Desh General Insurance financial analysis: combined ratio 86.2%, SBC receivable Tk 356.7m (Oct 2026)

Investment considerations: 2025 EPS Tk 0.16, combined ratio 86.2%, 'except for' audit wording with four emphasis paragraphs, Tk 356.7m due from Sadharan Bima Corporation

What it is. Desh General Insurance Company Limited (DSE: DGIC) was incorporated as a public limited company on 8 February 2000 and writes non-life insurance through 19 branches with 233 employees [1 p.11]. Its shares were listed on DSE and CSE on 16 March 2021 and first traded on DSE on 29 March 2021 [1 p.9] [1 p.11]. It had 40,000,000 shares of Tk 10 at 31-Dec-2025 [1 p.100]. The registered products are fire, marine, motor, miscellaneous accident and marine hull insurance [1 p.13] [1 p.85].

Where it stands. Gross premium was Tk 332.3m in 2025 and Tk 342.2m in 2024 in the five-year table; net premium (premium less re-insurance) was Tk 194.1m in 2025 and Tk 183.2m in 2024 [1 p.4] [1 p.85]. The underwriting profit transferred to the profit and loss account was Tk 25.8m (2024: Tk 16.1m) [1 p.85]. Profit before tax was Tk 18.3m, profit after tax Tk 6.2m and EPS Tk 0.16; the 2024 figures were a pre-tax loss of Tk 5.4m, a loss after tax of Tk 16.0m and EPS of minus Tk 0.40 [1 p.83] [1 p.84] [1 p.110]. On the one combined-ratio definition used for every insurer in this note the 2025 ratio was 86.2% and the 2024 ratio 121.5% [11]. PKF Aziz Halim Khair Choudhury (Dr. Jamshed S A Choudhury FCA) wrote an opinion paragraph that begins 'except for the effects of the matters described in the Basis of Opinion section', followed by four emphasis-of-matter paragraphs and three key audit matters [s1 p.75,76,77,78,80].

Sources of shareholder returns. Underwriting profit was Tk 25.8m in 2025 [1 p.85]. The profit and loss account also shows interest on FDR of Tk 25.1m, interest on government securities bonds of Tk 7.6m, unrealised losses of Tk 7.0m and Tk 3.0m and dividend income of Tk 0.3m [1 p.84]. It charges management expenses not applicable to any fund of Tk 29.8m, which include interest on loan of Tk 7.5m, an 'Unrealized Claim Adjustment' of Tk 5.0m and depreciation of Tk 8.0m [1 p.84]. Return on average equity was 1.4% in 2025 and -3.4% in 2024 [11]. The board recommended a 2% cash dividend for 2025, Tk 8.0m on 40,000,000 shares [1 p.113] [8].

• Management expenses: the auditor reports an excess of BDT 52,750,970 over the IDRA limit for 2025; the 2024 auditor reported an excess over the Section 63 limit.
• Claims: the auditor reports claims unsettled beyond the 90-day limit of Section 72 and a 'mismatch between claim register, ledger and financial statement balance'.
• Bank loans: Tk 45.4m from Shahjalal Islami Bank and Tk 25.2m from Modhumoti Bank at 31-Dec-2025.
• Fixed deposits: Tk 279.2m at 31-Dec-2025, a key audit matter in the 2025 audit.
• Leadership: DSE posts of 13-Oct-2026 report a new chairman election and a current-charge CEO from 7-Oct-2026.

Business: marine 57.0% and fire 23.6% of 2025 net premium; Tk 19.1m of premium from director-linked groups

How it makes money. A Bangladeshi non-life insurer collects premium, cedes part of each risk to re-insurers (who pay a commission back), sets aside a reserve for the unexpired part of each policy, and pays claims, agency commission and management expenses from the rest; the balance is the underwriting profit. It then earns interest and dividends on the funds it holds. Desh General's 2025 revenue account sets the reserve for unexpired risks at '40% of the net premium income of the year' [1 p.85]; note 36 lists marine hull at 100% [1 p.108]. The profile states that the company obtained registration from the former Chief Controller of Insurance on 2 March 2000 and a renewal licence from IDRA when the authority was set up in 2011 [1 p.11]. Under the public-sector business rule in the notes, Sadharan Bima Corporation underwrites all public-sector insurance, retains 50% of the premium and distributes the rest equally among 45 private insurers [1 p.98].

Classes. Marine wrote Tk 110.6m of 2025 net premium (57.0%), fire Tk 45.8m (23.6%), miscellaneous Tk 25.1m (13.0%), motor Tk 10.9m (5.6%) and marine hull Tk 1.6m (0.8%) [1 p.85] [11]. Marine made an underwriting profit of Tk 37.8m and motor Tk 1.5m; fire lost Tk 0.4m, miscellaneous Tk 12.8m and marine hull Tk 0.3m [1 p.85]. The five class results for 2024 add to Tk 16,055,609; the 2024 total is printed as Tk 16,055,610 [1 p.84] [11]. Note 41 gives 2025 gross premium of Tk 332,303,193, of which public-sector (PSB) business Tk 108,614,663 [1 p.111].

Five years of premium. Gross premium in the five-year table was Tk 344.2m (2021), Tk 429.1m (2022), Tk 433.4m (2023), Tk 342.2m (2024) and Tk 332.3m (2025) [1 p.4]. Net premium was Tk 193.3m, Tk 293.3m, Tk 259.3m, Tk 183.2m and Tk 194.1m in the same years [4 p.206] [3 p.187] [1 p.85]. Retention (net over gross premium) ranged from 53.5% (2024) to 68.4% (2022) [11]. The CEO profile says the company 'achieved the 50% Reinsurance from the abroad' [1 p.28].

Related-party business. Note 38 lists premium income from three groups, each described as 'Director': Bengal group Tk 17,571,263, Desh Group Tk 1,451,130 and Fars Group Tk 102,300, total Tk 19,124,693 [1 p.109]. It also lists Bengal Polymer Wears Ltd., Bengal Plastics Ltd. and Designer Fashions Ltd., each 'Director' with 'Unsecured Loan' as the nature of transaction and '-' in every amount column [1 p.109]. The note's heading reads 'balances with them as at December 31, 2022' in the 2025 report [1 p.109]. The directors' report states that the company 'has not made any loans or advances' to directors in 2025 [1 p.36]. The profile of Mr. Md. Akbar Hossain names him Director of FARS Holdings & Associates Ltd. [1 p.24].

Underwriting: combined ratio 86.2% in 2025 and 121.5% in 2024; management expenses 80.6% of net premium

The revenue account. In 2025 net premium was Tk 194.1m, commission on re-insurance ceded Tk 23.2m, profit commission Tk 15.6m and loss recovery Tk 3.6m [1 p.85]. Claims for the period were Tk 16.2m: Tk 11,118,790 paid, plus Tk 114,027,843 outstanding at the year-end, less Tk 108,959,680 outstanding a year earlier [1 p.85]. Agency commission was Tk 33.6m, management expenses Tk 156.4m and stamp duty Tk 4,996 [1 p.85]. The reserve for unexpired risks closed at Tk 78.6m from Tk 74.1m [1 p.85]. Rebuilt from these rows the 2025 underwriting profit is Tk 25,834,554; the account prints Tk 25,834,555 [1 p.85] [11]. The two sides of the account each print Tk 310,547,741 [1 p.85].

Five years of ratios. The combined ratio was 61.1%, 92.7%, 97.0%, 121.5%, 86.2% for 2021-2025 [11]. It rose in 3 of the four year-on-year steps [11]. Management expenses incl. stamps were 70.2%, 50.6%, 64.5%, 90.2%, 80.6% of net premium in the same years, and net claims 5.2%, 35.4%, 28.0%, 28.0%, 8.3% [11]. The revenue accounts carry a separate 'Loss Recovery' credit of Tk 5.3m (2021), Tk 96.4m (2022), Tk 65.2m (2023), Tk 25.8m (2024) and Tk 3.6m (2025) [4 p.206] [3 p.187] [1 p.85]. The combined ratio in this note leaves Desh General's loss-recovery line out; with it in the printed underwriting profit, the underwriting margin (printed underwriting profit over net premium) was 43.2%, 26.5%, 33.5%, 8.8%, 13.3% [11].

By class. On the same definition fire ran at 84.7%, marine at 74.5%, motor at 85.5%, miscellaneous at 137.0% and marine hull at 142.5% in 2025 [11]. Fire carried the largest outstanding claims, Tk 108,701,097 of the Tk 114,027,843 total at 31-Dec-2025 [1 p.85] [1 p.101]. Note 21 prints the 31-Dec-2024 comparative as Tk 115,264,644 (fire Tk 1,236,801 and miscellaneous Tk 114,027,843); the statement of financial position prints Tk 121,522,125 for the same date [1 p.101] [1 p.81]. Fire profit commission was Tk 15.4m in 2025 [1 p.85].

Management expenses and the IDRA limit. The first emphasis paragraph of the 2025 auditor's report states that the company 'has not complied with the requirements of the "Rules prescribing the maximum limit of management expenses in non-life insurance business, 2018"' and quantifies the excess at BDT 52,750,970 [1 p.75]. The 2024 auditor wrote that 'Management expense of the company for the year has been exceeded the limit as mentioned in Section 63 of the Insurance Act 2010' [2 p.71]. The directors' certificate under Section 63(2) is printed on page 50 of the 2025 report [1 p.50]. The 2025 revenue account allocates management expenses of Tk 50.9m to fire, Tk 66.4m to marine, Tk 32.6m to miscellaneous, Tk 5.3m to motor and Tk 1.3m to marine hull [1 p.85].

Investments and cash: Tk 279.2m of fixed deposits, Tk 89.0m of government bonds, Tk 70.6m of bank loans

Where the money sits. At 31-Dec-2025 cash and cash equivalents were Tk 294.1m: fixed deposits Tk 279.2m, STD and current accounts Tk 11.8m and cash in hand Tk 3.1m [1 p.82]. A year earlier they were Tk 291.8m, of which fixed deposits Tk 277.5m [1 p.82]. Note 30 lists the fixed deposits bank by bank across three pages [s1 p.104,105,106]. The government security bond of Tk 89,000,000 'is kept as a Statutory Deposit at Sonali Bank Limited under Insurance Act, 2010' [1 p.102]. Share trading investments were Tk 11.4m (2024: Tk 21.4m) [1 p.82].

Borrowings. Note 24 lists bank loans of Tk 45,423,333 from Shahjalal Islami Bank Ltd., Bijoy Nagar Br. and Tk 25,178,611 from Modhumoti Bank Ltd., Gulshan Br., total Tk 70,601,944 at 31-Dec-2025 (31-Dec-2024: Tk 69,986,109) [1 p.101]. Bank loans were 15.5% of shareholders' equity [11]. Interest on loan was Tk 7.5m in 2025 and Tk 5.8m in 2024 [1 p.84]. Interest on FDR was Tk 25.1m in 2025 and Tk 20.5m in 2024 [1 p.84]. The 30-Jun-2026 statement shows bank loans of Tk 64.8m [6 p.1].

Income from the book. Accrued interest was Tk 7.1m at 31-Dec-2025: Tk 5,839,115 on FDRs and Tk 1,224,678 on the government bond [1 p.102]. Note 27.01 shows FDR interest income of Tk 25,122,677 and interest received of Tk 30,003,412 in 2025 [1 p.102]. The 2025 auditor made 'Investment in FDR' a key audit matter [s1 p.77,78]. The five-year table prints investment income of Tk 23.04m for 2025 and Tk 17.61m for 2024 [1 p.4].

Cash flow. Receipts from premium and others were Tk 246.8m in 2025 (2024: Tk 259.4m) and payments for management expenses, commission, re-insurance, claims, interest and other expenses Tk 223.5m (2024: Tk 252.4m) [1 p.92]. Income tax paid was Tk 27.5m [1 p.92]. Net operating cash flow was minus Tk 4.2m in 2025 and minus Tk 11.2m in 2024; NOCFPS was minus Tk 0.10 and minus Tk 0.28 [1 p.92]. The reconciliation in note 48 prints a 2025 net operating cash flow of Tk 4,031,619 without a minus sign [1 p.113]. The cash-flow statement closes 'Cash and Bank Balance' at Tk 14,946,033, which excludes the fixed deposits [1 p.92].

Ratios 2021-2025: ROE 1.4% in 2025, equity 48.4% of assets

Returns. Profit after tax was Tk 46.56m (2021), Tk 41.47m (2022) and Tk 41.53m (2023) in the five-year table, a loss of Tk 16.0m in 2024 and a profit of Tk 6.2m in 2025 [1 p.4] [1 p.110]. The table prints EPS of Tk 1.24 for 2021; profit after tax over the 40,000,000 shares in issue at the year-end gives Tk 1.16 (derived) [1 p.4] [11]. Return on average equity was 9.1%, 8.9%, -3.4%, 1.4% for 2022-2025 [11].

Tax. The 2025 accounts charge current tax of Tk 12.4m on a pre-tax profit of Tk 18.3m; deferred tax was a credit of Tk 317,796 [1 p.83]. Note 35 computes 'Non Business Tax' of Tk 12,363,662 at 37.5% on income other than dividends and 20% on dividends, and business tax of Tk 7,169,092, and states 'As per Income Tax rules provision for income tax charge higher amount' [1 p.108]. The 2024 accounts charged current tax of Tk 10.7m on a pre-tax loss of Tk 5.4m [1 p.83]. Provision for taxation fell to Tk 99.8m at 31-Dec-2025 from Tk 133.1m after an adjustment of Tk 45,694,377; advance income tax of Tk 25,399,147 was adjusted to nil [1 p.108] [1 p.109].

Capital. Paid-up capital was Tk 400.0m at each year-end from 2021 [1 p.4] [1 p.81]. Shareholders' equity was Tk 454.1m at 31-Dec-2025 and Tk 451.8m at 31-Dec-2024; NAV per share was Tk 11.35 and Tk 11.30 [1 p.81] [1 p.82]. The statement of financial position prints 'Reserve for Exceptional Losses' as '-' for both dates, and 'Reserve or Contingency Account' as Tk 54,051,432, equal to the profit and loss appropriation balance [1 p.81]. Equity was 48.4% of total assets at 31-Dec-2025 and 50.6% at 31-Dec-2021 [11]. The directors' report states that 'Under section 43 of Insurance Act 2010 we have maintained the required solvency margin' and prints no solvency figure [1 p.37].

Payout. The board recommended 10% cash for 2021 [5 p.9], 1% cash for 2024 and 2% cash for 2025 [8] [1 p.113]. The appropriation account records dividends paid of Tk 8,000,000 in 2024 and Tk 4,000,000 in 2025 [1 p.83]. Unclaimed dividend was Tk 1,473,836 at 31-Dec-2025 [1 p.81]. The 2025 dividend of Tk 8.0m is 128.6% of 2025 profit after tax (derived) [11].

Balance sheet and audit: 'except for' opinion wording, four emphasis paragraphs, three key audit matters; SBC receivable 78.6% of equity

Opinion, in full. PKF Aziz Halim Khair Choudhury, Chartered Accountants (Dr. Jamshed S A Choudhury FCA, Senior Partner, Enrolment No. 363, DVC 2605210363AS592877) signed the report; the 'Date:' line beside the signature is blank [1 p.80]. The opinion reads: 'In our opinion, except for the effects of the matters described in the Basis of Opinion section of our report, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), the Companies Act 1994, the Insurance Act 2010, the Insurance Rules 1958, the Securities and Exchange Rules 1987, and other applicable laws and regulations.' [1 p.75]. The basis paragraph 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 International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together 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 these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.' [1 p.75]. The basis section names no separate qualifying matter [1 p.75]. DSE's notice of 28-Jun-2026 refers to an 'Emphasis of Matters paragraph' [8], and the directors' report states 'here is 'NO' qualification, reservation, adverse remark or disclaimer passed by the statutory auditors for the year ended 31 December 2025' [1 p.38].

Emphasis of matter, in full. 'Without modifying our opinion, we are drawing attention to the following matters; 1 During the course of our audit of the financial statements of Desh General Insurance Company Limited for the year ended 31 December 2025, the Company has not complied with the requirements of the "Rules prescribing the maximum limit of management expenses in non-life insurance business, 2018" issued by the Insurance Development and Regulatory Authority (IDRA) on 03 February 2019. Resulting in an excess expenditure of BDT 52,750,970. 2 During the course of our audit of the financial statements of Desh General Insurance Company for the year ended 31 December 2025, we observed that the Company has reported an amount of BDT 356,690,160 as "Amount due from Sadharon Bima Corporation (SBC)" under Note 28. This balance has been carried forward in the financial statements for several consecutive years without any significant realization or formal reconciliation.Furthermore, the Company could not provide us with any External Confirmation or a specific settlement timeline from SBC to support the recoverability of this long-outstanding receivable BDT 356,690,160.' [1 p.75] '3 As part of our audit procedures Note No. 21 of the financial statements, which describes the estimated liability for outstanding claims of the Company. During the course of our audit, we observed that certain insurance claim liabilities remained unsettled beyond the time limit prescribed under Section 72 of the Insurance Act, 2010. As per the said provision, claim amounts are required to be settled within 90 days from the date of submission of the survey report; however, this requirement has not been complied with in the cases identified. Refer to Consolidated Revenue Account ( Claims Under Policies Less Re-Insurance), there are mismatch between claim register, ledger and financial statement balance outstanding claim and claim for the period. 4 While auditing the financial statements of Desh General Insurance Company Limited for the year ended 31 December 2025, to the Company's provision for Workers' Profit Participation Fund (WPPF) as disclosed in the financial statements. The Company has recognized the required provision for WPPF for the year ended 31 December 2025; however, the amount has not yet been distributed in accordance with the provisions of the Bangladesh Labour Act, 2006. Non-compliance with the above statutory requirement may result in potential liabilities, including penalties, which have not been considered in the financial statements. Consequently, we are unable to determine whether any adjustments or disclosures are necessary in respect of this matter.' [1 p.76]. The payable to the WPPF was Tk 19,299,635 at 31-Dec-2025 (Tk 18,386,389 a year earlier) [1 p.101].

Key audit matter 1, premium income, in full. 'Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.' 'Gross general insurance premiums represent the total premiums received for coverage provided under contracts entered into during the accounting year. In accordance with IFRS 15, revenue is recognized when a performance obligation is satisfied through the transfer of control over promised goods or services. Such transfer occurs when the customer obtains control of those goods or services. Revenue from services is measured at the fair value of the consideration received or receivable, net of allowances, rebates, and VAT. Given its sigificance, interrelationship with other financial statement items, and inherent sensitivity, this area is considered to carry a high level of risk. Refer to Note 41 to the financial statements for further details.' [1 p.76]. The auditor's response lists seven procedures, from testing controls over premium recognition to checking that reinsurance premiums were deducted from gross premiums [1 p.76].

Key audit matter 2, outstanding claims, in full. 'Estimated Liabilities in Respect of Outstanding Claims, whether Due or Intimated': 'This amount represents claims due or intimated by insured parties and involves significant judgment, with a risk of understatement. This provision has a direct impact on the Company's profitability and liquidity, making it a key area of focus for stakeholders. Given its influence on multiple financial statement line items, along with its sensitivity and significance, we consider this area to carry a high level of risk. Refer to Note 21 to the financial statements for further details.' [1 p.77]. The response lists seven procedures, incl. testing the claims register, reconciling survey reports with ledger balances and reviewing claim-committee minutes [1 p.77].

Key audit matter 3, investment in FDR, in full. 'Fixed Deposit Receipts (FDRs) represent a significant portion of the Company's financial assets and are held with various financial institutions to earn interest income while maintaining liquidity. These balances involve risks related to existence, valuation, accrual of interest income, and potential impairment, particularly in cases where deposits are placed with financially unstable institutions. FDR balances and the related accrued interest constitute a material component of the financial statements. The recognition of interest income requires the application of appropriate rates and time apportionment, while classification between short-term and long-term deposits requires judgment. Additionally, there is a risk that such balances may be misstated due to errors, fraud, or non-recognition of impairment.' [1 p.77] 'Given the significance of FDR balances, their impact on income recognition, and the judgment involved in their valuation and classification, we consider this area to be of high audit risk.' [1 p.78]. The response includes direct confirmations from banks and an evaluation of 'indicators of impairment relating to deposits held with financial institutions' [s1 p.77,78].

The 2024 opinion, in full. MABS & J Partners, Chartered Accountants, 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 1987 and other applicable laws and regulations.' [2 p.71]. The basis paragraph ends 'We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [2 p.71]. Emphasis of matters: 'Without modifying our opinion, we draw attention to the following matters: 01. Refer to note no. 28.03 of the financial statements, which describes the adjustment of the amount due from Sadharan Bima Corporation (SBC). Also, refer to note no. 22.01 of the financial statements as on balance of BDT 1,782,200 was recognized as amount due to SBC which was unreconciled as on 31 December 2024. 02. Management expense of the company for the year has been exceeded the limit as mentioned in Section 63 of the Insurance Act 2010: Limitation of expenses of management in non-life insurance business. 03. Provision for the Workers Profit Participation Fund (WPPF) has been recognized by the company. However, the amount has not been distributed yet as per the Labor Act 2006 as amended in 2013. 04. Refer to note no. 06.00 (d) of the financial statements, which describes the effects of claim for the period and provision for the unsettled claims.' [2 p.71] '05. Refer to Consolidated Revenue Account (Claims Under Policies Less Re-Insurance), there are mismatch between claim register, ledger and financial statement balance outstanding claim and claim for the period.' [2 p.72]. DSE posted the 2024 emphasis notice on 19-Jun-2025 [8].

2024 key audit matters, in full. Premium income: 'Gross general insurance premiums comprise the total premiums 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.' [2 p.72] Investment in listed shares: 'Insurance company makes a number of investments in the listed and unlisted capital market with required regulatory permission. Income generated from the investments (realized gain and dividend received) is credited to the Profit & Loss Account. Unrealized capital gain or loss if any is also transferred to the Profit & Loss Account. This item has significant impact on the earnings performance of the company and return to the shareholders and might be prone to misreporting as large unreported fall in the value of any holding may wipe out the value of the portfolio and hamper the distribution capability of the company.' [2 p.73] Estimated liability in respect of outstanding claims whether due or intimated and claim payment: '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.' [2 p.73]. The 2023 accounts were signed for MABS & J Partners by J C Biswas, FCA, dated 30 May-2024, and the 2022 accounts by Nasir U Ahmed FCA, dated 29 May 2023 [3 p.187] [4 p.206].

Footing. The printed rows add to Tk 945,226,542 for 31-Dec-2024 and Tk 938,822,775 for 31-Dec-2025; the printed totals are Tk 945,226,543 and Tk 938,822,776 [1 p.82] [11]. The statement prints 'Current Assets' subtotals of Tk 459,768,677 and Tk 458,235,198; its own current-asset rows (excluding cash) add to Tk 464,130,715 and Tk 462,323,249 [1 p.82] [11]. On the other side, total liabilities of Tk 484.8m and equity of Tk 454.1m add to Tk 938,822,777, one taka above the printed total [1 p.81] [11].

Receivables. Note 28 shows 'Amount due from Sadharan Bima Corporation' of Tk 356,690,160 and co-insurance premium of Tk 228,689 at 31-Dec-2025 [1 p.102]. The movement in note 28.01 adds Tk 26,499,202 receivable in 2025 and deducts Tk 5,000,000 received; in 2024 it deducts Tk 10,319,410 received and adds nil [1 p.102]. The SBC balance was 78.6% of equity and 38.0% of total assets at 31-Dec-2025 [11]. The profit and loss account charges an 'Unrealized Claim Adjustment' of Tk 5,000,000 in 2025 and Tk 10,319,410 in 2024 [1 p.84]. Sundry debtors include an 'Advance Claim' of Tk 20,000,000 and premium receivable of Tk 47,964,050 [1 p.103].

2026 to date: nine-month EPS Tk 0.58 (9M 2025: Tk 0.59); NAV per share Tk 11.93 at 30-Sep-2026

First half 2026. The unaudited statements to 30-Jun-2026 print profit after tax of Tk 19.4m for January-June (2025: Tk 3.6m) and EPS of Tk 0.49 (2025: Tk 0.09) [6 p.1]. Underwriting profit transferred from the revenue accounts was Tk 32.0m for the half [6 p.1]. Management expenses not applicable to any fund include an 'Unrealized Claim Adjustment' of Tk 15,000,000 [6 p.1]. Net operating cash flow was Tk 8.4m and NOCFPS Tk 0.21 [6 p.1]. The amount due from other insurers was Tk 324.6m at 30-Jun-2026 [6 p.1]. Shareholders' equity was Tk 473.5m and NAV per share Tk 11.84 [6 p.1]. The appropriation account prints profit before tax of Tk 24,768,453 for the half and the profit and loss statement Tk 26,070,013 [6 p.1]. The statements were approved at the 163rd board meeting on 19 August 2026 [6 p.1].

Third quarter. DSE posted on 29-Oct-2026 EPS of Tk 0.15 for July-September 2026 (2025: Tk 0.50) and Tk 0.58 for January-September (2025: Tk 0.59), NOCFPS of Tk 0.16 (2025: minus Tk 0.062) and NAV per share of Tk 11.93 at 30-Sep-2026 [8]. The third-quarter statements are not in the corpus at 1-Nov-2026. The first-quarter post of 21-May-2026 gave EPS of Tk 0.11 (2025: Tk 0.05) and NAV per share of Tk 11.46 at 31-Mar-2026 [8].

The fourth quarter of 2025. Nine-month 2025 EPS was Tk 0.59 in the DSE post of 30-Oct-2025 and full-year 2025 EPS Tk 0.16 [8] [1 p.84]; the fourth quarter is minus Tk 0.43 by derivation [11]. The annual report's quarterly summary prints nine-month 2025 profit after tax of Tk 23,537,510 [1 p.131]. Derived trailing EPS to September 2026 (2025 EPS less nine-month 2025 EPS plus nine-month 2026 EPS) is Tk 0.15 [11].

Governance: 12 directors listed, 3 independent; 8 IDRA conditions not complied; board attendance 55 of 72

Ownership. The shareholding pattern at 31-Dec-2025 lists 20 named holders, public shareholders with 15,154,402 shares (37.89%) and institutions with 1,495,429 shares (3.73%) [1 p.6]. Mr. Amir Hossain Amu, described as 'Public Shareholder', holds 2,506,933 shares (6.27%) and Mr. Morshed Alam, a sponsor, 2,350,371 (5.88%) [1 p.6]. Note 20 lists 19 named holders and 'Shareholders' with 19,156,764 shares (47.89%); it does not list Mr. Amir Hossain Amu and prints Mr. Tahrin Aman's holding as 960,000 shares; page 6 prints 800,000 [1 p.6] [1 p.100]. The company had 4,104 shareholders at 31-Dec-2025 [1 p.37]. DSE posted the sale of 809,831 shares by sponsor Ms. Priti Kana Bose (3-Nov-2024) and of 250,451 shares by sponsor Mr. Moshfeque Mamun Rizvi (30-Aug-2026) [8].

The board. Note 50 lists 12 directors and six board meetings in 2025; attendance was 55 of 72 director-meetings and 3 directors attended all six [1 p.115] [11]. The directors' report states 'There are 11 (eleven) Directors on the Board' and lists the same 12 names in its attendance table, where Mr. Mohammed Akbor Hossain attended 5 meetings (note 50: 4) [s1 p.35,36] [1 p.115]. The report records the death of Mrs. Nauzat Begum, a director [1 p.132]. Note 52 prints directors' fees of Tk 736,000 for 2025, the amount in the profit and loss account; the directors' report gives Tk 640,000 [1 p.116] [1 p.84] [1 p.36]. Four directors retire at the 26th AGM: Ms. Rokeya Quader, Mr. Aminur Rahman, Mr. Tahrin Aman and Mr. Nihar Kumar Roy [1 p.35]. DSE posted the election of Ms. Rokeya Quader as chairman on 10-Nov-2025 and again on 13-Oct-2026 [8].

Management. The profile page names Ms. Mohammodi Khanam as Chief Executive Officer, Mr. Rabindra Nath Karmaker as Chief Financial Officer, Mr. Mokaddesur Rahman Sikder as Company Secretary and Mr. Md. Kamruzzaman Bhuiyan as Head of Internal Audit & Compliance [1 p.11]. The management page lists Md. Kamruzzaman Bhuiyan as 'Senior Manager, Head of Internal Audit', Md. Alamgir Bhuiyan as Vice President, Finance & Accounts, Sheikh Hemayet Arif as Head of IT and Mohammad Jahangir Alam as Head of HR, and marks Additional Managing Director Mohd. Abul Kashem '[Deceased]' [1 p.15]. Her profile states that Ms. Khanam has served as CEO since May 21, 2021 [1 p.28]. DSE posted on 13-Oct-2026 that the board 'resolved to assign Mr. Rabindranath Karmakar, the Current Charge of Chief Executive Officer (CEO) of the company with effect from October 07, 2026' [8]. The IDRA annexure remarks 'The CEO, CFO, CS, HIAC are exist but not CIO and CRO.' [1 p.57].

Committees. The audit committee has five members incl. two independent directors and met four times [1 p.46]. The NRC has five members incl. one independent director and met twice [1 p.44]. The claims committee has five members and met three times; its table types Mr. Md. Shamim Ahmed as 'Director', and the composition page lists him as an independent director [1 p.48] [1 p.30]. The directors' report prints 'Nil' meetings for the investment committee and the risk management committee in 2025 and 2024 [1 p.35]. The composition page spells the chairman 'Ms. Rokeya Kader' in the NRC and policyholder committee lists [1 p.30].

IDRA compliance report. Uttam & Associates, Chartered Secretaries (Uttam Kumar Dey, FCS), certified on 23 July 2026 that 'The Company has complied with the conditions of the Corporate Governance Guideline-2023 as stipulated by the IDRA' and that 'The Corporate Governance of the company is satisfactory.' [1 p.52]. The attached annexure marks 8 conditions 'Not Complied', 'Not complied' or 'Non complied' [s1 p.54,56,57,58,59]. Condition 11 C (policyholder committee TOR) is marked 'Complied' with the remark 'The Management informed that the preparation of TOR is under process.' [1 p.57]. Condition 6.1 records a board of '11 (Eleven) Directors including 3 (Three) Independent Directors' [1 p.53].

BSEC compliance report. Uttam & Associates certified on 26 July 2026 that 'The Company has complied with the conditions of the Corporate Governance Code' and 'The Governance of the company is satisfactory.' [1 p.60]. In the BSEC annexure no condition carries a tick in the 'Not Complied' column; condition 1(2)(b)(i), on independent directors' shareholdings, and the row 1(5)(ii), on segment-wise performance, carry no tick in either column [s1 p.61,63]. Condition 1(2)(a) is ticked 'Complied' with the remark 'There are 3 (Three) Independent Directors in the Board.' [1 p.61]; one-fifth of the 12 directors in note 50, rounded up, is 3 (derived) [11]. Condition 1(5)(ix), an explanation of significant variance between quarterly and annual results, is marked 'Not Applicable' with the remark 'No such variance occurred' [1 p.64]. Condition 6(1)(c), a written terms of reference for the NRC, is ticked 'Complied' [1 p.71]; IDRA condition 8 E on the NRC terms of reference is marked 'Not Complied' [1 p.56]. The directors' report says Rahman Mostafa Alam & Co. are recommended as statutory auditor for 2026 and Uttam & Associates as compliance auditor [1 p.38]; the company profile lists Rahman Mostafa Alam & Co. as 'Auditors' [1 p.11].

24 months of DSE news. The archive from 1-Nov-2024 to 1-Nov-2026 holds 43 posts: results, board-meeting notices incl. two reschedules, dividend declarations and disbursements, record-date notices, two credit-rating results, two emphasis-of-matter notices, two chairman elections, the appointment of a company secretary, the current-charge CEO, sponsor sales and a purchase, and a query on an unusual price rise [8]. On 22-Apr-2025 DSE posted that the company had not answered its 20-Apr-2025 query on an unusual price and volume rise; the company replied on 24-Apr-2025 that there was 'no undisclosed price sensitive information' [8]. The archive contains no board approval of capital expenditure, a rights issue, a merger or a new business line [8].

Peers 2025: Desh General's combined ratio 86.2% ranks 24 of 29 from the lowest (17 of 20 without the starred peers)

The set. The peers are the 28 Dhaka-listed general insurers in the checked peer table of the Union Insurance note: Union Insurance, Meghna, Northern Islami, Phoenix, City, Crystal, Karnaphuli, Peoples, Nitol, Islami, Eastland, Mercantile Islami, Rupali, Asia Insurance, BGIC, Central, Eastern, Asia Pacific, Federal, Republic, Pioneer, Pragati, Reliance, Global, Sonar Bangla, Green Delta, United, Janata Insurance. All have December year-ends and audited 2025 accounts. Every figure is on each company's own (company) basis from its 2025 revenue account [12 p.76] [13 p.137] [14 p.13] [15 p.216] [16 p.394] [17 p.13] [18 p.181] [19 p.264] [20 p.189] [21 p.110] [22 p.153] [23 p.95] [24 p.141] [25 p.178] [26 p.329] [27 p.11] [28 p.22] [29 p.107] [30 p.14] [31 p.104] [32 p.181] [33 p.10] [34 p.365] [35 p.148] [36 p.94] [37 p.344] [38 p.185] [39 p.101]. Each writes non-life insurance business as printed in its own report; no business-mix adjustment is made. Opinion labels for the 28 peers are taken from each peer's checked published AnalystBro note, cited per peer [40] [41] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67]; Union Insurance's label is also on its auditor's report page [12 p.66]. The nine peers marked * have a modified 2025 opinion: NORTHRNINS, SONARBAINS, BGIC, CENTRALINS, REPUBLIC, FEDERALINS, EASTERNINS, ASIAPACINS, UNIONINS. Desh General's own opinion paragraph uses 'except for' wording with no separate qualifying matter [1 p.75]; the subject row is highlighted and carries no star.

One definition. For every company the combined ratio is computed as net claims plus revenue-account management expenses (incl. stamp duty where printed separately) plus agency commission, less commission on re-insurance ceded (incl. profit commission where printed), over net premium, all for 2025 in unrounded taka [1 p.85] [11]. For Desh General that is Tk 16,186,953 plus Tk 156,370,647 plus Tk 33,553,278 less Tk 38,786,473, over Tk 194,080,103; the Tk 3,583,680 loss recovery is left out [1 p.85] [11]. On that basis Desh General's 86.2% ranks 24 of 29 counting from the lowest; the range is 38.9% (GREENDELT) to 110.7% (MERCINS) [11]. Without the nine starred peers it ranks 17 of 20, with a range of 38.9% (GREENDELT) to 110.7% (MERCINS) [11]. The inputs of the starred peers are covered by qualified or adverse opinions [40] [41] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67]. Some peers (e.g. Meghna [13 p.137]) print no separate loss-recovery line and net recoveries into claims paid; with its Tk 3,583,680 loss recovery deducted from claims, Desh General's ratio is 84.4% (derived), rank 24 of 29 and 17 of 20 [11].

Claims and size. Desh General's net-claims ratio was 8.3%, rank 8 of 29 from the lowest (rank 6 of 20 without the starred peers); across the set it ranged from -2.0% (EASTERNINS) to 63.4% (MERCINS) [11]. Its net premium of Tk 194.1m ranks 29 of 29 from the highest (20 of 20 without the starred peers) [11]. This note gives no peer ranking of return on equity; profit and equity were not compiled for the full set. These comparisons are limited to the 29 companies in the table.

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

These are dated events after 31-Oct-2026. We do not forecast numbers. Dates marked 'inferred' are ranges built from every printed precedent found in the filings and the DSE archive; both ends of each range are DSE business days, and Fridays and Saturdays inside a range are not DSE business days. No date has been notified on DSE for any of these events at 1-Nov-2026. The precedents for the annual accounts are the statement dates printed beside the auditor's signature for 2022 (29 May 2023) and 2023 (30 May-2024) and the board meetings of 28-May-2025 and 20-May-2026 [4 p.206] [3 p.187] [8]; the 2021 statement date was not found in the corpus. For the first quarter of 2025 the annual report prints a board meeting on 29 April 2025 and DSE posted a meeting rescheduled to 28-May-2025; the range covers both [1 p.130] [8]. The 2025 Q3 board date (29 October 2025) and the 2022 quarterly board dates are printed in the quarterly summaries [1 p.130] [s4 p.191,192,193]; the 2023 and 2024 quarterly board dates are printed in each quarter's notes [68 p.7] [69 p.8] [70 p.7] [71 p.7] [72 p.1] [73 p.7].

Bangladesh's LDC graduation date is 24-Nov-2029; the UN General Assembly adopted it on 29-Oct-2026 in New York [9] [10]. The filings do not link it to any line item. The 26th AGM of 9-Sep-2026 has passed; the 2025 dividend it was to approve was disbursed per the DSE post of 18-Oct-2026 [8]. The appointment of Rahman Mostafa Alam & Co. as statutory auditor for 2026 was on that AGM's agenda (passed), outcome unknown [1 p.7] [1 p.38]. The rating report in the annual report gives the current rating's validity as 20 June 2027 [1 p.9].

Risks: each item and the line it relates to

Each row is a fact from the filings; none is a forecast. 'Line it moves' is 'None disclosed' wherever no filing quote links the item to a line.

History 2021-2025 and market data

Revenue-account figures for 2021 and 2022 come from the 2022 report, for 2023 from the 2023 report and for 2024 and 2025 from the 2025 report [4 p.206] [3 p.187] [1 p.85]. Profit after tax, equity and total assets for 2021-2023 come from the five-year table of the 2025 report [1 p.4]. The five-year table prints total liabilities of Tk 493.93m for 2024; the statement of financial position prints Tk 493,394,170 [1 p.4] [1 p.81].

The 52-week range uses unadjusted DSE trading-day closes from the TradingView feed, saved to file, from 30-Oct-2025 to 29-Oct-2026; the window contains the 2% cash-dividend record date of 7-Jul-2026 and no bonus or rights issue [7] [8]. The feed includes two Saturday sessions, 23-May-2026 and 17-Oct-2026 [7]. The lowest close was Tk 17.8 on 13-Nov-2025 and the highest Tk 41.9 on 4-Oct-2026, each on one day [7]. The close was Tk 41.4 on 29-Oct-2026 and Tk 20.7 on 29-Oct-2025 [7]. At the 29-Oct-2026 close the shares traded at 258.8 times 2025 EPS of Tk 0.16, 276.0 times derived trailing EPS of Tk 0.15, 3.47 times NAV per share of Tk 11.93 at 30-Sep-2026, and a 0.5% yield on the 2025 dividend of Tk 0.20 [11]. These are facts at one date.

FAQ

What is Desh General Insurance's 2025 audit opinion?

PKF Aziz Halim Khair Choudhury's opinion paragraph begins 'except for the effects of the matters described in the Basis of Opinion section'; the basis section names no separate qualifying matter. There are four emphasis paragraphs (management-expense excess, SBC receivable, claims settlement and WPPF) and three key audit matters (premium income, outstanding claims, investment in FDR). DSE's notice calls them emphasis of matters.

How profitable was Desh General Insurance in 2025?

Profit after tax was Tk 6.2m (EPS Tk 0.16) after a 2024 loss of Tk 16.0m (EPS minus Tk 0.40). Underwriting profit was Tk 25.8m and interest on FDR Tk 25.1m. Return on average equity was 1.4%.

What is Desh General Insurance's combined ratio?

86.2% in 2025 and 121.5% in 2024, measured as net claims plus management expenses incl. stamps plus agency commission less re-insurance and profit commission, over net premium. The peer section applies the same definition to every peer.

What is the Sadharan Bima Corporation receivable?

Tk 356.7m at 31-Dec-2025 (Tk 335.2m a year earlier), 78.6% of shareholders' equity. Tk 5.0m was received from SBC in 2025. The auditor wrote that the company could not provide an external confirmation or settlement timeline.

Does Desh General Insurance have bank debt?

Yes. Note 24 lists Tk 45.4m from Shahjalal Islami Bank and Tk 25.2m from Modhumoti Bank, Tk 70.6m in total at 31-Dec-2025. Interest on loan was Tk 7.5m in 2025.

What dividend did Desh General Insurance pay for 2025?

2% cash, Tk 0.20 a share, Tk 8.0m in total. The record date was 7-Jul-2026, the AGM 9-Sep-2026 and DSE posted the disbursement on 18-Oct-2026.

Who runs Desh General Insurance?

Ms. Rokeya Quader is chairman per DSE posts of 10-Nov-2025 and 13-Oct-2026. The annual report names Ms. Mohammodi Khanam as CEO; DSE posted that Mr. Rabindranath Karmakar holds the current charge of CEO from 7-Oct-2026.

Sources

1. Desh General Insurance Company Limited Annual Report 2025, incl. audited financial statements for the year ended 31 December 2025 (corpus DGIC_ANNUAL_2025, 138 pages; statements p.75-118 are scanned and were read from page images; PDF page numbers) · link · accessed 2026-11-02
2. Desh General Insurance Company Limited Annual Report 2024 (corpus DGIC_ANNUAL_2024; auditor's report read from page images; PDF page numbers) · link · accessed 2026-11-02
3. Desh General Insurance Company Limited Annual Report 2023 (corpus DGIC_ANNUAL_2023; revenue account read from the page image; PDF page numbers) · link · accessed 2026-11-02
4. Desh General Insurance Company Limited Annual Report 2022 (corpus DGIC_ANNUAL_2022; revenue account read from the page image; PDF page numbers) · link · accessed 2026-11-02
5. Desh General Insurance Company Limited Annual Report 2021 (corpus DGIC_ANNUAL_2021; PDF page numbers) · link · accessed 2026-11-02
6. Desh General Insurance Company Limited second-quarter 2026 unaudited statements to 30 June 2026 (corpus DGIC_QUARTERLY_Q2_2026, 1 page) · link · accessed 2026-11-02
7. AnalystBro market data: DSE daily bars for DGIC, 29-Oct-2025 to 2-Nov-2026 (chart_bars, saved to file) · link · accessed 2026-11-02
8. DSE news archive for DGIC, 1-Nov-2024 to 1-Nov-2026 (old_news.php, criteria=3): 43 posts incl. results, dividends, record dates, board-meeting notices, credit ratings, emphasis-of-matter notices, chairman and CEO changes and sponsor share sales (posts dated 3-Nov-2024 to 29-Oct-2026) · link · accessed 2026-11-02
9. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-02
10. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-02
11. AnalystBro history and ratio model for DGIC (model.xlsx, the workbook below) · link · accessed 2026-11-02
12. Union Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.76; auditor's opinion p.66) · link · accessed 2026-11-02
13. Meghna Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.137) · link · accessed 2026-11-02
14. Northern Islami Insurance PLC audited financial statements 2025 (peer; consolidated insurance revenue account p.13) · link · accessed 2026-11-02
15. Phoenix Insurance PLC Annual Report 2025 (peer; consolidated insurance revenue account p.216-217) · link · accessed 2026-11-02
16. City Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.394) · link · accessed 2026-11-02
17. Crystal Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.13) · link · accessed 2026-11-02
18. Karnaphuli Insurance PLC Annual Report 2025 (peer; note 26 class summary p.181) · link · accessed 2026-11-02
19. Peoples Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.264) · link · accessed 2026-11-02
20. Nitol Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.189) · link · accessed 2026-11-02
21. Islami Insurance Bangladesh Limited Annual Report 2025 (peer; consolidated revenue account p.110) · link · accessed 2026-11-02
22. Eastland Insurance PLC Annual Report 2025 (peer; consolidated insurance revenue account p.152-153) · link · accessed 2026-11-02
23. Mercantile Islami Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.95) · link · accessed 2026-11-02
24. Rupali Insurance Company Limited Annual Report 2025 (peer; note 23 revenue accounts p.141) · link · accessed 2026-11-02
25. Asia Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.178) · link · accessed 2026-11-02
26. Bangladesh General Insurance Company PLC Annual Report 2025 (peer; consolidated revenue account p.329) · link · accessed 2026-11-02
27. Central Insurance PLC audited financial statements 2025 (peer; consolidated business revenue account p.11) · link · accessed 2026-11-02
28. Eastern Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.22) · link · accessed 2026-11-02
29. Asia Pacific General Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.107) · link · accessed 2026-11-02
30. Federal Insurance PLC audited financial statements 2025 (peer; statement of consolidated revenue account p.14) · link · accessed 2026-11-02
31. Republic Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.104) · link · accessed 2026-11-02
32. Pioneer Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.181) · link · accessed 2026-11-02
33. Pragati Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.10) · link · accessed 2026-11-02
34. Reliance Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.364-365) · link · accessed 2026-11-02
35. Global Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.148) · link · accessed 2026-11-02
36. Sonar Bangla Insurance Limited Annual Report 2025 (peer; consolidated revenue account p.94-95) · link · accessed 2026-11-02
37. Green Delta Insurance PLC Annual Report 2025 (peer; company 'Consolidated All Business Revenue Account' p.344) · link · accessed 2026-11-02
38. United Insurance Company Limited Annual Report 2025 (peer; consolidated revenue account p.185) · link · accessed 2026-11-02
39. Janata Insurance PLC Annual Report 2025, consolidated revenue account p.101 (company basis) · link · accessed 2026-11-02
40. AnalystBro published analysis note unionins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
41. AnalystBro published analysis note meghnains-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
42. AnalystBro published analysis note northrnins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
43. AnalystBro published analysis note phenixins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
44. AnalystBro published analysis note citygenins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
45. AnalystBro published analysis note crystalins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
46. AnalystBro published analysis note karnaphuli-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
47. AnalystBro published analysis note peoplesins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
48. AnalystBro published analysis note nitolins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
49. AnalystBro published analysis note islamiins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
50. AnalystBro published analysis note eastland-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
51. AnalystBro published analysis note mercins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
52. AnalystBro published analysis note rupaliins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
53. AnalystBro published analysis note asiains-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
54. AnalystBro published analysis note bgic-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
55. AnalystBro published analysis note centralins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
56. AnalystBro published analysis note easternins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
57. AnalystBro published analysis note asiapacins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
58. AnalystBro published analysis note federalins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
59. AnalystBro published analysis note republic-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
60. AnalystBro published analysis note pioneerins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
61. AnalystBro published analysis note pragatiins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
62. AnalystBro published analysis note reliancins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
63. AnalystBro published analysis note globalins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
64. AnalystBro published analysis note sonarbains-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
65. AnalystBro published analysis note greendelt-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
66. AnalystBro published analysis note unitedins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
67. AnalystBro published analysis note janatains-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
68. Desh General Insurance Company Limited unaudited quarterly statements (corpus DGIC_QUARTERLY_Q1_2023; board-meeting date in the notes, p.7) · link · accessed 2026-11-02
69. Desh General Insurance Company Limited unaudited quarterly statements (corpus DGIC_QUARTERLY_Q2_2023; board-meeting date in the notes, p.8) · link · accessed 2026-11-02
70. Desh General Insurance Company Limited unaudited quarterly statements (corpus DGIC_QUARTERLY_Q3_2023; board-meeting date in the notes, p.7) · link · accessed 2026-11-02
71. Desh General Insurance Company Limited unaudited quarterly statements (corpus DGIC_QUARTERLY_Q1_2024; board-meeting date in the notes, p.7) · link · accessed 2026-11-02
72. Desh General Insurance Company Limited unaudited quarterly statements (corpus DGIC_QUARTERLY_Q2_2024; board-meeting date in the notes, p.1) · link · accessed 2026-11-02
73. Desh General Insurance Company Limited unaudited quarterly statements (corpus DGIC_QUARTERLY_Q3_2024; board-meeting date in the notes, p.7) · link · accessed 2026-11-02