Dhaka Insurance financial analysis: qualified audit, combined ratio 72.8%, FDR provision (Oct 2026)

Investment considerations: qualified opinion for a fourth year, 2025 EPS Tk 1.72, combined ratio 72.8%

What it is. Dhaka Insurance Limited (DSE: DHAKAINS) was incorporated on 4th January 2000, registered to carry on general insurance business on 2nd February 2000, and listed on the Dhaka Stock Exchange on 15 February 2010 per its company profile [1 p.8]. Paid-up capital was Tk 401,250,000 at 31-Dec-2025, in 40,125,000 shares of Tk 10 [1 p.77] [1 p.102]. Note 12.02 prints the shareholder split at 31 December 2025 as Director/Sponsor 61.35%, institutions 6.09% and general public 32.56%; the 31 December 2024 split was 55.68%, 12.75% and 31.57% [1 p.102]. The revenue accounts cover three classes: fire, marine (cargo and hull) and miscellaneous (motor and miscellaneous) [s1 p.83,85,87]. The head office is at Dhaka Insurance Bhaban, 71 Purana Paltan Line, Dhaka [1 p.8].

Where it stands. Gross premium was Tk 396.48m in 2025 and Tk 386.65m in 2024 per the five-year table [1 p.19]. Net premium (premium less re-insurance) was Tk 212.6m in 2025 and Tk 205.9m in 2024 [1 p.82]. The underwriting profit transferred to the profit and loss account was Tk 55.2m in 2025 and Tk 100.3m in 2024 [1 p.81]. Interest, dividends and rents were Tk 85.2m in 2025 and Tk 66.0m in 2024 [1 p.80]. Profit before tax was Tk 128.0m in 2025 and Tk 141.3m in 2024 [1 p.79]. Note 34 deducts current tax of Tk 36,533,000, deferred tax of Tk 1,467,499, prior years VAT paid of Tk 5,641,842 and a provision for doubtful FDRs of Tk 15,363,374 to reach net profit after tax of Tk 69,039,806 and EPS of Tk 1.72; the 2024 figures were Tk 96,860,564 and Tk 2.41 [1 p.106]. On the one combined-ratio definition used for every insurer in this note the 2025 ratio was 72.8% and the 2024 ratio 71.6% [13].

Earnings mix. Investment income in the five-year table was Tk 92.55m in 2025 and the underwriting profit Tk 55.23m [1 p.19]. Investment income was 72.3% of profit before tax in 2025 and 46.9% in 2024 (derived from the five-year table) [13]. The third-quarter 2026 statements print nine-month EPS of Tk 1.70 (9M 2025: Tk 1.68) and NAV per share with revaluation of Tk 37.49 at 30-Sep-2026 [8 p.1].

• What steps follow the management-expense excess named as a basis for qualification in the 2024 and 2025 auditor's reports? The filings read print no plan.
• Which of the 13 marked banks and finance companies have repaid since 31-Dec-2025? Note 5.01 lists the balances and note 5.02 the 20% provision; no later figure is filed.
• What is the outcome of the High Court writs covering the Tk 165,206,162 tax demand in note 35? The note states a favourable order 'for some of the years'.
• When will the Shadharan Bima Corporation balance of Tk 42,081,184 be reconciled? The 2024 and 2025 auditor's reports both name it.
• When will the company move from IFRS 4 to IFRS 17? The 2025 auditor's emphasis paragraph states IFRS 17 has applied from 1 January 2023.

Business: marine was 68.5% of 2025 net premium and transferred Tk 55.2m; fire Tk 2.0m, miscellaneous Tk (2.0)m

Three accounts. In 2025 marine carried net premium of Tk 145.7m, 68.5% of the total; fire Tk 52.5m (24.7%) and miscellaneous, which includes motor, Tk 14.5m (6.8%) [s1 p.84,86,88] [13]. Marine transferred Tk 55.2m to the profit and loss account, fire Tk 2.0m and miscellaneous a loss of Tk -2.0m [1 p.80]. Inside marine, cargo transferred Tk 60,989,752 and hull a loss of Tk (5,762,356); inside miscellaneous, motor transferred Tk 3,063,986 and the other miscellaneous lines a loss of Tk (5,086,721) [1 p.85] [1 p.87]. In 2024 the transfers were fire Tk 3.3m, marine Tk 100.2m and miscellaneous Tk -3.3m [1 p.80].

Reading the table. The underwriting result row is the revenue-account balancing line after the opening and closing reserve for unexpired risks; it is not the sum of the rows above it. For each account the model reproduces the printed result from net premium, re-insurance commission, opening and closing reserve, claims, agency commission and management expenses, to the taka [13]. The class figures in taka add to the printed totals [13]; after rounding to one decimal the net-claims row adds to Tk 27.5m (printed total Tk 27.6m) and the 2024 result row to Tk 100.2m (printed total Tk 100.3m). Marine management expenses were Tk 65.8m in 2025 and Tk 64.7m in 2024; fire Tk 39.8m and Tk 48.4m [1 p.105]. Note 30 states that the expenses 'have been charged to Revenue Accounts at the ratio of Gross Premium' for each class [1 p.105].

Retention. Net premium was Tk 256.2m, Tk 322.5m, Tk 310.1m, Tk 205.9m, Tk 212.6m for 2021-2025 [s4 p.67,68] [s3 p.77,78] [s1 p.81,82]. Retention, net over gross premium, was 52.7%, 58.0%, 57.4%, 53.3%, 53.6% in the same years (derived; gross premium from the five-year table) [13]. The re-insurance key audit matter gives re-insurance ceded of Taka 183,871,409 for 2025 [1 p.71]. The DSE first-quarter 2025 post gives the EPS decrease as 'due to shortfall of premium income during the quarter compared to corresponding period of same quarter last period' [10].

Related-party premium. Note 38 lists premium in January-December 2025 of Tk 62.3m from five companies described as 'Common Director': City Sugar Industries Ltd Tk 36,413,711, City Seed Crushing Industries Ltd Tk 8,518,318, Shampa Flour Mills Ltd Tk 7,483,945, Vott Oil Refineries Ltd Tk 7,000,245 and City Dal Mills Ltd Tk 2,856,336, with no claim transaction and a 'Nil' balance for each [1 p.108]. The five add to 15.7% of 2025 gross premium in the five-year table (derived) [13]. The directors' profiles name the chairman Mrs. Hamida Rahman a director of City Sugar Industries Limited and City Dal Mills Limited, and the vice chairman Mrs. Shampa Rahman chairperson of City Seed Crushing Limited and VOTT Oil Refineries Limited [1 p.11].

Distribution and staff. Agency commission was Tk 42.8m in 2025 and Tk 43.0m in 2024 [1 p.81]. Note 39 records payments of Tk 2,640,000 to the chief executive officer and Tk 2,800,000 to the Addl. Managing Director (F&A) in 2025 [1 p.108]. The Insurance Act note states that 'nothing was paid to the directors of the company as board meeting and committee meeting attendance fee' [1 p.106].

Underwriting: combined ratio 72.8% in 2025, 71.6% in 2024 and 46.1% in 2021; management expenses 58.3% of net premium

One definition. The combined ratio in this note is net claims plus revenue-account management expenses plus agency commission, less commission on re-insurance ceded, over net premium [13]. Dhaka Insurance's revenue account prints no separate stamp-duty line, and its claims line is 'Claims under policies less Re-insurance' [1 p.81]. For 2025 the inputs are Tk 27,559,369, Tk 123,930,458, Tk 42,764,703 and Tk 39,529,822 over Tk 212,609,004, which gives 72.8% [s1 p.81,82] [13]. The five-year table prints a 'Combined Ratio' of 72.77, 71.61, 55.42, 51.79 and 49.56 for 2025 back to 2021; the model reproduces the printed figure to two decimals in 3 of the 5 years [1 p.19] [13]. The printed figure is reproduced for 2023-2025; for 2021 and 2022 the table prints 49.56 and 51.79 against 46.1% and 50.1% on this note's definition; the five-year table prints no definition [1 p.19] [13].

Five years of ratios. The combined ratio was 46.1%, 50.1%, 55.4%, 71.6%, 72.8% for 2021-2025 [13]. It rose in each of the four year-on-year steps [13]. The highest of the five years was 2025 and the lowest 2021 [13]. Net claims were 9.3%, 4.7%, 6.6%, 5.1%, 13.0% of net premium in the same years, and management expenses 41.9%, 39.0%, 42.6%, 64.9%, 58.3% [13]. The underwriting margin (printed underwriting profit over net premium) was 53.6%, 41.7%, 46.1%, 48.7%, 26.0% [13]. Each ratio rounds by itself; the four component rows can differ from the combined row by 0.1 point.

Class ratios. On the same definition the 2025 ratios by account were fire 99.4%, marine 59.0% and miscellaneous 114.2% [13]. The model's underwriting check (net premium plus re-insurance commission plus opening reserve, less closing reserve, claims, agency and management expenses) reproduces the printed underwriting profit in every year to the taka [13].

Management-expense limit. The first basis for the 2025 qualified opinion reads in full: 'The company has exceeded the regulatory limit for Expenses of Management as prescribed under S.R.O No. 280-Law/2018 Insurance Act, 2010, issued by the Ministry of Finance, Financial Institutions Division, Insurance Branch. The actual Expenses of Management incurred during the year amounted to Tk. 128,129,820. On which Tk. 10,050,234 refer to Note: 30.00 to the financial statements above the allowable limit of Tk. 118,079,586.' [1 p.69]. The 2024 report printed the same type of basis item: 'The company has exceeded the regulatory limit for Expenses of Management as prescribed under S.R.O No. 280-Law/2018 Insurance Act, 2010, issued by the Ministry of Finance, Financial Institutions Division, Insurance Branch. The actual Expenses of Management incurred during the year amounted to Tk. 140,315,390, which is Tk. 23,634,892 above the allowable limit of Tk. 116,680,498' [2 p.68]. The revenue-account management expenses were Tk 123.9m in 2025 and Tk 133.5m in 2024 [1 p.81]; the auditor's 'actual Expenses of Management' figures are Tk 128,129,820 and Tk 140,315,390. The filings do not reconcile the two sets of figures. DSE posted qualified-opinion notices for 2024 (23-Jun-2025) and 2025 (2-Jun-2026) [10].

Outstanding claims. The estimate of outstanding claims at 31-Dec-2025 was Tk 74.7m: fire Tk 30.3m, marine Tk 41.4m and miscellaneous Tk 3.0m [1 p.103]. It was 5.1% of total equity at that date and 4.3% a year earlier (derived) [13]. Claims paid during 2025 were Tk 15.0m (2024: Tk 4.1m) [1 p.81]. The auditor made the estimate a key audit matter and wrote that 'In an extreme scenario this item may have going concern implications for the company' [1 p.71].

Investments and cash: treasury bonds Tk 396.5m, fixed deposits Tk 145.8m after Tk 360.3m, Tk 15.4m provision on doubtful FDRs

Shift in the book. At 31-Dec-2025 the company held a National Investment Bond line of Tk 396.5m (31-Dec-2024: Tk 196.5m), a statutory deposit of Tk 25.0m in 10-year BGTBs, shares at market value of Tk 226.0m (Tk 238.7m) and fixed deposits of Tk 145.8m (Tk 360.3m) [1 p.78] [s1 p.98,99]. Fixed deposits fell to 5.4% of total assets from 13.7% (derived) [13]. The cash flow statement shows Tk 200,043,418 invested in BGTBs and Tk 199,138,276 of FDR encashment, net, in 2025 [1 p.90].

Doubtful deposits. Note 5.01 lists fixed deposits bank by bank and marks 13 institutions with an asterisk; their balances at 31-Dec-2025 add to Tk 76,816,870, 52.7% of the FDR total (derived) [1 p.99] [13]. The largest marked balances are Global Islami Bank PLC Tk 21,000,000, First Security Islami Bank PLC Tk 13,000,000 and Social Islami Bank PLC Tk 9,000,000 [1 p.99]. Note 5.02 states: 'A provision for doubtful FDRs has been made @ 20% of bank balance (* mark) of tk. 7,68,16,870/- that are unlikely to be collected.' [1 p.99] The provision of Tk 15,363,374 sits in sundry creditors (note 26) and is deducted in the note 34 EPS calculation [1 p.104] [1 p.106]. The auditor's first emphasis paragraph adds that 'accrued interest income on these FDRs has not been recognized' [s1 p.73,74].

Income lines. Interest on BGTBs was Tk 39.7m in 2025 and Tk 13.9m in 2024; interest on fixed deposits Tk 13.6m and Tk 28.4m; dividends Tk 13.5m and Tk 17.7m; net rental income Tk 17.2m and Tk 4.0m [1 p.105]. Other income of Tk 8.0m included a gain on sale of shares of Tk 4,773,854 and a gain on bond purchase of Tk 2,527,741 [1 p.105]. The rows above add to the printed totals of Tk 66,024,098 and Tk 85,245,078; after rounding the 2024 column adds to Tk 66.1m [13].

Listed shares and land. Note 4 lists the share portfolio at a market value of Tk 226,041,193; the largest holdings by market value are BRAC Bank Ltd Tk 114,922,453, Uttara Bank Ltd Tk 70,976,400 and EBL Tk 34,888,895 [1 p.98]. The auditor made the investment in shares a key audit matter [1 p.73]. Property, plant and equipment was carried at Tk 1,011.7m and includes land revalued in 2017 and 2019 at Tk 745,341,000; their cost was Tk 318,660,423; the revaluation reserve is Tk 426,680,577 [1 p.78] [1 p.103]. Note 18 states that the revaluation 'has not been carried out this year keeping in view that the market value of the land remain almost same during last 2 years' [1 p.103].

Cash flow. Net cash from operating activities was Tk -11.7m in 2025 and Tk 33.9m in 2024; income tax paid was Tk 41.1m and Tk 52.0m [1 p.90]. Investing activities brought in Tk 109.9m and financing used Tk 47.0m, including dividends paid of Tk 42.8m [1 p.90]. Cash and cash equivalents rose by Tk 51.2m to Tk 133.0m [1 p.90]. The note 36 reconciliation heading prints Tk (27,013,601); its last line and the cash flow statement print Tk (11,650,227) [1 p.107] [1 p.90].

Ratios: return on average equity 4.8% in 2025 (derived), equity 54.3% of total assets

Returns. EPS was printed as Tk 3.64, 3.00, 2.84, 2.41 and 1.72 for 2021-2025 [1 p.19]. Earnings derived from those EPS figures and 40,125,000 shares were Tk 146.1m, Tk 120.4m, Tk 114.0m, Tk 96.7m, Tk 69.0m [13]. Return on average equity including the revaluation reserve was 8.9%, 8.3%, 6.9%, 4.8% for 2022-2025 (derived) [13]; the five-year table prints 'Return on Equity' of 8.83, 8.21, 6.77 and 4.69 for the same years on its own basis [1 p.19]. Equity was 52.9%, 53.6%, 54.5%, 54.3%, 54.3% of total assets at the five year-ends (derived from the five-year table) [13]. The share count was 40,125,000 in each year; the last bonus issue in note 12 is for the year 2014 [1 p.102].

Continuing and extraordinary EPS. Note 34 prints two EPS lines for 2025: 'Continuing Operations' of Tk 1.35 on earnings of Tk 53,982,417, and 'Including Extra Oridinary Income' of Tk 1.72 on Tk 69,039,806; the 2024 lines are Tk 2.06 and Tk 2.41 [1 p.106]. The note does not name the extraordinary items. The prior-years VAT of Tk 5,641,842 is described in note 35 as a demand 'in the head of Arrear VAT expenses the accounting year 2014 to 2017' settled in full during the year [1 p.107].

Tax. Provision for taxation was Tk 819.7m at 31-Dec-2025 after an addition of Tk 36,533,000 for the year [1 p.104]. Note 31 lists every assessment year from 2006-2007 to 2026-2027 with advance income tax paid of Tk 714,940,821 in total and a column of Tk 165,206,162; most rows are marked 'Writ to High Court' or 'Appeal filed' [1 p.105]. Note 35 states that the Tk 165,206,162 demand relates to management expenses claimed for 2005 to 2017 and 2019 to 2020 (except 2011), that the High Court 'has disposed off the writ in favour of the company for some of the years', and that 'the liability is contingent upon the final verdict of the court' [1 p.107]. The auditor's last emphasis paragraph names the same provision and advance tax as 'unsettled due to no adjustment made related to the assessment pending and writ to high court' [1 p.74].

Payout. The board recommended a 10% cash dividend for 2025 on 13 May 2026 [1 p.108] [10]. At Tk 1.00 a share on 40,125,000 shares that is Tk 40,125,000, the 'Dividend Declared' line in the 2025 appropriation account [1 p.79]. The five-year table prints cash dividends of 25%, 20%, 17%, 10% and 10% for 2021-2025 [1 p.19]. The reserve for exceptional losses received Tk 21,260,900 in 2025 [1 p.102].

Each ratio is computed in the model from printed figures; the investment income, profit before tax, equity and total assets inputs are the rounded Tk mn figures of the five-year table [1 p.19] [13].

Balance sheet and audit: qualified opinion with 2 basis items, 7 emphasis paragraphs and 6 key audit matters

The opinion. Kazi Zahir Khan & Co. (Mohammed Alamgir Kabir FCA, Partner) signed the auditor's report on 13 May 2026, DVC No: 2605131483AS264089 [1 p.76]. The report is headed 'Qualified Opinion'; the opinion paragraph reads: 'In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements present fairly, in all material respects, the statement of financial position of the company as at 31 December 2025, and its financial performance and its statement of cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) and International Accounting Standards (IASs), the Companies Act 1994, the Insurance Act 2010, the Securities and Exchange Rules 2020 and other applicable laws and regulations.' [1 p.69]. The 'Basis for Qualified Opinion' section has two items. The first is quoted in the underwriting section. The second reads in full: 'Dhaka Insurance Limited had made provision for Gratuity Fund on lump sum basis amount of BDT. 6,700,000 till the financial year 2018 but no provision has been adjust/made since then refer to Note no. 26.00 of the financial statements.' [1 p.69].

Emphasis of matters, quoted in full. Under 'Emphasis of Matters' the report states 'We drew attention to the following notes of the Financial Statements.' and lists: (1) 'The Company holds Fixed Deposit Receipts (FDRs) with various banks, some of them with doubts about the potential return of funds for this reason the entity has made provision on doubtful FDR refer to Note no. 5.02 & 26.00. Additionally, accrued interest income on these FDRs has not been recognized refer to Note: 2.02 (w) and Note: 5.00 of the financial statements.' (2) 'As per BSEC Directive No. BSEC/CMRRCD/2021-386/03 Dated;14 January 2021 If any cash dividend remains unpaid or unclaimed or unsettled need to maintain with separate bank account including interest (if any) thereon for a period of 3 (three) years from the date of declaration or approval or record date, as the case may be, shall be transferred by the issuer to the Capital Market Stabilization Fund as directed or prescribed by the Commission but the company reported Unclaimed and Unpaid Dividend Accounts at taka 6,499,727 (exclude any interest) to Note No. 27.00 to the financial statements this amount are maintained in separate bank account and subsequently submit to CMSF taka 54,12,208 as on 28 April 2026 (exclude any interest). The entity commits to pay net interest balance with others by the following year.' (3) 'We draw attention to Note #23.00 of the financial statements amount of Tk. 77,389,735 has been shown as net payable to Shadharan Bima Corporation. This net payable amount is net of with receivable (Tk.42, 081,184) from Shadharan Bima Corporation which is required to be reconciled with the party wise ledger.' (4) 'The company is preparing their financial statements as per the IFRS 4 so far. But IFRS 17 Insurance Contracts is effective for annual reporting periods beginning on or after 1 January 2023. The company should take necessary measures to update their financial statements as per the guidelines of IFRS 17 along with the instruction of IDRA from the upcoming periods refer to Note No. 2.02 (x).' (5) 'As stated in Note No.26.00 Share Application Money with opening balance to Taka 11,757,641 hold for long which is a noncompliance of FRC Notification (No.146 / FRC / Admin / Notification / 2020 / 01).' (6) 'The entity has some outstanding balance with other persons or bodies carrying on insurance business which are carry forwarded for long and we have not received any confirmation refer to Note No. 6.00 & Note No. 23.00 of the financial statements.' (7) 'As disclosed in the Note No. 24.00 “Provision for Taxation’’ and Note No. 8.01 ”Advance income tax’’ in the financial statements as at 31st December 2025 which were unsettled due to no adjustment made related to the assessment pending and writ to high court. Additional, the entity has litigation on VAT.' The section ends: 'Our Opinion is not modified in respect of this matter.' [s1 p.73,74].

2024 opinion, quoted in full. MABS & J Partners (S H Talukder, FCA) signed the 2024 report on 02 June 2025 [2 p.74]. Under 'Qualified Opinion': 'In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).' [2 p.68]. 'Basis for Qualified Opinion': (1) 'As per Clause (8) of the BSEC Directive, No. BSEC/CMRRCD/2021-386/03, dated 14 January 2021, “If any cash dividend remains unpaid or unclaimed or unsettled including accrued interest (after adjustment of bank charge, if any) thereon for a period of 3 (three) years from the date of declaration or approval or record date, as the case may be, shall be transferred be the issuer to the fund as directed or prescribed by the commission.” In reference to the note no. 27 of the financial statements, the company has shown an “Unclaimed Dividend Account” amount in Tk. 9,200,849 including divided from 2009 to 2021 amount of Tk. 5,412,208.' (2) 'Dhaka Insurance Limited had made provision for Gratuity Fund on lump sum basis amount of BDT. 6,700,000 till the financial year 2018 but no provision has been made for the last Six years.' (3) 'The company has exceeded the regulatory limit for Expenses of Management as prescribed under S.R.O No. 280-Law/2018 Insurance Act, 2010, issued by the Ministry of Finance, Financial Institutions Division, Insurance Branch. The actual Expenses of Management incurred during the year amounted to Tk. 140,315,390, which is Tk. 23,634,892 above the allowable limit of Tk. 116,680,498' [2 p.68]. 'Emphasis of Matters': 'We draw attention to Note #23.01 of the financial statements amount of Tk. 89,862,034 has been shown as payable to Shadharan Bima Corporation. This payable amount is net of Tk. 49,115,357 receivable from Shadharan Bima Corporation which is required to be reconciled. Our opinion is not modified in respect of this matter.' [2 p.68]. The report lists five key audit matters, quoted in the exhibit below [s2 p.69,70,71].

2023 opinion, quoted in full. The same firm and partner signed the 2023 report on 6 May 2024 [3 p.72]. Under 'Qualified Opinion': 'In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 31 December 2023, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).' [3 p.66]. 'Basis for Qualified Opinion': (1) 'As per Clause (8) of the BSEC Directive, No. BSEC/CMRRCD/2021-386/03, dated 14 January 2021, “If any cash dividend remains unpaid or unclaimed or unsettled including accrued interest (after adjustment of bank charge, if any) thereon for a period of 3 (three) years from the date of declaration or approval or record date, as the case may be, shall be transferred be the issuer to the fund as directed or prescribed by the commission.” In reference to the note no. 27 of the financial statements, the company has shown an “Unclaimed Dividend Account” amount in Tk. 5,744,512 including divided from 2009 to 2020 amount of Tk. 4,930,801.' (2) 'Dhaka Insurance Limited had made provision for Gratuity Fund on lump sum basis amount of BDT. 6,700,000 till the financial year 2018 but no provision has been made for the last Five years.' (3) 'Refered to Note No. 6.01 to the financial statement they reported accrued interest of BDT 12,235,129. Within this figure accrued interest on FDR of BDT 10,298,486 calculated on lump sum basis.' [3 p.66]. The report prints no emphasis-of-matter section and lists five key audit matters, quoted in the exhibit below [s3 p.67,68,69].

2022 opinion, quoted in full. The same firm signed the 2022 report on 30 May 2023 [4 p.67]. Under 'Qualified Opinion': 'In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).' [4 p.56]. 'Basis for Qualified Opinion': (1) 'As per Clause (8) of the BSEC Directive, No. BSEC/CMRRCD/2021-386/03, dated 14 January 2021, “If any cash dividend remains unpaid or unclaimed or unsettled including accrued interest (after adjustment of bank charge, if any) thereon for a period of 3 (three) years from the date of declaration or approval or record date, as the case may be , shall be transferred be the issuer to the fund as directed or prescribed by the commission.” Reference to the note no. 27 of the financial statements, the company has shown “Unclaimed Dividend Account” amount in Tk. 5,416,681 including divided from 2009 to 2019 amount of Tk. 4,179,319.' (2) 'Dhaka Insurance Limited had made provision for Gratuity Fund on lump sum basis till financial year 2018 but no provision has made for last four years.' [4 p.56]. The report prints no emphasis-of-matter section and lists five key audit matters, quoted in the exhibit below [s4 p.57,58,59]. Under 'Other Matter' it records that the 2021 statements were audited by Kazi Zahir Khan & Co., 'who expressed an unmodified opinion on those financial statements on 20 April, 2022' [4 p.60].

Footing. The twelve asset lines add to the printed totals of Tk 2,635,494,863 and Tk 2,709,888,681 [s1 p.77,78] [13]. The capital and reserve lines add to Tk 1,430,615,729 and Tk 1,472,501,418, and the nine liability lines to Tk 1,204,879,134 and Tk 1,237,387,263; together they equal the printed 'Total Equity & Liability' at both dates [13]. Rounded rows may differ from the totals by Tk 0.1m. The statement prints no equity subtotal; note 33.02 prints net assets of Tk 1,472,501,418 and Tk 1,430,615,729, equal to the sums above [1 p.106] [13]. The statement prints an 18,000,000 line labelled 'Called and Paid up in Full' with note reference 13.00, and leaves the 'Share Premium' line blank; note 13 is headed 'Share Premium Tk. 18,000,000' [1 p.77] [1 p.102].

Printed conflicts. Three sets of printed statements of the same date disagree. (1) Uttam & Associates certified on 21 June 2026 that 'The Company has complied with the conditions of the Corporate Governance Guideline-2023 as stipulated by the IDRA' [1 p.58]; the IDRA annexure for 2025 marks clauses 8.E, 10.C, 11.C and 17.1 'Not complied' [s1 p.61,62,63,64]. (2) The audit committee report names Mr. Hasan Faisal, Director, as Chairman [1 p.35]; BSEC condition 5(3)(a) (chairperson of the audit committee to be an independent director) is ticked complied [1 p.54] and IDRA clause 7.2.C is marked complied [1 p.60]. (3) The heading of note 36 prints Tk (27,013,601) for cash flows from operating activities; the same note's last line and the statement of cash flows print Tk (11,650,227) [1 p.107] [1 p.90]. Separately, annexure pages such as p.52 and p.60 carry the running header 'ANNUAL REPORT-2024'; their contents refer to 2025 [s1 p.52,60].

Recent quarters: nine-month 2026 EPS Tk 1.70, NAV per share Tk 37.49 with revaluation at 30-Sep-2026

2026 to June. DSE posted EPS of Tk 0.53 for January-March 2026 (2025: Tk 0.50) on 4-Jun-2026 and Tk 0.67 for April-June 2026 (2025: Tk 0.73) on 2-Aug-2026; half-year EPS was Tk 1.20 (2025: Tk 1.23) [10]. NAV per share with revaluation was Tk 37.22 at 31-Mar-2026 and Tk 37.87 at 30-Jun-2026; without revaluation Tk 26.59 and Tk 27.23 [10]. The first-quarter 2026 board meeting, first set for 14-May-2026, was postponed and held on 3-Jun-2026 [10].

Third quarter. The board met on 29-Oct-2026 to consider the third-quarter statements [10]. The un-audited statements print EPS of Tk 0.50 for July-September 2026 (2025: Tk 0.45) and Tk 1.70 for January-September 2026 (2025: Tk 1.68), net operating cash flows per share of Tk (0.66) for the nine months (2025: Tk (0.36)), and NAV per share of Tk 37.49 with revaluation and Tk 26.85 without at 30-Sep-2026 [8 p.1]. For January-September 2026 they print gross premium income of Tk 244,919,678 (2025: Tk 279,293,132), net premium income of Tk 71,331,334 (2025: Tk 131,040,504), underwriting profit of Tk 24,977,291 (2025: Tk 39,996,119), investment and other income of Tk 102,249,928 (2025: Tk 70,802,971) and net profit before tax of Tk 113,756,253 (2025: Tk 95,711,172) [8 p.1]. The nine-month figures include a further provision for doubtful FDR of Tk 11,522,531 and prior year VAT paid of Tk 2,837,336 [8 p.1]. Net cash flows from operating activities were Tk (26,578,003) [8 p.1]. DSE posted the same per-share figures on 1-Nov-2026 [10].

Derived fourth quarter. FY2025 EPS of Tk 1.72 less nine-month 2025 EPS of Tk 1.68 gives a derived October-December 2025 EPS of Tk 0.04 [1 p.106] [8 p.1] [13]. The 2025 full-year figure includes the Tk 15,363,374 FDR provision and the Tk 5,641,842 prior-years VAT deducted in note 34 [1 p.106]. Trailing EPS to 30-Sep-2026 is Tk 1.74 (derived: FY2025 minus 9M 2025 plus 9M 2026) [13].

These are unaudited figures. The company publishes its quarterly accounts in a one-page form; the third-quarter 2026 page is cited for that quarter, and the DSE posts for the earlier quarters [8 p.1] [10]. The first-quarter 2025 post gives the NOCFPS decrease as 'due to decrease in premium collection and commission on re-insurance ceded and increase of management expenses and income tax paid compared to corresponding period of same quarter last period' [10].

Governance and dividends: 13 directors incl. 2 independent, named directors and corporate nominees hold 39.18%, 10% cash dividend for 2025

Board. The board page lists 13 directors chaired by Mrs. Hamida Rahman, with Mrs. Shampa Rahman as vice chairman and Mr. Md. Mizanul Hoque Chowdhury and Mr. Amitava Chakraborty as independent directors [1 p.10] [1 p.15]. The board met six times in 2025; the 13 directors attended 74 of 78 seats, and 11 attended every meeting [1 p.45] [13]. The pattern of shareholding prints holdings of 3.62% for Mrs. Hamida Rahman, 10.70% for Mrs. Shampa Rahman, 2.00% for Mr. Mohammed Masum, and 8.33%, 5.88% and 8.65% for the nominating companies VOTT Oil Refineries Ltd., International Oil Mills Ltd. and City Sugar Industries Ltd.; these add to 39.18% (derived) [1 p.44] [13]. It names Mrs. Shampa Rahman as the one shareholder holding 10% or more [1 p.44].

Group positions. The profiles describe Mrs. Hamida Rahman as a director of City Sugar Industries Limited, City Dal Mills Limited, City Pet Industries Limited and City Edible Oil Limited, and Mrs. Shampa Rahman as chairperson of City Seed Crushing Limited, Deepa Food Products Limited and VOTT Oil Refineries Limited [1 p.11]. Mr. Mohammed Masum is printed as Chairman of the Surovi Group [1 p.12]. The remaining non-independent directors represent VOTT Oil Refineries Limited (Mr. Biswajit Saha, Mr. Md. Moksed Ali Sarder, Mr. Faisal Ahmed), International Oil Mills Limited (Mr. Pradip Karan, Mr. Hasan Faisal) and City Sugar Industries Limited (Mr. M. Mofizul Islam, Mr. Masihul Huq Chowdhury, Mr. Reza Uddin Ahmad) [s1 p.12,13,14]. The profiles state no family relationship. Note 38 lists each director's interests in other companies, among them City Dal Mills Ltd, Farzana Oil Refineries Ltd, Supreme Seed Companies Ltd and Surovi Agro Industries Ltd [1 p.107]. Spellings differ between pages: 'Mohammed Masum' and 'Pradip Karan' on the profile and shareholding pages, 'Mohammad Masum' and 'Prodip Karan' in the attendance table [s1 p.12,44,45].

Founder's shares. DSE posted on 18-Nov-2025 that 20,06,250 shares of Late Fazlur Rahman, former Sponsor Director, who passed away on 25.12.2023, would be transmitted to his successors: Mrs. Hamida Rahman 250,781 shares, Mr. Md. Hasan 702,187, Ms. Farzana Rahman 351,094, Ms. Shampa Rahman 351,094 and Ms. Razia Sultana, a general shareholder, 351,094 [10]. Note 12.02 prints the Director/Sponsor category at 61.35% at 31 December 2025 and 55.68% a year earlier [1 p.102].

Committees. The audit committee report lists five members chaired by Mr. Hasan Faisal, a director representing International Oil Mills Ltd., and records four meetings [1 p.35] [1 p.14]. The IDRA annexure, clause 7.2.C, reads 'Independent Director shall be the Chairman of the Committee' and is marked 'Complied' [1 p.60]. The NRC report records two meetings with full attendance by its four members, chaired by Mr. Amitava Chakraborty [1 p.38].

Management. The pattern of shareholding names Mr. Bayazid Muztaba Siddiqui, Chief Executive Officer; Mr. Md. Abul Hashim, Chief Financial Officer; Mr. Mohammed Ahsan Ullah, Company Secretary; and Mr. Shamsul Arfin, Head of Internal Audit, each with no holding printed [1 p.44]. The executives page prints the head of internal audit as Md. Shamsul Arfin [1 p.16]. Mr. Md. Abul Hashim signed the 2023 and 2022 statements as 'Chief Executive Officer (C.C.)' [3 p.77] [4 p.67].

BSEC compliance report. Suraiya Parveen & Associates (Suraiya Parveen, FCS) reported on June 14, 2026 that 'The Company has complied with the conditions of the Corporate Governance Code' and 'The Governance of the company is satisfactory' [1 p.49]. The annexure was read page by page from the images [s1 p.50,51,52,53,54,55,56,57]. It ticks the 'Complied' column for every applicable condition and marks no condition 'Not Complied' [s1 p.50,51,52,53,54,55,56,57]. That includes condition 5(3)(a), chairperson of the audit committee to be an independent director [1 p.54]; the audit committee report names Mr. Hasan Faisal, Director, as Chairman [1 p.35]. Condition 1(2)(a), 'At lest 2(two) directors or one-fifth (1/5) of the total number of directors ... shall be independent directors(ID). Provided that the Board shall appoint at least one female independent director', is ticked complied [1 p.50]; the board page lists 13 directors of whom 2 are independent, both printed with the title 'Mr.' [1 p.10] [1 p.45].

IDRA compliance report. Uttam & Associates (Uttam Kumar Dey, FCS) certified on 21 June, 2026 under the IDRA Corporate Governance Guideline-2023 that 'The Corporate Governance of the company is satisfactory.' [1 p.58]. The annexure was read page by page from the images [s1 p.59,60,61,62,63,64]. Clause 6.1 records a board 'comprised of 13 (Thirteen) Directors including 2 (two)Independent Directors' [1 p.59]. Four clauses are marked 'Not complied', each with a remark that the management informed that preparation of the TOR or policy is under process: 8.E (role of the NRC), 10.C (role of the risk management committee), 11.C (role of the policyholder protection and compliance committee) and 17.1 (whistle-blowing policy) [s1 p.61,62,63,64]. Clause 13 (other committees) and clause 17.2 (other policies) are marked 'Optional' [s1 p.63,64].

Dividends and AGMs. The board recommended a 10% cash dividend for 2025 on 13-May-2026; the record date was 17-Jun-2026 and the 26th AGM was held on a digital platform on 20-Jul-2026 per the notice [10] [1 p.24]. DSE posted disbursement on 1-Sep-2026 [10]. For 2024 the board recommended 10% cash on 2-Jun-2025; the record date was 10-Jul-2025 and the AGM 7-Aug-2025 [10] [2 p.24]. National Credit Ratings Ltd. assigned 'AA+' long term and 'ST-1' short term: a stable outlook declared on 01.01.2025 and a developing outlook declared on 20.01.2026, the latter with an expiry date of 31.12.2026 [1 p.18] [10].

24 months of DSE news. The archive from 1-Nov-2024 to 1-Nov-2026 holds 42 posts: results, board-meeting notices (two postponed or rescheduled for the annual accounts and one for the first quarter), dividend declarations and disbursements, record-date and spot-trading notices, price-limit notices, two credit-rating results, two qualified-opinion notices and the share transmission [10]. The archive contains no board approval of capital expenditure, a rights issue, a merger or a new business line [10].

Peers 2025: Dhaka Insurance's combined ratio 72.8% ranks 14 of 32 from the lowest (11 of 21 counting it with the unstarred peers)

The set. The peers are the 31 Dhaka-listed general insurers of the checked peer set in the Standard Insurance note, Standard Insurance included: Standard, Purabi General, Desh General, 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 [14 p.95] [15 p.205] [16 p.85] [17 p.76] [18 p.137] [19 p.13] [20 p.216] [21 p.394] [22 p.13] [23 p.181] [24 p.264] [25 p.189] [26 p.110] [27 p.153] [28 p.95] [29 p.141] [30 p.178] [31 p.329] [32 p.11] [33 p.22] [34 p.107] [35 p.14] [36 p.104] [37 p.181] [38 p.10] [39 p.365] [40 p.148] [41 p.94] [42 p.344] [43 p.185] [44 p.101]. Each writes non-life insurance business as printed in its own report; no business-mix adjustment is made. Opinion labels are taken from each peer's checked published AnalystBro note, cited per peer [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75]. The 11 peers marked * have a modified 2025 opinion or modified opinion wording: ASIAPACINS, BGIC, CENTRALINS, DGIC, EASTERNINS, FEDERALINS, NORTHRNINS, REPUBLIC, SONARBAINS, STANDARINS, UNIONINS. Dhaka Insurance is also starred, for its qualified 2025 opinion [1 p.69]; its row is the highlighted one.

One definition. For every company the combined ratio is 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 [s1 p.81,82] [13]. On that basis Dhaka Insurance's 72.8% ranks 14 of 32 counting from the lowest; the range is 38.9% (GREENDELT) to 110.7% (MERCINS) [13]. Counted with the 20 unstarred peers, leaving out the other starred insurers, it ranks 11 of 21; that range is 38.9% (GREENDELT) to 110.7% (MERCINS) [13]. Ranks are computed in code from the unrounded ratios. Dhaka Insurance's own inputs are qualified by its auditor on the management-expense figure [1 p.69].

Claims and size. Dhaka Insurance's net-claims ratio was 13.0%, rank 11 of 32 from the lowest (rank 7 of 21 with the starred peers left out); across the set it ranged from -2.0% (EASTERNINS) to 63.4% (MERCINS) [13]. Its net premium of Tk 212.6m ranks 29 of 32 from the highest (20 of 21 with the starred peers left out) [13]. Desh General prints a 'Loss Recovery' of Tk 3,583,680 that the ratio leaves out [16 p.85]. 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 32 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; no date has been notified on DSE for any of these events at 1-Nov-2026. The annual-accounts precedents are the dates printed on the audited statements for 2019 (29 July 2020), 2020 (09 June 2021), 2021 (20 April 2022), 2022 (30 May 2023), 2023 (6 May 2024) and 2024 (02 June 2025), and the board meeting of 13th May 2026 that approved the 2025 statements [7 p.45] [6 p.50] [5 p.59] [4 p.67] [3 p.72] [2 p.74] [1 p.108]; the 2024 and 2025 dates match the DSE board-meeting notices [10]. The quarterly precedents are the board-meeting dates in the DSE archive (2025 and 2026); the quarterly documents in the corpus are one-page statements that print no board or signing date. Q3 2024 results were posted on DSE on 3-Nov-2024 (post date; the board date is outside the 24-month archive). The annual reports and quarterly statements print no quarterly board dates. The 2020 and 2021 annual dates are the two latest of the seven; the annual-accounts row also gives the range without them. Fridays and Saturdays are not DSE business days and are excluded as range ends.

The 2024 annual-accounts board meeting was first set for 30-Apr-2025, postponed, and held on 2-Jun-2025; the 2025 meeting was moved from 11-May-2026 to 13-May-2026 [10]. Bangladesh's LDC graduation date is 24-Nov-2029; the UN General Assembly adopted it on 29-Oct-2026 in New York [11] [12]. The filings do not link it to any line item. The 26th AGM of 20-Jul-2026 has passed; the 2025 dividend it was to approve was disbursed per the DSE post of 1-Sep-2026 [10].

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 [s4 p.67,68] [s3 p.77,78] [s1 p.81,82]. Gross premium, investment income, profit before tax, equity, total assets and EPS come from the five-year table of the 2025 report, in Tk mn [1 p.19]. The 2022, 2023, 2024 and 2025 figures were audited under the qualified opinions described above [4 p.56] [3 p.66] [2 p.68] [1 p.69]. The 2023 opening reserve for unexpired risks equals the 2022 closing figure, and the 2025 opening figure equals the 2024 closing figure [s4 p.67,68] [s3 p.77,78] [s1 p.81,82].

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 10% cash-dividend record date of 17-Jun-2026 and no bonus or rights issue [9] [10]. The feed includes two Saturday sessions, 23-May-2026 and 17-Oct-2026 [9]. The lowest close was Tk 31.8 on 13-Nov-2025 and the highest Tk 52.7 on 10-Aug-2026, each on one day [9]. The close was Tk 41.1 on 29-Oct-2026 and Tk 37.6 on 29-Oct-2025 [9]. At the 29-Oct-2026 close the shares traded at 23.9 times 2025 EPS of Tk 1.72, 23.6 times derived trailing EPS of Tk 1.74, 1.10 times NAV per share with revaluation of Tk 37.49 and 1.53 times NAV per share without revaluation of Tk 26.85 at 30-Sep-2026, and a 2.4% yield on the 2025 dividend of Tk 1.00 [13]. These are facts at one date. The five-year table prints a year-end market value per share of Tk 35.80 for 2025 and Tk 38.00 for 2024 [1 p.19].

FAQ

What is Dhaka Insurance's 2025 audit opinion?

Qualified. Kazi Zahir Khan & Co. gave two bases: management expenses of Tk 128,129,820, Tk 10,050,234 above the allowable limit of Tk 118,079,586, and no gratuity provision since 2018. The report adds seven emphasis paragraphs (doubtful FDRs, unclaimed dividend, the Shadharan Bima Corporation balance, IFRS 17, share application money, unconfirmed balances and unsettled tax) and six key audit matters.

How profitable was Dhaka Insurance in 2025?

Profit before tax was Tk 128.0m and net profit after tax Tk 69.0m (EPS Tk 1.72), after Tk 141.3m and Tk 96.9m (EPS Tk 2.41) in 2024. Underwriting profit was Tk 55.2m and interest, dividends and rents Tk 85.2m. Return on average equity was 4.8% (derived).

What is Dhaka Insurance's combined ratio?

72.8% in 2025 and 71.6% in 2024, measured as net claims plus management expenses plus agency commission less re-insurance commission, over net premium. The company's own five-year table prints 72.77 and 71.61 for the same years. The peer section applies the same definition to every peer.

What is the provision on doubtful fixed deposits?

Note 5.02 records a provision of Tk 15,363,374, 20% of Tk 76,816,870 held with 13 banks and finance companies marked in the FDR list as unlikely to be collected. The auditor adds that interest on these FDRs has not been recognised.

Does Dhaka Insurance have bank debt?

The statement of financial position prints no bank loan line at 31-Dec-2025 or 31-Dec-2024. Lease liability was Tk 5.0m. The largest liability line is the provision for taxation of Tk 819.7m.

What dividend did Dhaka Insurance pay for 2025?

10% cash, Tk 1.00 a share, Tk 40,125,000 in total. The record date was 17-Jun-2026, the AGM 20-Jul-2026 and DSE posted the disbursement on 1-Sep-2026.

Who runs Dhaka Insurance?

Mrs. Hamida Rahman chairs a 13-member board with two independent directors. Mr. Bayazid Muztaba Siddiqui is chief executive officer, Mr. Md. Abul Hashim chief financial officer, Mr. Mohammed Ahsan Ullah company secretary and Mr. Shamsul Arfin head of internal audit.

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