Peoples Insurance financial analysis: 2025 profit up 48% with a Tk 112m fire-claim release (Oct 2026)

A marine-led insurer whose 2025 underwriting profit doubled with a Tk 112m fire-claim release in it, and whose 2026 accounts show no agency commission

What it is. Peoples Insurance PLC (DSE: PEOPLESINS; the name changed from Peoples Insurance Company Limited with effect from 20-Nov-2025 [8]) is a Dhaka general insurer with 46.2m shares of Tk 10 and Tk 200m of share premium [1 p.260]. It wrote Tk 844m of gross premium in 2025: 57.6% marine, 32.2% fire, and the rest motor and miscellaneous [1 p.264] [13]. It kept 55.8% of what it wrote after reinsurance [13]. Directors and sponsors own 34.49% of the shares, institutions 15.44% and the general public 50.08% [1 p.18]. It also earns rent from a building ('Rental Income (Building)'): Tk 117m gross in 2025 [1 p.287].

Where it stands. Profit after tax rose 47.8% to Tk 193.8m in 2025 (EPS Tk 4.19), the highest in the ten years from 2016 [2 p.71] [1 p.95] [13]. Underwriting profit more than doubled to Tk 181.2m from Tk 88.2m [1 p.264]. The class accounts show where it came from: fire swung from a Tk 34.3m loss to a Tk 103.0m profit, as fire outstanding claims fell from Tk 274.7m to Tk 162.3m while only Tk 10.0m of fire claims were paid [1 p.265]. The notes say some fire claims lodged after the 5-Aug-2024 unrest were repudiated because the cause of loss fell outside the policies' perils [1 p.275]. Marine went the other way: net marine claims rose from Tk 30.2m to Tk 98.4m, which the notes attribute to the 18-Oct-2025 fire at the cargo village of Hazrat Shahjalal International Airport [1 p.266] [1 p.275]. In the first half of 2026 the accounts show no agency commission, gross premium fell 29.3% and profit after tax rose 96.7% to Tk 135.4m [3 p.1] [3 p.2] [13]. DSE-announced nine-month EPS was Tk 4.22 against Tk 2.30 [8]. The shares closed at Tk 58.0 on 29-Oct-2026, up 55.9% from Tk 37.2 a year earlier [7] [13].

What drives shareholder returns. Peoples earns from three sources. Underwriting is the first: in 2025 it supplied Tk 181.2m before Tk 35.0m of unallocated expenses [1 p.263], though Tk 112.4m of that came from the fire release [13]. Interest is the second: Tk 129.8m in 2025, of which Tk 109.1m on Tk 1.52bn of fixed deposits and Tk 19.4m on Tk 215m of treasury bonds [1 p.287]. Rent from its own building is the third: Tk 36.8m net of building expenses [1 p.287]. Equity is 55.0% of assets and net premium was only 0.27 times equity in 2025 [13], so the investment book is large relative to the underwriting book. Capital allocation is plain: no debt, a 10.5% cash dividend (25.1% of 2025 EPS, the lowest payout of 2016-2025), a 10%-of-net-premium appropriation to the reserve for exceptional losses (Tk 47.1m in 2025), and Tk 85.0m moved to the general reserve [1 p.262] [1 p.276] [13].

• Fire outstanding claims in FY2026. Signpost: fire claims and fire outstanding claims in the FY2026 annual report (board meeting inferred late April 2027 from 23-Apr-2026 and 28-Apr-2025 precedents; no date notified).
• FY2026 gross premium against Tk 844m in 2025. Signpost: the FY2026 annual report; H1 2026 gross premium was 29.3% lower than H1 2025.
• Management expenses against the IDRA limit. Signpost: note 2.02.7 in the FY2026 annual report; the 2025 note gives no amount.
• Related-party share of premium. Signpost: the related-party note in the FY2026 accounts (18.3% of 2025 GP; 23.7% in H1 2026).
• Settlement of the cargo-village fire claims. Signpost: marine outstanding claims (Tk 100.4m at end-2025) in the FY2026 marine revenue account.

A marine-led book: 57.6% of premium from marine, 32.2% from fire, and 13.4% of fire premium kept

How it makes money. A Bangladeshi general insurer collects premium up front, cedes part of each risk to reinsurers (who return a commission), holds back a reserve for the unexpired part of each policy, and pays claims, agency commission and management expenses from what is left. Peoples sets its reserve for unexpired risks at 45% of the year's net premium for all classes except marine hull, which is 100% [1 p.264]. City Insurance, for comparison, uses 40% for fire and motor and 50% for marine cargo and miscellaneous [5 p.394]. The four class revenue accounts add up to the underwriting profit; interest, rent and other income less unallocated expenses give the pre-tax profit [1 p.263].

Classes. Marine (the company reports cargo and hull in one revenue account) is the core: Tk 485.8m of gross premium in 2025, up 27.0%, of which Peoples kept 82.6% [1 p.266] [13]. Fire is the second line at Tk 271.8m, down 11.2%; Peoples ceded Tk 235.4m of it and kept only 13.4%, against 38.4% in 2024 [1 p.265] [13]. Motor premium fell 11.9% to Tk 32.7m and miscellaneous fell 13.9% to Tk 53.7m [1 p.267] [1 p.268] [13]. Expenses of management include Tk 8.2m on government business 'solely dealt by SBC' (Sadharan Bima Corporation, the state reinsurer) [1 p.276].

Reinsurance. Peoples ceded Tk 373.2m in 2025, 44.2% of gross premium against 37.2% in 2024, and earned Tk 75.5m of reinsurance and profit commission, 20.2% of the premium ceded [1 p.264] [13]. The notes say reinsurance adjustments are made 'as per Treaty Agreement made among the Companies, Shadharan Bima Corporation (SBC) and the foreign re-insurers' [1 p.275]. The balance due from SBC and other insurers was Tk 19.2m, and Tk 10.5m was due to them [1 p.260] [1 p.261]. In fire the company kept Tk 36.5m of net premium against Tk 271.8m written [1 p.265].

Ten years of premium. Gross premium rose from Tk 608.8m in 2016 to Tk 844.1m in 2025, a compound 3.7% a year (our derivation) [2 p.71] [1 p.95]. The path was uneven: premium fell 12.1% in 2020, stayed flat in 2021, and rose 19.1% in 2022 [13]. Retention ranged from 51.8% (2021) to 63.6% (2017) [13]. Net premium has been below Tk 500m in every year of the ten, and fell 4.9% in 2025 even as gross premium rose 7.1% [13]; the chief executive's message gives the same two figures as -4.8% and +7.09% [1 p.90].

A book with a related-party share. The 2025 related-party note lists Tk 111.1m of premium from Nourish Group, Tk 42.1m from PHP Group and Tk 1.3m from Sonali Aansh Group, each related through a 'Common Director'; together Tk 154.6m, 18.3% of gross premium, with Tk 7.4m of claims paid to them [1 p.275] [13]. The company states these were 'in the normal course of business and on an arm's length basis' [1 p.275]. In H1 2026 the same note lists Tk 69.9m, now including Jotsna Ara Begum (relationship printed as 'Commmon Director'), 23.7% of half-year gross premium [3 p.2] [13].

Underwriting profit doubled to Tk 181m: a Tk 112m fire release against a more than threefold rise in marine claims

Claims. Net claims for the whole company were negative Tk 2.7m in 2025, against Tk 86.0m in 2024 [1 p.264]. That figure is claims paid (Tk 48.6m) plus closing outstanding claims (Tk 275.3m) less opening outstanding claims (Tk 326.6m) [1 p.264]. In fire, closing outstanding claims of Tk 162.3m were Tk 112.4m below the opening Tk 274.7m while Tk 10.0m was paid, giving net fire claims of minus Tk 102.5m [1 p.265] [13]. Note 2.02.6 gives the company's explanation: “the cause of loss of some lodged claims were due to Popular Uprising/Mass Uprising due to fall of government on 5th August' 2024; which did not come under the perils of the respective policies for which those claims are repudiated” [1 p.275]. The same note says 'Marine claims have been increased largely because of the Fire occurred in the Cargo Village of Hazrat Shahjalal International Airport on 18/10/2025' [1 p.275]; marine outstanding claims rose from Tk 25.8m to Tk 100.4m [1 p.266].

By class. Fire produced Tk 103.0m of underwriting profit after a Tk 34.3m loss in 2024 [1 p.265]. Marine profit fell 48.8% to Tk 59.1m as its net claims rose to Tk 98.4m [1 p.266] [13]. Motor profit rose to Tk 14.1m from Tk 2.6m, with net motor claims down from Tk 15.7m to Tk 1.3m [1 p.267]. Miscellaneous was steady at Tk 5.0m [1 p.268]. The auditor names the estimated liability for outstanding claims as a key audit matter, stating that it 'involves significant judgment and risk of understatement' [1 p.257].

Expenses. Expenses of management charged to the revenue account were Tk 268.1m in 2025 (+3.3%), 31.8% of gross premium; they include Tk 2.1m of stamps and Tk 8.2m of government business handled by SBC [1 p.264] [1 p.276] [13]. Agency commission was Tk 110.3m, 13.1% of gross premium [1 p.264] [13]. Together they took 44.8% of gross premium, against 46.2% in 2024 [13]. Note 2.02.7 states: 'Management has performed a calculation of the maximum allowable management expense for the year December 31, 2025. The actual expenses have exceeded the allowable expense. Management has recorded additional tax provision on the basis of overall materiality' [1 p.276]. The amount of the excess is not given. The Business Standard reported on 14-Sep-2025 that IDRA had issued a draft to cut the caps for fire and general business from 35% to 25% on the first Tk 150m of premium and for marine from 26% to 16% [10].

Combined ratio. We use one definition for Peoples and every peer: net claims plus expenses of management (including stamps) plus agency commission, less reinsurance commission including profit commission, over net premium. On that basis the 2025 combined ratio was 63.7%, against 76.8% in 2024 [13]. The claims ratio was minus 0.6% and the expense ratio 64.3% [13]. Adding back the Tk 112.4m fire provision release (our derivation, not a company figure) gives 87.6% [13]. The expense ratio is measured against net premium, which was 55.8% of gross premium after Peoples ceded 44.2%; management expenses alone were 56.9% of net premium [13].

Interest income rose 35.6% to Tk 130m; rent from its own building added Tk 37m net

The portfolio. At end-2025 Peoples held Tk 1,520.5m of fixed deposits, Tk 95.4m in current and STD accounts, Tk 215.1m of Bangladesh Government treasury bonds (Tk 25.0m of it the statutory deposit with Bangladesh Bank) and Tk 48.2m of shares at market value [1 p.261] [1 p.284] [1 p.283]. The company reports FDRs inside cash and cash equivalents, which totalled Tk 1,617.1m [1 p.285]. Note 20.02 adds that the company 'is currently working towards updating their Investment Policy and restructuring their investments to bring them in line with SRO No. 353-law/2019' of IDRA [1 p.284].

Income. Investment and other income was Tk 166.6m in 2025, up 21.2% [2 p.71] [1 p.95] [13]. Interest income rose 35.6% to Tk 129.8m: FDR interest Tk 109.1m (+27.9%), treasury-bond interest Tk 19.4m (from Tk 9.1m) and STD interest Tk 1.3m [1 p.287] [13]. On the average FDR balance FDR interest was 7.4%, and bond interest on the average bond balance was 9.5% (our derivations) [13]. Dividend income fell to Tk 2.5m from Tk 7.7m, and the fair-value charge on shares fell to Tk 2.5m from Tk 11.4m [1 p.263] [1 p.287].

Rent. Peoples earned Tk 117.1m of gross rent in 2025 and spent Tk 80.3m on 'Others Expenses of Building', leaving Tk 36.8m of rental income against Tk 44.7m in 2024 [1 p.287]. Building expenses were 68.6% of gross rent, up from 63.2% [13]. Fixed assets at cost less depreciation were Tk 550.9m at end-2025, 17.3% of total assets; the auditor makes property, plant and equipment a key audit matter [1 p.261] [1 p.256] [13].

Share of profit. Investment and other income was 53.3% of pre-tax profit in 2025, the lowest share in the ten years from 2016; it was above 100% in 2018 and 2019, when underwriting profit was Tk 11.2m and Tk 6.0m [2 p.71] [1 p.95] [13]. In H1 2026 the share was back at 72.0%, with 'rental, investment and other income' of Tk 147.9m against Tk 78.9m in H1 2025 [3 p.1] [13]. The half-year notes do not split that figure; they state that EPS 'has been increased due to fact that Interest Income, Rental & Other Income received during the current quarter are more than that of corresponding period of previous year same quarter' [3 p.2].

Ten-year ratios: ROE 11.5% in 2025 against 6.1%-8.9% in 2017-2024; payout at a ten-year low of 25%

Returns. Return on average equity was 11.5% in 2025, against a range of 6.1% (2018) to 8.9% (2017) in 2017-2024 [13]. Return on average assets was 6.3%, against 3.4%-5.2% before [13]. The underwriting margin was 38.5% of net premium, the highest of the ten years; the previous high was 25.9% in 2021 and the low 1.4% in 2019 [13]. Profit after tax is reported before the appropriation to the reserve for exceptional losses, which took Tk 47.1m in 2025 [1 p.262].

Leverage and liquidity. Equity was between 52.2% and 59.4% of total assets in every year from 2016 to 2025, and cash, FDRs and bank balances were 50.2%-57.8% of assets [13]. The company has no borrowings: note 39 states 'There was no credit facility that has been availed of at the date of balance sheet' [1 p.289]. Net premium was 0.27 times equity in 2025, within a ten-year range of 0.23-0.37 times [13].

Cash conversion. Net operating cash flow per share was at or above EPS in every year from 2016 to 2025; the lowest ratio was 1.00 times in 2023 and the 2025 ratio was 1.25 times (Tk 5.24 against Tk 4.19) [2 p.71] [1 p.95] [13]. In 2025 operating cash flow was Tk 242.2m; the company spent Tk 57.3m on fixed assets, Tk 22.5m on treasury bonds and Tk 48.5m on dividends [1 p.270].

Solvency. The printed solvency ratio was 4.16 times in 2025, 4.03 in 2024 and 4.19 in 2023 [1 p.95]. The required margin printed for 2022 (Tk 187.7m) is more than double the 2021 figure (Tk 82.8m), and the printed ratio falls from 16.05 to 4.16 between those years [1 p.95]. The 2021 printed ratio of 16.05 does not equal available over required margin in the same table (Tk 629.0m / Tk 82.8m = 7.59, our recalculation) [13]; we use the recalculated figure in the model.

Against City and Asia: the lowest combined ratio of the three in 2025, the highest expense ratio and the lowest retention

We compare Peoples with two marine-led general insurers using each company's own 2025 filing and the same combined-ratio definition. Asia Insurance's segment table shows marine cargo at Tk 377.6m of Tk 702.4m gross premium [6 p.84]; City Insurance's revenue account reserves 50% of marine cargo premium [5 p.394]. We read each auditor's opinion first. City's auditor states the statements 'present fairly, in all material respects' [5 p.386]. Asia's auditor states they 'give a true and fair view, in all material respects' and adds an emphasis of matter on 'the Company's accounting treatment for cover notes converted into policies (CCP) ... and the related prior period error', with 2024 restated [6 p.167] [6 p.58]. Peoples' auditor's opinion has no emphasis of matter [1 p.256].

Definitions and labels. Combined ratio = (net claims + expenses of management including stamps + agency commission - reinsurance commission including profit commission) / net premium. Peoples prints 'Expenses of Management' of Tk 268.1m including Tk 2.1m of stamps [1 p.264] [1 p.276]. City prints 'Management expenses' Tk 250.8m and 'Insurance stamp expenses' Tk 3.6m separately [5 p.394]; Asia prints 'Expenses of Management' Tk 170.2m and 'Insurance Stamp Consumption' Tk 2.6m [6 p.178]; we add stamps for both. Reinsurance commission includes profit commission for all three (City Tk 62.8m + Tk 8.8m; Asia Tk 44.4m + Tk 3.6m) [5 p.394] [6 p.178]. Equity is each company's year-end shareholders' equity; Asia's 2024 figures are restated [6 p.58].

What the table shows. Of the three, Peoples had the lowest 2025 combined ratio, 63.7%, against 75.5% at City and 76.9% at Asia [13]. Its claims ratio was minus 0.6%, against 22.2% at City and 31.2% at Asia; without the fire release its combined ratio would be 87.6% (our derivation), the highest of the three [13]. Peoples had the highest expense ratio of the three (64.3% against 53.2% and 45.6%) and the highest management-expense-plus-commission share of gross premium (44.8% against 42.1% and 36.4%) [13]. It kept the smallest share of premium (55.8% against 64.7% and 64.8%) [13]. Its ROE on year-end equity was 11.1%, between City's 14.6% and Asia's 8.1% [13]. Its printed solvency ratio was the highest of the three at 4.16 times [1 p.95] [5 p.366] [6 p.58].

Multiples as facts. On 29-Oct-2026 closes, Peoples traded at 13.8 times 2025 EPS and 1.53 times 2025 NAV, City at 38.4 times and 5.62 times, and Asia at 18.9 times and 1.30 times [7] [13]. Cash dividend yields were 1.8%, 0.8% and 2.5% [13]. These are stated as facts only, with no conclusion drawn about prices.

Balance sheet: no debt, Tk 1.62bn of cash and deposits, Tk 609m of advance tax and Tk 308m of tax in dispute

Form AA ties to the balance sheet. The 'Classified Summary of Assets' (Form AA) lists book values that add to Tk 3,190.3m, the same total as the statement of financial position [1 p.271] [1 p.261]. Its 'Cash at Bank (Including FDR)' line of Tk 1,615.9m equals fixed deposits of Tk 1,520.5m plus current and STD balances of Tk 95.4m [1 p.271] [1 p.285] [13]. Form AA labels the whole Tk 215.1m of treasury bonds 'Statutory Deposit with Bangladesh Bank', while note 20.01 shows Tk 25.0m as the statutory deposit and Tk 190.1m as other bonds [1 p.271] [1 p.284]. Market value equals book value on every Form AA line.

Fixed deposits. Note 28.01 lists fixed deposits with 46 banks and finance companies totalling Tk 1,520.5m [1 p.286]. On the page image the amount column is printed one row out of line with the names: the first name (AB Bank) has no amount beside it and one amount sits below the last name (Uttara Bank) [1 p.286]. We therefore do not attribute amounts to named banks. The largest single amount is Tk 315.5m, 20.7% of fixed deposits [13]. The exposure to any single named bank therefore cannot be read from this schedule.

Sundry debtors and tax. Sundry debtors of Tk 728.5m are mostly advance income tax: Tk 609.4m across seven lines, the largest being 'Advance Income Tax (Office Rent)' of Tk 370.8m and 'Advance Income Tax on BGTB' of Tk 115.1m [1 p.285] [13]. The other side is a provision for income tax of Tk 719.0m and a deferred tax liability of Tk 78.0m [1 p.260]. Note 17.01.3 lists disputed tax of Tk 68.4m, Tk 58.8m, Tk 59.5m, Tk 50.5m, Tk 31.2m and Tk 39.7m for income years 2011 to 2016, each under a High Court reference application; together Tk 308.1m (our sum), 17.6% of equity [1 p.283] [13]. Assessments for 2017-2021 are shown as settled [1 p.283]. Other advances include Tk 29.6m against a building consultancy fee, unchanged from 2024 [1 p.285].

Reserves. Of equity, Tk 730.8m is the reserve for exceptional losses (41.7% of equity), Tk 140.5m a general reserve and Tk 164.5m a dividend equalisation fund [1 p.260] [13]. Outstanding claims of Tk 275.3m were 58.5% of net premium at end-2025, against 66.0% a year earlier [13].

Audit opinion. Ashraf Uddin & Co. (partner Mohammad Shibbir Hossain FCA) signed the report on 23 April 2026 [1 p.259]. The opinion paragraph reads, as printed: 'In our opinion, the accompanying financial statements present true and fair view. all material respects, the financial position of the company as at 31st December 2025, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS), 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.256]. There is no qualification and no emphasis-of-matter paragraph [s1 p.256-259]. The key audit matters are property, plant and equipment (Tk 550,870,624), premium income and the estimated liability for outstanding claims [1 p.256] [1 p.257]. The auditor's report does not mention the management-expense excess disclosed in note 2.02.7 [s1 p.256-259] [1 p.276].

2026 so far: H1 profit nearly doubled with no commission line and premium down 29%; nine-month EPS Tk 4.22

H1 2026. The half-year revenue account shows a dash for agency commission, against Tk 52.9m in H1 2025 [3 p.1]. The Business Standard reported on 24-Dec-2025 that IDRA, by a circular issued on 23 December, scrapped commission payments in non-life insurance and suspended individual agent licences with effect from 1-Jan-2026 [9]. Gross premium in H1 2026 was Tk 294.7m against Tk 416.9m: fire fell 37.7%, marine 31.7% and motor 17.8%, while miscellaneous rose 16.7% [3 p.2] [4 p.2] [13]. Management expenses fell 30.1% to Tk 99.4m [3 p.1] [13]. Management expenses plus commission were 33.7% of gross premium, against 46.8% in H1 2025 [13]. Underwriting profit rose 129.9% to Tk 72.1m and pre-tax profit rose 112.4% to Tk 205.5m [3 p.1] [13].

Earlier 2026 and Q3. For Q1 2026 the company reported EPS of Tk 1.29 against Tk 0.63, and said EPS and NOCFPS increased 'due to fact that Agency Commission, Management Expenses and Claims Paid less Re-Insurance amount during the current quarter are less than that of corresponding period of previous year same quarter' [8]. Q2 EPS was Tk 1.64 against Tk 0.86 [8]. The Q3 results were posted on DSE on 1-Nov-2026 after a board meeting on 29-Oct-2026: Q3 EPS Tk 1.29 against Tk 0.81, nine-month EPS Tk 4.22 against Tk 2.30 (+83.5%), nine-month NOCFPS Tk 3.96 against Tk 2.45, and NAV per share Tk 41.12 at 30-Sep-2026 [8] [13]. The Q3 accounts were not yet in our corpus, so the premium and expense lines for nine months are not available here.

Balance sheet at June 2026. Cash and equivalents including FDRs were Tk 1,638.9m, treasury bonds and shares Tk 309.9m (the company bought Tk 46.6m of bonds in the half), and fixed assets with right-of-use assets Tk 602.5m after Tk 55.2m of purchases [3 p.1]. Equity was Tk 1,888.8m and NAV per share Tk 40.88 [3 p.1]. The balance of fund for unexpired risks fell to Tk 157.3m from Tk 213.0m [3 p.1].

Directors and sponsors own 34.5%; seventeen board members each holding 2%-4%; cash dividends every year

Ownership. At end-2025 directors and sponsors held 15,932,586 shares (34.486%), 107 institutions 15.438% and 5,328 general shareholders 50.076%; there were no government or foreign holders [1 p.18]. The fourteen non-independent directors each held between 2.00% and 4.00%; the largest individual holder on the board was Md. Azizul Hoque with 4.00% [1 p.19]. Two directors, Mohammed Mizan Victor Mohsin and Nuved Mizan Iqbal, show no opening holding on 1-Jan-2025 and 2.02% and 2.05% at year-end [1 p.19]. The report lists no parent, subsidiary or associated company [1 p.19].

Board and management. The board had 17 members in 2025 and met ten times [1 p.289]. The chairman is Jafar Ahmed Patwari, the vice chairman Mohammed Anowarul Haque, and three directors are independent (Dilshad Ahmed, MMG Sarwar and Rubaiyath Ara FCA) [1 p.19]. The managing director and CEO, S. M. Azizul Hossain, was paid Tk 5.83m in 2025; a consultant, M.H. Khaled, was paid Tk 3.84m [1 p.275].

Related parties. As noted above, the premium from groups with common directors was Tk 154.6m in 2025 and Tk 69.9m in H1 2026 [1 p.275] [3 p.2]. Claims paid to them were Tk 7.4m in 2025 and Tk 0.5m in H1 2026 [1 p.275] [3 p.2].

Dividends. Peoples paid a cash dividend in every year from 2016 to 2025 and no stock dividend [2 p.71] [1 p.95]. The rate ranged from 6% (2018) to 12.5% (2021) of the Tk 10 face value; it was 10.5% for 2022, 2024 and 2025 and 10% for 2023 [2 p.71] [1 p.95]. For 2025 the board recommended 10.5% cash on 23-Apr-2026, the record date was 20-May-2026, the AGM date was 24-Jun-2026 and the company reported disbursement on 3-Aug-2026 [8] [1 p.289]. The 2025 payout of 25.1% of EPS was the lowest of the ten years [13]. Separately, the 2025 appropriation account moved Tk 85.0m to the general reserve and Tk 10.0m to the dividend equalisation fund [1 p.262].

24 months of DSE news. The DSE archive from 1-Nov-2024 to 1-Nov-2026 holds results, dividend, record-date, spot-market, board-meeting, credit-rating and name-change notices [8]. It contains no notice of a board approval for a capital project, expansion, rights issue or acquisition [8]. Credit Rating Information and Services (CRISL) assigned 'AAA' with a stable outlook in July 2025 and again in July 2026 [8]. The filings record continuing building-related spending: fixed-asset purchases of Tk 57.3m in 2025 and Tk 55.2m in H1 2026, and advances for civil construction (Tk 6.0m) and land at Bashundhara (Tk 5.3m) at end-2025 [1 p.270] [3 p.1] [1 p.285].

What moves the lines next: dated events from the filings, DSE and IDRA

These are dated events after 31-Oct-2026 and the lines they bear on. We do not forecast numbers. Dates marked '(inferred)' are taken from precedent board-meeting and announcement dates; no date has been notified for them.

Commission and premium. The H1 2026 accounts show agency commission at nil [3 p.1]. Separately, H1 2026 gross premium was 29.3% lower than H1 2025 [3 p.2] [4 p.2] [13]. Management expenses were 30.1% lower [13]. The FY2026 accounts (inferred late April 2027) will be the first full year after the 1-Jan-2026 change reported by The Business Standard [9].

Expense cap. The IDRA draft reported by The Business Standard on 14-Sep-2025 proposed lower management-expense caps; we found no final notification and no adoption date [10]. Peoples' 2025 note states that expenses exceeded the allowable amount [1 p.276].

Claims. Two claim items from 2025 remain open in the accounts: fire outstanding claims of Tk 162.3m and marine outstanding claims of Tk 100.4m at end-2025 [1 p.265] [1 p.266]. Their settlement shows in the net-claims line of the FY2026 revenue accounts.

LDC graduation. The UN General Assembly adopted a decision on 29-Oct-2026 in New York (30-Oct in Dhaka) moving Bangladesh's graduation from least-developed-country status from 24-Nov-2026 to 24-Nov-2029, as reported by The Daily Star and The Business Standard [11] [12]. Peoples' 2025 annual report does not quantify any effect on its lines.

Interest. Interest income was Tk 129.8m in 2025 on Tk 1.52bn of FDRs and Tk 215m of bonds [1 p.287]. In 2025 FDR interest was 7.4% of the average FDR balance (our arithmetic) [13].

Risks: lower premium, a 2025 claims release, the expense-limit excess, related-party concentration and tax disputes

Two 2025 items are tied in the notes to specific events: the repudiation of fire claims from the August 2024 unrest, and the marine claims from the October 2025 cargo-village fire [1 p.275]. Interest income rose 35.6% to Tk 129.8m [1 p.287] [13]. Marine outstanding claims were Tk 100.4m at year-end [1 p.266], and the notes disclose an excess over the IDRA expense limit with no amount given [1 p.276]. The 2026 accounts so far show commission at nil and premium lower across fire, marine and motor [3 p.1] [3 p.2]. The share of premium from groups with common directors rose from 18.3% in 2025 to 23.7% in H1 2026 [13]. Six years of tax assessments totalling Tk 308.1m are before the High Court [1 p.283].

• FY2026 annual report (board meeting inferred late April 2027): fire and marine outstanding claims, note 2.02.7, related-party note, FDR schedule.
• Q3 2026 accounts (results posted 1-Nov-2026): nine-month premium and management expenses.
• Any IDRA notification finalising the management-expense caps drafted in September 2025.
• High Court outcomes on the 2011-2016 tax references.

Ten-year history

Figures for 2016-2020 are from the 2020 annual report's five-year highlights and for 2021-2025 from the 2025 annual report's five-year highlights [2 p.71] [1 p.95]. The 2025 report's management discussion gives 2024 pre-tax profit as Tk 192.68m, while the five-year table and the 2025 profit and loss statement give Tk 198.68m; we use Tk 198.68m [1 p.91] [1 p.95] [1 p.263]. The five-year table gives a 2025 high/low share price of Tk 40.00/24.30 [1 p.95]. On our daily data the shares closed between Tk 31.3 (13-Nov-2025) and Tk 68.1 (13-Aug-2026) in the year to 29-Oct-2026 [7].

FAQ

Why did Peoples Insurance's profit rise in 2025?

Underwriting profit rose from Tk 88.2m to Tk 181.2m. Fire outstanding claims fell from Tk 274.7m to Tk 162.3m while Tk 10.0m was paid, and the notes say some fire claims from the August 2024 unrest were repudiated. Interest income also rose 35.6% to Tk 129.8m. Profit after tax rose 47.8% to Tk 193.8m.

What happened to agency commission at Peoples Insurance in 2026?

The H1 2026 accounts show a dash for agency commission, against Tk 52.9m in H1 2025. The Business Standard reported that IDRA suspended individual agent licences in non-life insurance from 1-Jan-2026. Gross premium was 29.3% lower in H1 2026.

What is Peoples Insurance's combined ratio?

63.7% in 2025 and 76.8% in 2024 on net claims plus management expenses (including stamps) plus agency commission less reinsurance commission, over net premium. Adding back the Tk 112.4m fire-claim release gives 87.6%.

Did Peoples Insurance exceed the IDRA management-expense limit?

Yes, by its own statement. Note 2.02.7 of the 2025 accounts says the actual expenses exceeded the allowable expense; the amount is not given. The auditor's opinion is unmodified and does not mention it.

What dividend did Peoples Insurance pay for 2025?

10.5% cash, Tk 1.05 a share, 25.1% of EPS. It has paid a cash dividend in every year from 2016 to 2025 and no stock dividend.

How much of Peoples Insurance's premium comes from related parties?

Tk 154.6m in 2025 from Nourish Group, PHP Group and Sonali Aansh Group, each through a common director: 18.3% of gross premium. In H1 2026 it was Tk 69.9m, 23.7% of gross premium.

Sources

1. Peoples Insurance PLC Annual Report 2025 (corpus PEOPLESINS_ANNUAL_2025; PDF page numbers, printed page = PDF page - 1) · link · accessed 2026-11-01
2. Peoples Insurance Company Limited Annual Report 2020 (five-year highlights 2016-2020, p.71) · link · accessed 2026-11-01
3. Peoples Insurance PLC un-audited half-yearly condensed financial statements to 30-Jun-2026 · link · accessed 2026-11-01
4. Peoples Insurance Company Limited un-audited half-yearly condensed financial statements to 30-Jun-2025 · link · accessed 2026-11-01
5. City Insurance PLC Annual Report 2025 (peer; auditor's report p.386, five-year summary p.366, consolidated revenue account p.394) · link · accessed 2026-11-01
6. Asia Insurance PLC Annual Report 2025 (peer; five-year data p.58, segment highlights p.84, auditor's report p.167, consolidated revenue account p.178) · link · accessed 2026-11-01
7. AnalystBro market data: DSE daily bars for PEOPLESINS, CITYGENINS and ASIAINS to 29-Oct-2026 · link · accessed 2026-11-01
8. DSE news archive for PEOPLESINS, 1-Nov-2024 to 1-Nov-2026 (old_news.php, criteria=3): results, dividend, AGM, record date, CRISL rating, name change, board-meeting notices · link · accessed 2026-11-01
9. The Business Standard, 'IDRA scraps commission payments in non-life insurance sector', 24 Dec 2025 · link · accessed 2026-11-01
10. The Business Standard, 'IDRA moves to reduce management expenses in non-life insurance', 14 Sep 2025 · link · accessed 2026-11-01
11. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
12. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
13. AnalystBro history and ratio model for PEOPLESINS (model.xlsx, the workbook below) · link · accessed 2026-11-01