Agrani Insurance financial analysis: qualified audit, combined ratio 108.9%, sponsor holding 27.75% (Oct 2026)

Investment considerations: qualified 2025 opinion on sponsor holding and paid-up capital, company EPS Tk 0.42, combined ratio 108.9%

What it is. Agrani Insurance PLC (DSE: AGRANINS) was incorporated on March 14, 2000, registered with the chief controller of insurance and commenced business on April 03, 2000, and listed on the Dhaka Stock Exchange on March 05, 2005 per its corporate information page; it works through 17 branches from a registered office at City Centre, 90/1 Motijheel C/A, Dhaka [1 p.12]. DSE approved the change of name from Agrani Insurance Company Limited with effect from November 12, 2025 [11]. Paid-up capital was Tk 360,186,980 at 31-Dec-2025, in 36,018,698 shares of Tk 10 [1 p.142]. The company owns a subsidiary, Agrani Insurance Securities Ltd., carried at Tk 55,900,000 in the separate statement of financial position [1 p.143]. This note uses the company (separate) statements unless a figure is labelled consolidated; the revenue accounts carry the insurance business for both [s1 p.144,146].

How the business works. Agrani sells non-life insurance policies in fire, marine (cargo and hull), motor and miscellaneous classes, plus engineering per its profile [1 p.14]; in 2025 marine was 70.2% of net premium, fire 16.3%, motor 7.9% and miscellaneous 5.6% [14]. It earns premium from policyholders, cedes part of each risk to re-insurers (mainly Sadharan Bima Corporation, per its profile) and keeps net premium of Tk 170.5m [1 p.146] of Tk 387.66m gross [1 p.15] in 2025 [1 p.14]; the pricing basis (tariff or negotiated rates) is not disclosed; income is the underwriting result plus interest, dividends and rent on its deposits and investments [1 p.144]. Customer types and a customer split are not disclosed beyond six director-related companies listed in note 32 [1 p.166]. It works through 17 branches [1 p.12]. It is funded by equity of Tk 672.9m and bank loans and overdrafts of Tk 60.8m at 31-Dec-2025 [1 p.142] [1 p.158]. Eleven sponsor directors hold 27.75% and the general public and institutions the rest; no holder of 10% or more is printed [1 p.59] [1 p.158].

Where it stands. Gross premium was Tk 387.66m in 2025 and Tk 403.80m in 2024 per the five-year table [1 p.15]. Net premium (premium less re-insurance ceded) was Tk 170.5m in 2025 and Tk 247.5m in 2024 [1 p.146]. The underwriting profit transferred to the profit and loss account was Tk 21.2m in 2025 and Tk 86.1m in 2024 [1 p.146]. Company profit before tax was Tk 23.3m and Tk 81.9m [1 p.144]. The five-year table prints net profit after tax of Tk 15.30m and Tk 55.43m and EPS of Tk 0.42 and Tk 1.63 [1 p.15]; the appropriation account prints EPS of Tk 0.42 for 2025 and Tk 1.54 for 2024 [1 p.145]. Consolidated EPS was Tk 0.18 for 2025 and Tk 1.45 (restated) for 2024 [1 p.138] [11]. On the one combined-ratio definition used for every insurer in this note, the 2025 ratio was 108.9% and the 2024 ratio 50.2% [14].

Earnings mix. Interest income and investment and dividend income in the five-year table were Tk 19.77m and Tk 9.29m in 2025, and profit before tax Tk 23.30m [1 p.15]. Investment income on that definition was 124.7% of company profit before tax in 2025 and 38.7% in 2024 (derived) [14]. The P&L charged unallocated management expenses of Tk 22.1m, interest on loan of Tk 4.2m, interest on overdraft of Tk 4.1m and a fair value loss on financial assets of Tk 5.3m in 2025 [1 p.144]. The third-quarter 2026 statements are not in the corpus at 1-Nov-2026; the DSE post of 29-Oct-2026 is the source for that quarter [11].

• What steps follow the auditor's basis on sponsor and director holdings of 27.75% and the 60% rule? The filings read print no plan.
• How will paid-up capital of Tk 360.2m reach the BDT 40 crore minimum the auditor cites? No rights issue or capital raise is posted in the DSE archive to 1-Nov-2026.
• Which claims make up the Tk 70.2m of outstanding claims at 31-Dec-2025, Tk 30.5m of it in fire? Note 8 gives the class split only.
• What does the 'Others advances' line of Tk 236.0m in sundry debtors consist of? Note 21 prints it as one line.
• When will RJSC approve Schedule X and Form XII for the 2024 stock dividend? The 2025 emphasis paragraph states they are yet to be received.

Business: marine was 70.2% of 2025 net premium and transferred Tk 56.8m; fire transferred a loss of Tk -48.8m

Four accounts. In 2025 marine carried net premium of Tk 119.7m, 70.2% of the total; fire Tk 27.8m (16.3%), motor Tk 13.5m (7.9%) and miscellaneous Tk 9.5m (5.6%) [s1 p.147,148,149,150] [14]. Marine transferred Tk 56.8m to the profit and loss account, motor Tk 3.7m, miscellaneous Tk 9.5m and fire a loss of Tk -48.8m [1 p.144]. In 2024 the transfers were fire Tk 3.0m, marine Tk 67.2m, motor Tk 6.8m and miscellaneous Tk 9.0m [1 p.144]. Fire was the one account with a loss in 2025 [14].

Reading the table. The underwriting result row is the revenue-account balancing line after the opening and closing reserve for unexpired risks; it is not the sum of the rows above it. For each account the model reproduces the printed 2025 result from net premium, re-insurance commission, opening and closing reserve, claims, commission and management expenses, to the taka [14]. The class figures in taka add to the printed totals except management expenses, where the four accounts add to Tk 112,190,011 and the printed total is Tk 112,190,012 [14]; after rounding, the 2024 result row adds to Tk 86.0m (printed total Tk 86.1m), net claims to Tk 69.8m (Tk 69.7m) and commission to Tk 35.0m (Tk 35.1m). Fire management expenses were Tk 53.9m in 2025 and Tk 46.4m in 2024; marine Tk 45.8m and Tk 43.8m [s1 p.147,148]. The motor account prints no commission on re-insurance ceded in either year [1 p.149].

Retention. Net premium was Tk 154.9m, Tk 220.2m, Tk 192.5m, Tk 247.5m, Tk 170.5m for 2021-2025 [4 p.133] [3 p.146] [1 p.146]. Retention, net over gross premium, was 49.2%, 58.5%, 54.5%, 61.3%, 44.0% in the same years (derived; gross premium from the five-year table) [14]. The five-year table prints re-insurance ceded of Tk 217.18m for 2025 and Tk 156.31m for 2024 [1 p.15]. The premium key audit matter gives gross premium of BDT 387,656,236 and net premium of BDT 170,480,837 for 2025 [1 p.132]. The DSE post of the third quarter of 2025 gives the EPS decrease as 'due to lower premium income compared to the previous year' and adds that 'Claims expenses have increased due to varies firing incident have occurred in this period' [11].

Related-party premium. Note 32 lists 2025 premium from nine parties described as 'Director', of which six show premium: Royal shipping Lines Tk 1,060,500, Royal motors Tk 717,000, BSP Industries pvt ltd Tk 706,924, M S C trading Ltd Tk 505,000, Sarban Import Ltd. Tk 442,284 and Sunny breaders ltd Tk 285,280, with no claim paid printed [1 p.166]. The six add to Tk 3.7m (derived) [14]. The same note lists rent receivable of Tk 414,000 from the subsidiary [1 p.166]. The note names companies, not the director linked to each.

Industry forces in the filings. Rivalry: the profile calls Agrani 'a prominent non-life insurance company in Bangladesh'; market share is not disclosed, and the peer table in this note lists 34 listed general insurers [1 p.14] [14]. Suppliers (re-insurers): the profile states re-insurance protection is taken 'from Sadharan Bima Corporation at home and some other reputed foreign re-insurers', and Sadharan Bima Corporation owed the company Tk 203.0m at 31-Dec-2025 [1 p.14] [1 p.163]. Buyers (policyholders): customer concentration is not disclosed; director-related premium in note 32 was Tk 3.7m [1 p.166] [14]. Entry barriers: IDRA's minimum paid-up capital of BDT 40 crore and the 60% sponsor-holding rule are cited by the auditor [1 p.131]. Substitutes: None disclosed.

Distribution and staff. Commission expenses were Tk 35.1m in 2025 and Tk 45.4m in 2024 [1 p.146]. Note 32.02 records key management personnel compensation of Tk 13,864,032 in 2025 and Tk 15,586,321 in 2024 [1 p.166]. Note 24 records directors' fees of Tk 1,628,400 as 'board / committee meeting fee' and states that 'The Board of directors received no remuneration from the company other than fees for attending board/committee meeting' [1 p.164].

Underwriting: combined ratio 108.9% in 2025, 50.2% in 2024 and 76.7% in 2021; net claims 40.9% of net premium

One definition. The combined ratio in this note is net claims plus revenue-account expenses of management plus commission expenses, less commission on re-insurance ceded, over net premium [14]. Agrani's all-business revenue account prints no separate stamp-duty line, and its claims line is 'Claims under policies less re-insurances' [1 p.146]. For 2025 the inputs are Tk 69,741,174, Tk 112,190,012, Tk 35,072,174 and Tk 31,427,234 over Tk 170,480,837, which gives 108.9% [1 p.146] [14]. A ratio above 100% means these four lines exceeded net premium; the printed underwriting profit of Tk 21,226,997 also includes the Tk 36.3m fall in the reserve for unexpired risks [1 p.146] [1 p.15].

Five years of ratios. The combined ratio was 76.7%, 43.2%, 64.1%, 50.2%, 108.9% for 2021-2025 [14]. It rose in 2 of the four year-on-year steps [14]. The highest of the five years was 2025 and the lowest 2022 [14]. Net claims were 20.7%, -8.7%, 17.1%, 4.2%, 40.9% of net premium in the same years; the 2022 figure is negative: the revenue account prints claims less re-insurance of Tk (19,202,612) after outstanding claims fell from Tk 45,784,270 to Tk 12,248,114 [3 p.146] [14]. Expenses of management were 66.5%, 44.8%, 40.1%, 42.1%, 65.8% of net premium [14]. Each ratio rounds by itself; the component rows can differ from the combined row by 0.1 point.

Class ratios. On the same definition the 2025 ratios by account were fire 305.1%, marine 69.5%, motor 88.9% and miscellaneous 58.7% [14]. The model's underwriting check (net premium plus re-insurance commission plus opening reserve, less closing reserve, claims, commission and management expenses) reproduces the printed underwriting profit to the taka in 3 of the 5 years; in 2023 and 2025 the check is Tk 1 below the printed figure [14]. The 2025 all-business account also prints its two totals as Tk 320,260,115 and Tk 320,260,114 [1 p.146].

Outstanding claims. The estimate of outstanding claims at 31-Dec-2025 was Tk 70.2m: fire Tk 30.5m, marine Tk 28.0m, motor Tk 4.9m and miscellaneous Tk 6.8m [1 p.159]. A year earlier it was Tk 12.5m; the increase was Tk 57.7m (derived) [1 p.159] [14]. It was 10.4% of equity at 31-Dec-2025 and 1.8% at 31-Dec-2024 (derived) [14]. Claims paid during 2025 were Tk 12.0m (2024: Tk 9.9m) [1 p.146]. The auditor made the estimate a key audit matter and wrote that 'in extreme scenario, this item may have going concern implications for the company' [1 p.134]. The directors' report gives settled claims of Tk 10.00 million in 2025 and Tk 20.39 million in 2024 [1 p.35]; that page does not reconcile its figure to the revenue account.

Management expenses. Expenses of management charged to the revenue accounts were Tk 112.2m in 2025, Tk 104.1m in 2024 and Tk 77.2m in 2023 [1 p.146] [3 p.146]. They were 65.8% of net premium in 2025 (derived) [14]. Unallocated expenses in the P&L were a further Tk 22.1m [1 p.144]. The DSE first-quarter 2026 post states that 'management expenses have increased due to claims settlements', and the third-quarter 2026 post that 'This year EPS has increased due to reduce of management expenses' [11]. The 2025 auditor's report does not name management expenses as a basis or emphasis item [1 p.131].

Investments, receivables and debt: FDRs Tk 160.1m, due from Sadharan Bima Tk 203.0m, bank loans and overdrafts Tk 60.8m

The book. At 31-Dec-2025 the company held fixed deposit receipts of Tk 160.1m (31-Dec-2024: Tk 175.0m), statutory deposits in BGTB of Tk 70.0m (Tk 70.0m), financial assets at fair value of Tk 31.8m (Tk 37.1m) and the investment in Agrani Insurance Securities Ltd. of Tk 55.9m [1 p.143]. Cash at bank was Tk 21.9m and cash in hand Tk 0.0m [1 p.143]. The five-year table prints investments of Tk 431.78m for 2025 and Tk 454.28m for 2024 [1 p.15]; it does not list the lines it includes.

Receivables. The amount due from other persons or bodies carrying on insurance business was Tk 207.3m at 31-Dec-2025, of which Sadharan Bima Corporation Tk 203.0m (31-Dec-2024: Tk 166.0m) [1 p.163]. Sundry debtors were Tk 337.5m, 32.6% of total assets (derived) [1 p.163] [14]. Their largest line is 'Others advances' of Tk 236.0m (2024: Tk 255.0m); advance income tax was Tk 84.0m and tax deducted at source Tk 11.6m [1 p.163]. The 2021 auditor's report qualified the opinion on a related item: 'The Company has recorded a receivable of Premium Control worth BDT 107,134,710 as at December 31, 2021 (BDT 112,375,365 as at December 31, 2020) on the Statement of Financial Position under Sundry Debtors. These balances represent receivables without have been due for several years and there is substantial doubt in regards to the Company’s ability to collect these balances. However, the Company has not recorded any provisions against these receivables.' [5 p.121]. The 2022-2025 auditor's reports read do not repeat that basis [4 p.119] [3 p.132] [2 p.136] [1 p.131].

Bank debt. Loans and advances were Tk 60.8m at 31-Dec-2025, Tk 66.2m at 31-Dec-2024 and Tk 71.5m at 1-Jan-2024 [1 p.158]. Note 7 splits the 2025 balance into Eastern Bank (bank overdraft and term loan) Tk 58,373,131 and Jamuna Bank (bank overdraft) Tk 2,408,795 [1 p.158]. Note 7.01 describes the Eastern Bank term loan, repayable in 60 EMIs of Tk 795,240 at a floating 13.05%, and two overdraft facilities secured by liens on FDRs [1 p.159]. Loans and advances were 9.0% of equity at 31-Dec-2025 (derived) [14]. The P&L charged interest on loan of Tk 4.2m and interest on overdraft of Tk 4.1m in 2025 (2024: Tk 0.2m and Tk 6.2m) [1 p.144].

Income lines. Note 25 prints interest on BGTB of Tk 5,402,288, interest on fixed deposits of Tk 14,192,774, rental income of Tk 7,943,085, office rent receivable of Tk 414,000 and dividend income of Tk 931,637 within interest and dividend income of Tk 29,057,794 for 2025 (2024: Tk 31,701,518) [1 p.164]. The P&L prints rental income (floor) of Tk 8,357,085 and a total of Tk 29,057,793 [1 p.144]. Other income fell to Tk 0.4m from Tk 4.6m; the 2024 figure included a gain on sale of shares of Tk 2,927,134 [1 p.164]. The P&L charged a fair value loss on financial assets of Tk 5.3m in 2025 and Tk 18.7m in 2024 [1 p.144]. The DSE dividend post for 2024 gives the EPS drop as 'primarily due to a loss of Tk. 17.70 million in the fair value of financial assets adjustment compared to the previous year' [11].

Cash flow. Company net cash from operating activities was Tk 28.0m in 2025 and Tk 24.3m in 2024; income tax paid was Tk 20.9m and Tk 40.4m [1 p.166]. The reconciliation starts from net profit before tax of Tk 23,295,046 for 2025 and Tk 81,926,119 for 2024; the P&L prints Tk 81,926,120 for 2024, a gap of Tk 1 [1 p.166] [1 p.144]. The increase in outstanding claims added Tk 57,737,272 to the 2025 operating cash flow in the reconciliation [1 p.166]. Consolidated NOCFPS was Tk 0.96 for 2025 and Tk 0.58 for 2024 [11].

Ratios: return on average equity 2.3% in 2025 (derived), equity 65.1% of total assets

Returns. The five-year table prints net profit after tax of Tk 64.18m, 69.35m, 70.20m, 55.43m and 15.30m and EPS of Tk 2.02, 2.04, 2.07, 1.63 and 0.42 for 2021-2025 [1 p.15]. Return on average equity, on those profits and the printed capital and reserve lines, was 11.4%, 11.0%, 8.3%, 2.3% for 2022-2025 (derived) [14]; the five-year table prints 'Return on equity ratio' of 11.21, 10.58, 8.18 and 2.27 for the same years on its own basis [1 p.15]. Equity was 66.2%, 67.9%, 68.0%, 65.0%, 65.1% of total assets at the five year-ends (derived) [14]. The 2022 EPS was printed as Tk 2.18 in the 2022 report and Tk 2.04 in the 2023 report and the five-year table; the 2023 report prints 33,979,904 shares [4 p.131] [3 p.144] [1 p.15].

Tax. The 2025 appropriation account charged a provision for income tax of Tk 195,974, provision for arrear income tax of Tk 7,323,925 and deferred tax of Tk 471,279; profit brought down was Tk 23,295,046 [1 p.145]. Provision for income tax in the statement of financial position fell to Tk 95.3m from Tk 119.5m, and advance income tax to Tk 84.0m from Tk 98.5m [1 p.142] [1 p.163]. The deferred tax liability of Tk 26.1m is a key audit matter [1 p.133].

Payout. The board recommended no dividend for 2025 on 15-Mar-2026 [11] [1 p.129]. For 2024 the board recommended 6% cash and 6% stock; BSEC consented to the stock dividend, with a separate record date of 18-Jun-2025, and DSE posted the bonus-share credit on 20-Jul-2025 and the cash disbursement on 27-Jul-2025 [11]. The 2025 statement of changes in equity shows a cash dividend of Tk 20,387,944 and a stock dividend of Tk 20,387,940 for 2024 [1 p.140]. Reserve for exceptional losses received Tk 17,048,084 in 2025, to Tk 311,327,729 [1 p.158].

Each ratio is computed in the model from printed figures; profit after tax, interest income and investment and dividend income are the rounded Tk mn figures of the five-year table, and equity, total assets and profit before tax are taken from the separate statements [1 p.15] [s4 p.129,130,131,132] [s3 p.142,143,145] [s1 p.142,143,144] [14].

Balance sheet and audit: qualified opinion with 2 basis items, 2 emphasis paragraphs and 4 key audit matters

The opinion. Ashraf Uddin & Co (Mohammad Shibbir Hossain, FCA, Partner) signed the auditor's report on March 15, 2026, DVC: 2604011048AS974835 [1 p.135]. The report is headed 'Qualified Opinion'; the opinion paragraph reads: 'In our opinion, except for the effects of the matter described in the Basis for the Qualified Opinion section of our report, the accompanying financial statements give a true and fair view of the financial position of the company as at 31 December 2025, its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Insurance Act 2010, the Securities & Exchange Rules 2020 and other applicable laws and regulations.' [1 p.131]. The 'Basis for Qualified Opinion' section has two items, quoted in full: (1) 'Refer to Note no-3.00; Issued, Subscribed & Paid-up capital (BDT.360,186,980/-) : According to the Rules of Paid-up Capital for Non-life Insurance Company, sponsors and directors of a non-life insurance company are required to jointly hold a minimum of 60% of the paid-up capital at all times; however, the Company's sponsors and directors currently hold only 27.75%, which is a violation¬¬ of the above-mentioned requirement. In addition, as per the regulatory requirement of the Insurance Development and Regulatory Authority (IDRA), the minimum paid-up capital for a non-life insurance company should be BDT. 40 crores; however, the Company's recognized paid-up capital is below the required minimum.' (2) 'Refer to Note no- 15.00; Property, Plant & Equipment less Accumulated Depr. (BDT. 126,772,162/-): The Company does not maintain a proper Fixed Asset Register containing detailed records of its Property, Plant and Equipment, and assets are not assigned unique identification codes for proper tracking and identification. This practice is not in line with the record-keeping requirements necessary to comply with IAS 16 – Property, Plant and Equipment. However, the management has provided a list of assets from which we have managed to verify the physical existence of the assets at the head office only.' [1 p.131]. DSE posted the qualified-opinion notice on 16-Apr-2026 [11].

Emphasis of matter, quoted in full. (1) 'Without qualifying our opinion, we draw attention to Note no-3.00; Issued, Subscribed & Paid-up capital (BDT.360,186,980/-) to the financial statements. The Company has increased its Paid-up Capital by BDT 20,387,940 through a stock dividend declared for the year ended 31 December 2024, bringing the total Paid-up Capital to BDT 360,186,980. The Company has submitted all requisite documents to the RJSC and has obtained Form XV in this regard, however, the approval of Schedule X and Form XII from the RJSC are yet to be received. The shares have been duly allotted to the shareholders and CDBL has made it free for trading. Our opinion is not modified in respect of this matter.' (2) 'We draw attention to Note no-16.A; Statutory Deposits (BDT. 110,000,000/-) to the consolidated financial statements, which shows the subsidiary company (Agrani Insurance Securities Ltd.) has restated its prior period financial statements to correct a misclassification of BDT 10,000,000, previously recognized “TREC License” as revenue expenditure instead of capital expenditure in the year 2021. The error has been corrected retrospectively in accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors, resulting in adjustments to the comparative figures and opening balances, including Balance of profit or loss appropriation account, non-controling interest, statutory deposits, Net Asset Value (NAV) per share and Earnings Per Share (EPS). Our opinion is not modified in respect of this matter.' [1 p.131]

2021 opinion. G. Kibria & Co. (A.K Gulam Kibria, FCA, Partner) signed the 2021 report on April 25, 2022, headed 'Qualified Opinion' [s5 p.121,124]; the 2022 report names G. Kibria & Co. as the auditor that 'expressed a qualified opinion with emphasis of matter' [4 p.121]. The opinion paragraph reads: 'In our opinion, except for the matter described in the Basis for Qualified Opinion section of our report, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the company as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Insurance Act 2010, the Insurance Rules 1958, the Securities and Exchange Rules 1987 and other applicable laws and regulations.' [5 p.121]. The basis item is quoted in the investments section. Emphasis of Matter, in full: (1) 'We draw attention to Note 16 of the financial statements, which describes matters related to implementation of investment policy for non-life insurance companies as issued by the IDRA. Our opinion is not modified in respect of this matter.' (2) 'We draw your attention to Note 2.03 which describes the policy and methods for consolidation of financial statements for parent and subsidiary. Since this is the first year of preparation of Consolidated Financial Statement, the comparative financial information for consolidated and stand-alone statements are the same.' (3) 'We draw attention to Note 2.21(c) which states that the Company did not set aside any profits as contribution related to Worker’s Profit Participation Fund for the current year due to the on-going discussions between the IDRA and related Government Ministries. Our opinion is not modified in this matter.' (4) 'We draw attention to Note 10.01 which states that the Company has transferred BDT 2,626,585 to the designated dividend accounts. Subsequent to year-end, the Company has transferred the rest BDT 3,408,918 to the designated dividend accounts in order to remain complaint with the said BSEC Directive BSEC/CMRRCD/2021-386/03 Dated 14.01.21.' Other Matter: 'The financial statements of Agrani Securities Ltd., the subsidiaries of Agrani Insurance Company Limited, have been audited by Mahfel Huq & Co., Chartered Accountants who have expressed unmodified opinions on that financial statements on 31December, 2021.' [5 p.121].

2022-2024 opinions. Islam Quazi Shafique & Co. gave unmodified opinions on the 2024, 2023 and 2022 statements [2 p.136] [3 p.132] [4 p.119]. The 2022 report's Emphasis of Matter reads in full: (1) 'We draw attention to Note 2.21 (c) and 2.35 of the Financial Statements, which describes the reason for not establishing Workers’ Profit Participation Fund by the Company according to Bangladesh Labor Act 2006 (as amended in 2013) and also short paid-up capital and recovering policy issues respectively. Our opinion is not modified in respect of those matter.' (2) 'During our audit we had verified the settlement of Gratuity Fund during the year 2022 but we could not verify according to the audited report of Gratuity Fund because of unavailability of audited report 2021. Our opinion is not modified in respect of those matter.' [4 p.119]. Its Other Matter reads: 'The Financial Statements of Agrani Insurance Company Limited for the year ended 31st December 2021 were audited by G. Kibria & Co., Chartered Accountants who expressed a qualified opinion with emphasis of matter.' and 'The financial statements of Agrani Securities Ltd., the subsidiaries of Agrani Insurance Company Ltd. have been audited by Mahfel Huq & Co., Chartered accountants who have expressed unmodified opinion on those financial statements on 31st December 2022.' [4 p.121]. The 2023 and 2024 reports print no emphasis paragraph [3 p.132] [2 p.136]. Each of the three reports has five key audit matters, quoted below; the 2025 report has four and no 'Investment in subsidiary and stand alone' matter [s1 p.132,133,134]. The 2025 corporate information page lists 'M/s. Islam Quazi Shafique & Co.' as auditors [1 p.12], and the seal printed on the first 2025 key-audit-matter page reads 'Islam Quazi Shafique & Co.' [1 p.132]; the 2025 report is signed by Ashraf Uddin & Co [1 p.135].

Footing. The printed asset lines add to Tk 1,043,654,990 at 31-Dec-2024 and Tk 1,034,387,108 at 31-Dec-2025, and the printed totals are Tk 1,043,654,990 and Tk 1,034,387,107 [1 p.143] [14]. The capital and reserve lines add to Tk 677,974,924 and Tk 672,890,846, and the liability lines to Tk 365,680,067 and Tk 361,496,261; together they are Tk 1 above the printed total at 31-Dec-2024 and equal to it at 31-Dec-2025 [1 p.142] [14]. Rounded rows may differ from the totals by Tk 0.1m. NAV per share was printed as Tk 18.68 at 31-Dec-2025 and Tk 19.95 at 31-Dec-2024 [1 p.143].

Printed conflicts. At the same date and for the same item, the P&L prints 2024 net profit for the year of Tk 81,926,120 and the note 31.01 reconciliation prints net profit before tax of Tk 81,926,119, a gap of Tk 1 [1 p.144] [1 p.166]. The appropriation account prints 2024 EPS of Tk 1.54 and the five-year table Tk 1.63 [1 p.145] [1 p.15]. The P&L prints rental income (floor) of Tk 8,357,085 and interest and dividend income of Tk 29,057,793 for 2025; note 25 prints rental income of Tk 7,943,085, a separate office rent receivable of Tk 414,000 and a total of Tk 29,057,794 [1 p.144] [1 p.164]. The five-year table and the two certificates use their own bases and are not compared here.

Recent quarters: consolidated nine-month 2026 EPS Tk 0.85 (9M 2025: Tk 0.15), NAV per share Tk 20.27 at 30-Sep-2026 (DSE posts)

2026 to June. DSE posted consolidated EPS of Tk 0.17 for January-March 2026 (2025: Tk 0.33) on 11-May-2026 and Tk 0.34 for April-June 2026 (2025: Tk 0.14) on 23-Jul-2026; half-year EPS was Tk 0.50 (2025: Tk 0.48) [11]. The 2025 posts printed the same 2025 periods as Tk 0.35, Tk 0.15 and Tk 0.50 [11]; the 2025 auditor's report records a restatement at the subsidiary [1 p.131]. Consolidated NAV per share was Tk 19.59 at 31-Mar-2026 and Tk 19.92 at 30-Jun-2026 [11].

Third quarter. The board met on 28-Oct-2026 to consider the third-quarter statements [11]. DSE posted on 29-Oct-2026 consolidated EPS of Tk 0.35 for July-September 2026 (2025: Tk (0.32)), Tk 0.85 for January-September 2026 (2025: Tk 0.15), NOCFPS of Tk 0.68 for the nine months (2025: Tk 0.11) and NAV per share of Tk 20.27 at 30-Sep-2026 (Tk 18.32 at 30-Sep-2025) [11]. The post states: 'Last year EPS has reduced due to big claims effect. This year EPS has increased due to reduce of management expenses.' [11] The third-quarter 2026 statements are not in the corpus at 1-Nov-2026.

Derived fourth quarter. Consolidated FY2025 EPS of Tk 0.18 less nine-month 2025 EPS of Tk 0.15 gives a derived October-December 2025 consolidated EPS of Tk 0.03 [11] [14]. Trailing consolidated EPS to 30-Sep-2026 is Tk 0.88 (derived: FY2025 minus 9M 2025 plus 9M 2026) [14]. Company EPS for 2025 was Tk 0.42 [1 p.145].

These are unaudited consolidated figures as posted; the 2025 column uses the comparatives printed in the 2026 posts. The first-quarter 2026 post gives the NOCFPS decrease as 'due to lower premium income and other receipts compared to the previous year' [11]. The posted quarters do not add exactly to the half-year and nine-month figures (Tk 0.17 plus Tk 0.34 is Tk 0.51; the posted half-year figure is Tk 0.50) [11].

Governance: directors hold 27.75% (derived), BSEC conditions 1(2)(a) and 2(b) not complied, IDRA certificate 'not satisfactory'

Board. The board page for 2025 lists Zaker Ahmed, FCA as chairman, Md. Shahbaz Hossain Khan as vice chairman, nine directors (including Late-Mahmudul Hoque) and two independent directors, Ahmed Jamal and Md. Alamgir Hossain; Md. Azharul Islam is chief executive officer [1 p.58]. The attendance table lists 14 names; the highest board attendance printed is 7, reached by 7 directors, and 2 directors are shown with no meeting attended [1 p.58] [14]. DSE posted that the board elected Quazi Sakhawat Hossain (Lintoo) chairman at its meeting of May 14, 2026 [11].

Holdings. The pattern of shareholding lists eleven non-independent directors holding between 2.00% and 3.63% each; their 9,995,840 shares are 27.75% of 36,018,698 shares (derived) [1 p.59] [14]. Independent director Ahmed Jamal holds 48,021 shares (0.13%) and the general public 25,974,837 (72.12%) [1 p.59]. Note 3 prints the same 9,995,840 sponsor shares as 27.75% held by 11 sponsors, general public 50.16% and institutional investors 22.09%, with 4,295 shareholders in all [1 p.158]. The pattern of shareholding shows no holder of 10% or more [1 p.59]. The auditor's first basis item cites the 60% minimum for sponsors and directors [1 p.131].

Committees. The audit committee report states the committee 'comprises of Seven Directors' and lists six: Ahmed Jamal, independent director, chairman; Md. Alamgir Hossain (independent director); Md. Shahbaz Hossain Khan; Md. Mustahidur Rahman; Quazi Sakhawat Hossain; and Md. Rezaul Haq Khan (spelled 'Huq' on the board page); it held 4 meetings in 2025 [1 p.60] [1 p.58]. The nomination and remuneration committee is chaired by Ahmed Jamal with Zaker Ahmed, FCA and Quazi Sakhawat Hossain (Lintoo) as members, and its report states '1(one) meeting were held during the 2025' [1 p.60]. The company profile states the board 'has been constituted with 13 Directors' of whom 11 are sponsor directors and 2 independent directors [1 p.14]; the BSEC annexure records 14 directors including 2 independent directors [1 p.64]. The executive committee is chaired by Quazi Sakhawat Hossain (Lintoo) [1 p.62]. The attendance table also prints columns for claims, investment and business, risk management, policyholder protection and finance committees [1 p.58].

Management. The corporate information page names Md. Azharul Islam, Chief Executive Officer; Chinmoy Chakrabarty, Chief Financial Officer; Md. Moyeen Uddin (Mahin), Head of Internal Audit & Compliance; and Md. Mofizur Rahman, Company Secretary (acting) [1 p.12]. The management committee page lists Chinmoy Chakrabarty as 'AMD & CFO' and Md. Moyeen Uddin as 'Manager & Head of Audit & Inspection' [1 p.43]. The pattern of shareholding prints no holding for the chief executive officer, company secretary, chief financial officer or head of internal audit [1 p.59].

BSEC compliance report. Podder & Associates (Jayanta Kumer Podder) reported, dated 24th March 2026, that the company 'has complied with the conditions of the Corporate Governance Code ... except conditions number 1(2)(a) & 2(b)' and that 'The Governance of the company is satisfactory.' [1 p.63]. The annexure was read page by page from the images [s1 p.64,65,66,67,68,69,70,71]. Condition 1(2)(a), at least two directors or one-fifth of the board as independent directors, is ticked 'Not Complied' with the remark 'There are (02) Two Independent Directors in the AIPLC Board'; condition 1(1) records 'The Board of Directors is comprised of 14 Directors including 02 Independent Director' [1 p.64]. The remark on 1(2)(a)(i) states that a female independent director, Ms. Nasima Sultana, FCA, was appointed and that BSEC had not approved her [1 p.64]. Condition 2(b), that at least one independent director of the holding company sit on the subsidiary's board, is ticked 'Not Complied' [1 p.67].

IDRA compliance report. M. Shahidul Islam & Co. (Md. Shahidul Islam FCA) reported, dated 06 April 2026, that the company complied with the Insurer's Corporate Governance Guideline 2023 'except those mentioned in the statement of compliance status' and that 'The governance of the company is not satisfactory. Those Non-compliance issues have been mentioned in the remark’s column.' [1 p.72]. The status statement was read page by page from the images [s1 p.73,74,75,76,77,78,79,80,81,82,83,84]. Clause 6.3(a), the definition of an independent director, is marked 'Non-Complied' with the remark 'Independent director holds 48,021 shares.' [1 p.74]. Clauses 13 (other committees), 17.2 (other policies), 19(2) (annual certificate of compliance) and 20 (authority to issue directions) are marked 'To be comply' [s1 p.82,83,84]; clause 12.3 (appointed actuaries) is 'Not applicable' [1 p.81].

Dividends and AGMs. The board recommended no dividend for 2025 on 15-Mar-2026; the record date was 15-Apr-2026 and the 26th AGM was held on a digital platform on 14 May, 2026 per the notice [11] [1 p.5]. For 2024 the record date was 20-May-2025 and the 25th AGM was held on 19 June, 2025 [2 p.5] [11]. WASO Credit Rating Company (BD) Ltd. declared a surveillance CPA rating of AA+ long term and ST 2 short term with a stable outlook on 26 February 2026, with an expiration date of 12 February 2027 [1 p.3] [11]; the 2024 rating was declared on March 05, 2025 'valid up to February 12, 2026' [1 p.14].

24 months of DSE news. The archive from 1-Nov-2024 to 1-Nov-2026 holds 41 posts: consolidated results, board-meeting notices (one rescheduled), dividend declarations and disbursements, record-date and spot-trading notices, price-limit notices, BSEC consent to the 2024 stock dividend, two credit-rating results, the name change, one qualified-opinion notice and the election of a chairman [11]. The archive contains no board approval of capital expenditure, a rights issue, a merger or a new business line [11].

Peers 2025: Agrani's combined ratio 108.9% ranks 33 of 34 from the lowest (21 of 22 counting it with the unstarred peers)

The set. The peers are the 31 Dhaka-listed general insurers of the checked peer set in the Standard Insurance note, Standard Insurance included, plus the two insurers published after it, Prime Islami Insurance and Dhaka Insurance: Standard, Purabi General, Desh General, Union Insurance, Prime Islami, Dhaka Insurance, Meghna, Northern Islami, Phoenix, City, Crystal, Karnaphuli, Peoples, Nitol, Islami, Eastland, Mercantile Islami, Rupali, Asia Insurance, BGIC, Central, Eastern, Asia Pacific, Federal, Republic, Pioneer, Pragati, Reliance, Global, Sonar Bangla, Green Delta, United, Janata Insurance. All have December year-ends and audited 2025 accounts. Every figure is on each company's own (company) basis from its 2025 revenue account [15 p.95] [16 p.205] [17 p.85] [18 p.76] [19 p.211] [20 p.81] [21 p.137] [22 p.13] [23 p.216] [24 p.394] [25 p.13] [26 p.181] [27 p.264] [28 p.189] [29 p.110] [30 p.153] [31 p.95] [32 p.141] [33 p.178] [34 p.329] [35 p.11] [36 p.22] [37 p.107] [38 p.14] [39 p.104] [40 p.181] [41 p.10] [42 p.365] [43 p.148] [44 p.94] [45 p.344] [46 p.185] [47 p.101]. Each writes non-life insurance business as printed in its own report; no business-mix adjustment is made. Opinion labels are taken from each peer's checked published AnalystBro note, cited per peer [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80]. The 12 peers marked * have a modified 2025 opinion or modified opinion wording: ASIAPACINS, BGIC, CENTRALINS, DGIC, DHAKAINS, EASTERNINS, FEDERALINS, NORTHRNINS, REPUBLIC, SONARBAINS, STANDARINS, UNIONINS. Agrani is also starred, for its qualified 2025 opinion [1 p.131]; its row is the highlighted one.

One definition. For every company the combined ratio is net claims plus revenue-account management expenses (incl. stamp duty where printed separately) plus agency commission, less commission on re-insurance ceded (incl. profit commission where printed), over net premium, all for 2025 in unrounded taka [1 p.146] [14]. On that basis Agrani's 108.9% ranks 33 of 34 counting from the lowest; the range is 38.9% (GREENDELT) to 110.7% (MERCINS) [14]. 3 of the 34 companies have a ratio above 100% [14]. Counted with the 21 unstarred peers, leaving out the other starred insurers, it ranks 21 of 22; that range is 38.9% (GREENDELT) to 110.7% (MERCINS) [14]. Ranks are computed in code from the unrounded ratios. The auditor's two basis items for Agrani concern paid-up capital and the fixed asset register, not a revenue-account line [1 p.131].

Claims and size. Agrani's net-claims ratio was 40.9%, rank 31 of 34 from the lowest (rank 19 of 22 with the starred peers left out); across the set it ranged from -2.0% (EASTERNINS) to 63.4% (MERCINS) [14]. Its net premium of Tk 170.5m ranks 33 of 34 from the highest (21 of 22 with the starred peers left out) [14]. Desh General prints a 'Loss Recovery' of Tk 3,583,680 that the ratio leaves out [17 p.85]. This note gives no peer ranking of return on equity; profit and equity were not compiled for the full set. These comparisons are limited to the 34 companies in the table.

What's next: dated events after 31-Oct-2026

These are dated events after 31-Oct-2026. We do not forecast numbers. Dates marked 'inferred' are ranges built from every printed precedent found in the filings (annual reports 2016-2025) and the DSE archive; no date has been notified on DSE for any of these events at 1-Nov-2026. The annual-accounts precedents are statement-signing or board-approval dates for FY2016-FY2023 (26.04.2017, 28.04.2018, the calendar's results announcements of April 27, 2019 and August 10, 2020, then 14 March 2021, 25 April 2022, May 10, 2023 and March 30, 2024) and board-meeting dates for FY2024-FY2025 (27-Apr-2025, 15-Mar-2026) [9 p.64] [8 p.94] [5 p.119] [6 p.114] [5 p.124] [4 p.122] [3 p.135] [2 p.139] [1 p.135] [11]. The quarterly precedents for 2018-2024 are publication dates in the financial calendars, and for 2025 and 2026 the board-meeting dates in the DSE archive [5 p.119] [3 p.130] [1 p.129] [11]; no quarterly date was found for 2016-2017. Record dates and AGM dates come from the AGM notices, the 2021 calendar and DSE posts [9 p.5] [8 p.5] [7 p.6] [5 p.119] [6 p.6] [5 p.7] [4 p.7] [3 p.7] [2 p.5] [1 p.5] [11]. The 2020 dates (FY2019 accounts on 10-Aug-2020, record 2-Sep-2020, AGM 30-Sep-2020, Q1 and Q2 2020 on 14-Sep-2020) are outliers; each affected row also gives the range without them. Fridays and Saturdays are not DSE business days and are excluded as range ends.

The 2025 third-quarter board meeting was moved from 27-Oct-2025 to 28-Oct-2025 [11]. Bangladesh's LDC graduation date is 24-Nov-2029; the UN General Assembly adopted it on 29-Oct-2026 in New York [12] [13]. The filings do not link it to any line item. The 26th AGM of 14-May-2026 has passed; no dividend was proposed for it [11] [1 p.5].

Risks: each item and the line it relates to

Each row is a fact from the filings; none is a forecast. 'Line it moves' is 'None disclosed' wherever no filing quote links the item to a line.

History 2021-2025 and market data

Revenue-account figures for 2021 come from the 2022 report, for 2022 and 2023 from the 2023 report and for 2024 and 2025 from the 2025 report [4 p.133] [3 p.146] [1 p.146]. Profit before tax, equity and total assets come from the separate statements of the 2022, 2023 and 2025 reports [s4 p.129,130,131,132] [s3 p.142,143,145] [s1 p.142,143,144]; gross premium, net profit after tax and EPS from the five-year table of the 2025 report, in Tk mn [1 p.15]. The 2021 and 2025 figures were audited under qualified opinions and 2022-2024 under unmodified opinions [5 p.121] [4 p.119] [3 p.132] [2 p.136] [1 p.131]. The 2022 report prints commission expenses for 2022 of Tk 42,071,077 and underwriting profit of Tk 91,672,132; the 2023 report prints Tk 42,071,078 and Tk 91,672,131 for the same year, and this note uses the later printing [4 p.133] [3 p.146].

The 52-week range uses unadjusted DSE trading-day closes from the TradingView feed, saved to file, from 30-Oct-2025 to 29-Oct-2026; the window contains the 15-Apr-2026 record date, for which no dividend was declared, and no bonus or rights issue [10] [11]. The feed includes two Saturday sessions, 23-May-2026 and 17-Oct-2026 [10]. The lowest close was Tk 18.6 on 13-Nov-2025 and the highest Tk 32.6 on 13-Jul-2026, each on one day [10]. The close was Tk 32.0 on 29-Oct-2026 and Tk 23.8 on 29-Oct-2025; [10]. At the 29-Oct-2026 close the shares traded at 76.2 times 2025 company EPS of Tk 0.42, 177.8 times 2025 consolidated EPS of Tk 0.18, 36.4 times derived trailing consolidated EPS of Tk 0.88, 1.58 times consolidated NAV per share of Tk 20.27 at 30-Sep-2026 and 1.71 times company NAV per share of Tk 18.68 at 31-Dec-2025 [14]. No dividend was declared for 2025 [11]. These are facts at one date.

FAQ

What is Agrani Insurance's 2025 audit opinion?

Qualified. Ashraf Uddin & Co gave two bases: sponsors and directors hold 27.75% of paid-up capital (60% required), with paid-up capital below IDRA's BDT 40 crore minimum, and the company does not maintain a proper fixed asset register. The report adds two emphasis paragraphs (RJSC approvals for the 2024 stock dividend and a restatement at the subsidiary) and four key audit matters.

How profitable was Agrani Insurance in 2025?

Company profit before tax was Tk 23.3m and net profit after tax Tk 15.3m (EPS Tk 0.42), after Tk 81.9m and Tk 55.4m in 2024 (EPS Tk 1.63 in the five-year table, Tk 1.54 in the appropriation account). Underwriting profit was Tk 21.2m. Consolidated EPS was Tk 0.18. Return on average equity was 2.3% (derived).

What is Agrani Insurance's combined ratio?

108.9% in 2025 and 50.2% in 2024, measured as net claims plus management expenses plus commission expenses less re-insurance commission, over net premium. The peer section applies the same definition to every peer.

What are Agrani Insurance's outstanding claims?

The estimate was Tk 70.2m at 31-Dec-2025 and Tk 12.5m a year earlier; at 31-Dec-2025 fire was Tk 30.5m and marine Tk 28.0m. The company's DSE post of 29-Oct-2025 states that claims expenses increased with fire incidents in that period. The auditor made the estimate a key audit matter.

Does Agrani Insurance have bank debt?

Yes. Loans and advances were Tk 60.8m at 31-Dec-2025: Eastern Bank overdraft and term loan Tk 58.4m and Jamuna Bank overdraft Tk 2.4m. Interest on loan and overdraft was Tk 8.4m in 2025.

What dividend did Agrani Insurance pay for 2025?

None. The board recommended no dividend on 15-Mar-2026. For 2024 it paid 6% cash and 6% stock.

Who runs Agrani Insurance?

Zaker Ahmed, FCA chaired the board in 2025; DSE posted that Quazi Sakhawat Hossain (Lintoo) was elected chairman on 14-May-2026. Md. Azharul Islam is chief executive officer, Chinmoy Chakrabarty chief financial officer, Md. Mofizur Rahman acting company secretary and Md. Moyeen Uddin (Mahin) head of internal audit and compliance.

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