In a move that has raised eyebrows across the financial sector, the Insurance Development and Regulatory Authority (IDRA) has conferred the “IDRA Insurance Excellence Award 2025” upon Green Delta Insurance PLC. While the regulator cites “outstanding performance” and corporate governance as the rationale for the accolade, a deep dive into the firm’s recent annual reports paints a starkly different picture of fiscal instability and diminishing returns.
The award ceremony, scheduled for 29 January, places Green Delta fourth among the top non-life insurers. However, an analysis of the company’s 2024 financial statement reveals a systemic decline across nearly every critical performance metric, including premium collection, underwriting profit, and solvency margins.
A Portfolio in Retreat
The most glaring indicator of Green Delta’s struggle is the sharp contraction in its Gross Premium Income. In 2023, the firm collected Tk454.50 crore; by 2024, this figure had tumbled to Tk410.80 crore—a significant drop of 9.61% (Tk43.70 crore) within a single year.
More perplexing is the disconnect between premiums and Underwriting Profit. Typically, if claims decrease, profits should rise. Yet, despite a falling claim-to-loss ratio, Green Delta’s underwriting profit plummeted. In 2021, the company yielded a 31.30% profit margin on its premiums. By 2024, this margin had eroded to 23.59%, representing a 7.71% decline over three years. This anomaly has prompted analysts to question the transparency of the firm’s income and expenditure reporting.
Key Financial Indicators: 2023 vs. 2024
The following table highlights the downward trajectory of Green Delta’s core financial health indicators over the last fiscal year:
| Financial Metric | 2023 (Tk Crore) | 2024 (Tk Crore) | Change (%) |
| Gross Premium | 454.50 | 410.80 | -9.61% |
| Total Investment | 416.70 | 365.80 | -12.22% |
| Total Reserves | 416.70 | 365.80 | -12.22% |
| Available Solvency (AS) | 206.50 | 149.20 | -27.75% |
| Underwriting Profit | 120.30 (2021) | 96.90 | -19.45%* |
*Comparative drop from 2021 high.
Diminishing Solvency and Reserves
The company’s ability to meet long-term obligations is also under scrutiny. Its Solvency Margin—a vital buffer against unforeseen losses—shrank by a staggering 27.75% in just twelve months. Furthermore, both total investments and reserves saw a mirrored decline of 12.22%, falling from Tk416.70 crore to Tk365.80 crore.
Despite these “high-risk” financial signatures, IDRA has included Green Delta in its list of 13 exemplary life and non-life insurers. The awards are intended to bolster public confidence and reward “good” companies. However, when reached for comment, both IDRA spokespersons and Green Delta’s CEO, Farzana Chowdhury, remained unavailable, leaving the industry to wonder whether the “Excellence Award” is truly a reflection of financial merit or merely a decorative gesture.