Eastland Insurance financial analysis: banks confirmed Tk 37.0m of Tk 412.5m FDRs and Tk 4.7m of Tk 50.8m cash at bank (Oct 2026)

Investment considerations: 2025 EPS Tk 1.10, combined ratio 72.0%, nine-month 2026 EPS Tk 1.11 against Tk 0.69

What it is. Eastland Insurance PLC (DSE: EASTLAND) describes itself as a first-generation non-life insurer, incorporated on 5 November 1986 and registered to carry on insurance business on 22 November 1986 [1 p.16]. It writes fire, marine, motor and miscellaneous business through 20 branches from its registered office at 13 Dilkusha Commercial Area, Dhaka [1 p.15]. Paid-up capital is Tk 838.8m in 83,880,581 shares of Tk 10 [1 p.146]. Sponsors and directors held 41.11% at 31-Dec-2025, the general public 37.29% and institutions including ICB 21.60% [1 p.10]. The financial year is the calendar year.

Where it stands. Gross premium was Tk 968.7m in 2025, up 3.0% on Tk 940.7m [1 p.22] [16]. Net premium (premium less re-insurance) was Tk 407.2m against Tk 373.8m, so the company kept 42.0% of gross premium [1 p.153] [16]. Underwriting profit was Tk 103.2m against Tk 133.8m, profit before tax Tk 100.5m against Tk 97.4m and profit after tax Tk 92.5m against Tk 89.5m, for EPS of Tk 1.10 against Tk 1.07 [1 p.148]. On the combined-ratio definition used for every insurer in this note (net claims, revenue-account management expenses and agency commission, less re-insurance commission, over net premium), 2025 was 72.0% against 73.9% in 2024 [16]. K. M. Alam & Co. gave an unmodified opinion with three emphasis-of-matter items [1 p.141]. For the nine months to September 2026 the company announced EPS of Tk 1.11 against Tk 0.69 [12]. The shares closed at Tk 27.2 on 29-Oct-2026, against Tk 20.0 on 30-Oct-2025 [11] [16].

• Agency commission in 2026: the H1 2026 statement does not show agency commission separately; agency commission is shown separately only in the annual revenue accounts and note 29. The filings do not link the 2025 rise in agency commission to the IDRA circular, issued 23-Dec-2025. [1 p.152] [5 p.1] [13]
• Bank and FDR confirmations: whether the FY2026 auditor's report repeats the confirmation emphasis on note 21 [1 p.141].
• Balances with Sadharan Bima Corporation: Tk 517.2m receivable and Tk 176.3m payable at end-2025 (notes 19 and 10) [1 p.172] [1 p.175].
• Operating cash flow: NOCFPS Tk 1.33 for nine months 2026 against Tk 0.31 for full-year 2025 [12] [1 p.151].
• NAV per share: Tk 22.50 at 30-Jun-2026 and Tk 22.22 at 30-Sep-2026; the DSE post gives no reason for the fall [12].

Business: fire 55.3% of 2025 gross premium, marine 33.0%, miscellaneous 8.0%, motor 3.8%; 42.0% retained

How it makes money. A general insurer earns an underwriting result (premium kept, less claims, commission and management expenses, plus commission received from re-insurers, adjusted for the unexpired-risk reserve) and investment income on its deposits, bonds and shares [1 p.148] [1 p.152] [1 p.153]. Eastland's 2025 profit and loss account shows Tk 103.2m transferred from the revenue accounts and Tk 57.9m of interest, dividend and other income, less Tk 60.5m of expenses not charged to any fund, for pre-tax profit of Tk 100.5m [1 p.148].

Class mix. Including public-sector business (PSB) received through Sadharan Bima Corporation, fire premium was Tk 535.4m in 2025 (55.3% of gross), marine Tk 319.2m (33.0%), miscellaneous Tk 77.5m (8.0%) and motor Tk 36.6m (3.8%) [1 p.155] [1 p.157] [1 p.159] [1 p.161] [16]. PSB premium was Tk 108.6m of the Tk 968.7m total [1 p.153]. In 2024 the same four classes were Tk 523.1m, Tk 291.9m, Tk 88.4m and Tk 37.4m [16].

Re-insurance and retention. The company ceded Tk 561.4m of 2025 premium (Tk 462.3m own business and Tk 99.1m PSB) and kept Tk 407.2m [1 p.153]. Retention by class differed widely: fire 25.1%, miscellaneous 22.6%, marine 70.9% and motor 79.6% of gross premium [16]. Over 2017-2025 the company kept between 31.7% (2023) and 49.1% (2019) of gross premium [3 p.21] [1 p.22] [3 p.135] [3 p.136] [2 p.138] [2 p.139] [1 p.152] [1 p.153] [16]. Commission earned on re-insurance ceded was Tk 136.0m in 2025, of which Tk 97.3m came from the fire account [1 p.153] [1 p.155].

Gross premium over nine years. Gross premium was Tk 1,032.1m in 2017, Tk 1,114.6m in 2018, Tk 1,035.3m in 2019, Tk 859.5m in 2020, Tk 1,010.5m in 2021, Tk 1,186.2m in 2022, Tk 1,028.8m in 2023, Tk 940.7m in 2024 and Tk 968.7m in 2025 [3 p.21] [1 p.22]. The 2025 figure is 6.1% below 2017 and 18.3% below the 2022 peak [16]. The CEO's review states that premium collected 'through our 20 branches was TK. 969.Million' [1 p.85].

Regulation. The company operates under the Insurance Act 2010 and IDRA directives [1 p.15]. The Business Standard reported on 24 Dec 2025 that IDRA, in a circular issued on 23 December, scrapped commission payments in the non-life insurance sector [13]. Note 37 lists IFRS 17 'Insurance Contracts' as 'Awaiting IDRA's Instruction' [1 p.182]. The claims section of the annual report states that under current Bangladesh insurance law it is 'not yet obligatory to provide reserves for IBNR and/or IBNER claims' [1 p.117].

Underwriting: 2025 profit Tk 103.2m; net claims negative in four of six years 2020-2025; agency commission Tk 203.1m

Net claims. The consolidated revenue account shows net claims (claims paid plus closing outstanding, less re-insurance recoveries and opening outstanding) of minus Tk 2.2m in 2025 and Tk 34.7m in 2024 [1 p.152]. In 2025 claims paid were Tk 152.3m, re-insurance recoveries Tk 161.5m and claims recovered on PSB Tk 3.6m [1 p.152]. Net claims were negative in 2020 (minus Tk 9.8m), 2022 (minus Tk 46.6m), 2023 (minus Tk 113.0m) and 2025, and positive in 2021 (Tk 173.7m) and 2024 [3 p.135] [3 p.136] [2 p.138] [2 p.139] [1 p.152] [1 p.153]. By class in 2025, fire was minus Tk 17.7m, marine Tk 5.2m, motor Tk 10.3m and miscellaneous minus Tk 2,618 [1 p.154] [1 p.156] [1 p.158] [1 p.160].

Gross claims as printed. The highlights print gross claims of Tk 233.57m (2017), Tk 110.82m (2018), Tk 389.83m (2019), Tk 400.50m (2020), Tk 28.01m (2021), Tk 379.06m (2022), Tk 199.50m (2023), Tk 187.90m (2024) and Tk 157.76m (2025) [3 p.21] [1 p.22]. Across all nine years the lowest is Tk 28.01m in 2021 and the highest Tk 400.50m in 2020 [16]. The 2023 'Summary of Accounts' prints net claims of minus Tk 95.49m for 2023 and Tk 91.77m for 2022, while the 2023 revenue account prints minus Tk 112,984,032 and minus Tk 46,580,167 [2 p.88] [2 p.138]; this note uses the revenue account and flags the difference.

Agency commission. Agency commission was Tk 203.1m in 2025 against Tk 125.5m, up 61.8% [1 p.152] [16]. Note 29 splits it into fire Tk 119.1m, marine cargo Tk 64.3m, marine hull Tk 3.6m, motor Tk 8.2m and miscellaneous Tk 8.0m [1 p.178]. Fire commission rose 59.7% and marine 71.5% [16]. Over 2020-2025 agency commission ranged from Tk 50.9m (2021) to Tk 203.1m (2025) and from 13.1% to 49.9% of net premium [3 p.135] [3 p.136] [2 p.138] [2 p.139] [1 p.152] [1 p.153] [16]. The filings do not link the 2025 rise in agency commission to the IDRA circular, issued 23-Dec-2025. [13]

Management expenses. Revenue-account management expenses were Tk 228.5m in 2025 against Tk 233.4m [1 p.152]. Note 30 shows salary and allowances of Tk 155.6m, bonus and incentives Tk 20.5m, office rent Tk 11.2m and the PSB share of management expenses Tk 8.2m [1 p.179]. A further Tk 60.5m was charged in the profit and loss account, including gratuity of Tk 18.0m (Tk 6.9m in 2024), depreciation Tk 19.2m, interest on secured overdrafts Tk 11.7m and lease interest Tk 2.9m [1 p.148]. The annual report pages read for this note do not compare total management expenses with the IDRA limit.

Re-insurance commission. Net commission earned on re-insurance was Tk 136.0m in 2025 against Tk 117.4m in 2024 and Tk 43.7m in 2023 [3 p.135] [3 p.136] [2 p.138] [2 p.139] [1 p.152] [1 p.153]. As a share of net premium it was 33.4% in 2025, 31.4% in 2024 and between 10.3% and 13.4% in 2020-2023 [16].

Underwriting result by class. Marine made the largest class profit in each of 2023, 2024 and 2025: Tk 171.0m, Tk 123.9m and Tk 106.0m [2 p.88] [1 p.148]. Fire was minus Tk 30.3m in 2023, Tk 1.1m in 2024 and Tk 3.1m in 2025; miscellaneous turned to minus Tk 6.7m in 2025 from Tk 2.5m [2 p.88] [1 p.148]. Total underwriting profit was Tk 176.0m (2020), Tk 1.3m (2021), Tk 186.5m (2022), Tk 157.0m (2023), Tk 133.8m (2024) and Tk 103.2m (2025) [3 p.131] [2 p.134] [1 p.148].

Combined ratio. On the house definition the combined ratio was 68.5% (2020), 94.7% (2021), 55.0% (2022), 64.2% (2023), 73.9% (2024) and 72.0% (2025) [16]. The highest of the six years is 2021 and the lowest 2022 [16]. The definition excludes the Tk 2.5m of insurance stamps charged in the profit and loss account [1 p.148].

Investments: interest income Tk 55.6m in 2025, up 20.9%; no realised share loss after Tk 38.8m in 2024

Interest income. Note 23 shows interest of Tk 55.6m in 2025 against Tk 46.0m: FDR interest Tk 41.5m, STD interest Tk 0.5m and treasury-bond interest Tk 13.6m [1 p.177]. FDR interest over average FDRs was 10.2% (our arithmetic) [16]. Interest income was Tk 30.8m in 2020, Tk 23.7m in 2021, Tk 27.6m in 2022 and Tk 30.4m in 2023 [3 p.131] [2 p.134] [1 p.148].

Share results. Realised results on shares were minus Tk 4.7m (2020), plus Tk 217.4m (2021), minus Tk 1.1m (2022), minus Tk 30.5m (2023), minus Tk 38.8m (2024) and nil in 2025 [3 p.131] [2 p.134] [1 p.148]. Dividend income fell from Tk 13.9m in 2021 to Tk 1.1m in 2025 [3 p.131] [2 p.134] [1 p.148]. In 2021, pre-tax profit of Tk 149.4m included the Tk 217.4m realised gain while underwriting profit was Tk 1.3m [3 p.131].

The share book. Note 16 lists one listed holding, 2,899,186 shares of National Housing Finance & Investment Limited (cost Tk 26.4m, market value Tk 65.2m at end-2025 against Tk 70.1m), and two unlisted holdings carried at cost: Industrial & Infrastructure Development Finance Company Limited (IIDFC), 10,449,259 shares at Tk 104.5m, and Central Depository Bangladesh Limited, 571,181 shares at Tk 5.7m [1 p.174]. The fair-value reserve was Tk 35.0m at end-2025 against Tk 39.4m and Tk 125.5m at end-2023 [1 p.177]. Other comprehensive income was minus Tk 4.4m in 2025 and minus Tk 86.1m in 2024 [1 p.149].

Treasury bonds and deposits. Treasury bonds were Tk 152.1m at end-2025 (Tk 2.0m added in the year) [1 p.173]. Fixed deposits were Tk 412.5m [1 p.175]. The H1 2026 cash flow shows a further Tk 25.0m of treasury-bond purchases and Tk 21.0m of 'Investment in Shares & Fair Value Adjustment' [5 p.1].

Tax. Current tax was Tk 9.5m and deferred tax a credit of Tk 1.5m in 2025, against Tk 3.6m and Tk 4.3m in 2024 [1 p.148]. Profit after tax was 92.1% of pre-tax profit in 2025 [16]. Advance income tax was Tk 308.7m and the current-tax provision Tk 144.1m at end-2025; Tk 110.6m of advance tax was adjusted against income years 2017, 2018, 2022 and 2023 [1 p.146] [1 p.174].

Ratios 2017-2025: ROE 5.2% in 2025 within a 5.0%-7.8% range; NOCF 0.28 times profit

Returns. Return on average equity was 6.7% (2018), 6.9% (2019), 5.4% (2020), 7.3% (2021), 7.8% (2022), 5.3% (2023), 5.0% (2024) and 5.2% (2025) [16]. Return on average assets was 3.4% in 2025 [16]. Equity was 68.2% of total assets at end-2025 and between 62.5% and 70.9% in 2017-2025 [16].

EPS sequence, figure by figure (as printed, on 83.88m shares). Tk 1.78 (2017), Tk 1.30 (2018), Tk 1.34 (2019), Tk 1.09 (2020), Tk 1.51 (2021), Tk 1.63 (2022), Tk 1.14 (2023), Tk 1.07 (2024), Tk 1.10 (2025) [3 p.21] [1 p.22]. Each equals printed profit after tax over 83,880,581 shares to two decimals (our check) [16]. The DSE post of 13-Apr-2025 gives the reason for the 2024 fall as 'decrease of net profit after tax' [12].

NAV sequence, figure by figure (as printed). Tk 19.02 (2017), Tk 19.53 (2018), Tk 19.40 (2019), Tk 20.70 (2020), Tk 20.89 (2021), Tk 21.19 (2022), Tk 21.67 (2023), Tk 21.12 (2024), Tk 21.58 (2025) [3 p.21] [1 p.22]. Each equals printed equity over 83,880,581 shares (our check), so the pre-2021 figures are on today's share count [16]. The DSE post of 13-Apr-2025 attributes the 2024 fall to a 'decrease of market value of investment in securities'; the 2024 OCI was minus Tk 86.1m [12] [1 p.149]. The 2019 fall (Tk 19.53 to Tk 19.40) and the 2020 rise of Tk 1.30 (equity up Tk 108.9m against profit after tax of Tk 91.6m) are not explained in the pages read; we flag both.

Cash conversion. Net operating cash flow was Tk 66.7m (2017), Tk 68.7m (2018), Tk 60.8m (2019), Tk 69.6m (2020), Tk 73.0m (2021), Tk 77.2m (2022), Tk 69.6m (2023), Tk 63.7m (2024) and Tk 26.0m (2025) [3 p.21] [2 p.137] [1 p.151]. As a multiple of profit after tax that is 0.28 in 2025, the lowest of the nine years, against 0.45-0.76 before [16]. In 2025 premium collections rose to Tk 1,046.3m from Tk 1,021.0m, payments for expenses, re-insurance, claims and commission rose to Tk 880.1m from Tk 864.7m, and tax, VAT and stamps paid rose to Tk 140.2m from Tk 92.6m [1 p.151]. The DSE post of 23-Apr-2026 does not give a reason for the lower NOCFPS [12].

Earnings mix. Underwriting profit exceeded pre-tax profit in 2020 and 2022-2025 (102.6% of pre-tax profit in 2025); arithmetically, expenses charged in the profit and loss account exceeded non-underwriting income in those years [16] [3 p.131] [2 p.134] [1 p.148]. In 2021 it was 0.9% [16].

Peers 2025: combined ratio 72.0% at Eastland against 63.7%-82.2% at five general insurers

Peer set and basis. We compare Eastland with five DSE general insurers for calendar 2025, each from its own annual report: Karnaphuli Insurance, Peoples Insurance, Nitol Insurance, Islami Insurance Bangladesh and Bangladesh General Insurance (BGIC). All figures come from the consolidated revenue account (Karnaphuli's note 26 summary), with one combined-ratio definition. Re-insurance commission includes profit commission where printed separately (Nitol: Tk 61.0m plus Tk 20.9m) [8 p.189]. Management expenses are as printed in each revenue account; Islami's line reads 'with stamp used' [9 p.110], while Eastland charges its Tk 2.5m of stamps in the profit and loss account and that amount is excluded [1 p.148].

Audit opinions, read first. Karnaphuli's auditor (Ashraf Uddin & Co.) wrote 'In our opinion, the accompanying financial statements present fairly, in all material respects' [6 p.148]. Peoples' auditor (Ashraf Uddin & Co.) wrote 'In our opinion, the accompanying financial statements present true and fair view. all material respects' [7 p.256]. Nitol's auditor (Mahfel Huq & Co.) wrote 'In our opinion, the accompanying financial statements present fairly, in all material respects' and added an 'Emphasize of matter' section of three items [8 p.181]. Islami's auditor (FAMES & R) wrote 'In our opinion, the accompanying financial statements give a true and fair view' and added four emphasis-of-matter items [9 p.98]. BGIC's auditor (Mahfel Huq & Co.) gave a 'Qualified Opinion', 'except for the matters described in the Basis for Qualified Opinion section' [10 p.318]. Eastland's opinion is unmodified with three emphasis items [1 p.141].

What the table shows. Eastland's combined ratio of 72.0% is the third lowest of the six; Peoples (63.7%) and Islami (67.7%) are lower, Nitol (72.7%), BGIC (81.4%) and Karnaphuli (82.2%) higher [16]. Eastland (minus 0.5%) and Peoples (minus 0.6%) are the two insurers of the six with negative claims ratios [16]. Its expense ratio of 72.6% is the highest of the six, 8.3pp above Peoples at 64.3%, the next highest [16]. Agency commission at 49.9% of net premium is the highest of the six (Islami 18.6% is the lowest), and re-insurance commission at 33.4% of net premium is also the highest (Islami 7.1% is the lowest) [16]. Eastland's net premium of Tk 407.2m is the second smallest of the six, above Nitol's Tk 400.2m [16].

Balance sheet: Tk 412.5m of FDRs, Tk 126.3m overdraft, Tk 889.2m due from insurers; unmodified audit with three emphasis items

Assets. Total assets were Tk 2,652.6m at end-2025 against Tk 2,835.9m [1 p.147]. The largest line was Tk 889.2m due from other persons or bodies carrying on insurance business, followed by Tk 580.2m of property, plant, equipment and right-of-use assets, Tk 483.4m of advances, deposits and prepayments, Tk 361.9m of cash and cash equivalents, Tk 175.4m of equity shares and Tk 152.1m of treasury bonds [1 p.147].

Cash, deposits and bank borrowing. Note 21 shows FDRs of Tk 412,469,985, cash in hand of Tk 225,453 and 'Cash at Banks' printed as (50,757,315), a negative balance [1 p.175]. The bank-by-bank list in note 21.01 includes a Southeast Bank Corporate Branch account at minus Tk 66,818,219 [1 p.176]. Separately, note 12 shows a Jamuna Bank PLC overdraft of Tk 126,337,584 (Tk 87,051,523 in 2024) [1 p.173]. Interest on secured overdrafts was Tk 11.7m in 2025 [1 p.148]. FDRs plus bank and hand balances, less the overdraft, come to Tk 235.6m against Tk 310.3m a year earlier (our arithmetic) [16]. The auditor's emphasis paragraph describes the same cash-at-bank figure as 'Cash at Bank BDT. 50,757,315' without the minus sign; we state both and flag it [1 p.141] [1 p.175].

Due from and due to insurers. Note 19 lists 13 counterparties in the Tk 889.2m: Sadharan Bima Corporation (SBC) Tk 517.2m, the largest in the table, then Salasar Services (Insurance Brokers) Pvt. Ltd. Tk 219.2m, Alliance Insurance Brokers Private Ltd. Tk 121.2m and General Insurance Corporation (GIC India) Tk 25.7m [1 p.175]. Note 10 lists Tk 252.5m due to others, of which SBC Tk 176.3m, the largest, and General Insurance Corporation Tk 44.8m [1 p.172]. The receivable was 49.1% of equity at end-2025 against 54.1% at end-2024 [16]. The KAM on this line states a receivable of BDT 889,172,241 and lists 'Sent direct confirmation to the related parties' among the procedures [1 p.142].

Advances. Advances, deposits and prepayments of Tk 483.4m include Tk 308.7m of advance income tax and Tk 165.6m of 'Bank Guarantee (against Receivable Insurance premium)' (Tk 50.7m in 2024) [1 p.174]. The note adds that premium of Tk 121,889,262 was realised against bank guarantees up to 28-02-2026, against total receivable of Tk 165,635,097 [1 p.174]. The 2024 'Agents Balance' of Tk 123.9m is nil at end-2025 [1 p.174].

Contingencies and commitments. Note 34 states: 'There is no contingent Asset or Liability as at December 31, 2025.' Note 32 states: 'There was no capital expenditure commitment as on 31.12.2025.' [1 p.180]. Lease liabilities were Tk 23.7m (short term Tk 9.5m, long term Tk 14.2m) [1 p.146] [1 p.172].

Audit opinion (verbatim). K. M. Alam & Co. (partner Md. Belayet Hossain FCA) wrote: 'In our opinion, the accompanying financial statements give true and fair view, in all material respects, of the financial position of the Company as at December 31st, 2025 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).' [1 p.141]. The signature block on page 145 is dated 'April 22, 2025', while the statements on pages 146-153 are dated 'April 22, 2026' and the DVC is 2604271480AS512268; we state both dates and flag the difference [1 p.145] [1 p.147].

Emphasis of matter (verbatim, from the page image). 'Without modifying our report in above paragraph, we would like to draw attention of the users of this report on the below notes that:' (1) 'We draw attention to note 21.00: Cash & Cash Equivalents: We sent direct balance confirmation of Cash at Bank BDT. 50,757,315 and Fixed Deposit Receipt BDT. 412,469,985 out of which we received balance confirmation from bank for cash at bank BDT. 4,736,669 and for FDR BDT. 37,003,731.' (2) 'We draw attention to note 13.00: Gratuity Fund: The entity maintained non funded gratuity account of BDT. 27,341,167 as provision. No separate bank account maintained by the entity.' (3) 'We draw attention to note 10.00 and 19.00: Amount due to other persons or bodies carrying on insurance business and amount due from other persons or bodies carrying on insurance business: We have sent balance confirmation letters to related parties but we did not receive any response from those parties till to reporting date. We have concluded our opinion on the basis of the documents provided by the management.' [1 p.141]. DSE posted an 'Emphasis of Matter' notice on 2-Jun-2026 [12].

Key audit matters (verbatim headings and amounts). 'Premium Income' ('the reported total premium less re-insurances are BDT 407,240,373'); 'Amount due from other persons or bodies carrying on insurance business' ('BDT 889,172,241'); 'Amount due to other persons or bodies carrying on insurance business' ('BDT 252,466,588'); 'Advances, Deposits and Pre-payment' ('BDT. 483,396,534'); and 'Property, Plant and Equipment and Rights of Use Assets' ('BDT. 580,188,363.00') [1 p.142] [1 p.143].

2026 so far: H1 profit after tax Tk 58.4m against Tk 44.5m; nine-month EPS Tk 1.11 against Tk 0.69

First half 2026 (un-audited). Gross premium was Tk 390.4m against Tk 434.5m, down 10.1%, while re-insurance ceded fell to Tk 215.1m from Tk 272.0m, so net premium rose 8.0% to Tk 175.3m [5 p.1] [16]. Re-insurance commission was Tk 66.9m against Tk 77.3m. The single line for 'Agent Commission, Management Expenses, Claims & Adj. of Unexpired Risk Reserve' was Tk 187.5m against Tk 213.8m, and underwriting profit Tk 54.8m against Tk 25.9m [5 p.1]. Income from investment and others was Tk 29.3m against Tk 32.8m; pre-tax profit was Tk 73.6m and profit after tax Tk 58.4m against Tk 44.5m (EPS Tk 0.70 against Tk 0.53) [5 p.1]. The DSE post gives the reasons: 'EPS increased due to increase of net profit after tax. NOCFPS increased due to decrease of re-insurance ceded premium. NAVPS increased due to increase of reserve.' [12].

Cash flow and the comparative. H1 2026 net operating cash flow was Tk 118,271,619 (NOCFPS Tk 1.41) [5 p.1]. The H1 2025 comparative column prints Tk 26,002,980, the same figure to the taka as full-year 2025 net operating cash flow, although its three components (Tk 463.2m, minus Tk 380.8m, minus Tk 56.4m) differ from the full-year components [5 p.1] [1 p.151]; we state both and flag it. The statement of changes in equity labels the 30-Jun-2026 closing row 'June 30, 2025' and shows no deduction for the 2025 cash dividend [5 p.1].

Quarter by quarter (DSE posts). EPS was Tk 0.27 for January-March 2026 (Tk 0.25), Tk 0.43 for April-June (Tk 0.28) and Tk 0.41 for July-September (Tk 0.16); nine-month EPS was Tk 1.11 against Tk 0.69 and nine-month NOCFPS Tk 1.33 against Tk 0.48 [12]. The three quarters sum to the nine-month figure [16]. NAV per share was Tk 21.86 at 31-Mar-2026, Tk 22.50 at 30-Jun-2026 and Tk 22.22 at 30-Sep-2026 [12]. The Q3 post gives no reason for the Tk 0.28 fall in NAV per share in a quarter with EPS of Tk 0.41 [12]; we flag it as unexplained. The Q3 2026 statements are not in our corpus, so the movement cannot be traced to its lines.

2025 for comparison. The 2025 quarters were Tk 0.25, Tk 0.28 and Tk 0.16, and the full year Tk 1.10, which puts the fourth quarter at Tk 0.41 (derived) [12] [1 p.148]. NAV per share moved from Tk 21.12 (end-2024) to Tk 21.38 (March), Tk 21.57 (June), Tk 21.25 (September) and Tk 21.58 (December) [12] [1 p.147]; the Q3 2025 post attributes the September fall to a 'decrease of market value of investment in securities' [12]. Trailing EPS to September 2026 is Tk 1.52 (nine months 2026 plus full-year 2025 less nine months 2025, derived) [16].

Governance: 19 directors holding 38.51%, sponsors 2.60%; 10% cash dividend to general shareholders for 2024 and 2025

Board. The board page lists Chairman Mahbubur Rahman, Vice Chairman Rizwan-ur Rahman, independent directors Md. Abdul Karim, Hedayetullah Al Mamoon and Farah Anjum Bari, Chief Executive Officer (ex-officio) Mohammed Salim, and directors Abu Sayeed Md. Quasem, Hameeda Rahman, Kamal Uddin Ahmed, Mohd. Arshad Ali, Md. Shamimul Islam, Md. Tysir Khan, Monira Yeasmin, Roushan Ara Ali, Saiful Islam, Sanjidur Rahman, Shegufta Mahbub, Tahmina Ahmed, Taslima Akhtar and Zahidul Kabir [1 p.28]. The directors' report table below keeps every printed column (folio/BO number, name, holding at the beginning and end of the year); the role column is from the board page [1 p.99] [1 p.28]. The board met six times in 2025 and directors attended 85% in aggregate [1 p.103].

Holdings. The pattern-of-shareholding table prints a directors' total of 3,23,03,383 shares (38.51%), with Monira Yeasmin's 43,52,421 shares (5.19%) the largest holding in that table, and sponsors Bilquis Alam (7,14,182; 0.85%), Nizamuddin Ahmed (14,35,122; 1.71%) and Saidur Rahman (33,032; 0.04%), totalling 21,82,336 (2.60%) [1 p.103] [1 p.104]. Directors plus sponsors equal the 3,44,85,719 sponsor/director shares (41.11%) on the shareholding-structure page and in the DSE dividend posts [1 p.10] [12]. The same table spells some names differently from the board page ('A.S.M. Quasem', 'Rowshan Ara Ali', 'Segufta Mahbub'), and the directors' report prints the sponsor as 'Ms. Bilquis iAlam' with a holding of '14,35.122' for Nizamuddin Ahmed [1 p.99] [1 p.103].

Committees and key management. The audit committee report states the committee has five members, is chaired by an independent director, and met five times in 2025; Mahbubur Rahman and A.S.M. Quasem attended one meeting by special invitation [1 p.126]. The directors' report lists the shareholdings of key officers as: 'Chief Executive Officer Nil Mohammed Salim', 'Chief Financial Officer Nil Md. Mizanur Rahman', 'Company Secretary Nil M A Rahman FCS', with directors' spouses and minor children 'Nil' [1 p.104]. Its executives table lists five executives: Md. Shafiul Alam, Addl. MD (2,635 shares), Md. Tajul Islam, Addl. MD (93), A.M.M.Nur Uddin, SEVP (2,000), Md. Abdur Rahman, SEVP (2,800) and Nur Mohammad, VP (4,510), with a printed total of 12,038 shares and the percentage column blank [1 p.104]. The H1 2026 statement is signed by Md. Mizanur Rahman as 'Deputy Managing Director & CFO' [5 p.1].

Related parties. Note 36 lists three related parties, each with relationship 'Common Director' and transaction 'Insurance' [1 p.181]. The Merchant Ltd. & Elite Printing & Packages Ltd.: premium earned Tk 35,786,205 in 2025, premium outstanding 'Nill', realised subsequently 'Nill', claim paid Tk 3,924,365. Century Cold Storage Ltd.: premium Tk 148,025, outstanding 'Nill', realised 'Nill', claim paid 'Nill'. Newage Group: premium Tk 22,826,374, outstanding 'Nill', realised 'Nill', claim paid Tk 279,090 [1 p.181]. Directors' fees were Tk 1,177,600 at Tk 8,000 per person per meeting [1 p.182]. The directors' report states shareholdings of parent, subsidiary, associate and other related parties as 'NIL' [1 p.103].

Dividends. Cash dividends were 7.5% (plus 7.5% stock) for 2017, 7% (plus 5% stock) for 2018, 5% (plus 5% stock) for 2019, 7% (plus 3% stock) for 2020 and 10% for each year 2021-2025 [3 p.21] [1 p.22]. For 2024 and 2025 the board recommended 10% cash 'for the General shareholders excluding Sponsors and or Directors', with Tk 49,394,862 payable each year and 3,44,85,719 sponsor/director shares not entitled [12]. That is Tk 0.59 per share in issue (derived) and 53.4% of 2025 profit after tax [16]. For 2025: board meeting 22-Apr-2026 (DSE post 23-Apr-2026), record date 2-Jun-2026, AGM 29-Jun-2026 on a virtual platform, disbursement posted 3-Aug-2026 [12]. For 2024: board 10-Apr-2025, record date 2-Jun-2025, AGM 30-Jun-2025, disbursement posted 10-Aug-2025 [12].

24 months of DSE news. We read every EASTLAND item in the DSE archive from 1-Nov-2024 to 1-Nov-2026 (old_news.php, criteria=3) [12]. It contains results posts for each quarter and year, board-meeting notices under LR 16(1) and 19(1) (including a change of the 27-Oct-2025 meeting time from 2:30 PM to 3:00 PM), the two dividend declarations, spot-market, record-date and resumption notices, an 'Update of Information' request (23-Apr-2026), the 'Emphasis of Matter' notice (2-Jun-2026), two dividend-disbursement notices and two CRISL rating posts [12]. It contains no correction notices (zero in the archive window), and no board approval of capital expenditure, expansion, rights issue, acquisition or director share transfer [12]. The 2025 report records the change of name from Eastland Insurance Company Limited to Eastland Insurance PLC on 25-Jun-2024 [1 p.15].

What's next: dated events after 31-Oct-2026 and the lines they relate to

Precedents used. The financial calendar records announcements of audited results on 8-Apr-2021, 19-May-2022, 12-Apr-2023, 7-Mar-2024, 10-Apr-2025 and 22-Apr-2026, record dates of 28-Apr-2021, 9-Jun-2022, 14-May-2023, 2-Apr-2024, 2-Jun-2025 and 2-Jun-2026, and AGMs on 6-Jun-2021, 20-Jul-2022, 25-Jun-2023, 30-Apr-2024, 30-Jun-2025 and 29-Jun-2026 [1 p.46] [1 p.47] [1 p.48]. DSE notices confirm the board-meeting dates of 10-Apr-2025 and 22-Apr-2026 for the annual accounts, and 8-May-2025 and 22-Apr-2026 for first-quarter accounts [12]; the inferred Q1 2027 window rests on those two years only. The latest accounts are not overdue: the Q3 2026 board met on 28-Oct-2026 and results were posted on 29-Oct-2026 [12]. No board date for the FY2026 accounts has been notified.

Passed, outcome in the filings or not yet known. IDRA's circular scrapping non-life commission was issued on 23-Dec-2025 (passed) [13]; the H1 2026 statement does not show agency commission separately, no filing yet shows agency commission for any 2026 period [5 p.1]. The Q3 2026 results were posted on 29-Oct-2026 (passed); the statements themselves are not in our corpus [12]. On LDC graduation, the UN General Assembly adopted the move of the date from 24-Nov-2026 to 24-Nov-2029 on 29-Oct-2026 (30-Oct in Dhaka) [14] [15].

Risks: each item and the line it relates to

Reading the risks. Each row ties to a filing page or a DSE post. The emphasis paragraphs and key audit matters are on pages 141-143 of the 2025 report [1 p.141] [1 p.142] [1 p.143]. The cash and overdraft lines are in notes 12 and 21 [1 p.173] [1 p.175] [1 p.176]. The commission and re-insurance figures are in the consolidated revenue account and note 29 [1 p.152] [1 p.153] [1 p.178]. The 2025 current ratio is printed as 2.73:1, and the 2024 figure is printed as 1.69 in the 2024 report and 2.20:1 in the 2025 report [1 p.22] [4 p.20]; we flag the difference.

History of the printed ratios. The 2021 report prints current ratios of 2.41:1 for 2021 and 2.16:1 for 2020, while the 2024 and 2025 reports print 2.59:1 for 2021 and 2.45:1 for 2020 [3 p.21] [4 p.20] [1 p.22]. The 2024 P/E is printed as 18.27 in the 2024 report and 18.22 in the 2025 report [4 p.20] [1 p.22]. The filings do not say these figures were restated.

History 2017-2025 and market data

Figures for 2017-2019 come from the five-year highlights of the 2021 report and figures for 2020-2025 from the statements in the 2021, 2023 and 2025 reports, each giving two years [3 p.21] [1 p.22] [3 p.135] [3 p.136] [2 p.138] [2 p.139] [1 p.152] [1 p.153] [3 p.131] [2 p.134] [1 p.148]. Total investments for 2024 are printed as Tk 744.86m in the 2025 report and Tk 744.87m in the 2024 report [1 p.22] [4 p.20]. Profit after tax was highest in 2017 (Tk 149.2m) and lowest in 2024 (Tk 89.5m) over 2017-2025 [3 p.21] [1 p.22].

Market data (facts only). The shares closed at Tk 27.2 on 29-Oct-2026, 36.0% above the Tk 20.0 close on 30-Oct-2025 [11] [16]. On DSE trading-day closes from 30-Oct-2025 to 29-Oct-2026, the low was Tk 17.0 (13-Nov-2025) and the high Tk 31.5 (13-Jul-2026) [11]. Market value at Tk 27.2 was Tk 2.28bn [16]. That is 24.7 times 2025 EPS, 17.9 times trailing EPS to September 2026 (derived) and 1.22 times NAV per share at 30-Sep-2026 [16]. A general shareholder receiving the Tk 1.00 dividend for 2025 would have a 3.7% yield at Tk 27.2 [16]. The 2025 report prints a year-end 2025 market price of Tk 18.50 and a P/E of 16.82 [1 p.22].

FAQ

What audit opinion did Eastland Insurance receive for 2025?

An unmodified opinion from K. M. Alam & Co.: the statements 'give true and fair view, in all material respects'. The auditor added three emphasis-of-matter items: banks confirmed BDT 4,736,669 of BDT 50,757,315 cash at bank and BDT 37,003,731 of BDT 412,469,985 of FDRs; the BDT 27,341,167 gratuity provision is unfunded with no separate bank account; and balance-confirmation letters to other insurers drew no response.

How profitable was Eastland Insurance in 2025?

Profit after tax was Tk 92.5m (EPS Tk 1.10) against Tk 89.5m (EPS Tk 1.07). Underwriting profit was Tk 103.2m, interest income Tk 55.6m and expenses charged in the profit and loss account Tk 60.5m. Return on average equity was 5.2%.

What is Eastland's combined ratio?

72.0% in 2025 and 73.9% in 2024, measured as net claims plus revenue-account management expenses plus agency commission less re-insurance commission, over net premium. On the same definition Peoples was 63.7%, Islami 67.7%, Nitol 72.7%, BGIC 81.4% and Karnaphuli 82.2% in 2025.

Does Eastland Insurance have bank borrowing?

Yes. Note 12 shows a Jamuna Bank PLC overdraft of Tk 126.3m at end-2025 (Tk 87.1m in 2024), and note 21.01 shows a Southeast Bank Corporate Branch account at minus Tk 66.8m, which makes total cash at banks negative at minus Tk 50.8m. Interest on secured overdrafts was Tk 11.7m in 2025.

What dividend did Eastland pay for 2025?

10% cash to general shareholders only, excluding sponsors and directors who hold 3,44,85,719 shares; the payout was Tk 49,394,862. The board met on 22-Apr-2026, the record date was 2-Jun-2026, the AGM was held on 29-Jun-2026 and DSE posted the disbursement on 3-Aug-2026. The 2024 dividend followed the same structure.

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

DSE-announced EPS was Tk 1.11 against Tk 0.69 and NOCFPS Tk 1.33 against Tk 0.48. In the first half, gross premium fell 10.1% to Tk 390.4m, net premium rose 8.0% to Tk 175.3m and profit after tax was Tk 58.4m against Tk 44.5m. NAV per share was Tk 22.22 at 30-Sep-2026.

Who sits on Eastland's audit committee?

As printed in the 2025 report: Hedayetullah Al Mamoon (Chairman, independent director, 5 meetings attended), Mohd. Arshad Ali (3), Md. Tysir Khan (3), Rizwan-ur Rahman (5) and Taslima Akhtar (5). The committee met five times in 2025.

Sources

1. Eastland Insurance PLC Annual Report 2025 (corpus EASTLAND_ANNUAL_2025; PDF page numbers, printed page = PDF page - 2) · link · accessed 2026-11-01
2. Eastland Insurance PLC Annual Report 2023 (summary of accounts p.88; statements for 2022-2023) · link · accessed 2026-11-01
3. Eastland Insurance Company Limited Annual Report 2021 (financial highlights 2017-2021 p.21; statements for 2020-2021) · link · accessed 2026-11-01
4. Eastland Insurance PLC Annual Report 2024 (financial highlights 2020-2024 p.20) · link · accessed 2026-11-01
5. Eastland Insurance PLC un-audited half-yearly statements to 30-Jun-2026 (one-page scan; read from the page image) · link · accessed 2026-11-01
6. Karnaphuli Insurance PLC Annual Report 2025 (peer; auditor's report p.148, note 26 p.181) · link · accessed 2026-11-01
7. Peoples Insurance PLC Annual Report 2025 (peer; auditor's report p.256, consolidated revenue account p.264) · link · accessed 2026-11-01
8. Nitol Insurance PLC Annual Report 2025 (peer; auditor's report p.181, consolidated revenue account p.189) · link · accessed 2026-11-01
9. Islami Insurance Bangladesh Limited Annual Report 2025 (peer; auditor's report p.98, consolidated revenue account p.110) · link · accessed 2026-11-01
10. Bangladesh General Insurance Company PLC Annual Report 2025 (peer; auditor's report p.318, consolidated revenue account p.329) · link · accessed 2026-11-01
11. AnalystBro market data: DSE daily bars for EASTLAND to 29-Oct-2026 · link · accessed 2026-11-01
12. DSE news archive for EASTLAND, 1-Nov-2024 to 1-Nov-2026 (old_news.php, criteria=3): results, dividends, record dates, board-meeting notices, emphasis-of-matter notice, CRISL ratings · link · accessed 2026-11-01
13. The Business Standard, 'IDRA scraps commission payments in non-life insurance sector', 24 Dec 2025 · link · accessed 2026-11-01
14. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
15. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
16. AnalystBro history and ratio model for EASTLAND (model.xlsx, the workbook below) · link · accessed 2026-11-01