Crystal Insurance financial analysis: net claims ratio 32.9% and expense ratio 38.0% in 2025 (Oct 2026)

Investment considerations: unmodified 2025 audit; EPS Tk 3.34; underwriting profit 76.7% of pre-tax profit; 9M 2026 EPS Tk 3.05

What it is. Crystal Insurance PLC (DSE: CRYSTALINS) 'was incorporated as a public limited company on 11th November, 1999 under the Companies Act, 1994' and 'is engaged in non-life (general) insurance business within the meaning of the Insurance Act, 2010' [1 p.19]. Its registered office is at DR Tower (14th Floor), 65/2/2, Box Culvert Road, Purana Paltan, Dhaka, and note 2.19 gives 'forty two' branches at 31-Dec-2025 [1 p.19] [1 p.22]. It has 44,000,000 ordinary shares of Tk 10 [1 p.27]. The latest annual accounts cover the calendar year to 31 December 2025: the balance sheet is 'As at December 31, 2025' and note 1.03 states that the statements 'cover one calendar year starting from 1st January 2025 to 31st December, 2025' [1 p.7] [1 p.19].

Where it stands. Gross premium was Tk 923.1m in 2025 (2024: Tk 813.0m), including public-sector business of Tk 122.3m [1 p.2] [1 p.38]. After Tk 218.4m of re-insurance ceded, net premium ('Premium less re-insurances') was Tk 704.7m against Tk 561.8m [1 p.13] [1 p.38]. Underwriting profit transferred from the revenue accounts was Tk 144.6m against Tk 154.2m [1 p.9]. Profit before tax and WPPF was Tk 188.5m against Tk 187.7m, and net profit after tax and WPPF Tk 147.0m against Tk 137.6m, giving EPS of Tk 3.34 against Tk 3.13 [1 p.9] [1 p.34] [1 p.35]. The DSE-posted nine-month 2026 EPS was Tk 3.05 against Tk 2.65 [16]. The shares closed at Tk 66.8 on 29-Oct-2026, against Tk 53.0 on 29-Oct-2025 [15] [20].

Shareholder returns in the filings. In 2025 underwriting profit was Tk 144.6m and interest income Tk 105.9m; other income was a loss of Tk 8.0m, and Tk 52.3m of management expenses not applicable to any fund were charged in the profit and loss account [1 p.9]. Underwriting profit was 76.7% of profit before tax and WPPF and interest income 56.2% [20]. Interest on FDRs was Tk 88.1m and on treasury bonds Tk 17.2m [1 p.32]. Return on average equity, on profit after tax and WPPF, was 12.5% in 2025, 12.7% in 2024 and 12.1% in 2023 [20]. The board recommended a 12% cash dividend (Tk 1.20 a share) for 2025, as for 2024; that is 35.9% of 2025 EPS [16] [20].

• Encashment of the Tk 87.2m of FDRs with five named banks. Where: note 26 in the FY2026 accounts (board meeting inferred 9-18 February 2027; no date notified).
• Agency commission in 2026. Where: the FY2026 class revenue accounts; the company's Q2 and Q3 2026 DSE posts cite 'omission agent commission expense'.
• Fire and marine cargo results. Where: the class revenue accounts; H1 2026 fire profit was Tk 17.1m and marine cargo Tk 25.3m against Tk 3.3m and Tk 80.8m.
• Ventura Asset Management. Where: note 17 (equity-method carrying value) and note 42.01 (related-party transactions) in the FY2026 accounts.
• Outstanding claims. Where: note 9; the liability was Tk 244.1m at 30-Jun-2026 against Tk 172.6m at 31-Dec-2025.

Business: fire 48.5% of 2025 gross premium, marine cargo 32.6%, miscellaneous 11.7%, motor 5.9%, hull 1.3%

How it makes money. A Bangladeshi general insurer collects premium, cedes part of each risk to re-insurers (who pay a commission back), holds a reserve for the unexpired part of each policy, and pays claims, agent commission and management expenses from the rest. Crystal holds the unexpired-risk reserve 'at 40% of premium income of the year for fire, marine cargo, motor and miscellaneous insurance business and at 100% of premium income of the year for marine hull' [1 p.13]. Note 1.02 states that 'Premium income is the primary source of revenue for the company' [1 p.19]. Premium on public-sector business (PSB) 'is accounted for in the year in which the relevant statement is received from Shadharan Bima Corporation (SBC)' [1 p.22]. The five class revenue accounts add up to the underwriting profit; interest and other income less unallocated expenses give profit before tax [1 p.9].

Classes. Form XL shows fire gross premium of Tk 448.0m in 2025, 48.5% of the total, of which Tk 30.1m was PSB; the company kept 80.9% after re-insurance [1 p.38] [20]. Marine cargo wrote Tk 301.3m (32.6%) and kept 75.3%; miscellaneous wrote Tk 107.6m (11.7%), of which Tk 56.5m was PSB, and kept 48.5% [1 p.38] [20]. Motor wrote Tk 54.3m (5.9%) and kept 99.7%, and marine hull Tk 12.0m (1.3%) and kept 78.6% [1 p.38] [20]. Fire gross premium (underwritten plus PSB) was Tk 375.6m in 2024 and marine cargo Tk 303.9m; on these figures fire rose 19.3% and marine cargo fell 0.9% (our arithmetic on the printed lines) [1 p.14] [1 p.15]. Note 2.23 states that management expenses 'have been allocated among the different revenue accounts on pro-rata basis of their respective gross premium income' [1 p.23].

The motor revenue account prints net claims of Tk 7,093,202 [1 p.17]. The total row is the consolidated revenue account, which prints Tk 232,160,324 [1 p.13].

Ten years of premium. Gross premium rose in every year of the printed history, from Tk 390.4m in 2016 to Tk 923.1m in 2025; the lowest was 2016 and the highest 2025 [5 p.54] [4 p.22] [2 p.15] [1 p.13] [1 p.2]. Growth ranged from 3.2% (2021) to 22.3% (2019) [20]. Net premium was lowest at Tk 292.6m (2016) and highest at Tk 704.7m (2025) [5 p.54] [4 p.22] [2 p.15] [1 p.13]. Retention ranged from 63.2% (2021) to 76.3% (2025) [20]. The filings read do not give a reason for the 2025 rise in retention.

Re-insurance and SBC. Premium ceded was Tk 218.4m in 2025, 23.7% of gross premium, against Tk 251.3m (30.9%) in 2024; re-insurance commission was Tk 39.3m, 18.0% of the premium ceded, against Tk 57.3m (22.8%) [1 p.13] [2 p.15] [20]. Note 10 describes the Tk 255.9m due to other persons or bodies carrying on insurance business at 31-Dec-2025 as 'the due amount to Sadharan Bima Corporation (SBC) for re-insurance arrangements' [1 p.29]. The Tk 164.2m due from such bodies at 31-Dec-2025 is labelled 'Receivable from SBC' in note 21 [1 p.31]. The note gives no ageing.

Related parties as customers. Note 42.01 lists seven related parties with the nature 'Common Director' and the transaction type 'Insurance premium and claim settlement': Hamid Spinning Mills Ltd., Hamid Fabrics Ltd. Unit-I, Hamid Fabrics Ltd. Unit-II, Hamid Weaving Mills Ltd., Hamid Fabrics Ltd. (Yarn dyeing), Tazrian Weaving Mills Ltd. and Ventura Asset Management Company Ltd. [1 p.36]. The 2025 columns for premium earned and claim paid show a dash for every party; the 2024 columns show a claim paid of Tk 628,000 to Hamid Fabrics Ltd. Unit-II and a dash for every other party and for premium earned [1 p.36].

Underwriting: 2025 profit Tk 144.6m against Tk 154.2m; net claims Tk 232.2m against Tk 149.1m; expense ratio 38.0%

Claims. 'Claims under policies less re-insurances' was Tk 232,160,324 in 2025 against Tk 149,066,722 in 2024 and Tk 122,221,003 in 2023 [1 p.13] [2 p.15]. The 2025 figure is claims paid of Tk 261.5m, plus Tk 3.8m paid on PSB, less Tk 3.2m recovered on PSB and Tk 70.5m recovered on re-insurance ceded, plus Tk 172.6m outstanding at the end of the year, less Tk 132.0m at the start [1 p.13]. Fire net claims were Tk 157.4m against Tk 122.2m; fire claims paid were Tk 215.9m, of which Tk 68.8m was recovered from re-insurers [1 p.14]. Marine cargo net claims were Tk 64.2m against Tk 24.4m, and marine cargo outstanding claims rose to Tk 89.9m from Tk 62.5m [1 p.15] [1 p.28]. The claims ratio was 32.9% of net premium, against 26.5% in 2024 and 25.7% in 2023 [20].

Expenses and commission. Management expenses in the revenue accounts were Tk 220.5m in 2025 against Tk 206.2m and Tk 198.0m, equal to 23.9%, 25.4% and 27.9% of gross premium [1 p.13] [2 p.15] [20]. Salary and allowance was Tk 163.6m of the 2025 total, against Tk 143.1m [1 p.33]. Agent commission was Tk 86.5m against Tk 74.8m, 9.4% of gross premium against 9.2% [1 p.33] [20]. Form XL shows all agent commission on direct business and none on PSB [1 p.38]. The expense ratio, management expenses and stamp duty plus agent commission less re-insurance commission over net premium, was 38.0% in 2025, 39.8% in 2024 and 44.6% in 2023 [20]. The auditor reports, under section 63(2) of the Insurance Act 2010, that 'all expenses of management wherever incurred and whether incurred directly or indirectly, in respect of insurance business of the company transacted in Bangladesh during the year under report have been duly debited to the related Revenue Accounts and the Statement of Comprehensive Income of the Company' [1 p.5]. The pages read do not compare management expenses with the IDRA limit.

Underwriting result. Underwriting profit was Tk 144.6m in 2025, Tk 154.2m in 2024 and Tk 142.2m in 2023, or 20.5%, 27.5% and 29.8% of net premium [1 p.13] [2 p.15] [20]. The unexpired-risk reserve rose to Tk 287.5m at 31-Dec-2025 from Tk 227.4m at 31-Dec-2024, a Tk 60.2m charge against 2025 underwriting profit [1 p.13] [1 p.28]. Across 2016-2025 the underwriting margin was lowest at 17.9% (2016) and highest at 37.1% (2020) [20]. The combined ratio on the house definition was 70.9% in 2025, 66.3% in 2024 and 70.2% in 2023 [20].

Two class splits. The profit and loss account prints the 2025 'Profit/(Loss) transferred from' each class as fire Tk 27,340,175, marine cargo Tk 76,643,597, marine hull Tk 125,571, motor Tk 18,403,851 and miscellaneous Tk 22,110,361 [1 p.9]. The class revenue accounts print the 'Profit/(Loss) transferred to profit and loss account' as fire Tk 25,045,123, marine cargo Tk 79,357,781, marine hull Tk 252,124, motor Tk 18,834,646 and miscellaneous Tk 21,133,881 [1 p.14] [1 p.15] [1 p.16] [1 p.17] [1 p.18]. Both sets add up to the Tk 144.6m total [1 p.9] [1 p.13]. The filings do not explain the difference. This note uses the class revenue accounts for class ratios.

Class ratios (class revenue accounts). Fire net claims were 43.4% of fire net premium and its underwriting result 6.9%; marine cargo net claims were 28.3% and its result 35.0% [20]. Motor net claims were 13.1% and its result 34.8%; miscellaneous net claims were 6.4% and its result 40.5% [20]. Marine hull net claims were 1.3% of its Tk 9.4m net premium and its result 2.7% [20].

Investments: Tk 1,063.8m of FDRs at 31-Dec-2025, Tk 87.2m of them with five named banks; treasury bonds Tk 249.4m

Where the money sits. At 31-Dec-2025 cash and cash equivalents were Tk 1,103,765,291, of which fixed deposit receipts Tk 1,063,777,617 and cash and bank balances Tk 39,987,674 [1 p.8] [1 p.32]. Note 26 splits the FDRs into Tk 1,008,430,000 with banks and Tk 55,347,617 with non banking financial institutions [1 p.32]. Note 2.14 states that 'cash in hand, FDR and bank balances have been considered as cash and cash equivalents' [1 p.22]. The FDRs were 47.7% of total assets [20]. Investments of Tk 304.6m comprised Bangladesh govt. treasury bonds of Tk 249.4m and listed shares at fair value of Tk 55.2m [1 p.30] [1 p.31].

Five banks. Note 26 states: 'Out of the total FDR balance, Tk. 87,200,000 is invested with Social Islami Bank PLC, Exim Bank, First Security Islami Bank PLC, Global Islami Bank PLC and Union Bank PLC (now converted as Shommilito Islamic Bank PLC). The Company has initiated steps to encash the said FDR upon maturity. However, due to regulatory restrictions and directives issued through circulars of the Bangladesh Bank concerning corporate encashment and liquidity management of certain banks, the encashment process has not yet been completed as of the reporting date. The Board of directors believes that the deposit remains recoverable.' [1 p.32]. The company names the Bangladesh Bank circulars in that note; it does not cite their numbers. The Tk 87.2m is 8.2% of the FDRs and 7.2% of shareholders' equity at 31-Dec-2025 [20]. The 2025 auditor's report contains no paragraph on these deposits [1 p.1] [1 p.2] [1 p.3].

Interest income. Interest income was Tk 105.9m in 2025, Tk 100.0m in 2024 and Tk 42.9m in 2023 [1 p.9] [2 p.11]. In 2025 it comprised Tk 88.1m on FDR accounts, Tk 0.6m on STD accounts and Tk 17.2m on treasury bonds [1 p.32]. FDR interest of Tk 88.1m was 8.3% of the average FDR balance of 2024 and 2025 (our arithmetic) [20]. Accrued interest receivable was Tk 82.9m at 31-Dec-2025 against Tk 56.1m at 31-Dec-2024 [1 p.8]. Treasury bonds rose to Tk 249.4m from Tk 119.2m, with Tk 134.4m bought during the year [1 p.30].

Shares, Ventura and Amulet. Listed shares fell to Tk 55.2m at fair value from Tk 117.4m, with withdrawals of Tk 24.7m, a realised loss of Tk 10.3m and an unrealised loss of Tk 7.2m [1 p.31]. The investment fluctuation fund within equity was minus Tk 48.2m at 31-Dec-2025 [1 p.7]. Note 2.33 states that the company 'reassessed the accounting treatment of its equity interest (not more than 50%) in Ventura Assets Management amounting to BDT 5.00 crore and determined that the investment qualifies as an associate under IAS 28' [1 p.26]. Note 17 carries it at Tk 42,912,430 after an adjustment of Tk 7,087,570, which note 29 shows as 'Loss on Venturan Assets Management' [1 p.31] [1 p.33]. Note 16.02 states that the company invested 'Tk. 2.00 crore in (Pre-IPO) shares of another company', that the IPO 'was not successfully completed' and that the amount 'became refundable'; note 24 carries Tk 20,000,000 as 'Advance paid to Amulet Pharmaceuticals Ltd (Placement Share)' [1 p.31] [1 p.32].

Ratios: ROE 12.5% in 2025; underwriting profit 76.7% of pre-tax profit; NOCF 0.52 times profit

Returns. Return on average equity, on profit after tax and WPPF, was 12.1% in 2023, 12.7% in 2024 and 12.5% in 2025; return on average assets was 6.5%, 6.9% and 6.9% [20]. On the key-data profit after tax printed for 2017-2022, return on average equity ranged from 11.1% (2017) to 17.2% (2020) [5 p.54] [4 p.22] [2 p.15] [1 p.13] [20]. The two bases differ: the key-data line for 2022 prints profit after tax of Tk 115,157,577, and the 2023 EPS note prints 'Net profit after tax and WPPF' for 2022 of Tk 108,955,703 [4 p.22] [3 p.39].

Earnings mix. Underwriting profit was 97.4% of profit before tax and WPPF in 2023, 82.1% in 2024 and 76.7% in 2025; interest income was 29.3%, 53.3% and 56.2% [20]. The two shares sum to more than 100%; pre-tax profit is after unallocated management expenses (Tk 52.3m in 2025) and the negative other income (minus Tk 8.0m) [1 p.9]. Across 2016-2025 underwriting profit as a share of pre-tax profit was lowest at 76.7% (2025) and highest at 134.2% (2017) [20]. The income tax provision was 18.4% of profit before tax and WPPF in 2025, 22.7% in 2024 and 13.7% in 2023 [20]. Note 2.24 gives the applicable rate as 37.5%, and the note 11.02 computation deducts the Tk 92.3m reserve for exceptional losses before applying it [1 p.23] [1 p.29] [1 p.30].

Cash conversion and payout. Net operating cash flow was Tk 76.5m in 2025, Tk 96.8m in 2024, Tk 69.7m in 2023 and Tk 243.2m in 2022 [1 p.12] [3 p.39]. Against profit after tax and WPPF that is 0.52x, 0.70x, 0.57x and 2.23x [20]. Collection from premium was Tk 759.6m in 2025 against Tk 659.1m, and cash paid for management expenses, re-insurance, claims and agent commission Tk 639.2m against Tk 536.2m [1 p.12]. Dividends paid in 2025 were Tk 52.7m [1 p.12]. Note 37 states: 'NOCFPS decreased from the previous year due to increase of claim paid and tax paid during the year.' [1 p.35]. The cash dividend was 35.9% of EPS for 2025 and 38.3% for 2024; for 2023 the 7% cash dividend was 23.0% of the Tk 3.05 EPS printed in that year's accounts, alongside a 10% stock dividend [20] [3 p.38].

Leverage and capital. Shareholders' equity was 54.6% of total assets at 31-Dec-2025; across the printed year-ends from 2016 to 2025 the ratio was lowest at 52.3% (2016) and highest at 58.4% (2018) [20]. Net premium was 0.58 times equity at 31-Dec-2025 [20]. Note 40 states: 'No credit facility under any contract other than trade credit available in course of business were availed by Crystal Insurance PLC (CIPLC) for the year ended 31 December, 2025.' [1 p.35]. The reserve for exceptional losses, made 'during the year @ 10% on Gross Premium', was Tk 764.6m within equity at 31-Dec-2025 [1 p.27]. Paid-up capital was Tk 440.0m [1 p.27]. The pages read do not print a solvency margin.

Peers 2025: Crystal combined ratio 70.9% against 63.7%-82.2% at eight general insurers; net premium the largest of the nine

Basis. The peer set is eight DSE-listed general insurers with published AnalystBro notes and 2025 accounts in the corpus: Eastern, Karnaphuli, Peoples, Nitol, Islami, BGIC, Central and Eastland [1 p.13] [7 p.22] [8 p.181] [9 p.264] [10 p.189] [11 p.110] [12 p.329] [13 p.11] [14 p.152] [14 p.153]. Each company's figures come from its own 2025 consolidated revenue account (Karnaphuli: note 26) [1 p.13] [7 p.22] [8 p.181] [9 p.264] [10 p.189] [11 p.110] [12 p.329] [13 p.11] [14 p.152] [14 p.153]. One definition is used for all nine: combined ratio = (net claims + management expenses as printed in the revenue account, including any stamp line printed there + agency commission - re-insurance commission including profit commission) / net premium. Eastern's 'Insurance stamps consumed' of Tk 3.49m and Crystal's stamp duty of Tk 4,870 are in their revenue accounts and included; Nitol's re-insurance commission adds 'Profit Commission' of Tk 20.87m [7 p.22] [1 p.13] [10 p.189]. Superlatives below are limited to these nine companies.

Audit opinions, read first. Karnaphuli's auditor (Ashraf Uddin & Co.) states the statements 'present fairly, in all material respects' [8 p.148]. Peoples' auditor (Ashraf Uddin & Co.) prints 'present true and fair view. all material respects' [sic] [9 p.256]. Nitol's auditor (Mahfel Huq & Co.) states 'present fairly, in all material respects' and adds three 'Emphasize of matter' paragraphs [10 p.181]. Islami's auditor (FAMES & R) states the statements 'give a true and fair view' and adds four emphasis-of-matter paragraphs [11 p.98]. BGIC's auditor (Mahfel Huq & Co.) gives a 'Qualified Opinion' and adds an 'Emphasis of Matters' section [12 p.318]. Central's auditor (Mahfel Huq & Co.) gives an 'Adverse Opinion' [13 p.3] and adds an emphasis-of-matter section [13 p.4]. Eastland's auditor (K. M. Alam & Co.) states 'give true and fair view, in all material respects' with an emphasis-of-matter section [14 p.141]. Eastern's auditor (Islam Jahid & Co.) gives a 'Qualified Opinion' [7 p.3]. Crystal's auditor (Mahfel Huq & Co.) states 'present fairly, in all material respects' [1 p.1].

Where Crystal sits. Crystal's net premium of Tk 704.7m was the largest of the nine; the next was BGIC at Tk 518.5m [1 p.13] [7 p.22] [8 p.181] [9 p.264] [10 p.189] [11 p.110] [12 p.329] [13 p.11] [14 p.152] [14 p.153] [20]. Its claims ratio of 32.9% was the highest of the nine; Karnaphuli was next at 27.4% [20]. Its expense ratio of 38.0% was the lowest; Nitol was next at 51.1% [20]. Agency commission was 12.3% of net premium at Crystal, the lowest of the nine (Islami 18.6% next) [20]. The combined ratio of 70.9% was the fourth lowest of the nine, behind Peoples (63.7%), Islami (67.7%) and Eastern (68.1%); excluding Eastern it was the third lowest of eight [20]. Eastern's combined ratio uses its printed net claims of minus Tk 4,069,994, a figure its auditor's qualified opinion states it was unable to verify [7 p.4] [7 p.5]. Underwriting profit of Tk 144.6m was the second largest after Peoples (Tk 181.2m) [1 p.13] [7 p.22] [8 p.181] [9 p.264] [10 p.189] [11 p.110] [12 p.329] [13 p.11] [14 p.152] [14 p.153].

Reading the comparison. Net claims were negative at Eastern (minus Tk 4.1m), Peoples (minus Tk 2.7m) and Eastland (minus Tk 2.2m) in 2025, and their combined ratios on this definition include those negative claims [7 p.22] [9 p.264] [14 p.152]. Eastland's agency commission of Tk 203.1m was 49.9% of its net premium [20]. Mahfel Huq & Co. audited Crystal, Nitol, BGIC and Central for 2025, with three different opinion types among those four [1 p.6] [10 p.181] [12 p.318] [13 p.3].

Balance sheet and audit: equity Tk 1,216.5m at 31-Dec-2025; unmodified opinion with two key audit matters

Assets and liabilities. At 31-Dec-2025 total assets were Tk 2,229.9m and total liabilities and provisions Tk 1,013.4m [1 p.7] [1 p.8]. The liabilities are insurance balances, the unexpired-risk reserve, creditors, tax and dividends payable, a lease liability of Tk 17.6m and WPPF of Tk 9.0m [1 p.7]. Sundry creditors include a provision for income tax of Tk 160.1m; sundry debtors include advance income tax of Tk 128.8m [1 p.29] [1 p.32]. The advance against land and office space of Tk 75.1m includes Tk 63.1m paid in 2024 as 'Advance against office space (Gulshan)' [1 p.30]. Annexure-B sets out the income tax assessment position for income years 2007 to 2025, including tax demands and appeals for several of the earlier years [1 p.42]. Note 39 states a contingent liability for a VAT demand of Tk 2,933,948 plus interest of Tk 1,173,579 for 2016; the company 'appealed to the Appealed Tribunal of Customs, Excise & VAT and the authority has not given final decision till date' [1 p.35].

NAV per share, figure by figure. The printed NAV per share was Tk 27.65 at 31-Dec-2025 and Tk 25.67 at 31-Dec-2024 [1 p.8]. It was Tk 25.87 at 31-Dec-2023 in that year's accounts (on 40,000,000 shares) and Tk 23.51 restated in the DSE post of 10-Feb-2025 [3 p.39] [16]. DSE posts give Tk 27.61 at 31-Mar-2026, Tk 28.47 at 30-Jun-2026 and Tk 29.39 at 30-Sep-2026 [16]. The 30-Jun-2026 balance sheet shows equity of Tk 1,252.7m [6 p.1] and NAV per share of Tk 28.47 [6 p.2]. Shareholders' equity of Tk 1,216.5m over 44,000,000 shares gives Tk 27.65 at 31-Dec-2025, equal to the printed figure [20].

EPS, figure by figure. The printed EPS was Tk 3.34 for 2025 and Tk 3.13 for 2024 [1 p.10]. For 2023 the accounts printed Tk 3.05 on 40,000,000 shares and the 2024 accounts and DSE post give Tk 2.77 restated [3 p.39] [2 p.12] [16]. For 2022 the printed EPS was Tk 2.72, for 2021 Tk 2.83, and for 2020 Tk 4.58 in the 2020 annual report against Tk 2.89 in the 2022 annual report's Financial Highlights [4 p.22] [5 p.54]. The 2025 EPS uses 'Net profit after tax and WPPF' of Tk 146,959,683 over 44,000,000 shares [1 p.34] [1 p.35].

The 2025 auditor's opinion, word for word. Mahfel Huq & Co. (partner Wasequl H Reagan, FCA; report dated 'Dhaka, 16th February, 2026') wrote: 'In our opinion, 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), 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.1] [1 p.6]. The Basis for Opinion reads: 'We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [1 p.1]. The report on pages 1-6 has no emphasis-of-matter and no other-matter paragraph [1 p.1] [1 p.2] [1 p.3] [1 p.4] [1 p.5] [1 p.6].

• Risks: 'Gross 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 gross premium income of BDT 923,100,210 (2024: BDT 813,044,804).'
• 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. Obtain the premium register and the general ledger, and cross-check the recorded amounts with the corresponding Money Receipts (MR) to ensure accuracy and completeness. Carried out analytical procedures and recalculated premium income for the period. Carried out cut-off testing to ensure unearned premium income has not been included in the premium income. Ensured on a sample basis that the premium income was being deposited in the designated bank accounts. Tested on a sample basis to see that appropriate VAT was being collected and deposited to bank through Treasury Challan. We verified the applied tariff rates for premium calculations to ensure they were accurate and in accordance with the approved rate schedule.'
• '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 No. 2.21 to the financial statements and FORM-XL'

• 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 172,612,403 (2024: BDT 131,979,168).'
• 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: Obtain the claim register and cross-checked with general ledger. Obtained a sample of survey reports cross checked those against respective register balances. 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.'
• 'Finally 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 no. 9.00 to the financial statements'

The 2024 opinion. For 2024 the same firm wrote: 'In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Insurance Act 2010, the Insurance Rules 1958, the Securities and Exchange Rules 2020 and other applicable laws and regulations.' [2 p.3]. The 2024 report lists three key audit matters: premium income, property, plant and equipments, and the estimated liability for outstanding claims [2 p.3] [2 p.4] [2 p.5]; it was signed on 09 February 2025 [2 p.8].

IFRS departures stated by the company. Note 2.34 states that 'Some requirements of Insurance Act 1938 (as amended in 2010) and Insurance Rules 1958 and regulations contradict with IFRS' and lists the departures, including share revaluation through the investment fluctuation fund rather than IFRS 9, and a general provision that 'cannot satisfy the conditions as per IAS 37'; it states that 'the CIPLC has recognized provision of BDT 287,036,677/- as balance of fund and liabilities in the balance sheet', against Tk 287,536,479 printed as the balance of funds and accounts [1 p.26] [1 p.7]. Note 2.34(v) states: 'As per FRC's directives insurance contracts yet to be applied in Bangladesh.' [1 p.26].

2026 to date: H1 underwriting profit Tk 74.5m against Tk 98.4m; interest income Tk 64.3m against Tk 43.4m; 9M EPS Tk 3.05

Half year to 30-Jun-2026. Profit transferred from the revenue accounts was Tk 74.5m against Tk 98.4m in H1 2025 [6 p.3]. Fire contributed Tk 17.1m against Tk 3.3m, and marine cargo Tk 25.3m against Tk 80.8m [6 p.3]. Interest income was Tk 64.3m against Tk 43.4m, and other income Tk 5.3m against minus Tk 7.2m [6 p.3]. Profit before tax and WPPF was Tk 117.9m against Tk 106.7m, and H1 EPS Tk 1.94 against Tk 1.78 [6 p.3] [6 p.4]. Net operating cash flow was Tk 78.0m against Tk 39.6m; collection from premium was Tk 336.1m against Tk 340.0m, and cash paid for management expenses, re-insurance, claims and agent commission Tk 236.4m against Tk 277.4m [6 p.6].

Company explanations. In its Q2 2026 DSE post the company states: 'NOCFPS increased compared to the previous period due to omission agent commission expense and decrease certain operating expense items.' [16]. In its Q3 2026 post it states: 'EPS increased from previous period due to increase of premium income and decrease of management expense. NOCFPS increased from previous period due to increase collection from premium and omission agent commission expense.' [16]. In its Q1 2026 post it states: 'EPS increased from the previous period due to increase of interest income during the period.' [16]. The H1 2026 interim document in the corpus contains the balance sheet, profit and loss account, appropriation account, changes in equity and cash flow, and no class revenue accounts [6 p.1] [6 p.6].

Quarterly EPS (DSE posts). EPS was Tk 1.13 for Q1 2026 against Tk 0.94, Tk 0.81 for Q2 against Tk 0.84, and Tk 1.10 for Q3 against Tk 0.87 [16]. Nine-month EPS was Tk 3.05 against Tk 2.65, up 15.1%; Q1 plus Q2 equal the posted H1 figures in both years [16] [20]. Nine-month NOCFPS was Tk 2.34 against Tk 1.08 [16]. Trailing EPS to September 2026 is Tk 3.74 (nine months 2026 plus 2025 less nine months 2025; derived) [20]. The Q3 2026 statements were posted on DSE on 29-Oct-2026 and are not in the corpus at 1-Nov-2026 [16].

Balance sheet at 30-Jun-2026. The estimated liability for outstanding claims was Tk 244.1m at 30-Jun-2026 against Tk 172.6m at 31-Dec-2025; amounts due to other persons or bodies carrying on insurance business were Tk 263.3m against Tk 255.9m [6 p.1]. Total assets were Tk 2,336.7m at 30-Jun-2026 against Tk 2,229.9m at 31-Dec-2025 [6 p.1]. FDRs were Tk 1,052.6m at 30-Jun-2026 against Tk 1,063.8m at 31-Dec-2025, and investments Tk 397.7m against Tk 304.6m [6 p.2].

Governance: directors and sponsors 58.00%; 12% cash dividend for 2024 and 2025; 13 directors in the 2025 fee table

Ownership at 31-Dec-2025. Note 3 prints: director and sponsor shareholders 25,520,000 shares (58.00%), institute 5,520,929 (12.55%), foreign 6,200 (0.01%) and general public 12,952,871 (29.44%) [1 p.27]. Three holders hold 4,400,000 shares (10.00%) each: Abdullah Al-Mahmud (Chairman), Abdullah Hasan (Director) and Nusrat Mahmud (Director) [1 p.27].

Board. The 2025 document in the corpus is the auditor's report and financial statements, without a directors' report; it does not print board meeting attendance or committee membership, and the full 2025 annual report is not in the corpus at 1-Nov-2026. Note 42.03, 'Director remuneration for attending board meetings', lists 13 names with their printed position and fee amounts for 2025 and 2024 [1 p.37]. The 2025 sub total was Tk 304,000, plus VAT of Tk 30,400, a total of Tk 334,400, against Tk 528,000 for 2024; the P&L line 'Director's meeting attendance fees' prints the same Tk 334,400 and Tk 528,000 [1 p.37] [1 p.9]. The statements are signed by Abdullah-Al-Mahmud as 'Chairman', A.H.M. Mozammel Hoque and Farhana Danesh as 'Director', S M Shahidullah as 'Chief Executive Officer', M. Mahfuzur Rahman FCA as 'Company Secretary' and Md. Saydul Islam as 'Chief Financial Officer' [1 p.9].

Key management personnel. Note 42.02 lists six people [1 p.36] [1 p.37]. Mr. S. M. Shahidullah, CEO: salary Tk 3,300,000, bonus Tk Nil, 'Incentive bonus and WPPF depends on year-end profit', group insurance, provident fund, no share-based payments. M. Mahfuzur Rahman, FCA, Addl. MD & Company Secretary: salary Tk 3,921,600, bonus Tk 432,000, group insurance, provident fund, no share-based payments. Mr. Saydul Islam, DMD & CFO: salary Tk 3,061,800, bonus Tk 270,000, group insurance, provident fund, no share-based payments. Mr.Md.Abul Fazol (Tomal), AMD & In Charge of Claims and Re-insurance: salary Tk 2,310,000, bonus Tk 200,000, group insurance, provident fund, no share-based payments. Mr. Dipak Kumer Das, AMD & In Charge of Underwritting and BCD: salary Tk.262,500, bonus Tk Nil, group insurance, retirement/termination benefits column blank, no share-based payments. Mr. Shourav Chandra Bhadra, AVP and In Charge of Internal Audit & Compliance Department: salary Tk 793,800, bonus Tk 67,200, group insurance, provident fund, no share-based payments [1 p.36] [1 p.37].

Dividends and capital actions. For 2025 the board 'on its 114th meeting held on 16 February 2026, proposed a 12% cash dividend' [1 p.34]. The DSE post of 17-Feb-2026 gives the AGM as 30-Mar-2026 (digital platform) and the record date as 09-Mar-2026; disbursement was posted on 07-May-2026 [16]. For 2024 the DSE post of 10-Feb-2025 gives a 12% cash dividend, AGM 23-Mar-2025 and record date 02-Mar-2025; disbursement was posted on 05-May-2025 [16]. For 2023 the board 'at 104th board meeting held on 18 February 2024, proposed 7.00% cash dividend and 10.00% stock dividend' [3 p.38]; the 2024 statement of changes in equity shows the Tk 40,000,000 stock dividend that took the shares from 40,000,000 to 44,000,000 [1 p.11]. The 24-month DSE sweep (33 posts from 3-Feb-2025 to 29-Oct-2026) contains no rights issue, capital raising, acquisition or expansion approval, and no post titled as a correction [16].

Credit rating. National Credit Ratings Limited assigned a surveillance entity rating of 'AAA' long term and 'ST-1' short term with stable outlook based on the 31-Dec-2024 accounts (DSE post 25-Feb-2025) and again based on the 31-Dec-2025 accounts (DSE post 26-Feb-2026) [16].

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

These are dated events after 31-Oct-2026. We do not forecast numbers. No date has been notified for any of them. Dates marked '(inferred)' are ranges built from every precedent in the filings and the 24-month DSE sweep: the FY results board range rests on three years of board-meeting dates (18-Feb-2024 from the 2023 accounts, 9-Feb-2025 and 16-Feb-2026 from DSE notices), and the other ranges rest on two years (2025 and 2026). The latest accounts are not overdue: the Q3 2026 results were posted on 29-Oct-2026 after the board met on 28-Oct-2026 [16] [3 p.38].

Agent commission. The Business Standard reported on 24-Dec-2025 that IDRA scrapped commission payments in the non-life insurance sector from 1 January 2026 [17]. Crystal's 2025 revenue accounts carry Tk 86.5m of agent commission [1 p.13]. The company's Q2 and Q3 2026 DSE posts refer to 'omission agent commission expense' and do not name IDRA or a circular [16]. The filings do not link the TBS report to the agent commission line.

LDC graduation. Bangladesh's LDC graduation date is 24-Nov-2029 [18] [19]. The company's filings do not discuss it.

Risks: each item and the line it relates to

Printed figures that conflict. (1) The class split of 2025 underwriting profit differs between the P&L and the class revenue accounts (exhibit above) [1 p.9] [1 p.14]. (2) Note 2.34(iii) prints a provision of Tk 287,036,677 'as balance of fund', against Tk 287,536,479 on the balance sheet [1 p.26] [1 p.7]. (3) The 2024 statement of changes in equity states that 'The board of directors, at its 104th meeting held on 18 February 2024, proposed a 12.00% cash dividend for the year ended 31 December 2024'; the 2023 accounts give the 104th meeting on 18 February 2024 as the meeting that proposed the 2023 dividend, and DSE gives 9-Feb-2025 as the board date for the 2024 accounts [2 p.13] [3 p.38] [16]. (4) 2020 EPS is Tk 4.58 in the 2020 annual report and Tk 2.89 in the 2022 annual report [5 p.54] [4 p.22]. (5) 2023 underwriting profit is Tk 142,163,024 in the 2024 revenue account and Tk 142,163,022 in the 2024 P&L [2 p.15] [2 p.11]. (6) The audit firm is 'Mahfel Huq & Co.' in the auditor's report and 'Mahel Huq & Co.' under the partner's name in the statement signature blocks [1 p.6] [1 p.9]. (7) The associate is named 'Ventura Asset Management Company Ltd.' (note 42.01), 'Ventura Assets Management' (note 2.33) and 'Venturan Assets Management' (note 29) [1 p.36] [1 p.26] [1 p.33]. (8) The Chairman's name is 'Abdullah-Al-Mahmud' in the signature blocks and 'Abdullah Al-Mahmud' in notes 3.01 and 42.03 [1 p.9] [1 p.27]. (9) Form XL is headed 'ceded and accepted by the CICL', the company's former initials [1 p.38].

History 2016-2025 and market data

Figures for 2016-2017 come from the 2020 annual report's 'Summary of Accounts' page, for 2018-2022 from the 2022 annual report's 'Financial Highlights', for 2023 from the 2024 statements' comparative columns and for 2024-2025 from the 2025 statements [5 p.54] [4 p.22] [2 p.15] [1 p.13]. The two key-data tables print the same 2018-2020 gross premium, net premium, underwriting profit, investment income, pre-tax profit, total assets and equity; they differ on 2020 EPS (Tk 4.58 against Tk 2.89) [5 p.54] [4 p.22]. Net claims for 2021 and 2022 are not printed in the key-data tables, which give gross claims for those years (Tk 61.10m and Tk 62.03m) [4 p.22]. Pre-tax profit was lowest at Tk 50.5m (2016) and highest at Tk 188.5m (2025) [5 p.54] [4 p.22] [2 p.15] [1 p.13]. NAV per share was Tk 51.11 in 2016 and Tk 20.96 in 2017 [5 p.54]. The printed number of shares was 6,000,000 in 2016 and 24,000,000 in 2017 [5 p.54].

Market data (facts). The shares closed at Tk 66.8 on 29-Oct-2026, 26.0% above the Tk 53.0 close on 29-Oct-2025 [15] [20]. On DSE trading-day closes from 30-Oct-2025 to 29-Oct-2026 the low was Tk 42.2 on 13-Nov-2025 and the high Tk 88.2 on 1-Feb-2026; neither close was repeated on another day in the window [15]. Market value at Tk 66.8 was Tk 2,939.2m [20]. That is 20.0 times 2025 EPS of Tk 3.34, 17.9 times trailing EPS of Tk 3.74 to September 2026 (derived), 2.27 times NAV per share at 30-Sep-2026 (Tk 29.39), 2.42 times NAV per share at 31-Dec-2025 (Tk 27.65), and a 1.8% yield on the 2025 cash dividend of Tk 1.20 [20].

FAQ

How profitable was Crystal Insurance in 2025?

Net profit after tax and WPPF was Tk 147.0m (EPS Tk 3.34) against Tk 137.6m (Tk 3.13) in 2024. Underwriting profit was Tk 144.6m and interest income Tk 105.9m. Return on average equity was 12.5%.

What did the auditor say about Crystal Insurance's 2025 accounts?

Mahfel Huq & Co. wrote that the financial statements 'present fairly, in all material respects' the company's position at 31 December 2025. The report has two key audit matters, premium income and the estimated liability for outstanding claims, and no emphasis-of-matter or other-matter paragraph.

How much does Crystal Insurance hold in bank deposits?

Fixed deposit receipts were Tk 1,063.8m at 31-Dec-2025: Tk 1,008.4m with banks and Tk 55.3m with non-bank financial institutions. Note 26 states that Tk 87.2m is with Social Islami Bank, Exim Bank, First Security Islami Bank, Global Islami Bank and Union Bank, and that encashment had not been completed at the reporting date.

What is Crystal Insurance's combined ratio?

70.9% in 2025, 66.3% in 2024 and 70.2% in 2023, measured as net claims plus management expenses and stamp duty plus agent commission less re-insurance commission, over net premium. Among nine general insurers compared on the same definition, it was the fourth lowest in 2025, and the third lowest of eight excluding Eastern, whose net claims figure its auditor states it was unable to verify.

What dividend did Crystal Insurance pay for 2025?

A 12% cash dividend, Tk 1.20 a share, 35.9% of EPS. The record date was 09-Mar-2026, the AGM 30-Mar-2026, and DSE posted the disbursement on 07-May-2026. The 2024 dividend was also 12% cash; for 2023 it was 7% cash and 10% stock.

Who owns Crystal Insurance?

Directors and sponsor shareholders held 58.00% at 31-Dec-2025, institutions 12.55%, foreign holders 0.01% and the general public 29.44%. Abdullah Al-Mahmud (Chairman), Abdullah Hasan and Nusrat Mahmud hold 10.00% each.

Which related parties does Crystal Insurance disclose?

Note 42.01 lists Hamid Spinning Mills Ltd., three Hamid Fabrics Ltd. units, Hamid Weaving Mills Ltd., Tazrian Weaving Mills Ltd. and Ventura Asset Management Company Ltd., all as common-director parties. It shows no 2025 premium or claims with them; for 2024 it shows a Tk 628,000 claim paid to Hamid Fabrics Ltd. Unit-II.

Sources

1. Crystal Insurance PLC independent auditor's report and financial statements for the year ended 31-Dec-2025 (corpus CRYSTALINS_ANNUAL_2025; financial statements only, PDF page numbers) · link · accessed 2026-11-01
2. Crystal Insurance PLC independent auditor's report and financial statements for the year ended 31-Dec-2024 (corpus CRYSTALINS_ANNUAL_2024; scanned) · link · accessed 2026-11-01
3. Crystal Insurance financial statements for the year ended 31-Dec-2023 (corpus CRYSTALINS_ANNUAL_2023; NAV, EPS and NOCF notes p.38-39) · link · accessed 2026-11-01
4. Crystal Insurance Company Limited Annual Report 2022 (Financial Highlights 2018-2022, p.22) · link · accessed 2026-11-01
5. Crystal Insurance Company Limited Annual Report 2020 (Summary of Accounts 2016-2020, p.54) · link · accessed 2026-11-01
6. Crystal Insurance PLC un-audited financial statements for the period ended 30-Jun-2026 (corpus CRYSTALINS_QUARTERLY_Q2_2026) · link · accessed 2026-11-01
7. Eastern Insurance PLC audited financial statements 2025 (peer; auditor's report p.3, consolidated revenue account p.22) · link · accessed 2026-11-01
8. Karnaphuli Insurance PLC Annual Report 2025 (peer; auditor's report p.148, note 26 net underwriting profit p.181) · link · accessed 2026-11-01
9. Peoples Insurance PLC Annual Report 2025 (peer; auditor's report p.256, consolidated revenue account p.264) · link · accessed 2026-11-01
10. Nitol Insurance PLC Annual Report 2025 (peer; auditor's report p.181, consolidated revenue account p.189) · link · accessed 2026-11-01
11. Islami Insurance Bangladesh Limited Annual Report 2025 (peer; auditor's report p.98, consolidated revenue account p.110) · link · accessed 2026-11-01
12. Bangladesh General Insurance Company PLC Annual Report 2025 (peer; auditor's report p.318, consolidated revenue account p.329) · link · accessed 2026-11-01
13. Central Insurance PLC audited financial statements 2025 (peer; auditor's report p.3, consolidated business revenue account p.11) · link · accessed 2026-11-01
14. Eastland Insurance PLC Annual Report 2025 (peer; auditor's report p.141, consolidated insurance revenue account p.152-153) · link · accessed 2026-11-01
15. AnalystBro market data: DSE daily bars for CRYSTALINS to 29-Oct-2026 · link · accessed 2026-11-01
16. DSE news archive for CRYSTALINS, 1-Nov-2024 to 1-Nov-2026 (old_news.php, criteria=3): results, dividends, record dates, board-meeting notices, NCR ratings · link · accessed 2026-11-01
17. The Business Standard, 'IDRA scraps commission payments in non-life insurance sector', 24 Dec 2025 · link · accessed 2026-11-01
18. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
19. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
20. AnalystBro history and ratio model for CRYSTALINS (model.xlsx, the workbook below) · link · accessed 2026-11-01