Asia Insurance financial analysis: 2025 EPS Tk 2.09, combined ratio 76.9% (Oct 2026)

Investment considerations: 2025 EPS Tk 2.09, combined ratio 76.9%, Southeast Bank holdings 56.3% of equity

What it is. Asia Insurance PLC (DSE: ASIAINS) is a non-life insurer incorporated in Bangladesh in 2000, with its corporate headquarters at Rupayan Trade Centre (14th Floor), Kazi Nazrul Islam Avenue, Dhaka [1 p.17] [1 p.217]. It has 47,069,858 ordinary shares of Tk 10 [1 p.199]. DSE approved the name 'Asia Insurance PLC.' in place of 'Asia Insurance Limited' with effect from November 11, 2024 [32]. The latest annual accounts cover the calendar year 2025: the statement of financial position is headed 'As at December 31, 2025' and the consolidated revenue account 'For the year ended December 31, 2025' [1 p.174] [1 p.178]. The board approved them on 22 April 2026 [1 p.174].

Where it stands. Gross premium was Tk 702.43m in 2025 against Tk 813.26m in 2024, and net premium ('Premium less re-insurance') Tk 455.52m against Tk 551.78m [1 p.211]. The underwriting profit transferred to the profit and loss account was Tk 110.01m against Tk 134.23m [1 p.178]. Profit after tax was Tk 98.16m (EPS Tk 2.09) against Tk 96.80m (EPS Tk 2.06) [1 p.177]. DSE posted nine-month 2026 EPS of Tk 1.76 against Tk 1.45, and NAV per share of Tk 29.89 at 30-Sep-2026 [32]. The shares closed at Tk 39.6 on 29-Oct-2026 against Tk 29.1 on 30-Oct-2025 [31].

Where profit comes from. In 2025 underwriting profit was Tk 110.01m and interest, dividend and rent income Tk 81.31m (interest and rents Tk 79.54m, dividends Tk 1.77m) [1 p.177]. After Tk 38.74m of expenses charged to the profit and loss account, including depreciation of Tk 22.45m and a Tk 6.99m provision for diminution in the value of shares, profit before tax was Tk 153.43m [1 p.177] [36]. Underwriting profit was 71.7% of pre-tax profit and investment income 53.0%; the two add to more than 100% because profit-and-loss expenses are deducted from their sum [36]. Return on average equity was 8.2% on our arithmetic; the company prints 'Return of Equity %' of 8.06 [36] [1 p.90]. The board recommended a 10% cash dividend (Tk 1.00 a share) for 2025 [32].

• Agency commission: Tk 83.17m in the 2025 revenue account; the H1 2026 income statement prints '-' for agency commission against Tk 35.12m in H1 2025. The FY2026 revenue account is not in the corpus at 1-Nov-2026.
• Southeast Bank exposure: Tk 313.02m of fixed deposits and 3,799,014 Asia Insurance shares held by the bank at 31-Dec-2025; note 41 on related parties does not list Southeast Bank.
• Cover notes: note 1.6 states that 'all such previous cover notes have been recognized as income in 2025'; the note does not print the 2025 income amount separately.
• SBC: Tk 550.86m due from SBC and Tk 309.30m payable to SBC at 31-Dec-2025 (notes 20 and 12); no ageing of the receivable is printed.
• Q3 2026 accounts: DSE posted nine-month EPS of Tk 1.76 on 28-Oct-2026; the Q3 2026 statements are not in the corpus at 1-Nov-2026.

Business: marine cargo 53.8% of 2025 gross premium, 22 branches, 264 employees

How it makes money. Asia Insurance writes fire, marine cargo, marine hull, motor and miscellaneous non-life policies [1 p.210]. Of 2025 gross premium of Tk 702.43m, marine cargo was Tk 377.57m (53.8%), fire Tk 203.53m (29.0%), miscellaneous Tk 64.92m (9.2%), motor Tk 38.50m (5.5%) and marine hull Tk 17.90m (2.5%) [1 p.210] [36]. Of the total, Tk 593.81m was own business and Tk 108.61m public-sector business (PSB) [1 p.211]. Re-insurance ceded was Tk 246.91m, leaving net premium of Tk 455.52m, a retention of 64.8% [1 p.211] [36].

Network and people. The company reports 22 branches and 264 employees for 2025 [1 p.89]. Its principal banker is Southeast Bank PLC [1 p.17]. The five-year table shows 22 branches in each year 2021-2025 [1 p.89]. The company's 2025 target for 'Basic Premium' was Tk 1,000.00m, against achievement of Tk 702.43m (70.24%) [1 p.44].

Re-insurance and SBC. Public-sector business is shared with Sadharan Bima Corporation (SBC). At 31-Dec-2025 Tk 550.86m was due from SBC, after Tk 146.92m added for SBC's share of outstanding fire claims and Tk 68.26m realised from SBC against fire claims [1 p.207]. Tk 309.30m was payable to SBC [1 p.201]. Commission on re-insurance ceded was Tk 44.45m and profit commission Tk 3.58m in 2025 [1 p.211].

What changed in the period. Net premium was Tk 441.70m in 2020 and Tk 455.52m in 2025; the highest year in the 2020-2025 series was 2024 at Tk 551.78m [4 p.14] [2 p.14] [1 p.178] [36]. Marine cargo net premium was Tk 323.50m in 2025 against Tk 397.07m in 2024 [1 p.180]. The Chairman's message states that 'the capital market downturn during the year reduced investment returns for insurance companies' [1 p.51] [1 p.52].

Underwriting: combined ratio 76.9% in 2025, range 56.2% (2021) to 77.4% (2020)

One definition. The combined ratio used throughout this note is net claims plus revenue-account expenses of management plus insurance stamp consumption plus agency commission, less commission on re-insurance ceded and profit commission, over net premium [36]. For 2025: Tk 142.16m + Tk 170.22m + Tk 2.56m + Tk 83.17m - Tk 44.45m - Tk 3.58m, over Tk 455.52m, gives 76.9% [1 p.178] [36]. For 2024 the same lines give 64.3% [36].

Claims. Net claims ('Claim under policies less re-insurance') were Tk 142.16m in 2025 against Tk 136.63m in 2024 [1 p.178]. The 2025 figure is Tk 52.47m paid during the year plus Tk 161.70m outstanding at the end of the year less Tk 72.00m outstanding at the start [1 p.178]. Outstanding fire claims were Tk 152.71m at 31-Dec-2025 against Tk 69.87m a year earlier [1 p.201]. The net claims ratio was 31.2% in 2025 and 24.8% in 2024 [36]; the company prints 'Net Claims Paid as % of NP' of 31.21 and 24.76 [1 p.90].

Expenses. Revenue-account expenses of management were Tk 170.22m in 2025 against Tk 169.41m, allocated to classes by gross premium share [1 p.210]. Salary and allowances, the largest line in Annexure E, were Tk 116.17m against Tk 111.14m [1 p.221]. Agency commission was Tk 83.17m against Tk 94.09m [1 p.210]. The expense ratio on the definition above was 45.6% in 2025 against 39.5% in 2024 [36]. The company prints 'Management Expenses allocated as % of GP' of 24.60 for 2025 and 21.18 for 2024 [1 p.90].

By class. Fire recorded an underwriting loss of Tk 70.91m in 2025 and Tk 91.89m in 2024 [1 p.179]. Marine cargo recorded underwriting profit of Tk 162.66m and Tk 203.61m [1 p.180]. Motor recorded Tk 7.46m and Tk 16.62m, miscellaneous Tk 8.15m and Tk 1.96m, and marine hull Tk 2.65m and Tk 3.93m [1 p.181] [1 p.182] [1 p.183]. Fire net claims were Tk 89.29m on net premium of Tk 68.30m in 2025 [1 p.179].

Unexpired risk. The fund balance (reserve for unexpired risk) was Tk 220.64m at 31-Dec-2025 against Tk 225.22m [1 p.174]. The class accounts print the reserve at 40% of the year's premium for fire and motor, 50% for marine cargo, 100% for marine hull, and 50% for miscellaneous with 100% for aviation and health [1 p.179] [1 p.180] [1 p.181] [1 p.182] [1 p.183].

Cover-note restatement: 10,760 cover notes of Tk 19.59 crore, deposit premium and sundry debtors restated by Tk 168.21m

What note 1.6 says. The company writes that 'During the year, it has been identified that 10,760 cover notes amount of Tk. 19.59 crore were issued without receiving money relating to marine insurance for the period from 2018 to 2024 including Tk. 2.77 crore recognized as Sundry Debtors and Tk. 16.82 crore had not been recorded in respective years' [1 p.198]. It adds that the amounts 'were subsequently realized and deposited in the Company's bank account in the current year', that 'all such previous cover notes have been recognized as income in 2025', and that 'Management determined that this issue constituted a prior period error' [1 p.198]. Note 1.6 itself cites IDRA Circular no. Gen-29/2011c of 24 November 2011, under which 'no insurance instruments should be issued without receiving money/financial instrument' [1 p.198].

The adjustments. Note 9.01 states that the prior year adjustment in deposit premium was Tk 168,214,816, 'including Tk. 147,690,967 for the period from 2018 to 2023 and Tk. 20,523,849 relating to the year 2024' [1 p.201]. Note 21.01 prints the same Tk 168,214,816 adjustment in sundry debtors [1 p.207]. Deposit premium was Tk 103.12m at 31-Dec-2025 against Tk 206.81m (restated) at 31-Dec-2024 [1 p.174], and sundry debtors Tk 172.96m against Tk 249.71m [1 p.175]. Total shareholders' equity at 31-Dec-2024 is Tk 1,169.47m in the 2025 report [1 p.174], the figure printed in the five-year table [1 p.89].

What is in sundry debtors now. Note 21 states that the Tk 172.96m balance 'includes fire insurance Tk. 33,691,965, marine hull Tk. 430,920, motor Tk. 3,587,564, miscellaneous Tk. 728,619, marine insurance Tk. 122,300,935 after netting off doubtful receivables of Tk. 4,311,349 from the gross amount of Tk. 126,612,284' [1 p.207]. The doubtful amount 'has been considered due to non-execution or non-acceptance of the related Letters of Credit (LC) by the bank' [1 p.207]. The auditor's report on legal and regulatory requirements states that management 'has followed relevant provisions of laws and rules except the departure disclosed in note 1.6' [1 p.172].

Cash flow restatement. The 2025 cash-flow statement labels 2024 'Restated' and prints net cash from operating activities of Tk 133.96m (NOCFPS Tk 2.85) [1 p.184]. DSE's 2024 dividend post of 22-Jun-2025 reported 2024 NOCFPS of Tk 3.47 [32]. The Q1 2026 DSE post says cash flows for 2024 and 2025 were restated 'by the recognition of current Income Tax as an operating expense' [32]. The nine-month 2025 NOCFPS was posted as Tk 2.98 on 26-Oct-2025 and as Tk 1.48 (restated) on 28-Oct-2026 [32].

Investments: Tk 670.82m of fixed deposits across 44 banks and NBFIs, 46.7% with Southeast Bank

Where the money is. At 31-Dec-2025 fixed deposits were Tk 670.82m, ten-year government treasury bonds Tk 110.00m, cash and bank balances Tk 13.83m and listed shares Tk 420.15m at market value [1 p.175]. The statement of financial position groups fixed deposits and treasury bonds with cash under 'Cash & Cash equivalents' of Tk 794.65m; the cash-flow statement uses closing cash of Tk 13.83m [1 p.175] [1 p.184]. Interest on fixed deposits, including accruals, was Tk 68.78m in 2025 and on treasury bonds Tk 10.27m [1 p.209].

Southeast Bank. Southeast Bank PLC. held Tk 313.02m of the company's fixed deposits at 31-Dec-2025 against Tk 222.52m a year earlier, the largest of the 44 balances in note 40 [1 p.212]. The company's largest share holding is also Southeast Bank PLC., at a cost of Tk 418.79m and a market value of Tk 372.00m [1 p.219]. Southeast Bank PLC. held 3,799,014 Asia Insurance shares (8.07%) and nominates a director [1 p.73]. The two Southeast Bank exposures together were Tk 685.02m, 56.3% of shareholders' equity [36]. Note 41 on related party transactions lists six groups and does not list Southeast Bank or Bay Leasing & Investment, which also nominates a director and held Tk 39.00m of the fixed deposits [1 p.213] [1 p.212] [1 p.24].

Fair-value reserve. The fair-value reserve (cost less market) was Tk 111.09m at 31-Dec-2025 against Tk 104.09m, and the year's charge for diminution in value was Tk 6.99m against Tk 26.68m [1 p.206] [1 p.177]. Dividend income was Tk 1.77m in 2025 against Tk 18.63m [1 p.210]. No shares were bought in 2025; one holding (Meghna Insurance, cost Tk 208,564) was sold for Tk 253,967 [1 p.206] [1 p.210].

Ratios 2020-2025: ROE 8.2% in 2025, payout above 45% in 6 of 6 years

Returns. Return on average shareholders' equity was 9.1% in 2022, 8.6% in 2023, 8.4% in 2024 and 8.2% in 2025 [36]. The company's own 'Return of Equity %' prints 9.02, 8.45, 8.28 and 8.06 for the same years [1 p.90]. Return on average total assets was 3.9% in 2025 [36]. Equity was 49.3% of total assets at 31-Dec-2025 [36].

Profit mix. Underwriting profit as a share of profit before tax ranged from 56.5% to 104.1% in 2020-2025, and was 71.7% in 2025 [36]. Investment income (interest, dividends and rents) ranged from 30.9% to 54.9% of profit before tax [36]. Profit before tax for 2020 and 2021 is the 'profit transferred to appropriation' line; in those years tax was charged in the appropriation account, and profit after tax for 2020 (Tk 110.36m) and 2021 (Tk 155.07m) is our derivation from the appropriation account [4 p.12] [36]. The derived figures give EPS of Tk 2.34 and Tk 3.29, equal to the printed Tk 2.34 and Tk 3.29 [36].

Tax. The tax charge was 36.0% of profit before tax in 2025 and 37.3% in 2024 [36]. The 2025 charge of Tk 55.27m includes current tax of Tk 43.13m, deferred tax income of Tk 4.97m, 'Previous Liability of Income Tax' of Tk 17.01m for assessment year 2023-2024 and interest on income tax of Tk 0.10m [1 p.177] [1 p.210]. Note 13 lists provisions for eleven assessment years from 2007-08 to 2018-19 as 'Pending in High Court', totalling Tk 226.95m [1 p.202] [36].

Payout and cash. The cash dividend was 12% for 2020, 15% for 2021, 11% for 2022 and 2023, and 10% for 2024 and 2025 [1 p.41]. As a share of EPS, payout ranged from 45.6% to 54.5% [36]. Net cash from operating activities was Tk 88.90m in 2025 against Tk 133.96m (restated) in 2024 [1 p.184]; dividends paid were Tk 46.43m [1 p.184]. Note 57 attributes the lower NOCFPS to 'reduce of collection of Premium & Other income' [1 p.216].

NAV per share, figure by figure. The statement of financial position prints NAV per share of Tk 30.55 at 31-Dec-2025 and Tk 29.63 at 31-Dec-2024 [1 p.175]. Note 43 computes it as total assets of Tk 2,470.07m less 'Total Current (Out side) Liabilities' of Tk 1,031.93m, giving net assets of Tk 1,438.15m over 47,069,858 shares [1 p.214]. That net-assets figure includes the Tk 220.64m balance of fund [36]. Total shareholders' equity of Tk 1,217.50m gives Tk 25.87 per share at 31-Dec-2025 and Tk 24.85 at 31-Dec-2024 (our derivation) [36]. DSE posted NAV per share of Tk 30.42 at 31-Mar-2026, Tk 30.27 at 30-Jun-2026 and Tk 29.89 at 30-Sep-2026 [32].

Peers 2025: combined ratio 76.9% at Asia Insurance ranks 9 of 13 from the lowest, 7 of 9 excluding peers with qualified inputs

Set and basis. The comparison covers Asia Insurance and twelve DSE general insurers with published AnalystBro notes: Karnaphuli, Peoples, Nitol, Islami, BGIC, Central, Eastland, Eastern, Asia Pacific, Federal, Crystal, Mercantile Islami. All twelve peer notes return HTTP 200 at 1-Nov-2026. Each peer's figures come from its own 2025 revenue account, re-read from the page image [7] [9] [11] [13] [15] [17] [19] [21] [23] [25] [27] [29]. Every combined ratio uses the definition in the underwriting section: net claims plus management expenses including any separately printed stamp line plus agency commission, less re-insurance commission including profit commission, over net premium, computed from unrounded taka [36]. Audit labels are taken from each peer's published note and the opinion page [8] [10] [12] [14] [16] [18] [20] [22] [24] [26] [28] [30].

Ranks. Across all 13 insurers, Asia Insurance's 76.9% ranks 9 from the lowest; the range is 63.7% (Peoples) to 110.7% (Mercantile Islami) [36]. Excluding the 4 peers whose own auditor qualified an input to these ratios (BGIC, Central, Eastern, Federal), it ranks 7 of 9; that range is 63.7% (Peoples) to 110.7% (Mercantile Islami) [36]. On return on average equity, Asia Insurance's 8.2% ranks 7 of 13 from the highest, and 6 of 9 excluding those peers [36]. Its 2025 net premium of Tk 455.52m ranks 6 of 13 by size [36]. The combined ratio was higher in 2025 than in 2024 at 7 of the 13 insurers [36].

Labels. Peers' revenue accounts use different labels for the same lines: for example, 'Premium less re-insurance' at Asia Insurance and its peers, and Crystal's management expenses include a stamp-duty line of its own [27]. Mercantile Islami's 2024 net claims conflict between its revenue account and its note 21(iii); the revenue-account figure is used [29]. Eastern's PAT and equity are its separate (company-only) figures [21]. WPPF is not part of any line used in the ratio.

Audit and balance sheet: unmodified opinion with one emphasis paragraph and 6 key audit matters; no borrowings

Opinion. Syful Shamsul Alam & Co. (partner Md. Emran Hoshen, FCA) signed the 2025 report on 22 April 2026 [1 p.172]. The opinion reads: 'In our opinion, the accompanying financial statements give a true and fair view, in all material respects, of the financial position of the company as at 31 December 2025, 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 2020 and other applicable laws and regulations.' [1 p.167]

Emphasis of matter, in full. 'We draw attention to note 1.6, 9 and 21 to the financial statements regarding the Company's accounting treatment for cover notes converted into policies (CCP) under insurance business and the related prior period error identified and retrospective adjustment according to IAS 8 para 41 has been made during the year. Our opinion is not modified in respect of this matter.' [1 p.167] The report has no basis-for-qualification and no other-matter paragraph [1 p.167] [1 p.170]. A search of the 2025 annual report found no company explanation printed against the emphasis paragraph; DSE posted the auditor's emphasis-of-matter notice on 1-Jun-2026 [32].

Earlier years. For 2024 the same firm drew attention 'to note 1.4.3, which describes the basis for calculation of the reserve against unexpired risk, and note 3, which outlines the status of the shareholding position as at the reporting date' [5 p.2]. The 2023 accounts were audited by Pinaki & Company, signed 30 April 2024 [2 p.9].

Liabilities. At 31-Dec-2025 the company had no borrowings line; lease liabilities were Tk 5.12m [1 p.174]. The provision for taxation was Tk 354.96m against advance tax paid of Tk 288.08m [1 p.174] [1 p.175]. Note 45 states 'There was no commitment for capital expenditure at the end of the year', and note 46 that 'There was no claim against the company nor acknowledged as debt' [1 p.214]. Note 50 states that the company has not provided for WPPF and is 'waiting for the further instruction of Bangladesh Insurance Association (BIA)' [1 p.215].

Solvency. The company prints adjusted assets of Tk 240.46 crore, total liabilities of Tk 48.76 crore and other liabilities of shareholders of Tk 151.39 crore, giving an available solvency margin of Tk 40.31 crore against Tk 19.07 crore required: a ratio of 2.11 times, against 1.20 times for 2024 [1 p.50]. The page cites SRO 331-Act/2024 of 18.09.2024 [1 p.50].

2026 so far: H1 profit after tax Tk 39.52m against Tk 23.95m, no agency commission line, nine-month EPS Tk 1.76 (DSE)

H1 2026. Net premium was Tk 123.04m in January-June 2026 against Tk 148.06m, and 'Claim Payment (Net)' Tk 86.31m against Tk 60.44m [6 p.3]. The agency-commission line prints '-' for January-June 2026 against Tk 35,116,152 for January-June 2025 [6 p.3]. Profit before tax was Tk 55.67m against Tk 28.33m and profit after tax Tk 39.52m (EPS Tk 0.84) against Tk 23.95m (Tk 0.51) [6 p.3]. The company's note 01 attributes the EPS to 'the absense of Agent Commission expenses and the the non-recognition of any additional provision for investement in listed shares' [6 p.6]. Net operating cash flow per share was Tk 1.36 [6 p.5].

Commission and IDRA. The Business Standard reported on 24-Dec-2025 that IDRA scrapped commission payments in the non-life insurance sector [33]. Asia Insurance's H1 2026 statement prints no agency commission [6 p.3]. The filings do not link them: the H1 2026 notes and the 2025 annual report do not cite an IDRA commission decision [6 p.6].

Balance sheet at 30-Jun-2026. Total shareholders' equity was Tk 1,206.65m and printed NAV per share Tk 30.27, against Tk 1,217.50m and Tk 30.55 at 31-Dec-2025 [6 p.1] [6 p.2]. The amount due from SBC and others was Tk 344.57m and the amount due to other insurers Tk 131.92m, against Tk 550.86m and Tk 315.08m at 31-Dec-2025 [6 p.1] [6 p.2]. Fixed deposits were Tk 691.32m [6 p.2].

EPS, figure by figure. 2025: Q1 Tk 0.40, Q2 Tk 0.11, H1 Tk 0.51, Q3 Tk 0.94, nine months Tk 1.45, full year Tk 2.09 [32]. 2026: Q1 Tk 0.51, Q2 Tk 0.33, H1 Tk 0.84, Q3 Tk 0.92, nine months Tk 1.76 [32]. The 2025 quarters add to Tk 1.45 and the 2026 quarters to Tk 1.76, equal to the nine-month posts [36]. Fourth-quarter 2025 EPS was Tk 0.64 (our derivation: Tk 2.09 less Tk 1.45) [36]. Nine-month 2026 EPS was 21.4% higher than nine-month 2025 (our arithmetic) [36].

Q3 2026 (announced). After a board meeting on October 27, 2026, DSE posted on 28-Oct-2026: Q3 EPS Tk 0.92 against Tk 0.94; nine-month EPS Tk 1.76 against Tk 1.45; nine-month NOCFPS Tk 4.37 against Tk 1.48 (restated); NAV per share Tk 29.89 at 30-Sep-2026 against Tk 30.55 at 31-Dec-2025 [32]. The post attributes the EPS to 'the absence of Agent Commission expenses' [32]. The Q3 2026 statements are not in the corpus at 1-Nov-2026. The 24-month DSE archive holds 39 posts and no post titled as a correction [32].

Governance: sponsors and directors 37.88%, twelve-member board, five board meetings in 2025, 10% cash dividend for 2025

Ownership. At 31-Dec-2025 sponsors and directors held 17,829,715 shares (37.88%) against 20,085,430 (42.67%) a year earlier; the general public held 25,517,696 (54.21%), institutions 3,705,538 (7.87%) and non-resident Bangladeshis 16,909 (0.04%) [1 p.41]. No shareholder held ten percent or more of the voting interest [1 p.73]. The sponsor list includes Mr. Mahbubul Alam and Mr. Mohammed Jamal Ullah (941,500 shares each, 2.00%) [1 p.42]. The directors' shareholding statement prints the Chairman, Mr. Mohammad Mustafa Haider, as 'Son' of director Mrs. Khaleda Begum [1 p.72], and Mr. Walid Mohd. Shamuel, a director, as 'Son/daughter' of sponsor shareholder Mohammed Jamal Ullah [1 p.73].

Board. The board 'constituted with 12 (Twelve) Members including Managing Director & CEO and 02(two) Independent Directors' [1 p.24]. Five board meetings were held in 2025 against four in 2024 [1 p.74]. The fee was Tk 8,000 per meeting and directors' fees totalled Tk 721,600 [1 p.72] [1 p.177]. DSE posted on 22-Apr-2025 that the board elected Mr. Mohammad Mustafa Haider as Chairman [32]. The Southeast Bank nominee is printed as Khairul Anam Mohiuddin on the board page and the shareholding page, and as Rasedul Islam, FCA (shareholding table) and Rashedul Islam, FCA (attendance table) on two other pages; both names are stated here as printed [1 p.24] [1 p.73] [1 p.42] [1 p.72]. Mr. Mohammed Jahangir Alam, Ms. Khaleda Begum and Mr. Md. Enayet Kabir retired by rotation and were re-elected at the 26th AGM on 29 June 2026 [1 p.75].

Management. The key management personnel printed are Md. Imam Shaheen, Managing Director & CEO; Md. Rafiqul Islam, Additional Managing Director & Chief Financial Officer; Md. Atique Ullah Majumder, Deputy Managing Director & Company Secretary; and Ahsan Habib, Vice President & Head of Internal Audit; none holds shares [1 p.73]. The senior management team table lists, under the printed grades: Deputy Managing Directors Mohammad Ali, Head of Local Office, Md. Atique Ullah Majumder, Company Secretary, and Md. Saiful Amin, Head of Elephent Road Branch; Senior Executive Vice Presidents Md. Kamrul Hassan, Head of Motijheel Branch, Ajoy Kanti Barua, Head of Banani Branch, and Mohammad Omar Faroque, MBA, Head of Underwriting; and Executive Vice Presidents Monir Ahammad, Head of Re-Insurance & Claim, Ahmed Sayasan, Imamgonj Branch, and Md. Ruhul Amin, Imamgonj Branch [1 p.38]. The CEO was paid Tk 9,920,000 in 2025, of which emolument Tk 4,800,000 [1 p.215].

Related parties. Note 41 lists premium earned and claims paid in 2025 per party, each by 'Common Directorship': T.K.Group premium Tk 34,750,698 and claims Tk 1,023,045; GPH Group Tk 21,621,408 and Tk 7,687,444; Shehzad Food Products Limited Tk 8,220,639 and nil; Samuda Group Tk 17,708,121 and Tk 901,777; M.Alam Group Tk 16,559,250 and Tk 90,000; BSM Syndicate Tk 6,847,984 and nil [1 p.213]. T.K Group also received Tk 869,400 for office rent and electricity at the Khatungonj branch [1 p.213]. The six parties' premium totals Tk 105.71m, 15.0% of 2025 gross premium [36]. The directors' report states 'Parent / Subsidiary/Associated Companies and other related parties: NIL' [1 p.72]; the two disclosures are stated here as printed.

Dividends. For 2025 the board recommended 10% cash on 22-Apr-2026; the record date was 03-Jun-2026, the AGM was held on 29-Jun-2026 on a digital platform and DSE posted the disbursement on 27-Jul-2026 [32]. For 2024 the dividend was 10% cash, record date 29-Jul-2025, AGM 26-Aug-2025, disbursement posted 14-Sep-2025 [32]. The 2025 dividend of Tk 47.07m compares with net operating cash flow of Tk 88.90m [1 p.176] [1 p.184].

Credit rating. National Credit Ratings assigned 'AAA' long term and 'ST-1' short term with Stable outlook on the 2024 accounts (DSE post 25-Jun-2025) and with Developing outlook on the 2025 accounts (DSE post 19-May-2026) [32]. The annual report prints the 2025 rating's declaration date as 18.05.2026 and expiry as 17.05.2027 [1 p.68]. The five-year table prints 'AA+' by Alpha Credit Ratings for 2024 [1 p.89], and the 2024 accounts state that Alpha 'reassigned' AA+ on the 2024 accounts [5 p.54]; both are stated as printed.

What's next: FY2026 accounts 9-Apr to 21-Jun 2027 (inferred, 5 years), AGM 29-Jun to 26-Aug 2027 (inferred, 2 years)

Dates. The latest annual accounts are filed and not overdue: the FY2025 accounts were approved on 22 April 2026 [1 p.174]. Board approval dates for the annual accounts were 10 May 2022 (FY2021), 9 April 2023 (FY2022), 30 April 2024 (FY2023), 21 June 2025 (FY2024) and 22 April 2026 (FY2025) [4 p.14] [3 p.26] [2 p.9] [5 p.27] [1 p.174]. The inferred range for the FY2026 meeting, 9 April to 21 June 2027, is our derivation from those five years; the company's financial calendar prints 27 April 2027 [1 p.43]. No FY2026 or Q1 2027 board date had been notified on DSE at 1-Nov-2026 [32]. Quarterly board dates in the DSE archive were 21-Jun-2025 and 11-May-2026 (Q1), 26-Jul-2025 and 27-Jul-2026 (Q2), and 25-Oct-2025 and 27-Oct-2026 (Q3) [32]. The calendar printed 25 October 2026 for Q3 2026, against the 27-Oct-2026 board meeting in the DSE notice: a date conflict stated here [1 p.43] [32].

Sources per row. Q3 2026 statements: [32]. FY2026 board: [4 p.14] [3 p.26] [2 p.9] [5 p.27] [1 p.174] [1 p.43]. Q1 2027: [32]. Record date: [32] [1 p.43]. AGM: [32] [1 p.43]. Credit rating: [32] [1 p.68]. LDC: [34] [35]. The rating range ends after the printed 17.05.2027 expiry; both are stated. Capital expenditure: note 53 states there was 'no material capital expenditure authorized by the Board of Directors or contracted for as at December 31, 2025', and the 24-month DSE archive holds no board approval of capex, expansion, rights or acquisition [1 p.215] [32].

Risks: eight items from the filings, each tied to a line item

How to read this table. Each row names a fact printed in the filings, the line item where it appears and the source. The rows carry no estimate of size or probability.

Signposts with dates. The Q3 2026 statements (DSE post 28-Oct-2026) are not in the corpus at 1-Nov-2026 [32]. The FY2026 accounts board meeting is inferred (our derivation from five years of board dates) for 9 April to 21 June 2027; the company's calendar prints 27 April 2027 [1 p.43]. No FY2026 or Q1 2027 board date had been notified on DSE at 1-Nov-2026 [32]. Separately, The Business Standard reported the IDRA commission decision on 24-Dec-2025; the filings do not link them [33]. Note 41's related-party list and note 40's bank list are printed in each annual report [1 p.212] [1 p.213].

History 2020-2025: net premium, underwriting profit, profit after tax and equity

Five-year table conflicts. The 2025 report's five-year table prints gross premium of '79.34' for 2022 and '75.78' for 2021 (Tk million) against Tk 744.32m for 2023, and the ratio page prints re-insurance ceded at 45.43% and 40.53% of gross premium for those years [1 p.89] [1 p.90]; gross-premium ratios for 2021-2022 are left out here. It prints 2024 profit before tax of Tk 154.09m against Tk 154.30m in the profit and loss account, and 2025 net premium of Tk 455.55m against Tk 455.52m in note 37 [1 p.89] [1 p.177] [1 p.211]. Year-end price is printed as Tk 48.90 for both 2022 and 2023 [1 p.89]. The 2025 indirect cash-flow statement starts from net profit after tax of Tk 99,715,442 against Tk 98,161,110 in the profit and loss account [1 p.185] [1 p.177].

Market facts. The shares closed at Tk 39.6 on 29-Oct-2026 [31]. Over the 238 DSE trading days from 30-Oct-2025 to 29-Oct-2026, on unadjusted daily closes, the low close was Tk 24.9 on 2025-11-13 and the high close Tk 47.5 on 2026-08-16; neither value was repeated [31]. Market value at Tk 39.6 was Tk 1.86bn [36]. The price is 18.9 times 2025 EPS of Tk 2.09, 1.30 times the printed 31-Dec-2025 NAV per share of Tk 30.55, 1.53 times equity per share of Tk 25.87 and 1.32 times the Tk 29.89 NAV per share posted for 30-Sep-2026; the 2025 dividend of Tk 1.00 is 2.5% of the price [36]. These are stated as facts only.

FAQ

How profitable was Asia Insurance in 2025?

Profit after tax was Tk 98.16m (EPS Tk 2.09) against Tk 96.80m (Tk 2.06) in 2024. Underwriting profit was Tk 110.01m and interest, dividend and rent income Tk 81.31m. Return on average equity was 8.2% on our arithmetic; the company prints 8.06%.

What did the auditor say about the 2025 accounts?

Syful Shamsul Alam & Co. gave an unmodified opinion with one emphasis-of-matter paragraph, which draws attention to notes 1.6, 9 and 21 on cover notes converted into policies and the related prior period error and IAS 8 retrospective adjustment. The six key audit matters are premium income, outstanding claims, deposit premium, sundry debtors, IT systems and controls, and legal and regulatory matters.

What is the cover-note restatement?

Note 1.6 states that 10,760 marine cover notes of Tk 19.59 crore were issued without receiving money in 2018-2024, that the amounts were realised in 2025 and that the cover notes were recognised as income in 2025. Deposit premium and sundry debtors were each restated by Tk 168,214,816 (Tk 147,690,967 for 2018-2023 and Tk 20,523,849 for 2024).

What is Asia Insurance's combined ratio?

76.9% in 2025 and 64.3% in 2024, measured as net claims plus management expenses and stamp consumption plus agency commission, less re-insurance commission including profit commission, over net premium. Over 2020-2025 it ranged from 56.2% (2021) to 77.4% (2020).

How much does Asia Insurance hold with Southeast Bank?

At 31-Dec-2025, Tk 313.02m of fixed deposits (46.7% of Tk 670.82m) and Southeast Bank shares at a cost of Tk 418.79m and a market value of Tk 372.00m. Southeast Bank held 8.07% of Asia Insurance's shares and nominates a director. Note 41 does not list Southeast Bank as a related party.

What dividend did Asia Insurance pay for 2025?

10% cash, Tk 1.00 a share, a payout of 47.8% of EPS. The record date was 3-Jun-2026, the AGM was held on 29-Jun-2026 and DSE posted the disbursement on 27-Jul-2026.

Why did Asia Insurance's EPS rise in 2026?

The company's H1 2026 note and the Q3 2026 DSE post attribute it to 'the absence of Agent Commission expenses'; the H1 note also cites no further provision for listed shares. H1 2026 profit after tax was Tk 39.52m against Tk 23.95m, and nine-month EPS Tk 1.76 against Tk 1.45.

Sources

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