Bangladesh National Insurance financial analysis: 85% of profit from investments, 57% of FDRs in one bank (Oct 2026)

A Meghna Group insurer: profit up every year since 2016, 85% of 2025 pre-tax profit from investments, and 57% of its FDRs in one bank

What it is. Bangladesh National Insurance PLC (DSE: BNIPLC; traded as BNICL until 12-Oct-2026) is a general (non-life) insurer incorporated on 21-May-1996 that listed on the DSE and CSE through an IPO on 21-Apr-2016 [2 p.131] [8]. It writes fire, marine cargo, marine hull, motor and miscellaneous business; in 2025 gross premium was Tk 1,183m, of which marine cargo was 40.2% and fire 39.5% [1 p.157] [12]. Its sponsor is Mostafa Kamal, chairman and managing director of Meghna Group of Industries, who chaired the board through the 2025 annual report [1 p.23]; the board appointed Beauty Akter as chairman at its 184th meeting, announced on 30-Jul-2026 [8]. Directors and sponsors hold 60.13% of the 44.25m shares [1 p.100], and 42 companies with 'Common Directors', most of them carrying the Meghna, Sonargaon, Tanveer, Tasnim or Unique names, paid Tk 259m of insurance premium in 2025 [1 p.164] [1 p.165].

Where it stands. Profit before tax has risen every year from Tk 81.6m in 2016 to Tk 279.0m in 2025, and EPS from Tk 1.62 to Tk 4.81 [3 p.15] [1 p.18]. The make-up of profit has shifted: underwriting profit fell for a second year to Tk 105.9m in 2025 (from Tk 173.0m in 2023), while investment and other income rose to Tk 236.4m, equal to 84.7% of pre-tax profit, the highest share in the ten years [1 p.18] [12]. In the nine months to September 2026 underwriting profit doubled to Tk 154.5m and profit after tax rose 38.1% to Tk 214.4m (EPS Tk 4.84 against Tk 3.51); the company attributes the EPS deviation to 'exemption of agency commission expense during the period' [4 p.3] [4 p.1]. The shares closed at Tk 158.2 on 29-Oct-2026, against Tk 47.0 a year earlier [7].

What drives shareholder returns. BNIPLC earns from two engines. Underwriting kept 64.6% of gross premium in 2025 and turned it into Tk 105.9m of profit after claims, commission and management expenses [1 p.122] [12]. The investment book is larger than the insurance book: cash and bank balances of Tk 1,799.7m (of which Tk 1,735.4m FDRs) were 61.6% of total assets, and net premium was only 0.55 times equity [1 p.130] [12]. Investment and other income therefore carries most of pre-tax profit. Capital allocation is plain: no borrowings other than a lease liability of Tk 45.8m, 10% of net premium appropriated each year to the reserve for exceptional losses (Tk 76.4m in 2025), and cash dividends of 45.7%-64.7% of EPS over the ten years [1 p.119] [1 p.120] [12]. Book value per share rose from Tk 16.15 in 2016 to Tk 31.26 in 2025 and Tk 33.90 at 30-Sep-2026 [3 p.15] [1 p.18] [4 p.8].

• Does the FDR concentration in Modhumoti Bank persist? Signpost: Annexure-A (bank-wise FDR) in the FY2026 annual report, board meeting inferred for April 2027 (precedents 22-Apr-2025 and 16-Apr-2026; no date notified).
• How much of the 2026 underwriting gain survives a full year without agency commission? Signpost: the FY2026 consolidated revenue account (April 2027, inferred) against 2025 agency commission of Tk 161.2m.
• Do fire claims settle? Signpost: fire revenue account and note 15 outstanding claims in the FY2026 report against Tk 412.3m at end-2025.
• Does FDR interest hold? Signpost: note 26 interest income in the FY2026 report and Q1 2027 interim (inferred May 2027; precedents 14-May-2025 and 10-May-2026).
• Does the dividend keep pace with EPS? Signpost: FY2026 dividend declaration with the April 2027 board meeting (inferred) and AGM (inferred June 2027; precedents 24-Jun-2025, 23-Jun-2026).

Fire and marine cargo are 80% of premium; motor and miscellaneous shrank in 2025

How it makes money. A Bangladeshi general insurer collects premium, cedes part of each risk to reinsurers (who pay back a commission), holds a reserve for the unexpired part of each policy and pays claims, agency commission and management expenses from the rest. BNIPLC reserves 40% of the year's net premium for unexpired risks on all classes except marine hull, where it reserves 100% [1 p.140]. The five class revenue accounts add up to the underwriting profit, and interest, dividends and rent, less unallocated expenses and a 5% Workers' Profit Participation Fund charge, give pre-tax profit [1 p.121] [1 p.122]. The company says it has one operating segment, all within Bangladesh [1 p.140], and it operated through 35 branches at end-2024 [2 p.131].

Classes. Marine cargo was the largest line in 2025 at Tk 475.2m of gross premium (+2.8%), and BNIPLC kept 89.5% of it after reinsurance [1 p.158] [12]. Fire grew 34.9% to Tk 467.0m, but the company ceded Tk 271.6m of it and kept 41.8% [1 p.158] [12]. Motor premium fell 41.6% to Tk 57.2m and miscellaneous fell 14.8% to Tk 167.6m; hull was Tk 16.0m [1 p.157]. Public-sector business shared through Sadharan Bima Corporation was Tk 108.6m, 9.2% of gross premium and 26.1% of miscellaneous premium [1 p.157] [12]. Total ceded premium rose from Tk 298.9m to Tk 419.0m, so net premium ('Premium Less Reinsurance') fell 7.0% to Tk 764.0m even though gross premium rose 5.6% [1 p.158] [12].

Ten-year growth. Gross premium grew from Tk 441.0m in 2016 to Tk 1,183.0m in 2025 [3 p.15] [1 p.18]. The step was in 2021, when gross premium rose 54.5% and net premium 59.4%; in every other year gross premium growth was between 1.4% and 15.1% [12]. Net premium fell in 2018, 2019 and 2025 [12]. The filings we read do not explain the 2021 step.

Retention. BNIPLC kept 78.5% of gross premium in 2016 and 64.6% in 2025 [12]. The 2025 level is the second-lowest in the ten years; the lowest was 64.5% in 2022 [12]. The 2025 fall came from fire, where ceded premium rose from Tk 159.1m to Tk 271.6m, and from miscellaneous, where retention fell from 59.6% to 46.4% [1 p.158] [12]. Reinsurance commission earned rose to Tk 80.6m, 19.2% of premium ceded (22.5% in 2024) [1 p.122] [12].

Underwriting profit fell 39% in two years as net claims rose to 39% of net premium; fire lost money twice

Claims. Net claims incurred ('Claims under the policies less Reinsurance') were Tk 174.9m in 2023, Tk 312.8m in 2024 and Tk 298.0m in 2025, or 22.1%, 38.1% and 39.0% of net premium [2 p.122] [1 p.122] [12]. Claims paid in 2025 were Tk 266.1m, the highest in the ten-year series (the previous high was Tk 213.1m in 2023) [3 p.15] [1 p.18]. Fire paid Tk 210.9m of claims in 2025 and its outstanding claims fell from Tk 175.3m to Tk 88.1m [1 p.123]. Marine cargo moved the other way: Tk 16.1m paid and outstanding claims up from Tk 136.5m to Tk 261.9m [1 p.124].

Commission and expenses. Agency commission was Tk 150.3m, Tk 153.0m and Tk 161.2m in 2023-2025, a steady 13.6%-13.7% of gross premium [2 p.157] [1 p.157] [12]. Expenses of management charged to the revenue accounts were Tk 299.0m in 2025, which the company states is 'approximately 25.28% of Gross Premium' [1 p.140]. Together the two lines were 38.9% of gross premium in 2025 (39.6% in 2023) [12]. The pages we read do not state the IDRA management-expense limit or whether the company is within it.

Combined ratio. On our definition (net claims incurred plus management expenses plus agency commission, less reinsurance commission, over net premium) the combined ratio was 70.6% in 2023, 83.2% in 2024 and 88.7% in 2025 [12]. The company does not print a combined ratio in the pages we read. Because the unexpired-risk reserve also moves through the revenue account, underwriting profit is not simply net premium times (1 minus the combined ratio): in 2025 the reserve fell from Tk 330.3m to Tk 310.9m, which added Tk 19.4m to the result [1 p.122].

By class. Fire is where underwriting lost money: Tk 59.8m in 2024 and Tk 67.8m in 2025, after Tk 123.7m of net claims, Tk 65.4m of agency commission and Tk 130.2m of allocated management expenses on Tk 195.4m of net premium [1 p.123]. The company allocates 43.53% of management expenses to fire by activity and premium income [1 p.140]. Marine cargo earned Tk 122.0m and miscellaneous Tk 33.5m [1 p.124] [1 p.127]. The ten-year underwriting margin ranged from 13.9% (2025) to 24.3% (2022) [12].

Investment income reached 85% of pre-tax profit; FDR interest rose 47% to Tk 211m

The book. At end-2025 BNIPLC held Tk 1,735.4m of FDRs, Tk 59.6m at bank, Tk 3.6m cash in hand and Tk 1.1m of stamps (together the Tk 1,799.7m 'Cash and Bank Balances'), Tk 235.0m of government treasury bonds at cost, Tk 51.7m of shares at market value and Tk 401.6m of investment property [1 p.130] [1 p.119]. In the 'Form AA' classified summary of assets the FDR, bank, cash and stamp columns add to the balance-sheet cash line for both years (Tk 1,799.7m and Tk 1,709.0m), and the Form AA total equals total assets of Tk 2,922.4m [1 p.130] [1 p.119] [12]. By 30-Sep-2026 FDRs were Tk 1,919.7m and cash and bank balances Tk 2,087.2m [4 p.8].

Income. 'Interest on FDR, STD and BGTB' rose from Tk 160.1m to Tk 237.9m in 2025: FDR interest Tk 211.2m (Tk 144.0m), treasury-bond interest Tk 24.1m (Tk 14.6m) and short-term deposit interest Tk 2.6m [1 p.156]. FDR interest was 12.5% of the average FDR balance in 2025 and 9.3% in 2024 [12]. The interest was collected: note 18.01 shows Tk 211.7m received against Tk 211.2m recognised, and accrued FDR interest at year end was Tk 64.5m against Tk 65.0m a year earlier [1 p.154]. Share income was small and negative net of losses: dividends Tk 1.3m, realised gains Tk 3.2m and an unrealised loss of Tk 9.8m [1 p.121]. Rent was Tk 3.1m [1 p.121].

Weight in profit. Investment and other income (gross) was 46.3%-73.6% of pre-tax profit in 2016-2024 and 84.7% in 2025 [12]. The 2025 figure is the highest in the series. In the nine months to September 2026 the share fell to 52.7%, because underwriting profit doubled while 'Income from investment & others' rose 9.3% to Tk 155.4m [4 p.3] [12]. Each 1 percentage point of yield on the end-2025 FDR balance of Tk 1,735m is about Tk 17m of pre-tax income, against Tk 279m of 2025 pre-tax profit [12].

Property and shares. Investment property was Tk 401.6m at written-down value (cost Tk 442.1m after a Tk 12.1m addition in 2025), 13.7% of total assets [1 p.156] [12]; it earned Tk 3.1m of rent in 2025 [1 p.121]. Cash spent on fixed assets was Tk 133.4m in 2023, Tk 1.8m in 2024 and Tk 16.3m in 2025 [2 p.129] [1 p.129]. The listed share book was reduced from Tk 100.3m to Tk 51.7m in 2025; by September 2026 the investment note lists Tk 29.6m of listed shares through three brokers, Tk 22.0m in unlisted Energyprima and a Tk 20.0m UCB subordinated bond [1 p.119] [4 p.7].

Tk 993m in Modhumoti Bank: 57% of FDRs and 72% of equity at end-2025

The schedule. Annexure-A lists FDRs at 48 banks and finance companies [1 p.172]. One line dominates: Modhumoti Bank Ltd., Tk 993.5m at 31-Dec-2025, up from Tk 563.1m a year earlier and Tk 421.6m at end-2023 [1 p.172] [2 p.171]. That is 57.2% of FDRs, 34.0% of total assets and 71.8% of shareholders' equity [12]. In the same year the FDR at Community Bank Bangladesh fell from Tk 393.4m to Tk 44.6m [1 p.172]. Modhumoti Bank also held Tk 9.9m of the company's short-term deposit balances [1 p.173].

The link to the sponsor. The chairman's profile in the 2025 annual report describes Mostafa Kamal as chairman of 'Risk Management Committee of the Board of Directors, Modhumoti Bank Limited' [1 p.23]. Modhumoti Bank does not appear in the related-party note, which lists only insurance-premium transactions with 42 companies [1 p.164] [1 p.165]. The bank-wise schedule does not give interest rates or maturities, so the interest earned on the Modhumoti deposits cannot be separated from the Tk 211.2m total [1 p.156] [1 p.172].

Other banks. The remaining Tk 741.9m is spread across 47 institutions, none above Tk 53.3m (National Bank) at end-2025 [1 p.172] [12]. The schedule includes Social Islami Bank (Tk 52.1m), EXIM Bank (Tk 27.1m), First Security Islami Bank (Tk 1.3m), Global Islami Bank (Tk 1.8m), Union Bank (Tk 1.0m), Padma Bank (Tk 0.8m) and two finance companies, IDLC (Tk 2.3m) and LankaBangla (Tk 13.8m) [1 p.172]. The annual report carries no impairment against any FDR, and the auditor's key audit matters do not cover FDRs [1 p.119] [1 p.112] [1 p.113] [1 p.114] [1 p.115].

Ten-year ratios: ROE 9.9%-17.5%, equity 47% of assets, payout 46%-65% of EPS

Returns. ROE on average equity rose from 9.9% in 2017 to a peak of 17.5% in 2022 and was 16.1% in 2025 [12]. ROA stayed within 6.2%-8.2% [12]. PAT before 2024 is derived as reported EPS times 44.25m shares, and equity before 2024 as reported book value per share times shares, because the 'Performance at a glance' tables do not print either line [3 p.15] [1 p.18]. The effective tax rate (1 minus PAT over PBT) was 23.7% in 2025; the tax note deducts the reserve for exceptional losses, rent, dividends, treasury-bond interest and realised gains from pre-tax profit before applying tax rates [1 p.158] [12].

Leverage. Equity was 63.6% of assets in 2016 and 47.3% in 2025 [12]. The fall reflects insurance liabilities growing faster than equity: outstanding claims rose to Tk 412.3m, premium deposits to Tk 209.6m and amounts due to other insurers were Tk 199.3m at end-2025 [1 p.119]. Net premium was 0.55 times equity in 2025, against 0.68 in 2023 [12].

Cash conversion. Operating cash flow was Tk 187.0m in 2023, Tk 296.9m in 2024 and Tk 181.5m in 2025, or 1.05, 1.60 and 0.85 times profit after tax [2 p.129] [1 p.129] [12]. In 2025 payments for management expenses, reinsurance and claims rose to Tk 817.9m from Tk 606.3m while premium collections rose to Tk 866.4m from Tk 827.2m [1 p.129]. In the nine months to September 2026 operating cash flow was Tk 409.9m against Tk 122.1m, with payments for expenses, reinsurance and claims down to Tk 352.5m from Tk 566.3m [4 p.5].

Against City and Reliance: the same retention as City, the highest claims ratio of the three

We compare BNIPLC with two DSE general insurers whose 2025 consolidated revenue accounts we re-opened: City Insurance (a marine-cargo insurer of similar size) and Reliance Insurance (a larger, low-retention insurer). All three are company (not group) accounts for the year to 31-Dec-2025. Each insurer prints its own labels, quoted in the table; we apply one combined-ratio definition to all three [1 p.122] [5 p.394] [6 p.364] [6 p.365].

Notes to the table. City's 'Insurance stamp expenses' (Tk 3.6m) are excluded from its expense ratio, and its reinsurance commission adds 'Commission earned/accepted on re-insurance ceded' (Tk 62.8m) and 'Profit commission' (Tk 8.8m) [5 p.394]. Reliance's 'Commission on reinsurances' (Tk 468.7m) includes profit commission and commission earned on public-sector business [6 p.365], and its commission line is printed as 'Commission', not 'Agency commission' [6 p.364]. Profit after tax is after each company's own Workers' Profit Participation Fund charge; BNIPLC's was Tk 14.0m and its lease finance cost Tk 4.6m in 2025 [1 p.121]; we did not separate those lines for the peers. Reserve bases differ: City reserves 40% of premium for fire and motor, 50% for marine cargo and miscellaneous and 100% for hull [5 p.394], against 40% on all classes except hull (100%) at BNIPLC [1 p.140]. Prices are closes on 29-Oct-2026 [7].

What the comparison shows. BNIPLC and City kept the same share of gross premium in 2025 (64.6% and 64.7%); Reliance kept 29.5% [12]. Within this set of three, BNIPLC had the highest claims ratio (39.0% against 22.2% at both City and Reliance) and the highest combined ratio (88.7% against 74.9% and 53.1%) [12]. Its expense ratio (49.7%) sat between City (52.7%) and Reliance (30.9%) [12]. On profit after tax over year-end equity BNIPLC returned 15.4%, City 14.6% and Reliance 10.7% [12]. BNIPLC's cash payout of 45.7% of EPS was the highest of the three [12].

Nine months of 2026: underwriting profit doubled and EPS rose 38% after agency commission ended

The rule. The Business Standard reported on 24-Dec-2025 that IDRA 'has scrapped the scope for paying commissions in the non-life insurance sector' and suspended 'all individual agent licences with effect from 1 January 2026' [9]. Agency commission was Tk 161.2m in BNIPLC's 2025 revenue account, 13.6% of gross premium and 1.52 times 2025 underwriting profit [1 p.122] [12].

What the interims show. The quarterly statements combine agency commission, management expenses, claims and the unexpired-risk adjustment into one line, so the commission saving cannot be read directly [4 p.1] [4 p.3]. That combined line was Tk 582.0m for the nine months to September 2026 against Tk 534.1m a year earlier, while gross premium rose 14.7% to Tk 1,020.6m and reinsurance commission rose to Tk 103.2m from Tk 68.8m [4 p.3] [12]. Underwriting profit was Tk 154.5m against Tk 75.7m; 'Income from investment & others' Tk 155.4m against Tk 142.2m; profit after tax Tk 214.4m against Tk 155.3m [4 p.3]. The company's explanatory note says: 'Significant deviation in earning per share due to exemption of agency commission expense during the period' [4 p.1].

Quarter by quarter. DSE-announced EPS was Tk 1.61 for Q1 2026 (Tk 1.06), Tk 1.39 for Q2 (Tk 0.98) and Tk 1.84 for Q3 (Tk 1.47) [8]. Q3 2026 alone: gross premium Tk 358.9m (+10.8%), underwriting profit Tk 69.1m (+66.2%), profit after tax Tk 81.4m (+24.9%) [4 p.3] [12]. Trailing twelve-month EPS to September 2026 is Tk 6.14 (2025 EPS Tk 4.81, less 9M 2025 Tk 3.51, plus 9M 2026 Tk 4.84) [12]. NAV per share was Tk 33.90 at 30-Sep-2026 after paying the Tk 97.4m 2025 dividend [4 p.8] [4 p.5].

Cash and balance sheet in 2026. The nine-month cash-flow note attributes the rise in operating cash flow to 'increases in premium income, deposit premium, exemption of agency commission expense and decreases in payment of claim & re-insurance' [4 p.8]. FDRs rose to Tk 1,919.7m and accrued interest within sundry debtors to Tk 137.6m (Tk 69.5m at end-2025) [4 p.7] [4 p.8] [1 p.119]. The reserve for exceptional losses was topped up by Tk 63.3m in the nine months, 10% of net premium as in the annual accounts [4 p.3].

Unmodified audit with four key audit matters; outstanding claims Tk 412m; Tk 264m of advance tax

Audit opinion. A. Hoque & Co. (Md. Iqbal Hossain, FCA), signing on 16-Apr-2026, wrote: 'In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 31st 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 Bangladesh Securities and Exchange Rules, 2020 and other applicable laws and regulations.' [1 p.111] We found no emphasis-of-matter paragraph in the report [1 p.111] [1 p.115] [1 p.116]. The key audit matters are premium income, the 'Estimated liability in respect of outstanding claims whether due or intimated and claim Payment', investment in shares, and the deferred tax liability [1 p.112] [1 p.113] [1 p.114] [1 p.115]. Under section 63(2) of the Insurance Act the auditor states that 'all expenses of management wherever incurred directly or indirectly ... have been duly debited to the related Revenue Accounts' [1 p.118].

Claims reserves. Outstanding claims rose from Tk 174.9m at end-2023 to Tk 380.4m at end-2024 and Tk 412.3m at end-2025, 54.0% of 2025 net premium [1 p.122] [12]. The 2025 balance by class is fire Tk 88.1m, marine cargo Tk 261.9m, hull Tk 23.0m, motor Tk 35.5m and miscellaneous Tk 3.8m [1 p.123] [1 p.124] [1 p.125] [1 p.126] [1 p.127]. The notes we read give no IBNR figure and no ageing of outstanding claims.

Receivables and payables with insurers. BNIPLC shows almost nothing due from other insurers: Tk 1.2m of co-insurance balances from Green Delta, Rupali, Central, Prime and Northern General, unchanged from 2024 [1 p.155]. It owed Tk 199.3m to 'other persons or bodies carrying on insurance business' [1 p.119]. Sundry debtors of Tk 269.3m are mostly advance income tax (Tk 263.9m), which grew from Tk 194.8m in 2024 [1 p.155]; provision for tax sits within sundry creditors [1 p.119] [4 p.8].

Related parties. The related-party note ('Other Related Parties') lists 42 parties described as 'Common Directors' with 'Insurance Premium' transactions, from Cumilla Economic Zone Ltd. (Tk 1.4m) to Unique Cement Industries Ltd. (Tk 21.9m), Tanveer Food Ltd. (Tk 21.4m), Meghna Fresh LPG Ltd. (Tk 19.6m), Sonargaon Seeds Crushing Mills Ltd. (Tk 18.9m) and Meghna PVC Limited (Tk 30.6m, the largest) [1 p.164] [1 p.165]. The note prints no total; the rows add to Tk 259.4m, 21.9% of gross premium [12]. Some names appear twice with different amounts (Meghna Ball Pen & Accessories Mfg Ltd., Meghna Beverage, Meghna Ceramic and Meghna Foil Packaging) [1 p.164]. The note says the transactions are 'in the normal course of business and on an arm's length basis' [1 p.164]. The Q3 2026 interim lists similar parties for 2026 [4 p.9].

Sponsors and directors own 60.13%; a new chairman in July 2026; cash dividend raised to 22%

Ownership. Directors and sponsors held 26,608,820 shares, 60.13%, at the date of the 2025 report [1 p.100]. The largest holders on the list are Tasnim Binte Mostafa (7.91%), Mostafa Kamal (7.48%), Tahmina Binte Mostafa (7.48%), Tanveer Ahmed Mostafa (7.44%) and Tanjima Binte Mostafa (7.25%) [1 p.100]. The list also includes the ex-chairman Abdul Baset Mojumder (2.00%) and a public director, Balayet Hossain Bhuiyan (2.002%) [1 p.100]. The company reports no parent, subsidiary or associate shareholding [1 p.100].

Board and management. The 2025 report lists 13 directors (chairman Mostafa Kamal), five independent directors (Md. Alamgir Hossain Khan, Monjur Md. Shaiful Azam, Barrister Md. Hasan Rajib Prodhan, Mohammad Sayed Ahmed Raza and Professor Tanzina Haque) and chief executive officer Mohammad Sana Ullah [1 p.22]. Directors receive Tk 8,000 per board meeting, Tk 696,000 in 2025 [1 p.164]. On 30-Jul-2026 the company announced that the board had appointed Beauty Akter as chairman at its 184th board meeting [8]. The board confirmed Md. Masud Rana as company secretary from 2-Feb-2025; he had been acting company secretary since August 2021 [8].

Director trades and corporate actions (24 months of DSE news). In August 2025 sponsor director Mostafa Kamal completed buying 885,000 shares and director Tasnim Binthe Mostafa completed buying 890,000 shares in the block market; in September 2025 she gifted 885,000 shares to her spouse Rashik Alam Chowdhury outside the trading system [8]. Emerging Credit Rating Limited rated the company 'AAA' long term and 'ST-1' short term with a stable outlook in both September 2025 and September 2026 [8]. In response to a DSE query dated 24-Sep-2026 on an 'unusual price hike and increase in trading volume', the company said there was no undisclosed price-sensitive information [8]. DSE approved the change of name to Bangladesh National Insurance PLC and of trading code to BNIPLC from 12-Oct-2026 [8]. The 24-month archive shows no board approval of a new investment, capital raise or expansion project [8].

Dividends. The cash dividend rose from 10% of face value for 2016-2017 to 12% for 2018-2019, 15% for 2020, 18% for 2021, 20% for 2022-2024 and 22% (Tk 2.20 a share) for 2025 [3 p.15] [1 p.18]. The 2025 dividend, Tk 97.4m, was recommended on 16-Apr-2026 (record date 13-May-2026, AGM 23-Jun-2026) and its disbursement was announced on 23-Jul-2026 [8] [4 p.5]. Payout fell from 64.7% of EPS in 2020 to 45.7% in 2025, the lowest in the ten years, because EPS grew faster than the dividend [12]. No stock dividend appears in 2016-2025: paid-up capital stayed at Tk 442.5m [3 p.15] [1 p.18].

Share price and multiples (facts only). The shares closed at Tk 158.2 on 29-Oct-2026; the 52-week closing range was Tk 39.7 (13-Nov-2025) to Tk 173.7 (30-Sep-2026) [7]. At Tk 158.2 the market value is about Tk 7.0bn, the P/E is 32.9 times 2025 EPS and 25.8 times trailing EPS of Tk 6.14, P/B is 4.67 times the September 2026 NAV of Tk 33.90, and the 2025 dividend is a 1.4% yield [12]. At December year-ends from 2016 to 2025 the P/E ranged from 8.2 times (2018) to 42.1 times (2021) and the P/B from 0.91 times (2018) to 6.22 times (2021) [12].

What will move the lines next: the full-year 2026 accounts, FDR placement and the fire book

These are the dated events that will move BNIPLC's reported lines. The Q3 2026 results (announced 28-Oct-2026) are covered in the text above. We do not forecast numbers; inferred dates are labelled and no board date has been notified for any of them.

Commission. IDRA's suspension of individual agent licences from 1-Jan-2026 removes a line that was Tk 161.2m in 2025 [9] [1 p.122]. The nine-month 2026 accounts show underwriting profit doubling while gross premium rose 14.7% [4 p.3] [12]. Signpost: 'Expenses of Management' in the FY2026 class revenue accounts, against 25.3% of gross premium in 2025 [1 p.140].

Interest income. FDR interest moves with deposit rates and with where the money is placed. On the end-2025 balance, each 1 percentage point of yield moved pre-tax income by about Tk 17m [12]. FDRs grew a further Tk 184.3m in the first nine months of 2026, to Tk 1,919.7m [4 p.8] [12]; the interim does not give a bank-wise split.

LDC graduation. The Daily Star and The Business Standard report that the UN General Assembly adopted Bangladesh's move from LDC graduation on 24-Nov-2026 to 24-Nov-2029, on 29-Oct-2026 in New York (30-Oct in Dhaka) [10] [11]. Marine cargo, 40.2% of BNIPLC's 2025 gross premium, follows import trade [1 p.157] [12]; our sources do not say how graduation would change that line.

Risks: deposit concentration, retained fire and cargo claims, investment-led profit, related-party premium

The figures set out three exposures. The first is the balance sheet: Tk 993.5m in one bank is larger than 2025 profit after tax by a factor of 4.7 and equals 71.8% of equity [1 p.172] [12]; the schedule shows no rates, maturities or impairment [1 p.172]. The second is the source of profit: investment and other income was 84.7% of 2025 pre-tax profit [12]. The third is underwriting in fire and cargo, where BNIPLC keeps part of the risk: fire lost money in 2024 and 2025 [1 p.123], and marine-cargo outstanding claims nearly doubled in 2025 to Tk 261.9m on 89.5% retention [1 p.124] [12].

• FY2026 audited accounts and dividend, April 2027 (inferred; no board date notified): Annexure-A bank-wise FDRs, notes 26-28, class revenue accounts.
• Q1 2027 interim, May 2027 (inferred): underwriting profit and 'Income from investment & others'.
• FY2026 related-party note: premium from the 42 'Common Directors' companies against Tk 259.4m in 2025.
• FY2026 note 15: outstanding claims against Tk 412.3m at end-2025.
• ECRL surveillance rating, September 2027 (inferred).

Ten-year history, 2016-2025

Figures for 2016-2020 come from the 2020 annual report's 'Performance at a glance' and for 2021-2025 from the 2025 report's table of the same name [3 p.15] [1 p.18]. Profit after tax and shareholders' equity for 2016-2023 are derived from reported EPS and book value per share times 44.25m shares; 2024 and 2025 are as printed [1 p.119] [1 p.120]. The 'Total Reserves' line in those tables is not shareholders' equity: for 2025, Tk 1,251.7m plus paid-up capital equals the Tk 1,694.2m 'net worth' on the highlights page, which adds the unexpired-risk reserve to equity of Tk 1,383.2m [1 p.18] [1 p.9] [1 p.119]. 'Claims paid' is a paid figure, not claims incurred [1 p.122].

FAQ

What does Bangladesh National Insurance do?

It is a DSE-listed general (non-life) insurer, incorporated in 1996 and listed in 2016, writing fire, marine cargo, marine hull, motor and miscellaneous insurance. In 2025 it wrote Tk 1,183m of gross premium, 40.2% marine cargo and 39.5% fire, and kept 64.6% after reinsurance. Its sponsor is Mostafa Kamal of Meghna Group of Industries.

Where does BNIPLC's profit come from?

In 2025 investment and other income was Tk 236.4m, mostly FDR interest of Tk 211.2m, against underwriting profit of Tk 105.9m. Investment income equalled 84.7% of pre-tax profit of Tk 279.0m. In the first nine months of 2026 underwriting profit rose to Tk 154.5m and investment income to Tk 155.4m.

How much of BNIPLC's deposits are in one bank?

At 31-Dec-2025 the company held Tk 993.5m of fixed deposits at Modhumoti Bank, 57.2% of its Tk 1,735.4m of FDRs, 34.0% of total assets and 71.8% of shareholders' equity. The share was 29.3% at end-2023 and 34.0% at end-2024. The chairman's profile says Mostafa Kamal chairs Modhumoti Bank's board risk management committee.

What dividend did BNIPLC pay for 2025?

22% cash, Tk 2.20 a share (Tk 97.4m), 45.7% of EPS of Tk 4.81. The cash dividend has risen from 10% for 2016 and the company has paid no stock dividend since listing.

What happened to BNIPLC's results after agency commission was abolished?

IDRA suspended individual agent licences in non-life insurance from 1-Jan-2026, according to The Business Standard. BNIPLC's underwriting profit for the nine months to September 2026 was Tk 154.5m against Tk 75.7m, and EPS was Tk 4.84 against Tk 3.51; the company attributes the EPS deviation to the exemption of agency commission expense.

What did the auditor say about the 2025 accounts?

A. Hoque & Co. gave an unmodified opinion that the statements 'present fairly, in all material respects' the company's position and performance. Its key audit matters were premium income, outstanding claims, investment in shares and the deferred tax liability.

Sources

1. Bangladesh National Insurance Company Limited Annual Report 2025 (corpus BNIPLC_ANNUAL_2025, PDF page numbers) · link · accessed 2026-10-31
2. Bangladesh National Insurance Company Limited Annual Report 2024 (corpus BNIPLC_ANNUAL_2024) · link · accessed 2026-10-31
3. Bangladesh National Insurance Company Limited Annual Report 2020 (performance at a glance 2016-2020, p.15) · link · accessed 2026-10-31
4. Bangladesh National Insurance PLC un-audited third-quarter financial statements to 30-Sep-2026 · link · accessed 2026-10-31
5. City Insurance PLC Integrated Annual Report 2025 (peer; p.366, p.390, p.394) · link · accessed 2026-10-31
6. Reliance Insurance PLC Annual Report 2025 (peer; p.87, p.364-365) · link · accessed 2026-10-31
7. AnalystBro market data: DSE daily and monthly bars for BNIPLC, CITYGENINS and RELIANCINS to 29-Oct-2026 · link · accessed 2026-10-31
8. DSE news archive for BNIPLC/BNICL, 1-Nov-2024 to 1-Nov-2026 (results, dividends, board meetings, rating, chairman, director trades, name change) · link · accessed 2026-10-31
9. The Business Standard, 'IDRA scraps commission payments in non-life insurance sector', 24 Dec 2025 · link · accessed 2026-10-31
10. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-10-31
11. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation', 30 Oct 2026 · link · accessed 2026-10-31
12. AnalystBro history and ratio model for BNIPLC (model.xlsx, the workbook below) · link · accessed 2026-10-31