Bangladesh General Insurance financial analysis: qualified 2025 audit and Tk 296.7m overdraft (Oct 2026)

Investment considerations: qualified 2025 audit, combined ratio 81.4%, EPS Tk 1.51, nine-month 2026 EPS Tk 1.74

What it is. Bangladesh General Insurance Company PLC (DSE: BGIC) was incorporated on 1 November 1984 and describes itself as the first private-sector non-life insurer in Bangladesh [1 p.334] [1 p.1]. It writes fire, marine (cargo and hull), motor and miscellaneous business through 38 branches from its head office at 42 Dilkusha C/A, Dhaka [1 p.334]. It has 54,027,255 shares of Tk 10 [1 p.343]. The latest annual report covers the calendar year to 31 December 2025: the balance sheet is headed 'As at December 31, 2025' and note 3.37 states the period as 'January 01, 2025 to December 31, 2025' [1 p.322] [1 p.342].

Where it stands. Gross premium was Tk 941.7m in 2025, up 10.1% on Tk 855.0m [1 p.360] [1 p.153] [15]. Net premium rose 11.1% to Tk 518.5m [1 p.329] [15]. Underwriting profit was Tk 71.7m against Tk 58.4m, and profit after tax was Tk 81.6m (EPS Tk 1.51) against Tk 75.4m (EPS Tk 1.40) [1 p.329] [1 p.324] [1 p.325]. On one combined-ratio definition used for every insurer in this note, the 2025 ratio was 81.4%, against 81.3% in 2019, the lowest of 2018-2025 [15]. The auditor, Mahfel Huq & Co., gave a qualified opinion on the 2025 accounts [1 p.318]. For the nine months to September 2026 the company reported pre-tax profit of Tk 146.3m against Tk 145.3m and EPS of Tk 1.74 against Tk 1.73 [5 p.2]. The shares closed at Tk 39.1 on 29-Oct-2026, against Tk 34.5 on 30-Oct-2025 [10] [15].

What drives shareholder returns. BGIC earns from three lines of similar size. In 2025 underwriting profit was Tk 71.7m, interest and dividend income Tk 85.4m and sundry income Tk 53.5m (of which trustee fees Tk 41.2m), against Tk 91.8m of management expenses charged in the profit and loss account [1 p.324] [1 p.356]. Underwriting profit was 60.4% of pre-tax profit and interest and dividend income 71.9% [15]. Equity was 54.0% of total assets at end-2025 [15]. Return on average equity was 7.8% in 2025 and ranged from 6.5% (2023) to 9.9% (2021) over 2019-2025 [15]. The 2025 cash dividend of 11% equals 72.8% of EPS [15].

• Management expenses against the regulatory limit. Signpost: the auditor's report and management-expense note in the FY2026 annual report (2025: Tk 356.0m against an allowable Tk 285.3m).
• Agency commission after 1-Jan-2026. Signpost: the agency-commission line in the FY2026 revenue accounts; the nine-month 2026 income statement shows no agency commission against Tk 89.9m a year earlier.
• Collection of co-insurance balances. Signpost: note 18 in the FY2026 accounts (Tk 444.6m at end-2025; Tk 581.4m at 30-Sep-2026 in the Q3 note).
• The overdraft. Signpost: note 13 in the FY2026 accounts (Tk 296.7m at end-2025; Tk 293.9m at 30-Sep-2026).
• Deposits with institutions named in the emphasis paragraphs and note 21.01. Signpost: the FY2026 FDR note and auditor's report.

Business: fire 48.7% of 2025 gross premium, marine 24.3%, miscellaneous 17.3%, motor 9.7%

How it makes money. BGIC collects premiums, cedes part of each risk to reinsurers, pays claims and expenses, and invests the float and its capital mainly in bank fixed deposits [1 p.20] [1 p.21]. Its surplus treaty places 50% with the state-owned Sadharan Bima Corporation (SBC) and 50% with overseas reinsurers through brokers, with Petro Vietnam Insurance as lead reinsurer [1 p.146]. Facultative cover above treaty limits is placed with SBC and overseas reinsurers [1 p.147]. Reserve for unexpired risk is 40% of net premium for all classes except marine hull at 100% [1 p.345].

Class mix. Of 2025 gross premium of Tk 941.7m, fire was Tk 458.5m (48.7%), marine Tk 229.3m (24.3%), miscellaneous Tk 162.5m (17.3%) and motor Tk 91.5m (9.7%) [1 p.360] [1 p.147] [15]. Fire grew 13.9%, miscellaneous 33.6%, marine fell 0.6% and motor 8.7% [1 p.147] [15]. Public-sector business received through SBC was Tk 108.6m of gross premium, of which Tk 99.1m was ceded [1 p.360]; note 3.10 states the company's share of public-sector business for July 2024 to June 2025 was booked in the 2025 accounts [1 p.337].

Retention. Retention differs sharply by class. In 2025 BGIC kept 36.6% of fire premium, 74.0% of marine, 96.9% of motor and 56.9% of miscellaneous [1 p.147]. Overall retention was 55.1% in 2025, within a 2018-2025 range of 48.6% (2021) to 64.1% (2019) [15].

Ten-year context. Gross premium was Tk 627.6m in 2018 and Tk 941.7m in 2025 [3 p.22] [1 p.153]. It fell in 2020 (-4.4%) and in 2022 (-0.3%) and rose in the other years [15]. The 2018-2020 figures come from the labels of the five-year charts in the 2021 annual report [3 p.22]; net premium for those years ties to the revenue accounts [4 p.55] [3 p.53].

Underwriting: 2025 profit Tk 71.7m, claims ratio 20.8%, expense ratio 60.6% of net premium

Claims. Net claims were Tk 107.8m in 2025 against Tk 105.6m in 2024: Tk 114.7m paid, less a Tk 6.9m fall in outstanding claims to Tk 87.3m [1 p.329]. Gross claims paid were Tk 434.3m, of which reinsurers bore Tk 319.6m [1 p.355]. In fire, reinsurers bore Tk 300.4m of Tk 370.1m of gross claims paid (81.2%) [1 p.355] [15]. The net claims ratio was 20.8% in 2025 [15]. Across 2018-2025 it was highest in 2018 (33.4%) and lowest in 2022 (14.2%) [15]. In miscellaneous, net claims were negative Tk 15.3m in 2025, as the outstanding-claims estimate for the class fell from Tk 20.5m to Tk 1.8m [1 p.333] [1 p.346].

Expenses. Management expenses in the revenue accounts were Tk 264.2m in 2025 against Tk 276.5m [1 p.329]. Salaries and allowances, at Tk 171.3m, were the largest item in note 24, followed by bonus at Tk 29.6m [1 p.353]. Agency commission rose to Tk 125.0m (13.3% of gross premium) [1 p.355] [15]; note 24.02 cites the IDRA circular of 1 April 2012 capping agency commission at 15% for all non-life classes [1 p.355]. Reinsurance commission earned fell from Tk 93.6m to Tk 74.9m [1 p.329]. The expense ratio (management expenses plus agency commission less reinsurance commission, over net premium) was 60.6% [15].

The management-expense limit. The auditor states that management expenses of BDT 356,021,230 exceeded the limit under the 'Maximum Limit of Management Expense for Non-Life Insurance Rule, 2018' of BDT 285,306,262, an excess of BDT 70,714,968 [1 p.318]. The Tk 356.0m equals revenue-account management expenses of Tk 264.2m plus Tk 91.8m charged in the profit and loss account (our arithmetic) [1 p.329] [1 p.324]. The excess is 24.8% of the allowable amount [15]. The directors' report states that the Board and management 'are taking necessary measures to strengthen compliance monitoring, cost management practices, reconciliation procedures, and internal controls' [1 p.154].

Class results. Fire made an underwriting loss in each year from 2018 to 2025; the loss was largest in 2020 (Tk 79.5m) and smallest in 2023 (Tk 9.3m) [4 p.53] [3 p.51] [1 p.146]. Marine produced the largest positive result in each year from 2020 to 2025 [3 p.51] [1 p.146]. In 2025, the fire revenue account carried Tk 129.8m of management expenses and Tk 64.1m of agency commission against Tk 167.7m of net premium [1 p.330]. Motor's result fell from Tk 48.2m in 2021 to Tk 18.9m in 2025 [1 p.146].

Combined ratio. On the house definition (net claims plus revenue-account management expenses plus agency commission less reinsurance commission, over net premium) BGIC's ratio was 105.1% in 2018, 81.3% in 2019, 94.2% in 2020, 86.1% in 2024 and 81.4% in 2025; 2018 was the highest and 2019 the lowest of 2018-2025 [15]. The company's own five-year page prints a 'Combined ratio' of 106 for 2025 and 110 for 2024 on a definition it does not state [1 p.121].

Investments: Tk 904.4m of FDRs at 63 institutions; listed shares Tk 127.6m below cost

Interest and dividends. Interest and dividend income was Tk 85.4m in 2025 (Tk 85.7m in 2024): FDR interest Tk 78.2m, treasury-bond interest Tk 2.2m, STD interest Tk 0.5m and gross dividends Tk 4.5m [1 p.356]. It was Tk 45.4m in 2018, Tk 40.0m in 2020 and Tk 85.7m in 2024 [4 p.53] [1 p.324]. Relative to average FDR balances it was 9.3% in 2025 and 5.8%-5.9% in 2021-2023 (our arithmetic, all income over FDRs only) [15].

Sundry income. Sundry income was Tk 53.5m in 2025: trustee fees Tk 41.2m, rent from BGIC Tower Tk 6.7m, gain on asset sales Tk 3.2m, other income Tk 4.1m and a loss on share sales of Tk 1.7m [1 p.356]. Sundry income was Tk 93.0m in 2021 and Tk 80.0m in 2022 [1 p.124] [3 p.51] [2 p.102]. The notes do not describe the trustee-fee business beyond the line label [1 p.356].

Fixed deposits. FDRs were Tk 904.4m at end-2025 across 63 banks and finance companies [1 p.351] [1 p.352]. The largest single balance was Bank Asia PLC at Tk 107.7m, followed by Pubali Bank PLC at Tk 49.9m and One Bank PLC at Tk 40.2m [1 p.351] [1 p.352]. Note 21.01 states that Tk 51,950,000 is invested with Exim Bank, First Security Islami Bank PLC, Social Islami Bank PLC, Global Islami Bank PLC and Union Bank PLC, that encashment 'had not been completed as of the reporting date', and that 'The Board of Directors believes that the deposits remain recoverable' [1 p.352]. In the same note's bank-by-bank list, Exim (Tk 8.7m), First Security Islami (Tk 6.4m) and Social Islami (Tk 36.85m) add to Tk 51.95m, and Global Islami Bank and Union Bank are not listed by name (our arithmetic) [1 p.351] [1 p.352].

Listed shares. Shares were carried at market value of Tk 134.2m against cost of Tk 261.8m at end-2025 [1 p.348]. Of 27 quoted holdings, the largest at cost was Beacon Pharmaceuticals (Tk 41.5m cost, Tk 18.5m market value) and the largest unrealised loss was Orion Pharma (Tk 23.8m) [1 p.349]. The unrealised loss of Tk 127.6m sits in equity as the share value fluctuation fund [1 p.322] [1 p.344]. At 30-Sep-2026 the Q3 notes show shares at Tk 188.5m cost and a fair-value change of Tk 62.9m [5 p.5].

Ratios 2018-2025: ROE 7.8% in 2025 within 6.5%-9.9%; solvency cover 1.25 times

Returns. Return on average equity was 7.8% in 2025 and ranged from 6.5% (2023) to 9.9% (2021) over 2019-2025 [15]. For 2018-2021 we compute profit after tax as pre-tax profit less the tax lines in the appropriation account; those accounts also appropriated Tk 10.0m (2019) and Tk 5.0m (2020) to the gratuity fund below pre-tax profit [4 p.54] [3 p.52]. The five-year page in the 2025 report prints 'Return on equity' of 16.22 for 2025 and a 'Net profit after tax' of Tk 62.20m, which is the appropriation-account balance carried forward rather than the Tk 81.6m profit in the profit and loss account [1 p.121] [1 p.324] [1 p.325].

Leverage and solvency. Equity was 54.0% of total assets at end-2025, down from 63.7% at end-2018 [15]. The bank loan was 28.1% of equity at end-2025, the highest of 2018-2025 [15]. The solvency table shows available solvency of Tk 275.0m against required solvency of Tk 220.6m in 2025 (1.25 times) and Tk 313.7m against Tk 202.7m in 2024 (1.55 times) [1 p.145]. The five-year operating table on p.153 prints the same figures with the 'Required' and 'Available' labels reversed, and gives ratios of 2.26 for 2023 and 2.58 for 2022 [1 p.153].

Earnings mix. Underwriting profit was 60.4% of pre-tax profit in 2025 against 30.2% in 2018 [15]. Interest and dividend income was 71.9% of pre-tax profit in 2025 and sundry income 45.0%, with the unallocated management expenses of Tk 91.8m deducted [15] [1 p.324]. The effective tax rate was 31.3% in 2025 [15]; note 15.01 applies 37.5% to business income, 20% to dividends and 15% to capital gains on fixed assets [1 p.348].

Cash conversion. Net operating cash flow was Tk 32.3m in 2025 (Tk 0.60 a share) against Tk 84.6m in 2024 (Tk 1.57) [1 p.328]. The company's explanation in note 31 refers to co-insurance collections: 'During this year we could not collect considerable amount of money from Co-Insurer' [1 p.358]. In the cash-flow reconciliation the co-insurance receivable line absorbed Tk 131.5m in 2025 [1 p.357]. The 2025 cash dividend of Tk 59.4m (our arithmetic: 11% of Tk 540.3m paid-up capital) compares with net operating cash flow of Tk 32.3m [15] [1 p.328].

Peers 2025: combined ratio 81.4% at BGIC against 63.7%-82.2% at four general insurers

Peer set and basis. We compare BGIC with four DSE general insurers for calendar 2025, from each company's own annual report: Karnaphuli Insurance, Peoples Insurance, Nitol Insurance and Islami Insurance Bangladesh. All figures are from the consolidated revenue account (Karnaphuli's note 26 summary), with one combined-ratio definition. Reinsurance commission includes profit commission where printed separately (Nitol). Management expenses are as printed in each revenue account; BGIC's and Islami's include policy stamps ('with stamp used' at Islami) [1 p.354] [9 p.110]. Provati Insurance is excluded because its 2025 annual report in our corpus has no readable pages. We read each audit opinion first.

Audit opinions. Karnaphuli's auditor (Ashraf Uddin & Co.) wrote 'In our opinion, the accompanying financial statements present fairly, in all material respects' [6 p.148]. Peoples' auditor (Ashraf Uddin & Co.) wrote 'In our opinion, the accompanying financial statements present true and fair view. all material respects' [7 p.256]. Nitol's auditor (Mahfel Huq & Co.) wrote 'In our opinion, the accompanying financial statements present fairly, in all material respects' and added an 'Emphasize of matter' section of three items [8 p.181]. Islami's auditor (FAMES & R) wrote 'In our opinion, the accompanying financial statements give a true and fair view' and added four emphasis-of-matter items, one headed 'Non-Compliance with Management Expense Limitation' [9 p.98]. BGIC's opinion is the only qualified one of the five [1 p.318].

What the table shows. Within these five, BGIC had the largest net premium (Tk 518.5m) and the second-highest combined ratio (81.4%, against Karnaphuli's 82.2%) [15]. Its underwriting profit relative to net premium, 13.8%, was the lowest of the five [15]. Its claims ratio of 20.8% was below Karnaphuli's 27.4% and Nitol's 21.6% and above Islami's 3.9%; Peoples reported negative net claims [15] [7 p.264]. BGIC's agency commission of Tk 125.0m was the largest of the five [15].

Balance sheet and audit: qualified 2025 opinion, Tk 296.7m overdraft, Tk 444.6m unconfirmed co-insurance receivable

Opinion. Mahfel Huq & Co., Chartered Accountants (engagement partner Wasequl H Reagan, FCA) signed on 30 April 2026 [1 p.321]. The opinion reads: 'In our opinion, except for the matters described in the Basis for Qualified Opinion section of the 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 then ended in accordance with International Financial Reporting Standards (IFRSs) as described in policy note, 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.318]. The 2024 statements were audited by Octokhan & Co., 'who expressed an unmodified opinion on those statements on 27 April 2025' [1 p.320].

Basis for qualified opinion. The paragraph reads: 'As disclosed in the financial statements, the Company's management expenses amounting BDT 356,021,230 exceeded the prescribed limit under the "Maximum Limit of Management Expense for Non-Life Insurance Rule, 2018". The allowable maximum limit was calculated to be BDT 285,306,262 resulting in an excess of BDT 70,714,968. We refer to note no. 18.00 Amount due from other persons or bodies carrying on insurance business amounting BDT 444,559,012 and also note no. 12.00 Amount due to other persons or bodies carrying on insurance business amount of BDT 6,648,700, these amounts are unconfirmed by the third party.' It continues: 'Furthermore, as noted in note no. 17.00 to the financial statements under "Interest, Dividend and Rent Outstanding", we refer that we were unable to obtained sufficient and appropriate audit evidence in this regards.' [1 p.318]. Note 12 in the statements shows Tk 36,648,700, not the BDT 6,648,700 in the auditor's text [1 p.346]; note 17 is accrued interest on FDRs of Tk 113.0m [1 p.350].

Emphasis of matters (verbatim). (1) 'The gratuity fund of the company is yet to be recognized by NBR. As per International Accounting Standards (IAS) 19, Para 55, the company has not applied the actuarial valuation method to determine liabilities for the Gratuity Fund, thereby violating compliance requirements (see Note 3.23 (b) for details) and adequacy of provision could not be confirmed.' (2) 'We continued our attention to the fact that the company did not yet introduce fund for WPPF purpose with retrospective effect & thereby no initiative to that effect was observed in the Financial Statements until the date of signing. The matter concerns to the rule no. 212 of the Bangladesh Labor Rules 2015 & section no. 232 of the Bangladesh Labor Law 2006 (amended 2013).' (3) 'The Company reported BDT. 904,409,176 under "Fixed Deposit Accounts" (note 21.01), which includes investments of BDT 3,500,000 in Aviva Finance PLC and BDT 2,500,000 in Padma Bank PLC. Despite the documented financial instability and significant uncertainty regarding the recoverability of these funds, the Company has not recognized any impairment loss or provision. Consequently, Current Assets and Retained Earnings are overstated by BDT 6,000,000, as the Company has failed to comply with the measurement and recognition requirements of applicable financial reporting standards.' (4) 'Furthermore, as described in note no. 3.23 (a) of the financial statements, the management could not determine the forfeited amount of the provident fund due to non-availability of audit report for the year ended on 2024 and 2025.' The section ends: 'Our opinion is not modified in respect of these matters.' [1 p.318] [1 p.319].

Key audit matter. The single key audit matter is 'Premium Income': 'Premium income is the most financially significant item in the statement of profit and loss account & profit and loss appropriation account. The company has reported Net premium income of Tk. 518,469,836 for the year ended December 31, 2025.' [1 p.319]. DSE posted the qualified-opinion notice on 2-Jun-2026 and, for 2024, an emphasis-of-matters notice on 17-May-2025 [11].

Borrowing. Note 13 shows a Uttara Bank PLC overdraft of Tk 296.7m at end-2025 (Tk 209.5m at end-2024) and a nil Mercantile Bank balance (Tk 0.1m at end-2024), 'secured by a lien over FDRs of Tk. 310,000,000.00 and Tk. 12,500,000.00' [1 p.347]. Note 35(ii) states 'There were no credit facilities as on 31st December 2025 availed by the Company under any contract other than trade credit available in course of business' [1 p.359]. Interest expense in the profit and loss account was Tk 32.4m in 2025 against Tk 28.4m [1 p.324]. The STD and current account list shows overdrawn balances of Tk 35.0m at Mercantile Bank PLC and Tk 15.5m at Commercial Bank of Ceylon [1 p.352].

Co-insurance balances. Amounts due from other insurers were Tk 444.6m at end-2025, of which co-insurance net claim recoverable was Tk 419.3m (Tk 107.4m at end-2024) and co-insurance premium receivable Tk 25.3m (Tk 205.6m); note 18 states 'The balances remain unconfirmed' [1 p.350]. The balance equals 42.1% of equity [15]. At 30-Sep-2026 the Q3 note shows Tk 581.4m [5 p.5].

Related parties and key management. The accounting-standards table lists IAS 24 as 'Not Applied' [1 p.335]. Note 3.32 refers to related-party details in note 33 [1 p.342]; note 33 is headed 'Key Management Personnel Compensation' and lists ten people [1 p.359]. Note 3.08 states there is no investment in any company in which a director or a director's family member has an interest [1 p.337].

Tax. The provision for taxation was Tk 155.4m at end-2025, after a Tk 38.9m charge for the year and Tk 19.5m of payments and adjustments [1 p.347]. A deferred tax asset of Tk 4.9m arises on fixed assets [1 p.350].

2026 so far: nine-month pre-tax profit Tk 146.3m against Tk 145.3m; no agency commission; net premium down 7.0%

Nine months to September 2026. The Q3 2026 statements are a scan; we read the income statement from the page image [5 p.2]. Gross premium rose 4.8% to Tk 725.2m, reinsurance premium rose to Tk 323.2m from Tk 259.7m, and net premium fell 7.0% to Tk 402.0m [5 p.2] [15]. Agency commission was nil against Tk 89.9m in the nine months to September 2025 [5 p.2]. Net claims were Tk 132.2m against Tk 126.9m, and the underwriting result was Tk 105.5m against Tk 61.7m [5 p.2]. Investment income was Tk 63.0m against Tk 99.9m, and was negative Tk 2.8m in the July-September 2026 quarter [5 p.2]. Pre-tax profit was Tk 146.3m against Tk 145.3m and EPS Tk 1.74 against Tk 1.73 [5 p.2].

DSE announcements. DSE posted the Q1 2026 results on 14-May-2026 (EPS Tk 0.69 against Tk 0.67), Q2 on 13-Jul-2026 (Tk 0.55 against Tk 0.56; six months Tk 1.24 against Tk 1.23) and Q3 on 25-Oct-2026 (Tk 0.50 against Tk 0.50; nine months Tk 1.74 against Tk 1.73) [11]. Nine-month NOCFPS was Tk 1.98 against Tk 1.80 and NAV per share Tk 21.19 at 30-Sep-2026 [11]. Nine-month 2025 EPS of Tk 1.73 was above full-year 2025 EPS of Tk 1.51, so EPS for October-December 2025 was negative Tk 0.22 by subtraction (derived; the company did not publish a fourth-quarter figure) [11] [15]. On the same arithmetic, pre-tax profit for that quarter was negative Tk 26.6m (derived from Tk 118.7m for the year and Tk 145.3m for nine months) [1 p.324] [5 p.2] [15].

Commission. The Business Standard reported that IDRA ended commission payments in the non-life insurance sector [12]. The nine-month 2026 income statement shows a dash for agency commission, against Tk 89.9m a year earlier [5 p.2]. The Q3 EPS note attributes the EPS change to 'Inecrease of Agent Commisson , Re- insurance Cedded etc & Inecrease of Accured interest' [5 p.6].

Balance sheet at 30-Sep-2026. The Q3 notes show FDRs of Tk 870.4m, a secured bank loan of Tk 293.9m, a tax provision of Tk 191.9m, outstanding claims of Tk 144.4m and net assets of Tk 1,144.7m [5 p.6] [5 p.8]. The nine-month statement shows the 2025 dividend paid as Tk 59.4m and a Tk 10.0m appropriation to the gratuity fund [5 p.2].

Governance: directors hold 26.06%, other institutions 47.53%; 11% cash dividend for 2025

Ownership. At 31-Dec-2025 sponsor directors held 6.67% (Mr. Towhid Samad 3.33%, Mr. Salim Bhuiyan 3.34%), public directors 19.39% (Mr. Shakil Rizvi 5.03%, Mr. Aruangshu Dutta 4.29%, Mr. Manjur Mahmud 5.06%, Mr. Kaiser Islam 5.01%), independent directors nil, other institutions 47.53% and the general public 26.41% [1 p.343]. The note lists 7,325 shareholders; 43 holders of more than 80,000 shares held 89.62% [1 p.343].

Board (as printed in the 2025 attendance table). Mr. Towhid Samad (5 of 5 meetings), Mr. Salim Bhuiyan (2 of 5), Mr. Md. Shakil Rizvi (4 of 5), Mr. Aruangshu Dutta (0 of 5), Mr. Mohammad Manjur Mahmud (4 of 5), Mr. Kaiser Islam (2 of 5), Mr. Nasir Uddin Chowdhury (5 of 5) and Mr. Mostafa Zaman Abbasi (Till May 2025) (1 of 5) [1 p.220]. Mr. Towhid Samad is Chairman [1 p.40]. Note 4 lists Mr. Mostafa Zaman Abbasi and Mr. Nasir Uddin Chowdhury as independent directors [1 p.343]. The attendance table totals director fees of Tk 184,000; note 26 shows directors' fees of Tk 224,000 [1 p.220] [1 p.356].

Audit committee (as printed). Mr. Mustafa Zaman Abbasi (Demised on 8th May, 2025), Independent Director, Chairman; Mr. Nasir Uddin Chowdhury, Independent Director, Chairman; Mr. Salim Bhuiyan, Director, Member; Mr. Md. Shakil Rizvi, Director, Member [1 p.226]. The committee met four times in 2025 [1 p.227]. The company secretary, Saifuddin Ahmed, acts as its secretary [1 p.226].

Management. The corporate information page names Ahmed Saifuddin Chowdhury as Chief Executive Officer, Chowdhury Md. Abu Sayead as Chief Financial Officer and Saifuddin Ahmed as Company Secretary [1 p.40]. Managing Director's remuneration was Tk 10.6m in 2025 (Tk 9.6m in 2024) [1 p.353]. Note 3.38 states that 101 employees were employed full time and that 534 employees drew salaries above Tk 3,000 a month; the corporate information page gives 534 employees [1 p.342] [1 p.40].

Dividends. The board recommended an 11% cash dividend for 2025 on 29-Apr-2026 (posted 30-Apr-2026), with record date 21-May-2026 and the AGM on 18-Jun-2026; DSE posted the disbursement on 27-Jul-2026 [11]. For 2024 the dividend was 10% cash (record date 21-May-2025, AGM 22-Jun-2025, disbursement posted 30-Jul-2025) [11]. Note 3.36 states that more than 30% of net profit was recommended as dividend under sections 22 and 23 of ITA 2023 [1 p.342]. Cash dividends were 10% (2018), 11% (2019), 12% (2020), 12.5% (2021), 12% (2022), 10% (2023), 10% (2024) and 11% (2025) [1 p.153] [4 p.54] [3 p.52] [2 p.103] [11]. The payout exceeded EPS for 2019 (101.9%) [15].

24 months of DSE news. The DSE archive from 1-Nov-2024 to 1-Nov-2026 holds results, dividend, record-date, spot-market, board-meeting, audit-opinion, credit-rating and shareholder-information notices [11]. It contains no notice of a board approval for a capital project, expansion, rights issue or acquisition [11]. ARGUS Credit Rating Services rated claim-paying ability 'AAA' long term and 'ST-1' short term with a stable outlook on the 2024 accounts (posted 11-Aug-2025) and on the 2025 accounts (posted 10-Aug-2026) [11]. Fixed-asset purchases were Tk 23.4m in 2025 [1 p.328].

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)' come from precedent board-meeting dates and, where no board date is in our 24-month sweep, audit-report dates; no date has been notified for them. The FY2025 accounts, Q1, Q2 and Q3 2026 results were published on time against those precedents, so the latest accounts are not overdue [11]. The column 'Line it moves' reads 'None disclosed' unless a source links the event to a line.

Commission. The nine-month 2026 accounts already show no agency commission [5 p.2]; the FY2026 annual report (inferred late April 2027) is the first full-year report after IDRA's change reported by The Business Standard [12].

LDC graduation. The Daily Star and The Business Standard reported on 30-Oct-2026 that Bangladesh's graduation from least-developed-country status is on 24-Nov-2029 [13] [14].

Risks: each item and the line it relates to

Reading the risks. Each row ties to a filing page. The audit qualification and the emphasis paragraphs are on pages 318-319 of the 2025 report [1 p.318] [1 p.319]; the management response is on page 154 [1 p.154]. The five-year summary pages print figures that differ from the statements: 'Net profit after tax' of Tk 62.20m for 2025 (the statements show Tk 81.6m), 'Return on equity' of 16.22, EPS of Tk 1.92 for 2022 and Tk 1.53 for 2021 (the 2021 and 2023 reports print Tk 1.92 for 2021 and Tk 1.53 for 2022), and solvency labels reversed [1 p.121] [1 p.153] [3 p.52] [2 p.103]. This note uses the statements throughout.

History 2018-2025 and market data

Figures come from the statements in the 2019, 2021, 2023 and 2025 annual reports, each giving two years [4 p.53] [4 p.55] [3 p.51] [3 p.53] [2 p.102] [2 p.104] [1 p.324] [1 p.329] [4 p.51] [4 p.52] [3 p.49] [3 p.50] [2 p.100] [2 p.101] [1 p.322] [1 p.323]. Gross premium for 2018-2020 is read from the five-year chart labels in the 2021 report [3 p.22]. Profit after tax for 2018-2021 is derived as pre-tax profit less the tax lines in the appropriation account; from 2022 it is printed in the profit and loss account [2 p.102] [1 p.324]. EPS is as printed in each year's appropriation account [4 p.54] [3 p.52] [2 p.103] [1 p.325]. Pre-tax profit was highest in 2021 (Tk 135.8m) and lowest in 2018 (Tk 93.6m) [4 p.53] [4 p.55] [3 p.51] [3 p.53] [2 p.102] [2 p.104] [1 p.324] [1 p.329].

Market data (facts only). The shares closed at Tk 39.1 on 29-Oct-2026 (a Thursday trading session), 13.3% above the Tk 34.5 close on 30-Oct-2025 [10] [15]. In that year daily closes ranged from Tk 29.6 (13-Nov-2025 and 7-Dec-2025, both trading days with bars) to Tk 45.6 (16-Aug-2026, a trading day with a bar) [10]. Market value at Tk 39.1 was Tk 2.11bn [15]. That is 25.9 times 2025 EPS, 25.7 times trailing EPS to September 2026 (derived), 1.85 times NAV per share at 30-Sep-2026, and a 2.8% yield on the 2025 dividend [15]. The 2025 report prints a 2025 high/low share price of Tk 38.20/26.70 [1 p.153].

FAQ

Why is BGIC's 2025 audit opinion qualified?

Mahfel Huq & Co. qualified the opinion for three matters: management expenses of BDT 356,021,230 exceeded the limit under the Maximum Limit of Management Expense for Non-Life Insurance Rule, 2018 (allowable BDT 285,306,262); amounts due from and to other insurers were unconfirmed by third parties; and the auditor could not obtain sufficient evidence on 'Interest, Dividend and Rent Outstanding'.

How profitable was Bangladesh General Insurance in 2025?

Profit after tax was Tk 81.6m (EPS Tk 1.51) against Tk 75.4m (EPS Tk 1.40) in 2024. Underwriting profit was Tk 71.7m, interest and dividend income Tk 85.4m and sundry income Tk 53.5m. Return on average equity was 7.8%.

What is BGIC's combined ratio?

81.4% in 2025 and 86.1% in 2024, measured as net claims plus revenue-account management expenses plus agency commission less reinsurance commission, over net premium. On the same definition Karnaphuli was 82.2%, Nitol 72.7%, Islami 67.7% and Peoples 63.7% in 2025.

Does BGIC have debt?

Yes. Note 13 shows a Uttara Bank PLC overdraft of Tk 296.7m at end-2025, secured by a lien over FDRs; interest expense was Tk 32.4m. The Q3 2026 note shows Tk 293.9m at 30-Sep-2026. Note 35(ii) of the same report states that no credit facilities were availed.

What dividend did BGIC pay for 2025?

11% cash, Tk 1.10 a share, recommended on 29-Apr-2026 with record date 21-May-2026; DSE posted the disbursement on 27-Jul-2026. Cash dividends were between 10% and 12.5% for each year from 2018 to 2025.

How did BGIC do in the first nine months of 2026?

Gross premium rose 4.8% to Tk 725.2m and net premium fell 7.0% to Tk 402.0m. There was no agency commission against Tk 89.9m a year earlier, investment income fell to Tk 63.0m from Tk 99.9m, and pre-tax profit was Tk 146.3m against Tk 145.3m. EPS was Tk 1.74 against Tk 1.73.

Who sits on BGIC's audit committee?

As printed in the 2025 report: Mr. Mustafa Zaman Abbasi (Demised on 8th May, 2025) and Mr. Nasir Uddin Chowdhury, both independent directors and listed as Chairman, and Mr. Salim Bhuiyan and Mr. Md. Shakil Rizvi as members. The committee met four times in 2025.

Sources

1. Bangladesh General Insurance Company PLC Annual Report 2025 (corpus BGIC_ANNUAL_2025; PDF page = printed page) · link · accessed 2026-11-01
2. Bangladesh General Insurance Company PLC Annual Report 2023 (statements for 2022-2023) · link · accessed 2026-11-01
3. Bangladesh General Insurance Company Ltd. Annual Report 2021 (statements for 2020-2021; five-year charts) · link · accessed 2026-11-01
4. Bangladesh General Insurance Company Ltd. Annual Report 2019 (statements for 2018-2019) · link · accessed 2026-11-01
5. Bangladesh General Insurance Company PLC un-audited financial statements to 30-Sep-2026 (scanned; read from page images) · link · accessed 2026-11-01
6. Karnaphuli Insurance PLC Annual Report 2025 (peer; auditor's report p.148, note 26 p.181) · link · accessed 2026-11-01
7. Peoples Insurance PLC Annual Report 2025 (peer; auditor's report p.256, consolidated revenue account p.264) · link · accessed 2026-11-01
8. Nitol Insurance PLC Annual Report 2025 (peer; auditor's report p.181, consolidated revenue account p.189) · link · accessed 2026-11-01
9. Islami Insurance Bangladesh Limited Annual Report 2025 (peer; auditor's report p.98, consolidated revenue account p.110) · link · accessed 2026-11-01
10. AnalystBro market data: DSE daily bars for BGIC to 29-Oct-2026 · link · accessed 2026-11-01
11. DSE news archive for BGIC, 1-Nov-2024 to 1-Nov-2026 (old_news.php, criteria=3): results, dividends, record dates, board-meeting notices, audit-opinion notices, ARGUS ratings · link · accessed 2026-11-01
12. The Business Standard, 'IDRA scraps commission payments in non-life insurance sector', 24 Dec 2025 · link · accessed 2026-11-01
13. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
14. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
15. AnalystBro history and ratio model for BGIC (model.xlsx, the workbook below) · link · accessed 2026-11-01