Purabi General Insurance financial analysis: combined ratio 94.4%, outstanding claims Tk 265.7m (Oct 2026)

Investment considerations: 2025 EPS Tk 1.21, combined ratio 94.4%, outstanding claims Tk 265.7m, unmodified opinion with four emphasis paragraphs

What it is. Purabi General Insurance Company Limited (DSE: PURABIGEN) was incorporated on 29 June 1988, writes non-life insurance, and has been listed on the Dhaka Stock Exchange since 4 August 1995 per its corporate history page [1 p.61]. Its paid-up capital was Tk 598,125,067 at 31-Dec-2025, in 59,812,506.7 shares of Tk 10, of which sponsors held 31.58% [1 p.216]. The revenue accounts cover five classes: fire, marine cargo, marine hull, motor and miscellaneous [s1 p.205,206,207,208,209,210]. The registered office is in Sandhani Life Tower, 34 Bangla Motor, Dhaka [1 p.213].

Where it stands. Gross premium was Tk 246.4m in 2025 and Tk 258.1m in 2024 in the five-year table [1 p.45]. Net premium (premium less re-insurance) was Tk 114.3m in 2025 and Tk 133.7m in 2024 [1 p.205]. The underwriting profit transferred to the profit and loss account was Tk 16.0m in 2025 and Tk 61.2m in 2024 [1 p.205]. Interest received and accrued was Tk 97.1m in 2025 [1 p.204]. Profit before tax was Tk 109.8m and profit after tax Tk 72.3m, EPS Tk 1.21; the 2024 figures were Tk 139.6m, Tk 91.8m and Tk 1.54 [1 p.204] [1 p.224]. On the one combined-ratio definition used for every insurer in this note the 2025 ratio was 94.4% and the 2024 ratio 39.2% [17]. PKF Aziz Halim Khair Choudhury (Dr. Jamshed S A Choudhury FCA) gave an unmodified opinion dated 14 May 2026, with four emphasis-of-matter items and three key audit matters [s1 p.195,196,197,200].

Earnings mix. Investment income in the five-year table was Tk 102.2m in 2025 and the underwriting profit Tk 16.0m [1 p.45]. Investment income was 93.1% of profit before tax in 2025 and 62.5% in 2024 (derived) [17]. Nine-month 2026 EPS was Tk 1.46 (9M 2025: Tk 1.23) and NAV per share Tk 15.08 at 30-Sep-2026 [s9 p.2,3].

• What was the claim behind the marine cargo outstanding-claims line of Tk 234.4m at 31-Dec-2025? The notes give the class total; they name no claim.
• How are the Tk 354.1m due from Sadharan Bima Corporation and the Tk 209.7m due to it settled? Notes 7 and 13 give balances; no settlement schedule is printed.
• When will the provident fund, the gratuity fund and the WPPF records the auditor refers to be set up? The 2025 report prints no date.
• Which bank holds the FDRs the auditor describes as 'a significant portion'? The notes do not name the banks.
• Was the special resolution to rename the company Purabi General Insurance PLC passed at the 30-Aug-2026 AGM? The DSE archive to 1-Nov-2026 has no post on it.

Business: marine cargo was 92.0% of 2025 net premium

Five classes. In 2025 marine cargo carried net premium of Tk 105.2m, 92.0% of the total; fire Tk 3.5m (3.1%), miscellaneous Tk 2.8m (2.5%), motor Tk 2.7m (2.4%) and marine hull Tk 0.1m (0.0%) [s1 p.206,207,208,209,210] [17]. Two of the five classes transferred an underwriting loss to the profit and loss account in 2025: marine cargo (Tk -7.6m) and marine hull (Tk -0.2m) [1 p.204]. In 2024 all five classes transferred a profit [1 p.204].

Negative net claims. Three classes print negative net claims for 2025: fire Tk -19.3m, motor Tk -2.2m and miscellaneous Tk -0.6m [s1 p.206,209,210]. Each of these is the printed result of claims paid less re-insurance, plus the closing estimate of outstanding claims, less the opening estimate; the fire outstanding-claims estimate fell to Tk 30.1m from Tk 50.5m [1 p.206] [1 p.216]. The consolidated line 'Claims under policies less Re-insurance paid during the year' is printed as Tk -153.3m for 2025, of which marine cargo Tk -156.0m [s1 p.205,207]. The filings do not explain the negative paid figure. The class figures in taka add to the printed totals; after rounding to one decimal the 2024 underwriting row adds to Tk 61.3m against the printed Tk 61.2m and the re-insurance commission row to Tk 19.9m against the printed Tk 19.8m [17].

Retention. Net premium was Tk 81.8m, Tk 57.9m, Tk 114.9m, Tk 133.7m, Tk 114.3m for 2021-2025 [4 p.155] [3 p.173] [1 p.205]. Retention, net over gross premium, was 44.4%, 31.6%, 48.2%, 51.8%, 46.4% in the same years (derived; gross premium from the five-year table) [17]. The reserve for unexpired risks is printed at 40% of the year's premium for fire and motor, 50% for marine cargo and miscellaneous, and 100% for marine hull [s1 p.206,207,208,209,210].

Distribution and staff. Agency commission was Tk 23.3m in 2025 and Tk 21.1m in 2024 [1 p.205]. Note 24 records 63 employees, all drawing more than Tk 3,000 a month [1 p.224]. The chief executive officer's salary and allowance including bonus was Tk 3,019,200 in 2025 and Tk 1,663,333 in 2024 [1 p.224].

Underwriting: combined ratio 94.4% in 2025 and 39.2% in 2024; net claims 47.9% of net premium

One definition. The combined ratio in this note is net claims plus revenue-account management expenses plus insurance stamp expenses plus agency commission, less commission on re-insurance ceded, over net premium [17]. Purabi General's claims line is printed as 'Claims under policies less Re-insurance', so re-insurance recoveries are netted into claims [1 p.205]. For 2025 the inputs are Tk 54,693,911, Tk 49,682,069, Tk 20,246, Tk 23,264,808 and Tk 19,751,345 over Tk 114,280,113, which gives 94.4% [1 p.205] [17].

Five years of ratios. The combined ratio was 23.7%, 63.6%, 53.6%, 39.2%, 94.4% for 2021-2025 [17]. It rose in 2 of the four year-on-year steps [17]. The highest of the five years was 2025 and the lowest 2021 [17]. Net claims were 1.1%, 9.0%, 13.3%, 3.4%, 47.9% of net premium in the same years, and management expenses incl. stamps 30.9%, 57.2%, 36.2%, 34.0%, 43.5% [17]. The underwriting margin (printed underwriting profit over net premium) was 48.0%, 52.9%, 26.5%, 45.8%, 14.0% [17].

2021 hull credit. The 2021 consolidated revenue account carries a 'Loss Transfer to Statement of Profit or Loss & other Comprehensive Income' credit of Tk 12,342 from marine hull beside an underwriting profit of Tk 39.3m [4 p.155]. The five-year table prints the 2021 underwriting profit as Tk 39.31m, which equals the two lines netted [1 p.45] [17]. The model's underwriting check (net premium plus re-insurance commission plus that credit plus opening reserve, less closing reserve, claims, agency, management and stamps) reproduces the printed underwriting profit in every year to the taka [17].

Outstanding claims. The estimate of outstanding claims at 31-Dec-2025 was Tk 265.7m: fire Tk 30.1m, marine cargo Tk 234.4m, motor Tk 1.0m and miscellaneous Tk 0.2m [1 p.216]. It was 31.1% of shareholders' equity at that date and 6.8% a year earlier (derived) [17]. The auditor made the estimate a key audit matter [1 p.197]. The statement of cash flows shows the change in this liability as Tk 208.0m in 2025 [1 p.225].

Investments and cash: Tk 725.9m of fixed deposits, Tk 94.6m of listed shares, no borrowings

Deposits. Cash and cash equivalents were Tk 794.1m at 31-Dec-2025: fixed deposits Tk 725.9m, short-term deposits Tk 66.3m and current accounts and cash in hand Tk 1.9m [1 p.201]. At 31-Dec-2024 the three lines were Tk 720.5m, Tk 94.6m and Tk 2.1m [1 p.201]. Interest accrued on fixed deposits was Tk 13.3m at 31-Dec-2025 [1 p.221]. The auditor's third emphasis item records that 'a significant portion of the Company's Fixed Deposit Receipt (FDR) investments has been placed with a single scheduled bank' [1 p.196]; the notes do not name the bank.

Listed shares. Note 11 prints shares at a cost of Tk 107,215,001 and a market value of Tk 94,585,005 at 31-Dec-2025, a difference of Tk (12,629,996) [1 p.219]. The largest holding listed is 2,440,000 shares of Sandhani Life Insurance Co. Ltd. at a cost of Tk 49,879,471 and a market value of Tk 47,336,000 [1 p.219]. Sandhani Life Insurance Co. Ltd. nominates the vice-chairman and is a related party in note 26 [1 p.53] [1 p.225]. The auditor's second emphasis item draws attention 'to Note 11 to the financial statements regarding the Company's investment in related/associated entities' [1 p.195].

Treasury bonds and borrowing. The holding of Bangladesh Government Treasury Bonds rose to Tk 60.0m from Tk 55.0m; the cash flow statement shows Tk 5,000,000 of purchases in 2025 [1 p.201] [1 p.212]. The statement of financial position prints a dash for loan from bank at both dates [1 p.201]. Lease liabilities were Tk 6.2m at 31-Dec-2025 [1 p.217].

Cash flow. Net cash from operating activities was Tk 83.3m in 2025 and Tk 92.8m in 2024; income tax paid was Tk 60.9m and Tk 30.2m [1 p.212]. Dividends paid were Tk 69.6m in 2025 [1 p.212]. Net cash fell by Tk 23.1m in 2025 [1 p.212].

Ratios: return on average equity 8.5% in 2025, equity 46.3% of total assets

Returns. Return on average equity was 10.7%, 8.8%, 11.0%, 8.5% for 2022-2025 (derived) [17]. Equity was 62.2%, 56.9%, 56.8%, 53.5%, 46.3% of total assets at the five year-ends (derived) [17]. EPS was printed as Tk 1.37, 1.44, 1.19, 1.54 and 1.21 for 2021-2025 [1 p.45]; the 2022 and 2021 figures are on 58,070,394.9 shares before the 3% stock dividend for 2022 [8 p.2] [3 p.127].

Tax. The provision for taxation was Tk 333.8m at 31-Dec-2025 and advance income tax Tk 345.7m; note 14.01 states that the advance 'will be adjusted against Provision for Taxation just after completion of assessment' [1 p.218] [1 p.221]. The 2025 tax charge of Tk 37.5m comprises Tk 36,411,780 on interest income and Tk 1,060,040 on cash dividends; business income was a loss of Tk (3,822,248) for the tax computation [1 p.218].

Solvency. The five-year table prints an available solvency margin of Tk 645.12m and a required solvency margin of Tk 59.99m for 2025, 10.75 times [1 p.45]. The 2024 figures were Tk 646.05m, Tk 67.28m and 9.60 times [1 p.45].

Each ratio is computed in the model from printed figures; the 2021-2023 profit and investment-income inputs are the rounded Tk mn figures of the five-year table [1 p.45] [17].

Balance sheet and audit: unmodified opinion, four emphasis items, three key audit matters

The opinion. The auditor's report has an 'Opinion' paragraph followed by an 'Emphasis of Matter' section; it has no separate 'Basis for Opinion' heading [1 p.195]. 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 31st December 2025, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), the Companies Act 1994, the Insurance Act 2010, the Insurance Rules 1958, the Securities and Exchange Rules 1987, and other applicable laws and regulations.' [1 p.195]. The report is dated May 14, 2026, signed by Dr. Jamshed Choudhury FCA, Senior Partner, PKF Aziz Halim Khair Choudhury, DVC No: 2605140363AS119857 [1 p.200]. DSE posted an emphasis-of-matter notice on 2-Jun-2026 [14].

The directors' report on the opinion. The directors' report states that the auditor's opinion 'is an unqualified opinion' and names the auditor 'KF Aziz Halim Khair Chowdhury & Co. Chartered Accountants' [1 p.120]; the auditor's own report signs as 'PKF Aziz Halim Khair Choudhury' [1 p.200].

Receivables and payables with SBC. Note 13 prints Tk 354,050,152 due from Sadharan Bima Corporation and Tk 10,444,762 from co-insurance at 31-Dec-2025, described as 'the amount receivable from Sadharan Bima Corporation against Public Sector business and premium receivable from Co-insurers' [1 p.221]. Note 7 prints Tk 209,661,798 due to Sadharan Bima Corporation and Tk 329,179 to co-insurance [1 p.217]. The receivable was 41.4% of equity at 31-Dec-2025 and 20.6% at 31-Dec-2024 (derived) [17].

Footing. The asset lines add to the printed totals of Tk 1,574,465,429 and Tk 1,844,646,432 [s1 p.201,202]. The liability lines add to Tk 989,800,429 at 31-Dec-2025, and with equity of Tk 854,846,003 they equal the printed total; the five-year table prints total liabilities of Tk 989.80m and Tk 731.49m [1 p.45] [17]. Rounded rows may differ from the totals by Tk 0.1m. Advances include Tk 133,497,227 of 'Premium Againest Bank Guarantee' and Tk 7,793,060 'Receivable against Right Shares' [1 p.221].

Equity movements. Equity rose to Tk 854.8m from Tk 843.0m in 2025: profit after tax Tk 72.3m, dividend Tk -59.8m, and a net Tk (603,000) on the market-value reserve [1 p.211]. NAV per share was Tk 14.29 and Tk 14.09 [1 p.202]. The reserve for exceptional losses, 10% of net premium, was Tk 72.7m [1 p.216].

Printed conflicts. Four pairs of printed statements disagree. (1) The IDRA compliance certificate states 'The Company has complied with the conditions of the Corporate Governance Guideline-2023' [1 p.140], and its Annexure-A ticks 'Not Compiled' for the 'Other Committees' row and for condition 17.2 'Other Policies', both with the remark 'Under processing' [s1 p.145,146]. (2) IDRA condition 9 B (Investment Committee) and Risk Management committee condition A each include 'CEO shall be the member of the committee as ex-officio' and are ticked 'Complied' [1 p.144]; the composition page lists six investment-committee members and five risk-management-committee members, none of them the chief executive officer [1 p.54]. (3) The 2025 column of the financial calendar prints 'Annual Financial Statement-2025 Approved by the Board on 12.05.2025' [1 p.185]; 12.05.2025 is the board date printed on the 2024 statements [2 p.168], and the 2025 statements were 'authorized for issue by the Board of Directors on 12.05.2026' [1 p.202]. (4) The directors' report gives the listed shares and funds a market value of Tk 84.17 million at a cost of Tk 93.10 million [1 p.87]; note 11 prints Tk 94,585,005 and Tk 107,215,001 [1 p.219]. The outstanding-claims key audit matter says 'Refer to Note 11' [1 p.197]; note 11 is 'INVESTMENT' and outstanding claims are note 6 [s1 p.216,219].

Recent quarters: nine-month 2026 EPS Tk 1.46, NAV per share Tk 15.08 at 30-Sep-2026

2026 to September. The third-quarter statements print EPS of Tk 0.62 for July-September 2026 (2025: Tk 0.45) and Tk 1.46 for January-September 2026 (2025: Tk 1.23), on a nine-month profit after tax of Tk 87,122,981 [9 p.3]. They print NOCFPS of Tk 1.75 for the nine months (2025: Tk 0.93) [9 p.5] and NAV per share of Tk 15.08 at 30-Sep-2026 [9 p.2]. The DSE post of 19-Oct-2026 gives the same four figures [14]. DSE posted EPS of Tk 0.43 for January-March 2026 and Tk 0.41 for April-June, and NAV per share of Tk 14.75 at 31-Mar-2026 and Tk 15.50 at 30-Jun-2026 [14]. The estimate of outstanding claims was Tk 209,755,032 at 30-Sep-2026 [9 p.2].

Derived fourth quarter. FY2025 EPS of Tk 1.21 less nine-month 2025 EPS of Tk 1.23 gives a derived October-December 2025 EPS of Tk -0.02 [1 p.204] [14] [17]. Trailing EPS to 30-Sep-2026 is Tk 1.44 (derived: FY2025 minus 9M 2025 plus 9M 2026) [17].

These are unaudited figures as posted. DSE's 2025 posts gave NAV per share of Tk 14.28 at 31-Mar-2025, Tk 14.79 at 30-Jun-2025 and Tk 14.55 at 30-Sep-2025 [14].

Governance and dividends: 11 directors incl. 3 independent, 10% cash dividend for 2025

Board. The composition page states that the board 'has been formed with 11 (Eleven) Non-Executive Directors': four sponsor directors, four shareholder directors and three independent directors, chaired by Mr. Mojibul Islam [1 p.53]. It lists Mrs. Nazneen Akther as a shareholder director [1 p.53]; the 2025 attendance table lists 10 names and not hers [1 p.101]. DSE posted on 18-Dec-2025 that sponsor director Mr. Md. Khalid Hossain died on 07.12.2024 and that 1,334,904 of his shares would be transmitted to his nominee Ms. Nazneen Akther, his wife [14]. The board met four times in 2025; the 10 listed directors attended 39 of 40 seats, and 9 attended every meeting [1 p.101] [17]. Page 3 lists 'Md. Nazrul Islam Chowdhury' among 'Our Departed Directors'; pages 53, 58, 101 and 104 list Mr. Md. Nazrul Islam Chowdhury as a sponsor director [1 p.3] [s1 p.53,58,101,104]. The report gives no date for his departure.

Group positions. The director profile pages print names and titles with photographs and no career or directorship text [s1 p.55,56,57,58,59]. The group positions printed are representation: Mrs. Golam Fatema Tahera Khanam represents Sandhani Life Insurance Co. Ltd. and Col. Md. Saleh Ahmed (Retd.) represents Mona F.C.S. Ltd. [1 p.53]. Note 26 lists insurance business with Samorita Hospital Ltd. (Tk 284,592), Sandhani Life Insurance Company Ltd. (Tk 61,021), Shandhani Credit Co-Operative Society Ltd. (Tk 219,000), Mona Financial Consultancy & Securities Ltd. (Tk 12,862) and Amico Laboratories Limited (Tk 685,639) in 2025; its serial numbers run 1, 4, 5, 8 and 9 [1 p.225]. Directors' fees were Tk 354,800 in 2025 [1 p.204] [1 p.224].

Management. The management-team page names Mr. Sukumar Chandra Roy, Chief Executive Officer; Mr. Sohag Talukder, Company Secretary; Mr. Abdul Malek, Chief Financial Officer; Mr. Shahedul Haque, Head of Underwriting; Mr. Md. Shamsuddin Chow., Head of Re-insurance & Claims; Mr. Ishak Hosen Shajib, Head of Audit; Mr. Ibrahim Kholil, Head of IT; Mrs. Nafisatul Kobra, Head of HR & Admin; and Mr. Md. Shariful Islam, Head of Share Department [1 p.60]. The statements carry a signature line for 'Chief Financial Officer (CC)' [1 p.202].

BSEC compliance report. Mollah Quadir Yusuf & Co. (Md. Musfiqur Rahman FCA) reported on 6 July 2026 that 'The Company has complied with the conditions of the Corporate Governance Code except condition no 1(2)(a)' and that 'The Governance of the company is satisfactory.' [1 p.130]. In the annexure, condition 1(2)(a) (one-fifth of directors to be independent, with at least one female independent director) is ticked 'Not Complied' with the remark '03 Independent Directors Without any Female Independent Director' [1 p.131]. One-fifth of 11 directors, rounded up, is 3 (derived) [17]. Condition 5(5)(k), review of management letters by statutory auditors, is marked 'Not Applicable' [1 p.136].

IDRA compliance report. The same firm certified on 6 July 2026 under the IDRA Corporate Governance Guideline-2023 that 'The Corporate Governance of the company is satisfactory.' [1 p.140]. Annexure-A was read page by page from the images [s1 p.141,142,143,144,145,146]. It ticks 'Not Compiled' for two rows: 'Other Committees' (CSR, ESG, Integrity and Ethics, Reinsurance & Restoration, Asset Liability Management) with the remark 'Under processing', and 17.2 'Other Policies' with the remark 'Under Processing' [s1 p.145,146]. Row 17.1, 'Whistle Blowing policy', has no tick in either column [1 p.146]. Condition 6.1 records a board of '11 (Eleven) directors including 03 (Three) independent directors' [1 p.141]. IDRA condition 9 B (Investment Committee) and Risk Management committee condition A each include 'CEO shall be the member of the committee as ex-officio' and are ticked 'Complied' [1 p.144]; the composition page lists six investment-committee members and five risk-management-committee members, none of them the chief executive officer [1 p.54].

Dividends and AGMs. The board recommended a 10% cash dividend for 2025 on 12-May-2026; the record date was 25-Jun-2026 and the 38th AGM was held on a digital platform on 30-Aug-2026 per the notice [14] [s1 p.15,16]. DSE posted disbursement on 5-Oct-2026 [14]. The five-year table prints cash dividends of 10%, 7%, 10% and 10% for 2021-2024 and a 3% stock dividend for 2022 [1 p.45]. DSE moved the shares from 'Z' to 'A' category on 14-Oct-2025 'as the Company has reported disbursement of 10% Cash Dividend for the year ended December 31, 2024' [14]. Alpha Credit Rating assigned 'AA+' long term and 'ST-2' short term with a stable outlook (DSE post 19-Jul-2026); the 2025 post gave 'AA' and 'ST-2' [14].

24 months of DSE news. The archive from 1-Nov-2024 to 1-Nov-2026 holds 33 posts: results, board-meeting notices (one repeated), dividend declarations and disbursements, record-date and spot-trading notices, two credit-rating results, the emphasis-of-matter notice, the category change and the sponsor share transmission [14]. The archive contains no board approval of capital expenditure, a rights issue, a merger or a new business line [14]. Note 21 states 'There was no capital expenditure commitments on 31st December, 2025.' [1 p.224]

Peers 2025: Purabi General's combined ratio 94.4% ranks 28 of 30 from the lowest (19 of 20 without the starred peers)

The set. The peers are the 29 Dhaka-listed general insurers of the checked peer set in the Desh General note, Desh General itself included: 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 [18 p.85] [19 p.76] [20 p.137] [21 p.13] [22 p.216] [23 p.394] [24 p.13] [25 p.181] [26 p.264] [27 p.189] [28 p.110] [29 p.153] [30 p.95] [31 p.141] [32 p.178] [33 p.329] [34 p.11] [35 p.22] [36 p.107] [37 p.14] [38 p.104] [39 p.181] [40 p.10] [41 p.365] [42 p.148] [43 p.94] [44 p.344] [45 p.185] [46 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 [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75]. The 10 peers marked * have a modified 2025 opinion: NORTHRNINS, SONARBAINS, BGIC, CENTRALINS, REPUBLIC, FEDERALINS, EASTERNINS, ASIAPACINS, UNIONINS, DGIC. Purabi General's opinion is unmodified [1 p.195]; 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.205] [17]. On that basis Purabi General's 94.4% ranks 28 of 30 counting from the lowest; the range is 38.9% (GREENDELT) to 110.7% (MERCINS) [17]. Without the 10 starred peers it ranks 19 of 20; the lowest and highest ratios are the same two companies [17]. Ranks are computed in code from the unrounded ratios.

Claims and size. Purabi General's net-claims ratio was 47.9%, rank 29 of 30 from the lowest (rank 19 of 20 without the starred peers); across the set it ranged from -2.0% (EASTERNINS) to 63.4% (MERCINS) [17]. Its net premium of Tk 114.3m ranks 30 of 30 from the highest (20 of 20 without the starred peers) [17]. Some peers, Purabi General among them, print claims net of re-insurance recoveries and no separate loss-recovery line; Desh General prints a 'Loss Recovery' of Tk 3,583,680 that the ratio leaves out [18 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 30 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 in the filings and the DSE archive; no date has been notified on DSE for any of these events at 1-Nov-2026. The annual-accounts precedents are the board dates printed on the statements for 2019 (04-07-2020), 2020 (30.06.2021), 2021 (14.06.2022), 2022 (29.05.2023), 2023 (12.05.2024), 2024 (12.05.2025) and 2025 (12.05.2026) [7 p.44] [6 p.59] [5 p.90] [4 p.155] [3 p.170] [2 p.168] [1 p.202]. The quarterly precedents for 2021-2024 are the publication dates in the financial calendars [4 p.132] [3 p.150] [2 p.151] [1 p.185], and for 2025-2026 the board-meeting dates in DSE notices [14]. The third-quarter 2023, first-quarter 2024 and second-quarter 2024 statements, read from the page images, print signature lines with no board or signing date [s10 p.1,2,6] [11 p.1] [12 p.1], so the calendar publication dates remain the precedents for those quarters. The 2021 quarterlies and the 2022 first and second quarters are abridged statements, the only versions published, and print no board or signing date [s8 p.1,2]; the calendar dates are kept for those years. The 2020-2021 dates fall in the COVID-19 period, which the 2020 AGM notice names [6 p.7]; they are the outliers, and each row also gives the range without them. The Q3 2026 board meeting of 18-Oct-2026 was earlier than every earlier third-quarter precedent [14].

Bangladesh's LDC graduation date is 24-Nov-2029; the UN General Assembly adopted it on 29-Oct-2026 in New York [15] [16]. The filings do not link it to any line item. The 38th AGM of 30-Aug-2026 has passed; its agenda included the special resolution to change the name to 'Purabi General Insurance PLC' and the appointment of statutory and compliance auditors for 2026 (passed), outcome unknown [1 p.15]. The 2025 dividend it was to approve was disbursed per the DSE post of 5-Oct-2026 [14].

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.155] [3 p.173] [1 p.205]. Gross premium, investment income and profit after tax for 2021-2023 come from the five-year table of the 2025 report, in Tk mn [1 p.45]. Equity and total assets at 31-Dec-2021 come from the comparatives in the first-quarter 2022 statements [s8 p.1,2], and total assets at 31-Dec-2022 and 31-Dec-2023 from the 2023 statement of financial position [3 p.170].

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 25-Jun-2026 and no bonus or rights issue [13] [14]. The feed includes two Saturday sessions, 23-May-2026 and 17-Oct-2026 [13]. The lowest close was Tk 17.2 on 13-Nov-2025 and the highest Tk 34.8 on 8-Jun-2026, each on one day [13]. The close was Tk 28.9 on 29-Oct-2026 and Tk 20.8 on 29-Oct-2025 [13]. At the 29-Oct-2026 close the shares traded at 23.9 times 2025 EPS of Tk 1.21, 20.1 times derived trailing EPS of Tk 1.44, 1.92 times NAV per share of Tk 15.08 at 30-Sep-2026, and a 3.5% yield on the 2025 dividend of Tk 1.00 [17]. These are facts at one date.

FAQ

What is Purabi General Insurance's 2025 audit opinion?

Unmodified. PKF Aziz Halim Khair Choudhury wrote that the statements present fairly in all material respects. The report adds four emphasis-of-matter items (WPPF records, investment in related or associated entities, FDRs with a single bank, and the absence of provident and gratuity funds) and three key audit matters (premium income, outstanding claims, investment in FDR). DSE posted an emphasis-of-matter notice on 2-Jun-2026.

How profitable was Purabi General Insurance in 2025?

Profit after tax was Tk 72.3m (EPS Tk 1.21), after Tk 91.8m (EPS Tk 1.54) in 2024. Underwriting profit was Tk 16.0m and interest received and accrued Tk 97.1m. Return on average equity was 8.5%.

What is Purabi General Insurance's combined ratio?

94.4% in 2025 and 39.2% in 2024, measured as net claims plus management expenses incl. stamps plus agency commission less re-insurance commission, over net premium. The peer section applies the same definition to every peer.

Why did outstanding claims rise in 2025?

The filings give the class split and no reason. The estimate was Tk 265.7m at 31-Dec-2025 against Tk 57.6m a year earlier; the marine cargo line was Tk 234.4m against Tk 1.8m. The auditor made the estimate a key audit matter.

Does Purabi General Insurance have bank debt?

No. The statement of financial position prints a dash for loan from bank at 31-Dec-2025 and 31-Dec-2024, and note 22 states that no credit facilities were availed. Lease liabilities were Tk 6.2m.

What dividend did Purabi General Insurance pay for 2025?

10% cash, Tk 1.00 a share. The record date was 25-Jun-2026, the AGM 30-Aug-2026 and DSE posted the disbursement on 5-Oct-2026.

Who runs Purabi General Insurance?

Mr. Mojibul Islam chairs an 11-member board with three independent directors. Mr. Sukumar Chandra Roy is chief executive officer, Mr. Abdul Malek chief financial officer, Mr. Sohag Talukder company secretary and Mr. Ishak Hosen Shajib head of audit.

Sources

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2. Purabi General Insurance Company Limited Annual Report 2024 (corpus PURABIGEN_ANNUAL_2024; AGM notice and financial calendar; PDF page numbers) · link · accessed 2026-11-02
3. Purabi General Insurance Company Limited Annual Report 2023 (corpus PURABIGEN_ANNUAL_2023; revenue account, statement of financial position, AGM notice, financial calendar; PDF page numbers) · link · accessed 2026-11-02
4. Purabi General Insurance Company Limited Annual Report 2022 (corpus PURABIGEN_ANNUAL_2022; revenue account p.155 is a rotated page read from the image; PDF page numbers) · link · accessed 2026-11-02
5. Purabi General Insurance Company Limited Annual Report 2021 (corpus PURABIGEN_ANNUAL_2021; AGM notice and statement date read from page images; PDF page numbers) · link · accessed 2026-11-02
6. Purabi General Insurance Company Limited Annual Report 2020 (corpus PURABIGEN_ANNUAL_2020; AGM notice and statement date read from page images; PDF page numbers) · link · accessed 2026-11-02
7. Purabi General Insurance Company Limited Annual Report 2019 (corpus PURABIGEN_ANNUAL_2019; statement date read from the page image; PDF page numbers) · link · accessed 2026-11-02
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