninety-one lac forty-two thousand eight hundred and ninety taka only) in the audited financial statements as per IAS 37, para 14; 8. The note 9 to the financial statements of the company includes an amount of Tk. 304,187,412 (Thirty crore forty-one lac eighty-seven thousand four hundred and twelve taka only) as estimated liability in respect of outstanding claims whether due or intimated.(cont6)

2020-12-07: Cont4-Auditor's Opinion

PROGRESLIF(cont4):and legal proceeding is in process. The Company could not take over any possession as yet but included in land and building deviating the principle of capitalization as IAS 16 Property, Plant, and Equipment; 7. Petty cash balance of BDT 9,142,890 (Ninety-one lac forty-two thousand eight hundred and ninety taka only) from 47 closed service cells have been shown in the consolidated petty cash balance of BDT 42,024,147 (Four crore twenty lac twenty-four thousand one hundred and forty-seven taka only). As per management of the Company the above mentioned 47 service cells have been closed between 2011 to 2019 and(cont5)

2020-12-07: Cont3-Auditor's Opinion

PROGRESLIF(cont3):5. No computation has been made for current tax as per Schedule IV of the Income Tax Ordinance, 1984. As disclosed in note 10.01 in the accompanying financial statements. Income tax provision has been made on lump sum basis. As the amount of provision could not be calculated in accordance with the provision of Schedule IV of the Income Tax Ordinance, 1984, hence profit may be overstated or understated to the extent of such provision; 6. The company has a flat in Chittagong at a cost price of Taka 34,707,416 (Three crore forty-seven lac seven thousand four hundred and sixteen taka only) ownership of which is disputed,(cont4)

2020-12-07: Cont2-Auditor's Opinion

PROGRESLIF(cont2):the premium income is not confirmed; 3. The amount of Tk. 59,061,070 (Five crore ninety lac sixty-one thousand and seventy taka only) was shown as outstanding premium in the Balance Sheets (note 18) of the company for the provided renewal premium for the month of November and December of 2019. Whereas as per IDRA guideline the company can made provision for renewal income up to 30 days as grace period; 4. The company has incurred an excess amount of Tk. 87,900,450 (Eight crore seventy-nine lac four hundred and fifty taka only) as management expense in the year 2019 from allowable limit mentioned in Section 62 of the Insurance Act, 2010 and Rule 39 of The Insurance Rules, 1958;(cont3)

2020-12-07: Cont1-Auditor's Opinion

PROGRESLIF(cont1):2. An amount of Tk. 131,317,179 Thirteen crore thirteen lac seventeen thousand one hundred and seventy-nine taka only) and Tk. 466,397,243 (Forty-six crore sixty- three lac ninety-seven thousand two hundred and forty-three taka only) was shown as a premium income from first year premium and renewal premium respectively in the Life Revenue Account of the Financial Statements of the Company. For our further verification we were not supplied with premium income from database of policy management system of the company and due tonon-compliance of the IFRS 15 (Revenue from contract with customers) and the IFRS 4 (Insurance contract),(cont2)

2020-12-07: Auditor's Opinion

PROGRESLIF: The auditor of the Progressive Life Insurance Co. Ltd has given the following "Qualified Opinion" & "Emphasis of Matter" in the audit report of the Company for the year ended on 31 December 2019. "Basis for Qualified Opinion: 1. The Quarterly un- audited Financial Statements for the quarter ended March 31, 2019, June 30, 2019, and September 30, 2019 was sent at a time to Bangladesh Securities and Exchange Commission on June 04, 2020. The company is not in compliance with the notification (BSEC/CMRRCD/ 2006-158/208/Admin/81.) by Bangladesh Securities and Exchange Commission dated June 20, 2018 para 4 and the Dhaka Stock Exchange (Listing) Regulations, 2015 dated June 30, 2015 regulation no- 17;(cont1)

2020-12-01: Un-audited Financial Statements

PROGRESLIF: (Quarter 3) As per un-audited financial statements of Progressive Life Insurance Co. Ltd., Decrease in life revenue account for July-September, 2020 was Tk. 36.19 million as against decrease in Tk. 27.69 million for July-September, 2019. Whereas decrease in life revenue account for Jan-September, 2020 was Tk. 49.98 million with total life insurance fund of Tk. 2,719.66 million as against decrease in Tk. 33.13 million and Tk. 2,722.88 million respectively for Jan-September, 2019.

2020-12-01: Un-audited HY A/Cs

PROGRESLIF: (Quarter 2) As per un-audited financial statements of Progressive Life Insurance Co. Ltd., increase in life revenue account for Apr-June 2020 was Tk. 43.90 million with total life insurance fund of Tk. 2,755.85 million as against increase in Tk. 31.38 million and Tk. 2,750.56 million respectively for the same period of the previous year. Decrease in life revenue account for Jan-June 2020 was Tk. 13.79 million with total life insurance fund of Tk. 2,755.85 million as against decrease in Tk. 5.45 million and Tk. 2,750.56 million respectively for the same period of the previous year.

2020-12-01: Un-audited Financial Statements

PROGRESLIF: (Quarter 1) As per un-audited financial statements of Progressive Life Insurance Co. Ltd., decrease in life revenue account for Jan-March 2020 was Tk. 57.69 million with total life insurance fund of Tk. 2,711.95 million as against decrease in Tk. 36.82 million with total life insurance fund of Tk. 2,719.19 million respectively for the same period of the previous year.

2020-11-19: Record Date on 22.11.2020

PROGRESLIF: Trading of the shares of Progressive Life Insurance Company Ltd. will remain suspended on its record date i.e., 22.11.2020. Trading of the shares of the Company will resume on 23.11.2020.

2020-11-17: Spot trade from tomorrow (18.11.2020)

PROGRESLIF: Trading of the shares of Progressive Life Insurance Company Ltd. will be allowed only in the Spot Market from 18.11.2020 to 19.11.2020 as the record date of the Company is on 22.11.2020.

2020-11-01: CB free

PROGRESLIF: Please note that there will be no price limit today 01.11.2020 on the trading of the shares of the Company following its corporate declaration, however, as per the BSEC Order No. BSEC/CMRRCD/2001-07/04 dated March 19, 2020, the floor price shall be applicable accordingly.

2020-11-01: Cont-Recommendation of Dividend

PROGRESLIF: (cont) So, these are no alternatives to increase the paid up capital other than bonus share or right share issued. That's why Company declared bonus shares. Further informed that the said bonus shares declared according to Actuary Valuation and Surplus. b) Bonus share were declared considering only Actuarial surplus and c) Bonus shares were not declared out of from capital reserve on revaluation reserve unrealized gain or out of profit earned prior to incorporation of the Company or through reducing paid up capital or through doing anything so that the post dividend retained earnings become negative or a debit balance.(end)

2020-11-01: Recommendation of Dividend

PROGRESLIF: The Board of Directors has recommended 10% stock dividend for the year ended on December 31, 2019. Date of AGM: 29.12.2020, Time: 12:00 noon, Venue: Digital Platform. Record Date: 22.11.2020. The Company has also reported EPS of Tk. 1.07, NAV per share of Tk. 21.87 and NOCFPS of Tk. (15.72) for the year ended on December 31, 2019 as against Tk. 1.72, Tk. 54.40 and Tk. (15.16) respectively for the same period of the previous year. The Company has further informed that a) Reason for declaration of Bonus share to comply Insurance Act- 2010 and repeatedly direction by the IDRA to raise paid up capital up to 30.00 crore immediately according to schedule 1. (cont)

2020-10-25: Board Meeting

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that the Board Meeting of the Company will be held on October 29, 2020 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on March 31, 2020, Second Quarter (Q2) period ended on June 30, 2020 and Third Quarter (Q3) period ended on September 30, 2020.

2020-10-25: Board Meeting

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that the Board Meeting of the Company will be held on October 29, 2020 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended on December 31, 2019.

2020-09-20: BSEC's Time Extension

PROGRESLIF: BSEC has further extended time to Progressive Life Insurance Company Ltd. up to October 04, 2020 for submission of audited financial statements for the year ended on December 31, 2019, for submission of the first quarter un-audited/audited quarterly financial statements for the quarter ended on March 31, 2020 and the second quarter un-audited/audited quarterly financial statements for the quarter ended on June 30, 2020.

2020-07-29: BSEC's Time Extension

PROGRESLIF: BSEC has extended time to Progressive Life Insurance Company Ltd. up to September 04, 2020 for submission of audited financial statements for the year ended on December 31, 2019, for submission of the first quarter un-audited/audited quarterly financial statements for the quarter ended on March 31, 2020 and the second quarter un-audited/audited quarterly financial statements for the quarter ended on June 30, 2020.

2020-07-20: Share transmission of late sponsor

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that Mrs. Qudsia Chowdhury, Sponsor of the company passed away on 10.08.2017. Her total holding of 100,866 shares will be transmitted in the account (s) of her successor (s) as per succession certificate issued by the Honorable Court.

2020-06-08: Un-audited Financial Statements

PROGRESLIF: (Quarter 3) As per un-audited financial statements of Progressive Life Insurance Co. Ltd., Decrease in life revenue account for July-September, 2019 was Tk. 27.69 million as against Tk. 64.63 million for July-September, 2018. Whereas decrease in life revenue account for Jan-September, 2019 was Tk. 33.13 million with total life insurance fund of Tk. 2,722.88 million as against Tk. 66.83 million and Tk. 2,640.35 million respectively for Jan-September, 2018.

2020-06-08: Un-audited HY A/Cs

PROGRESLIF: (Quarter 2) As per un-audited financial statements of Progressive Life Insurance Co. Ltd., increase in life revenue account for Apr-June 2019 was Tk. 31.38 million with total life insurance fund of Tk. 2,750.56 million as against decrease in Tk. 28.69 million and Tk. 2,704.97 million respectively for the same period of the previous year. Decrease in life revenue account for Jan-June 2019 was Tk. 54.47 million with total life insurance fund of Tk. 2,750.56 million as against Tk. 2.20 million and Tk. 2,704.97 million respectively for the same period of the previous year.

2020-06-08: Un-audited Financial Statements

PROGRESLIF: (Quarter 1) As per un-audited financial statements of Progressive Life Insurance Co. Ltd., decrease in life revenue account for Jan-March 2019 was Tk. 36.82 million with total life insurance fund of Tk. 2,719.19 million as against increase in Tk. 26.48 million with total life insurance fund of Tk. 2,733.66 million respectively for the same period of the previous year.

2020-02-24: Cont16-Auditor's Opinion

PROGRESLIF(cont16):PLICL has invested BDT 6,965,061 beyond the aforementioned provision because PLICL prudently thinks that said investment would be profitable in future; and k) In note 18 of the financial statements, PLICL disclosed that PLICL recognizes outstanding premium as revenue according to IFRS 9. Outstanding premium as at December 31, 2018 has been collected subsequently. Note 18 -Outstanding premium: Balance of Outstanding premium as on 31-12-2018 was Taka 76,669,720 and as on 31-12-2017 was Taka 91,482,560.''(end)

2020-02-24: Cont15-Auditor's Opinion

PROGRESLIF(cont15):Book value of Investment in listed shares was Taka 72,437,744.21 and Market value (quoted price) of Investment in listed shares was Taka 56,816,031.00. According to Rule 10A(1)(e)(i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2018,(cont16)

2020-02-24: Cont14-Auditor's Opinion

PROGRESLIF(cont14):According to Rule 10A(1)(e)(i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2018, PLICL has invested BDT 6,965,061 beyond the aforementioned provision because PLICL prudently thinks that said investment would be profitable in future; Note 14.4.2 - Investment in listed shares (as at 31st December 2018):(cont15)

2020-02-24: Cont13-Auditor's Opinion

PROGRESLIF(cont13):i) As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2017 to the authority in accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010, which disclosed in note 4.10 to the financial statements; j) In note 14.4.2 of the financial statements, PLICL stated the reason for not following the rule mentioned in the Insurance Rules, 1958, rule 10A(1)(e)(i). (cont14)

2020-02-24: Cont12-Auditor's Opinion

PROGRESLIF(cont12):Note 4.09 - Actuarial Valuation and Investigation: The Company does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner for the year 2016 and 2017 in accordance with Section 30 of the insurance Act, 2010. Because, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh on the name of the Company's affairs which are yet to resolve. On October 02, 2019 the Company has been appointed Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and 2018 respectively.(cont13)

2020-02-24: Cont11-Auditor's Opinion

PROGRESLIF(cont11):h) As disclosed in note 4.09 to the financial statements, PLICL does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner for the years 2016 and 2017 in accordance with Section 30 of the Insurance Act, 2010, because, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. On October 02, 2019 PLICL has appointed Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and 2018 respectively;(cont12)

2020-02-24: Cont10-Auditor's Opinion

PROGRESLIF(cont10):Due to this reason, PLICL could not hold any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. With the approval of the Court, PLICL has held its 14th, 15th and 16th AGMs for the years 2013, 2014 and 2015 respectively on 12 September 2019; g) As disclosed in note 4.08 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. So that, PLICL has not filed Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 according to Section 36 of the Companies Act, 1994; (cont11)

2020-02-24: Cont9-Auditor's Opinion

PROGRESLIF(cont9):Annual Financial Statements of PLICL could be not audited within 120 days from the date on which its financial year ends and a copy of such Audited Financial Statements could not be submitted to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015; f) According to note 4.07 of the financial statements, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved.(cont10)

2020-02-24: Cont8-Auditor's Opinion

PROGRESLIF(cont8):in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not submit "Quarterly Financial Statements" to the Exchange and the Commission in accordance with the Regulation 17 of Dhaka Stock Exchange (Listing) Regulations, 2015. PLICL has submitted its all un-audited Quarterly Financial Statements up to the 1st Quarter of 2018 to the BSEC on 25 July 2018; e) As disclosed in note 4.06 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason,(cont9)

2020-02-24: Cont7-Auditor's Opinion

PROGRESLIF(cont7):But PLICL is in process to file the income tax returns for the AY 2015-16, 2016-17, 2017-18 and 2018-19; Note 3.13.1(b) - Current Tax: A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh on the name of the Company's affairs which are yet to be resolved. Due to this reason, the Company does not file any return of income for any of the assessment years after the assessment year (AY) 2014-15. But the Company is in process to file the Income Tax returns for the AY 2015-16, 2016-17, 2017-18, 2018-2019 and 2019-2020. d) According to note 4.05 of the financial statements, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh(cont8)

2020-02-24: Cont6-Auditor's Opinion

PROGRESLIF(cont6):there is a high possibility to recover the whole amount of BDT 10,000,000 from the People's Leasing and Financial Service; Note 19.01 - Fixed deposits with banks: Balance of Fixed deposits with People's Leasing and Financial Service as on 31-12-2018 was Taka 10,000,000 and as on 31-12-2017 was Taka 15,000,000. c) In note 3.13.1(b) of the financial statements which describes, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL has not filed any return of income for any of the assessment years after the assessment year (AY) 2013-14.(cont7)

2020-02-24: Cont5-Auditor's Opinion

PROGRESLIF(cont5):Chattogram vide case no. 62/12; Annexure A of note 14: Balance of Written Down Value of the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Muiib Road, Agrabad C/A, Chattogram as on 31-12-2018 was Taka 34,707,416 and as on 31-12-2017 was Taka 34,707,416. b) As disclosed in note 19.01 to the financial statements that, PLICL has an investment amount in BDT 10,000,000 in People's Leasing and Financial Service as at December 31, 2018. It has come to PLICL's knowledge that, the Honorable High Court has directed Bangladesh Bank to appoint a liquidator to liquidate the People's Leasing and Financial Service. PLICL has communicated with the liquidator and confirmed that, (cont6)

2020-02-24: Cont4-Auditor's Opinion

PROGRESLIF(cont4):PLICL has declared and approved 10% dividend (i.e. 5% stock and 5% cash) for the year 2015 amounting to BDT 12,865,776 to its shareholders. But PLICL did not recognize this approved dividend in the financial statements for the year ended December 31, 2017 as per para 14 of IAS 37. Emphasis of Matter: Without further modifying our opinion we draw attention to following notes to the financial statements: a) In Annexure A of note 14 of the financial statements, management has disclosed that, the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Muiib Road, Agrabad C/A, Chattogram purchased at a price of Tk. 34,689,801 for which legal proceeding about ownership is under process in the Joint 2nd District Judge,(cont5)

2020-02-24: Cont3-Auditor's Opinion

PROGRESLIF(cont3):cannot be ascertained; 4. Petty cash balance of BDT 5,796,247 from 25 closed service cells have been shown in the consolidated petty cash balance of BDT 31,040,344. As per management of PLICL, the above mentioned 25 service cells have been closed between 2011 to 2017 and these petty cash balances of BDT 5,796,247 are lying with the respective agents of closed service cells, which they are trying to recover. According to IAS 37, para 14, no provision has been maintained against BDT 5,796,247 in the audited financial statements; and 5. According to the 153th Board meeting, dated July 25, 2019 and 16th AGM, dated September 12, 2019, (cont4)

2020-02-24: Cont2-Auditor's Opinion

PROGRESLIF(cont2):from allowable limit mentioned in Section 62 of the Insurance Act, 2010 and Rule 39 of The Insurance Rules, 1958; 3. Proper source documents substantiating the acquisition of certain disposed items of property, plant, and equipment, i.e. 6 (six) Cars, 12 (twelve) Air Conditions and computer accessories sold at BDT 23,21,633, BDT 1,05,000 and BDT 29,000 respectively were not found. No disposal adjustment has been made on the fixed assets schedule (note 20) at the time of de-recognition of such assets. As a result, actual gain/loss arising from the de-recognition of above mentioned assets and carrying amount of Property, Plant and Equipment as at December 31, 2018 (cont3)

2020-02-24: Cont1-Auditor's Opinion

PROGRESLIF(cont1): If Galaxy Capital Ltd. had been consolidated, elements in the accompanying financial statements would have been materially affected. In its Emergency Board Meeting no. 148, dated January 24, 2019, the board of PLICL has decided to withdraw its investment of BDT 30,855,000 from Galaxy Capital Ltd. Subsequently in 2019, PLICL has collected its entire investment of BDT 30,855,000 from Galaxy Capital Ltd.; Note 14.03 - Investment in equity shares of the companies: Balance of Investment in 51% of Galaxy Capital Limited as on 31-12-18 was Taka 30,855,000 and as on 31-12-17 was Taka 36,566,810. 2. PLICL has incurred an excess of 67.43% management expenses in the year 2018 (cont2)

2020-02-24: Auditor's Opinion

PROGRESLIF: The auditor of Progressive Life Insurance Company Ltd. has given the following "Qualified Opinion & Emphasis of Matter" for the year ended on 31 December 2018: Basis for Qualified Opinion: 1. As explained in note 14.03 of the financial statements, PLICL has 51% shareholding in its subsidiary company namely Galaxy Capital Ltd. and the investment in shares of this company was BDT 30,855,000. According to IFRS 10, para 04: "Consolidated Financial Statements", the subsidiary should have been consolidated because it is controlled by PLICL. PLICL has not consolidated the financial statements of subsidiary (Galaxy Capital Ltd.) resulting in violation of that particular IFRS.(cont1)

2020-02-18: Cont15-Auditor's Opinion

PROGRESLIF(cont15):Note 14.4.2 - Investment in listed shares (as at 31st December 2017): Book value of Investment in listed shares was Taka 67,979,205 and Market value (quoted price) of Investment in listed shares was Taka 66,171,809; and k) In note 18 of the financial statements, PLICL disclosed that PLICL recognizes outstanding premium as revenue according to IFRS 9. Outstanding premium as at December 31, 2017 has been collected subsequently. Note 18 - Outstanding premium: Balance of Outstanding premium as on 31-12-2017 was Taka 91,482,560 and as on 31-12-2016 was Taka 49,187,192."(end)

2020-02-18: Cont14-Auditor's Opinion

PROGRESLIF(cont14):(i). According to Rule 10A(1)(e)(i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2018, PLICL has invested BDT 14,932,444 beyond the aforementioned provision because PLICL prudently thinks that said investment would be profitable in future;(cont15)

2020-02-18: Cont13-Auditor's Opinion

PROGRESLIF(cont13):i) As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2017 to the authority in accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010, which disclosed in note 4.10 to the financial statements; j) In note 14.4.2 of the financial statements, PLICL stated the reason for not following the rule mentioned in the Insurance Rules, 1958, rule 10A(1)(e)(cont14)

2020-02-18: Cont12-Auditor's Opinion

PROGRESLIF(cont12):h) As disclosed in note 4.09 to the financial statements, PLICL does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to-the regulatory procedure and in a prescribed manner for the years 2016 and 2017 in accordance with Section 30 of the Insurance Act, 2010, because, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. On October 02, 2019 PLICL has appointed Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and 2018 respectively;(cont13)

2020-02-18: Cont11-Auditor's Opinion

PROGRESLIF(cont11):Due to this reason, the Company could not hold any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. With the approval of the Court, the Company has held its 14th, 15th and 16th AGMs for the years 2013, 2014 and 2015 respectively on 12 September 2019. g) As disclosed in note 4.08 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. So that, PLICL has not filed Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 according to Section 36 of the Companies Act, 1994;(cont12)

2020-02-18: Cont10-Auditor's Opinion

PROGRESLIF(cont10):f) According to note 4.07 of the financial statements, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not hold any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. With the approval of the Court, PLICL has held its 14th, 15th and 16th AGMs for the years 2013, 2014 and 2015 respectively on 12 September 2019; Note 4.07 - Annual General meeting (AGM): A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved.(cont11)

2020-02-18: Cont9-Auditor's Opinion

PROGRESLIF(cont9):to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015; Note 4.06 - Audit of Annual Financial Statements: A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, Annual Financial Statements of the Company could not be audited within 120 days from the date on which its financial year ends and a copy of such Audited Financial Statements could not be submitted to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015.(cont10)

2020-02-18: Cont8-Auditor's Opinion

PROGRESLIF(cont8):in accordance with the Regulation 17 of Dhaka Stock Exchange (Listing) Regulations, 2015. PLICL has submitted its all un-audited Quarterly Financial Statements up to the 1st Quarter of 2018 to the BSEC on 25 July 2018; e) As disclosed in note 4.06 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, Annual Financial Statements of PLICL could not be audited within 120 days from the date on which its financial year ends and a copy of such Audited Financial Statements could not be submitted(cont9)

2020-02-18: Cont7-Auditor's Opinion

PROGRESLIF(cont7):a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL has not filed any return of income for any of the assessment years after the assessment year (AY) 2013-14. But PLICL is in process to file the income tax returns for the AY 2014-15, 2015-16, 2016-17; d) According to note 4.05 of the financial statements, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not submit "Quarterly Financial Statements" to the Exchange and the Commission i(cont8)

2020-02-18: Cont6-Auditor's Opinion

PROGRESLIF(cont6): Subsequently, PLICL has collected BDT 5,000,000 on 25 January 2018.It has come to PLICL's knowledge that, the Honorable High Court has directed Bangladesh Bank to appoint a liquidator to liquidate the People's Leasing and Financial Service. PLICL has communicated with the liquidator and confirmed that, there is a high possibility to recover the rest of the amount of BDT 10,000,000 from the People's Leasing and Financial Service; Note 19.01: Fixed deposits with banks: Balance of Fixed deposits with People's Leasing and Financial Service as on 31-12-2017 was Taka 15,000,000 and as on 31-12-2016 was Taka 10,000,000. c) In note 3.13.1(b) of the financial statements which describes,(cont7)

2020-02-18: Cont5-Auditor's Opinion

PROGRESLIF(cont5): address # Zahura Tower, 1401 Sheikh Mujib Road, Agrabad C/A, Chattogram purchased at a price of Tk. 34,689,801 for which legal proceeding about ownership is under process in the Joint 2nd District Judge, Chattogram vide case no. 62/12; Annexure A of note 04: Balance of Written Down Value of the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Muiib Road, Agrabad C/A, Chattogram as on 31-12-2017 was Taka 34,707,416 and as on 31-12-2016 was Taka 34,689,801. b) As disclosed in note 19.01 to the financial statements that, PLICL has an investment amount in BDT 15,000,000 in People's Leasing and Financial Service as at December 31, 2017. (cont6)

2020-02-18: Cont4-Auditor's Opinion

PROGRESLIF(cont4): PLICL has declared and approved 10% dividend (i.e. 5% stock and 5% cash) for the year 2015 amounting to BDT 12,865,776 to its shareholders. But PLICL did not recognize this approved dividend in the financial statements for the year ended December 31, 2017 as per para 14 of IAS 37. Also, as per para 8 of IAS 10, PLICL shall adjust the amounts recognized in the financial statements to reflect adjusting events after the reporting period. Emphasis of Matter: Without further modifying our opinion we draw attention to following notes to the financial statements: a) In Annexure A of note 14 of the financial statements, management has disclosed that, the flat in Chattogram,(cont5)

2020-02-18: Cont3-Auditor's Opinion

PROGRESLIF(cont3): Plant and Equipment as at December 31, 2017 cannot be ascertained; 4. Petty cash balance of BDT 5,959,293 from 25 closed service cells have been shown in the consolidated petty cash balance of BDT 48,408,111. As per management of PLICL, the above mentioned 25 service cells have been closed between 2011 to 2017 and these petty cash balances of BDT 5,959,293 are lying with the respective agents of closed service cells, which they are trying to recover. According to IAS 37, para 14, no provision has been maintained against BDT 5,959,293 in the audited financial statements; and 5. According to the 153th Board meeting, dated July 25, 2019 and 16th AGM, dated September 12, 2019,(cont4)

2020-02-18: Cont2-Auditor's Opinion

PROGRESLIF(cont2): 2. PLICL has incurred an excess of 41.74% management expenses in the year 2017 from allowable limit mentioned in Section 62 of the Insurance Act, 2010 and Rule 39 of The Insurance Rules, 1958; 3. Proper source documents substantiating the acquisition of certain disposed items of property, plant, and equipment, i.e. Car, Air Condition and Furniture, sold at BDT 2,867,912, BDT 42,000 and BDT 25,000 respectively were not found. No disposal adjustment has been made on the fixed assets schedule (note 20) at the time of de-recognition of such assets. As a result, actual gain/loss arising from the de-recognition of above mentioned assets and carrying amount of Property,(cont3)

2020-02-18: Cont1-Auditor's Opinion

PROGRESLIF(cont1): If Galaxy Capital Ltd. had been consolidated, elements in the accompanying financial statements would have been materially affected. In its Emergency Board Meeting no. 148, dated January 24, 2019, the board of PLICL has decided to withdraw its investment of BDT 30,855,000 from Galaxy Capital Ltd. Subsequently in 2019, PLICL has collected its entire investment of BDT 30,855,000 from Galaxy Capital Ltd.; Note 14.03 - Investment in equity shares of the companies: Balance of Investment in 51 % of Galaxy Capital Limited (a member of the Chittagong Stock Exchange) as on 31-12-17 was Taka 30,855,000 and as on 31-12-16 was Taka 30,855,000.(cont2)

2020-02-18: Auditor's Opinion

PROGRESLIF: The auditor of Progressive Life Insurance Company Ltd. has given the following "Qualified Opinion & Emphasis of Matter" for the year ended on 31 December 2017: "Basis for Qualified Opinion1. As explained in note 14.03 of the financial statements, PLICL has 51% shareholding in its subsidiary company namely Galaxy Capital Ltd. and the investment in shares of this company was Taka 30,855,000. According to IFRS 10, para 04: "Consolidated Financial Statements", the subsidiary should have been consolidated because it is controlled by PLICL. PLICL has not consolidated the financial statements of subsidiary (Galaxy Capital Ltd.) resulting in violation of that particular IFRS.(cont1)

2020-02-18: Category Change

PROGRESLIF: Please note that Progressive Life Insurance Company Ltd. will be placed in ''A'' category from existing ''Z'' category with effect from 18 February 2020 as the Company has reported disbursement of 12% stock dividend for the year ended on December 31, 2018. As per BSEC Directive No. SEC/CMRRCD/2009-193/177 and BSEC Order No. SEC/CMRRCD/2009-193/178 dated October 27, 2015; the stock brokers & merchant bankers are requested not to provide loan facilities to their clients against trading of the shares of PROGRESLIF up to 30 trading days from 18 February 2020.

2020-02-17: Cont10-Auditor's Opinion

PROGRESLIF(cont10):to Complete Actuarial valuation of the policy liabilities as at 31 December 2013, 2014 and 2015 respectively; and i) As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, The Company could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2016 to the authority in accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010, which disclosed in Note 4.10 to the financial statements."(end)

2020-02-17: Cont9-Auditor's Opinion

PROGRESLIF(cont9):according to Section 36 of the Companies Act, 1994; h. As disclosed in Note 4.09 to the financial statements, the Company does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner in each year since 2013 in accordance with Section 30 of the Insurance Act, 2010. As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. On September 11, 2017 the Company has appointed Dr. Mohammad Sohrab Uddin, Ph.D, AIA, Consulting Actuary,(cont10)

2020-02-17: Cont8-Auditor's Opinion

PROGRESLIF(cont8):legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, the Company has not held any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994; g. As disclosed in note 4.08 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. So that, the Company has not filed Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 (cont9)

2020-02-17: Cont7-Auditor's Opinion

PROGRESLIF(cont7):A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, Annual Financial Statements the Company could be not audited within 120 days from the date on which it's financial year ends and a copy of such Audited Financial Statements could not be submitted to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015. f) According to note 4.07 of the financial statements,(cont8)

2020-02-17: Cont6-Auditor's Opinion

PROGRESLIF(cont6):e) As disclosed in note 4.06 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, Annual Financial Statements the Company could be not audited within 120 days from the date on which it's financial year ends and a copy of such Audited Financial Statements could not be submitted to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015; Note 4.06-Audit of Annual Financial statements:(cont7)

2020-02-17: Cont5-Auditor's Opinion

PROGRESLIF(cont5):Due to this reason, the Company has not filed any return of income for any of the assessment years after the assessment year 2014-15; d) According to note 4.05 of the financial statements, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, the Company could not submit "Quarterly Financial Statements" to the Exchange and the Commission in accordance with the Regulation 17 of Dhaka Stock Exchange (Listing) Regulations, 2015. The Company has submitted its all un-audited Quarterly Financial Statements up to the 1st Quarter of 2018 to the BSEC on 25 July 2018; (cont6)

2020-02-17: Cont4-Auditor's Opinion

PROGRESLIF(cont4):those were not registered on that period. b) In Annexure A of note 14 of the financial statements, management has disclosed that, the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Mujib Road, Agrabad C/A, Chattogram purchased at a price of Tk. 34,689,801 for which legal proceeding about ownership is under process in the Joint 2nd District Judge, Chattogram vide case no. 62/12. c) In note 3.13.b of the financial statements which describes, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved.(cont5)

2020-02-17: Cont3-Auditor's Opinion

PROGRESLIF(cont3):a) As disclosed in Annexure A of note 14 of the financial statements, management describes the reason for not charging depreciation on Flats at Eastern Arzoo, 61, Bijoynagar, Dhaka (2nd, 4th, 8th floor (2732 sq.ft.) & 7th floor, (unit 7/1-8, 3777 sq. ft.) Note Annexure-A: Based on the straight-line method of depreciation and annual rate of 2.5% for the building as per the company policy, management has decided not to charge depreciation of Tk. 12,609,393 on the opening balance and 2,472,298 on the current year of Building at Moulvibazar (1 to 10 Floor, 19950 sq. ft.) and Flats at Eastern Arzoo, 61, Bijoynagar, Dhaka (2nd, 4th, 8th floor (2732 sq.ft.) & 7th floor, (unit 7/1-8, 3777 sq.ft.) since(cont4)

2020-02-17: Cont2-Auditor's Opinion

PROGRESLIF(cont2): As the amount of provision could not be calculated in accordance with the provision of Schedule IV of the Income Tax Ordinance, 1984, hence profit may be overstated or understated to the extent of such provision; Note 10.01-Income tax payable: Provision made during the year 31-12-2016 was Tk.10,000,000 and during the year 31-12-2015 was Tk.10,000,000. c) The Company has incurred an excess of 16% management expenses in the year 2016 from allowable limit mentioned in Section 62 of the Insurance Act, 2010. Emphasis of matter: Without further modifying our opinion we draw attention to following notes to the financial statements:(cont3)

2020-02-17: Cont1-Auditor's Opinion

PROGRESLIF(cont1): If Galaxy Capital Ltd. had been consolidated, elements in the accompanying financial statements would have been materially affected; Note 14.03-Investment in equity shares of the companies: Investment in Equity shares of 51% of Galaxy Capital Limited (a member of the Chittagong Stock Exchange) as on 31-12-2016 was Tk.30,855,000 and as on 31-12-2015 was Tk.30,855,000. b) No computation has been made for current tax as per Schedule IV of the Income Tax Ordinance, 1984. As disclosed in note 10.01 in the accompanying financial statements, income tax provision has been made on lump sum basis.(cont2)

2020-02-17: Auditor's Opinion

PROGRESLIF: The auditor of Progressive Life Insurance Company Ltd. has given the following "Qualified Opinion & Emphasis of Matter" for the year ended on 31 December 2016: "Basis for Qualified Opinion: a) As explained in note 14.03 of the financial statements, the Company has 51% shareholding in its subsidiary company namely Galaxy Capital Ltd. and the investment in shares of this company was Taka 30,855,000. According to BFRS 10, para 04: "Consolidated Financial Statements", the subsidiary should have been consolidated because it is controlled by the Company. The Company has not consolidated the financial statements of subsidiary (Galaxy Capital Ltd.) resulting in violation of that particular BFRS.(cont1)

2020-02-11: Bonus Shares Credited

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that the Bonus Shares of the Company for the year ended on December 31, 2018 have already been credited to the respective shareholders' BO Accounts.

2020-01-09: Ex-benefit Price Adjustments

PROGRESLIF: Please note that the price of the shares of PROGRESLIF is adjusted today following its ex-benefits date to the extent of its corporate benefits; hence the price limit on the scrip will remain as it is today. Therefore, adjusted price of PROGRESLIF=Tk. 116.90.

2020-01-07: Record Date tomorrow (08.01.2020)

PROGRESLIF: Trading of the shares of Progressive Life Insurance Company Ltd. will remain suspended on its record date i.e., 08.01.2020. Trading of the shares of the Company will resume on 09.01.2020.

2019-12-23: Spot trade from tomorrow (24.12.2019)

PROGRESLIF: Trading of the shares of Progressive Life Insurance Company Ltd. will be allowed only in the Spot Market from 24.12.2019 to 07.01.2020 as the record date of the Company is on 08.01.2020.

2019-12-08: Change of Close Price

PROGRESLIF: Please note that the close price of the shares of PROGRESLIF has been reset at current market price prevailing in other exchange. New close price of PROGRESLIF=Tk. 78.40.

2019-12-04: Recommendation of Dividend (Additional Information)

PROGRESLIF: With reference to their earlier news disseminated by CSE on 03.12.2019 regarding recommendation of dividend, The Company has further informed that EPS of Tk. 1.72, NAV per share of Tk. 56.40 and NOCFPS of Tk. (15.16) for the year ended on December 31, 2018.

2019-12-03: Recommendation of Dividend (Additional Information)

PROGRESLIF: The Company has further informed that a) Reason for declaration of Bonus share to comply Insurance Act- 2010 and repeatedly direction by the IDRA to raise paid up capital upto 30.00 crore immediately according to schedule-1, bonus share declared according to Actuary Valuation and Surplus. b) Bonus share were declared considering only Actuarial surplus and ): c) Bonus shares were not declared out of from Capital Reserve on Revaluation Reserve unrealized gain or out of profit earned prior to incorporation of the Company or through reducing paid up capital or through doing anything so that the post dividend retained earnings become negative or a debit balance.

2019-12-03: CB free

PROGRESLIF: Please note that there will be no price limit today 03 December 2019 on the trading of shares of the Company following its corporate disclosure.

2019-12-03: Recommendation of Dividend for 2016, 2017 & 2018

PROGRESLIF: The Board of Directors has recommended No dividend for the year ended on December 31, 2016 and December 31, 2017. The Board of Directors has also recommended 12% stock dividend for the year ended on December 31, 2018. Date of AGM: 02.02.2020, Time: 11:00 AM, for the years 2016, 2017 and 2018. Venue: Dhaka Ladies Club, 36 Eskaton Garden Road, Ramna, Dhaka-1000. Record Date: 08.01.2020, for the year of 2016, 2017 and 2018.

2019-11-25: Board Meeting

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that the Board Meeting of the Company will be held on December 02, 2019 at 3:30 PM to consider, among others, audited financial statements of the Company for the years ended on December 31, 2016, 2017 and 2018 as per judgment and order of the Honorable High Court.

2019-10-23: Change of Close Price

PROGRESLIF: Please note that the close price of the shares of PROGRESLIF has been reset at current market price prevailing in other exchange. New close price of PROGRESLIF=Tk. 80.00.

2019-10-10: Dividend Disbursement

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that the Bonus shares of the Company for the year ended on December 31, 2015 have already been credited through CDBL to the respective shareholders' BO Accounts and also disbursed the cash dividend and fractional amount against fraction bonus shares to the respective shareholders' Bank Accounts through BEFTN for the year ended on December 31, 2015.

2019-09-26: Elected Chairman and Vice-Chairman

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that the Board of Directors of the Company has elected Mr. Zakariya Ahad as the Chairman and Mr. Mezanur Rahman as the Vice-Chairman of the Company.

2019-09-26: Cont-Dividend Declaration (Additional Information)

PROGRESLIF(cont): b) Bonus share were declared considering only Actuarial surplus and c) Bonus shares were not declared out of from Capital Reserve on Revaluation Reserve unrealized Gain or out of Profit earned prior to incorporation of the Company or through reducing Paid up Capital or through doing anything so that the Post Dividend Retained Earnings become negative or a debit balance.(end)

2019-09-26: Dividend Declaration (Additional Information)

PROGRESLIF: Referring to their earlier news disseminated by CSE on 28.07.2019 regarding dividend declaration, in response to CSE query on declaration of bonus share, Progressive Life Insurance Company Ltd. has further informed that a) Reason for declaration of Bonus share to comply Insurance Act- 2010 and repeatedly direction by the IDRA to raise paid up capital upto 30.00 crore immediately according to schedule-1,(cont)

2019-09-02: Cont4-Auditor's Opinion

PROGRESLIF(cont4):has not been considered for 2015. Further, accrued interest of loan from Galaxy Capital Limited up to 2012 has not yet been recovered and balance has been carried forward till the date of this audit; vi) As disclosed in note 9.01 in the accompanying financial statements, no computation has been made for provision for taxes. Income taxes provision has been made on lump sum basis as a result, the amount of under provision could not be worked out and the profit is overstated to the extent of under provision; Note No. 9: The Sundry Creditors is Tk. 99,948,985 for the year ended on 31 December 2015 and Tk. 88,678,406 for the year ended on 31 December 2014.(end)

2019-09-02: Cont3-Auditor's Opinion

PROGRESLIF(cont3):we have seen a letter of the Company dated 24th March 2010 seeking approval but no response could be seen. Further, the consolidated financial statements have not been prepared for Galaxy Capital Ltd. as per BFRS10-'Consolidated Financial Statements' resulting in violation of that particular BFRS. v) The Company has paid loan to Galaxy Capital Limited on various dates in order to expedite the operational work. But they could not provide us any approval from relevant authority indicating violation of Insurance Act 2010 Section 44 (3) or agreement related to this loan payment except a resolution of board meeting held on 24 December 2012. Apart from this, accrued interest of loan provided to Galaxy Capital Limited(cont4)

2019-09-02: Cont2-Auditor's Opinion

PROGRESLIF(cont2):The Company could not take over any possession as yet but included in land and building deviating the principle of capitalization as per BAS-1 6; iv) The Company has 51% shareholding in its subsidiary companies namely Galaxy Capital Ltd. The investments in shares of this company was Taka 30,855,000. Further, the Company could not provide us any document with respect to approval from regulatory body as required in the Insurance Act 2010 for the aforementioned Company. However, the Company also invested amounting Taka 129,500,000 in Alpha Capital Management Ltd in 2009 but in respect of Alpha Capital Management Limited,(cont3)

2019-09-02: Cont1-Auditor's Opinion

PROGRESLIF(cont1): The management of the Company could not provide us any satisfactory explanation regarding the additional bank account whether these are at all in existence or not. As such, amount lying in those rest of the 84 accounts could not be verified by us; ii) We were not provided with cash certificates in support of cash in hand for branch offices except a list of such branch names and amounts. As a result, we could not verify these balances satisfactorily; iii) The Company has a flat in Chittagong at a cost price of Taka 34,689,801 ownership of which is disputed and legal proceeding is in process. (cont2)

2019-09-02: Auditor's Opinion

PROGRESLIF: The auditor of Progressive Life Insurance Company Ltd. has given the following "Basis for Qualified Opinion" in the audit report of the Company prepared for the year ended on 31 December 2014. Basis for Qualified Opinion: i) There appear differences for total number of bank accounts between reported accounts and source documents maintained by the company. As per audited report of 2012, total number of bank accounts is 1,106 whereas as per records number of bank accounts appears 1,022. We were not given the list of total 1,106 bank accounts but this bank account number is incorporated in the financial statements of 2012.(cont1)

2019-09-02: Cont5-Auditor's Opinion

PROGRESLIF(cont5):(Prior year adjustments Taka 1,142,175,535 apart from other adjustments) with the opening balance of life insurance fund during the year under audit, as decided by the Board of Directors in its 142nd meeting held on 1 April 2017. Note No. 5: Opening balance of prior year adjustments of Taka 3,646,921,528 and Taka 2,841,021,957 for the year ended on 31 December 2013 and 31 December 2012 respectively. Revised opening balance of prior year adjustments of Taka 2,625,463,536 and 3,646,921,528 for the year ended on 31 December 2013 and 31 December 2012 respectively.(end)

2019-09-02: Cont4-Auditor's Opinion

PROGRESLIF(cont4):Further, accrued interest of loan from Galaxy Capital Limited up to 2012 has not yet been recovered and balance has been carried forward till the date of this audit; vi) Our control test and review reveals that internal control and compliance are far from being satisfactory. In addition, the company's internal audit functions appear to be ineffective. As a result, company is exposed to high operational risks. Emphasis of matter: Without qualifying the report, we draw the attention to the note 5 to the accompanying financial statements explaining the facts of adjustments of Taka 1,142,175,535 (cont5)

2019-09-02: Cont3-Auditor's Opinion

PROGRESLIF(cont3):Further, the consolidated financial statements have not been prepared as per BFRS 10-'Consolidated Financial Statements' resulting in violation of that particular BFRS; v) The Company has paid loan to Galaxy Capital Limited on various dates in order to expedite the operational work. But they could not provide us any approval from relevant authority indicating violation of Insurance Act 2010 Section 44 (3) or agreement related to this loan payment except a resolution of board meeting held on 24 December 2012. Apart from this, accrued interest of loan provided to Galaxy Capital Limited has not been considered for 2013.(cont4)

2019-09-02: Cont2-Auditor's Opinion

PROGRESLIF(cont2):The Company could not take over any possession as yet but included in land and building deviating the principle of capitalization as per BAS - 16; iv) The Company has 51% shareholding in two of its subsidiary companies namely Galaxy Capital Ltd. and Alpha Capital Management Ltd. The investments in shares of these two companies were Taka 30,855,000 and Taka 129,500,000 respectively. Further, the Company could not provide us any document with respect to approval from regulatory body as required in the Insurance Act 2010 for Galaxy Capital Limited. However, in respect of Alpha Capital Management Limited, we have seen a letter of the Company dated 24th March 2010 seeking approval but no response could be seen.(cont3)

2019-09-02: Cont1-Auditor's Opinion

PROGRESLIF(cont1): The management of the Company could not provide us any satisfactory explanation regarding the additional bank account whether these are at all in existence or not. As such, amount lying in those rest of the 85 accounts could not be verified by us; ii) We were not provided with cash certificates in support of cash in hand for branch offices except a list of such branch names and amounts. As a result, we could not verify these balances satisfactorily; iii) The Company has a flat in Chittagong at a cost price of Taka 34,689,801 ownership of which is disputed and legal proceeding is in process.(cont2)

2019-09-02: Auditor's Opinion

PROGRESLIF: The auditor of Progressive Life Insurance Company Ltd. has given the following "Basis for Qualified Opinion and Emphasis of Matter" in the audit report of the Company prepared for the year ended on 31 December 2013. Basis for Qualified Opinion: i) There appear differences for total number of bank accounts between reported accounts and source documents maintained by the Company. As per audited report of 2012, total number of bank accounts is 1,106 whereas as per records number of bank accounts appears 1,021. We were not given the list of total 1,106 bank accounts but this bank account number is incorporated in the financial statements of 2012.(cont1)

2019-09-01: Change of Close Price

PROGRESLIF: Please note that the close price of the shares of PROGRESLIF has been reset at current market price prevailing in other exchange. New close price of PROGRESLIF=Tk. 89.80.

2019-08-25: Ex-benefit Price Adjustments

PROGRESLIF: Please note that the price of the shares of PROGRESLIF is adjusted today following its ex-benefits date to the extent of its corporate benefits; hence the price limit on the scrip will remain as it is today. Therefore, adjusted price of PROGRESLIF=Tk. 71.50.

2019-08-21: Record Date tomorrow (22.08.2019)

PROGRESLIF: Trading of the shares of Progressive Life Insurance Company Ltd. will remain suspended on its record date i.e., 22.08.2019. Trading of the shares of the Company will resume on 25.08.2019.

2019-08-04: Spot trade from tomorrow (05.08.2019)

PROGRESLIF: Trading of the shares of Progressive Life Insurance Company Ltd. will be allowed only in the Spot Market from 05.08.2019 to 21.08.2019 as the record date of the Company is on 22.08.2019.

2019-07-30: Change of Close Price

PROGRESLIF: Please note that the close price of the units of PROGRESLIF has been reset at current market price prevailing in other exchange. New close price of PROGRESLIF=Tk. 74.40.

2019-07-28: CB free

PROGRESLIF: Please note that there will be no price limit today 28 July 2019 on the trading of shares of the Company following its corporate disclosure.

2019-07-28: Dividend Declaration for 2013, 2014 & 2015

PROGRESLIF: The Board of Directors has recommended No dividend for the year ended on December 31, 2013 and December 31, 2014. The Board of Directors has also recommended 5% cash and 5% stock dividend for the year ended on December 31, 2015. Date of AGM: 12.09.2019, Time: 11:00 AM, for 2013, 2014 and 2015. Venue: Institution of Diploma Engineers Bangladesh (IDEB), 160/A, Kakrail, VIP Road, Dhaka-1000. Record Date: 22.08.2019, for 2013, 2014 and 2015.

2019-07-18: Board Meeting

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that the Board Meeting of the Company will be held on July 25, 2019 at 3:30 PM to consider, among others, audited financial statements of the Company for the years ended on December 31, 2013, 2014 and 2015 as per judgment of the Honorable High Court.

2019-01-27: Withdrawal of Investment

PROGRESLIF: Progressive Life Insurance Company Ltd. has informed that they withdrew all its investment in M/S. Galaxy Capital Limited (GCL) and accordingly, Progressive Life Insurance Company Limited transferred its all shares (51%) of holding total shares to GCL for Tk. 3,26,40,000.00 Ex-Dividend.

2019-01-07: Change of Close Price

PROGRESLIF: Please note that the close price of the shares of PROGRESLIF has been reset at current market price prevailing in other exchange. New close price of PROGRESLIF=Tk. 72.80.

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