Green Delta to receive IDRA excellence award despite falling premium and solvency
Staff Correspondent: Green Delta Insurance PLC is set to receive the IDRA Insurance Excellence Award 2025 on January 29, even as its own published data indicate several key financial indicators have weakened over recent years- raising fresh questions regarding how the regulator balances governance scores against financial performance.
According to the insurer’s annual disclosures, gross premium income fell to Tk 410.80 crore in 2024, down from Tk 454.50 crore in 2023, a decline of Tk 43.70 crore (9.61%). Underwriting performance has also softened relative to premium size. In 2024, Green Delta reported Tk 96.90 crore in underwriting profit- nearly 23.59% of premium- compared with 31.30% in 2021 (Tk 120.30 crore underwriting profit on Tk 384.30 crore premium), a reduction of 7.71 percentage points.
The company’s profit pattern has drawn particular attention because underwriting profit usually comes under pressure when claims rise. Yet Green Delta’s reported claims paid were Tk 31.30 crore in 2024, compared with Tk 14.40 crore in 2021, while underwriting profitability as a share of premium declined. The combination has prompted questions about the drivers of earnings-including expense level, reserving and other underwriting factors.
Financial position indicators also signal tightening capital buffers. Total investment fell from Tk 416.70 crore in 2023 to Tk 365.80 crore in 2024. Reserves reportedly declined year-on-year as well. More particularly, available solvency dropped from Tk 206.50 crore in 2023 to Tk 149.20 crore in 2024- a 27.75% fall.
IDRA says the awards aim to strengthen public trust and recognise strong governance among 13 insurers. In its ranking, Green Delta placed fourth in the non-life category. However, the contrast between a governance-based accolade and multi-year financial weakening has intensified calls for greater transparency on the award’s scoring methodology. Attempts to reach IDRA’s spokesperson and Green Delta CEO Farzanah Chowdhury for comment were unsuccessful.
