Janata Insurance financial analysis: 2025 combined ratio 78.5%, EPS Tk 1.10 (Oct 2026)

Investment considerations: 2025 EPS Tk 1.10 (2024: Tk 1.26 restated), combined ratio 78.5%, Tk 353.0m due from Sadharan Bima Corporation

What it is. Janata Insurance PLC (DSE: JANATAINS) is a general insurer incorporated on 23 September 1986 that offers fire and allied perils, marine cargo and hull, motor and miscellaneous insurance [1 p.108]. The notes say it listed on the Dhaka Stock Exchange in 1994 and the corporate-information page gives the DSE listing date as 12 October 1994 [1 p.108] [1 p.15]. It had 48,482,628 shares of Tk 10 at 31-Dec-2025 and 4,477 shareholders [1 p.60] [1 p.15]. The board printed for 2025 has 18 members, 2 of them independent [1 p.59].

Where it stands. Gross premium was Tk 597.67m in 2025, down 1.3% from Tk 605.26m in 2024, and net premium (premium less re-insurance) Tk 445.91m, up 7.8% from Tk 413.78m [1 p.47] [12]. Net claims were Tk 192.05m (2024: Tk 182.53m) and the underwriting profit transferred to the profit and loss account Tk 76.38m (2024: Tk 86.56m) [1 p.101]. Interest and dividend income rose to Tk 41.26m from Tk 30.72m [1 p.99]. Profit before tax was Tk 96.03m and profit after tax Tk 53.54m (EPS Tk 1.10) [1 p.99] [1 p.123]. The 2025 report restates 2024 EPS as Tk 1.26 on the larger share count; the 2024 report printed Tk 1.31 [1 p.99] [2 p.45]. On the one combined-ratio definition used for every insurer in this note, the 2025 ratio was 78.5% and the 2024 ratio 78.7% [12]. PKF Aziz Halim Khair Chowdhury gave an unmodified opinion with three emphasis-of-matter paragraphs and three key audit matters [1 p.93] [1 p.94].

Sources of shareholder returns. Underwriting profit exceeded investment and other income in 10 of the 10 years 2016-2025 [7 p.33] [2 p.45] [1 p.47]. Investment and other income was 43.0% of pre-tax profit in 2025; the 2016-2025 range is 28.1% (2022) to 109.8% (2016) [12]. Within 2025 interest and dividend income, interest on fixed deposits was Tk 34.47m, interest on Bangladesh Government Treasury Bonds Tk 4.46m and interest on STD accounts Tk 0.39m [1 p.121]. Return on average equity was 7.5% in 2025; the 2017-2025 range is 3.7% (2017) to 8.8% (2024) [12]. The board recommended a 10% cash dividend for 2025, Tk 1.00 a share [1 p.123]; on 48,482,628 shares that is Tk 48.48m, 90.6% of 2025 profit after tax (derived) [12].

• Sadharan Bima Corporation: Tk 353.01m receivable 'as claim and co-insurance premium' at 31-Dec-2025 (Tk 341.11m at 31-Dec-2024).
• Fire: the class lost Tk 21.95m in 2025 on a net premium of Tk 149.33m; net claims were Tk 98.96m.
• Tax: 'Provision for Income arrear Tax' of Tk 9.34m in 2025 and provision for income tax of Tk 303.96m at 31-Dec-2025; advance income tax was Tk 235.78m.
• Workers' Profit Participation Fund: no provision for 2025; the auditor draws attention to it and the company cites 'no decision' on its communications with the ministries.
• Third quarter: DSE posted nine-month 2026 EPS of Tk 1.36 on 29-Oct-2026; the Q3 2026 statements are not in the corpus at 1-Nov-2026.

Business: marine cargo 42.2% of 2025 gross premium, fire 37.7%; retention 74.6%

How it makes money. A Bangladeshi general insurer collects premium, cedes part of each risk to reinsurers (who pay a commission back), sets aside a reserve for the unexpired part of each policy, and pays claims, agency commission and management expenses from the rest; the balance is the underwriting profit. It then earns interest and dividends on the premium and capital it holds. Janata Insurance's revenue accounts close the reserve for unexpired risk at 40% of the year's premium income for fire, motor and miscellaneous business, and at '40% & 100% of premium income marine cargo and marine Hull business respectively' [1 p.102] [1 p.103] [1 p.104] [1 p.105]. The corporate-information page prints 244 staff and 27 branches; note 1 to the accounts prints '22 branches excluding Head Office' [1 p.15] [1 p.108].

Classes. Marine cargo wrote Tk 252.06m of 2025 gross premium, 42.2% of the total and 0.3% less than in 2024 [1 p.123] [2 p.125] [12]. Fire wrote Tk 225.24m (37.7%, up 7.2%), miscellaneous Tk 99.72m (16.7%, up 7.6%) and motor Tk 20.64m (3.5%, down 58.5% from Tk 49.68m) [1 p.123] [12]. The 2024 class figures add own business and public-sector business (PSB) as printed in the 2024 note [2 p.125]. Retention (net premium over gross premium) was 97.9% in motor, 86.7% in marine cargo, 66.3% in fire and 58.1% in miscellaneous [12]. Note 23 prints net premium of Tk 445,913,626 in its table and Tk 445,931,626 in note 23.01 on the same page [1 p.123]; this note uses the first, which the revenue account also prints [1 p.101].

Ten years of premium. Gross premium was Tk 337.16m in 2016 and Tk 597.67m in 2025; the range is Tk 320.18m (2017) to Tk 605.26m (2024) [7 p.33] [2 p.45] [1 p.47]. It rose 28.1% in 2022 to Tk 507.69m and 16.4% in 2023 to Tk 590.92m, and fell 1.3% in 2025 [12]. Net premium was Tk 193.15m in 2016 and Tk 445.91m in 2025 [7 p.33] [2 p.45] [1 p.47]. Re-insurance premium ceded was Tk 151.75m in 2025 (2024: Tk 191.39m) [1 p.47]. Retention ranged from 51.9% (2019) to 74.6% (2025) [12].

Related-party business. Note 24.07 lists six related parties with 'Insurance' as the nature of business. Premium receipted in 2025 was Tk 35.16m from Ananta Group, Tk 10.10m from KSRM Power Plant, Tk 7.97m from Bashundhara Group, Tk 6.62m each from Asian Group and Masco Group and Tk 4.36m from Walton Hi Tech Ind., Tk 70.83m in all (derived); premium outstanding is printed as 'Nill' for each [1 p.124]. Claims paid were Tk 4.00m to KSRM Power Plant, Tk 0.20m to Ananta Group and Tk 0.16m to Walton Hi Tech Ind. [1 p.124].

Underwriting: 2025 profit Tk 76.4m after a Tk 19.5m rise in the unexpired-risk reserve; combined ratio 78.5%

The revenue account. In 2025 net premium was Tk 445.91m and commission on re-insurance ceded Tk 22.49m (2024: Tk 40.36m) [1 p.101]. Net claims were Tk 192.05m: Tk 189.80m paid, plus Tk 10.64m outstanding at the year-end, less Tk 8.39m outstanding a year earlier [1 p.101] [12]. Agency commission was Tk 72.54m (2024: Tk 72.40m), expenses of management Tk 104.75m (2024: Tk 108.99m) and insurance stamp expenses Tk 3.20m (2024: Tk 2.30m) [1 p.101]. The reserve for unexpired risks closed at Tk 185.08m from Tk 165.58m, a rise of Tk 19.50m that the account charges before the Tk 76.38m profit [1 p.101] [12]. The model rebuilds the printed profit from these rows to the taka [12].

By class. On the same combined-ratio definition, fire ran at 106.6%, marine cargo at 73.4%, motor at 63.6% and miscellaneous at 30.6% in 2025 [12]. The P&L line 'Marine Revenue Account' produced Tk 47.12m of underwriting profit, miscellaneous Tk 32.67m and motor Tk 18.54m; fire lost Tk 21.95m [1 p.99]. In 2024 fire lost Tk 32.63m and marine made Tk 64.17m [1 p.99]. Fire net claims were Tk 98.96m in 2025 and Tk 106.32m in 2024 [1 p.102]. Fire re-insurance commission fell to Tk 12.32m from Tk 27.97m [1 p.102]. The class accounts add to Tk 76,384,873; the revenue account prints Tk 76,384,871 [1 p.101] and the profit and loss account Tk 76,384,872 [1 p.99] [12].

Ten years of claims. Net claims were Tk 73.06m in 2016, Tk 28.09m in 2019 and Tk 192.04m in 2025 in the five-year tables [7 p.33] [2 p.45] [1 p.47]; for 2025 the five-year table prints 192.04 and the revenue account Tk 192,045,090 [1 p.47] [1 p.101]. As a share of net premium they ranged from 16.4% (2019) to 44.1% (2024) [12]. The underwriting margin (underwriting profit over net premium) ranged from 15.9% (2016) to 42.8% (2020); it was 17.1% in 2025 [12]. Management expenses in the revenue account were 23.5% of net premium in 2025 on the table figures [12]. The five-year table prints this ratio as 23.49% for 2025 and 18.81% for 2024 [1 p.47]; on the same table's figures the 2024 ratio is 26.3% [12].

Investments: Tk 495.4m of fixed deposits, Tk 52.5m of treasury bonds, FDR interest Tk 34.5m

Where the money sits. At 31-Dec-2025 cash and bank balances were Tk 678.94m: fixed deposits Tk 495.37m, STD and savings accounts Tk 170.74m and current accounts and cash in hand Tk 12.83m [1 p.98]. A year earlier they were Tk 598.39m, of which fixed deposits Tk 546.74m and STD and savings Tk 48.04m [1 p.98]. Investments were Tk 77.32m (2024: Tk 46.74m) [1 p.98]. Of these, listed shares were Tk 24.82m at market value (cost Tk 17.34m) [1 p.119]; the balance of Tk 52.50m is the Bangladesh Government Treasury Bond statutory deposit kept with Bangladesh Bank under section 23 of the Insurance Act, 2010 (derived) [1 p.119] [12].

The share portfolio. The four listed holdings at 31-Dec-2025 were BRAC Bank (309,097 shares, market value Tk 19.50m), GP (10,350 shares, Tk 2.67m), Robi (52,300 shares, Tk 1.47m) and Premier Bank (40,807 shares, Tk 1.17m) [1 p.119]. The fair-value reserve on them was Tk 7.48m, of which BRAC Bank Tk 9.09m and Robi minus Tk 1.26m [1 p.119]. The gain of Tk 7.48m passed through other comprehensive income in 2025; in 2024 the line was a loss of Tk 0.34m [1 p.99].

Income from the book. Interest and dividend income was Tk 41.26m in 2025 (2024: Tk 30.72m) [1 p.99]. Interest on fixed deposits was Tk 34.47m (2024: Tk 27.12m), 83.5% of the line; BGTB interest was Tk 4.46m (2024: Tk 2.01m) [1 p.121] [12]. Fixed deposits are a key audit matter: the auditor wrote that 'these balances involve risks related to existence, valuation, accrual of interest income, and potential impairment, particularly in cases where deposits are placed with financially unstable institutions' [1 p.94].

Cash flow. The cash-flow statement shows premium and other income received of Tk 505.10m in 2025 (2024: Tk 593.08m) and net operating cash flow of Tk 70.28m (2024: Tk 44.58m) [1 p.107]. Investing activities include a line 'Other Income' of Tk 31.80m in 2025 (nil in 2024), and financing activities a dividend paid of Tk 21.40m (2024: Tk 45.20m) [1 p.107]. The appropriation account records Tk 27.97m of cash dividend and Tk 18.65m of stock dividend from 2024 profit [1 p.100]. Net operating cash flow over profit after tax ranged from 73.0% (2024) to 216.9% (2023) in 2019-2025 [12].

Ratios 2016-2025: ROE 7.5% in 2025, equity 46.8% of assets, payout 90.6%

Returns. Return on average equity was 7.5% in 2025 and 8.8% in 2024; the 2017-2025 range is 3.7% (2017) to 8.8% (2024) [12]. Return on average assets was 3.5% in 2025 [12]. The five-year table prints 'Return on assets' of 6.17% for 2025; that ratio uses a different basis from the model's average-asset figure [1 p.47] [12].

Tax. Tax and other provisions took 44.2% of pre-tax profit in 2025 and 35.7% in 2024 [12]. In 2025 the appropriation account charged Tk 32.31m of income tax, Tk 9.34m of 'Provision for Income arrear Tax' and Tk 0.83m of deferred tax; it also transferred Tk 10.00m to the reserve for exceptional losses [1 p.100]. The tax computation applies 37.50% to business and fixed-deposit income and 15.00% to treasury-bond interest [1 p.127]. Provision for income tax was Tk 303.96m at 31-Dec-2025 and advance income tax Tk 235.78m [1 p.97] [1 p.119].

Capital. Equity was 46.8% of total assets at 31-Dec-2025; the ratio fell in 6 of the nine years from 2017, from 62.4% in 2016 [12]. Net premium was 0.61 times equity in 2025 and 0.38 times in 2016 [12]. Paid-up capital was Tk 484.83m at 31-Dec-2025 after the 4% stock dividend for 2024 [1 p.97] [1 p.100]. The 2024 and 2025 five-year tables print paid-up capital of 446.18 for 2022, 2023 and 2024; the statement of financial position prints Tk 466,179,120 at 31-Dec-2024 [2 p.45] [1 p.47] [1 p.97].

Payout. Cash dividends declared were 5% for 2017 and 2018, 10% for 2019, 6% for 2020 and 2021, 11% for 2022 and 2023, 6% for 2024 and 10% for 2025; stock dividends were 5% for 2018, 2020 and 2021 and 4% for 2024 [7 p.33] [2 p.45] [1 p.123] [9]. On the share count at each declaration, cash dividends were 45.8% (2024) to 99.6% (2017) of profit after tax (derived) [12]. The 2024 dividend was approved at the AGM of 26-Aug-2025; DSE posted the bonus-share credit on 10-Sep-2025 and the cash disbursement on 14-Oct-2025 [9].

Balance sheet and audit: unmodified opinion, three emphases of matter, three key audit matters; Tk 353.0m due from SBC

Opinion. PKF Aziz Halim Khair Chowdhury (senior partner Dr. Jamshed S A choudhury FCA), signing on 14 May 2026, wrote: '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 IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), the Companies Act 1994, the Insurance Act 2010, the Insurance Rules 1958, the Securities and Exchange Rules 1987, and other applicable laws and regulations.' [1 p.93] [1 p.98]. The corporate-information page and the audit committee report spell the firm 'PKF Aziz Halim Khair Choudhury' and 'M/s. G. PKF Aziz Halim Khair Choudhury' [1 p.15] [1 p.82].

Emphasis of matter, in full. 'Without modifying our opinion, we are drawing attention to the following matters; 1. We draw attention to Note 2.2.5(iii) which states that the Company did not set aside any profits as contributions related to the Worker's Profit Participation Fund for the current year due to the on-going discussions between the IDRA and related Government Ministries. 2. We draw attention to Note 2.2.9 of the financial statements, which describes matters related to the implementation of 'IFRS 16 Leases'. 3. We draw attention to Note 2.2.10 regarding the implication of the IFRS 17 Insurance contracts in the preparation of the financial statement of the company.' [1 p.93]. DSE posted the emphasis-of-matter notice on 2-Jun-2026 [9].

The company's explanations. On the fund, the directors' report says: 'As no decision has been yet concluded on such communications, the management is yet to provide for the said provision.' On IFRS 17 it says: 'However, as of now, none of these regulators have initiated any action plan regarding the adoption of this IFRS in Bangladesh. Management is currently assessing the future adoption of this IFRS.' On IFRS 16 it describes the standard's requirements [1 p.54].

Key audit matter 1, premium income, in full. 'Gross general insurance premiums represent the total premiums received for coverage provided under contracts entered into during the accounting year. The Company reported gross premium income of Tk. 445,913,626 for the year ended 31 December 2025 compared to 413,868,110 for the year ended 31 December 2024. In accordance with IFRS 15, revenue is recognized when a performance obligation is satisfied through the transfer of control over promised goods or services. Such transfer occurs when the customer obtains control of those goods or services. Revenue from services is measured at the fair value of the consideration received or receivable, net of allowances, rebates, and VAT. Given its significance, interrelationship with other financial statement items, and inherent sensitivity, this area is considered to carry a high level of risk. Refer to Note 23.00 to the financial statements for further details.' [1 p.94]. The revenue account prints Tk 445,913,626 as 'Premium less Re-Insurance' and note 23 prints gross premium of Tk 597,668,642 [1 p.101] [1 p.123].

Key audit matter 2, outstanding claims, in full. 'This amount represents claims due or intimated by insured parties and involves significant judgment, with a risk of understatement. As at 31 December 2025, the reported balance for estimated liabilities in respect of outstanding claims (whether due or intimated) was Tk. 10,640,360. This provision has a direct impact on the Company's profitability and liquidity, making it a key area of focus for stakeholders. Given its influence on multiple financial statement line items, along with its sensitivity and significance, we consider this area to carry a high level of risk. Refer to Note 10.00 to the financial statements for further details.' [1 p.94]. The KAM refers to Note 10.00; the statement of financial position prints the balance under note 8.00 [1 p.97].

Key audit matter 3, investment in FDR, in full. 'Fixed Deposit Receipts (FDRs) represent a significant portion of the Company's financial assets and are held with various financial institutions to earn interest income while maintaining liquidity. These balances involve risks related to existence, valuation, accrual of interest income, and potential impairment, particularly in cases where deposits are placed with financially unstable institutions. As at 31 December 2025, the company had FDR investment of Tk. 495,368,553. FDR balances and the related accrued interest constitute a material component of the financial statements. The recognition of interest income requires the application of appropriate rates and time apportionment, while classification between short-term and long-term deposits requires judgment. Additionally, there is a risk that such balances may be misstated due to errors, fraud, or non- recognition of impairment. Given the significance of FDR balances, their impact on income recognition, and the judgment involved in their valuation and classification, we consider this area to be of high audit risk.' [1 p.94].

Receivables. Amount due from other persons or bodies carrying on insurance business is one counterparty: Sadharan Bima Corporation, Tk 353,006,890 at 31-Dec-2025 and Tk 341,112,705 a year earlier, described as 'the total receivable ... as claim and co-insurance premium' [1 p.119]. That is 48.3% of equity [12]. Sundry debtors of Tk 289.29m include advance income tax of Tk 235.78m and 'Advance against Sundry party (Claim)' of Tk 42.27m [1 p.119]. The appropriation note shows a 'Surplus carried forward' of minus Tk 3.07m for 2025 [1 p.123]. The profit and loss account prints a 'Capital Gain on Sale of Fised assets' of minus Tk 3.46m [1 p.99].

NAV printings. The statement of financial position prints NAV per share of Tk 15.07 at 31-Dec-2025 and Tk 14.39 at 31-Dec-2024 (restated on 48,482,628 shares); the five-year tables print Tk 14.96 for 2024 [1 p.97] [1 p.47]. The board recommended the 2025 accounts at its meeting of 6-May-2026; the first DSE dividend post gave 2025 EPS as Tk 1.30 and a correction posted on 20-May-2026 said it 'was mistakenly stated as Tk. 1.30 instead of Tk. 1.10' [9].

2026 to date: nine-month EPS Tk 1.36 (9M 2025: Tk 1.19); NAV per share Tk 15.49 at 30-Sep-2026

What was posted. DSE posted the 2026 quarterly figures on 7-May-2026 (Q1), 2-Aug-2026 (Q2) and 29-Oct-2026 (Q3) [9]. EPS was Tk 0.29 for January-March 2026 (2025: Tk 0.26), Tk 0.50 for April-June (2025: Tk 0.48) and Tk 0.56 for July-September (2025: Tk 0.45) [9]. Nine-month EPS was Tk 1.36 (2025: Tk 1.19), 14.3% higher [9] [12]. Net operating cash flow per share was Tk 1.14 for the nine months (2025: Tk 0.64) and NAV per share Tk 15.49 at 30-Sep-2026 [9]. The Q1 and Q2 2026 statements are in the corpus as scanned pages; the Q3 2026 statements are not in the corpus at 1-Nov-2026, and the figures here are the DSE-announced ones.

Restated comparatives. The 2025 comparatives above are as printed in the 2026 posts. The 2025 posts printed Q1 2025 EPS of Tk 0.27, Q2 2025 EPS of Tk 0.50 and half-year EPS of Tk 0.77 [9]. The 2026 posts give Tk 0.26, Tk 0.48 and Tk 0.74 [9]. The share count rose from 46,617,912 to 48,482,628 with the 4% stock dividend for 2024 [1 p.123]. Trailing EPS to September 2026, derived as 2025 EPS less nine-month 2025 EPS plus nine-month 2026 EPS, is Tk 1.27 [12].

Governance: 18 directors holding 34.78%, sponsors 5.09%; board attendance 64 of 70; 10% cash dividend

Ownership. At 31-Dec-2025 sixteen directors held 16,860,511 shares (34.78%) and five sponsor shareholders 2,470,426 (5.09%), 39.87% together; the two independent directors held none [1 p.60]. Each director held between 2.00% and 2.93%; the largest holding was Mr. Shahidul Quader Chowdhury's 1,418,226 shares (2.93%) [1 p.60]. Mosleh Uddin Mansur is printed as 'Nominated by Luminous Assets Management Limited' [1 p.60]. Institutions held 8.32% and the general public 51.81% [1 p.60]. The chief executive officer, company secretary, chief financial officer and head of internal audit are listed with no shares [1 p.60].

The board. The 2025 attendance table lists 18 directors: Mr. Zafrul Islam Chowdhury (Chairman), Farhana Islam (Vice Chairman), fourteen directors and two independent directors, Mr. Dipak Ranjan Datta, FCA and Mr. Noumaan-e-Alam Khan, FCMA [1 p.59]. Four board meetings were held; attendance was 64 of 70 director-meetings and 13 directors attended every meeting held in their period [1 p.59]. Mosleh Uddin Mansur is shown with 2 of 2 meetings '(During his period)' [1 p.59]. One director is spelled 'Anissa Zaman' in the attendance table and 'Anisa Zaman' in the shareholding table [1 p.59] [1 p.60]. The chief executive officer is Mohammad Abu Bakkar Siddique, the CFO Md. Rajaur Rahman, the company secretary Md. Imtiaz Bhuiyan and the head of the share and investment department Md. Rezaul Kabir [1 p.15]. The head of internal audit is listed in the shareholding table by title, without a name, and is not named in the 2025 report pages read [1 p.60] [1 p.15]. Directors' fees were Tk 0.60m in 2025 (2024: Tk 1.08m) and audit fees Tk 0.80m (2024: Tk 0.23m) [1 p.99].

Committees. The audit committee is chaired by Mr. Dipak Ranjan Datta FCA, independent director, with Mr. Belal Ahmed and Mr. Shafiqul Islam Chowdhury as members; it held four meetings in 2025 and 'All the members of the committee were present in the meetings' [1 p.81] [1 p.82]. The nomination and remuneration committee is chaired by Mr. Noumaan-e-Alam Khan (FCMA), independent director, with Mr. Zafrul Islam Chowdhury, Alvira Ahsan Chowdhury and Anzareen Matin Chaudhury; it held two meetings and 'All the members of the committee were present of the meeting' [1 p.83] [1 p.84]. The corporate-governance pages print six committees [1 p.63]. They say the board 'comprises 18 (eighteen) Honorable Directors including 03 (three) Public Shareholder Directors and 02 (two) Independent Directors' and do not name the public shareholder directors on that page [1 p.62]. They give the audit committee 03 members and 4 meetings, with 'around 100% members attended the Meetings' [1 p.64]; the audit committee report says 'All the members of the committee were present in the meetings' [1 p.82]. They give the NRC 04 members and 2 meetings with 'around 100% Member Directors attended', the executive committee 04 member directors, and the risk management and claims committee (RMCC) 04 members and 3 meetings 'with 100% members present in every Meeting' [1 p.65] [1 p.66]. The investment committee has 5 members and held 3 meetings; the policy holder protection and compliance committee has 03 members including an independent director and held 1 meeting [1 p.66]. The corporate-information page names Warasuzzaman Chowdhury chairman of the executive committee, Zafrul Islam Chowdhury chairman of the RMCC, Belal Ahmed chairman of the investment committee and Mrs. Qamrun Nahar chairman of the policy holder protection and compliance committee [1 p.15].

BSEC compliance report. ARTISAN, Chartered Accountants, reported on 9 June 2026 that the company 'has complied with the conditions of the Corporate Governance Code ... except the statements written in the Remarks column' and that 'The Governance of the company is satisfactory' [1 p.79]. In the condition table, one item is ticked 'Not complied': 1(5)(v), 'Discussion on continuity of any Extra-Ordinary gain or loss.' [1 p.71]. Condition 1(2)(a), 'At least 1/5th of the total number of directors', is ticked 'Complied' with the remark 'According to Form XII of Janata Insurance PLC, there are 2 (two) Independent Directors. BSEC approval for the Independent Directors is under process.' [1 p.69]. Condition 1(1) carries the remark 'Total 18 Directors are in the Board.' [1 p.69]. Two independent directors on an eighteen-member board is 11.1% (derived) [12]. The table records 4 board meetings, 4 audit committee meetings and 2 NRC meetings [1 p.72] [1 p.75] [1 p.77].

IDRA certificate. Jasmin & Associates, Chartered Secretaries, certified on 18 May 2026 under the IDRA Corporate Governance Guidelines-2023 that 'The Company has complied with most of the conditions of the Guideline issued by IDRA' and that, 'subject to the remarks and observations, the Company is expected to ensure compliance with all applicable provisions'; it ends 'the Governance of the Company is satisfactory' [1 p.80]. The certificate page lists no individual non-complied condition [1 p.80].

Dividend handling. DSE placed the company in the 'Z' category on 9-Oct-2025 'as per provision 1(e) of BSEC Directive No. BSEC/CMRRCD/2009-193/77, dated May 20, 2024 regarding non-disbursement of the approved dividend within the stipulated time frame', and returned it to 'A' from 15-Oct-2025 after the company reported disbursement of the 6% cash and 4% stock dividend for 2024 [9]. For 2025 the board recommended 10% cash; the record date was 22-Jun-2026, the AGM on 19-Jul-2026 on a digital platform, and DSE posted the disbursement on 24-Aug-2026 [9]. The board meeting on the 2024 audited accounts and the Q1 2025 accounts was first notified for 16-Jun-2025 and rescheduled to 25-Jun-2025 'due to unavoidable circumstances' (DSE 15-Jun-2025) [9].

24 months of DSE news. The archive from 1-Nov-2024 to 1-Nov-2026 holds 43 posts: results, board-meeting notices, dividend declarations and disbursements, record-date suspensions, two category changes, two credit-rating results, two emphasis-of-matter notices and the EPS correction [9]. It contains no board approval of capital expenditure, a rights issue, a merger or a new business line [9].

Peers 2025: Janata Insurance's combined ratio 78.5% ranks 18 of 27 from the lowest (15 of 19 without the modified-opinion peers)

The set. The peers are the 25 Dhaka-listed general insurers in the checked peer table of the published Meghna Insurance note, plus United Insurance: Meghna, Northern Islami, Phoenix, City, Crystal, Karnaphuli, Peoples, Nitol, Islami, Eastland, Mercantile Islami, Rupali, Asia Insurance, BGIC, Central, Eastern, Asia Pacific, Federal, Republic, Pioneer, Pragati, Reliance, Global, Sonar Bangla, Green Delta, United. All have December year-ends, audited 2025 accounts and live AnalystBro analysis notes. Every figure is on each company's own (company) basis from its 2025 revenue account [13 p.137] [14 p.13] [15 p.216] [16 p.394] [17 p.13] [18 p.181] [19 p.264] [20 p.189] [21 p.110] [22 p.153] [23 p.95] [24 p.141] [25 p.178] [26 p.329] [27 p.11] [28 p.22] [29 p.107] [30 p.14] [31 p.104] [32 p.181] [33 p.10] [34 p.365] [35 p.148] [36 p.94] [37 p.344] [38 p.185]. Each peer writes non-life insurance business as printed in its own report; no business-mix adjustment is made. Opinion labels come from each peer's checked published note; peers marked * have a modified (qualified or adverse) opinion: NORTHRNINS, BGIC, CENTRALINS, EASTERNINS, ASIAPACINS, FEDERALINS, REPUBLIC, SONARBAINS.

One definition. For every company the combined ratio is net claims plus revenue-account management expenses (including insurance stamp expenses where printed separately) plus agency commission, less commission earned on re-insurance ceded (including profit commission where printed), over net premium (premium less re-insurance), all for 2025 and computed in unrounded taka [1 p.101] [12]. On that basis Janata Insurance's 78.5% ranks 18 of 27 counting from the lowest; the range is 38.9% (GREENDELT) to 110.7% (MERCINS) [12]. Without the eight starred peers Janata Insurance ranks 15 of 19 from the lowest, with a range of 38.9% (GREENDELT) to 110.7% (MERCINS) [12].

Claims and size. Janata Insurance's net-claims ratio was 43.1%, rank 26 of 27 from the lowest (rank 18 of 19 without the starred peers); across the set it ranged from -2.0% (EASTERNINS) to 63.4% (MERCINS) [12]. Its net premium of Tk 445.9m ranks 16 of 27 from the highest (13 of 19 without the starred peers) [12]. This note gives no peer ranking of return on equity; profit and equity were not compiled for the full set. These comparisons are limited to the 27 companies in the table.

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

These are dated events after 31-Oct-2026. We do not forecast numbers. Dates marked 'inferred' are ranges built from every printed precedent found, with each end on a DSE business day (Sunday to Thursday); the ranges refer to DSE business days, and each row says when the span contains Fridays or Saturdays. No date has been notified on DSE for any of these events at 1-Nov-2026. The 2025 accounts were considered at the board meeting of 6-May-2026 and the Q3 2026 accounts at the board meeting of 28-Oct-2026 [9]. Precedent dates were read from the annual-report page images and the DSE archive; the 2022 precedent is the date the 2022 accounts were authorised for issue [4 p.16].

Bangladesh's LDC graduation date is 24-Nov-2029; the UN General Assembly adopted it on 29-Oct-2026 in New York [10] [11]. The filings do not link it to any line item. The AGM of 19-Jul-2026 has passed; the dividend it approved was disbursed (DSE post of 24-Aug-2026) [9].

Risks: each item and the line it relates to

Each row is a fact from the filings; none is a forecast. 'Line it moves' is 'None disclosed' wherever no filing quote links the item to a line. The three key audit matters and three emphasis-of-matter paragraphs do not modify the opinion; the opinion paragraph states that the statements 'present fairly, in all material respects' [1 p.93].

History 2016-2025 and market data

Figures for 2016-2019 come from the 2020 annual report's five-year table, for 2020-2024 from the 2024 report's table and for 2025 from the 2025 report's table [7 p.33] [2 p.45] [1 p.47]. The 2020 report prints 2020 EPS as Tk 1.25 and the 2024 report as Tk 1.19 [7 p.33] [2 p.45]. Net operating cash flow comes from each year's own cash-flow statement (2022: Tk 86.39m [4 p.15]); the 2020 report prints Tk 89.09m for 2020 and the 2021 report reprints 2020 as Tk 63.23m [7 p.33] [5 p.97] [12].

The 52-week range uses DSE trading-day closes from the TradingView feed, unadjusted (the window contains the 10% cash dividend record date of 22-Jun-2026 and no bonus or rights issue), from 30-Oct-2025 to 29-Oct-2026: the lowest close was Tk 21.4 on 16-Nov-2025, on one day, and the highest Tk 37.4, on two days, 2-Jun-2026 and 13-Jul-2026 [8] [9]. The close was Tk 32.6 on 29-Oct-2026 and Tk 25.5 on 29-Oct-2025 [8]. At that close the shares traded at 29.6 times 2025 EPS of Tk 1.10, 25.7 times derived trailing EPS of Tk 1.27 to September 2026, 2.10 times NAV per share of Tk 15.49 at 30-Sep-2026, and a 3.1% yield on the 2025 dividend of Tk 1.00 [12]. These are facts at one date.

FAQ

What is Janata Insurance's 2025 audit opinion?

Unmodified. PKF Aziz Halim Khair Chowdhury wrote that the statements 'present fairly, in all material respects'. The report has three emphasis-of-matter paragraphs (Workers' Profit Participation Fund, IFRS 16 and IFRS 17) and three key audit matters (premium income, outstanding claims and investment in FDR).

How profitable was Janata Insurance in 2025?

Profit after tax was Tk 53.5m (EPS Tk 1.10); the 2025 report restates 2024 EPS as Tk 1.26 on Tk 61.0m. Underwriting profit was Tk 76.4m and interest and dividend income Tk 41.3m. Return on average equity was 7.5%.

What is Janata Insurance's combined ratio?

78.5% in 2025 and 78.7% in 2024, measured as net claims plus management expenses (including stamp expenses) plus agency commission less re-insurance commission, over net premium. The peer section applies the same definition to every peer.

What is the Sadharan Bima Corporation receivable?

Tk 353.0m at 31-Dec-2025 (Tk 341.1m a year earlier), the whole of the 'Amount Due from other Persons or Bodies Carrying on Insurance Business' line, described as receivable 'as claim and co-insurance premium'. It equals 48.3% of shareholders' equity.

Who owns Janata Insurance?

At 31-Dec-2025 sixteen directors held 34.78% and five sponsors 5.09%, 39.87% together; each director held between 2.00% and 2.93%. Institutions held 8.32% and the general public 51.81%.

What dividend did Janata Insurance pay for 2025?

10% cash, Tk 1.00 a share, Tk 48.5m in total, 90.6% of 2025 profit after tax (derived). The record date was 22-Jun-2026, the AGM was on 19-Jul-2026 and DSE posted the disbursement on 24-Aug-2026.

Why was Janata Insurance in the Z category?

DSE placed it in 'Z' on 9-Oct-2025 for non-disbursement of the approved 2024 dividend within the stipulated time, under BSEC's directive of 20-May-2024, and back to 'A' from 15-Oct-2025 after the company reported disbursement of the 6% cash and 4% stock dividend.

Sources

1. Janata Insurance PLC Annual Report 2025, incl. audited financial statements for the year ended 31 December 2025 (corpus JANATAINS_ANNUAL_2025, 133 scanned pages; read from page images; PDF page numbers) · link · accessed 2026-11-01
2. Janata Insurance PLC Annual Report 2024 (corpus JANATAINS_ANNUAL_2024; PDF page numbers) · link · accessed 2026-11-01
3. Janata Insurance PLC Annual Report 2023 (corpus JANATAINS_DOC_2023; PDF page numbers) · link · accessed 2026-11-01
4. Janata Insurance Company Limited financial statements 2022 (corpus JANATAINS_ANNUAL_2022, 36 pages; PDF page numbers) · link · accessed 2026-11-01
5. Janata Insurance Company Limited Annual Report 2021 (corpus JANATAINS_ANNUAL_2021; PDF page numbers) · link · accessed 2026-11-01
6. Janata Insurance Company Limited Annual Report 2019 (corpus JANATAINS_ANNUAL_2019; PDF page numbers) · link · accessed 2026-11-01
7. Janata Insurance Company Limited Annual Report 2020 (corpus JANATAINS_DOC_2020; PDF page numbers) · link · accessed 2026-11-01
8. AnalystBro market data: DSE daily bars for JANATAINS, 26-Oct-2025 to 2-Nov-2026 (chart_bars, saved to file) · link · accessed 2026-11-01
9. DSE news archive for JANATAINS, 1-Nov-2024 to 1-Nov-2026 (old_news.php, criteria=3): 43 posts incl. results, dividends, record dates, board-meeting notices, category changes, credit ratings and emphasis-of-matter notices (posts dated 18-Nov-2024 to 29-Oct-2026) · link · accessed 2026-11-01
10. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
11. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
12. AnalystBro history and ratio model for JANATAINS (model.xlsx, the workbook below) · link · accessed 2026-11-01
13. Meghna Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.137); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
14. Northern Islami Insurance PLC audited financial statements 2025 (peer; consolidated insurance revenue account p.13); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
15. Phoenix Insurance PLC Annual Report 2025 (peer; consolidated insurance revenue account p.216-217); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
16. City Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.394); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
17. Crystal Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.13); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
18. Karnaphuli Insurance PLC Annual Report 2025 (peer; note 26 class summary p.181); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
19. Peoples Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.264); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
20. Nitol Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.189); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
21. Islami Insurance Bangladesh Limited Annual Report 2025 (peer; consolidated revenue account p.110); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
22. Eastland Insurance PLC Annual Report 2025 (peer; consolidated insurance revenue account p.152-153); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
23. Mercantile Islami Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.95); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
24. Rupali Insurance Company Limited Annual Report 2025 (peer; note 23 revenue accounts p.141); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
25. Asia Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.178); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
26. Bangladesh General Insurance Company PLC Annual Report 2025 (peer; consolidated revenue account p.329); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
27. Central Insurance PLC audited financial statements 2025 (peer; consolidated business revenue account p.11); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
28. Eastern Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.22); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
29. Asia Pacific General Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.107); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
30. Federal Insurance PLC audited financial statements 2025 (peer; statement of consolidated revenue account p.14); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
31. Republic Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.104); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
32. Pioneer Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.181); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
33. Pragati Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.10); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
34. Reliance Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.364-365); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
35. Global Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.148); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
36. Sonar Bangla Insurance Limited Annual Report 2025 (peer; consolidated revenue account p.94-95); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
37. Green Delta Insurance PLC Annual Report 2025 (peer; company 'Consolidated All Business Revenue Account' p.344); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01
38. United Insurance Company Limited Annual Report 2025 (peer; consolidated revenue account p.185); opinion label from the checked published AnalystBro note · link · accessed 2026-11-01