Janata Insurance Company Limited (JICL) incorporated as a public limited company under the companies act 1994 on 23 September 1986. It commenced business on 6 November 1986 with a view to running all types of general insurance business except life pursuant to the Insurance Act 1938 and other related laws and regulations. Authorised capital of the company is Tk 100 million that remained unchanged, while the paid up capital increased from the initial amount of Tk 30 million to Tk 60 million in December 2000. The capital is divided into ordinary shares Tk 100 each. The company was enlisted with both Dhaka and Chittagong stock exchanges in 1994. Managed by a 13-member board of directors with the managing director as the chief executive, the company has its head office at Dhaka and 37 branches all over Bangladesh. It underwrites risks involved in trade and properties and thus provides their security through insurance and reinsurance services. Major risk underwriting businesses of the company cover fire insurance, marine insurance, motor insurance and miscellaneous areas. In accordance to the Re-Insurance Treaty, the company re-insures the risks undertaken with the sadharan bima corporation (SBC). It sponsored a leasing and financing company jointly with the united commercial bank and some private individuals.

In 1998, the net premium incomes of the company were Tk 118.34 million and the net claims paid by it were Tk 12.99 million. It earned underwriting profits almost each year of its operations except 1996. The company earns incomes each year also from its investments in National Investment Bond, shares and debentures and other investments including FDR and short-term deposit accounts. It maintains two special reserve funds namely, reserves for exceptional losses and reserves for un-expired losses. The pre-tax profits of the company were Tk 20.70 million in 1998. In that year, the assets of the company were valued at Tk 337.40 million. [S M Mahfuzur Rahman]