Asia Pacific General Insurance financial analysis: 2025 EPS Tk 2.51, combined ratio 67.2% (Oct 2026)

Investment considerations: 2025 EPS Tk 2.51, gross premium Tk 820.7m, qualified audit with one basis paragraph and six emphasis paragraphs

What it is. Asia Pacific General Insurance PLC (DSE: ASIAPACINS) is a non-life insurer with its head office at Homestead Gulshan Link Tower, Gulshan-Badda Link Road, Dhaka [4 p.2]. The company states that it has been 'listed with both the Dhaka and Chittagong Stock Exchanges since January 2006' and that its paid-up capital is 'Tk. 42.35 Crore' [1 p.10]. It has 42,350,000 ordinary shares of Tk 10 [1 p.120]. DSE approved the name 'Asia Pacific General Insurance PLC' in place of 'Asia Pacific General Insurance Company Limited' with effect from November 13, 2025 [14]. The latest annual accounts cover the calendar year: the statement of financial position is headed 'As at December 31, 2025' and the revenue account 'For the year ended 31 December, 2025' [1 p.104] [1 p.107].

Where it stands. Gross premium was Tk 820.72m in 2025 against Tk 577.06m in 2024, and net premium (printed 'Premium less re-insurance') Tk 539.36m against Tk 339.66m [1 p.78] [1 p.126]. Underwriting profit transferred to the profit and loss account was Tk 90.22m against Tk 75.98m [1 p.105]. Profit after tax was Tk 106.12m (EPS Tk 2.51) against Tk 80.24m (Tk 1.89) [1 p.105]. NAV per share was Tk 25.29 at 31-Dec-2025 against Tk 23.79 at 31-Dec-2024 [1 p.104]. DSE posted nine-month 2026 EPS of Tk 2.55 against Tk 2.17 and NAV per share of Tk 26.45 at 30-Sep-2026 [14]. The shares closed at Tk 44.2 on 29-Oct-2026 against Tk 31.4 on 29-Oct-2025 [13].

Where profit comes from. In 2025 underwriting profit was Tk 90.22m and non-operating income Tk 86.74m, of which interest income Tk 84.06m [1 p.105]. After Tk 40.10m of management expenses charged to profit and loss (including a Tk 19.96m provision for diminution in the value of investments), pre-tax profit was Tk 136.86m, a figure the company prints in its cash-flow reconciliation and highlights [1 p.105] [1 p.127] [1 p.78]. Underwriting profit was 65.9% of pre-tax profit and interest, dividend and rental income 63.4% (the two shares add to 129.3%; profit-or-loss management expenses of Tk 40.10m are deducted from their sum to give pre-tax profit) [18]. Return on average NAV was 10.2% on our arithmetic; the company prints 'Return on equity ratio' of 9.91% [18] [1 p.82]. The board recommended a 14% cash dividend (Tk 1.40 a share) for 2025 [14].

• Agency commission: Tk 112.93m in the 2025 revenue account; the H1 2026 income statement prints '-' for agency commission against Tk 46.23m in H1 2025. The FY2026 revenue account is not in the corpus at 1-Nov-2026.
• Management expense limit: the auditor states an excess of Tk 39,215,728 for 2025; the company's reply states that 'management expenses might not have remained within the prescribed ceiling'. The IDRA outcome is not in the corpus at 1-Nov-2026.
• RAJUK approval: the company states it 'has applied to Insurance Development and Regulatory Authority vide letter no: Apgic/Ho/Accounts/201/2024, dated 08/02/2024 for their kind approval'; the outcome is not in the corpus at 1-Nov-2026.
• RAJUK plot: Tk 240,163,788 advanced at 31-Dec-2025; the directors' report states the board 'has a plan to construct a Multistoried Building'. The 24-month DSE archive holds no board approval of a construction budget.
• Claims: net claims of Tk 43.98m in 2025 were 8.2% of net premium against 22.5% in 2024; fire, marine hull and miscellaneous recorded net claim credits.
• Q3 2026 accounts: DSE posted nine-month EPS of Tk 2.55 on 29-Oct-2026; the Q3 2026 statements are not in the corpus at 1-Nov-2026.

Business: marine cargo 46.1% of 2025 gross premium, fire 37.0%, motor 8.9%, miscellaneous 6.8%, marine hull 1.2%

How it makes money. A Bangladeshi general insurer collects premium, cedes part of each risk to reinsurers (which pay a commission back), holds a reserve for the unexpired part of each policy, and pays claims, agency commission and management expenses from the rest. Asia Pacific's revenue account carries the 'Reserve for unexpired risk being 40% premium income of Fire & Motor, 50% of Marine cargo, Miscellaneous and 100% of Marine hull' [1 p.107]. The five class revenue accounts add up to the underwriting profit, and investment income less unallocated expenses gives pre-tax profit [1 p.105]. The company describes reinsurance arrangements 'up to 200 (Two Hundred) crore with Sadharan Bima Corporation (SBC) on 50% basis and Protection Insurance Services W.L.L. of Middle East through surplus on 50% basis' [1 p.10].

Classes. Note 32 headed 'Premium less re-insurance' prints 'Premium earned' by class [1 p.126]. Marine cargo wrote Tk 378.61m in 2025, 46.1% of the Tk 820.72m total, and kept 82.0% after reinsurance [1 p.126] [18]. Fire wrote Tk 303.76m (37.0%) and kept 49.1%; motor Tk 73.14m (8.9%) and kept 95.8%; miscellaneous Tk 55.42m (6.8%) and kept 15.5%; marine hull Tk 9.79m (1.2%) and kept 12.4% [1 p.126] [18]. The directors' report states that 'our Marine portfolio is the largest contributor accounting for 47% of total GWP' and fire '37.00%' [1 p.85]. Checked against the full note 32 table, marine cargo is the largest class by gross and by net premium [1 p.126].

Ten years of premium. Gross premium rose from Tk 404.16m in 2016 to Tk 564.33m in 2019, fell to Tk 462.16m in 2020, rose to Tk 679.14m in 2023, fell to Tk 577.06m in 2024 and reached Tk 820.72m in 2025 [2 p.59] [1 p.78]. Across 2016-2025 the lowest gross premium was Tk 404.16m (2016) and the highest Tk 820.72m (2025); net premium ranged from Tk 208.9m (2016) to Tk 539.36m (2025) [2 p.59] [1 p.78]. Retention ranged from 51.7% (2016) to 65.7% (2025) [18]. The directors' report attributes the 2025 rise in underwriting profit to 'substantial increase of GP, NP and Re-Insurance Commission' [1 p.43], and states that new branches opened during the year 'contributed to increase the premium income of the Company' [1 p.45].

Reinsurance and SBC. Premium ceded was Tk 281.36m in 2025, 34.3% of gross premium, against 41.1% in 2024 [1 p.126] [18]. Commission on re-insurance ceded was Tk 64.73m and profit commission Tk 6.09m, together 25.2% of the premium ceded [1 p.107] [18]. Note 23 prints 'Amount due from other persons or bodies carrying on insurance business Receivable from SBC' of Tk 256,229,424 at 31-Dec-2025 against Tk 178,945,678 at 31-Dec-2024 [1 p.124]; the 31-Dec-2025 balance was 23.9% of NAV (our arithmetic) [18]. Amounts due to other insurers were Tk 157,230,407 at 31-Dec-2025 [1 p.104]. The auditor's fifth emphasis paragraph states that both balances 'have not been confirmed by third parties' [1 p.99]. The filings give no ageing of the SBC receivable.

Customers and related parties. Note 39 lists six related parties with 'Premium Earned in 2025': International Office Equipment (Chairman) Tk 366,522; Anmona Fashion (Director) Tk 1,593,492; Norban Group. (Director) Tk 12,917,419; Fiber @ Home Ltd. (Director) Tk 86,92,684; Haq's Bay (Director) Tk 1,466,655; and Paragon Group (Director) Tk 87,355,014, with nil premium outstanding and nil claims paid for each [1 p.128]. Checked against the full table, Paragon Group is the largest; it is 10.6% of 2025 gross premium, and the six together Tk 112.39m or 13.7% (our arithmetic) [18]. The note states that related-party transactions 'are conducted on an arm's length basis at commercial rates' [1 p.128].

Underwriting: 2025 profit Tk 90.22m against Tk 75.98m; net claims 8.2% of net premium; combined ratio 67.2%

Claims. The consolidated revenue account shows 'Claim Under policies less re-insurance' of Tk 43,977,605 in 2025 against Tk 76,445,427 in 2024 [1 p.107]. It is built from Tk 20,386,167 paid during the year, plus Tk 63,787,626 outstanding at the end of the year, less Tk 40,196,188 outstanding at the start [1 p.107]. Note 31 shows total claims paid of Tk 73,515,930 and recoveries of Tk 53,129,763 in 2025 [1 p.126]. The five-year highlights print 'Net Claims' of Tk 20.39m for 2025 and Tk 75.38m for 2024, which equal claims paid in note 31, not the revenue-account figure [1 p.78] [1 p.126]; this note uses the revenue account for ratios and shows both.

By class. Marine cargo net claims were Tk 39.66m and motor Tk 13.92m in 2025; fire was a credit of Tk 8.74m, marine hull a credit of Tk 0.81m and miscellaneous a credit of Tk 0.04m [1 p.108] [1 p.109] [1 p.110] [1 p.111] [1 p.112]. Outstanding claims rose in marine cargo from Tk 8.17m to Tk 31.10m and in motor from Tk 1.86m to Tk 3.49m; fire was Tk 29.20m against Tk 29.16m; marine hull fell from Tk 1.00m to nil [1 p.122]. Outstanding claims were 11.8% of net premium at both year-ends [18].

Class results. Fire moved from a loss of Tk 29.34m in 2024 to a profit of Tk 33.44m in 2025, on fire net premium of Tk 149.03m against Tk 79.03m [1 p.105] [1 p.108]. Marine cargo made Tk 60.16m against Tk 98.92m, with marine net claims of Tk 39.66m against Tk 8.46m [1 p.109]. Motor made Tk 2.85m against Tk 10.90m on net premium of Tk 70.08m against Tk 22.89m [1 p.111]. Miscellaneous lost Tk 8.31m against Tk 2.64m, with management expenses of Tk 18.39m on net premium of Tk 8.58m [1 p.112]. Marine hull made Tk 2.09m; for 2024 the profit or loss statement prints the hull result as a loss of Tk 1,866,008 and the hull revenue account as a loss of Tk 1,972,280 [1 p.105] [1 p.110]. We flag the conflict and use the profit or loss statement.

Expenses. Management expenses charged to the revenue accounts were Tk 272.41m in 2025 against Tk 165.90m, an increase of 64.2% [1 p.107] [18]. Note 33 states they amounted to 'Tk 27,24,11,110 @ 33.19 % of the Gross Premium of Tk 82,07,10,868/-' [1 p.126]; the gross premium in note 32 is Tk 820,721,579, so the two notes print different gross-premium figures [1 p.126]. Agency commission was Tk 112.93m (13.8% of gross premium) against Tk 64.84m (11.2%), and stamp duty Tk 3.91m against Tk 2.30m [1 p.107] [18]. A further Tk 40.10m of management expenses sits in the profit or loss statement [1 p.105]. The auditor's total of Tk 312,510,235 equals the revenue-account Tk 272,411,110 plus the profit-or-loss Tk 40,099,125 (our arithmetic) [1 p.99] [18].

Combined ratio. We use one definition for Asia Pacific and every peer: net claims plus management expenses (including any stamp line printed in the revenue account) plus agency commission, less commission on re-insurance ceded including profit commission, over net premium. On that basis Asia Pacific's combined ratio was 67.2% in 2025 and 77.9% in 2024; the claims ratio was 8.2% against 22.5% and the expense ratio 59.0% against 55.4% [18]. The 2025 figure equals the 'Total Direct Expenses' of Tk 362,412,812 printed in the company's revenue summary, over net premium [1 p.125]. The company's own 'Combined Ratio (%)' is printed as 54.29% for 2025 and 73.07% for 2024 without a definition [1 p.82]. Underwriting profit was 16.7% of net premium in 2025 against 22.4% [18]. Net premium less the combined-ratio costs, less the Tk 86.73m increase in the unexpired-risk reserve, equals the Tk 90.22m underwriting profit (our arithmetic) [1 p.107] [18].

Investments: Tk 712.84m of FDRs, Tk 110.00m of treasury bonds and listed shares at 23.1% of cost at 31-Dec-2025

The book at 31-Dec-2025. Fixed deposit receipts were Tk 712,835,559, cash at bank Tk 88,281,086 and cash in hand Tk 115,681, presented together as 'Cash and Cash Equivalents' of Tk 801,232,326 [1 p.104]. Investment in Bangladesh Govt. Treasury Bond was Tk 110,000,000, held 'in compliance of the section 23 of the Insurance Act 2010' [1 p.123]. Investment in shares at fair value was Tk 52,339,282: BD Venture Ltd. Tk 15,000,000, BD Venture Fund-1 Tk 5,000,000 and listed shares Tk 32,339,282 [1 p.123]. Form AA classifies FDRs at 'Realisable value' and the amount due from other insurers as 'All considered good' [1 p.130].

Income. Interest on FDR accounts was Tk 73.68m in 2025 against Tk 37.16m, on treasury bonds Tk 8.41m against Tk 7.93m and on STD accounts Tk 1.98m against Tk 2.98m; interest income was Tk 84.06m against Tk 48.08m [1 p.125]. The directors' report attributes the 60% rise in investment return to 'maturity of a few Double Benefit Scheme of FDRs' [1 p.44]. Interest on FDRs was 10.7% of the average of the opening and closing FDR balances (our derivation) [18]. The five-year highlights print 2025 interest income of Tk 84.86m against Tk 84.06m in the profit or loss statement [1 p.78] [1 p.105]. The auditor's third emphasis paragraph states that 'interest income may be overstated if encashed before maturity' [1 p.99].

Holdings. Checked against the full note 19.01 table, Premier Bank Ltd. is the largest holding by cost (Tk 31,876,083) and by market value (Tk 8,452,508) [1 p.124]. Market value was 23.1% of cost (our arithmetic) [18]. The printed unrealised loss of Tk 107,383,291 differs by Tk 1 from cost less market value, and the deferred-tax note uses Tk 107,383,272 [1 p.124] [1 p.121]. The 2025 profit or loss statement charges a 'Provision for diminution in value of investment' of Tk 19,957,012 [1 p.105]. The auditor's first emphasis paragraph refers to '2,000,000 shares of BD Venture Limited'; note 19 states an investment of Tk 15,000,000 'for holding of 1,500,000 Nos shares' and a current balance of '16,50,000 nos' after a 10% bonus [1 p.98] [1 p.123]. The filings give these different share counts and we state both.

RAJUK plot. The statement of financial position carries an 'Advance against purchase of commercial plot of RAJUK' of Tk 240,163,788 at 31-Dec-2025 and 31-Dec-2024 [1 p.104]; the 2024 cash-flow statement shows 'Investment in Bidding to Commercial Plot' of Tk 218,130,413 [1 p.114]. The directors' report states that the company bought a plot 'measuring 10.43 Katha at Sector 07, Road 103, Plot # 059 at the Purbachol New Town Project', has 'paid full bidding price including VAT & AIT', that 'Necessary steps have been taken for Registration of the Plot' and that 'The Board of Directors has a plan to construct a Multistoried Building' [1 p.45]. The auditor's first emphasis paragraph states the advance was made 'without obtaining prior approval from IDRA' and that 'the asset is currently not generating any return' [1 p.98]. The H1 2026 balance sheet shows the advance at Tk 247,875,469 at 30-Jun-2026 [4 p.1]. In its explanation against the audit report the company states: 'The Company has purchased a Commercial Plot at Purbachal from RAJUK through Auction. As a highest bidder, Asia Pacific General Insurance PLC has been awarded this plot measuring 10 Katha. The Management of the Company has applied to Insurance Development and Regulatory Authority vide letter no: Apgic/Ho/Accounts/201/2024, dated 08/02/2024 for their kind approval.' [1 p.47]. The outcome of that application is not in the corpus at 1-Nov-2026. Page 47 gives the plot as '10 Katha' and page 45 as '10.43 Katha'; we flag the difference [1 p.47] [1 p.45].

Ratios 2017-2025: ROE 10.2% in 2025 within an 8.1%-14.4% range; management expenses 33.2% of gross premium

Returns. Return on average NAV was 10.2% in 2025 against 8.1% in 2024; across 2017-2025 it ranged from 8.08% (2024) to 14.38% (2017) [18]. Return on average total assets was 6.2% in 2025, within a 5.07% (2024) to 9.40% (2017) range [18]. The underwriting margin was 16.7% in 2025; across 2016-2025 it ranged from 14.55% (2017) to 42.61% (2021) [18]. The company prints its own 'Return on equity ratio' of 9.91% (2025), 8.08% (2024), 9.1% (2023), 10% (2022) and 10.94% (2021) [1 p.82].

Management expenses. Printed management expenses were 33.19% of gross premium in 2025 against 28.75% in 2024; across 2016-2025 the ratio ranged from 13.78% (2017) to 33.19% (2025) [18]. The auditor's sixth emphasis paragraph reads: 'In addition, the Company's management expenses for the year, amounting to Tk. 312,510,235 exceeded the prescribed limit under the Maximum Limit of Management Expense for Non-Life Insurance Rules, 2018 by Tk. 39,215,728 for which management is in the process of providing justification and necessary clarification.' [1 p.99].

EPS, figure by figure. EPS as printed: Tk 1.47 (2016), Tk 2.15 (2017), Tk 1.55 (2018), Tk 1.74 (2019), Tk 1.97 (2020), Tk 2.38 (2021), Tk 2.37 (2022), Tk 2.07 (2023), Tk 1.89 (2024) and Tk 2.51 (2025) [2 p.59] [1 p.78]. For 2016-2018 the printed profit after tax does not divide to the printed EPS on 42.35m shares: Tk 91.89m, Tk 111.14m and Tk 100.16m give Tk 2.17, Tk 2.62 and Tk 2.37 (our arithmetic) [2 p.59] [18]. The 2020 report's 'Gross Profit/Loss before Tax' row for 2016-2018 prints Tk 208.91m, Tk 279.23m and Tk 334.43m, the same figures as net premium income in those years, so we do not use it [2 p.59].

NAV, figure by figure. NAV per share as printed: Tk 17.70 (31-Dec-2016), Tk 18.79 (31-Dec-2017), Tk 18.92 (31-Dec-2018), Tk 19.66 (31-Dec-2019), Tk 20.63 (31-Dec-2020), Tk 22.01 (31-Dec-2021), Tk 22.53 (31-Dec-2022), Tk 23.10 (31-Dec-2023), Tk 23.79 (31-Dec-2024) and Tk 25.29 (31-Dec-2025) [2 p.59] [1 p.78]. NAV at 31-Dec-2025 was Tk 1,071,320,766 [1 p.113]; the market-value-added table on page 80 prints Tk 1,071.03m [1 p.80]. DSE-posted NAV per share was Tk 24.82 (31-Mar-2025), Tk 25.68 (30-Jun-2025), Tk 24.96 (30-Sep-2025), Tk 26.45 (31-Mar-2026), Tk 27.49 (30-Jun-2026) and Tk 26.45 (30-Sep-2026) [14].

Leverage and liquidity. NAV was 58.7% of total assets at 31-Dec-2025 and 62.6% at 31-Dec-2024; across 2016-2025 the ratio ranged from 58.69% (2025) to 67.89% (2020) [18]. Net premium was 0.50 times NAV in 2025 [18]. The company prints a 'Current Ratio (times)' of '1.69%' for 2025 and 1.77 for 2024, and a solvency margin ratio of 2.65 times (2025) against 3.44 (2024), 4.44 (2023), 4.12 (2022) and 4.74 (2021) [1 p.82]. Total assets were Tk 1,825.26m at 31-Dec-2025 [1 p.104]; for 31-Dec-2021 the highlights on page 78 print Tk 1,380.05m and the asset-quality table on page 82 prints Tk 1,421.98m [1 p.78] [1 p.82].

Cash conversion and tax. Net operating cash flow was Tk 148.44m in 2025 (NOCFPS Tk 3.51) against Tk 123.93m (Tk 2.93) [1 p.114]. Operating cash flow was 1.40 times profit after tax in 2025 and 1.54 times in 2024 [18]. Income tax expense was Tk 30.74m, 22.5% of pre-tax profit, against 29.9% in 2024 [1 p.105] [18]. The auditor's fourth emphasis paragraph states that 'no adjustment has been made between the provision for income tax and advance income tax balances'; the provision for taxation was Tk 131,950,240 and advance income tax Tk 122,752,170 at 31-Dec-2025 [1 p.99] [1 p.104] [1 p.124].

Peers 2025: combined ratio 67.2% at Asia Pacific against 63.7%-82.2% at eight general insurers

We compare Asia Pacific with eight listed general insurers that have live AnalystBro notes, each on its own 2025 revenue account and one combined-ratio definition. We read each auditor's opinion first. Karnaphuli's auditor (Ashraf Uddin & Co.) states under 'Opinion' that the financial statements 'present fairly, in all material respects' [5 p.148]. Peoples' auditor (Ashraf Uddin & Co.) writes, as printed, 'present true and fair view. all material respects' [6 p.256]. Nitol's auditor (Mahfel Huq & Co.) states 'present fairly, in all material respects' and adds a section headed 'Emphasize of matter' with three numbered items [7 p.181]. Islami Insurance's auditor (FAMES & R) states that the statements 'give a true and fair view' and adds four emphasis-of-matter items, the second headed 'Non-Compliance with Management Expense Limitation' [8 p.98].

BGIC's auditor (Mahfel Huq & Co.) gives a 'Qualified Opinion', 'except for the matters described in the Basis for Qualified Opinion section of the report' [9 p.318]. Central Insurance's auditor (Mahfel Huq & Co.) gives an 'Adverse Opinion': the statements 'do not present fairly the financial position of the company' [10 p.3]. Eastland's auditor (K. M. Alam & Co.) states that the statements 'give true and fair view, in all material respects' and adds an emphasis-of-matter section with three bullets [11 p.141]. Eastern Insurance's auditor (Islam Jahid & Co.) gives a 'Qualified Opinion', 'except for the effects described in the Basis for Qualified Opinion section of our report' [12 p.3]. Asia Pacific's opinion is qualified [1 p.98].

What the table shows. Within these nine, Asia Pacific had the largest net premium (Tk 539.4m, against Tk 518.5m at BGIC) [18]. Its combined ratio of 67.2% was the second lowest, above Peoples (63.7%) and below Islami (67.7%), Eastern (68.1%), Eastland (72.0%), Nitol (72.7%), Central (79.8%), BGIC (81.4%) and Karnaphuli (82.2%) [18]. Its claims ratio of 8.2% was the fifth lowest; Eastern (minus 2.0%), Peoples (minus 0.6%) and Eastland (minus 0.5%) printed negative net claims and Islami 3.9% [18]. Its expense ratio of 59.0% was the fourth lowest, after Nitol (51.1%), Karnaphuli (54.7%) and Central (56.4%) [18]. Its underwriting profit of 16.7% of net premium was the third lowest of the nine, above BGIC (13.8%) and Karnaphuli (16.3%) [18].

Labels and basis. The printed labels differ. Asia Pacific prints 'Management expenses' (Tk 272.4m) and 'Stamp duty' (Tk 3.9m) separately in its revenue account, and we add them [1 p.107]. Eastern prints 'Expenses of management' (Tk 112.5m) and 'Insurance stamps consumed' (Tk 3.5m), also added [12 p.22]. Islami prints 'Expenses of management (with stamp used)' [8 p.110]. Karnaphuli prints 'Commission on re-Insurance premium Ceded including profit commission' and Peoples 'Commission on re-insurance ceded & Profit Commission' as single lines [5 p.181] [6 p.264]. Nitol prints 'Commission on Re-insurance Ceded' (Tk 61.0m) and 'Profit Commission' (Tk 20.9m) separately, and Asia Pacific 'Commission on re-insurance ceded' (Tk 64.7m) and 'Profit commission on re-insurance' (Tk 6.1m); we add each pair [7 p.189] [1 p.107]. Eastland prints 'Net Commission Earned on Re-insurances' of Tk 136.0m, which includes commission on public-sector business [11 p.152]. All figures are for calendar 2025; BGIC, Eastern and Asia Pacific carry qualified opinions and Central an adverse opinion.

Balance sheet and audit: total assets Tk 1,825.26m at 31-Dec-2025, no borrowings line, qualified opinion with one basis and six emphasis paragraphs

Layout. The statement of financial position shows no borrowing line; 'Liabilities and provisions' of Tk 505,566,559 at 31-Dec-2025 comprise deferred tax, premium deposit, amounts due to other insurers, outstanding claims, sundry creditors, unclaimed dividend, gratuity and the tax provision [1 p.104]. The cash line shows Tk 88,281,086 at bank and Tk 115,681 in hand; note 26 prints closing cash of Tk 88,396,746 and Form AA Tk 88,396,767 [1 p.104] [1 p.124] [1 p.130]. The statements are signed 'Dhaka,30 April, 2026' by the Chief Executive Officer K.M. Saidur Rahman, Director Abdul Haque, Vice Chairman Wahidul Haque Siddiqui and Chairman Aftab Ul Islam, FCA [1 p.104]. Note 45 states 'There are no liabilities of contingent nature' at 31-Dec-2025 [1 p.129].

Audit opinion. Mahfel Huq & Co., Chartered Accountants (Wasequl Hug Reagan, FCA, Partner, the name as printed on p.102 and p.104; DVC 2605041517AS351022) audited the 2025 accounts [1 p.102]. The report prints no date of its own; the statements carry 'Signed in terms of our separate report date even annexed' and 'Dhaka,30 April, 2026' [1 p.102] [1 p.104]. The opinion reads, word for word from the page image: 'In our opinion, except for effects of the matters described in the Basis for Qualified Opinion section of our report, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 31 December 2025, and its financial performance and its cash flows for the year that 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 as explained in the notes.' [1 p.98]. DSE posted the auditor-opinion notice on 2-Jun-2026 [14].

• The Company has not fully complied with IFRS 16 in accounting for lease arrangements, which may result in material misstatement of right-of-use assets, lease liabilities and related disclosures. [p.98]

• As disclosed in note 19.00, the Company invested in 2,000,000 shares of BD Venture Limited and advance payment against purchased of commercial plot of RAJUK amounting BDT. 240,163,788 without obtaining prior approval from IDRA, in addition the asset is currently not generating any return. [p.98]
• We further draw attention to the fact that the Company has not yet introduced a Workers' Profit Participation Fund (WPPF) in accordance with the relevant provisions of the Bangladesh Labour Act, 2006. [p.98]
• We draw attention to Note 21 to the financial statements, where accrued interest on FDRs under the double benefit scheme was not calculated on an accrual basis based on actual encashment terms; accordingly, interest income may be overstated if encashed before maturity. [p.98-99]
• As disclosed in note 15.00, provision for gratuity amounting to Tk. 7,207,689 has been recognized on a lump-sum basis and the gratuity fund is yet to obtain approval from the National Board of Revenue. Further, as disclosed in notes 16.00 and 22.01, no adjustment has been made between the provision for income tax and advance income tax balances, resulting in corresponding presentation differences in assets and liabilities. [p.99]
• We also draw attention to Notes 23.00 and 11.00 to the financial statements, where balances due from and due to other persons or bodies carrying on insurance business amounting to Tk. 256,229,424 and Tk. 157,230,407 respectively have not been confirmed by third parties. [p.99]
• In addition, the Company's management expenses for the year, amounting to Tk. 312,510,235 exceeded the prescribed limit under the Maximum Limit of Management Expense for Non-Life Insurance Rules, 2018 by Tk. 39,215,728 for which management is in the process of providing justification and necessary clarification. [p.99]
• Our opinion is not modified in respect of these matters. [p.99]

• To the IFRS 16 basis paragraph: 'The Company has no lease arrangement except office Rent. We have not implemented IFRS 16 in case of office Rent which may not results in Material Misstatement of right use of assets & lease liability substantially.' [p.47]
• To the WPPF paragraph: 'In case of WPPF our explanation is given in note No: 2.11.' [p.47]
• To the RAJUK paragraph: 'The Company has purchased a Commercial Plot at Purbachal from RAJUK through Auction. As a highest bidder, Asia Pacific General Insurance PLC has been awarded this plot measuring 10 Katha. The Management of the Company has applied to Insurance Development and Regulatory Authority vide letter no: Apgic/Ho/Accounts/201/2024, dated 08/02/2024 for their kind approval.' [p.47]
• To the double-benefit FDR paragraph: 'There were some FDRs under double benefits schemes. The interest of the FDRs were not calculated on an accrual basis due to non entitlement of interest before maturity. But after encashment, the interest is included into the interest income.' [p.47]
• To the gratuity paragraph: 'The management has already been taken initiative to file application to NBR to get recognition as per Income Tax Act 2023 for gratuity. Details are shown in Note No: 2.09 Gratuity Provision has been made equivalent of 01 month's current basic of the permanent staff/employee of the Company.' [p.47]
• To the management expense paragraph: 'The ceiling of the Management expenses is required to revise in considering the growing inflation of the country. In spite of sincere effort, management expenses might not have remained within the prescribed ceiling.' [p.47]
• To the tax paragraph: 'Adjustment has to be made between the provision for Income Tax and Advance Income Tax after finalization of the Income Tax for any particular year by Income tax Authority.' [p.47]
• The section prints no reply to the paragraph on unconfirmed balances with other insurers. [p.47]

• Premium Income. Risks: 'Net general insurance premiums comprise the total premium received for the whole period of cover provided by contracts entered into during the accounting period. Given the important nature, connections to other items to the financial statements and sensitivity of the item we believe this area pose high level of risk. At end of the year 2025, the total net premium income of BDT. 539,361,876. (2024: BDT. 339,661,577)' [p.99]
• Premium Income. Our response to the risks: 'With respect to Premium income in respect of various types of insurance we carried out the following procedures: * The design and operating effectiveness of key controls around premium income recognition process. *Carried out analytical procedures and recalculated premium income for the period. *On a sample basis reviewed policy to ensure appropriate policy stamp was affixed to the contract and the same has been reflected in the premium register. * Ensured on a sample basis that the premium income was being deposited in the designated bank account. Tested on a sample basis to see that appropriate VAT was being collected and deposited to bank through Treasury Challan. *Carried out cut-off testing to see if premiums have been recorded in the right period. Finally assessed the appropriateness and presentation of disclosures against relevant accounting standards, Insurance Act 1938 (as amended in 2010), Insurance Rules, 1958 and other applicable rules and regulations and regulatory guidelines.' 'See note 32.00 to the financial statements.' [p.99]
• Estimated liability in respect of outstanding claims whether due or intimated. Risks: 'This account represents the claim due or intimated from the insured and involves significant management judgment and risk of understatement. In extreme scenario this item may have going concern implications for the company. At end of the year 2025, the reported total balance under the head of Estimated liability in respect of outstanding claims whether due or intimated of BDT 63,787,626 (2024: BDT 40,196,188).' [p.100]
• Estimated liability in respect of outstanding claims whether due or intimated. Our response to the risks: 'We tested the design and operating effectiveness of controls around the due and intimated claim recording process. We additionally carried out the following substantive testing's around this item: . Obtained the claim register and tested for completeness of claims recorded in the register on a sample basis. . Obtained a sample of claimed policy copy and cross check it with claim. . Obtained a sample of survey reports cross checked those against respective register balances and in case of discrepancy carried out further investigation. . Obtained and discussed with management about their basis for estimation and challenged their assumptions where appropriate. . Reviewed the claim committee meeting minutes about decision about impending claims. . Tested a sample of claims payments with intimation letter, survey report, bank statement, claim payment register and general ledger. . Assessed the appropriateness and presentation of disclosures against relevant accounting standards, Insurance Act 2010, Insurance Rules 1958 and other applicable rules and regulations and regulatory guidelines.' 'See note 12.00 to the financial statements.' [p.100]

Other paragraphs. The report contains no 'Other Matter' paragraph [1 p.98]-[1 p.102]. Under 'Report on Other Legal and Regulatory Requirements' item (d) states that 'all expenses of management except as noted above' were debited to the revenue accounts and the profit or loss statement [1 p.102]. The KAM introduction refers to 'the consolidated and separate financial statements of the current period'; the company has no consolidated statements in the 2025 report [1 p.99] [1 p.104]. For 2024, DSE posted on 21-May-2025 that the auditor had given an 'Emphasis of Matters' paragraph for the year ended December 31, 2024 [14].

2026 so far: H1 profit after tax Tk 92.95m against Tk 79.89m; nine-month EPS Tk 2.55 against Tk 2.17

H1 2026. Gross premium was Tk 313.89m against Tk 348.23m and net premium Tk 140.56m against Tk 199.11m [4 p.2]. The agency-commission line prints '-' for January-June 2026 against Tk 46,226,012 for January-June 2025, and net claim is a credit of Tk 8,244,203 against a charge of Tk 13,079,119 [4 p.2]. Underwriting result was Tk 102.26m against Tk 66.97m and interest income Tk 37.44m against Tk 46.69m [4 p.2]. Profit after tax was Tk 92.95m (EPS Tk 2.19) against Tk 79.89m (Tk 1.89) [4 p.2]. The company attributes the underwriting result to 'decrease of Claim and Agency Commission' [4 p.5] and the EPS to 'increase in Proceeds on Re-insurance and decrease of Management Expenses & Net Claim' [4 p.7].

Commission and the IDRA report. The Business Standard reported on 24-Dec-2025 that IDRA scrapped commission payments in the non-life insurance sector [15]. Asia Pacific's H1 2026 income statement prints no agency commission [4 p.2]. The filings do not link the two: a search of the 2025 annual report and the H1 2026 notes finds no reference to the IDRA commission decision [4 p.5] [1 p.107].

Balance sheet at 30-Jun-2026. Total shareholders' equity was Tk 1,164,273,487 (note 9's NAV calculation prints 1,164,273,497) and NAV per share Tk 27.49, against Tk 1,071,320,766 and Tk 25.29 at 31-Dec-2025 [4 p.1] [4 p.6]. Reserve for unexpired risk was Tk 188.40m at 30-Jun-2026 [4 p.1]. Net operating cash flow was Tk 52.96m (NOCFPS Tk 1.25) against Tk 26.01m (Tk 0.61), which the company attributes to 'decrease of management expenses' [4 p.7].

EPS sequence, figure by figure. 2025: Q1 Tk 1.03, Q2 Tk 0.86, H1 Tk 1.89, Q3 Tk 0.29, nine months Tk 2.17, full year Tk 2.51 [14]. 2026: Q1 Tk 1.16, Q2 Tk 1.03, H1 Tk 2.19, Q3 Tk 0.36, nine months Tk 2.55 [14]. The 2025 quarters add to Tk 2.18 against the Tk 2.17 posted for nine months, a rounding difference; the 2026 quarters add to Tk 2.55 [18]. The fourth quarter of 2025 was Tk 0.34 (our derivation: Tk 2.51 less Tk 2.17) and trailing EPS to September 2026 Tk 2.89 (our derivation) [18]. Nine-month EPS was 17.5% higher (our arithmetic) [18].

Q3 2026 (announced). After a board meeting on October 28, 2026, DSE posted on 29-Oct-2026: Q3 EPS Tk 0.36 against Tk 0.29; nine-month EPS Tk 2.55 against Tk 2.17; nine-month NOCFPS Tk 2.98 against Tk 2.55; and NAV per share Tk 26.45 at 30-Sep-2026 against Tk 24.96 at 30-Sep-2025 [14]. The posted NAV per share of Tk 26.45 at 30-Sep-2026 is below the Tk 27.49 posted for 30-Jun-2026 [14]. The Q3 2026 statements are not in the corpus at 1-Nov-2026.

Governance: sponsors 33.61%, 13 directors, four board meetings in 2025, 14% cash dividend for 2025

Ownership. At 31-Dec-2025 sponsors held 14,233,600 shares (33.61%) and the general public 28,116,400 (66.39%) [1 p.76]. No shareholder held 10% of the shares [1 p.76]. The same page's directors' table prints a total row of 14,233,600 shares at '36.69' for sponsors and directors and 28,116,400 at '63.31' for the general public, against 33.61 and 66.39 for the same share counts in the category table above it; 36.69% and 63.31% are the 2024 percentages in that category table [1 p.76]. We flag the conflict and use 33.61%. Directors' holdings as printed: Mr. Aftab ul Islam FCA 1,329,000 (3.14%); Mr. Wahidul Haque Siddique 1,221,000 (2.88%); Mrs. Kashmiri Kamal 1,484,000 (3.50%); Ms. Kashfi Kamal 2,220,000 (5.24%); Mr. Gazi A.Z.M Shamim 1,331,000 (3.15%); Mr. Moynul Haque Siddiqui 1,101,000 (2.61%); Mr. Mohd. Shahjahan Miah 1,100,000 (2.60%); Mr. Abdul Haque 847,000 (2.00%); Mr. Golam Kabir Chowdhury 1,000,000 (2.36%); Mr. Shah Md. Tawsif Wahid Anabil 847,000 (2.00%); Mr. Moshiur Rahman 9,03,600 (2.13%); Mrs. Wahida Parvin (Happy) 850,000 (2.01%) [1 p.76].

Board. The board page lists the 13 directors above and 'Mr. K.M. Saidur Rahman, BBA, MBA, FCS' as 'Chief Executive Officer (C.E.O)' [1 p.30]. The attendance table prints 'Mrs. Kashimiri Kamal' (0 of 4) and 'Mrs. Woahida Pervin (Happy)' (3 of 4) and notes 'Leave of absence was granted to each Director/ Member who was unable to attend any meeting' [1 p.73]. Note 40 prints 'Number of meeting' as 7 for directors in 2025 and 9 in 2024, against four board meetings in the attendance table [1 p.128] [1 p.73]; the filings conflict and we state both. Board-meeting fees in note 41.01 total Tk 220,000 for 2025 and list Dr. Muhammad Abdul Mazid (Tk 17,600), who is not on the board page, and nil for Mrs. Wohida Pervin (Happy) [1 p.129] [1 p.30].

Committee lists conflict. The committee page lists Mr. M. Jalalul Hai on the Investment Committee and Mr. Gazi A.Z.M Shamim on the Risk Management Committee [1 p.31]; the attendance tables omit Mr. M. Jalalul Hai from the Investment Committee and list him, not Mr. Gazi A.Z.M Shamim, on the Risk Management Committee [1 p.73] [1 p.74]. We show both as printed. The audit committee report states the committee comprises '5 (five) members', against six members on the committee page and in the attendance table [1 p.88] [1 p.31] [1 p.74].

Management, as printed. Chief Executive Officer (CEO) K.M. Saidur Rahman. Additional Managing Directors: Mohammad Younus, Mohammad Salim, A.K.M. Yakub Sattar Chowdhury, Chowdhury A.S. Mahabub (Madina), Md. Hafizur Rahman. Deputy Managing Directors: Md. Abdul Wahed, Md. Abdul Latif, Jahidul Haque Chowdhury, Md Mizanur Rahman, Kazi Gias Uddin Swapan, Mr. Gopal Roy (Rana). Assistant Managing Directors: Shamshad Atique, Mohammad Razwanul Haque, Razaul Hoque [1 p.32]. The management block lists Mohammed Younus (Additional Managing Director, Underwriting & Claims), Mohammad IftekharAlam (AVP & CFO (C.C)), Md. Mahabub Alam (Head of Re-insurance), Anup Saha (Company Secretary (C.C)), Mamun Hossain (Head of Information Technology) and Muhammad Ahsan Faruq Munsi (Head of Internal Audit) [1 p.32]. DSE posted on 26-Feb-2025 that Mr. Anup Saha, Manager (Board Affairs), had been given current charge of the Company Secretary desk [14].

Key management pay. Note 40 prints executive benefits of Tk 32,856,725 for 2025 against Tk 28,708,651, and a directors' board meeting fee of Tk 352,000 for 2025 and Tk 589,600 for 2024 [1 p.128]; note 41 prints total meeting fees of Tk 598,400 for 2024 [1 p.128]. The two 2024 figures differ and we state both. Note 40 prints 'Number of persons' as 40 (2025, directors column) and 11 (2024, executive column) [1 p.128]. Note 38 states that 'No amount was due by the Directors (including Managing Director) and Officers of the company' [1 p.128].

Dividends. The 2025 statement of changes in equity shows 'Dividend Paid @ 10%' of Tk 42,350,000 in 2025 (for 2024) and the 2024 statement 'Dividend Paid @ 15%' of Tk 50,820,000 in 2024 (for 2023) [1 p.113]; Tk 50,820,000 is 12% of paid-up capital of Tk 423,500,000 (our arithmetic), so the printed rate and amount differ [18]. For 2025 the board met on April 30, 2026; DSE posted the 14% cash recommendation on 3-May-2026, the record date was 21-May-2026, the AGM was held on 9-Jul-2026 on a digital platform, and DSE posted the disbursement on 16-Aug-2026 [14] [1 p.5]. For 2024 the board met on April 30, 2025; the 10% recommendation was posted on 4-May-2025, the record date moved from 12-Jun-2025 to 15-Jun-2025 'since the declared Record Date (12.06.2025) of the Company falls in public holiday', the AGM was set for 07.08.2025 and the disbursement was posted on 16-Sep-2025 [14]. The directors' report states that the 14% is '4% higher than the previous year' [1 p.44].

Credit ratings, as each document states them. Note 43 states the company was rated by 'Alpha Credit Rating Ltd.' effective 'from August 20, 2025 to August 19, 2026' with long term 'AA+', short term 'ST-1' and outlook 'Stable' [1 p.129]. DSE posted on 17-Sep-2025 that Alpha Credit Rating PLC assigned 'AA+' and 'ST-1' with Stable outlook based on the December 31, 2024 accounts, and on 24-Jun-2026 that it assigned 'AAA' and 'ST-1' with Stable outlook based on the December 31, 2025 accounts [14].

24 months of DSE news. The DSE archive from 1-Nov-2024 to 1-Nov-2026 holds 33 posts: results, dividends, record dates, spot-market and suspension notices, board-meeting notices, auditor-opinion notices, credit ratings, a company-secretary appointment and the name change [14]. None is titled as a correction; one post changes a record date [14]. The archive holds no notice of a board approval for a capital project, expansion, rights issue or acquisition [14]. The directors' report states that 'The management also looks forward to open a few more new branches' [1 p.45].

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 single ranges built from every precedent we found: board-meeting dates in the DSE archive (2025 and 2026 cycles), the signing date printed in the 2023 annual report (28 April 2024), the AGM and record dates printed in the 2025 annual report, and the quarterly board-meeting dates. Each row states how many years it rests on. No date has been notified for any of them. The latest accounts are not overdue: the Q3 2026 results were posted on 29-Oct-2026 after the board met on 28-Oct-2026 [14].

The FY2026 report. The FY2026 audited accounts are inferred for 28-30 April 2027. They are not in the corpus at 1-Nov-2026. The 2025 auditor's emphasis paragraphs cover the RAJUK plot advance, WPPF, double-benefit FDR interest, gratuity and tax balances, unconfirmed insurer balances and the management expense limit [1 p.98] [1 p.99]. The IDRA decision on the Tk 39,215,728 excess is not in the corpus at 1-Nov-2026.

LDC graduation. The UN General Assembly adopted the move of Bangladesh's graduation from 24-Nov-2026 to 24-Nov-2029 on 29-Oct-2026 in New York [16] [17]. The company's filings do not discuss it.

Risks: each item and the line it relates to

Reading the table. Each row repeats what the filing or the auditor states and names the line in the accounts that the item sits in. The auditor quantified the management expense excess and the insurer balances not confirmed by third parties; it did not quantify the IFRS 16 effect [1 p.98] [1 p.99]. Interest, dividend and rental income was 63.4% of pre-tax profit in 2025 [18]. The risk management committee report and the reinsurance report describe the company's processes in general terms and give no figures beyond those in the statements [1 p.90] [1 p.94].

History 2016-2025 and market data

Figures for 2016-2020 come from the 2020 annual report's '5 Years FINANCIAL HIGHLIGHTS' page and for 2021-2025 from the '5-YEARS FINANCIAL HIGHLIGHT' page of the 2025 report, both read from the page images [2 p.59] [1 p.78]. Profit after tax was lowest at Tk 73.83m (2019) and highest at Tk 111.14m (2017); profit before tax for 2019-2025 was lowest at Tk 102.48m (2019) and highest at Tk 146.94m (2022) [2 p.59] [1 p.78]. Printed net claims were lowest at Tk 20.39m (2025) and highest at Tk 155.90m (2023) [2 p.59] [1 p.78]. For 2022 the highlights print a closing price of Tk 44.20 and market capitalisation of Tk 1,761.76m, while page 77 prints Tk 41.60 and the same capitalisation [1 p.78] [1 p.77].

Market data (facts only). The shares closed at Tk 44.2 on 29-Oct-2026, 40.8% above the Tk 31.4 close on 29-Oct-2025 [13] [18]. On DSE trading-day closes from 30-Oct-2025 to 29-Oct-2026 the low was Tk 28.6 (17-Nov-2025, the only close at that level) and the high Tk 54.1 (16-Aug-2026, the only close at that level) [13]. Market value at Tk 44.2 was Tk 1,871.9m [18]. That is 17.6 times 2025 EPS, 15.3 times trailing EPS to September 2026 (derived), 1.67 times NAV per share at 30-Sep-2026 and 1.75 times NAV per share at 31-Dec-2025, and a 3.2% yield on the 2025 dividend of Tk 1.40 [18]. On the year-end prices printed in the highlights, P/E ranged from 11.7x (2017) to 38.0x (2020) and P/B from 1.08x (2016) to 3.63x (2020) [18].

FAQ

How profitable was Asia Pacific General Insurance in 2025?

Profit after tax was Tk 106.12m (EPS Tk 2.51) against Tk 80.24m (Tk 1.89) in 2024. Underwriting profit was Tk 90.22m and interest income Tk 84.06m. Return on average NAV was 10.2% on our arithmetic; the company prints 9.91%.

What did the auditor say about the 2025 accounts?

Mahfel Huq & Co. gave a qualified opinion, 'except for effects of the matters described in the Basis for Qualified Opinion section'. The single basis paragraph concerns IFRS 16 lease accounting. Six emphasis-of-matter paragraphs cover the RAJUK plot and BD Venture investment, WPPF, double-benefit FDR interest, gratuity and tax balances, unconfirmed insurer balances and a Tk 39,215,728 management expense excess. The key audit matters are premium income and outstanding claims.

What is Asia Pacific's combined ratio?

67.2% in 2025 and 77.9% in 2024, measured as net claims plus management expenses and stamp duty plus agency commission, less reinsurance commission including profit commission, over net premium. The company prints its own combined ratio of 54.29% for 2025 without a definition.

Where does Asia Pacific hold its investments?

At 31-Dec-2025: fixed deposits Tk 712.84m, cash at bank Tk 88.28m on the statement of financial position (note 26 prints closing cash of Tk 88.40m), treasury bonds Tk 110.0m, unlisted BD Venture holdings Tk 20.0m and listed shares Tk 32.3m at market value against Tk 139.7m cost. It also carried a Tk 240.2m advance for a RAJUK plot.

What dividend did Asia Pacific pay for 2025?

14% cash, Tk 1.40 a share. The record date was 21-May-2026, the AGM was held on 9-Jul-2026 and DSE posted the disbursement on 16-Aug-2026. For 2024 the dividend was 10% cash.

Who are Asia Pacific's related parties?

Note 39 lists premium earned in 2025 from International Office Equipment (Chairman, Tk 366,522), Anmona Fashion (Tk 1,593,492), Norban Group. (Tk 12,917,419), Fiber @ Home Ltd. (printed 86,92,684), Haq's Bay (Tk 1,466,655) and Paragon Group (Tk 87,355,014), each linked to a director, with nil outstanding.

Did agency commission change in 2026?

The H1 2026 income statement prints '-' for agency commission against Tk 46,226,012 in H1 2025. The Business Standard reported on 24-Dec-2025 that IDRA scrapped commission payments in non-life insurance; the company's filings do not link the two.

Sources

1. Asia Pacific General Insurance PLC Annual Report 2025 (corpus ASIAPACINS_ANNUAL_2025; PDF page numbers) · link · accessed 2026-11-01
2. Asia Pacific General Insurance Company Ltd. Annual Report 2020 (5 Years Financial Highlights 2016-2020, p.59) · link · accessed 2026-11-01
3. Asia Pacific General Insurance Company Ltd. Annual Report 2023 (statement of financial position signed 'Dhaka, 28 April, 2024', p.102) · link · accessed 2026-11-01
4. Asia Pacific General Insurance PLC un-audited financial statements for the half year ended 30-Jun-2026 · link · accessed 2026-11-01
5. Karnaphuli Insurance PLC Annual Report 2025 (peer; auditor's report p.148, note 26 class summary p.181) · link · accessed 2026-11-01
6. Peoples Insurance PLC Annual Report 2025 (peer; auditor's report p.256, consolidated revenue account p.264) · link · accessed 2026-11-01
7. Nitol Insurance PLC Annual Report 2025 (peer; auditor's report p.181, consolidated revenue account p.189) · link · accessed 2026-11-01
8. Islami Insurance Bangladesh Limited Annual Report 2025 (peer; auditor's report p.98, consolidated revenue account p.110) · link · accessed 2026-11-01
9. Bangladesh General Insurance Company PLC Annual Report 2025 (peer; auditor's report p.318, consolidated revenue account p.329) · link · accessed 2026-11-01
10. Central Insurance PLC audited financial statements 2025 (peer; auditor's report p.3, consolidated business revenue account p.11) · link · accessed 2026-11-01
11. Eastland Insurance PLC Annual Report 2025 (peer; auditor's report p.141, consolidated insurance revenue account p.152-153) · link · accessed 2026-11-01
12. Eastern Insurance PLC audited financial statements 2025 (peer; auditor's report p.3, consolidated revenue account p.22) · link · accessed 2026-11-01
13. AnalystBro market data: DSE daily bars for ASIAPACINS to 29-Oct-2026 · link · accessed 2026-11-01
14. DSE news archive for ASIAPACINS, 1-Nov-2024 to 1-Nov-2026 (old_news.php, criteria=3): results, dividends, record dates, board-meeting notices, auditor-opinion notices, credit ratings, name change · link · accessed 2026-11-01
15. The Business Standard, 'IDRA scraps commission payments in non-life insurance sector', 24 Dec 2025 · link · accessed 2026-11-01
16. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
17. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
18. AnalystBro history and ratio model for ASIAPACINS (model.xlsx, the workbook below) · link · accessed 2026-11-01