No company can survive without transparency, says Amir Khasru

Staff Correspondent: Popular Life Insurance Company marked its 25th anniversary with a message that transparency and accountability are not only ethical duties but essential conditions for the long-term survival of financial institutions. The anniversary ceremony, held at the Institution of Diploma Engineers, Bangladesh (IDEB) in Kakrail, brought together corporate leaders, policymakers and industry stakeholders to reflect on the evolution of the company and the wider challenges facing Bangladesh’s insurance sector.

Speaking as the chief guest, BNP Standing Committee member and former Commerce Minister Amir Khasru Mahmud Chowdhury, one of the founding visionaries of the company, said no organisation- particularly one entrusted with people’s economic security- may sustain growth without a culture of honesty, openness and institutional responsibility. In his words, transparency is not merely a noble aspiration; it is the mechanism through which trust is created and sustained in any financial system.

Amir Khasru cautioned that the responsibility for ensuring integrity does not rest merely on the management or the regulator. According to him, true accountability emerges when the regulator, the board of directors, senior management and employees operate under a shared commitment to good governance. A company that is internally disciplined and externally transparent, he said, becomes far more capable of confronting crises, adapting to market shifts and earning public confidence over the long term.

Reflecting on the state of the country’s insurance industry, he expressed concern that many companies still struggle to settle policyholders’ claims promptly. This failure, he said, erodes public confidence in the entire sector. At its core, insurance is built on reliability; if customers cannot trust insurers to stand by them during personal or financial emergencies, the purpose of the industry is defeated. He urged regulators and relevant ministries to pursue stronger reforms, enforce higher standards and eliminate irregularities that continue to hinder the credibility of the financial system. By making a cleaner, more disciplined environment, he argued, the sector could unlock greater efficiency, strengthen customer trust and contribute more effectively to economic resilience.

The event was chaired by Popular Life Insurance Chairman Mohammed Zahirul Islam Chowdhury, who highlighted the company’s progress over the past quarter-century. He said Popular Life has consistently prioritised service quality and customer trust, recognising that real institutional progress emerges when employees, agents, board members and clients work collectively towards a shared mission. With this unity, he expressed confidence that the company is positioned to secure a place at the top of Bangladesh’s insurance market.

Managing Director and Chief Executive Officer B M Yusuf Ali reinforced this theme by placing the company’s journey within a broader national context. He described Popular Life as not only a financial institution but also a contributor to social development. Over two decades, the company has made employment for nearly 50,000 people, generating livelihoods and enhancing social stability. He pointed out that Popular Life’s long-maintained ‘Triple-A’ credit rating reflects its financial strength, its ability to honour claim obligations promptly and its long-term stability in a competitive and evolving market.

Marking the next phase of its corporate journey, the company formally announced its transition to the name Popular Life Insurance Company PLC, signaling its alignment with updated governance and regulatory standards. As part of the jubilee celebration, the company unveiled a special publication titled Prerona (Inspiration), which documents its 25-year journey, financial achievement, organisational transformation, community contributions and future strategic vision. A commemorative documentary was also screened, offering a vivid portrayal of the company’s development and impact.