Pragati Life Insurance PLC. was established on January 30, 2000, as a public limited company under the Companies Act, 1994, with the philosophy of maintaining competitiveness, balanced with prudent management and fairness to all policyholders. The company obtained registration from the Department of Insurance on April 11, 2000, under the Insurance Act, 1938, to carry out insurance business. The Company started with a paid-up capital of Tk.30 million against an authorized capital of Tk. 250 million. Now the present paid-up capital stands at Tk. 84 million. Pragati Life has been sponsored by some renowned business entrepreneurs of the country linked with different industrial groups. It went public in 2005 and is listed in both the Dhaka Stock Exchange Limited and the Chittagong Stock Exchange Limited.

Pragati Life was established with the vision of participating effectively in the process of providing financial security to clients as well as facilitating the creation of long-term capital in the market. In its effort to realize this vision, Pragati Life has been developing innovative, customer-oriented products through its own Actuarial Department. Within a short span of time, the company has created a strong market presence by expanding its business network with a diversified product line across the country.

Pragati Life has a re-insurance agreement with the world's largest reinsurer, Munich Reinsurance Company, Germany, since its inception. It is also the first insurance company in Bangladesh to provide policy status updates via Push-Pull (SMS) service. Policyholders can also access their policy details through the company’s website.