Global Insurance financial analysis: combined ratio 93.5% in 2025 (Oct 2026)

Investment considerations: 2025 EPS Tk 1.29, combined ratio 93.5%, management expenses 55.8% of gross premium

What it is. Global Insurance PLC (DSE: GLOBALINS) is a non-life insurer incorporated in Bangladesh on April 23, 2000, with its principal office at Al-Razi Complex (12th Floor), Purana Paltan, Dhaka, and 68 branches [1 p.157]. It has 40,551,763 ordinary shares of Tk 10 [1 p.162]. DSE approved the name 'Global Insurance PLC' in place of 'Global Insurance Limited' with effect from August 26, 2025 [34]. The latest annual accounts cover the calendar year 2025: the statement of financial position is headed 'As at 31st December, 2025' and the consolidated revenue account 'For the year ended 31st December, 2025' [1 p.144] [1 p.148]. The board approved them on 11 June 2026 [1 p.161].

Where it stands. Gross premium was Tk 891.91m in 2025 against Tk 855.33m in 2024, and net premium ('Premium less Re-insurances') Tk 619.29m against Tk 651.00m [1 p.23] [1 p.148]. The underwriting profit transferred to the profit or loss account was Tk 53.37m against Tk 67.43m [1 p.148]. Profit after tax was Tk 52.31m (EPS Tk 1.29) against Tk 64.14m (EPS Tk 1.58) [1 p.23] [1 p.146]. DSE posted half-year 2026 EPS of Tk 1.48 against Tk 0.67, and NAV per share of Tk 16.31 at 30-Jun-2026 [34]. The shares closed at Tk 40.0 on 29-Oct-2026 against Tk 27.0 on 30-Oct-2025 [33].

Where profit comes from. In 2025 underwriting profit was Tk 53.37m and 'Interest & Other Income' Tk 74.66m, of which interest income was Tk 71.82m [1 p.146]. After Tk 45.78m of management expenses charged to the profit or loss account, including 'Fine, Charges & VAT' of Tk 11.96m, profit before tax was Tk 80.25m [1 p.146]. Underwriting profit was 66.5% of pre-tax profit and interest and other income 93.0%; the two add to more than 100% because the profit-and-loss expenses are deducted from their sum [39]. Return on average equity was 8.8% on our arithmetic [39]. The board recommended a 10% cash dividend (Tk 1.00 a share) for 2025 [34].

• Management expenses: Tk 498.13m in the 2025 revenue account against Tk 515.54m in 2024; the auditor lists them as a key audit matter, and the company's DSE letter states they exceeded the regulatory ceiling in certain years.
• Agent commission: Tk 114.07m in the 2025 revenue account; the H1 2026 revenue account prints '-' against Tk 53.10m in H1 2025. The FY2026 revenue account is not in the corpus at 1-Nov-2026.
• Sundry debtors: Tk 782.50m at 31-Dec-2025, of which advance tax Tk 382.74m and the collection control account Tk 348.33m; note 17.01 states 'Management considers the above receivable are good and collectible in due course'.
• Co-insurance and SBC receivable: Tk 101.88m at both 31-Dec-2024 and 31-Dec-2025 (note 16).
• Q3 2026 accounts: no board date for the Q3 2026 accounts had been notified on DSE at 1-Nov-2026; the statements are not in the corpus.

Business: marine cargo 48.0% and fire 37.6% of 2025 gross premium, 68 branches

How it makes money. Global Insurance writes fire, marine cargo, marine hull, motor and miscellaneous non-life policies [1 p.168]. Of 2025 gross premium of Tk 891.91m, marine cargo was Tk 427.68m (48.0%), fire Tk 335.68m (37.6%), motor Tk 65.85m (7.4%), miscellaneous Tk 61.42m (6.9%) and marine hull Tk 1.28m (0.1%) [1 p.168] [39]. Of the total, Tk 783.30m was private business and Tk 108.61m public-sector business [1 p.168]. Re-insurance ceded was Tk 272.62m, leaving net premium of Tk 619.29m, a retention of 69.4% [1 p.168] [39].

Retention by class. Retention (net premium over gross premium) was 82.3% in marine cargo, 93.8% in motor, 56.9% in fire, 23.3% in miscellaneous and 18.8% in marine hull in 2025 [1 p.168] [39]. Over 2021-2025 total retention ranged from 69.4% to 76.3% [39]. Note 2.13 states that premium income reflects 'the amount of re-insurance premium due to Sadharan Bima Corporation' [1 p.158]. The company's share of public-sector business for July 2024 to June 2025, received from Sadharan Bima Corporation (SBC) and other insurers, is included in the 2025 accounts [1 p.158].

Network and people. The company reports 68 branches and 69 offices including the head office at 31-Dec-2025 [1 p.157]. Note 41 states 'Total number of employees of the company is 642' and note 42 that the company has 74 agents [1 p.173]; the directors' report states 'the company's total workforce stands at 684 employees' at the same date [1 p.84]. Both figures are stated here as printed. The company held 41 vehicles (29 cars and 12 motorcycles) with a written-down value of Tk 15.99m [1 p.81].

What changed in the period. Gross premium was Tk 907.44m in 2021, Tk 1,149.23m in 2022, Tk 957.00m in 2023, Tk 855.33m in 2024 and Tk 891.91m in 2025 [1 p.23]. Net premium was lower than the year before in 3 of the 4 year-on-year changes 2022-2025 [39]. The directors' report states that fire premium rose 22.44% to Tk 335.68m and marine premium fell 8.58% to Tk 427.68m in 2025 [1 p.81]. Marine cargo net premium was Tk 351.90m against Tk 427.37m [1 p.150].

Underwriting: combined ratio 93.5% in 2025, range 74.7% (2021) to 98.9% (2023)

One definition. The combined ratio used throughout this note is net claims plus revenue-account expenses of management plus agent commission, less commission on re-insurances, over net premium [39]. Global Insurance prints insurance stamp expenses inside management expenses (note 25.01) and no separate profit-commission line [1 p.169] [1 p.148]. For 2025: Tk 22.31m + Tk 498.13m + Tk 114.07m - Tk 55.66m, over Tk 619.29m, gives 93.5% [1 p.148] [39]. For 2024 the same lines give 93.8% [39].

Claims. Net claims ('Claims under policies less Re-insurances') were Tk 22.31m in 2025 against Tk 40.25m in 2024 [1 p.148]. The 2025 figure is Tk 18.91m paid during the year plus Tk 105.31m outstanding at the end of the year less Tk 101.90m outstanding at the start [1 p.148]. Fire net claims were Tk -7.26m: Tk 10.60m paid plus Tk 18.83m outstanding at the end of the year less Tk 36.69m outstanding at the start [1 p.149]. Outstanding marine cargo claims rose to Tk 79.31m from Tk 53.58m [1 p.164]. The net claims ratio was 3.6% in 2025 and 6.2% in 2024 [39].

Expenses. Revenue-account expenses of management were Tk 498.13m in 2025 against Tk 515.54m, apportioned 37.64% to fire, 47.95% to marine, 0.14% to marine hull, 7.38% to motor and 6.88% to miscellaneous 'as per management decision' [1 p.158] [1 p.168]. Salary and allowances, the largest line in note 25.01, were Tk 402.75m against Tk 421.35m [1 p.169]. Agent commission was Tk 114.07m against Tk 104.83m, and commission on re-insurances Tk 55.66m against Tk 50.19m [1 p.168]. The expense ratio on the definition above was 89.9% in 2025 against 87.6% in 2024 [39].

By class. Marine cargo recorded underwriting profit of Tk 74.03m in 2025 and Tk 96.86m in 2024 [1 p.150]. Motor recorded Tk 8.61m and Tk 7.71m [1 p.152]. Fire recorded underwriting losses of Tk 7.74m and Tk 15.32m, miscellaneous losses of Tk 21.29m and Tk 21.80m, and marine hull losses of Tk 0.24m and Tk 0.02m [1 p.149] [1 p.153] [1 p.151]. Fire management expenses of Tk 187.48m in 2025 were 98.1% of fire net premium [1 p.149] [39].

Unexpired risk. The balance of fund and account (reserve for unexpired risks) was Tk 247.86m at 31-Dec-2025 against Tk 260.80m, set at '100% for Marine Hull & 40% for other net premium income of the year' [1 p.144] [1 p.148]. The five-year table prints the 2025 balance of fund as Tk 274,862,051 [1 p.23], against Tk 247,862,051 in the statement of financial position and note 6 [1 p.144] [1 p.163]; both printings are stated here. The reserve for exceptional losses received Tk 14.00m in 2025 and Tk 19.00m in 2024, 'around 2% of net premium income' [1 p.147] [1 p.160].

Management expenses: 55.8% of 2025 gross premium; IDRA penalties for 2020-2024 totalled Tk 22,50,000 (company letter)

The ratio, year by year. Revenue-account management expenses as a share of gross premium were 48.5% in 2021, 49.3% in 2022, 62.0% in 2023, 60.3% in 2024 and 55.8% in 2025 [39]. Over net premium they were 68.7%, 64.6%, 82.7%, 79.2% and 80.4% [39]. Note 2.14 states that the 2025 charge 'is approximately 55.85% of gross premium of Tk 891,911,968.00' [1 p.158]. Agent commission over gross premium was 12.8% in 2025 against 5.1% in 2021 [39].

What the auditor wrote. The auditor lists management expenses as a key audit matter: 'Management Expenses during the year under audit was Tk. 498,126,092 against Tk. 515,540,730 of previous year (2024). The expenses have decreased to the extent of Tk. 17,414,638.' [1 p.140] Its response reads: 'During the year The Company earned a total gross premium of Tk. 891,911,968. The gross premium during this year 2024 was Tk. 855,326,043 Gross premium income increased to the extent of Tk. 36,585,925 during the year under audit, but management expenses have decreased to the extent of Tk. 17,414,638.' [1 p.140] Under section 63(2) of the Insurance Act 2010, the auditor reports that all expenses of management 'have been duly debited to the related Revenue Accounts and the profit or loss account of the Company' [1 p.143]. The auditor's report does not compare the expenses with an IDRA limit [1 p.137] [1 p.143].

What the company told DSE. DSE posted on 11-Oct-2026 the company's clarification of a news item of August 30, 2026 in an online news portal titled 'BDT 104 Crore Fund Embezzlement at Global Insurance (Translated from Bengali to English)' [34]. In its letter of October 08, 2026 the company writes: 'It is also a fact that, during certain years, the Company's management expenses exceeded the maximum limit prescribed under the applicable insurance regulatory framework.' [35] It states that IDRA issued a show-cause notice dated 15 September 2025 on 2024 management expenditure, that the company replied on 28 September 2025, and that 'IDRA, by order dated 30 November 2025, imposed a fine of Tk. 5,00,000 in connection with the excess management expenses for 2024', paid on 15 December 2025 [35]. The letter adds: 'IDRA imposed a fine of Tk. 2,50,000 for 2020 and fines of Tk. 5,00,000 each for 2021, 2022, 2023 and 2024', an aggregate of Tk. 22,50,000, all paid [35].

The company's position on the allegation. The letter states: 'Global Insurance PLC categorically denies the allegation that approximately Tk. 104 crore has been embezzled or misappropriated from the Company.' [35] It writes that 'Neither the audited financial statements nor the relevant IDRA show-cause notice and subsequent management-expense penalty orders contain any finding that approximately Tk. 104 crore, or any part thereof, was dishonestly appropriated' [35]. It describes the figure as one that 'does not represent any quantified amount presently payable by the Company' [35]. These are the company's statements; AnalystBro has not seen the IDRA orders. The news portal is not one of the outlets this note cites, and its article is not used here.

Where fines appear in the accounts. The 2025 profit or loss account prints 'Fine, Charges & VAT' of Tk 11.96m [1 p.146]; the 2024 report prints 'Fine & Charges' of Tk 0.79m for 2024 [2 p.145]. The IDRA fines described in the DSE letter total Tk 2.25m over five years [35]. The filings do not link them: no note in the 2025 report itemises the line [1 p.146]. The same 2024 report prints Tk 2.75m for 2023 [2 p.145].

Investments and balance sheet: Tk 650.50m of fixed deposits; sundry debtors 130.1% of equity

Where the money is. At 31-Dec-2025 fixed deposits were Tk 650.50m, Bangladesh Government treasury bonds Tk 95.00m (of which Tk 25.00m statutory deposit) and listed shares Tk 20.31m at market against cost of Tk 32.46m [1 p.145] [1 p.165] [1 p.166]. The company prints total investments of Tk 765.81m [1 p.23]. Interest on FDR and short-term deposits was Tk 63.63m and on treasury bonds Tk 8.19m in 2025 [1 p.172]. Dividend income was Tk 0.57m [1 p.146].

Bank links. United Commercial Bank PLC held the largest fixed deposit, Tk 117.20m (18.0% of the total), and the company's SOD loan of Tk 61.63m is from 'UCBL, Bijoynagar Branch' [1 p.177] [1 p.164]. Mercantile Bank PLC held Tk 90.50m of fixed deposits, and Mercantile Bank Ltd shares are the largest listed holding, at a cost of Tk 9.89m and a market value of Tk 5.10m [1 p.177] [1 p.166]. The shares are held with Mercantile Bank Securities Ltd., Vantage Securities Ltd. and ICB Securities Trading Co. Ltd. [1 p.166]. Independent director Mr. Abhijit Kumar Saha's profile states he served as Deputy Chief Financial Officer at Mercantile Bank PLC [1 p.44].

Sundry debtors. Note 17 prints sundry debtors of Tk 782.50m at 31-Dec-2025 against Tk 741.49m: advance tax Tk 382.74m, 'Collection Control A/C' Tk 348.33m, deposit clearing account Tk 38.82m, advance against office rent Tk 6.64m and smaller items [1 p.167]. The collection control account rose by Tk 111.73m 'receivable during the year' and fell by Tk 72.97m 'adjusted with deposit clearing A/C' [1 p.167]. Note 2.23 states that outstanding premium in the accounts 'represents only the amount which relates to the accounting period in the form of cash and cheques in hand' [1 p.160]. The notes do not print an ageing of the collection control account [1 p.167].

Insurers' balances. The amount due from other persons or bodies carrying on insurance business was Tk 101.88m at both 31-Dec-2024 and 31-Dec-2025: Tk 11.08m of receivables from SBC against public-sector business were added in 2025 and the same Tk 11.08m 'Adjusted with SBC Account' [1 p.166]. The amount due to SBC and overseas re-insurers was Tk 102.79m against Tk 84.38m [1 p.164]. Sundry creditors include 'Claim payable to party' of Tk 71,204,979 at both year-ends [1 p.165].

Tax. Note 33 carries an income-tax provision of Tk 365.39m against advance tax of Tk 382.74m, both built from income year 2005 onwards [1 p.170] [1 p.171]. Note 39 states: 'There were a total claim of Tk. 26,91,60,800/= from National Board of Revenue (NBR) against the Income Tax assessment for the last 20 years' and 'the assessment of the Company from 2006-2007 to to 2021-2022 is pending with Honourable High Court' [1 p.173]. The tax charge was 34.8% of profit before tax in 2025 [39]; the computation shows no tax on business income for 2025, where insurance business recorded a loss of Tk 7.71m for tax purposes [1 p.172].

Solvency and equity. The directors' report prints available solvency margin of Tk 29.99 crore against Tk 25.28 crore required for 2025, a ratio of 1.19 times, against 1.13 times for 2024, citing SRO no. 331-Act/2024 of 18.09.2024 [1 p.81]. Shareholders' equity of Tk 601.41m comprised paid-up capital Tk 405.52m, reserve for exceptional losses Tk 148.64m, general reserve Tk 4.00m and retained earnings Tk 43.26m [1 p.154]. Equity was 33.0% of total assets [39]. Note 43 states that no credit facility was available 'other than trade credit available in the ordinary course of business' [1 p.173]. Note 8 prints an SOD loan of Tk 61.63m from UCBL [1 p.164].

Ratios 2021-2025: ROE 8.8% in 2025; interest and other income 93.0% of pre-tax profit

Returns. Return on average shareholders' equity was 12.0% in 2022, 10.0% in 2023, 11.1% in 2024 and 8.8% in 2025 [39]. Return on average total assets was 2.9% in 2025 [39]. Equity fell from 45.2% of total assets at 31-Dec-2021 to 33.0% at 31-Dec-2025 [39].

Profit mix. Underwriting profit as a share of profit before tax was 116.9% in 2021 and 66.5% in 2025; interest and other income was 35.9% and 93.0% [39]. Underwriting profit exceeded interest and other income in 4 of 5 years 2021-2025 [39]. Interest and other income rose in each year from Tk 32.48m in 2021 to Tk 74.66m in 2025 [1 p.23]. The 2021 figures are as restated in the 2022 report: the 2021 report printed management expenses of Tk 431,080,591 and underwriting profit of Tk 114,348,148, and the 2022 report prints Tk 439,656,691 and Tk 105,772,049 for the same year [5 p.124] [4 p.126].

Payout and cash. The cash dividend was 12% for 2021, 12.25% for 2022 and 10% for each of 2023, 2024 and 2025 [1 p.23]. As a share of EPS, payout ranged from 63.3% to 77.5%, and was above 60% in 5 of 5 years [39]. Net cash from operating activities was Tk 66.39m in 2025 against Tk 10.65m in 2024; dividends paid were Tk 39.80m [1 p.155]. NOCF per share was Tk 6.79 in 2021, Tk 4.09 in 2022, Tk 0.68 in 2023, Tk 0.26 in 2024 and Tk 1.64 in 2025 [1 p.23].

NAV and EPS, figure by figure. Note 29 computes NAV per share as net assets of Tk 601.41m over 40,551,763 shares, Tk 14.83 at 31-Dec-2025 and Tk 14.54 at 31-Dec-2024 [1 p.170]; our equity-per-share derivation gives Tk 14.83 and Tk 14.54 [39]. Profit after tax over shares gives Tk 1.29 for 2025 and Tk 1.58 for 2024, equal to the printed Tk 1.29 and Tk 1.58 [39]. DSE posted NAV per share of Tk 15.60 at 31-Mar-2026 and Tk 16.31 at 30-Jun-2026 [34]. The share count is unchanged since the company's last stock dividend; the directors' report states that stock dividends were declared every year from 2008 to 2019 [1 p.81].

Peers 2025: combined ratio 93.5% ranks 13 of 14 from the lowest, 9 of 10 excluding peers with qualified inputs

Set and basis. The comparison covers Global Insurance and thirteen DSE general insurers with published AnalystBro notes: Karnaphuli, Peoples, Nitol, Islami, BGIC, Central, Eastland, Eastern, Asia Pacific, Federal, Crystal, Mercantile Islami, Asia Insurance. All thirteen peer notes return HTTP 200 at 2-Nov-2026. Each peer's figures come from its own 2025 revenue account, read from the page image [7] [9] [11] [13] [15] [17] [19] [21] [23] [25] [27] [29] [31]. Every combined ratio uses the definition in the underwriting section: net claims plus management expenses including any separately printed stamp line plus agency commission, less re-insurance commission including any profit commission, over net premium, computed from unrounded taka [39]. Audit labels are taken from each peer's published note and opinion page [8] [10] [12] [14] [16] [18] [20] [22] [24] [26] [28] [30] [32]. All figures are company (not consolidated) basis; WPPF is not part of any line used.

Ranks. Across all 14 insurers, Global Insurance's 93.5% ranks 13 from the lowest; the range is 63.7% (Peoples) to 110.7% (Mercantile Islami) [39]. Excluding the 4 peers whose own auditor qualified an input to these ratios (BGIC, Central, Eastern, Federal), it ranks 9 of 10; that range is 63.7% (Peoples) to 110.7% (Mercantile Islami) [39]. Its management expenses over net premium, 80.4%, rank 1 of 14 from the highest [39]. Its net claims ratio of 3.6% ranks 4 of 14 from the lowest [39]. On return on average equity, its 8.8% ranks 6 of 14 from the highest, and 6 of 10 excluding the qualified-input peers [39]. Its 2025 net premium of Tk 619.29m ranks 2 of 14 by size [39]. The combined ratio was higher in 2025 than in 2024 at 7 of the 14 insurers [39].

Labels. Peers' revenue accounts use different labels for the same lines: Global Insurance prints 'Agent Commission' and 'Commission on Re-insurances', Asia Insurance 'Agency Commission' and 'Commission on re-insurance ceded' plus a separate 'Profit Commission' and 'Insurance Stamp Consumption' [1 p.148] [31]. Crystal's management expenses include a stamp-duty line of its own [27]. Mercantile Islami's 2024 net claims conflict between its revenue account and its note 21(iii); the revenue-account figure is used [29]. Eastern's PAT and equity are its separate figures [21]. Each insurer's business is a DSE-listed non-life insurer as printed in its own report.

Audit: unmodified 2025 opinion with one emphasis paragraph (WPPF) and 5 key audit matters; auditor rotates for 2026

Opinion. FAMES & R, Chartered Accountants (partner Md. Abdur Rashid, FCA) signed the 2025 report on June 11, 2026 [1 p.143]. The opinion reads: 'In our opinion, the accompanying financial statements give a true and fair view of the financial position of the company as at December 31, 2025, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act, 1994, the Insurance Act, 2010, the Insurance Rules, 1958, the Securities and Exchange Rules, 2020 and other applicable laws and regulations.' [1 p.137]

Emphasis of matter, in full. 'The users of the report are requested to see: - 1. Note no. 36.00, where management reported that no provision for Worker's Profit Participation Fund (WPPF) was made after 31 December 2018. The decision was taken on the basis of the letter no. BIA-3(91)/2019-512 dated December 26, 2019 of Bangladesh Insurance Association, subsequent letter no. 53.03.0000.075.22.29.2021.30 dated June 02, 2021 of Insurance Development and Regulatory Authority (IDRA). Our opinion is not modified in this matter.' [1 p.137] The report has no basis-for-qualification and no other-matter paragraph [1 p.137] [1 p.141]. The directors' 'Explanation on Emphasis of matter' states: 'Management of the company has decided not to provide WPPF in view of the letter No. BIA-3(91)/2019-512 dated December 25, 2019 of Bangladesh Insurance Association, subsequent Letter no. 53.03.0000.075.22.29 .2021.30 dated June 02, 2021 of IDRA.' [1 p.84] The auditor's paragraph dates the BIA letter December 26, 2019 and the directors' report December 25, 2019; both are stated as printed. The WPPF provision has stayed at Tk 1,981,128 since 2018 [1 p.172]. DSE posted the auditor's emphasis-of-matter notice on 21-Sep-2026 [34].

Earlier years. For 2024 the same firm gave the same WPPF emphasis paragraph, ending 'Our opinion is not modified in these matters.' [2 p.136] FAMES & R signed the 2023 statements on 21 August 2024 [3 p.128]. Artisan, Chartered Accountants signed the 2022 statements on 23 May 2023 (AKM Lohani, FCA) and the 2021 statements on 28 April 2022 (AFM Alamgir, FCA) [4 p.126] [5 p.124].

Auditor rotation. The directors' report states that FAMES & R 'are not eligible for further appointment since they have completed three years terms', and that the board 'found Artisan Chartered Accountants suitable in all respect' and recommended them as auditor for 2026 at a fee of Tk. 1,98,000 [1 p.83]. Artisan (AFM Alamgir, FCA) also signed the 2025 report on compliance with the BSEC Corporate Governance Code, dated 07 July 2026, which states 'The Governance of the Company is satisfactory' [1 p.98], and the certificate under the IDRA corporate governance guideline of the same date [1 p.113]. Both appointments are stated as printed.

Compliance report against the notes. Annexure-C, the BSEC compliance status table, marks condition 1(2)(a) on independent directors 'Complied' and prints the remark 'There are 1 (One) Independent Directors on the Board of Global Insurance PLC. as of 31st December 2025' and 'After 31st December 2025, the company appointed 3 (three) Independent Directors, including 1 (One) Female Independent Director' [1 p.99]. The condition text requires 'At least 2 (two) directors or one-fifth (1/5) of the total number of directors' to be independent [1 p.99]. The same table records a board of 15 directors at 31-Dec-2025 [1 p.99], note 40 states 17 members at the start of 2025 and 15 at the end [1 p.173], and the directors' report states 'The number of Directors is 18 (Eighteen)' [1 p.83]. The figures are stated as printed. Condition 1(2)(d), 'The post of independent director(s) cannot remain vacant for more than 90 (ninety) days', is also ticked 'Complied' [1 p.100]. Against condition 1(3)(d) on relaxing independent-director qualifications, the remark reads 'Prior approval from BSEC has been taken in the special case on Independent Director.' [1 p.101]

IDRA guideline certificate. Artisan's certificate of 07 July 2026 under the IDRA 'Insurer's Corporate Governance Guideline-2023' is printed in Bengali. Our translation of its conclusion: the company 'has appropriately fulfilled most of the conditions of the guideline', notably the conditions on 'the size of the board of directors, the appointment of independent directors and the election of the chairman', and 'the company is careful in complying with all applicable rules of the Insurer's Corporate Governance Guideline-2023, and the company's corporate governance or good governance is satisfactory' [1 p.113]. The certificate does not mention the one-independent-director position at 31-Dec-2025 [1 p.113].

2026 so far: H1 net premium down 43.3%, no agent commission line, H1 EPS Tk 1.48 against Tk 0.67

H1 2026. Net premium was Tk 181.05m in January-June 2026 against Tk 319.06m, and net claims Tk 43.02m against Tk 5.45m [6 p.5]. The agent commission line prints '-' for January-June 2026 against Tk 53,096,460 for January-June 2025 [6 p.5]. Expenses of management were Tk 143.10m against Tk 261.46m [6 p.5]. Underwriting profit was Tk 59.36m against Tk 23.29m and the balance carried to the appropriation account Tk 86.02m against Tk 39.69m [6 p.5] [6 p.3]. The combined ratio on this note's definition was 87.1% against 93.5% (our arithmetic) [39].

Commission and IDRA. The Business Standard reported on 24-Dec-2025 that IDRA scrapped commission payments in the non-life insurance sector [36]. Global Insurance's H1 2026 revenue account prints no agent commission [6 p.5]. The filings do not link them: the 2025 annual report and the H1 2026 statements read here do not cite an IDRA commission decision [6 p.5] [1 p.146].

Balance sheet at 30-Jun-2026. Paid-up capital and reserves totalled Tk 661.30m (Tk 405.52m plus Tk 255.78m) and printed NAV per share was Tk 16.31, against Tk 601.41m and Tk 14.83 at 31-Dec-2025 [6 p.1] [6 p.2]. Sundry debtors were Tk 861.84m, premium deposit Tk 227.65m, loans and overdraft Tk 73.37m and outstanding claims Tk 130.00m [6 p.1] [6 p.2]. Fixed deposits were Tk 667.70m [6 p.2]. The unexpired-risk reserve was Tk 211.87m at 30-Jun-2026 [6 p.1] [6 p.5].

EPS, figure by figure. 2025: Q1 Tk 0.42, Q2 Tk 0.25, H1 Tk 0.67, Q3 Tk 0.32, nine months Tk 0.99, full year Tk 1.29 [34] [1 p.146]. 2026: Q1 Tk 0.77, Q2 Tk 0.71, H1 Tk 1.48 [34]. The quarters add to the half-year posts in both years [39]. Fourth-quarter 2025 EPS was Tk 0.30 (our derivation: Tk 1.29 less Tk 0.99) [39]. H1 2026 EPS was 120.9% higher than H1 2025 (our arithmetic) [39]. NOCF per share was Tk 0.17 for H1 2026 against Tk 0.06 [34]. The 24-month DSE archive holds 35 posts and no post titled as a correction [34].

Governance: sponsors and sponsor directors 26.67%, eight board meetings in 2025, 10% cash dividend for 2025

Ownership. At 31-Dec-2025 sponsors held 1,432,419 shares (3.53%) and sponsor directors 9,381,738 (23.14%), together Group A of 10,814,157 shares (26.67%) [1 p.162]. General public shareholder directors held 3,516,398 (8.67%), financial and other institutions 4,098,763 (10.11%) and the general public 22,122,445 (54.55%) [1 p.162]. The company had 4,899 shareholders in the note-3 table [1 p.162]; the directors' report states 4,900 [1 p.83]. The largest individual holding in the directors' list is the Chairman's, 1,351,721 shares [1 p.163].

Board. The board list prints Mr. Sayeed Ahmed, MP as Chairman and Mr. S M Sarowar Alam as Vice Chairman, with twelve other directors and four independent directors [1 p.31]. Eight board meetings were held in 2025 [1 p.83]. Directors' fees were Tk 2,035,600 in 2025 against Tk 3,140,000 [1 p.146]. At its meeting of 11 June 2026 the board decided to appoint Ms. Quamrun Naher Ahmed, Mr. Abhijit Kumar Saha and Engr. Golam Fakhruddin Ahmed Chowdhury as independent directors 'subject to the approval of Bangladesh Securities and Exchange Commission and at the 26th AGM' [1 p.82]. Five group A directors (Monoj Kumar Roy, Md. Harunur Rashid, Shawket Reza, Israt Jahan, Monirul Islam) and one group B director (Engr. Md. Abdul Muqtadir) were due to retire and offer themselves for re-election at the 26th AGM [1 p.82].

Management. DSE posted on 9-Apr-2025 that, 'as per approval of Insurance Development and Regulatory Authority (IDRA) and recommendation of Board of Directors', Mr. Md. Jamirul Islam was appointed Chief Executive Officer [34]. The audited statements were signed by Chairman Mr. Sayeed Ahmed MP, directors Mr. Mahabub Morshed Talukder and Mr. Md. Monirul Islam, and CEO Mr. Md. Jamirul Islam [1 p.181]. The H1 2026 statements are signed by a 'Chief Financial Officer(c.c)' [6 p.1].

Related parties. Note 32 states that the company paid directors' fees of Tk. 2,035,600, and that after a third-party bidder withdrew a Tk. 490,000 offer for a 17-year-old motor vehicle, the board at its 186th meeting 'unanimously approved the disposal of the vehicle to Mr. Sayeed Ahmed, a related party, for a consideration of Tk. 597,500' [1 p.170]. Note 31 states that the company has not undertaken key management personnel compensation in post-employment, other long-term, termination or share-based categories [1 p.170]. Note 32 prints no premium from director-linked parties [1 p.170].

Dividends. For 2025 the board recommended 10% cash on 11-Jun-2026 (DSE post 14-Jun-2026); the record date was 20-Jul-2026, the AGM was set for 18-Aug-2026 on a digital platform and DSE posted the disbursement on 13-Sep-2026 [34]. For 2024 the dividend was 10% cash, record date 30-Jul-2025, AGM 25-Aug-2025, disbursement posted 30-Sep-2025 [34]. The 2025 dividend of Tk 40.55m compares with net operating cash flow of Tk 66.39m [1 p.147] [1 p.155].

Credit rating. The annual report reproduces National Credit Ratings' letter of October 07, 2025: rating committee meeting 30.09.2025, surveillance rating 'AAA (Triple A)' long term, 'ST-2' short term, outlook 'Developing', validity 29.09.2026 [1 p.91]. DSE posted that rating on 5-Oct-2025 (on the 2024 accounts) and the same grades on 24-Sep-2026 (on the 2025 accounts) [34].

What's next: Q3 2026 board 18-23 Nov 2026 (inferred, 2 years), FY2026 accounts 28-Apr to 22-Aug 2027 (inferred, 5 years)

Dates. The FY2025 accounts were approved on 11 June 2026 [1 p.161]. Statement or board dates for the annual accounts were 28 April 2022 (FY2021, statement date), 23 May 2023 (FY2022, statement date), 21 August 2024 (FY2023, statement date), 7 July 2025 (FY2024, board date) and 11 June 2026 (FY2025, board date) [5 p.124] [4 p.126] [3 p.128] [34]. The 2024 statements are dated 13 July 2025, after the 7 July 2025 board meeting notified on DSE [2 p.147] [34]. The inferred range for the FY2026 accounts is our derivation from those five years; it ends on 22-Aug-2027 because 21-Aug-2027 is a Saturday. No Q3 2026, FY2026 or Q1 2027 board date had been notified on DSE at 1-Nov-2026 [34]. Quarterly board dates in the DSE archive were 23-Nov-2024 and 18-Nov-2025 (Q3), 7-Jul-2025 and 11-Jun-2026 (Q1), and 30-Jul-2025 and 23-Jul-2026 (Q2) [34].

Sources per row. Q3 2026: [34]. FY2026 accounts: [5 p.124] [4 p.126] [3 p.128] [34] [1 p.83]. Q1 2027: [34]. Record date: [34]. AGM: [34]. Credit rating: [34]. LDC: [37] [38]. Bangladesh's LDC graduation date is 24-Nov-2029. The 26th AGM of 18-Aug-2026 (passed), at which the auditor appointment and director elections were on the agenda, has an outcome unknown in the corpus at 1-Nov-2026 [1 p.82] [1 p.83]. Capital expenditure: fixed-asset additions were Tk 2.81m in 2025 [1 p.167], and the 24-month DSE archive holds no board approval of capex, expansion, rights or acquisition [34].

Risks: eight items from the filings, each tied to a line item

How to read this table. Each row names a fact printed in the filings or the company's DSE letter, the line item where it appears and the source. The rows carry no estimate of size or probability.

Signposts with dates. No board date for the Q3 2026 accounts had been notified on DSE at 1-Nov-2026; the two precedents are 23-Nov-2024 and 18-Nov-2025 [34]. The FY2026 accounts are inferred (our derivation from five years) for 28 April to 22 August 2027. Separately, The Business Standard reported the IDRA commission decision on 24-Dec-2025; the filings do not link them [36]. Annexure-C's FDR list and note 17's sundry debtors are printed in each annual report [1 p.177] [1 p.167].

History 2021-2025: premium, underwriting profit, profit after tax and equity; market facts

Five-year table, as printed. The 2025 report's table prints the 2025 balance of fund as Tk 274,862,051 against Tk 247,862,051 in the statements, and total assets as '1822,685,010' [1 p.23] [1 p.144]. The 2022 report prints the 2022 closing unexpired-risk reserve as '35,214,097' in its revenue account; the 2023 and 2024 reports print the opening 2023 balance as Tk 351,214,097 [4 p.126] [2 p.147]. The company's printed year-end P/E was 33.52 times for 2021 and 19.69 times for 2025 [1 p.23].

Market facts. The shares closed at Tk 40.0 on 29-Oct-2026 [33]. Over the 238 DSE trading days from 30-Oct-2025 to 29-Oct-2026, on unadjusted daily closes, the low close was Tk 23.1 on 2025-11-13 and the high close Tk 49.2 on 2026-08-16; neither value was repeated in the window [33]. Market value at Tk 40.0 was Tk 1.62bn [39]. The price is 31.0 times 2025 EPS of Tk 1.29, 2.70 times the printed 31-Dec-2025 NAV per share of Tk 14.83 and 2.45 times the Tk 16.31 NAV per share posted for 30-Jun-2026; the 2025 dividend of Tk 1.00 is 2.5% of the price [39]. These are stated as facts only.

FAQ

How profitable was Global Insurance in 2025?

Profit after tax was Tk 52.31m (EPS Tk 1.29) against Tk 64.14m (Tk 1.58) in 2024. Underwriting profit was Tk 53.37m and interest and other income Tk 74.66m. Return on average equity was 8.8% on our arithmetic.

What did the auditor say about the 2025 accounts?

FAMES & R gave an unmodified opinion with one emphasis-of-matter paragraph, which refers to note 36 on the absence of a WPPF provision after 31 December 2018. The five key audit matters are premium income, outstanding claims, property plant and equipment, deferred tax liability and management expenses.

What is Global Insurance's combined ratio?

93.5% in 2025 and 93.8% in 2024, measured as net claims plus management expenses plus agent commission, less commission on re-insurances, over net premium. Over 2021-2025 it ranged from 74.7% (2021) to 98.9% (2023).

Did IDRA fine Global Insurance?

The company's letter to DSE of 8-Oct-2026 states that IDRA imposed a fine of Tk 2,50,000 for 2020 and Tk 5,00,000 for each of 2021, 2022, 2023 and 2024 for management expenditure above the regulatory limit, Tk 22,50,000 in all, and that the fines were paid. The same letter denies an online news allegation of Tk 104 crore embezzlement.

How large are Global Insurance's sundry debtors?

Tk 782.50m at 31-Dec-2025, including advance tax of Tk 382.74m and a collection control account of Tk 348.33m. Shareholders' equity was Tk 601.41m at the same date.

What dividend did Global Insurance pay for 2025?

10% cash, Tk 1.00 a share, a payout of 77.5% of EPS. The record date was 20-Jul-2026, the AGM was set for 18-Aug-2026 and DSE posted the disbursement on 13-Sep-2026.

How did the first half of 2026 compare?

H1 2026 net premium was Tk 181.05m against Tk 319.06m, the agent commission line printed '-' against Tk 53.10m, and the balance carried to the appropriation account was Tk 86.02m against Tk 39.69m. DSE posted H1 EPS of Tk 1.48 against Tk 0.67.

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