Express Insurance financial analysis: combined ratio 84.4%, marine loss, unmodified audit (Oct 2026)

Investment considerations: 2025 EPS Tk 1.18, combined ratio 84.4%, unmodified audit opinion

Updated 3-Nov-2026 (Q3): replaced the Q3 2026 figures from the DSE post with the Q3 2026 statements, added the Q3 and nine-month revenue account and profit lines (net premium, claims, agency commission, share gains, tax), the September balance sheet and cash flow, and added nine-month and Q3 columns to the model.

What it is. Express Insurance Limited (DSE: EIL) was incorporated on 30 March 2000 as a public limited company and registered to carry on non-life (general) insurance; it started business on 18 May 2000 and its shares started trading on the Dhaka and Chittagong stock exchanges on 24 August 2020 after its initial public offering [1 p.3] [1 p.11]. Paid-up capital is Tk 651.97m in 65,197,464 shares of Tk 10 [1 p.11] [1 p.141]. The company prints no subsidiary [1 p.11].

How it makes money. The company sells fire, marine (cargo and hull), motor and miscellaneous non-life policies through 33 branches [1 p.3]. In 2025 it wrote gross premium of Tk 572.1m: fire 45.8%, marine 30.1%, motor 11.7% and miscellaneous 12.4% (derived from note 24.1) [1 p.137] [21]. It passes part of each risk to re-insurers: Tk 214.5m of premium was ceded in 2025, leaving net premium of Tk 357.6m [1 p.137]; the corporate information page names the state-owned Sadharan Bima Corporation (SBC) as re-insurer [1 p.11]. Income comes from two places: the underwriting result in the revenue accounts (net premium plus commission received on ceded business, less net claims, agency commission, management expenses and the change in the unexpired-risk reserve) and the return on the funds held, mainly fixed deposits with banks and government bonds [1 p.113] [1 p.134]. Customers are not grouped by type in the filings; note 31 lists insurance premium of Tk 46.4m in 2025 from 33 companies linked to directors, 8.1% of gross premium (derived) [s1 p.140,141] [21]. The business is funded by shareholders' equity of Tk 1,298.3m and by policyholder balances (unexpired-risk reserve, outstanding claims, premium deposits); the statement of financial position prints no bank borrowing [1 p.110]. Eleven sponsor and nominated directors and their families held 59.98% of the shares at the 2025 report date (sum of the printed percentages), with no single holder at 10% or more [1 p.31] [21].

Where it stands. Gross premium was Tk 572.08m in 2025, Tk 586.20m in 2024 and Tk 614.08m in 2021 per the five-year table [1 p.46]. Net premium rose to Tk 357.6m from Tk 345.0m [1 p.113]. The profit transferred from the revenue accounts fell to Tk 50.7m from Tk 97.0m, and profit before tax to Tk 119.8m from Tk 129.3m [1 p.111]. EPS was Tk 1.18 (2024: Tk 1.23) [1 p.141]. Profit before tax fell in each of the four years from Tk 154.02m in 2021 [1 p.46]. The 2025 cash dividend was 5% (Tk 0.50 a share) [1 p.46] [18].

Earnings mix. The five-year table prints investment income of Tk 129.98m in 2025 and underwriting profit of Tk 50.74m [1 p.46]. Management expenses not charged to any revenue account were Tk 61.8m [1 p.111]. Return on average equity was 6.0% in 2025 and 6.5% in 2024, using profit after tax from the five-year table (derived) [1 p.46] [21].

• Marine: net claims of Tk 48.4m in 2025 against Tk 1.3m in 2024; the directors' report states 'The number of claims settled in marine insurance was highest compared to the previous year' [1 p.115] [1 p.57].
• Management expenses: 56.9% of net premium in 2025 (2021: 49.2%) (derived) [21].
• Tax: advance income tax of Tk 432.9m against a provision of Tk 347.1m at 31-Dec-2025; note 33 marks income years 2011-2014 'Hon'ble High court' [1 p.134] [1 p.110] [1 p.141].
• Nine-month 2026 EPS was Tk 1.03 (9M 2025: Tk 0.97); July-September 2026 EPS was Tk 0.16 (2025: Tk 0.54) [87 p.2].

Business: fire 45.8% and marine 30.1% of 2025 gross premium; marine transferred a loss of Tk 19.6m

Fire is the largest class by premium. In 2025 fire wrote gross premium of Tk 261.9m and kept 58.2% of it after re-insurance; marine wrote Tk 172.2m (cargo Tk 171.1m, hull Tk 1.1m) and kept 66.6%; motor wrote Tk 67.0m and kept 97.7%; miscellaneous wrote Tk 70.9m and kept 35.0% (derived from note 24.1) [1 p.137] [21]. Net premium was 42.6% fire, 32.1% marine, 18.3% motor and 7.0% miscellaneous [21].

Marine. The marine account transferred a profit of Tk 57.2m in 2024 and a loss of Tk (19.6)m in 2025 [1 p.115]. Net premium rose to Tk 114.8m from Tk 75.9m. Net claims were Tk 48.4m: claims paid of Tk 27.9m plus outstanding claims at year-end of Tk 32.4m, less Tk 11.9m outstanding a year earlier [1 p.115]. Note 25.1 prints 2024 marine net claims paid of Tk (8,958,171), a negative figure, and 2025 marine net claims paid of Tk 27,904,756 on gross claims of Tk 28,699,692 [1 p.137] [1 p.115]. The directors' report states that 'underwriting profits turning into losses' in marine and, a few lines earlier, that the company 'earned an underwriting profit of Tk. 19.55 million' from marine, the same figure that the revenue account prints as a loss [1 p.57] [1 p.115]; its product-wise table prints the marine result as -19.55 [1 p.56].

Fire. Fire transferred Tk 40.8m in 2025 after Tk 15.0m in 2024 [1 p.114]. Net claims fell to Tk 8.7m from Tk 16.5m, and net premium to Tk 152.5m from Tk 182.8m; the closing unexpired-risk reserve fell to Tk 61.0m from Tk 73.1m [1 p.114]. Fire ceded 41.8% of its gross premium in 2025 (derived) [21]. The directors' report calls fire 'most hazardous and risky business in non-life insurance sector' and states 'Huge amount premium is ceded for re-insurance protection' [1 p.56].

Motor and miscellaneous. Motor transferred Tk 20.3m (2024: Tk 19.8m) on net premium of Tk 65.5m; it ceded Tk 1.5m of Tk 67.0m gross [1 p.116] [1 p.137]. Miscellaneous transferred Tk 9.3m (2024: Tk 5.1m) and ceded Tk 46.1m of Tk 70.9m gross [1 p.117] [1 p.137].

Competition and the market. The chief executive's message states 'there are 46 non-life insurance companies operating their business activities in the country which are relatively high and for this reason unhealthy competition happening to earn the premium' [1 p.52]. The annual report prints no market share. IDRA's 2024-25 annual report prints Express Insurance's gross premium as Tk 58.62 crore in 2024 and Tk 58.41 crore in 2023, 0.97% and 0.98% of non-life gross premium of Tk 6,049.08 crore and Tk 5,953.28 crore; that is rank 34 of 46 insurers by 2024 premium and rank 34 in 2023 (derived) [11 p.130] [21]. The IDRA figures equal the company's own five-year-table gross premium of Tk 586.20m and Tk 584.14m to within Tk 0.04m [1 p.46]; the IDRA totals include Sadharan Bima Corporation, which IDRA prints at 27.93% of 2024 non-life premium [11 p.130]. The 2020 prospectus lists 'poor market share' under 'Weakness' and 'Threats of new entrants' and 'Highly competitive market' among threats, and counted 46 general and 31 life insurers [10 p.97] [10 p.61]. Entry is licensed: the company holds a registration from the Controller of Insurance, now the Insurance Development and Regulatory Authority (IDRA), and must keep a statutory deposit of Tk 25.0m in government treasury bonds under section 23 of the Insurance Act, 2010 [1 p.3] [1 p.57]. On the supply side, re-insurance is placed with SBC; the company owed other insurers Tk 332.7m at 31-Dec-2025, of which note 9 records movements with SBC [1 p.11] [1 p.129]. The filings name no alternative channel or product that replaces insurance: substitutes, none disclosed.

Industry by class. IDRA prints non-life gross premium of Tk 4,290.08 crore for 2022 (unaudited), of which fire Tk 1,583.28 crore, marine Tk 1,619.07 crore, motor Tk 268.15 crore and miscellaneous Tk 819.59 crore [12 p.1]. Express Insurance's 2025 mix was fire 45.8%, marine 30.1%, motor 11.7% and miscellaneous 12.4% of gross premium (derived) [21]. The filings and IDRA give no count of policies or average premium for the company: unit economics, not disclosed. Premium rates for fire, marine and motor are set by IDRA tariff circulars and its Central Rating Committee (circulars No. Non-Life 112/2026 on premium rates, 110/2026 on motor full insured value and 108/2025 from the Central Rating Committee are listed on the IDRA portal) [14]; the rates themselves are not in our data at 2-Nov-2026, and the filings do not link any tariff change to the company's premium.

Distribution and costs. Agency commission was Tk 73.4m in 2025, 20.5% of net premium (2024: 21.1%) (derived) [1 p.113] [21]. Management expenses are allocated to the classes 'on the basis of respective classes of direct premium income' [1 p.137]. Note 2.23 states that the expenses were 'apportioned 43.65% to Fire, 42.83% to Marine, 42.56% to motor and 54.89% to Miscellaneous business as per management decision' [1 p.124].

Underwriting: combined ratio 84.4% in 2025, 70.9% in 2024 and 78.7% in 2021; management expenses 56.9% of net premium

The house combined ratio is net claims plus revenue-account management expenses plus agency commission, less commission on re-insurance ceded, over net premium. It was 84.4% in 2025, the highest of the five years, and 70.7% in 2023, the lowest [4 p.82] [3 p.93] [1 p.113] [21]. Our check (net premium plus re-insurance commission plus the opening unexpired-risk reserve, less the closing reserve, claims, agency commission and management expenses) reproduces the printed profit transferred in each year from 2021 to 2024 to the taka and in 2025 within Tk 1 [4 p.82] [3 p.93] [1 p.113] [21].

Claims. Net claims were Tk 153.1m in 2021, 42.3% of net premium, and between 8.2% and 18.0% in 2022-2025 (derived) [4 p.82] [3 p.93] [1 p.113] [21]. Gross claims paid were Tk 74.13m in 2025 and Tk 132.53m in 2021 per the five-year table [1 p.46]. Outstanding claims rose to Tk 98.8m at 31-Dec-2025 from Tk 81.8m, 7.6% of the printed equity (derived) [1 p.110] [21].

Management expenses. Revenue-account management expenses rose from Tk 170.9m in 2022 to Tk 203.5m in 2025, 56.9% of net premium and 35.6% of gross premium in 2025 (derived) [4 p.82] [3 p.93] [1 p.113] [1 p.46] [21]. The auditor's report states under section 63(2) of the Insurance Act, 2010 that all expenses of management 'have been duly debited to the related Revenue Accounts and the Statement of Comprehensive Income of the Company' [1 p.109].

The regulatory limit. S.R.O. No. 280-Law/2018 (Ministry of Finance, 26 September 2018) caps a non-life insurer's management expenses at (a) commission and other remuneration paid to agents and brokers plus (b) a share of gross premium written directly in Bangladesh, by slab of total gross premium: 35%, 33%, 32%, 30%, 28%, 26% and 24% for fire and other classes and 26%, 25%, 24%, 22%, 20%, 18% and 17% for marine, on successive slabs of Tk 15 crore (Tk 30 crore for the seventh), and 22% and 16% above that [13]. Applying the slabs to the 2025 gross premium of Tk 572.1m and the blended rates (32.6% fire and other, 24.4% marine) to each class gives a part (b) limit of Tk 172.4m; revenue-account management expenses of Tk 203.5m exceed it by Tk 31.1m (derived; the rule does not say how the slabs are split between classes, and this allocation is ours) [13] [1 p.137] [21]. The company's note 2.23 states the expenses as 43.90% of a gross premium of Tk 463,473,161, a different premium base from the Tk 572,087,824 in note 24.1, and prints no comparison with the limit [1 p.124] [1 p.137]. For the whole non-life industry IDRA prints actual management expenses of Tk 1,123.28 crore against an allowed limit of Tk 1,132.22 crore in 2022 (unaudited) and Tk 989.28 crore against Tk 954.06 crore in 2018 [12 p.1].

Agency commission. Agency commission was Tk 23.9m in 2021 and Tk 73.3m in 2022, then between Tk 72.8m and Tk 75.4m in 2023-2025 [4 p.82] [3 p.93] [1 p.113]. The filings give no reason for the change between 2021 and 2022.

Two printings of 2022. The 2022 revenue account in the 2022 annual report prints management expenses of Tk 170,857,669 and a profit transferred of Tk 101,600,480; the 2023 annual report prints the same 2022 lines as Tk 170,857,670 and Tk 101,600,479 [4 p.82] [3 p.93]. The model uses the later printing.

Investments and cash: fixed deposits Tk 1,144.1m, 48.3% of total assets; shares at market Tk 105.8m

At 31-Dec-2025 the company held fixed deposits of Tk 1,144.1m with banks and one finance company (inside cash and cash equivalents), a National Investment Bond of Tk 110.0m and listed shares and funds at a market value of Tk 105.8m [1 p.134] [1 p.131] [1 p.133]. The fixed-deposit list in note 17.1 names 45 banks and CVC Finance PLC (Tk 2,186,000) [s1 p.134,135].

Income. Interest, dividend and rents not applicable to any fund were Tk 129.5m in 2025 (2024: Tk 112.2m) [1 p.111]. Dividend income was Tk 2.8m and the gain on sale of shares Tk 0.5m [1 p.136] [1 p.111]. An unrealized loss on shares of Tk 21.2m before deferred tax (Tk 19.1m after) was booked in 2025; the fair-value reserve on the portfolio stood at Tk (77.6)m at 31-Dec-2025 against cost of Tk 183.3m [1 p.133].

Rates now. Fixed deposits and the National Investment Bond held 53.0% of total assets at 31-Dec-2025 (derived) [1 p.110] [1 p.134] [21]. Bangladesh Bank's weighted-average deposit rate of all scheduled banks (Scheduled Banks Statistics Table-102, end-June, fiscal-year basis) was 6.31% at end-June 2025, 4.14% at end-June 2021 and 6.21% at end-June 2026 [15]. At the Bangladesh Bank auctions of 2 November 2026 the 91-day T-bill cut-off yield was 8.37% and the 364-day 8.60%; the overnight call-money rate was 9.28% [16]. The policy rate was 9.50%, cut from 10.00% (held since October 2024) by Bangladesh Bank's Monetary Policy Committee effective 30-Jul-2026 and held on 23-Sep-2026 [86]. The company's investment income was 9.2% of average total investment in 2025 and 7.4% in 2022 (derived from the five-year table) [1 p.46] [21]. The filings do not state the rates earned on the fixed deposits.

Statutory deposit. The directors' report states that every non-life insurer 'had to maintain a mandatory deposit minimum of Tk. 25.00 million as statutory deposit' in government treasury bonds, and lists the bond holding at Tk 110.00m [1 p.57]. Note 13 describes Tk 25.0m held with Mercantile Bank Ltd. as the statutory investment, Tk 20.0m from IPO proceeds and Tk 63.0m further [1 p.131].

Cash flow. Net cash from operating activities was Tk 64.4m in 2025 (2024: Tk 97.4m); NOCFPS was Tk 0.99 (2024: Tk 1.49) [1 p.119]. Income tax paid was Tk 55.9m [1 p.119]. The company invested Tk 110.0m in the National Investment Bond and paid dividends of Tk 32.6m [1 p.119].

Two closing cash printings. The cash-flow statement prints 'Cash and cash equivalents at the end of the year (D+E)' as Tk 1,130,576,347 and, beneath it, Tk 1,200,576,347; the opening balance of Tk 1,218,595,642 less the net decrease of Tk 88,019,295 gives the first figure, and the statement of financial position prints the second [1 p.119] [1 p.110]. The filings do not explain the Tk 70.0m gap.

Ratios: return on average equity 6.0% in 2025, equity 54.9% of total assets

Profit before tax fell from Tk 154.02m in 2021 to Tk 119.83m in 2025, and profit after tax from Tk 128.66m to Tk 76.81m [1 p.46]. Investment income was 65.0% of profit before tax in 2021 and 108.5% in 2025 (derived) [21].

Return on average equity was 7.6% in 2022, 8.2% in 2023, 6.5% in 2024 and 6.0% in 2025 (derived) [21]. Equity was 54.9% of total assets at 31-Dec-2025 [21].

Tax and reserves. The 2025 tax charge was Tk 43.0m, of which current tax Tk 40.7m and deferred tax Tk 2.4m; business income was taxed at 37.50% [1 p.136]. The appropriation account also charged Tk 3,843,782 of 'Prior years vat (for-2020-23)' and set aside Tk 40.0m to the reserve for exceptional losses [1 p.112]. EPS of Tk 1.18 is computed on profit after tax of Tk 76,812,483, before the prior-years VAT charge [1 p.141] [1 p.112].

Dividend. Cash dividends were 10% for 2021, 7% for 2022 and 2023 and 5% for 2024 and 2025 [1 p.46]. The 2025 payout was 42.4% of EPS (derived) [21]. Dividends paid in 2025 were Tk 32.6m in the appropriation account and Tk 32.6m in the cash-flow statement [1 p.112] [1 p.119].

Balance sheet and audit: unmodified opinions 2019-2025; five key audit matters each year

Total property and assets were Tk 2,366.9m at 31-Dec-2025 (2024: Tk 2,283.2m) [1 p.110]. Equity was Tk 1,298.3m: share capital Tk 652.0m, reserve for exceptional losses Tk 506.7m, revaluation surplus Tk 101.6m and the appropriation account Tk 38.0m [1 p.110]. The general reserve of Tk 10.0m was transferred to retained earnings in 2025 [1 p.118].

Tax balances. Advance income tax and TDS were Tk 432.9m at 31-Dec-2025, inside sundry debtors, against a provision for income tax of Tk 347.1m; the difference was Tk 85.8m (derived) [1 p.134] [1 p.110] [21]. Note 33 lists income years 2011 to 2014 with the status 'Return submitted' and the remark 'Hon'ble High court' [1 p.141].

Balances with other insurers. The company owed other insurers Tk 332.7m and was owed Tk 154.6m by SBC at 31-Dec-2025; note 15 describes the receivable as 'due from Sadharan Bima Corporation on account of re-insurance and co-insurance business' [1 p.110] [1 p.134] [1 p.129].

Audit opinion 2025. Pinaki & Company (Pinaki Das FCA, Senior Partner) signed the report on 30 April 2026 (DVC 2604300151AS910611) [1 p.109]. The opinion reads: “In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act, 1994, the Insurance Act, 2010, the Insurance Rules, 1958 (as applicable), the Securities and Exchange Rules, 2020 and other applicable laws and regulations.” [1 p.102]. The report contains no basis-for-qualification, emphasis-of-matter or other-matter paragraph [s1 p.102-109]. Its five key audit matters are quoted in full in the exhibit below, risk and response [s1 p.102,103,104,105,106].

2024. Pinaki & Company signed on 30 April 2025 (DVC 2504300151AS490117) [2 p.24]. The opinion reads: “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 (as applicable), the Securities and Exchange Rules, 2020 and other applicable laws and regulations.” [2 p.17]. The report has the same five key audit matters, in wording identical to 2025 apart from the deferred-tax amount (Taka 19,117,969 as at 31 December 2024) and the year [s2 p.17,18,19,20,21]. No emphasis or other-matter paragraph is printed.

2023. Pinaki & Company signed on 30 April 2024 (DVC 2404300151AS584019) [3 p.89]. The opinion reads: “In our opinion, 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), the Companies Act, 1994, the Insurance Act, 2010, the Insurance Rules, 1958 (as applicable), the Securities and Exchange Rules, 2020 and other applicable laws and regulations.” [3 p.84]. The five key audit matters cover the same topics; their wording differs from 2025 in several phrases; they are quoted in full below [s3 p.84,85,86,87].

2022. K. M. Hasan & Co. (Hedayet Ullah FCA, Senior Partner) signed on 12 June 2023 (DVC 2306130281AS830687) [4 p.78]. The opinion reads: “In our opinion, 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), the Companies Act, 1994, the Insurance Act, 2010, the Insurance Rules, 1958 (as applicable), the Securities and Exchange Rules, 2020 and other applicable laws and regulations.” [4 p.72]. The report adds an Other Matter paragraph: “The Financial Reporting Council (FRC) of the Government of the People's Republic of Bangladesh vide their notification no. 179/FRC/FRM/Notification/2020/2 dated 07 July 2020 entrusted that the audited financial statements of employees provident fund shall within 120 days after the end of the reporting period be submitted to the FRC, the Finance Ministry, the applicable office of the government of Bangladesh and where necessary, to the applicable regulatory authority of the said fund. The employee's provident fund of the company was established on 23 March, 2014 but the financial statements of the fund has not been audited as yet and submitted to concerned authorities as per the said circular.” [4 p.72]. The five key audit matters are quoted in full below [s4 p.73,74,75,76].

2021. K. M. Hasan & Co. (Md. Shahidul Islam FCA, Partner) signed on 15 June 2022 (DVC 2206151758AS659350) [5 p.65]. The opinion reads: “In our opinion the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2021, 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 (as applicable), the Securities and Exchange Rules, 1987 and other applicable laws and regulations.” [5 p.59]. The five key audit matters are quoted in full below [s5 p.59,60,61,62].

2020. K.M. Hasan & Co. (Md. Shahidul Islam FCA, Partner) signed on 26 August 2021 (DVC 2109011758AS392081) [6 p.58]. The opinion reads: “In our opinion the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31 2020, 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 (as applicable), the Securities and Exchange Rules ,1987 and other applicable laws and regulations.” [6 p.50]. The Basis for opinion paragraph of this unmodified report ends: “We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.” [6 p.50]. The five key audit matters are quoted in full below [s6 p.51,52,53,54,55].

2019. Ahmed Zaker & Co. (AKM Mohitul Haq, FCA, Engagement Partner) signed on 14 September, 2020 [7 p.52]. The opinion reads: “In our opinion, the accompanying financial statements give a true and fair view of the balance sheet the Company as at 31 December 2019, and of its profit and loss accounts, profit & loss appropriation account, statements of changes in equity and cash flow statements 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.” [7 p.46]. The five key audit matters, including one on the COVID-19 impact, are quoted in full below [s7 p.46,47,48,49,50].

Recent quarters: nine-month 2026 EPS Tk 1.03; net claims Tk 153.8m against Tk 79.4m, unrealised share result +Tk 13.0m against -Tk 5.2m

The board signed the third-quarter statements on 28 October 2026 and DSE posted the results on 29 October 2026 [87 p.1] [18]. EPS was Tk 0.16 for July-September 2026 against Tk 0.54 a year earlier, and Tk 1.03 for January-September 2026 against Tk 0.97; NOCFPS was Tk 1.28 for the nine months (2025: Tk 0.81) [87 p.2] [87 p.4].

NAV per share was Tk 20.44 at 30-Sep-2026 on equity of Tk 1,332,957,303 [87 p.1] [87 p.9]; the DSE post had given Tk 20.40 [18]. Without the revaluation surplus of Tk 100.1m it was Tk 18.91 (derived; DSE post Tk 18.90) [87 p.1] [21]. The 31-Dec-2025 NAV per share without revaluation is printed as Tk 18.36 in the dividend and first-quarter posts and as Tk 18.35 in the second- and third-quarter posts [18]; the statement of financial position prints NAV per share of Tk 19.91 [1 p.110], and the Q3 statements print Tk 19.91 for 31-Dec-2025 [87 p.9].

Nine months, from the statements. Net premium was Tk 293.2m against Tk 329.3m (-11.0%) and commission on re-insurance ceded Tk 39.2m against Tk 33.7m [87 p.3] [21]. Net claims were Tk 153.8m against Tk 79.4m: Tk 91.2m was paid (Tk 30.0m) and outstanding claims rose to Tk 161.3m from Tk 98.8m at December [87 p.3] [87 p.1]. Net claims were 52.4% of net premium against 24.1% (derived) [21]. No agency commission was charged against Tk 63.8m, and management expenses in the revenue accounts were Tk 165.1m against Tk 176.6m [87 p.3]. The revenue accounts transferred a profit of Tk 3.0m against Tk 15.0m [87 p.3]. The statements do not split claims, premium or the result by class, and give no reason for the higher claims or the nil agency commission (searched: notes 1-25, p.6-11) [87].

Below the revenue accounts. Interest, dividends and rents were Tk 91.5m (Tk 91.1m), share sales gained Tk 3.3m (Tk 0.6m), and the unrealised result on shares was a gain of Tk 13.0m against a loss of Tk 5.2m [87 p.2]. Profit before tax was Tk 92.9m (Tk 79.1m); tax was Tk 25.5m (Tk 16.1m), of which Tk 25.49m current tax at 37.5% on business income and lower rates on dividends and gains, and profit after tax Tk 67.0m (Tk 63.0m) [87 p.2] [87 p.8] [87 p.9]. The appropriation account also shows prior-year tax of Tk 0.4m in 2026 and prior-year VAT/tax of Tk 2.9m in 2025 [87 p.2]. So the Tk 18.2m swing in unrealised share results and Tk 3.5m lower management expenses in the profit and loss account outweighed the Tk 12.0m fall in the revenue-account transfer (derived) [21]. The policy rate was cut from 10.00% to 9.50% on 30-Jul-2026 and was 9.50% at 30-Sep-2026 [86]. Interest, dividends and rents were Tk 91.5m against Tk 91.1m, with fixed deposits of Tk 1,170.9m at 30-Sep-2026 against Tk 1,144.1m [87 p.2] [87 p.7].

July-September 2026. Net premium was Tk 104.6m (Tk 94.3m), but net claims rose to Tk 67.8m from Tk 40.9m and the revenue accounts transferred a loss of Tk 1.1m (loss of Tk 0.1m) [87 p.3]. The unrealised result on shares was a loss of Tk 8.9m against a gain of Tk 8.1m, and tax a charge of Tk 8.6m against a credit of Tk 1.3m, so profit after tax was Tk 10.1m against Tk 35.0m [87 p.2] [87 p.9].

Cash and balance sheet. Collections from premium and other income were Tk 502.5m (Tk 548.2m) and payments Tk 380.9m (Tk 450.7m), giving operating cash flow of Tk 83.6m (Tk 52.9m) [87 p.4]. In investing, the company put Tk 36.8m into the National Investment Bond (now Tk 141.8m) and Tk 34.8m into shares and funds, and sold shares for Tk 36.4m [87 p.4] [87 p.6]. Listed shares were at a market value of Tk 119.2m against cost of Tk 185.0m [87 p.9]. Total assets were Tk 2,448.5m and equity Tk 1,333.0m, after the Tk 32.6m 2025 dividend [87 p.1] [87 p.5]. A sector figure for the nine months is not in our data at 3-Nov-2026: IDRA's company-wise premium and claims tables are annual.

The first-quarter post of 3 May 2026 printed January-March 2025 EPS of Tk 1.18 and NOCFPS of Tk 0.99; a revised post the same day stated that 'they made an inadvertent error in comparative figures' and gave Tk 0.29 and Tk 0.66 [18]. That is the one DSE correction in the 24-month archive [18].

The 2024 NAV per share without revaluation at 31-Dec-2024 is printed as Tk 17.70 in the second-quarter 2025 post and Tk 17.69 in the third-quarter 2025 post [18].

Governance and dividends: 13 directors incl. 2 independent; directors and families hold 59.98%

The 2025 annual report lists 13 directors: Mr. Mazakat Harun (Chairman), Mr. A.B.M. Kaiser (Vice Chairman), nine directors and two independent directors, Mr. Md. Hasanul Islam and Dr. Md. Rezaul Kabir; Mr. Md. Badiuzzaman Lashkar is Managing Director & CEO [1 p.19]. Note 23.1 states the board 'had 13 members' and 'held 11 board meetings, 11 Ec meetings, 12 policyholder protection & compliance committee meeting, and 11 audit meetings' in 2025 [1 p.136]. The filings read print no attendance per director.

Committees (2025 report). The Audit Committee has eight members, two of them independent, chaired by Mr. Md. Hasanul Islam, and held 11 meetings [1 p.21] [1 p.71]. The Nomination and Remuneration Committee has five members, chaired by Dr. Md. Rezaul Kabir, and held two meetings; its members include the Board Chairman and Vice Chairman [1 p.21] [1 p.72]. The Executive Committee is chaired by Mr. Asifur Rahman, the Policyholder Protection & Compliance Committee by Mr. Syed Al Farooque, the Investment Committee by Mrs. Yasmin Ferdous and the Risk Management Committee by Mr. Latiful Bari [1 p.20] [1 p.22].

Management. Mr. Md. Mohiuddin Khondaker signs the AGM notice as Company Secretary [1 p.8]. The ownership table lists the CEO, Company Secretary, Chief Financial Officer and Head of Internal Audit by title with no holdings, and names five Additional Managing Directors as top-salaried executives: Mr. Md. Bahar Uddin Choudhury, Mr. Md. Ahsan Habib, Mr. Md. Kabir Ahmed Khondaker, Mr. S.M. Kabiruzzaman and Mr. Md. Anowar Hossain [1 p.31]. The filings read do not print the names of the Chief Financial Officer or Head of Internal Audit. Note 27.2 prints Mr. Md. Anowar Hossain as 'Chief Consultant' [1 p.137]. The CEO's 2025 salary, bonus and allowances were Tk 4,225,000 (2024: Tk 3,931,452) [1 p.141].

BSEC code. Podder & Associates (Jayanta Kumer Podder), dated 23 May 2026, report that 'The Company has complied with the conditions of the Corporate Governance Code ... except conditions number 1(2)(a)(i)' and that 'The governance of the company is satisfactory' [1 p.79]. In the annexure condition 1(2)(a)(i) is not ticked and carries the remark 'The company has not yet appointed any female Independent Director'; no condition is ticked in the 'Not Complied' column on any of the seven annexure pages [s1 p.80,81,82,83,84,85,86,87]. Condition 1(2)(a) (at least one-fifth independent directors) is ticked as complied, with the remark 'There are Two (02) Independent Directors. According to Insurance Act, 2010 Sec.76, Maximum number of ID's shall be 2 (Two) in the insurance company'; 2 of 13 directors is 15.4% (derived) [1 p.80] [21]. Condition 1(1) prints the board as 'Fourteen (14) Directors including Managing Director' [1 p.80].

IDRA guideline. Jasmin & Associates (Jasmin Akter, FCS), dated 17 May 2026, report that 'The Company has complied with most of the conditions of the Guideline issued by IDRA' and that 'the Governance of the Company is satisfactory' [1 p.88]. In the Bengali annexure no condition is marked not complied. Condition 10(গ)(১) on risk management reads 'পরিপালিত, তবে ঝুঁকি ব্যবস্থাপনা নীতি ও পদ্ধতি তৈরী প্রক্রিয়াধীন' (complied; the risk-management policy and procedure are under preparation); condition 13 on further committees (CSR, ESG, integrity and ethics, re-insurance and retrocession, ALM) reads that the company plans to form them; conditions 17.1 and 17.2 (whistle-blowing and other policies) read that the policies are to be framed and are under preparation [s1 p.93,95,96].

Related parties. Note 31 lists insurance premium from 33 companies in 2025, each with a nil closing balance; the five largest were Bay Emporium Ltd Tk 9.4m, Mohammed Ali Spinning Mills Limited Tk 7.1m, Bay Economic Zone Tk 6.4m, Aron Denim Ltd Tk 4.3m, Rahmat Fashion Wear Tk 2.8m [s1 p.140,141]. The note does not map each company to a director. Separately, the profiles name Mr. Asifur Rahman as managing director of Bay Tanneries Ltd. and Mr. Mazakat Harun as chairman of Aaron Denim Ltd. [1 p.24]; Mr. Syed Al Farooque's profile names CVC Finance Ltd., and note 17.1 lists a fixed deposit of Tk 2,186,000 with CVC Finance PLC; the filings do not describe that deposit as a related-party item [1 p.27] [1 p.135].

Dividends. The board recommended a 5% cash dividend for 2025 on 30 April 2026, with a record date of 21 May 2026 and the AGM on 1 July 2026; DSE posted the disbursement on 3 August 2026 [18] [1 p.8]. For 2024 the dividend was 5% cash, record date 25 May 2025, AGM 1 July 2025, disbursement posted 6 August 2025 [18].

Credit rating. Alpha Credit Rating assigned AA+ (long term) and ST-1 (short term) with a stable outlook, declared on 1 June 2026 and valid to 31 May 2027; DSE posted AA+ / ST-1 surveillance ratings on 13 June 2024, 3 June 2025 and 2 June 2026 [1 p.78] [9] [18]. The rating agency's rationale report is not in our data at 2-Nov-2026.

Other checks. DSE moved the shares from N to B category on 13 January 2022, from B to A on 17 October 2022 and from A to B on 29 August 2023 [9]. The DSE archive for 1-Nov-2021 to 2-Nov-2026 shows no BSEC enforcement order, penalty or court stay against the company: none disclosed in the filings or DSE archive [9] [18]. The 2025 appropriation account charges Tk 3,843,782 of 'Prior years vat (for-2020-23)'; the filings do not name the NBR order or VAT item behind it [1 p.112]. At the 2020 IPO the company operated through 20 branches and printed 2018 gross premium of Tk 408,889,052 [10 p.61]; the 2025 report prints 33 branches [1 p.3].

Peers 2025: Express Insurance's combined ratio 84.4% ranks 25 of 33 from the lowest (17 of 21 among it and the unstarred insurers)

The set. The peers are the 32 Dhaka-listed general insurers of the checked peer set used in the Dhaka Insurance note (Dhaka Insurance plus the Standard Insurance set). All have December year-ends and audited 2025 accounts. Every figure is on each company's own (company) basis from its 2025 revenue account [s22 p.81,82] [23 p.95] [24 p.205] [25 p.85] [26 p.76] [27 p.137] [28 p.13] [29 p.216] [30 p.394] [31 p.13] [32 p.181] [33 p.264] [34 p.189] [35 p.110] [36 p.153] [37 p.95] [38 p.141] [39 p.178] [40 p.329] [41 p.11] [42 p.22] [43 p.107] [44 p.14] [45 p.104] [46 p.181] [47 p.10] [48 p.365] [49 p.148] [50 p.94] [51 p.344] [52 p.185] [53 p.101]. Each writes non-life (general) insurance business as printed in its own filing; the 2025 opinion labels come from each peer's checked published note [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80] [81] [82] [83] [84] [85].

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, for 2025 in unrounded taka [1 p.113] [21]. On that basis Express Insurance's 84.4% ranks 25 of 33 from the lowest. Peers marked * had a modified 2025 opinion or 'except for' opinion wording; counting Express Insurance with the 20 unstarred peers only, it ranks 17 of 21. Express Insurance's own 2025 opinion is unmodified [s1 p.102-109].

Claims and size. Express Insurance's net-claims ratio was 18.0%, rank 13 of 33 from the lowest (rank 8 of 21 with the starred peers left out); across the set it ranged from -2.0% (EASTERNINS) to 63.4% (MERCINS) [21]. Its net premium of Tk 357.6m ranks 25 of 33 by size (rank 19 of 21 without the starred peers) [21]. Its management expenses were 56.9% of net premium (derived) [21].

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, with both ends on DSE business days (Friday and Saturday are excluded); no date has been notified on DSE for any of these events at 1-Nov-2026. The annual-accounts precedents are the auditor's report dates printed for 2019 (14 September 2020), 2020 (26 August 2021), 2021 (15 June 2022), 2022 (12 June 2023), 2023 (30 April 2024), 2024 (30 April 2025) and 2025 (30 April 2026); DSE board-meeting notices confirm 30 April for 2024 and 2025 [7 p.52] [6 p.58] [5 p.65] [4 p.78] [3 p.89] [2 p.24] [1 p.109] [18]. The first-quarter precedents are 26 August 2021 (DSE archive) [9] and the dates printed on the quarterly statements: 15 June 2022, 12 June 2023, 29 April 2024, 30 April 2025 and 30 April 2026 [8] [18]. The DSE archive was read in two windows, 1-Nov-2021 to 31-Oct-2024 and 1-Nov-2024 to 2-Nov-2026; no precedent date in either window passed without a DSE notice [9] [18]. The AR2023 AGM notice prints 15 July 2024; the DSE dividend post of 30-Apr-2024 gave 1 July 2024 [3 p.10] [9]. The annual reports print the rating grade (AA in the 2020 report, AA+ later) without a declaration date [6 p.28] [1 p.3].

Bangladesh's LDC graduation date is 24-Nov-2029 [19] [20]. The filings do not link it to any line.

Risks: each item and the line it relates to

The filings list risk headings in note 2.25 (insurance product, operational, strategic market, underwriting, re-insurance, investment, liquidity, credit, default, legal and regulatory) without linking any of them to a line item [1 p.126].

History 2021-2025 and market data

The five-year table rounds the revenue-account figures to Tk 0.01m; the model uses the revenue accounts for net premium, claims, commissions and expenses, and the table for gross premium, investment income, profit, equity and total assets [1 p.46] [4 p.82] [3 p.93] [1 p.113] [21]. The directors' report prints 'Net profit Tk. 119.83 million' for 2025, the same figure as profit before tax [1 p.56] [1 p.111].

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 (238 sessions); the low and the high each occur on one day only. The window contains the 5% cash-dividend record date of 21-May-2026 and no bonus or rights issue [17] [18]. The feed includes two Saturday sessions, 23-May-2026, 17-Oct-2026 [17]. The P/E uses the 29-Oct-2026 close over FY2025 EPS of Tk 1.18 and over derived trailing EPS of Tk 1.24; P/B uses the NAV per share at 30-Sep-2026 from the Q3 statements (without revaluation derived) [87 p.1] [21].

FAQ

What is Express Insurance's 2025 audit opinion?

Unmodified. Pinaki & Company (Pinaki Das FCA) signed on 30 April 2026 with five key audit matters: premium income, investment in shares, IFRS 16 leases, deferred tax (net liability Taka 18,993,621) and the estimated liability for outstanding claims. No emphasis-of-matter paragraph is printed.

How profitable was Express Insurance in 2025?

Profit before tax was Tk 119.8m and profit after tax Tk 76.8m (EPS Tk 1.18), after Tk 129.3m and Tk 80.5m (EPS Tk 1.23) in 2024. The revenue accounts transferred Tk 50.7m and interest, dividends and rents were Tk 129.5m. Return on average equity was 6.0% (derived).

What is Express Insurance's combined ratio?

84.4% in 2025 and 70.9% in 2024, measured as net claims plus management expenses plus agency commission less re-insurance commission, over net premium. Management expenses alone were 56.9% of net premium in 2025.

Why did the marine account make a loss?

The marine revenue account transferred a loss of Tk 19.6m in 2025 after a profit of Tk 57.2m in 2024. Net marine claims were Tk 48.4m against Tk 1.3m. The directors' report states that the number of marine claims settled was the highest compared to the previous year.

Does Express Insurance have bank debt?

The statement of financial position prints no bank loan line at 31-Dec-2025 or 31-Dec-2024. Lease liability, inside sundry creditors, was Tk 86.5m. The largest liability line is the provision for income tax of Tk 347.1m.

What dividend did Express Insurance pay for 2025?

5% cash, Tk 0.50 a share. The record date was 21-May-2026, the AGM 1-Jul-2026, and DSE posted the disbursement on 3-Aug-2026.

Who runs Express Insurance?

Mr. Mazakat Harun chairs a 13-member board with two independent directors, Mr. Md. Hasanul Islam and Dr. Md. Rezaul Kabir. Mr. Md. Badiuzzaman Lashkar is Managing Director & CEO and Mr. Md. Mohiuddin Khondaker is Company Secretary.

Where does Express Insurance keep its funds?

Mostly in fixed deposits: Tk 1,144.1m with 45 banks and one finance company at 31-Dec-2025, plus a National Investment Bond of Tk 110.0m and listed shares and funds at a market value of Tk 105.8m.

How did Express Insurance do in the nine months to September 2026?

EPS was Tk 1.03 against Tk 0.97. Net premium fell 11.0% to Tk 293.2m, net claims rose to Tk 153.8m from Tk 79.4m and the revenue accounts transferred Tk 3.0m against Tk 15.0m; the unrealised result on shares was a gain of Tk 13.0m against a loss of Tk 5.2m, and profit before tax was Tk 92.9m against Tk 79.1m. Q3 EPS was Tk 0.16 against Tk 0.54 [s87 p.2, p.3].

Sources

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