Pragati Life Insurance financial analysis: life fund +18% in 2025, BDT 296m deposit provision gap (Oct 2026)

Investment considerations: fast premium growth finally reached the fund in 2025, but BDT 296m of doubtful assets is unprovided

Pragati Life Insurance PLC (Pragati Life) is a mid-sized Bangladeshi life insurer. It offers individual savings policies through an agency force under three lines, the Individual Product Line (IPL), the Pragati Bima Division and Islami Jiban Bima (takaful), and it runs a large group life and health book [1 p.70]. In 2025 it wrote BDT 6,675m of gross premium, up 14.7%, and its life fund closed the year at BDT 7,803m [1 p.126] [1 p.127]. The company was renamed from Limited to PLC on 4-Feb-2025 [7].

A life insurer's accounts work differently from a company's. Premiums and investment income flow into the life fund; claims, commissions, expenses, tax and the shareholders' dividend flow out [1 p.141] [1 p.142]. Each year an actuary values the policy liabilities and declares a surplus, which is split between policyholders (as bonuses) and shareholders. At Pragati Life the shareholders' cut has been exactly 10% of the current-year surplus in every year from 2020 to 2025 [3 p.80] [1 p.131] [11]. Reported EPS of BDT 3.82 for 2025 is the shareholders' distributable surplus of BDT 124.5m (BDT 109.6m for the year plus BDT 14.9m brought forward) divided by 32.55m shares [1 p.131]. The company itself says EPS, NAV per share and operating cash flow per share are not strictly applicable to a life insurer because the regulator has not issued rules separating shareholders' and policyholders' funds under section 27(3) of the Insurance Act 2010 [1 p.148].

The decade's story has three parts. Premium grew quickly and steadily: 13.1% a year from BDT 2,205m in 2016 to BDT 6,675m in 2025 [4 p.31] [1 p.126] [11]. Yet for most of that time very little of the premium stayed in the fund, because claims and expenses absorbed 91-96% of premium and investment income in 2019-2024 [11]. Then in 2025 the outgo ratio dropped to 77.0%, the fund jumped 18.4%, and the shareholders' surplus doubled [11] [1 p.131]. The open question for an investor is how much of 2025 repeats; H1 2026 points to most of it, the Q3 2026 quarter less so (see below).

Business: agency savings plus a group book one-fifth of premium, the largest share among three peers

Pragati Life earns its premium from four books. The Individual Product Line is the core: BDT 1,526m of first-year premium and BDT 2,910m of renewals in 2025, two-thirds of gross premium. The Pragati Bima Division, a smaller retail line, wrote BDT 82m and BDT 251m; Islami Jiban Bima, the takaful line, wrote BDT 165m and BDT 363m; and group insurance wrote BDT 1,375m [1 p.70]. Takaful first-year premium fell 16.7% in 2025 while IPL first-year premium rose 19.1% [1 p.70].

Group business makes Pragati Life unusual among the listed life insurers. Group premium was 20.6% of gross premium in 2025, against 7.7% at DELTALIFE and 1.1% at NATLIFEINS [1 p.126] [5 p.17] [6 p.251] [11]. Its share has fallen steadily, from 37.5% in 2016, because individual premium grew faster [4 p.31] [11]. Group business is one-year, renewable cover, so it adds premium volume but little to the long-term fund; as the claims section shows, in 2024 it paid out more in claims than it collected.

The individual products are long-term savings policies. Of 2025 first-year premium, BDT 1,296m (73%) came from policies with premium terms of twelve years or more, BDT 171m from ten-year terms, and BDT 250m from single-premium business, up from BDT 30m in 2024 [1 p.142]. Single premium kept growing in H1 2026, to BDT 147.5m from BDT 4.1m a year earlier [2 p.3]. Single-premium business lifts first-year premium once and never renews, which matters for reading the 2025-26 new-business growth.

Distribution is through commissioned agents. First-year commission was 25.06% of first-year premium in 2025, against 22.92% at DELTALIFE and 39.60% at NATLIFEINS [1 p.126] [5 p.17] [6 p.251]. Total commissions and allowances were BDT 1,311m, 19.6% of gross premium [1 p.141] [11]. The board's 2026 outlook lists expansion of the agency network, bancassurance and alternative channels, keeping expenses within the allowable limit, and a higher investment yield [1 p.74]; bancassurance does not yet appear as a separate premium line in the accounts [1 p.70].

Regulation shapes every line. The accounts follow the Insurance Act 2010 and the Insurance Rules 1958 alongside IFRS, and there is no shareholders' profit and loss account: everything runs through the revenue account into the life fund [1 p.148]. IDRA caps management expenses, the actuary's valuation sets the surplus, and the Insurance Act restricts dividends to surplus shown in the actuarial abstract [1 p.86].

Premium and persistency: 13% a year for a decade; second-year lapses still near half

Premium growth has been fast by the standards of the sector. Gross premium grew 13.1% a year from 2016 to 2025 [11], faster than NATLIFEINS in 2025 (11.1%) and DELTALIFE (7.9%) [6 p.251] [5 p.17]. The strongest years were 2021 (+21.5%) and 2022 (+24.2%); the weakest 2017 (+5.2%) and 2024 (+7.7%) [4 p.31] [1 p.126]. In H1 2026 gross premium rose 23.9%, with first-year premium up 29.3%, renewals up 25.4% and group up 16.3% [2 p.2] [11].

First-year versus renewal: first-year premium is the volatile part. It rose 34.6% in 2021 and fell 5.3% in 2023 [1 p.126]. The number of new policies peaked at 87,596 in 2022 and fell to 70,929 in 2025, while first-year premium per new policy rose from BDT 17.5 thousand in 2021 to BDT 25.0 thousand in 2025 [1 p.127] [11]. The 2025 growth therefore came from bigger tickets, partly single premium, not from more customers. Renewal premium is the steadier engine: it grew every year and more than quadrupled, from BDT 800m in 2016 to BDT 3,524m in 2025 [4 p.31] [1 p.126].

Persistency is the central question for a savings book, and Pragati Life's is weak but improving. The renewal ratio, this year's renewal premium over last year's first-year plus renewal premium, rose from 67.0% in 2021 to 77.7% in 2025 [11]. For 2021-2024 our ratio equals the company's reported conservation ratio to the second decimal, so this is the company's formula; for 2025 the company reports 78.67%, one point above our 77.7% from the same page, a difference the filing does not explain [1 p.126] [11]. On the reported figure, Pragati is between DELTALIFE (77.14%) and NATLIFEINS (81.76%) [5 p.17] [6 p.251].

Lapses are high. By number of policies, 47.88% of policies lapsed by their second year in 2025, 56.02% by the third and 76.99% by the sixth; by premium amount the ratios were 49.58% and 69.98% [1 p.126]. The sixth-year ratio has improved from 82.66% in 2021, but the second-year ratio worsened, from 40.17% [1 p.126]. NATLIFEINS, which reports the same IDRA ladder, had a second-year lapse ratio of 39.93% by number in 2025 [6 p.251]. A ladder that rises with policy year, as here, reads as cumulative lapses since issue; we compare only like-for-like figures.

The company also publishes cohort tables of renewal premium and renewed policies by year of issue [1 p.127]. Their column headings leave unclear which year each renewal falls in (the 2024 cohort shows a renewal entry under 2024), so we do not use them for cohort ratios; the renewal ratio and the lapse ladder above carry the persistency analysis.

Claims: fewer maturities and break-even group business drove 2025

Claims are the largest outflow and the main driver of 2025's improvement. Total claims fell to BDT 3,524m in 2025 from BDT 3,889m, the first decline since 2020 [1 p.72] [1 p.126]. Maturity claims fell to BDT 818m from BDT 1,245m, while survival benefits (periodic payments on anticipated-endowment policies) rose to BDT 1,203m from BDT 1,150m [1 p.141]. Maturities depend on what was sold ten to twelve years earlier, so the 2025 dip reflects the sales calendar of the early 2010s; the company does not publish a maturity schedule, so the next years' wave cannot be sized (see gaps).

Group claims are the swing factor. Group claims were BDT 1,353m in 2024 against BDT 1,281m of group premium, a ratio of 105.7%; in 2025 BDT 1,370m against BDT 1,375m, or 99.6% [1 p.141] [11]. Commissions and expenses come on top, but the accounts do not split them by line, so the group book's full cost is not disclosed. H1 2026 was better: group claims of BDT 644m against BDT 924m of premium, 69.7%, down from 82.6% in H1 2025 [2 p.2] [11]. Individual claims, by contrast, were 40.7% of individual premium in 2025, down from 55.9% [11].

Claims to premium over the decade: the ratio rose from 55.7% in 2016 to a peak of 71.3% in 2019 and stayed in a 65-68% band from 2020 to 2024 before falling to 52.8% in 2025 [11]. NATLIFEINS reported 48.60% and DELTALIFE 81.74% in 2025 [6 p.251] [5 p.17]. Claims grew 8.7% in H1 2026, against premium growth of 23.9%, so the ratio fell again to 54.4% [2 p.2] [11].

Settlement: outstanding claims were small, BDT 53.6m at Dec-2025 (death BDT 30.4m, maturity BDT 13.6m, survival BDT 9.5m), against BDT 46.7m a year earlier [1 p.158]. That is about 1.5% of the year's claims, and the auditor tested the outstanding-claims estimate as a key audit matter [1 p.135]. The filings do not give an ageing of outstanding claims or a settlement ratio, and we found no claimant protest or IDRA order in the DSE news for the past two years [7].

Expenses: inside the IDRA limit seven years running, by only 2.2% in 2025

IDRA sets an allowable ceiling on management expenses, which include commissions. Pragati Life has stayed under it in each of the last seven years, the company says [1 p.73]. In 2025 it spent BDT 2,052.3m against an allowable BDT 2,099.5m, 2.2% under; the headroom has ranged from BDT 22.2m (2023) to BDT 102.1m (2022) [1 p.126] [11]. NATLIFEINS ran 12.0% under its limit and DELTALIFE 2.9% under [6 p.251] [5 p.17] [11].

The expense ratio has come down steadily, from 39.0% in 2021 to 30.7% in 2025 [11], as premium grew faster than costs. It is still the highest of the three peers: DELTALIFE 28.1% and NATLIFEINS 26.6% [11]. Commissions and allowances were 19.6% of gross premium in 2025 and other management expenses 11.1% [11]. Among the larger items, salaries were BDT 323.3m, office rent BDT 54.7m (down from BDT 94.6m after leases moved on balance sheet, with a BDT 39.9m right-of-use charge) and repairs BDT 53.1m [1 p.141] [1 p.178].

H1 2026 management expenses rose 11.1%, slower than premium, taking the ratio to 29.1% from 32.4% [2 p.3] [11]. Business development expenses rose 72% to BDT 23.8m [2 p.3]. As a history-based sensitivity, each 1pp of gross premium in 2025 was BDT 66.7m, more than the BDT 47.2m of headroom under the IDRA limit [1 p.126] [11].

Life fund: 5.6% a year for a decade, then +18% in 2025 from premium, not yield

The life fund holds the accumulated surplus for policyholders and, through the 10% surplus share, for shareholders. It grew from BDT 4,761m in 2016 to BDT 7,803m in 2025, 5.6% a year, far slower than premium [4 p.31] [1 p.127] [11]. Between 2019 and 2024 it added only BDT 117-261m a year; in 2025 it added BDT 1,212m [11] [1 p.158]. The source of 2025's addition was premium, not investment income: net premium rose BDT 842m while claims fell BDT 364m, and investment income rose BDT 104m [1 p.141] [11].

The revenue account closes. Opening fund BDT 6,591.4m, plus net premium BDT 6,584.2m, interest, dividends and rents BDT 594.6m and other income BDT 1.5m, less claims BDT 3,524.4m, management expenses BDT 2,052.3m, tax BDT 194.2m, the FDR reserve BDT 143.0m, lease finance BDT 5.8m and the 2024 cash dividend BDT 48.8m gives BDT 7,803.2m, matching the reported fund within BDT 0.1m [1 p.141] [1 p.142] [11]. Two lines grew sharply: tax, BDT 194.2m against BDT 58.9m, and the reserve for unexpected losses, BDT 143.0m against BDT 22.1m [1 p.142]. Without the larger reserve charge the fund would have grown more; it is a transfer within shareholders' equity and policyholders' funds, not a cash loss.

The momentum carried into 2026. The fund reached BDT 8,638.9m at Jun-2026, with BDT 835.8m added in six months against BDT 384.9m a year earlier [2 p.1] [2 p.4]. The DSE-announced Q3 figures show BDT 8,895.2m at Sep-2026 and a nine-month surplus of BDT 1,092.1m against BDT 739.6m; the third quarter alone produced BDT 256.3m against BDT 354.8m in Q3 2025 [7]. The full Q3 statements are not yet in our filing corpus.

Investment income was BDT 565.8m in 2025 on the KFI basis, up 21.8% [1 p.72]. The reported yield on the life fund was 8.18%; our recompute, investment income over the average fund, gives 7.86%, 32bp lower [1 p.126] [11]. Using the revenue account's BDT 594.6m of interest, dividends and rents instead gives 8.26%, so the reported figure sits between the two bases; the filing does not define its denominator. The yield fell to 5.82% in 2023 and recovered with treasury yields [1 p.126]. Investment income is only 8.5% of gross premium, because the fund is small relative to the premium flowing through it.

Where the fund sits: treasury bonds were BDT 5,245m at Dec-2025 and BDT 6,119m at Jun-2026, up from BDT 3,875m a year before; fixed deposits were BDT 984m and BDT 859m; shares BDT 239m and BDT 294m at market [1 p.140] [2 p.1]. Bonds rose to 77.8% of invested assets by Jun-2026 from 68.7% at Dec-2024 [11]. Outside the invested book, the company holds BDT 723.0m of freehold land at cost and BDT 152.8m of construction work in progress at Jun-2026, together 10.1% of the fund [2 p.1] [11]; the 10% stock dividend's stated purposes include building construction [7].

Liquidity against claims: cash, fixed deposits and treasury bonds totalled BDT 6,545m at Dec-2025, 1.9 times 2025 claims [11]. That cover is ample on paper, but half the deposits are at weak lenders (next section), so the useful figure is lower. Operating cash flow turned positive in 2025, BDT 1,143m after four negative years between BDT -233m and BDT -87m, and stayed positive in H1 2026 at BDT 553m [1 p.127] [2 p.4].

Asset quality: half the FDRs at weak lenders and a 60% loss on the share book

Asset quality is the weakest part of the balance sheet. The company states that of BDT 98.38 crore of fixed deposits at Dec-2025, BDT 50.56 crore (51%) sat with banks and NBFIs that are financially weak, that management is trying to recover them, and that it has started building a reserve, BDT 21.00 crore at Dec-2025 [1 p.73]. The reserve for unexpected losses is a lump-sum reserve, approved by the board's finance committee, to absorb losses on FDRs: BDT 45.0m at the start of 2024, BDT 67.1m at Dec-2024, BDT 210.0m at Dec-2025 and BDT 310.0m at Jun-2026 [1 p.158] [2 p.1].

The auditor puts the exposure higher and wider. Under 'Other Matters', Anil Salam Idris & Co. writes that deposits with banks and financial institutions, the BDT 9.85m investment in the UFS-Pragati Life Unit Fund and BDT 10.0m of advances to Jamuna Resort Limited together include BDT 505,627,496 that 'appear doubtful of recovery and may result in significant financial loss', against a provision of only BDT 210m under a board plan approved in 2025 to provide fully within five years; the opinion is not modified [1 p.136]. The gap, BDT 295.6m, is 3.8% of the Dec-2025 fund and 2.7 times the shareholders' share of the 2025 surplus [11]. The H1 2026 reserve addition of BDT 100m narrows it [2 p.3]. The filings do not list the weak banks and NBFIs by name in the pages we read.

The equity book has lost most of its cost. Listed and unlisted shares cost BDT 589.9m and had a market value of BDT 238.8m at Dec-2025, an unrealised loss of BDT 351.1m (59.5% of cost, 4.5% of the fund) [1 p.143] [11]. The fair-value change account carries a debit of BDT 354.6m [1 p.140], which the life fund statement adds back when computing the fund [1 p.144]; the auditor treats the account as a key audit matter [1 p.134]. Seven NBFI holdings, BIFC, FAS Finance, IDLC, ILFSL, LankaBangla, MIDAS and Phoenix Finance, cost BDT 199.8m against a market value of BDT 13.1m; BIFC alone cost BDT 115.7m against BDT 3.7m. A Fareast Life holding cost BDT 120.1m against a market value of BDT 15.6m [1 p.165]. By Jun-2026 the fair-value change account had improved to a BDT 297.3m debit [2 p.1].

Related parties are small in money but worth noting. The related-party note lists advances, a short-term loan of BDT 3.5m and interest receivable of BDT 2.7m with entities under common directorship, including Jamuna Resort Ltd. [1 p.179]; Pragati Life also holds unlisted Jamuna Resort shares at a cost of BDT 12.8m [1 p.165]. Its largest listed holding by market value is Pragati General Insurance, BDT 111.3m [1 p.165]. The company reports no contingent liabilities and eight bank guarantees totalling BDT 25.9m [1 p.179] [1 p.151]; income tax claims of BDT 163.6m are being contested [1 p.150].

Surplus and dividends: shareholders get exactly 10%; it doubled in 2025

Shareholders' earnings come from the actuarial valuation, done by the company's actuary Dr. Mohammad Sohrab Uddin as at each 31 December [1 p.131]. The total current-year surplus was BDT 1,095.5m in 2025 against BDT 537.0m in 2024 and BDT 381.4m in 2022 [11]. Shareholders received 10.0% of it in every year from 2020 to 2025 and policyholders the rest [3 p.80] [1 p.131] [11]. The shareholders' share was BDT 109.6m in 2025, double 2024's BDT 53.7m [1 p.131].

Policyholders did not receive all of their 2025 share as bonus. The actuary recommended a bonus cost of BDT 480.1m out of BDT 959.1m distributable, carrying forward BDT 478.9m, against BDT 0.4m carried forward a year earlier [1 p.131]. That carried-forward balance is a cushion for future bonus declarations; it does not belong to shareholders.

Reported EPS is the distributable shareholders' surplus, including the amount brought forward, divided by shares: BDT 3.82 for 2025 and BDT 1.95 for 2024 [1 p.131]. Our recompute gives 3.82 and 1.96; the company's 2024 figure appears truncated rather than rounded [11]. On the current-year share alone, EPS was BDT 3.37 in 2025 and BDT 1.65 in 2024 [11]. After the 10% bonus issue the share count is 35.80m, which makes the 2025 figure BDT 3.48 on the distributable basis [11].

Dividends have taken nearly all of the shareholders' share. The dividend was 12% of paid-up capital for 2020, 17% for 2021, 12% for 2022, 14% for 2023, 15% for 2024 and 25% for 2025 (15% cash and 10% stock) [3 p.80] [1 p.131] [1 p.74]. As a share of the current-year shareholders' surplus that was 91-102% for 2020-2024 and 74.3% for 2025 [11]. The cash part for 2025 is BDT 48.8m; the stock part capitalises BDT 32.5m and was explained by the board as funding building construction, a larger paid-up capital and investment [7]. The bonus shares were credited and the cash paid by 22-Sep-2026 [7]. The Insurance Act limits dividends to surplus shown by the actuarial valuation [1 p.86].

Ratios and peers: fastest growth and highest costs of three peers; multiples stated as facts

Ratios over ten years tell a consistent story: rising efficiency, rising persistency, and little left over until 2025. The expense ratio fell from a 2021 peak of 39.0% to 30.7%; the renewal ratio rose from 59.7% in 2017 to 77.7%; and the outgo ratio, claims plus expenses over premium plus investment income, fell to 77.0% in 2025 from 95.9% in 2023 [11]. Fund growth was below 5% in every year from 2019 to 2024 [11]. Operating cash flow over gross premium went from -6.0% in 2021 to 17.1% in 2025 [11].

Against peers, using each company's own KFI page for 2025: Pragati grew premium fastest (14.7% against 7.9% at DELTALIFE and 11.1% at NATLIFEINS), has the highest expense ratio, the lowest investment income relative to premium, and a reported yield on the fund of 8.18% against 9.45% and 9.18% [1 p.126] [5 p.17] [6 p.251] [11]. Its claims ratio, 52.8%, sits between NATLIFEINS (48.6%) and DELTALIFE (81.7%).

Market multiples, as facts: at BDT 130.0 on 29-Oct-2026 the market capitalisation is BDT 4,654m, 37.4 times bonus-adjusted distributable EPS of BDT 3.48 and 42.5 times the current-year basis; the FY2025 cash dividend is a 1.05% yield, and market cap is 0.52 times the Sep-2026 life fund [10] [11]. The company's own year-end P/E figures were 45.23x for 2021, 85.70x for 2022, 67.07x for 2024 and 38.50x for 2025 [3 p.80] [1 p.131]. The price fell 46.8% from its 52-week high [11]. We do not compute peer P/Es because the surplus bases differ.

2026 so far: premium +24% in H1, but the Q3 surplus fell 28%

The first half of 2026 extended 2025's pattern. Gross premium was BDT 3,788.9m, up 23.9%; claims BDT 2,060.2m, up 8.7%; management expenses BDT 1,101.5m, up 11.1% [2 p.2] [2 p.3] [11]. Interest, dividends and rents rose 12.8% to BDT 346.8m [2 p.2]. The fund added BDT 835.8m in six months and another BDT 256.3m of surplus came in the third quarter [2 p.4] [7]. Two cautions: single-premium business, which does not renew, made up BDT 147.5m of first-year premium [2 p.3], and the Q3 surplus was 28% lower than Q3 2025's [7].

Governance: dispersed ownership, late reporting and an auditor's warning on deposits

Ownership is dispersed. Sponsors and directors held 29.96% at Dec-2025, unchanged from a year earlier; the general public 46.67%, up from 42.93%; institutions 23.37%, down from 27.41% [1 p.157]. In July-August 2026 one sponsor, Imam Shahed Hossain, transferred 100,174 shares to another sponsor, Salim Rahman, through the block market [7]. Khalilur Rahman became chairman with effect from 29-Oct-2024 [7].

Reporting has been slow. The FY2024 accounts and the Q1 and Q2 2025 statements were all considered at one board meeting on 27-Jul-2025; the FY2025 accounts and the Q1 2026 statements on 21-Jun-2026, with the AGM on 13-Aug-2026 [7]. The FY2025 statements are dated 22-28 June 2026 [1 p.140] [1 p.142]. DSE news also records that the auditor included an emphasis-of-matter paragraph in the FY2024 report [7]; for FY2025 the auditor's opinion is unmodified, with the doubtful-exposure paragraph under Other Matters [1 p.133] [1 p.136].

Other governance items: Alpha Credit Rating assigned AA+ long-term and ST-1 short-term ratings with a stable outlook in Nov-2025, based on FY2024 accounts [7]. In Oct-2025 the company disclosed that its board had discussed joining a consortium applying for a digital bank licence and, if approved, taking 5% of a BDT 300 crore paid-up capital [7]. The company states that the Workers' Profit Participation Fund does not apply because its employees are managerial or administrative [1 p.148]. DSE queried unusual price moves twice in 2025, and the company said there was no undisclosed price-sensitive information [7].

What's next: the Q3 statements, the FY2026 valuation and the FDR provision plan

There is no forecast in this note. These are dated events that will show which way the lines move, each with its source.

Direction, from history only. The FY2026 accounts will show whether the 2025 claims ratio holds: H1 2026 claims grew 8.7% against premium growth of 23.9% [11], but the Q3 surplus fell to BDT 256.3m from BDT 354.8m [7]. Any further reserve charges under the board plan, which aims to provide adequately within five years but discloses no annual schedule, would reduce the life fund until the BDT 296m gap at Dec-2025 is covered or the deposits are recovered [1 p.136] [11]. Treasury yields drive investment income: the reported yield went from 5.82% in 2023 to 8.18% in 2025 as the book shifted into bonds [1 p.126]. LDC graduation, now 24-Nov-2029 after the UN General Assembly decision of 29-Oct-2026 [8] [9], touches the company only through rates and household incomes; nothing in its filings links it directly. The digital-bank stake, if it happens, would be about BDT 150m, roughly 2% of the fund [7] [11].

Risks: deposit recovery, the share book and group claims matter most

Each risk is tied to the line it moves and to the evidence in the filings.

Key questions: whether 2025 repeats, and whether the deposits come back

For shareholders, returns come from the 10% surplus share and from how much of it is paid in cash. In 2025 that share was BDT 109.6m, the cash dividend BDT 48.8m and the stock dividend BDT 32.5m [1 p.131] [1 p.74]. Earnings quality is tied to the claims and asset-quality lines above: a bigger FDR charge or a reversal in group claims reduces the surplus before the 10% is taken. These are facts about the business, not a view on the share price.

FAQ

How does Pragati Life Insurance earn its EPS?

EPS is the actuarial surplus available to shareholders, BDT 124.5m distributable for 2025 including BDT 14.9m brought forward, divided by 32.55m shares: BDT 3.82 [1 p.131].

How much of the surplus goes to shareholders?

10% of each year's surplus in 2020-2025; BDT 109.6m of BDT 1,095.5m in 2025 [1 p.131] [11].

How big is Pragati Life's life fund?

BDT 7,803m at Dec-2025, BDT 8,639m at Jun-2026 and BDT 8,895m at Sep-2026 (DSE-announced) [1 p.127] [2 p.1] [7].

What are the doubtful deposits?

The auditor says BDT 505.6m of deposits with banks and NBFIs, a unit fund and advances to Jamuna Resort appear doubtful of recovery, against a BDT 210m provision [1 p.136].

What dividend did Pragati Life pay for 2025?

15% cash and 10% stock, credited and paid by 22-Sep-2026 [1 p.74] [7].

Is Pragati Life within the IDRA expense limit?

Yes: BDT 2,052m against BDT 2,100m allowable in 2025, 2.2% under [1 p.126].

Sources

1. Pragati Life Insurance PLC Annual Report 2025 (year to 31-Dec-2025) · link · accessed 2026-11-01
2. Pragati Life Insurance PLC unaudited statements, six months to 30-Jun-2026 · link · accessed 2026-11-01
3. Pragati Life Insurance Ltd. Annual Report 2022 (abstract of actuarial valuation 2020-2022) · link · accessed 2026-11-01
4. Pragati Life Insurance Ltd. Annual Report 2020 (financial highlights 2016-2020) · link · accessed 2026-11-01
5. Delta Life Insurance Company Ltd. Annual Report 2025 (Key Financial Indicators) · link · accessed 2026-11-01
6. National Life Insurance PLC Annual Report 2025 (Key Financial Indicators) · link · accessed 2026-11-01
7. Dhaka Stock Exchange company news archive for PRAGATILIF, 1-Nov-2024 to 1-Nov-2026 (company disclosures, incl. Q3 2026 figures posted 1-Nov-2026) · link · accessed 2026-11-01
8. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
9. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
10. AnalystBro price data (TradingView feed): DSE:PRAGATILIF, DSE:DELTALIFE, DSE:NATLIFEINS daily bars to 29-Oct-2026; PRAGATILIF bars before 15-Jul-2026 adjusted for the 10% bonus · link · accessed 2026-11-01
11. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01