Meghna Insurance financial analysis: premium up 40.4%, combined ratio 75.2% (Oct 2026)

Investment considerations: 2025 gross premium up 40.4% to Tk 1,250.1m, underwriting profit down 41.3% to Tk 36.2m, combined ratio 75.2%

Meghna Insurance PLC is a Dhaka-listed general insurer with 40,000,000 shares of Tk 10, listed on DSE on 1 June 2022 after an initial public offering that raised Tk 16.00 crore [1 p.156] [1 p.32]. In 2025 gross premium rose 40.4% to Tk 1,250.1m and net premium rose 50.2% to Tk 1,040.0m [1 p.166] [42]. Marine cargo wrote Tk 879.9m, 70.4% of gross premium [1 p.166] [42]. Underwriting profit fell to Tk 36.2m from Tk 61.6m, and the balance of funds (reserve for unexpired risks) rose from Tk 277.6m to Tk 499.1m [1 p.137]. Interest income was Tk 53.8m (2024: Tk 43.8m) and profit after tax Tk 54.0m (2024: Tk 52.4m), EPS Tk 1.35 (2024: Tk 1.31) [1 p.135]. The auditor, Ahmed Zaker & Co., gave an unmodified opinion with two emphasis-of-matter paragraphs [1 p.126]. This note sets out what the filings show; it has no forecast, valuation or target.

Earnings mix. In 2025 underwriting profit was 54.6% of profit before tax and WPPF, and interest income 81.3% [1 p.135] [42]. The two add to more than 100%; the profit and loss account also adds Tk 6.0m of dividend and other income and deducts Tk 29.0m of expenses of management not charged to a fund and Tk 0.8m of finance cost [1 p.135]. Underwriting profit was larger than profit before tax in 2019, 2020, 2021, 2022 [42]. In 2025 the revenue account carried Tk 499.1m to the balance of funds at year-end and brought Tk 277.6m forward; the closing figure is 40% of net premium for fire and motor, 50% for marine cargo and miscellaneous, and 100% for marine hull (note 6) [1 p.137] [1 p.157].

Balance sheet. Total assets were Tk 1,677.1m at end-2025 and equity Tk 571.7m, 34.1% of total assets [1 p.134] [42]. Short-term investment of Tk 510.4m comprised fixed deposits of Tk 439.3m and listed shares at fair value of Tk 71.2m; treasury bonds were Tk 133.6m and cash and cash equivalents Tk 167.2m [1 p.134] [1 p.162]. Advance, deposit and prepayments were Tk 397.0m, of which advance income tax Tk 214.5m and advance against salary Tk 162.7m [1 p.161]. On the liability side the balance of funds was Tk 499.1m, sundry creditors Tk 235.0m, provision for income tax Tk 134.2m and outstanding claims Tk 70.6m [1 p.134].

Market facts. Price, market value, P/E, P/NAV and dividend yield are stated in the History and market data section [37] [42].

• Marine cargo volume. Signpost: note 32 of the FY2026 accounts (marine cargo gross premium Tk 879.9m in 2025; the revenue account for 2024 prints marine cargo net premium of Tk 464.0m).
• Management expenses. Signpost: note 34 of the FY2026 accounts (Tk 629.9m charged to the revenue accounts in 2025, Tk 474.7m in 2024).
• Agency commission. Signpost: the agency-commission line in the FY2026 revenue account (the 2026 quarterly revenue accounts are covered under Recent quarters).
• Confirmations and reconciliation. Signpost: the FY2026 auditor's report, on FDR and bank confirmations and on the Sadharan Bima Corporation balances.
• Outstanding claims. Signpost: note 7 of the FY2026 accounts (Tk 70.6m at end-2025; Tk 207.5m at 30-Jun-2026, unaudited).
• Operating cash flow. Signpost: NOCFPS in the FY2026 results post on DSE (Tk (0.31) for nine months of 2026).

Business: marine cargo 70.4% of 2025 gross premium, fire 20.0%, motor 5.2%, miscellaneous 4.2%

How it makes money. A Bangladeshi general insurer collects premium, cedes part of each risk to reinsurers (who pay a commission back), holds a reserve for the unexpired part of each policy, and pays claims, agency commission and management expenses from the rest. Note 1.03 states that the principal activities 'are to carry on all kinds of insurance, guarantee and indemnity business other than life insurance business' [1 p.145]. Note 34 states that management expenses 'have been charged to revenue account on product basis of gross premium earned or direct business' [1 p.166]. The directors' report states that the company 'maintains robust reinsurance arrangements with reputable local and international reinsurers, including Sadharan Bima Corporation, with a treaty limit of Tk. 60 crore' [1 p.30].

Classes. Marine cargo is the largest class: Tk 879.9m of gross premium in 2025, 70.4% of the total, of which the company kept 92.1% after reinsurance [1 p.166] [42]. Fire wrote Tk 249.7m and kept 61.8%; motor wrote Tk 65.4m and kept 97.9% [1 p.166] [42]. Miscellaneous wrote Tk 52.1m and kept 17.3%, and marine hull wrote Tk 3.0m [1 p.166] [42]. The directors' report gives the public-sector share of each class: Tk 31.16m of fire, Tk 31.83m of marine cargo, Tk 1.09m of marine hull, Tk 1.85m of motor and Tk 43.77m of miscellaneous premium [1 p.29]. Overall retention rose from 77.8% in 2024 to 83.2% in 2025 [42].

Premium history. Gross premium was Tk 581.0m in 2019 and Tk 1,250.1m in 2025, the highest of the seven years [2 p.32] [1 p.32]. It rose in 4 of the six year-on-year comparisons and fell in 2023 and 2024 [42]. Over 2019-2025 the compound change was 13.6% a year (our derivation) [42]. Retention ranged from 67.3% (2019) to 83.2% (2025) [42]. The directors' report for 2024 states that 'Premium income is less than the previous year due to economic difficulties, dollar crises' [2 p.32]. For 2025 it states that 'Premium income is higher than the previous year due to significant increase in insurance business' [1 p.32].

Related-party business. Note 35 lists premium earned from related parties in 2025 of Tk 29,778,172 as printed, 2.4% of 2025 gross premium (our arithmetic) [1 p.166] [42]. Fifteen companies are listed with the relationship 'Director's wife' (the directors' report reads 'Wife of Director Mr. Musfiq Rahman is one of the Directors of the Party'); the 13 with 2025 premium paid Tk 29,778,172 (Azmeri Composite Knit Ltd and Hamza Knit Dyeing Mills Ltd rows are blank); the largest were Ayesha Clothing Co.Ltd (Tk 10,915,493), Aswad Composite Mills Ltd (Tk 8,621,749), Nafa Apparels Ltd (Tk 3,572,821) and Arkay Knit Dyeing Mills Ltd (Tk 3,325,232) [1 p.166] [1 p.31]. The 13 amounts add to the printed 2025 total (our arithmetic) [42]. Navana Pharmaceuticals Ltd, listed with the relationship 'Director', has Tk 3,530,671 of premium and Tk 339,626 of claims in the 2024 columns; these two figures complete the printed 2024 totals of Tk 22,077,493 and Tk 750,176 (our arithmetic) [1 p.166] [42]. Office rent of Tk 2,220,000 was paid to Mohsina Rahman, listed as 'Chairman's mother' [1 p.166]. Claims paid to the related parties were Tk 2,209,005 as printed [1 p.166]. The note prints no closing balances.

Underwriting: 2025 profit Tk 36.2m, claims ratio 1.5%, management expenses Tk 629.9m, combined ratio 75.2%

Claims. Net claims in the consolidated revenue account were Tk 15.5m in 2025 and Tk 82.1m in 2024 [1 p.137]. The build-up: claims paid of Tk 39.5m, plus outstanding claims at the year-end of Tk 70.6m, less Tk 94.6m outstanding at the start [1 p.137]. Fire net claims were minus Tk 13.3m: fire claims paid are printed as minus Tk 4.4m, and fire outstanding claims fell from Tk 35.5m to Tk 26.6m [1 p.137] [1 p.166]. On net premium the claims ratio was 1.5% in 2025 and 11.9% in 2024 [42]. The auditor's key audit matter on claims states 'claim paid Tk. 63,114,368' for 2025; the revenue account prints claims paid of Tk 39,505,929 [1 p.128] [1 p.137]. The directors' report states that 'the Company settled 147 claims amounting to Tk. 39.51 million' and that 'Claims under litigation amounted to 70.57 million' [1 p.30].

Outstanding claims by class. At end-2025 outstanding claims were Tk 26.6m for fire, Tk 41.4m for marine cargo and Tk 2.6m for motor, with nil for marine hull and miscellaneous (note 7) [1 p.157]. At end-2024 they were Tk 35.5m, Tk 53.7m and Tk 5.3m [1 p.157]. At 30-Jun-2026 the unaudited statement prints outstanding claims of Tk 207.5m [10 p.2]. The directors' report prints intimated claims of 333 in 2025 (183 in 2024) and paid claims of 147 (144) [1 p.30]. The auditor's key audit matter states that the estimate 'involves management judgement & risk of over & understatement of the value' [1 p.128].

Expenses and commission. Management expenses charged to the revenue accounts were Tk 629.9m in 2025 (Tk 474.7m in 2024), of which marine cargo Tk 443.4m and fire Tk 125.8m (note 34) [1 p.166]. That is 60.6% of net premium in 2025 and 68.5% in 2024 [42]. Agency commission was Tk 178.5m, 17.2% of net premium (2024: Tk 117.1m, 16.9%) [1 p.137] [42]. The directors' ratio table prints 'Agency Commission to Net Premium' of 15% for each of 2021-2025 and 'Management Expense to Net Premium' of 0.61 for 2025 [1 p.34]. Reinsurance commission received was Tk 41.7m (2024: Tk 41.5m) [1 p.137]. Net of reinsurance commission, expenses and commission were 73.7% of net premium in 2025 and 79.5% in 2024 [42]. A further Tk 29.0m of expenses of management 'not applicable to any particular fund or account' sits in the profit and loss account, of which depreciation Tk 13.2m and depreciation on right-of-use asset Tk 9.9m (note 24) [1 p.135] [1 p.163].

Reserve for unexpired risks and underwriting profit. The revenue account prints the opening balance of funds (Tk 277.6m) on the credit side and the closing balance (Tk 499.1m) on the debit side [1 p.137]. Underwriting profit transferred to the profit and loss account was Tk 36.2m [1 p.137]. For 2024 the printed opening balance was Tk 279.1m, the closing balance Tk 277.6m and underwriting profit Tk 61.6m [2 p.109]. Note 6 prints the 2025 marine cargo rate at 50% of net premium, giving Tk 405.4m [1 p.157]. The 2024 marine cargo balance of Tk 185.6m is 40.0% of 2024 marine cargo net premium of Tk 464.0m (our arithmetic) [1 p.157] [2 p.109] [42]. By class, the 2025 result was a profit of Tk 24.3m in fire (2024: loss of Tk 10.3m), Tk 14.9m in marine cargo (Tk 71.6m), Tk 12.8m in motor (Tk 15.6m), a loss of Tk 0.8m in marine hull (profit of Tk 3.2m) and a loss of Tk 15.0m in miscellaneous (loss of Tk 18.5m) [1 p.135].

Seven years of underwriting. Underwriting profit was Tk 33.3m in 2019 and Tk 36.2m in 2025; the margin on net premium ranged from 3.5% (2025) to 11.2% (2023) [5 p.12] [4 p.12] [2 p.109] [1 p.137] [42]. The combined ratio on our definition ranged from 75.2% (2025) to 96.2% (2023) [42]. Agency commission was 6.2% of net premium in 2021 and between 15.6% and 17.2% in 2022-2025 [42]. The directors' report states that in 2025 'gross profit decreased mainly due to increase in management expensess and reserve provision where company has paid a large amount of claim payment' [1 p.32].

Investments: Tk 439.3m of FDRs, Tk 133.6m of treasury bonds, shares at Tk 71.2m, interest income Tk 53.8m

Interest income. 'Interest /profit' in the profit and loss account was Tk 53,841,698 in 2025 and Tk 43,794,355 in 2024; dividend income was Tk 4,619,526 and Tk 5,220,670 [1 p.135] [1 p.163]. Interest income was Tk 10.8m in 2019, Tk 24.7m in 2020, Tk 33.7m in 2021, Tk 33.0m in 2022 and Tk 36.1m in 2023 [5 p.10] [4 p.10] [2 p.107]. Interest and dividend receivable rose from Tk 43.9m to Tk 52.5m (note 21) [1 p.162].

Deposits. Note 22.01 prints six-month FDRs of Tk 333.6m and twelve-month FDRs of Tk 105.7m at end-2025, with Tk 42.5m added and Tk 45.7m encashed during the year [1 p.162]. Cash at bank of Tk 165.5m includes fixed deposits of Tk 35.0m and short-term deposits of Tk 126.8m (note 23.02) [1 p.163]. The auditor's key audit matter reports FDRs 'with Banks and NBFI's totaling Taka 474,250,000', which equals the note 22.01 balance plus the Tk 35.0m fixed deposit in cash at bank (our arithmetic) [1 p.130] [1 p.162] [1 p.163] [42]. On confirmations it states: 'Sent 555 nos confirmation letter out of 555 nos for FDR and subsequently sent to Bank with the company's management signature from our end. Up to the reporting date, we only received 88 nos of balance confirmations for FDR from Banks for Tk 474,250,000. We did not receive balances confirmation for the rest amount of Tk. 408,730,495.' [1 p.131]. The confirmed amount printed (Tk 474,250,000) equals the full FDR total in the same key audit matter; the unconfirmed Tk 408,730,495 implies Tk 65,519,505 confirmed (our arithmetic) [1 p.130] [42]. The report prints both.

Bonds and shares. Treasury bonds rose from Tk 89.1m to Tk 133.6m in 2025 and were Tk 184.7m at 30-Jun-2026 (unaudited) [1 p.134] [10 p.2]. The cash-flow statement shows Tk 44.5m of 'Long Term Investment' paid in 2025 [1 p.144]. The listed-share portfolio of 1,233,060 shares in 16 industry groups cost Tk 121,570,528 and had a fair value of Tk 71,171,435, an unrealised loss of Tk 50,399,092 as printed (note 22.02) [1 p.162]. The balance sheet carries a 'Reserve for unrealized gain/(loss)' of minus Tk 50,399,089 [1 p.134]. Other comprehensive income for 2025 includes 'Changes in fair value of shares' of minus Tk 12.6m (2024: minus Tk 25.4m) [1 p.135].

Yield arithmetic. Interest income of Tk 53.8m in 2025 was 8.0% of the average of the FDR, treasury-bond and cash total at the two year-ends (our arithmetic) [42]. The 2025 IPO-proceeds table in the directors' report shows Tk 95,250,000 of the Tk 160m raised placed in FDRs, Tk 24,000,000 in treasury bonds and Tk 32,114,994 in the capital market, each marked 100% utilised [1 p.32].

Ratios 2019-2025: ROE 9.4% in 2025, equity 34.1% of total assets

Returns. Return on average equity was 9.4% in 2025 and ranged from 3.8% (2020) to 9.4% (2025) over the 6 years with two printed year-end equity figures [42]. The directors' ratio table prints 'Return on Average Equity(ROAE)' of 9.45% for 2025 and 9.08% for 2024 [1 p.34]. Return on average assets was 3.5% in 2025 and 0.9% in 2020 [42]. Profit after tax was Tk 17.9m in 2019, Tk 7.6m in 2020 and Tk 54.0m in 2025 [5 p.10] [1 p.135]. The compound change in profit after tax over 2019-2025 was 20.2% a year (our derivation) [42].

Earnings mix over time. Underwriting profit was 169.5% of profit before tax and WPPF in 2019, 215.1% in 2020 and 54.6% in 2025 [42]. Interest income was 54.8% of profit before tax in 2019 and 81.3% in 2025 [42]. Profit after tax was 81.4% of profit before tax and WPPF in 2025, after WPPF of Tk 3.2m, current tax of Tk 12.1m and a deferred-tax credit of Tk 3.0m [1 p.135] [42].

Capital. Paid-up capital rose from Tk 69.0m in 2019 to Tk 79.35m in 2020, Tk 240.0m in 2021 and Tk 400.0m in 2022 [5 p.9] [4 p.9]. The directors' report states that before listing 'the paid up capital of the company was Tk. 24.00 crore and the company raised Tk. 16.00 crore through IPO' [1 p.32]. Equity was 34.1% of total assets at end-2025; over 2019-2025 it ranged from 22.1% (2020) to 43.0% (2023) [42]. Net premium was 1.82 times equity in 2025 and 1.21 times in 2024 [42]. Equity includes a reserve for exceptional losses of Tk 174.7m, to which Tk 14.0m was added in each of 2024 and 2025 [1 p.157] [1 p.156]. The 2025 cash dividend of Tk 40.0m was 74.1% of profit after tax (our arithmetic) [1 p.136] [42].

Per-share history. EPS is printed at Tk 2.56 for 2019, Tk 0.95 for 2020, Tk 0.94 for 2021, Tk 1.32 for 2022, Tk 1.29 for 2023, Tk 1.31 for 2024 and Tk 1.35 for 2025 [2 p.32] [1 p.32]. NAV per share is printed at Tk 28.55 for 2019 and Tk 14.29 for 2025; the share count rose from 6.9m to 40.0m over the period [2 p.32] [1 p.32] [5 p.9] [1 p.134] [42]. The 2020 accounts print 2019 EPS of Tk 2.60 and 2019 NAV per share of Tk 28.57 [5 p.10] [5 p.9].

Peers 2025: Meghna's combined ratio of 75.2% is 12th-highest of 25 listed general insurers; net premium 5th-largest

We place Meghna next to the 24 listed general insurers that have published AnalystBro notes, using each company's own 2025 revenue account on the company basis and one combined-ratio definition: net claims plus management expenses (including any separately printed stamp line) plus agency commission, less reinsurance commission including profit commission, all over net premium [42]. For Meghna the inputs are the consolidated revenue account lines 'Total Claims under Policies less Reinsurances', 'Agency Commission', 'Management Expenses' and 'Commission on Re-insurance ceded' [1 p.137]. Opinion labels come from each peer's filing or its checked published note. Meghna's opinion is unmodified [1 p.126]; 8 peers have modified opinions (Northern Islami, BGIC, Eastern, Asia Pacific, Federal, Republic and Sonar Bangla qualified, Central adverse), marked *, and we give ranks with and without them [42].

What the table shows. On unrounded figures Meghna's combined ratio of 75.2% is the 12th-highest of the 25 companies in the table [42]. Mercantile Islami is the highest at 110.7% and Green Delta the lowest at 38.9% [42]. 2 of the 25 are above 100%: Northern Islami, Mercantile Islami [42]. Counting Meghna with the 16 peers that have unmodified opinions, Meghna is the 7th-highest of 17 [42]. The median of the other 24 is 73.5% (our arithmetic) [42]. Meghna's expense ratio of 73.7% is the 2nd-highest of 25 (2nd-highest of 17 on the unmodified basis). Its claims ratio of 1.5% is the 22nd-highest of 25 [42]. Its net premium of Tk 1,040.0m is the 5th-largest of the 25 [42].

Labels and basis. Printed labels differ. Meghna prints 'Agency Commission' and 'Management Expenses' [1 p.137]; Northern Islami prints 'Agent commission' and 'Expenses of management' [13 p.13]; Phoenix prints 'Commission' [14 p.216]; Green Delta prints 'Agency commission' and 'Management expenses' in its company 'Consolidated All Business Revenue Account' [36 p.344]. City prints 'Insurance stamp expenses' and 'Profit commission' separately, Crystal prints 'Stamp duty' separately, and we add each to the matching line [15 p.394] [16 p.13]. Federal's revenue account prints a 'Commission on Re-Insurance Accepted' line read as 420.33 in the text layer; it is excluded and Federal's agency commission is the printed Tk 76,015,882 [29 p.14]. Pragati and Reliance inputs are the unrounded printed figures [32 p.10] [33 p.365]. All figures are company figures; 'consolidated' in these titles refers to the sum of the class accounts. * Modified opinion: Northern Islami, BGIC, Eastern, Asia Pacific, Federal, Republic and Sonar Bangla qualified; Central adverse. Each company is a general (non-life) insurer per its own filing; the companies write different mixes of fire, marine, motor and miscellaneous business, and the table does not adjust for that. Provati Insurance has a published note and is not included: no 2025 annual report is in the corpus.

Balance sheet and audit: an unmodified opinion with two emphasis-of-matter paragraphs and nine key audit matters

Sadharan Bima Corporation balances. Note 19 prints a receivable from Sadharan Bima Corporation of Tk 169,892,060 at end-2025, after additions of Tk 16,080,638 and an adjustment of Tk 5,000,000 during the year; at end-2024 it was Tk 158,811,422 with no adjustment [1 p.161]. Note 8 prints the payable to the same corporation at Tk 95,109,084, after additions of Tk 61,847,029 and adjustments of Tk 82,569,068 [1 p.157]. The receivable was 29.7% of equity at end-2025 (our arithmetic) [42].

Other assets and creditors. Note 20 prints advance income tax of Tk 214,491,808, advance against salary of Tk 162,742,915 (Tk 61,494,998 at end-2024) and advances to heads of branches of Tk 8,054,203 [1 p.161]. Note 11 prints stamp payable of Tk 93,220,185, salary payable of Tk 57,745,956, VAT payable of Tk 23,446,723, contribution to WPPF of Tk 20,546,333 and security deposit of Tk 17,377,999 [1 p.158]. Premium deposit for marine cargo cover notes rose from Tk 27.6m to Tk 50.3m (note 10) [1 p.158]. Note 37 states that 'There was no capital expenditure commitment as at 31st December, 2025' [1 p.167].

Cash flow. Collections of premium and other income were Tk 1,072.6m in 2025 (2024: Tk 717.9m) and net cash from operating activities Tk 228.6m (Tk 78.2m) [1 p.144]. Investing outflows included 'Other advance paid' of Tk 97.4m and long-term investment of Tk 44.5m [1 p.144]. Financing outflows were cash dividend paid of Tk 39.5m, lease payments of Tk 10.9m and interest of Tk 0.8m [1 p.144]. Two printings of end-2023 cash: the 2025 cash-flow statement prints cash and cash equivalents at the beginning of 2024 of Tk 72,440,791 [1 p.144], and the 2024 statement of financial position prints end-2023 cash and cash equivalents of Tk 72,740,791 [2 p.106]; the difference is Tk 300,000 (our arithmetic) [42].

Auditor's opinion (quoted from the page). Ahmed Zaker & Co., Chartered Accountants (Zaker Ahmed FCA, Managing Partner, ICAB Enrolment No. 0209), signed on April 27, 2026 [1 p.133]: '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 company act 1994, the Insurance Act 2010, the Insurance Rules 1958, the Security and Exchange Rules 2020 and other applicable laws and regulations.' [1 p.126]. Other Matter: 'The financial statements for the fiscal year 31 December 2024 were audited by Mahfel Huq & Co., Chartered Accountants, who issued an unqualified audit opinion dated April 20, 2025.' [1 p.127]. The key-audit-matter introduction refers to 'the matter described in the basis for Qualified opinion section'; the report contains no such section [1 p.127] [1 p.126].

• 'Without qualifying our report, we would like to emphasize on the following:'
• 'We draw your attention to Note 3.14.b regarding the "Workers' Participation Fund and Welfare Fund," which states that Section 234 of Chapter 15 of the Labor Law 2006 (as amended in 2013) requires every company to establish a Workers' Participation Fund and Welfare Fund. However, BFID, on behalf of the financial institutions sector, has sought clarification from the Ministry of Labor regarding the applicability of these provisions to the sector. Similarly, the Bangladesh Insurance Association has corresponded with the Ministry of Finance requesting an exemption for insurance companies. As no decision has been made on these communications, the participation fund amount is yet to be distributed among the workers. We further draw your attention to Note 40.00 regarding "Contingent Liability," which describes a demand of Tk. 426,394,563 by the income tax authority for payment of tax for the years 2008 to 2020. The Company has filed a case with the Honorable High Court Division of the Supreme Court of Bangladesh.'
• 'We draw attention to Note 08.00 and Note 19.00 to the financial statements, which describe the balances of amounts due to and from other persons or entities carrying on insurance business, specifically with Sadharan Bima Corporation (SBC). As stated in those notes, these balances have not been reconciled between Meghna Insurance PLC and Sadharan Bima Corporation (SBC)'

Company statements on the emphasis paragraphs. The directors' report states that 'the Independent Auditors have drawn attention of the Shareholders on 2 (two) issues under Emphasis of Matters' and quotes a WPPF paragraph and a contingent-liability paragraph that refers to 'note no. 39.00' and to 'years from 2008 to 2021'; it does not quote the Sadharan Bima Corporation paragraph [1 p.35]. The same section states that 'there are no adverse remarks in the Auditors' Report' [1 p.35]. The audit committee report quotes the contingent-liability paragraph with 'note no. 40.00' and 'years from 2008 to 2021' [1 p.74]. Note 40 prints the demand for 'the accounting years from 2008 to 2020' and a year-by-year table totalling Tk 426,394,563, with writs before the High Court for 2008-2016, an appeal before the tribunal for 2017, first appeals for 2018-2020 and assessments under process for 2021-2024 [1 p.167] [1 p.168]. Note 40 states: 'The company is very much hopeful to get Judgement in its favor as Appellate Tribunal Bench accepted excess management expenses Tk.167,89,870 in assessment year 2008-2009.' [1 p.167].

Key audit matters. The auditor lists nine key audit matters. The risk paragraph of each is quoted in full below, with the response text where it reports a finding or a confirmation count [1 p.127] [1 p.128] [1 p.129] [1 p.130] [1 p.131].

• KAM 1, 'Premium Income'. Risk: 'Premium income is the most financially significant item in the statement of profit and loss account & profit and loss appropriation account. The company has reported gross premium income of Taka 1,250,063,817 for the year ended 31 December 2025. Gross general insurance premium comprises the total premium received during the accounting period for the entire year of cover for which insurance policy has been issued by contracts with Meghna Insurance PLC. As the premium income recognition, due to the significance of the balance to the financial statements as a whole, we regard this as a key audit matter. See Note No. 32.00 to the financial statements.' Response (summary of the printed bullets): an understanding of the recognition process, tests of controls, analytical procedures and recalculation, sample checks of policy stamps, VAT and bank deposits, and substantive tests of the premium register and bank statements.
• KAM 2, 'Estimated liability in respect of outstanding claims whether due or intimated and claim payment'. Risk: 'Meghna Insurance PLC has represented the amount related with the claim due or intimated from the insured which involves management judgement & risk of over & understatement of the value. As a result, financial statements may show distorted amount which may also concern going concern issue for the company. At year ended 31 December 2025, the Consolidated reported total balance under the head of estimated liability in respect of outstanding claims whether due or intimated Tk. 70,586,783 and claim paid Tk. 63,114,368. See notes no. 7.00 to the financial statements'.
• KAM 3, 'Amount due to other persons or bodies carrying on insurance business and amount due from other persons or bodies carrying on insurance business'. Risk: 'Company reported Amount due to other persons or bodies carrying on insurance business Taka 95,109,084 and amount due from other persons or bodies carrying on insurance business Taka 169,892,060 as at 31 December 2025. There is a risk that these balances may be misstated due to: Lack of reconciliation with counterparties (e.g., Sadharan Bima Corporation); Delays in settlement and long outstanding balances; Inaccurate recognition or cut-off of reinsurance premiums, claims recoveries, and commissions; Absence of adequate supporting documentation; Potential non-recoverability of receivables and payable, leading to overstatement of assets and Liabilities. See notes no. 8.00 & 19.00 to the financial statements.' Response includes: 'Sent balance confirmations to SBC and collect SBC Quarterly report where confirmations were not received and the amounts are still unreconciled;'.
• KAM 4, 'Sundry Creditors'. Risk: 'Sundry creditors represent obligations to suppliers and other parties and may be subject to completeness risk. There is a possibility that liabilities are understated due to unrecorded expenses or incorrect cut-off at the reporting date. Although generally less judgmental, the balance may still be material and therefore requires audit attention. We considered this area as a Key Audit Matter due to the risk of understatement of liabilities. See Note No. 11.00 to the financial statements'.
• KAM 5, 'Deferred tax liability'. Risk: 'Company reported net deferred tax liability totaling Taka 5,814,681 as at 31 December 2025. Significant judgment is required in relation to deferred tax liability as their liability is dependent on forecasts of future profitability over a number of years. See notes no. 13.03 to the financial statements.'
• KAM 6, 'Property, plant and equipment (PPE)'. Risk: 'PPE includes the Company's long-term assets, which flow economic benefits to the entities more than one year. PPE is measured at cost. During the year asset addition is Tk. 3,877,378 the function of depreciation charges on cost that involved estimation. Therefore, it has been considered as significant area of auditor's judgment and require special attention. See notes no.14 to the financial statements'. The response ends: 'Our testing did identify some issues with regard to Carrying Value of PPE.'
• KAM 7, 'Investments'. Risk: 'The classification and measurement of investment in securities required judgments and complex estimates. Investment in securities are needs to be classified as held to maturity or held for trading depending on the management intention about the investment. At the year end, the company reported total investment Tk. 644,052,357. See notes no. 16 & 22 to the financial statements.'
• KAM 8, 'Fixed Deposit Receipt (FDR) with Banks and NBFI's'. Risk: 'The company reported Fixed Deposit Receipt (FDR) with Banks and NBFI's totaling Taka 474,250,000 as at December 31, 2025 in the statement of financial position. Significant judgment is required in relation to Fixed Deposit Receipt (FDR) with Banks and NBFI's is dependent on forecasts of future profitability over a number of years. During the period, the company has accrued Taka 52,481,262 as interest on FDR. Ref. notes no. # 21,22 & 23 to the financial statements.' Response includes: 'We have received 325 nos FDR account statement out of 555 nos FDR account statement. The management provided block copy for FDR amount and accrued interest calculation of FDR.'
• KAM 9, 'Cash at bank (STD & CD Accounts)'. Risk: 'The company reported Cash at bank aggregating Taka 165,489,018 as at December 31, 2025 in the statement of financial position. Ref. notes # 23 to the financial statements.' Response includes: 'Sent 82 nos Bank balance confirmation letter out of 82 nos STD, CD & BO Accounts and subsequently sent to Bank with the company's management signature. We have received 21 nos balances confirmations letter from Banks for STD, CD & BO Accounts up to the reporting date. The management provided statements for Bank balance.'

Earlier opinions. For 2023, Mahfel Huq & Co. gave an unmodified opinion with emphasis-of-matter paragraphs on the WPPF and on the Tk 426,394,563 tax demand 'for years from 2008 to 2021', signed on 22 April 2024 [3 p.3] [3 p.8] [7]. For 2022, the company's disclosure quotes three emphasis paragraphs: WPPF, treasury-bond holdings 'lower than the mentioned amount' of 7.5% required by S.R.O. No. 353/Ain/2019, and a tax demand of Tk 365,119,852 [6]. DSE posted on 4-May-2025 and 17-May-2026 that the auditor gave an 'Emphasis of Matter' paragraph for 2024 and 2025 [38].

2026 to date: H1 profit after tax Tk 35.2m (H1 2025: Tk 26.9m), nine-month profit after tax Tk 37.2m (2025: Tk 39.3m), Q3 EPS Tk 0.05

First half of 2026. The H1 2026 profit and loss account prints operating profit from the revenue accounts of Tk 20.8m (H1 2025: Tk 14.5m), interest income of Tk 27.8m (Tk 26.8m) and profit after tax of Tk 35.2m (Tk 26.9m), EPS Tk 0.88 (Tk 0.67) [10 p.4]. By class, fire contributed Tk 14.5m, marine hull Tk 4.3m and marine cargo minus Tk 1.2m; miscellaneous was minus Tk 11.0m [10 p.4]. The tax lines print current tax of Tk 0.4m and a deferred tax of Tk 7.3m less Tk 6.9m in the H1 2026 column [10 p.4]. At 30-Jun-2026 outstanding claims were Tk 207.5m (Tk 70.6m at end-2025), the balance of funds Tk 440.4m and unpaid or unclaimed dividend Tk 42.7m [10 p.2]. DSE posted on 28-Jul-2026 that the 2025 cash dividend had been disbursed [38].

Second quarter. The consolidated revenue account in the half-year filing is headed 'For the year ended June 30, 2026'; its totals equal the April-June columns of the profit and loss account (operating profit of Tk 924,088 for 2026 and Tk 4,592,317 for 2025) [10 p.5] [10 p.4]. In that quarter net premium was Tk 192.9m (Q2 2025: Tk 181.5m), net claims Tk 50.6m (Tk 22.9m) and management expenses Tk 136.2m (Tk 165.0m) [10 p.5]. The agency-commission line prints a dash for every class in 2026 and Tk 31.8m in total for 2025 [10 p.5]. On our definition the quarter's combined ratio was 88.2% (Q2 2025: 111.7%) [42].

Appropriation account. The half-year appropriation account brings down 'Net profit after tax for the year' of Tk 16,428,837, the April-June profit, and a balance brought forward of Tk 59,716,700, and deducts a cash dividend of Tk 40,000,000 and Tk 3,000,000 for the reserve for exceptional losses [10 p.3]. The statement of financial position prints the profit or loss appropriation account at Tk 33,266,991 at 30-Jun-2026 and Tk 44,803,737 at 31-Dec-2025 [10 p.2].

Third quarter (statements). The Q3 2026 statements, dated 28/10/2026, print profit after tax of Tk 37,236,788 for January-September 2026 (2025: Tk 39,301,099) and Tk 2,021,161 for July-September (Tk 12,407,646), EPS Tk 0.93 (Tk 0.98) and Tk 0.05 (Tk 0.31) [11 p.4]. Interest /profit was Tk 39,905,161 for nine months (Tk 40,659,546) [11 p.4]. Operating profit from the revenue accounts was minus Tk 3,198,016 for July-September (Tk 7,389,519 in the profit and loss account; the 2025 revenue-account column prints Tk 7,389,520) [11 p.4] [11 p.5]. The revenue account, headed 'For the period ended September 30, 2026', prints July-September figures; its totals equal the Jul-Sept columns of the profit and loss account [11 p.5] [11 p.4]. It prints net premium of Tk 132.9m (Q3 2025: Tk 237.4m), net claims Tk 39.3m (Tk 23.0m), management expenses Tk 137.0m (Tk 148.7m), reinsurance commission Tk 9.3m (Tk 7.5m) and a dash for agency commission (Tk 39.1m) [11 p.5]. Net cash from operating activities was minus Tk 12,517,384 for nine months (2025: Tk 106,785,644), NOCFPS Tk (0.31) (Tk 2.67), with collections of premium and other income of Tk 449.9m (Tk 767.1m) [11 p.11]. At 30-Sep-2026 the balance sheet prints equity of Tk 573.6m, outstanding claims of Tk 230.6m, the balance of funds at Tk 436.8m and NAV per share of Tk 14.34 [11 p.2]. The company's stated reasons, posted on DSE on 29-Oct-2026: 'Earnings per Share (EPS) decreased mainly due to a decline in premium income and investment income, along with an increase in claims expenses. Net Operating Cash Flow per Share (NOCFPS) declined significantly due to a substantial decrease in premium collections.' [38]. The Q1 2026 statements are in the corpus (MEGHNAINS_QUARTERLY_Q1_2026) without a text layer and were not read; the Q1 figures above are from DSE [38].

Commission context. The Business Standard reported on 24-Dec-2025 that IDRA had scrapped commission payments in the non-life insurance sector [39]. The Q2 2026 revenue account prints no agency commission [10 p.5]; the filings do not link them.

Governance: ten directors, two independent directors, directors and sponsors 26.66%, 10% cash dividend for each of 2022-2025

Board (2025). Note 36.01 lists ten directors and their attendance at the six board meetings of 2025: Mr. Musfiq Rahman, Chairman (6 of 6); Mr. Manwar-Uz-Zaman, Vice-Chairman (6); Mr. Aiman Barik Choudhury (1); Mr. Sarder Saniat Hossain (6); Ms. Farida Akhter (0); Ms. Nahid Zaman (6); Mr. Mohammad Enayet Ullah (1); Ms. Ainab Choudhury (2); and Mr. Ashim Chowdhury (6) and Mr. Md. Omar-Bin-Harun Khan (5), Independent Directors [1 p.167]. The directors' report prints the same attendance with a blank for Ms. Farida Akhter, audit-committee attendance of 4 of 4 for Mr. Manwar-Uz-Zaman and Mr. Ashim Chowdhury, 1 of 4 for Ms. Nahid Zaman and 3 of 4 for Mr. Sarder Saniat Hossain, and a fee of Tk 8,000 a board meeting [1 p.33]. The shareholding pattern names Mr. Musfiq Rahman as nominated by SW Holdings Ltd., Mr. Manwar-Uz-Zaman by BARWAZ Investments LLC, and Ms. Nahid Zaman and Mr. Sarder Saniat Hossain by ZAMORED Investments LLC [1 p.43]. The directors' profiles list Mr. Sarder Saniat Hossain as 'Founder and CEO, Galileo' and Ms. Farida Akhter as 'Former Head of Internal Control and Compliance at IFIC Bank Ltd.' [1 p.37] [1 p.38].

Committees (as printed). The audit committee report lists Mr. Ashim Chowdhury (Independent Director, Chairman), Mr. Manwar-Uz-Zaman (Vice-Chairman, Member) and Mr. Sarder Saniat Hossain (Member), reconstituted at the 168th board meeting on 20 April 2025 [1 p.72]. The NRC report lists Mr. Md. Omar-Bin-Harun Khan (Independent Director, Chairman), Mr. Manwar-Uz-Zaman, Mr. Aiman Barik Choudhury and Ms. Nahid Zaman (Members) [1 p.75]. The director profiles print further memberships: Mr. Musfiq Rahman, Investment Committee; Mr. Manwar-Uz-Zaman, Audit Committee, NRC and Investment Committee, and Chairman of the Risk Management Committee, the Policyholder Protection & Compliance Committee and the Claims Committee; Ms. Nahid Zaman, Audit Committee, NRC, Investment Committee and Risk Management Committee; Mr. Mohammad Enayet Ullah, Policyholder Protection & Compliance Committee; Mr. Ashim Chowdhury, Chairman of the Audit Committee and the Investment Committee and member of the Risk Management Committee and the Policyholder Protection & Compliance Committee; Mr. Md. Omar-Bin-Harun Khan, Chairman of the NRC; Ms. Farida Akhter and Mr. Sarder Saniat Hossain, 'N/A' [1 p.37] [1 p.38]. The profiles list Ms. Nahid Zaman on the Audit Committee and Mr. Sarder Saniat Hossain with no committee; the audit committee report lists Mr. Sarder Saniat Hossain and not Ms. Nahid Zaman [1 p.37] [1 p.72]. The profiles cover nine directors and do not include Ms. Ainab Choudhury [1 p.37] [1 p.38]. No member list or meeting count is printed for the Investment, Claims, Risk Management or Policyholder Protection & Compliance committees beyond these profile entries and one Investment Committee meeting below [1 p.36].

Meeting counts: two printings. The directors' report states: 'During the year, the Directors met in 6 (Six) Board Meetings, 4 (four) Audit Committee Meetings and 3(three) NRC Meetings' [1 p.33]. The corporate-governance section of the same report states that 'MIPLC had very interactive, fruitful and well attended 05 (five) Board meetings, 04 (four) Audit Committee meetings, 04 (four) Nomination and Remuneration Committee (NRC) meetings and 01 (one) meeting of Investment Committee during the financial year 2024' [1 p.36]. The IDRA checklist remarks read 'The Audit Committee held 04 Meetings during the year' and 'The NRC held 02 meetings during the period' [1 p.98] [1 p.101]. Note 36.01 prints six board meetings in 2025 [1 p.167]. We do not infer which count is right.

Key management personnel (as printed). The corporate profile names Mr. M.A Zaher chowdhury as Chief Executive Officer, Mr. Mohammad Monir Hossain as Chief Financial Officer and Mr. Siful Kabir ACS as Company Secretary [1 p.12]. The shareholding pattern names Mr. Md. Siful Kabir ACS, Deputy Vice President & Company Secretary, and Mr. Shankar Kumar Kuri, Deputy Vice-President & Head of Internal Audit [1 p.43]. The audit committee report names 'Assistant Managing Director & CFO, Mr. Mohammad Monir Hossain' and 'Deputy Vice President & Head of Internal Audit, Mr. Sankor Kumar Kuri', and calls Mr. M.A Zaher Chowdhury 'The Acting Chief Executive Officer' [1 p.72]. The head of internal audit's name is printed both as 'Shankar Kumar Kuri' and 'Sankor Kumar Kuri' [1 p.43] [1 p.40].

Shareholding. The 2025 annual report prints a 'Pattern of Shareholding as on 31st December 2024' in which directors and sponsors hold 10,665,313 shares, 26.66%: BARWAZ Investments LLC 7.30%, ZAMORED Investments LLC 7.23%, SW Holdings Ltd. 3.04%, Ms. Farida Akhter 3.17%, Mr. Mohammad Enayet Ullah 3.17%, Mr. Aiman Barik Choudhury 2.59% and Late Abdul Wahid (sponsor) 0.17% [1 p.43]. It states 'Shareholders holding ten percent (10%) or more voting interest in the Company: Nil' and lists the CEO, Mr. M. A Zaher Chowdhury, with 40,000 'Private offer shares' [1 p.43]. Note 4.04 prints the public at 45.13% and institutions at 7.21% of 40,000,000 shares [1 p.156].

Independent directors. The directors' report states that Mr. Md. Omar-Bin-Harun Khan's second term runs 'from 27 February 2023 to 26 February 2026' and that his first tenure 'had expired on 26 February 2022' [1 p.38]. It states that Mr. Ashim Chowdhury's second term runs 'from 30 August 2023 to 29 August 2026' [1 p.38]. Both end dates have passed (passed), and the filings and the DSE sweep read for this note do not show a replacement or extension; outcome unknown [1 p.38] [38]. The compliance statement on the Corporate Governance Code ticks condition 1(2)(a), which requires at least two independent directors 'including 1 (one) Female ID', in the 'Complied' column, with the remark 'Appointment of female ID is under process' [1 p.81]. On the images of pages 82-91, no condition is ticked in the 'Not Complied' column; the remarks column carries 'NA' entries and, for 1(2)(a), the female-ID remark [1 p.82] [1 p.91]. The NRC report states that Mr. Khan's first tenure 'had been expired on 26 February 2023'; the directors' report prints '26 February 2022' [1 p.77] [1 p.38]. The compliance auditor, SARashid & Associates (S. Abdur Rashid FCS), reports compliance 'except as stated in the remarks column' and that 'The Governance of the Company is satisfactory', dated 18 May 2026 [1 p.80].

IDRA guideline certificate and checklist (read from the page images). MNA Associates, Chartered Secretary (M Nurul Alam FCS, CCEP-I, Chief Executive Officer), issued a 'Certificate of Compliance with the Insurers' Corporate Governance Guidelines - 2023 issued to Meghna Insurance PLC for the year ended 31 December 2025;', dated January 31, 2026 [1 p.92]. It states: '(a) The Company has recognized the Insurers' Corporate Governance Guidelines 2023 issued by IDRA and appointed independent corporate governance compliance auditor on 25th June 2025 as stipulated in the conditions of the above-mentioned Guidelines.', '(b) Proper books and records have been kept by the company as required under the Companies Act, 1994, the securities laws and other relevant laws & regulations, and (c) The Corporate Governance Compliance status of the company is satisfactory.' [1 p.92]. The directors' report states that the shareholders appointed MNA Associates at the 29th AGM, held on 18-Jun-2025 [1 p.41] [38]. In the checklist (Annexure-A, pages 93-112), no condition is ticked 'Not Complied' [1 p.93] [1 p.112]. Condition 6.1 carries the remark 'Board is comprised of 10 Members including 02 Independent Directors' [1 p.93]; 7(2)(b)(1) 'The Audit Committee is composed of 03 members.' [1 p.97]; 8(b)(2) 'The NRC is composed of 04 members.' [1 p.100]. Condition 15(b), 'Avoid related party transactions as far as possible;', has no tick in either column [1 p.110]. Conditions 12(3) (appointed actuaries) and 13 (other committees, including CSR, ESG, Integrity and Ethics, Reinsurance and Retrocession, and Asset Liability Management committees) are marked 'N/A' [1 p.108] [1 p.109]. The IDRA checklist has no condition on a female independent director; the BSEC statement remark on condition 1(2)(a) reads 'Appointment of female ID is under process' [1 p.81].

Management and auditors. DSE posted on 28-May-2025 that Mr. M A Zaher Chowdhury was appointed Chief Executive Officer 'from 21 May 2025 to 20 May 2028', approved by IDRA on 26 May 2025 [38]. Ahmed Zaker & Co. audited the 2025 accounts 'for the consecutive second year', and the board placed its appointment for 2026 before the 30th AGM [1 p.39]. Mahfel Huq & Co. audited 2022-2024 and MABS & J Partners 2020 [4 p.12] [2 p.106] [5 p.12]. The company changed its name from 'Meghna Insurance Company Limited' to 'Meghna Insurance PLC.' with effect from 6-Nov-2025 (DSE post 5-Nov-2025) [38].

Dividends. The board recommended a 10% cash dividend for each of 2022, 2023, 2024 and 2025 [6] [7] [38]. The appropriation account deducts a cash dividend of Tk 40,000,000 in 2024 and 2025 [1 p.136]. DSE posted the disbursement of the 2024 dividend on 27-Jul-2025 and of the 2025 dividend on 28-Jul-2026 [38]. The directors' report prints dividend paid or credited of Tk 38,546,570 and unpaid of Tk 1,453,430 by 30 April 2026 for the dividend in that column [1 p.35]. The 30th AGM was held virtually on Tuesday, June 23, 2026 [1 p.4].

Rating. National Credit Ratings Ltd. rated the company 'AA+' long term and 'ST-2' short term with a stable outlook in its table for 2022-2024 and 'AA' and 'ST-2' for 2021, and its letter of June 25, 2025 records a surveillance 'AA+ (Double A Plus)' and 'ST-2', valid to 24.06.2026 [1 p.78]. The corporate profile in the same report prints the rating as 'AA+ (Double A)' [1 p.12]; the NCR letter prints 'AA+ (Double A Plus)' [1 p.78]. The 2024 annual report prints an NCR letter of June 24, 2024 with declaration date 24.06.2024, 'AA+(Double A Plus)', 'ST-2', expiry 23.06.2025 [12 p.75]. DSE posted on 5-Jul-2026 that NCR assigned 'AAA' long term and 'ST-1' short term with a stable outlook, based on the 2025 audited statements [38].

Capital actions. The 24-month DSE sweep (1-Nov-2024 to 2-Nov-2026, old_news.php criteria=3) shows no board approval of capital expenditure, a rights issue, an acquisition or a bonus issue; the posts are results, dividends, record dates, board-meeting notices, ratings, emphasis-of-matter notices, the CEO appointment and the name change [38]. The directors' report states that the IPO proceeds were fully used, the 'last date of disbursement of utilization was on 7 August, 2022' [1 p.31].

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

These are dated events after 31-Oct-2026. We do not forecast numbers. Dates marked 'inferred' are ranges covering every printed precedent since listing in 2022: the company's price-sensitive disclosures for the 2022 and 2023 accounts and for Q1 2023 and Q1 2024 (board-meeting, record and AGM dates) and the DSE archive for 2025-2026 (board-meeting, record, AGM and rating-post dates); no date has been notified for any of them [6] [7] [8] [9] [38]. Each range starts and ends on a DSE business day (Sunday to Thursday); where a precedent day falls on a Friday or Saturday in 2027, the range is widened to the nearest business day outside it. Every range spans Fridays and Saturdays, which are not DSE business days. The Q3 2026 board meeting (28-Oct-2026) has passed and its figures are in the text above [11 p.4]. The independent-director terms are covered under Governance.

Auditor's items. The two emphasis-of-matter paragraphs and the confirmation counts in the 2025 report have no resolution date in the filings [1 p.126] [1 p.131]. The FY2026 auditor's report, released with the FY2026 results, is where each will next be reported. The tax writs in note 40 have no hearing date in the filings [1 p.167].

LDC graduation. Bangladesh's LDC graduation date is 24-Nov-2029 [40] [41].

Risks: each item, the evidence and the line it moves where a filing states one

Each row states a fact from the filings or DSE. The 'Line it moves' column names a line where a filing's own words tie the item to one, and reads 'None disclosed' in every other row. No row is a forecast.

• Management expenses by class (note 34) and agency commission in the FY2026 revenue account.
• Marine cargo gross and net premium in note 32 of the FY2026 accounts.
• The FY2026 auditor's report: FDR and bank confirmations and the Sadharan Bima Corporation reconciliation.
• Note 40 (tax demand) and note 20 (advance against salary) in the FY2026 accounts.
• NOCFPS and EPS in the FY2026 results post on DSE.

History 2019-2025 and market data

Gross premium, EPS, NAV per share and NOCFPS come from the six-year summaries in the 2024 and 2025 annual reports [2 p.32] [1 p.32]. Revenue-account lines come from the consolidated revenue accounts of the 2020, 2022, 2024 and 2025 reports, each giving two years [5 p.12] [4 p.12] [2 p.109] [1 p.137]. Profit, assets and equity come from the statements in the same reports [5 p.9] [5 p.10] [4 p.9] [4 p.10] [2 p.106] [2 p.107] [1 p.134] [1 p.135]. The 2020 and 2022 statements were read from page images. Where a figure is printed twice it is shown once and the other printing is stated: 2020 profit after tax is Tk 7,577,012 in the 2020 accounts and Tk 7,577,013 in the six-year summary; 2019 EPS is Tk 2.60 and Tk 2.56; 2019 NAV per share is Tk 28.57 and Tk 28.55 [5 p.10] [5 p.9] [2 p.32] [1 p.32]. The 2024 statements print 2024 'Revaluation Surplus' in other comprehensive income at minus Tk 12,805,763 and total comprehensive income at Tk 14,228,361; the 2025 statements print the 2024 comparatives at Tk 4,499,623 and Tk 31,533,747 [2 p.107] [1 p.135]. Class totals in the model differ from the printed totals by Tk 1 on four lines, from rounding in the printed class figures [42].

Market data (facts). The shares closed at Tk 30.0 on 29-Oct-2026 [37]. That is 4.5% above the Tk 28.7 close of 30-Oct-2025 [37] [42]. Between 30-Oct-2025 and 29-Oct-2026, DSE closes ranged from Tk 22.2 (13-Nov-2025) to Tk 44.8 (13-Jul-2026), with no ties at either end; there was no bonus or split in the period, and the closes are as served by the feed (scratch/bars_used.json) [37] [42]. Market value at Tk 30.0 on 40,000,000 shares was Tk 1.20bn: 22.2 times 2025 profit after tax of Tk 54.0m and 2.09 times the Tk 14.34 NAV per share at 30-Sep-2026 [11 p.2] [42]. The 2025 cash dividend of Tk 1.00 a share was 3.3% of the close [42].

FAQ

How profitable was Meghna Insurance in 2025?

Profit after tax was Tk 54.0m (EPS Tk 1.35); in 2024 it was Tk 52.4m (EPS Tk 1.31). Underwriting profit was Tk 36.2m (2024: Tk 61.6m), and interest income was Tk 53.8m (2024: Tk 43.8m). Profit before tax and WPPF was Tk 66.2m.

What is Meghna Insurance's combined ratio?

75.2% in 2025 and 91.3% in 2024, measured as net claims plus management expenses plus agency commission less reinsurance commission, over net premium. On the same definition it is the 12th-highest of 25 listed general insurers with published AnalystBro notes. Net claims were 1.5% of net premium in 2025.

What happened to underwriting profit in 2025?

The filings print the figures and give the company's own words. The revenue account carried Tk 499.1m to the balance of funds at year-end and brought forward Tk 277.6m; note 6 prints marine cargo at 50% of net premium. Management expenses charged to the revenue accounts were Tk 629.9m (2024: Tk 474.7m). The directors' report states that 'gross profit decreased mainly due to increase in management expensess and reserve provision'.

What did the auditor say about the 2025 accounts?

Ahmed Zaker & Co. gave an unmodified opinion with two emphasis-of-matter paragraphs: one on the Workers' Participation Fund and an income-tax demand of Tk 426,394,563, and one stating that balances with Sadharan Bima Corporation 'have not been reconciled'. It received 88 of 555 FDR confirmations and 21 of 82 bank-balance confirmations.

What dividend did Meghna Insurance pay for 2025?

10% cash (Tk 40.0m), record date 17-May-2026, approved at the 30th AGM on 23-Jun-2026; DSE posted the disbursement on 28-Jul-2026. It also paid 10% cash for each of 2022, 2023 and 2024.

Who are Meghna Insurance's related parties?

Note 35 lists Tk 29.8m of 2025 premium from 13 of the 15 companies listed with the relationship 'Director's wife' (the Azmeri Composite Knit Ltd and Hamza Knit Dyeing Mills Ltd rows are blank), the largest Ayesha Clothing Co.Ltd (Tk 10.9m) and Aswad Composite Mills Ltd (Tk 8.6m), and Tk 2.22m of office rent paid to Mohsina Rahman, listed as the Chairman's mother. No closing balances are printed.

What do the 2026 interim figures show?

H1 2026 profit after tax was Tk 35.2m (H1 2025: Tk 26.9m), EPS Tk 0.88. The Q3 2026 statements print nine-month profit after tax of Tk 37.2m (2025: Tk 39.3m), Q3 EPS of Tk 0.05 (Q3 2025: Tk 0.31) and nine-month EPS of Tk 0.93 (Tk 0.98), NOCFPS of Tk (0.31) and NAV per share of Tk 14.34 at 30-Sep-2026.

Sources

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28. Asia Pacific General Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.107) · link · accessed 2026-11-02
29. Federal Insurance PLC audited financial statements 2025 (peer; statement of consolidated revenue account p.14) · link · accessed 2026-11-02
30. Republic Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.104) · link · accessed 2026-11-02
31. Pioneer Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.181) · link · accessed 2026-11-02
32. Pragati Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.10) · link · accessed 2026-11-02
33. Reliance Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.364-365) · link · accessed 2026-11-02
34. Global Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.148) · link · accessed 2026-11-02
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36. Green Delta Insurance PLC Annual Report 2025 (peer; company 'Consolidated All Business Revenue Account' p.344) · link · accessed 2026-11-02
37. AnalystBro market data: DSE daily bars for MEGHNAINS to 2-Nov-2026 · link · accessed 2026-11-02
38. DSE news archive for MEGHNAINS, 1-Nov-2024 to 2-Nov-2026 (old_news.php, criteria=3): results, dividends, record dates, board-meeting notices, credit ratings, auditor-opinion notices, CEO appointment, name change · link · accessed 2026-11-02
39. The Business Standard, 'IDRA scraps commission payments in non-life insurance sector', 24 Dec 2025 · link · accessed 2026-11-02
40. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-02
41. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-02
42. AnalystBro history and ratio model for MEGHNAINS (model.xlsx, the workbook below) · link · accessed 2026-11-02