Prime Islami Insurance financial analysis: combined ratio 76.6%, operating cash flow Tk (121.6)m (Oct 2026)

Investment considerations: 2025 EPS Tk 1.98, combined ratio 76.6%, gross premium down 24.5%, unmodified opinion with two emphasis paragraphs

Updated 3-Nov-2026: added the business model and industry forces, gross premium by class for 2024 and 2025, IDRA market share (2.54% of 2024 non-life premium, sixth of 46 including SBC), our S.R.O. 280/2018 management-expense limit next to IDRA's industry actual-versus-allowed figures, the 2021 commission suspension, the FDR yield next to Bangladesh Bank deposit, T-bill and policy rates, the third-quarter 2026 revenue lines with a bridge of the nine-month commission saving, derived fourth quarters for 2024 and 2025, the 2025 re-statement, five years of DSE events and a key-driver table. Earlier figures are unchanged.

What it is. Prime Islami Insurance PLC (DSE: PRIMEINSUR) was incorporated as a public limited company on 21 March 1996 and carries on non-life insurance business through 44 branches, per note 1 [1 p.219]. It was renamed from Prime Insurance Company Limited; the RJSC certificate is dated 20 January 2026, DSE approved the change with effect from 29 January 2026 and IDRA issued its registration certificate on 18 February 2026 [1 p.219] [25]. Paid-up capital is Tk 408,774,980 in 40,877,498 shares of Tk 10 [1 p.207]. Sponsors and directors held 31.75% at 31-Dec-2025, institutions 19.11% and the public 49.14% [1 p.229]. The revenue accounts cover fire, marine cargo, marine hull, motor and miscellaneous business [s1 p.212,213,214,215,216].

Where it stands. Gross premium was Tk 1,160.8m in 2025 and Tk 1,536.8m in 2024; net premium (gross premium less re-insurance ceded) was Tk 609.3m and Tk 687.6m [1 p.211]. The operating profit transferred from the revenue accounts was Tk 143.4m in 2025 and Tk 147.8m in 2024 [1 p.211]. Profit before tax was Tk 108.5m and profit after tax Tk 81.0m, EPS Tk 1.98; the 2024 figures were Tk 135.4m, Tk 84.0m and Tk 2.05 [s1 p.209,210]. On the one combined-ratio definition used for every insurer in this note the 2025 ratio was 76.6% and the 2024 ratio 74.3% [28]. PKF Aziz Halim Khair Choudhury (Dr. Jamshed S A Choudhury FCA) gave an unmodified opinion dated May 14, 2026, with two emphasis-of-matter paragraphs and three key audit matters [s1 p.203,204,206].

Earnings mix. Investment and other income was Tk 39.7m in 2025, after interest income of Tk 39.3m, a realised gain on shares of Tk 0.6m and a fair-value decrease on shares of Tk -10.2m [1 p.241]. Investment and other income was 36.6% of profit before tax in 2025 and 38.4% in 2024 (derived) [28]. The third-quarter 2026 statements print nine-month 2026 EPS of Tk 2.03 against Tk 2.00 (re-stated) for 2025, and NAV per share of Tk 21.61 at 30-Sep-2026 [s6 p.1,2].

• On what terms are the Tk 13.7m of FDRs with non-bank financial institutions held? Note 24.02 prints Tk 13,696,342 under 'FDR with NBFI'; the auditor's FDR key audit matter names 'potential impairment, particularly in cases where deposits are placed with financially unstable institutions'.
• What is the basis for carrying 1,407,056 BEXIMCO shares at the same fair value, Tk 154.9m, at 31-Dec-2025 and 31-Dec-2024? Note 19.01 prints the two values; it gives no basis.
• Is a WPPF implementation date disclosed? Note 2.07(iv) states the company 'is yet to decide' and that a decision on the Labour Act amendment is pending.
• Did the 15-Jun-2026 AGM approve Ms. Naima Sultana FCA as independent director? The AGM agenda lists the approval; the DSE archive to 1-Nov-2026 has no post on the outcome.
• Is the 2026 move of share fair-value changes to a fair value reserve carried into the 2026 annual accounts? The second-quarter 2026 notes describe the change; the annual accounts are not in the corpus at 1-Nov-2026.

Business: fire was 46.9% of 2025 gross premium and marine cargo 43.8% of net premium

Business model. Prime Islami sells non-life cover: fire, marine cargo, marine hull, motor and miscellaneous, the last including engineering, cash-in-transit, bankers' blanket bond, health and Hajj & Umrah policies [1 p.20]. In 2025 it wrote Tk 1,052.1m of premium on direct business and Tk 108.6m of public-sector business (PSB) shared through Sadharan Bima Corporation (SBC); it accepted no re-insurance [1 p.243]. It earns underwriting profit after ceding Tk 551.4m (47.5% of gross premium, derived) to re-insurers, for which it received Tk 123.8m of commission, including Tk 12.7m of profit commission [s1 p.211,249] [28]. It also earns interest on FDRs and treasury bonds, dividends and office rent (Tk 39.7m in 2025) [1 p.241]. Business comes through 42 branches per the company profile (44 per note 1 of the 2025 accounts; 45 per note 2 of the Q3 2026 statements) and, until 2025, through agents paid Tk 158.3m of commission [s1 p.20,219] [6 p.5] [1 p.211]. Its main inputs are staff (salaries Tk 239.7m in 2025) and re-insurance capacity; customer names, policy counts and the re-insurer panel are not disclosed (searched p.20, p.231, p.243, p.249) [1 p.243]. It is funded by equity of Tk 930.4m and unexpired-risk reserves of Tk 274.4m, with no borrowing line on the balance sheet [1 p.207]. Sponsors and directors held 31.75% at 31-Dec-2025; no single controlling holder is named [s1 p.20,229].

Industry forces. Rivalry: IDRA's 2024 table lists 46 non-life insurers including SBC; Prime Islami ranked sixth with 2.54% of gross premium (Exhibit below) [89]. Suppliers: re-insurance is bought from SBC and foreign re-insurers, to whom Tk 111.0m was owed at 31-Dec-2025 [1 p.231]. Buyers: customer concentration is not disclosed. Entry barriers: an IDRA licence and the Insurance Act, 2010 [1 p.219]. Substitutes: none disclosed. Prices: a management-expense ceiling applies under S.R.O. 280/2018 (section 2) [91]; premium tariffs are not printed in the report (searched p.20, p.94).

Five classes. In 2025 fire carried gross premium of Tk 544.0m (46.9% of the total), marine cargo Tk 404.3m (34.8%), miscellaneous Tk 143.3m (12.3%), motor Tk 67.2m (5.8%) and marine hull Tk 1.9m (0.2%) [1 p.249] [28]. After re-insurance, marine cargo carried 43.8% of net premium and fire 33.4% [1 p.243] [28]. Retention (net over gross premium) was 37.4% for fire, 65.9% for marine cargo and 99.6% for motor (derived) [28].

Class results. One of the five classes transferred a loss in 2025: marine hull (Tk -0.2m) [1 p.211]. In 2024 two classes transferred a loss, fire (Tk -5.0m) and miscellaneous (Tk -6.3m) [1 p.211]. Marine cargo transferred Tk 97.8m in 2025 and Tk 138.7m in 2024 [1 p.211]. On the house definition the 2025 combined ratio was 84.3% for fire, 64.8% for marine cargo, 80.3% for motor and 95.2% for miscellaneous (derived) [28]. The class figures in taka add to the printed totals; after rounding to one decimal some rows differ from the printed total by Tk 0.1m [28].

Five years of premium. Gross premium was Tk 715.6m, Tk 1,179.5m, Tk 1,333.3m, Tk 1,536.8m, Tk 1,160.8m for 2021-2025 and net premium Tk 327.1m, Tk 515.9m, Tk 609.7m, Tk 687.6m, Tk 609.3m [4 p.200] [3 p.199] [1 p.211]. Retention was 45.7%, 43.7%, 45.7%, 44.7%, 52.5% in the same years (derived) [28]. The reserve for unexpired risk is made at 40% of net premium for fire, marine cargo, motor and miscellaneous and 100% for marine hull, per note 2.08 [1 p.226]. Premium on public-sector business (PSB) was Tk 108.6m of the 2025 gross premium [1 p.243].

Where the premium fell. Fire gross premium fell to Tk 544.0m from Tk 866.9m and miscellaneous to Tk 143.3m from Tk 202.2m; together Tk 381.7m, more than the Tk 376.0m total fall, while marine cargo rose to Tk 404.3m [2 p.240] [1 p.249]. Fire re-insurance ceded fell to Tk 340.6m from Tk 639.0m [2 p.240] [1 p.249]. The report gives no reason for the fall (searched the directors' report p.43 and notes p.243, p.249); a DSE post of 29-Oct-2025 gave 'decreased of gross premium income' as a reason for lower nine-month cash flow [25].

Market share. IDRA's table gives Prime Insurance Tk 133.33 crore of gross premium in 2023 (2.24%) and Tk 153.68 crore in 2024 (2.54%), sixth of 46 insurers including state-owned SBC in both years by our ranking of the printed premiums [89] [28]. Both figures match the company's revenue accounts to within Tk 0.01 crore [3 p.199] [1 p.211]. IDRA company data for 2025 and class-wise shares (including marine cargo) are not in our data at 3-Nov-2026.

Distribution and staff. Agency commission was Tk 158.3m in 2025 and Tk 218.1m in 2024 [1 p.211]. Employees' salary and allowances, shown within management expenses, were Tk 239.7m in 2025 and Tk 324.8m in 2024 [1 p.243]. The chief executive officer's pay was Tk 6,675,000 in 2025 and top executives' Tk 21,770,102, per note 32 [1 p.243]. DSE posted on 14-May-2026 the company's explanation that first-quarter 2026 EPS increased 'due to decreased of agent Commission expenses & decreased of Claim payment' [25].

Underwriting: combined ratio 76.6% in 2025 and 74.3% in 2024; net claims 14.9% of net premium

One definition. The combined ratio in this note is net claims plus revenue-account management expenses plus agency commission, less commission earned on re-insurance ceded, over net premium [28]. Prime Islami's claims line is printed as 'Claims Under Policies less Re-Insurance', so re-insurance recoveries are netted into claims [1 p.211]. Its commission line includes profit commission of Tk 12.7m and commission on PSB of Tk 11.6m [1 p.249]. No separate stamp line is printed in the revenue account [1 p.211]. For 2025 the inputs are Tk 90,743,768, Tk 341,446,838, Tk 158,321,760 and Tk 123,819,318 over Tk 609,329,415, which gives 76.6% [1 p.211] [28].

Five years of ratios. The combined ratio was 62.0%, 52.8%, 62.5%, 74.3%, 76.6% for 2021-2025 [28]. It rose in 3 of the four year-on-year steps [28]. The highest of the five years was 2025 and the lowest 2022 [28]. Net claims were 8.8%, 0.3%, 4.5%, 8.5%, 14.9% of net premium in the same years; management expenses were 72.3%, 55.1%, 57.7%, 61.3%, 56.0% and commission on re-insurance ceded 30.9%, 34.4%, 30.4%, 27.3%, 20.3% [28]. The underwriting margin (printed operating profit from the revenue accounts over net premium) was 16.6%, 32.4%, 31.3%, 21.5%, 23.5% [28].

2021 commission. Agency commission was Tk 38.8m in 2021 (11.9% of net premium) and Tk 164.5m in 2022 (31.9%), while revenue-account management expenses fell from 72.3% to 55.1% of net premium [4 p.200] [3 p.199] [28]. A peer, Pioneer Insurance, disclosed to DSE on 26-Jul-2022 that IDRA circular 84/2021 of 4-Feb-2021 suspended agency commission until it was re-introduced on 24-Oct-2021 [96]. Prime Islami's filings do not mention the circular or link it to the 2021 figure (searched AR2022 revenue account p.200 and notes). 2021 is therefore a low-commission year; whether any expense was re-classified between the two lines is not disclosed.

Claims by class. Net claims rose to Tk 90.7m in 2025 from Tk 58.5m: fire Tk 39.8m (2024: Tk 14.4m), marine cargo Tk 3.7m (Tk 16.2m), motor Tk 25.8m (Tk 21.4m) and miscellaneous Tk 21.3m (Tk 6.4m) [2 p.240] [1 p.249]. Re-insurance recoveries on claims were Tk 62.3m in 2025 against Tk 49.9m in 2024 [1 p.249] [2 p.240]. Large individual losses are not disclosed (searched note 29 and p.249).

Underwriting check. The model's check (net premium plus re-insurance commission plus opening unexpired-risk reserve, less closing reserve, net claims, agency commission and management expenses) reproduces the printed operating profit to the taka in 2021, 2022, 2024 and 2025; for 2023 it gives Tk 191,059,651 against the printed Tk 191,059,652 [3 p.199] [28]. Management expenses not charged to any class (the profit-and-loss account) were Tk 74.6m in 2025 and Tk 64.4m in 2024, incl. depreciation of Tk 49.6m [1 p.209].

Outstanding claims. The estimate of outstanding claims at 31-Dec-2025 was Tk 31.8m: fire Tk 10.3m, marine Tk 14.0m, motor Tk 3.6m and miscellaneous Tk 4.0m [1 p.231]. It was Tk 30.6m at 31-Dec-2024 [1 p.231]. Claims paid less re-insurance were Tk 89.5m in 2025 and Tk 68.3m in 2024 [1 p.242]. Gross claims paid were Tk 155.4m, of which re-insurers' loss recoveries of Tk 62.3m and PSB recoveries of Tk 3.6m were deducted [1 p.249]. The auditor made the estimate a key audit matter [1 p.204].

Expense limit. The 2018 rules cap management expenses at agents' commission plus a slab percentage of premium written directly in Bangladesh: 35% of the first Tk 15 crore of fire and other premium (26% marine), falling to 22% (16%) above Tk 120 crore [91]. Applying the slabs to Prime Islami's 2025 direct premium of Tk 1,052.1m gives our limit of Tk 282.6m before commission; revenue-account management expenses of Tk 341.4m were 120.8% of it, and 147.2% with the Tk 74.6m charged in the P&L [s1 p.243,209,211] [28]. This is our computation, not an IDRA or company figure: the rule does not say whether slabs apply per class, and the expenses include PSB business. The annual report states no limit and no compliance figure (searched p.94, p.219-249). IDRA's own industry figures show actual expenses of Tk 1,123.28 crore against Tk 1,132.22 crore allowed in 2022 (unaudited) and above the limit in 2018 [90]; IDRA does not publish company-wise compliance there.

Investments and cash: FDRs fell to Tk 285.5m, listed shares Tk 211.1m at fair value, BEXIMCO 73.4% of them

Deposits. Cash and cash equivalents were Tk 357.1m at 31-Dec-2025: FDRs Tk 285.5m, cash at bank Tk 68.6m and cash in hand Tk 3.0m [1 p.208]. At 31-Dec-2024 the three lines were Tk 490.6m, Tk 47.4m and Tk 2.8m [1 p.208]. FDRs were 13.9% of total assets at 31-Dec-2025 and 23.7% a year earlier (derived) [28]. Note 24.02 splits the FDRs into Tk 271,758,087 with banks and Tk 13,696,342 with non-bank financial institutions, against Tk 466,700,000 and Tk 23,896,342 a year earlier [1 p.240]. The cash flow statement shows a net FDR decrease of Tk 205.1m in 2025 [1 p.218].

Listed shares. Note 19.01 prints listed shares at a cost of Tk 268,327,579 and a fair value of Tk 211,143,585 at 31-Dec-2025, a difference of Tk -57.2m [1 p.236] [28]. The largest line is 1,407,056 BEXIMCO shares at a cost of Tk 142,498,566 and a fair value of Tk 154,916,866; the 31-Dec-2024 fair value is printed as Tk 154,916,865 [1 p.236]. Other lines include 763,721 Prime Life shares at a fair value of Tk 25,202,793, bought in 2025, and 616,479 Baraka Power shares at Tk 4,130,409 against a cost of Tk 19,961,590 [1 p.236]. Investment at fair value was 23.2% of equity at 31-Dec-2025 (derived) [28].

Fair-value accounting. Note 19.03 states that 'investment in securities has been presented in accordance with fair value through profit or loss' and that the fluctuation fund reached Tk 57,183,994 at 31-Dec-2025, up from Tk 46,971,249 [1 p.237]. The 2025 profit-and-loss account carries a fair-value decrease of Tk -10.2m; 2024 carried an increase of Tk 23.5m and a realised loss on shares of Tk -36.8m [1 p.241]. The second-quarter 2026 statements state that under IFRS 9 the gain or loss on shares until disposal 'is required to show as fair value reserve' and that 2025 figures were 'rearranged accordingly' [5 p.5]. They re-present the 31-Dec-2025 fair value reserve as Tk -57.2m; the reserve moved by Tk -74.5m in January-June 2026, equal to the gross change in fair value printed in other comprehensive income, to Tk -131.7m at 30-Jun-2026 [s5 p.1,2,4]. The third-quarter 2026 statements print the reserve at Tk -146.3m at 30-Sep-2026 and investment at fair value of Tk 118.1m [6 p.1]. Investment at fair value was Tk 134.8m at 30-Jun-2026 [5 p.1].

BEXIMCO and Prime Islami Life. Note 19.01 prints 1,407,056 BEXIMCO shares at a fair value of Tk 154,916,866 at 31-Dec-2025 and Tk 154,916,865 at 31-Dec-2024 [1 p.236]. The basis for an unchanged value is not disclosed (searched notes 19.01-19.03 p.236-237); the interims give no holding-level values [s6 p.1-8]. The same note shows a new holding of 763,721 Prime Islami Life shares bought at Tk 28,237,906 (fair value Tk 25,202,793) [1 p.236]. Whether it is a related-party purchase is not disclosed: Q3 2026 note 15 lists only Ramisha Group (common director; premium Tk 0.2m) and does not list Prime Islami Life [6 p.8].

2026 fair-value loss. Investment at fair value fell to Tk 118.1m at 30-Sep-2026 from Tk 215.7m [6 p.1]. The nine-month statement prints a Tk -104.8m change in fair value of shares available for sale and Tk 15.7m of deferred tax on it, an other comprehensive loss of Tk -89.1m; the fair value reserve moved to Tk -146.3m from Tk -57.2m [s6 p.2,4]. The holdings behind the loss are not disclosed in the interim (searched p.1-8). NAV per share fell to Tk 21.61 from Tk 22.76: profit after tax Tk 83.2m, the 2025 dividend Tk -40.9m, the Tk -89.1m loss and a Tk -0.4m change in the CSR fund [s6 p.2,3,4].

Treasury bonds and fixed assets. Treasury bonds held as statutory deposit rose to Tk 61.9m from Tk 25.0m; the cash flow statement shows Tk 36.9m invested in 2025 [1 p.235] [1 p.218]. Property, plant and equipment was Tk 415.3m at 31-Dec-2025, of which the Unique Heights floor space Tk 205.1m, the Mollah Tower building Tk 102.8m and motor cars Tk 63.4m [1 p.234]. Office rent income was Tk 6.0m in 2025 [1 p.241].

Yield. Interest on FDRs fell to Tk 34.2m in 2025 from Tk 49.8m, 8.8% of the average FDR balance (derived) [s1 p.241,208] [28]. Bangladesh Bank's weighted-average deposit rate was 6.31% at end-June 2025, the T-bill yield averaged 10.75% in 2025, and the policy rate was 10.00% at 31-Dec-2025, cut to 9.50% effective 30-Jul-2026 [93] [92]. The bases differ and are not like for like. The FDRs were drawn down by Tk 205.1m in 2025; the same year's cash flow shows an operating outflow of Tk 121.6m, treasury bonds Tk 36.9m, shares (net) Tk 27.9m, fixed assets Tk 17.6m and dividends Tk 42.2m [1 p.218]. Nine-month 2026 interest income was Tk 12.6m against Tk 29.0m [6 p.8].

Cash flow. Collections from premium and others were Tk 1,297.9m in 2025 and payments for management expenses, re-insurance and claims Tk 1,241.8m; income tax, VAT, stamp and other payments were Tk 177.8m [1 p.218]. Net cash from operating activities was Tk -121.6m [1 p.218]. Note 35 states that 'Cash flow per share decreased at the same period of preceding year due to payment of provisional expenses ie Reinsurance ceded premium, Current tax, claims and others due payable expenses during the year.' [1 p.244] Investing activities generated Tk 185.4m, incl. the FDR decrease of Tk 205.1m, and financing activities used Tk 42.2m [1 p.218].

Operating cash in 2026. Net operating cash flow was Tk (11.4)m for January-September 2026 against Tk (79.0)m; the reconciliation shows Tk -152.8m from the increase in advances, deposits and prepayments and Tk 49.2m from amounts due from insurers, and the statement prints the reason 'non payment of provisional expenses' [s6 p.3,7,8]. Income tax, VAT and stamp paid were Tk 93.3m [6 p.3]. In 2025 collections were Tk 1,297.9m against payments for management expenses, re-insurance and claims of Tk 1,241.8m and tax, VAT and stamp of Tk 177.8m (2024: Tk 1,784.0m, Tk 1,654.6m, Tk 181.8m) [1 p.218]. Amounts due from insurers rose by Tk 54.2m and sundry debtors by Tk 65.3m in 2025 (derived) [1 p.207]. Re-insurance premium paid is not shown separately.

Ratios: return on average equity 8.9% in 2025, equity 45.2% of total assets

Returns. Return on average equity was 12.5%, 12.0%, 9.6%, 8.9% for 2022-2025 (derived) [28]. The five-year table prints return on equity of 10.78%, 12.19%, 11.59%, 9.43% and 8.70% for 2021-2025 on its own basis [1 p.155]. Equity was 43.6%, 40.2%, 42.5%, 43.1%, 45.2% of total assets at the five year-ends (derived) [28]. EPS was printed as Tk 2.01, 2.38, 2.43, 2.05 and 1.98 for 2021-2025 on 40,877,498 shares [1 p.155].

Tax. The 2025 income tax expense was Tk 27.5m: current tax Tk 29.6m and deferred tax income of Tk -2.1m [1 p.209]. The effective rate (1 minus profit after tax over profit before tax) was 11.2%, 35.4%, 25.4%, 38.0%, 25.3% for 2021-2025 (derived) [28]. Note 15 records an adjustment of Tk 15,669,455 for assessment year 2018-2019 against both the provision and the advance tax [1 p.232] [1 p.237]. The provision exceeded advance tax by Tk 32.7m at 31-Dec-2025 (derived) [28].

Reserves. The reserve for exceptional losses was Tk 460.6m at 31-Dec-2025, after a transfer of Tk 36.6m; note 7 states the transfer was 6.00% of net premium [s1 p.229,230]. The 2024 report gives 5.50% for the 2024 transfer of Tk 37.8m [2 p.220]. A CSR fund of Tk 7.6m was carried in equity [1 p.207].

Each ratio is computed in the model from printed taka figures; the 2021 profit after tax is the Tk 82.12m of the five-year table [1 p.155] [28].

Balance sheet and audit: unmodified opinion, two emphasis paragraphs, three key audit matters

The opinion. The auditor's report has an 'Opinion' paragraph, a 'Basis for Opinion' paragraph and an 'Emphasis of Matter' section [1 p.203]. The opinion paragraph reads: 'In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), the Companies Act 1994, the Insurance Act 2010, the insurance Rules 1958, the Securities and Exchange Rules 1987 and other applicable laws and regulations.' [1 p.203]. The opening paragraph names the 'Statement of Financial Position as at 31 December 2025' [1 p.203]. The basis paragraph reads: 'We conducted our audit in accordance with International Standards on Auditing (ISAS), our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [1 p.203]. The report is dated May 14, 2026, signed by Dr. Jamshed S A Choudhury FCA, Senior Partner, PKF Aziz Halim Khair Choudhury, DVC: 2605140363AS405823 [1 p.206]. DSE posted emphasis-of-matter notices on 19-May-2025 for 2024 and 2-Jun-2026 for 2025 [25].

Company explanations. Note 2.15 states: 'Insurance industry in Bangladesh is highly regulated by the IDRA and others regulatory bodies. However, as of now, none of these regulators have initiated any action plan regarding the adoption of this IFRS in Bangladesh. Management is currently assessing the future adoption of this IFRS.' [1 p.227] Note 2.07(iv) states that the Bangladesh Association of Publicly Listed Companies has asked ministries to amend Chapter 15 of the Labour Act and 'Since the decision is pending, Prime Islami Insurance PLC is yet to decide about the implementation of WPPF.' [1 p.226]

Due from and due to insurers. Note 22 prints Tk 319.6m receivable as 'Co-insurance premium receivable from SBC & other insurance companies' at 31-Dec-2025 (31-Dec-2024: Tk 265.4m) [1 p.238]. The receivable was 34.4% of equity at 31-Dec-2025 and 29.8% a year earlier (derived) [28]. Note 12 prints Tk 111.0m payable to Sadharan Bima Corporation, foreign re-insurers and other insurers [1 p.231]. Sundry debtors rose to Tk 146.2m from Tk 80.9m; their premium collection control account was Tk 134.1m [1 p.239].

Note 22 prints the Tk 319.6m receivable as one line; its split between SBC and private insurers, its ageing and any provision are not disclosed (searched notes 12 and 22, p.231, p.238) [1 p.238]. Tax: note 20 shows tax still being paid for assessment years 2015-16 to 2021-22 and a Tk 15.7m adjustment for 2018-19; the amount in dispute is not disclosed (p.237) [1 p.237].

Footing. The asset lines add to the printed totals of Tk 2,067,796,422 and Tk 2,059,968,080; the liability lines and equity add to the same totals [s1 p.207,208] [28]. Rounded rows differ from the totals by up to Tk 0.1m.

Equity movements. Equity rose to Tk 930.4m from Tk 890.7m in 2025: profit after tax Tk 81.0m, the 2024 cash dividend Tk -40.9m and an adjustment of Tk -0.4m printed in the CSR-fund column [1 p.217]. NAV per share was Tk 22.76 and Tk 21.79 [1 p.208]. The second-quarter 2026 statements print equity of Tk 867.8m and NAV per share of Tk 21.23 at 30-Jun-2026 [5 p.1].

Printed conflicts. Seven pairs of printed statements disagree. (1) The auditor's opinion paragraph refers to 'the financial position of the company as at 31 December 2024', and the opening paragraph of the same report to the 'Statement of Financial Position as at 31 December 2025' [1 p.203]. (2) Note 1.03 states the 2025 statements 'were authorized for issue on April 30, 2026' and note 37 gives the 404th board meeting of 30 April 2026; the statements carry the date 'May 14, 2026' beside the signatures [1 p.219] [1 p.245] [1 p.207]. (3) The IDRA compliance annexure records 'Total number of Directors 10 (including 2 Independent Directors)' at the report date [1 p.133]; the board attendance table lists 11 names who served during 2025, two of them marked as resigned [1 p.130]. (4) On p.130 the board attendance table lists 11 names with 113 attendances; the remuneration table on the same page lists 12 names, incl. 'Ms. Masuda Sultana, ACA, FCS' (1 board, 1 audit), with 114 board attendances; Ms. Naima Sultana FCA, independent director on the shareholding page and audit committee chairman in the audit committee report, appears in neither table [1 p.130] [1 p.131] [1 p.102]. (5) The audit committee report and the NRC report each state 'All members of the Committee attended in the meeting' [1 p.102] [1 p.104]; the p.130 remuneration table records 3 audit attendances for Mr. Mohammad Abdullah and 1 for Mr. Md. Ashaduzzaman against 4 audit meetings, and 1 NRC attendance for Mr. Md. Ashaduzzaman against 2 NRC meetings [1 p.130] [1 p.242]. (6) The second-quarter 2026 statement of comprehensive income prints deferred tax of Tk 13.2m on the fair-value loss; the statement of changes in equity moves the fair value reserve by the gross Tk -74.5m, and equity at 30-Jun-2026 ties on the gross amount [s5 p.2,4] [28]. (7) The 2021 AGM notice gives the record date as 'June 12, 2022'; the 2023 report's financial calendar gives July 07, 2022 for the same year [19 p.6] [3 p.185].

Recent quarters: nine-month 2026 EPS Tk 2.03, NAV per share Tk 21.61 at 30-Sep-2026

2026 to September. The third-quarter 2026 statements, approved at the 411th board meeting on 29 October 2026, print EPS of Tk 0.74 for July-September 2026 against Tk 0.93 for 2025 (re-stated), and Tk 2.03 for January-September 2026 against Tk 2.00 [s6 p.2,5]. Nine-month profit after tax was Tk 83.2m against Tk 81.7m, and net premium income Tk 462.0m against Tk 527.4m [6 p.2]. The agent commission line is printed as a dash for January-September 2026 and Tk -110.8m for 2025 [6 p.2]. NOCFPS was Tk (0.28) for the nine months against Tk (1.93), and NAV per share Tk 21.61 at 30-Sep-2026 against Tk 22.76 at 31-Dec-2025 [s6 p.1,3]. Other comprehensive loss was Tk -89.1m for the nine months, and total comprehensive income Tk -5.9m [6 p.2]. Equity was Tk 883.2m and outstanding claims Tk 32.7m at 30-Sep-2026 [6 p.1]. DSE posted the same EPS, NOCFPS and NAV figures on 1-Nov-2026, and EPS of Tk 0.79 for January-March 2026 and Tk 0.51 for April-June 2026 [25].

Where the commission saving went. Agent commission fell by Tk 110.8m in the nine months, and re-insurance commission rose by Tk 15.4m [6 p.2]. Against that, net premium fell by Tk 65.3m as re-insurance ceded rose to Tk 364.1m from Tk 303.8m, net claims rose by Tk 49.4m and allocable management expenses by Tk 14.7m; the unexpired-risk reserve released Tk 19.4m against a Tk 5.0m charge [6 p.2] [28]. Underwriting profit rose by Tk 21.1m to Tk 98.3m; investment and other income fell by Tk 8.3m and tax rose by Tk 11.4m, leaving profit after tax up Tk 1.5m [6 p.2]. The company's DSE post of 14-May-2026 gave 'decreased of agent Commission expenses' as a reason for higher first-quarter EPS [25]. IDRA Circular No. Non-Life 109/2025 of 23-Dec-2025 suspended all individual agent licences of non-life insurers from 1-Jan-2026 and cancelled circular 84/2021 [97]; the company's statements do not cite it (searched Q1-Q3 2026 notes).

Re-stated 2025 quarters. DSE's 2025 posts gave EPS of Tk 0.46 for April-June 2025, Tk 1.07 for January-June, Tk 0.98 for July-September and Tk 2.05 for January-September [25]. The 2026 posts print the same 2025 periods as Tk 0.55, Tk 1.16, Tk 0.93 and Tk 2.00, each marked re-stated [25]. The second-quarter 2026 statements print January-June 2025 profit after tax of Tk 47.2m '(Re-stated)' and January-June 2026 profit after tax of Tk 53.0m [5 p.2]. They print net premium income of Tk 306.2m for January-June 2026 against Tk 359.1m for 2025 [5 p.2].

Derived fourth quarter. FY2025 EPS of Tk 1.98 less nine-month 2025 EPS of Tk 2.05 as first posted gives a derived October-December 2025 EPS of Tk -0.07 [1 p.210] [25] [28]. Both figures carry share fair-value changes through profit and loss, the 2025 basis [1 p.237]. This note gives no trailing figure on the 2026 basis, which moves those changes to a reserve [5 p.5].

Three fourth quarters. On DSE posts, fourth-quarter EPS was Tk 0.04 for 2023 (Tk 2.43 for the year less Tk 2.39 for nine months), Tk -0.15 for 2024 and Tk -0.07 for 2025 on the first-posted nine months, which share the full year's basis (all derived); FY2025 includes a Tk -10.2m share fair-value change in profit while the re-stated nine months exclude fair-value changes, so the Tk -0.02 on the re-stated nine months mixes two bases [94] [95] [25] [1 p.210] [17 p.2] [6 p.2]. In 2025 the full-year net claims of Tk 90.7m are below the Tk 112.3m printed for the nine months, so the derived fourth quarter shows negative net claims; the report does not explain the difference [1 p.211] [6 p.2]. The re-statement moved the share fair-value change out of profit: first-posted nine-month 2025 investment income was Tk 38.3m and profit after tax Tk 83.7m, re-stated Tk 35.9m and Tk 81.7m; note 6.02 says 'until disposal of shares traded in the stock market, Loss/gain is required to show as fair value reserve' [17 p.2] [s6 p.2,5]. Salaries fell to Tk 239.7m from Tk 324.8m in 2025; headcount and the reason are not disclosed (searched note 31 p.243 and the directors' report) [1 p.243].

These are unaudited figures as posted. The 2025 nine-month row is the sum of the quarters as first posted to within Tk 0.01 (Tk 0.61 + 0.46 + 0.98 = Tk 2.05) [28]. DSE's 2026 posts gave NAV per share of Tk 23.55 at 31-Mar-2026 and Tk 21.23 at 30-Jun-2026 [25].

Governance and dividends: 10 directors incl. 2 independent, 12 board meetings, 10% cash dividend for 2025

Board. The board statement says the board 'is comprised with 10 members as on 31 December 2025' [1 p.107]. The shareholding page lists ten directors: eight nominated or shareholder directors and two independent directors, Mr. Md. Nurul Islam Mollah and Ms. Naima Sultana FCA [1 p.131]. The board met 12 times in 2025; the 11 names in the attendance table attended 113 of 116 meetings they were eligible for, and 8 attended every one [1 p.130] [28]. Ms. Naima Sultana FCA's profile states she was appointed in the 403rd board meeting for three years and is 'the first female Independent Director of the Company' [1 p.30]. The board statement says her appointment 'will be approved in the 30th Annual General Meeting' [1 p.107].

Nominations and group positions. The shareholding page records Mohammad Sahadet Hossain PhD as nominated director of Fareast Securities Limited, Mr. Masud Hawlader of M/s Meheka Enterprise, Mr. Mohammad Abdullah of Rimsha Bd. Ltd., Mr. Md. Imran Hasan of M/S. Soha Enterprise, Ms. Rabeya Begum (printed 'Befum') of Ramisha Bd. Ltd. and Mr. Md. Ashaduzzaman of M/S. Soyon Traders; Mr. Md. Salim Mahmud holds 8,58,817 shares and Mr. Md. Mahabubur Rahman 1,200,275 [1 p.131]. Rimsha Bd Ltd. appears twice in the related-parties list, with 8,23,508 shares (2.01%) and 15,00,000 shares (3.67%) [1 p.131]. Mr. Md. Ashaduzzaman's profile states 'He is also a director of Prime Islami Life Insurance Company Limited' [1 p.27]. Mr. Mohammad Abdullah's profile names him Proprietor and CEO of Bulbul Textile Industries and Unique Cotton and a director of Bulbul Textile Industries Ltd. [1 p.26]. Note 38 lists one related party, 'Ramisha Group', relationship 'Common Director', with premium earned of Tk 1,500,837 [1 p.245]. DSE posted on 29-Sep-2026 that director M/S Soha Enterprise completed a purchase of 220,000 shares [25].

Committees. The board statement lists seven committees: Executive, Audit, Nomination & Remuneration, Risk Management, Policyholder Protection & Compliance, Claims & Re-insurance and Investment [1 p.109]. Members are printed for two of them. The audit committee report lists six members: Ms. Naima Sultana FCA (Chairman), Mr. Mohammad Abdullah, Mr. Salim Mahmud, Mr. Md. Nurul Islam Mollah, Ms. Rabeya Begum and Mr. Md. Masud Hawlader; four meetings in 2025 [1 p.102]. The NRC report lists six members: Mr. Md. Nurul Islam Mollah (Chairman), Mr. Mohammad Sahadet Hossain Ph.D, Mr. Salim Mahmud, Mr. Imran Hasan, Mr. Md. Masud Hawlader and Mr. Md. Ashaduzzaman; two meetings in 2025; the report is dated 02 May 2026 [1 p.104]. The Executive Committee 'consists of six members'; the names are not printed [1 p.109]. For the Risk Management, Policyholder Protection & Compliance and Investment committees the report describes the composition rules and prints no names; for the Claims & Re-insurance committee membership is not printed [s1 p.110,111]. Note 26 records 4 executive, 4 audit, 4 claims, 2 NRC, 3 election, 1 investment, 1 risk-management and 1 policyholder-protection meetings, and Tk 2,125,200 of directors' fees [1 p.242].

Management. The shareholding page names Mr. Abdul Hamid FCA, Chief Executive Officer; Mr. Mahamudhul Hasan FCS, Company Secretary; Mr. Md. Obaidul Akbar, Chief Financial Officer; and 'Mr. Mohammad Mohsin' (printed with a gap between the two words), Head of Internal Audit & Compliance Department; each holds no shares [1 p.131]. It lists five additional managing directors as the top-salaried executives [1 p.131]. The CEO's profile states he joined on 1st June 2022 [1 p.31].

BSEC compliance report. SARashid & Associates (S. Abdur Rashid FCS) reported on 18 May 2026 that 'The Company has complied with the conditions of the Corporate Governance Code as stipulated in the above-mentioned Code issued by the Commission except as stated in the remarks column of the Statement on Status of Compliance of the Code' and that 'The Governance of the Company is satisfactory.' [1 p.117] The annexure was read page by page from the images [s1 p.118,119,120,121,122,123,124,125,126,127,128,129]. No row is ticked 'Not complied'. Condition 1(2)(a) is ticked complied with the remark '1 Female Independent Director was appointed in the Board of Directors' [1 p.118]. One-fifth of 10 directors is 2 (derived) [28]. Two rows carry no tick in either column: 1(5)(xxiv)(a), 'A brief resume of the director', and 1(5)(xxviii), with the remark 'Will be followed' [s1 p.121,122].

IDRA compliance report. Salahuddin & Associates (Md. Salahuddin FCS) certified under the IDRA Corporate Governance Guideline-2023 that 'The company has complied with the conditions of the Corporate Governance Guideline-2023' and that 'The Corporate Governance of the company is satisfactory'; the certificate is dated 22 January 2026 [1 p.132]. Annexure A was read page by page from the images [s1 p.133,134,135,136,137,138,139,140,141,142]. No row is ticked 'Not Complied'. Rows 13 (other committees), 15(a)(2), 17(1)(1)-17(1)(4), 17(2)(a), 17(2)(b) and 18(b)(2) carry no tick in either column; their remarks read 'In practice', 'As per guideline of IDRA', 'In practice', 'Complied', 'In practice' and none [s1 p.141,142].

Dividends and AGMs. The 404th board meeting of 30 April 2026 recommended a 10% cash dividend for 2025 [1 p.245]. DSE posted the declaration on 3-May-2026, with a record date of 21-May-2026 and the AGM on 15-Jun-2026 on a digital platform [25]. The notice of the 30th AGM lists the approval of the appointment of the independent director among its agenda items [1 p.7]. DSE posted disbursement on 12-Jul-2026 [25]. For 2024 the record date was 15-Jun-2025, the 29th AGM was held on 14-Jul-2025 and DSE posted disbursement on 20-Aug-2025 [25]. The 29th AGM agenda included special resolutions on non-life business 'based on the Islami Shariah Principles' and the change of name (DSE post 29-May-2025) [25].

24 months of DSE news. The archive from 1-Nov-2024 to 1-Nov-2026 holds 38 posts, dated 6-Jan-2025 to 1-Nov-2026: results, board-meeting notices, dividend declarations and disbursements, record-date and spot-trading notices, two credit-rating results, two emphasis-of-matter notices, special AGM agendas, the name change and a director's purchase declaration and confirmation [25]. The archive contains no board approval of capital expenditure, a rights issue, a merger or a new subsidiary [25].

Five years of posts. The 81 DSE posts from 2-Nov-2021 to 3-Nov-2026 hold results, board-meeting notices, four dividend declarations and disbursements, two rating posts, the CEO appointment, the special AGM agendas, the name change and the emphasis-of-matter notice [94] [95] [25]. No capacity, financing or regulatory-action post appears. Record-date suspensions and spot-market notices are routine and not listed.

Peers 2025: Prime Islami's combined ratio 76.6% ranks 17 of 31 from the lowest (14 of 21 without the starred peers)

The set. The peers are the 30 Dhaka-listed general insurers of the checked peer set in the Purabi General note, Purabi General itself included: Purabi General, Desh General, Union Insurance, Meghna, Northern Islami, Phoenix, City, Crystal, Karnaphuli, Peoples, Nitol, Islami, Eastland, Mercantile Islami, Rupali, Asia Insurance, BGIC, Central, Eastern, Asia Pacific, Federal, Republic, Pioneer, Pragati, Reliance, Global, Sonar Bangla, Green Delta, United, Janata Insurance. All have December year-ends and audited 2025 accounts. Every figure is on each company's own (company) basis from its 2025 revenue account [29 p.205] [30 p.85] [31 p.76] [32 p.137] [33 p.13] [34 p.216] [35 p.394] [36 p.13] [37 p.181] [38 p.264] [39 p.189] [40 p.110] [41 p.153] [42 p.95] [43 p.141] [44 p.178] [45 p.329] [46 p.11] [47 p.22] [48 p.107] [49 p.14] [50 p.104] [51 p.181] [52 p.10] [53 p.365] [54 p.148] [55 p.94] [56 p.344] [57 p.185] [58 p.101]. Each writes non-life insurance business as printed in its own report; no business-mix adjustment is made. Opinion labels are taken from each peer's checked published AnalystBro note, cited per peer [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80] [81] [82] [83] [84] [85] [86] [87] [88]. The 10 peers marked * have a modified 2025 opinion: NORTHRNINS, SONARBAINS, BGIC, CENTRALINS, REPUBLIC, FEDERALINS, EASTERNINS, ASIAPACINS, UNIONINS, DGIC. Prime Islami's opinion is unmodified [1 p.203]; its row is the highlighted one.

One definition. For every company the combined ratio is net claims plus revenue-account management expenses (incl. stamp duty where printed separately) plus agency commission, less commission on re-insurance ceded (incl. profit commission where printed), over net premium, all for 2025 in unrounded taka [1 p.211] [28]. On that basis Prime Islami's 76.6% ranks 17 of 31 counting from the lowest; the range is 38.9% (GREENDELT) to 110.7% (MERCINS) [28]. Without the 10 starred peers it ranks 14 of 21; the lowest and highest ratios are the same two companies [28]. Ranks are computed in code from the unrounded ratios.

Claims and size. Prime Islami's net-claims ratio was 14.9%, rank 11 of 31 from the lowest (rank 7 of 21 without the starred peers); across the set it ranged from -2.0% (EASTERNINS) to 63.4% (MERCINS) [28]. Its net premium of Tk 609.3m ranks 9 of 31 from the highest (8 of 21 without the starred peers) [28]. Desh General prints a 'Loss Recovery' of Tk 3,583,680 that the ratio leaves out [30 p.85]. This note gives no peer ranking of return on equity; profit and equity were not compiled for the full set. These comparisons are limited to the 31 companies in the table.

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

These are dated events after 31-Oct-2026. We do not forecast numbers. Dates marked 'inferred' are ranges built from every printed precedent found; no date has been notified on DSE for any of these events at 1-Nov-2026. Annual accounts: the dates printed beside the signatures on the statements for 2017 (February 07, 2018), 2018 (February 07, 2019), 2019 (February 22, 2020), 2020 (February 10, 2021), 2021 (June 08, 2022), 2022 (14 June, 2023), 2023 (29 April, 2024) and 2024 (April 27, 2025) [23 p.205] [22 p.225] [21 p.260] [20 p.234] [19 p.251] [4 p.196] [3 p.195] [2 p.201], and the board date of 30 April 2026 for 2025 in note 1.03 [1 p.219]. Quarterly accounts for Q2 2022 to Q3 2026: the board-meeting dates printed in note 4 of each quarterly statement, read from the page images [7 p.5] [8 p.5] [9 p.5] [10 p.5] [11 p.5] [12 p.5] [13 p.5] [14 p.5] [15 p.5] [16 p.5] [17 p.5] [18 p.5] [5 p.5] [6 p.5]. The corpus holds one-page abridged statements for 2017-2021 and a one-page notice for Q1 2022, with no board date; for those quarters the publication dates in the financial calendars are used [s4 p.186,187] [3 p.185] [1 p.198]. Record dates and AGMs: the AGM notices in the reports for 2017-2025 [23 p.5] [22 p.7] [21 p.5] [20 p.5] [19 p.6] [4 p.7] [3 p.7] [2 p.6] [1 p.7] and, for the 2024 record date, the DSE notice [25]. For 2021 both printed record dates, June 12, 2022 (notice) and July 07, 2022 (calendar), are kept [19 p.6] [3 p.185]. The 2017-2020 accounts were dated in February and their AGMs held in March-May; from 2021 the accounts are dated April-June. The filings give no reason for the change; these are the outliers, and each row also gives the range without them. Fridays and Saturdays are excluded as range ends. The first-quarter 2026 board meeting of 13 May 2026 was later than the 2024 and 2025 first-quarter dates [18 p.5] [12 p.5] [15 p.5].

Bangladesh's LDC graduation date is 24-Nov-2029; the UN General Assembly adopted it on 29-Oct-2026 in New York [26] [27]. The filings do not link it to any line item. The 30th AGM of 15-Jun-2026 has passed; its agenda included the approval of the independent director's appointment and the appointment of statutory and corporate-governance auditors for 2026 (passed), outcome unknown [1 p.7]. The 2025 dividend it was to declare was disbursed per the DSE post of 12-Jul-2026 [25]. The third-quarter 2026 statements of 29 October 2026 are covered above [6 p.1].

Risks: each item and the line it relates to

Each row is a fact from the filings; none is a forecast. 'Line it moves' is 'None disclosed' wherever no filing quote links the item to a line.

History 2021-2025 and market data

Revenue-account figures for 2021 come from the 2022 report, for 2022 and 2023 from the 2023 report and for 2024 and 2025 from the 2025 report [4 p.200] [3 p.199] [1 p.211]. The 2024 figures in the 2025 report equal those in the 2024 report's own revenue account [2 p.201]. The 2022 profit before tax is printed as Tk 150,461,554 in the 2022 report and Tk 150,461,553 in the 2023 report; the model uses the later printing [4 p.198] [3 p.197]. The 2021 profit after tax is the Tk 82.12m of the five-year table [1 p.155].

The 52-week range uses unadjusted DSE trading-day closes from the TradingView feed, saved to file, from 30-Oct-2025 to 29-Oct-2026; the window contains the 10% cash-dividend record date of 21-May-2026 and no bonus or rights issue [24] [25]. The feed includes two Saturday sessions, 23-May-2026 and 17-Oct-2026 [24]. The lowest close was Tk 27.1 on 13-Nov-2025 and the highest Tk 65.3 on 12-Aug-2026, each on one day [24]. The close was Tk 45.2 on 29-Oct-2026 and Tk 32.7 on 29-Oct-2025 [24]. At the 29-Oct-2026 close the shares traded at 22.8 times 2025 EPS of Tk 1.98, 2.09 times NAV per share of Tk 21.61 at 30-Sep-2026, and a 2.2% yield on the 2025 dividend of Tk 1.00 [28]. These are facts at one date.

FAQ

What is Prime Islami Insurance's 2025 audit opinion?

Unmodified. PKF Aziz Halim Khair Choudhury wrote that the statements present fairly in all material respects. The report adds two emphasis-of-matter paragraphs (IFRS 17 not implemented; the Workers' Profit Participation Fund) and three key audit matters (premium income, outstanding claims, investment in FDR). The opinion paragraph refers to the financial position 'as at 31 December 2024'. DSE posted an emphasis-of-matter notice on 2-Jun-2026.

How profitable was Prime Islami Insurance in 2025?

Profit after tax was Tk 81.0m (EPS Tk 1.98), after Tk 84.0m (EPS Tk 2.05) in 2024. The operating profit from the revenue accounts was Tk 143.4m and investment and other income Tk 39.7m. Return on average equity was 8.9%.

What is Prime Islami Insurance's combined ratio?

76.6% in 2025 and 74.3% in 2024, measured as net claims plus management expenses plus agency commission less re-insurance commission, over net premium. The peer section applies the same definition to every peer.

Why was operating cash flow negative in 2025?

Net operating cash flow was Tk (121.6)m. Note 35 attributes the change to 'payment of provisional expenses ie Reinsurance ceded premium, Current tax, claims and others due payable expenses during the year'. Collections were Tk 1,297.9m and payments for management expenses, re-insurance and claims Tk 1,241.8m.

Why was Prime Insurance renamed?

The company was renamed Prime Islami Insurance PLC. The 29th AGM agenda included special resolutions to run non-life business 'based on the Islami Shariah Principles' and to change the name; DSE applied the new name from 29-Jan-2026 and IDRA issued its certificate on 18-Feb-2026.

What dividend did Prime Islami Insurance pay for 2025?

10% cash, Tk 1.00 a share. The record date was 21-May-2026, the AGM 15-Jun-2026 and DSE posted the disbursement on 12-Jul-2026.

Who runs Prime Islami Insurance?

Mohammad Sahadet Hossain, Ph.D chairs a 10-member board with two independent directors. Mr. Abdul Hamid FCA is chief executive officer, Mr. Md. Obaidul Akbar chief financial officer and Mr. Mahamudhul Hasan FCS company secretary.

What is Prime Islami Insurance's market share?

IDRA's 2024-25 annual report gives it Tk 153.68 crore of 2024 non-life gross premium, 2.54% of the total, sixth of 46 insurers including SBC; in 2023 it had 2.24%.

Sources

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22. Prime Insurance Company Limited Annual Report 2018 (corpus PRIMEINSUR_DOC_2018; AGM notice and statement date, read from page images; PDF page numbers) · link · accessed 2026-11-02
23. Prime Insurance Company Limited Annual Report 2017 (corpus PRIMEINSUR_ANNUAL_2017; AGM notice and statement date, read from page images; PDF page numbers) · link · accessed 2026-11-02
24. AnalystBro market data: DSE daily bars for PRIMEINSUR, 28-Oct-2025 to 2-Nov-2026 (chart_bars, saved to file) · link · accessed 2026-11-02
25. DSE news archive for PRIMEINSUR, 1-Nov-2024 to 1-Nov-2026 (old_news.php, criteria=3): 38 posts incl. results, board-meeting notices, dividend declarations and disbursements, record-date notices, credit ratings, emphasis-of-matter notices, special AGM agendas, a name change and a director's share purchase (posts dated 6-Jan-2025 to 1-Nov-2026) · link · accessed 2026-11-02
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27. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-02
28. AnalystBro history and ratio model for PRIMEINSUR (model.xlsx, the workbook below) · link · accessed 2026-11-02
29. Purabi General Insurance Company Limited Annual Report 2025 (peer; consolidated revenue account p.205) · link · accessed 2026-11-02
30. Desh General Insurance Company Limited Annual Report 2025 (peer; consolidated revenue account p.85) · link · accessed 2026-11-02
31. Union Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.76) · link · accessed 2026-11-02
32. Meghna Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.137) · link · accessed 2026-11-02
33. Northern Islami Insurance PLC audited financial statements 2025 (peer; consolidated insurance revenue account p.13) · link · accessed 2026-11-02
34. Phoenix Insurance PLC Annual Report 2025 (peer; consolidated insurance revenue account p.216-217) · link · accessed 2026-11-02
35. City Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.394) · link · accessed 2026-11-02
36. Crystal Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.13) · link · accessed 2026-11-02
37. Karnaphuli Insurance PLC Annual Report 2025 (peer; note 26 class summary p.181) · link · accessed 2026-11-02
38. Peoples Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.264) · link · accessed 2026-11-02
39. Nitol Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.189) · link · accessed 2026-11-02
40. Islami Insurance Bangladesh Limited Annual Report 2025 (peer; consolidated revenue account p.110) · link · accessed 2026-11-02
41. Eastland Insurance PLC Annual Report 2025 (peer; consolidated insurance revenue account p.152-153) · link · accessed 2026-11-02
42. Mercantile Islami Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.95) · link · accessed 2026-11-02
43. Rupali Insurance Company Limited Annual Report 2025 (peer; note 23 revenue accounts p.141) · link · accessed 2026-11-02
44. Asia Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.178) · link · accessed 2026-11-02
45. Bangladesh General Insurance Company PLC Annual Report 2025 (peer; consolidated revenue account p.329) · link · accessed 2026-11-02
46. Central Insurance PLC audited financial statements 2025 (peer; consolidated business revenue account p.11) · link · accessed 2026-11-02
47. Eastern Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.22) · link · accessed 2026-11-02
48. Asia Pacific General Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.107) · link · accessed 2026-11-02
49. Federal Insurance PLC audited financial statements 2025 (peer; statement of consolidated revenue account p.14) · link · accessed 2026-11-02
50. Republic Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.104) · link · accessed 2026-11-02
51. Pioneer Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.181) · link · accessed 2026-11-02
52. Pragati Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.10) · link · accessed 2026-11-02
53. Reliance Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.364-365) · link · accessed 2026-11-02
54. Global Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.148) · link · accessed 2026-11-02
55. Sonar Bangla Insurance Limited Annual Report 2025 (peer; consolidated revenue account p.94-95) · link · accessed 2026-11-02
56. Green Delta Insurance PLC Annual Report 2025 (peer; company 'Consolidated All Business Revenue Account' p.344) · link · accessed 2026-11-02
57. United Insurance Company Limited Annual Report 2025 (peer; consolidated revenue account p.185) · link · accessed 2026-11-02
58. Janata Insurance PLC Annual Report 2025, consolidated revenue account p.101 (company basis) · link · accessed 2026-11-02
59. AnalystBro published analysis note purabigen-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
60. AnalystBro published analysis note dgic-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
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62. AnalystBro published analysis note meghnains-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
63. AnalystBro published analysis note northrnins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
64. AnalystBro published analysis note phenixins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
65. AnalystBro published analysis note citygenins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
66. AnalystBro published analysis note crystalins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
67. AnalystBro published analysis note karnaphuli-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
68. AnalystBro published analysis note peoplesins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
69. AnalystBro published analysis note nitolins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
70. AnalystBro published analysis note islamiins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
71. AnalystBro published analysis note eastland-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
72. AnalystBro published analysis note mercins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
73. AnalystBro published analysis note rupaliins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
74. AnalystBro published analysis note asiains-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
75. AnalystBro published analysis note bgic-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
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79. AnalystBro published analysis note federalins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
80. AnalystBro published analysis note republic-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
81. AnalystBro published analysis note pioneerins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
82. AnalystBro published analysis note pragatiins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
83. AnalystBro published analysis note reliancins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
84. AnalystBro published analysis note globalins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
85. AnalystBro published analysis note sonarbains-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
86. AnalystBro published analysis note greendelt-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
87. AnalystBro published analysis note unitedins-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
88. AnalystBro published analysis note janatains-analysis-2026-10-31 (checked note; source of the 2025 audit-opinion label) · link · accessed 2026-11-02
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91. Maximum Limit of Management Expense for Non-Life Insurers Rules, 2018 (S.R.O. No. 280-Law/2018, 26-Sep-2018; Bangladesh Gazette 3-Feb-2019), slab table, via IDRA; pipeline/sector_data/insurance/idra_nonlife_mgmt_expense_limit_rule_2018.csv · link · accessed 2026-11-02
92. Bangladesh Bank, policy (repo) rate history: MPC resolutions and Monetary Policy Statements, incl. MPC-13 (cut from 10.00% to 9.50%, effective 30-Jul-2026) and MPC-14 (hold, 23-Sep-2026); pipeline/sector_data/rates/bd_policy_rate_bb_history.csv · link · accessed 2026-11-03
93. Bangladesh Bank: Scheduled Banks Statistics Apr-Jun 2026, Table-102 weighted-average deposit rate (end-June); treasury page T-bill cut-offs (read 2-Nov-2026); IMF SDMX GSTBILY monthly T-bill yield (Bangladesh Bank-reported) · link · accessed 2026-11-02
94. DSE news, PRIMEINSUR, 2-Nov-2021 to 1-Nov-2023 · link · accessed 2026-11-03
95. DSE news, PRIMEINSUR, 2-Nov-2023 to 31-Oct-2024 · link · accessed 2026-11-03
96. IDRA Circular No. Non-Life 109/2025, 23-Dec-2025, effective 1-Jan-2026: suspends all individual agent licences of non-life insurers, cancels circular 84/2021 · link · accessed 2026-11-03
97. DSE news, PIONEERINS (peer), disclosure of 26-Jul-2022 on IDRA circular 84/2021 (agency commission suspended 4-Feb-2021, re-introduced 24-Oct-2021) · link · accessed 2026-11-02