Reliance Insurance financial analysis: 53% combined ratio and investment income at 58% of profit (Oct 2026)

A fire-led broker of risk that cedes 70% of its premium and earns more than half its profit from investments

What it is. Reliance Insurance PLC is a Dhaka-based general insurer founded in 1988 [1 p.351] with 21 branches [1 p.396]. It wrote Tk 5,410m of gross premium in 2025, 61.5% of it fire insurance, and kept only Tk 1,597m (29.5%) after reinsurance [1 p.86]. The business is corporate: multinationals and local corporates supplied 75.0% of 2025 premium, and 93% was written in the Dhaka division [1 p.78] [1 p.148]. Sponsor and director shareholders, among them Rangs Limited, Transcom Limited and Kumudini Welfare Trust, hold 67.95% of the shares [1 p.314] [1 p.90].

Where it stands. 2025 profit after tax fell 7.7% to Tk 885m (EPS Tk 8.42) after the October 2025 cargo-village fire at Dhaka airport pushed net fire claims from Tk 121m to Tk 267m and the fire account into an underwriting loss of Tk 163m [1 p.77] [1 p.163]. Investment and other income rose 24.5% to Tk 767m and was 57.6% of pre-tax profit [1 p.86] [9]. In the first half of 2026, after IDRA suspended agency-commission licences from 1-Jan-2026 (per the company's annual report), profit rose 21.0% to Tk 686m (EPS Tk 6.52) [3 p.2]. The shares closed at Tk 93.6 on 29-Oct-2026 [6]; NAV per share was Tk 84.68 at 30-Jun-2026 [3 p.1].

What drives shareholder returns. Reliance earns in two ways: a fee-like underwriting margin on the slice of premium it keeps, and the yield on a balance sheet that is 54.7% equity [9]. In 2025 those two engines were nearly equal: underwriting profit Tk 701m and investment and other income Tk 767m, against Tk 138m of unallocated management expenses [1 p.86]. Underwriting cash comes in before claims are paid, so cash conversion is usually high (CFO was 1.1-1.4 times profit in 2020-2022), but it fell to 0.18 times in 2024 when the amount due from reinsurers jumped by Tk 937m [1 p.394]. Capital allocation is conservative: no acquisitions, no debt, a cash payout of about a third of earnings, and one large property project, the Reliance Insurance Tower in Gulshan, finished in 2025 [1 p.388].

• How much of the commission saving stays in profit? Signpost: the expense ratio in the Q3 2026 accounts (board met 29-Oct-2026; filing not yet in our corpus) and in the FY2026 annual report (expected around Feb-2027; the FY2025 board met 26-Feb-2026).
• Will SBC pay the Tk 914m it owes? Signpost: note 19 (amount due from other insurers) in the FY2026 annual report.
• Was 2025's fire loss a one-off? Signpost: net fire claims in FY2026 against Tk 267m in 2025 and Tk 65-121m in 2020-2024.
• Will investment income hold as rates move? Signpost: interest on treasury bonds and FDRs (Tk 646m in 2025) in the FY2026 notes.
• Will the dividend rise with profit? Signpost: the board's FY2026 dividend recommendation (FY2025 was announced at the board meeting of 26-Feb-2026).

A corporate fire insurer: 61.5% of premium from fire, 75% from multinational and local corporate clients

How it makes money. A general insurer collects premium up front, cedes part of it to reinsurers (who pay it a commission in return), keeps a reserve for the unexpired part of each policy, and pays claims and expenses out of the rest. Reliance follows the Insurance Act formats: the unexpired-risk reserve is 40% of the year's net premium (100% for marine hull) [1 p.147], and the result of each class's revenue account is the underwriting profit. That profit, plus interest, dividends and rent on the invested float and equity, less unallocated expenses and tax, is the bottom line.

Classes. Fire (including industrial all-risk) is the core: Tk 3,326m in 2025, up from Tk 1,581m in 2020, and its share of gross premium rose from 53.8% to 61.5% [1 p.146]. The jump came in 2024, when fire premium rose 50.5% and total gross premium 31.3% [1 p.146] [1 p.353]. Marine (cargo Tk 959m, hull Tk 223m) is the second line and follows import letters of credit. Motor has shrunk every year since 2020, to Tk 123m; the directors blame the end of compulsory motor third-party cover, which leaves only voluntary policies [1 p.78]. Miscellaneous (engineering, health, bonds and others) was Tk 779m.

Customers and channels. In 2025 multinationals gave Tk 1,945m (35.95%) of premium, local corporates Tk 2,111m (39.01%), sundry clients Tk 828m, public-sector business (PSB) Tk 109m and 'in-house' clients Tk 418m (7.72%) [1 p.78]. The in-house figure matches the premium from the director-related groups in the related-party note (next section). Bancassurance agreements with City Bank and Prime Bank are tiny: 31 policies and Tk 1.09m of premium in 2025 [1 p.79]. Business is concentrated in Dhaka (Tk 5,049m, 93%) with Chattogram second (Tk 340m) [1 p.147].

Regulation that shapes the model. The Insurance Development and Regulatory Authority (IDRA) licenses insurers, sets expense limits and, from 2024, a solvency-margin test (S.R.O. No. 313 of 18 September 2024) [1 p.87]. By law half of every insurer's reinsurance must go to the state-owned Sadharan Bima Corporation, and SBC is entitled to all public-sector business, which it shares 50:50 with private insurers; the directors call this a 'monopolistic position' [1 p.77]. IDRA suspended agency-commission licences from 1 January 2026 [1 p.77].

Underwriting profit fell 12.1% in 2025 as fire claims doubled and commission was paid off early

Net premium. Net premium rose 9.9% to Tk 1,597m in 2025 while gross premium rose 5.6%, because Reliance kept more fire risk: fire retention rose from 14.8% in 2024 to 17.3% [1 p.163] [9]. Over ten years the company has kept a falling share of what it writes: retention was 48.8% in 2018 and 29.5% in 2025 [2 p.68] [1 p.87]. The cause is the mix: fire, where Reliance cedes most of the risk, grew fastest, while motor, where it keeps 97%, shrank.

Claims. Net claims were Tk 355m, 22.2% of net premium, against 20.6% in 2024 and a 2016-2025 range of 13.2% to 24.1% [9]. The split matters more than the total. Net fire claims rose 120.8% to Tk 267m, which the annual report links to the cargo-village fire and to the higher fire retention [1 p.163]. The directors say the 18-Oct-2025 fire at Hazrat Shahjalal airport also caused a surge in cargo claims (gross marine-cargo claims Tk 293m, mostly reinsured) and that several large fire claims arose in December [1 p.84] [1 p.86]. On a net basis marine claims fell 34.2%, motor 48.6% and miscellaneous 89.9% [1 p.146]. Gross claims incurred were Tk 672m, of which reinsurers bore Tk 317m [1 p.86]. Each 1pp of fire retention on 2025's Tk 3,326m of fire premium moved net fire premium by about Tk 33m, and in 2025 it also added to the net share of the fire loss.

Commission paid and earned. Agency commission rose 87% to Tk 542m (10.0% of gross premium, from 5.7%); the directors say the company paid accrued agency commission 'in a short span of time' because IDRA suspended agency licences from 1 January 2026 [1 p.77] [1 p.147]. Against that, reinsurers paid Reliance Tk 469m of commission on ceded premium, 29.3% of net premium [1 p.353]. Because Reliance cedes so much, the reinsurance commission it receives is close to the agency commission it pays, which is unusual: at Pioneer agency commission was 2.7 times reinsurance commission in 2025 [4 p.11].

Management expenses. Expenses charged to the revenue accounts were Tk 421m, 7.8% of gross premium and 26.4% of net premium, flat on 2024 [1 p.395]. They are allocated to classes by gross premium, so fire carries 61.5% of them (Tk 259m) [1 p.396], which is one reason the fire account lost money on Tk 577m of net premium. A further Tk 137m of management expenses went through the profit and loss account, up from Tk 43m, mostly because depreciation rose from Tk 28m to Tk 118m when the new tower came into use [1 p.86] [1 p.394].

Ratios. We define the combined ratio as net claims plus management expenses plus agency commission less reinsurance commission, over net premium, and apply the same definition to the peers. On that basis Reliance's combined ratio rose from 41.1% in 2024 to 53.1% in 2025; it was 66.1% in 2020, when commission was 14.7% of gross premium [9]. The annual report's own 'combined ratio' of 82.48% does not deduct reinsurance commission (claims plus management expenses plus commission over net premium); our model reproduces it [1 p.87] [9]. The key-ratio page labels it '% on gross premium' [1 p.353], but the arithmetic is on net premium. Pioneer's reported 68.07% does deduct it [4 p.11], so the two companies' published ratios cannot be compared directly.

IDRA rules: agency licences suspended and expense caps may be cut; 2025 management cost plus commission was 17.8% of premium

Commission. IDRA suspended agency-commission licences from 1-Jan-2026 (per the company's annual report) [1 p.77]; we found no IDRA circular in our corpus, so the source is the company's annual report. The annual report does not say commission payments end entirely, and advance commission against cover notes rose from Tk 89.5m to Tk 175.8m at end-2025 [1 p.390]. The line affected cost Tk 542m in 2025 and Tk 186-433m a year in 2020-2024 [1 p.147]. In the first half of 2026 total underwriting charges (claims, management expenses, commission and reserve movements, derived from the interim statement) fell from Tk 705m to Tk 595m, or from 81.5% to 64.3% of net premium [3 p.2] [9]; the interim does not split out commission, so the size of any commission change is not disclosed. Some of any saving may be offset if business that came through agents now has to be priced lower or is lost; net premium still grew 6.9% in the half [3 p.2].

Management-expense limits. IDRA caps management expenses (including commission) as a share of gross premium on a sliding scale by premium slab and class. The Business Standard reported on 14 Sep 2025 that IDRA had circulated a draft cutting the fire/general cap on the first Tk 150m of premium from 35% to 25%, and on premium above Tk 1.2bn from 22% to 12%; for marine, from 26% to 16% and from 16% to 6% [8]. We found no report that the draft was finalised. Reliance's 2025 management expenses plus agency commission were Tk 963m, 17.8% of gross premium (13.9% in 2024, 25.5% in 2020) [9]. The annual report does not show the IDRA limit calculation or state compliance, so we cannot say whether Reliance was inside the cap; excluding commission, 2025's management expenses alone were 7.8% of gross premium [1 p.395], below even the proposed top-slab fire/general cap of 12%.

Solvency margin. Under the 2024 solvency rules the required margin is the higher of a premium-based and a claims-based figure. For 2025 the premium basis gave Tk 1,066m (Tk 582m of it for fire) and the claims basis Tk 200m [1 p.351]. Reliance's assets admitted under the rules were Tk 9,723m, after valuing shares at the lower of market or fair value [1 p.352], and its available solvency margin was Tk 3,236m: a cover of 3.03 times (2.60 in 2024) [1 p.87] [1 p.353]. The margin is large enough that the solvency rules do not constrain dividends today; a sharp fall in share prices would reduce it, because Tk 1,812m of shares count at market value.

Investment income of Tk 767m was 58% of pre-tax profit; treasury bonds drove the 2025 rise

The portfolio. At end-2025 Reliance held Tk 2,881m of Bangladesh Government treasury bonds (5- and 10-year, at amortised cost), Tk 1,812m of listed shares and funds at fair value, Tk 3,194m of fixed deposits and Tk 404m of cash at bank [1 p.388] [1 p.352]. It also moved Tk 722m of the new Reliance Insurance Tower to investment property, because six of the building's thirteen floors are let to Jamuna Bank from May 2025 [1 p.388]. By June 2026 fixed deposits had risen to Tk 3,916m and financial assets to Tk 5,098m [3 p.1].

Income by source. Interest was Tk 657m in 2025 (+26.2%): fixed deposits Tk 368m, treasury bonds Tk 277m (+88.7%) and savings accounts Tk 11m; dividends fell to Tk 68m from Tk 90m; rent rose to Tk 38m from Tk 2m as tower tenants moved in [1 p.393]. The shift is from shares to bonds: the bond book grew 57.9% and earned 9.6% on its closing balance, against a 3.7% dividend yield on the share portfolio's fair value [9]. Each 1pp of yield on the Tk 6,074m of bonds and deposits at end-2025 is about Tk 61m of pre-tax income, 4.6% of 2025 PBT [9].

Share concentration. One holding dominates the equity book: 30.55m shares of IDLC Finance valued at Tk 1,091m at end-2025, 60.2% of the portfolio's fair value, against a cost of Tk 263m [1 p.389]. The second largest is Tk 189m of RI Mutual Fund Scheme One. The portfolio's total unrealised gain was Tk 840m [1 p.390]. Unrealised gains go to a fair-value reserve in equity, not to profit, and the auditor made the valuation of these shares a key audit matter because a fall 'may wipe out the value of the portfolio and hamper the distribution capability of the company' [1 p.356] [1 p.357]. In H1 2026 the fair-value reserve rose by Tk 230m net of tax [3 p.3].

Ten-year ratios: steady underwriting margin, ROE of 9-13%, and a payout near a third

Growth. Gross premium grew at a compound 9.0% a year from 2016 to 2025 and net premium at 5.8%; profit after tax grew 10.6% a year, from Tk 358m to Tk 885m [2 p.68] [1 p.87]. Most of the premium growth came in one year, 2024 (+31.3%), with fire. Margins. Underwriting profit was 43.9% of net premium in 2025, against a 2016-2025 range of 28.8% to 54.9%; the margin widened as commission fell between 2020 and 2024 and narrowed in 2025 [9].

Returns. ROE on average equity was 11.3% in 2025 and 13.4% in 2024, the best of the decade; it has stayed between 8.8% and 13.4% since 2017 [9]. The company reports a 'return on shareholders' fund' of 19.17% for 2025 [1 p.87], which does not match profit after tax over equity (10.7% on year-end equity) and appears to use another numerator; its own key-ratio page shows a return on average equity of 11.33% [1 p.353], consistent with ours. ROE is held down by the size of equity relative to the business: net premium was only 0.19 times equity in 2025, and 52.0% of total assets were bonds, deposits and shares rather than underwriting assets [9].

Tax. The effective tax rate was 33.5% in 2025 and 27.7-31.4% in 2016-2024 [9]; the rise came with the higher unallocated expenses. Cash conversion. Operating cash flow was Tk 720m in 2025 (0.81 times profit), after only Tk 174m in 2024 when the amount due from other insurers rose by Tk 937m [1 p.394]. In H1 2026 operating cash flow was Tk 987m against Tk 1,760m a year earlier, which the company attributes to reinsurance and claim payments [3 p.6].

Against Pioneer and City Insurance: the lowest retention and combined ratio, the highest underwriting margin

We compare Reliance with two listed general insurers on the same definitions, using each company's own 2025 annual report: Pioneer Insurance, a corporate and fire-led insurer with Tk 3,876m of gross premium [4 p.11], and City Insurance (DSE: CITYGENINS), a smaller marine-weighted insurer with Tk 939m [5 p.366]. For City we take claims, management expenses, agency commission and reinsurance commission (including profit commission) from the consolidated revenue account [5 p.394]; its five-year summary shows a lower 'net claims' figure of Tk 99m on a different basis [5 p.366].

Reliance's combined ratio of 53.1% compares with 68.1% at Pioneer and 74.9% at City on the same definition [9]; the claims ratios are similar (19.4-22.2%), so the gap is expenses. Two things explain it: Reliance's agency commission was 10.0% of gross premium against 14.6-15.0% at the peers, and its large cessions earn reinsurance commission worth 29.3% of net premium, against 10.0% at Pioneer and 11.8% at City [1 p.86] [4 p.11] [5 p.394]. The other side of that is retention: Reliance keeps 29.5% of what it writes, Pioneer 53.1% and City 64.7%, so Reliance's net premium is smaller than Pioneer's even though its gross premium is 40% larger. The retention gap is 23.6pp to Pioneer and 35.2pp to City [9].

Investment income matters more to Reliance (57.6% of pre-tax profit) than to Pioneer (27.2%) but less than to City (65.7%) [9]. ROE on year-end equity was 10.7% at Reliance, 9.7% at Pioneer and 14.6% at City. Reliance paid out 35.6% of EPS in cash, Pioneer 65.6% (plus a 5% stock dividend) and City 29.4% [1 p.87] [4 p.11] [5 p.366].

Balance sheet: no debt, Tk 914m stuck with SBC, and tax demands under appeal

Structure. Total assets were Tk 15,167m at end-2025: investments Tk 4,693m, cash and deposits Tk 3,597m, property Tk 3,435m (after a revaluation and the transfer of the tower), and Tk 1,110m due from other insurers [1 p.87] [1 p.390]. Liabilities are insurance balances: outstanding claims Tk 647m, the unexpired-risk fund, premium deposits and sundry creditors. There are no borrowings [1 p.396]. Equity was Tk 8,303m (NAV Tk 78.95 a share; Tk 75.43 without the revaluation surplus) [1 p.393] and Tk 8,905m at June 2026 [3 p.1].

SBC receivable. The Tk 914m due from SBC on reinsurance was the same at both year-ends [1 p.390]; in 2023 the whole amount due from other insurers was 1.44% of assets, against 7.32% in 2025 [1 p.319]. The company's key-ratio page shows reinsurance claim recovery of 45.5% in 2025 against 86.5% in 2023, and a claim settlement ratio of 29.9% against 61.6% in 2024 [1 p.353]. The chairman's comments describe SBC's 50% compulsory cession as part of SBC's 'monopolistic position' [1 p.77]. The receivable is 11.0% of equity; no provision against it is disclosed in the notes we read.

Related parties. The related-party note lists premium from Rangs Group Tk 248m (2024: Tk 200m) and Transcom Group Tk 169m (Tk 223m), both through common directors, and Kumudini Welfare Trust Tk 1m; claims paid to the two groups were Tk 47m (Tk 103m) [1 p.395]. Together that is 7.7% of gross premium (8.3% in 2024) [9]. The note says the business is on arm's-length commercial terms [1 p.394]. Contingencies. Four legal claims total Tk 232m with Tk 3m provided; tax demands for nine assessment years total Tk 1,186m, against which Tk 1,078m has been paid, all under High Court stay [1 p.395].

Audit. The 2025 audit opinion is unmodified. The auditor added an emphasis of matter on the funding of a deficit in the employees' gratuity fund identified by an actuarial valuation [1 p.356]; the company has been contributing Tk 26.30m a year for five years from 2024 to close it [1 p.378]. Key audit matters were the fair value of shares, premium income and the estimate of outstanding claims [1 p.356] [1 p.357]. CRISL rated the company's claim-paying ability 'AAA' as of 30 June 2026 [1 p.396].

H1 2026: profit up 21% and underwriting charges down 15.6% after agency licences were suspended; Q4 2025 was the fire quarter

Quarterly profit in 2025 was Tk 239m, Tk 328m, Tk 270m and then Tk 48m in the fourth quarter, which the annual report links directly to the cargo-village fire [1 p.163]. In 2026 profit was Tk 303m in Q1 and Tk 383m in Q2 [3 p.2].

The half-year statement shows net premium up 6.9% and reinsurance commission down 11.2%; all underwriting charges together fell 15.6%, so profit before investment income rose 30.0% [3 p.2] [9]. The interim does not break the charges into claims, expenses and commission, so we cannot say how much of the fall is commission and how much is lower claims. The interim's scanned text lost the order of these columns; we derived the total from net premium plus reinsurance commission less profit before investment income, which ties to the reported subtotals.

Sponsor groups own 67.95%; a cash dividend every year, Tk 3.00 for 2025

Ownership. Fourteen sponsor and director entities own 67.95%: Rangs Limited 10.42% (the only holder above 10%), Trinco 7.19%, Transfin Trading 7.19%, Kumudini Welfare Trust 6.53%, Deep Sea Fishers 6.34%, Arlinks 6.14% and others; institutions hold 5.20% and the general public 26.85% [1 p.314]. The chairman is Shahnaz Rahman [1 p.85]. The board has three independent directors, none of whom own shares; the CEO, CFO and company secretary own none [1 p.90]. Board meeting fees were Tk 1.02m for six meetings [1 p.396].

Dividends. Reliance has paid a cash dividend every year in our data: Tk 1.50 a share for 2016-2018 (with 10% stock dividends), Tk 2.50 for 2019-2023 and Tk 3.00 for 2024 and 2025 [2 p.68] [1 p.87]. The 2025 dividend (30% cash, Tk 315m) was recommended by the board [1 p.396] and paid in the first half of 2026 [3 p.3]. The cash payout has been 31-48% of EPS since 2016 [9]. Share capital has been unchanged at 105.16m shares since 2019; there has been no rights issue [1 p.393]. DSE news, last 24 months: quarterly results and board meetings, the 2024 and 2025 dividends and spot-market periods before the record dates [7]; we found no regulatory action in those announcements.

Market multiples as facts. At Tk 93.6 the market value is Tk 9.8bn. Trailing EPS to June 2026 is Tk 9.55 (2025 EPS 8.42 less H1 2025 5.39 plus H1 2026 6.52), a P/E of 9.8 times; the price is 1.11 times June 2026 NAV and the 2025 dividend is 3.2% of the price [6] [3 p.2]. At year-ends 2016-2025 the P/B ranged from 0.75x to 1.39x and the dividend yield from 2.7% to 5.7% [9]. In the past 52 weeks the shares traded between Tk 56.6 and Tk 128.2 [6]. We draw no conclusion from these numbers about the share price.

What will move the lines next: agency licences suspended, a tower's rent, and the SBC balance

Commission. The largest known change: IDRA suspended agency-commission licences from 1-Jan-2026 (per the company's annual report) [1 p.77]. In 2025 commission was Tk 542m against underwriting profit of Tk 701m; the H1 2026 accounts already show charges down 15.6% [3 p.2], though the interim does not split out commission. Whether any saving lasts depends on whether insurers start competing on price instead, which will show in net premium and in the claims ratio. Expense caps. If IDRA adopts the draft caps reported by The Business Standard [8], the limit for an insurer of Reliance's size falls, but excluding commission Reliance's 2025 management expenses (7.8% of gross premium) would already be under the reported proposed top-slab caps.

Property. The tower adds rent (Tk 28m in 2025 from part of a year) and depreciation (part of the rise from Tk 28m to Tk 118m) [1 p.393] [1 p.394]. SBC and reinsurance. The directors say the US-Bangladesh trade agreement calls for amending the Insurance Corporation Act 2019 to relax SBC's privileges [1 p.77]; no date is given, so we treat it as an open question rather than a dated event. A change would move the reinsurance-ceded and reinsurance-commission lines. Rates. Interest on bonds and deposits was Tk 646m in 2025 [1 p.393]; it will move with the treasury and deposit rates at which maturing FDRs and bonds are reinvested.

Risks: a large fire, a slow reinsurer, and a share market that drives a fifth of equity

The 2025 fire shows how a single event moves the account: net fire claims rose by Tk 146m and fire swung from a Tk 141m profit to a Tk 163m loss [1 p.77]. Reinsurance limits this, but only if reinsurers pay, and the flat Tk 914m due from SBC is the clearest sign that collection is slow [1 p.390]. The equity portfolio adds market risk that does not pass through profit but does move NAV and the solvency margin, and it is concentrated in one financial company [1 p.389].

• Q3 2026 results (board met 29-Oct-2026): profit before investment income against Tk 592.8m for H1 2026.
• FY2026 annual report (expected around Feb-2027; FY2025 board met 26-Feb-2026): commission line, fire claims, SBC receivable (note 19), solvency cover.
• IDRA's final management-expense rules (no date announced).
• IDLC Finance share price, which drives 60% of the equity portfolio.
• Any amendment to the Insurance Corporation Act 2019 on SBC cession (no date announced).

Ten-year history

Figures for 2016-2020 are from the 2021 annual report and for 2021-2025 from the 2025 annual report; the 2025 report restates 2021 equity (Tk 6,611m against Tk 6,771m originally) and 2021 underwriting profit (Tk 574.5m in the highlights, Tk 607.1m in the segment table) [2 p.68] [1 p.87] [1 p.147]. EPS before 2019 is as reported, before later bonus shares.

FAQ

Why did Reliance Insurance's profit fall in 2025?

Net fire claims rose from Tk 121m to Tk 267m after the October 2025 cargo-village fire at Dhaka airport, and agency commission rose to Tk 542m as accrued commission was paid before IDRA's suspension of agency-commission licences from 1-Jan-2026 (company annual report). Profit after tax fell 7.7% to Tk 885m (EPS Tk 8.42).

How much does Reliance Insurance earn from investments?

Tk 767m in 2025 (interest Tk 657m, dividends Tk 68m, rent Tk 38m and other income), 57.6% of pre-tax profit.

What is Reliance Insurance's combined ratio?

53.1% in 2025 on net claims plus management expenses plus commission less reinsurance commission, over net premium. The annual report's 82.48% (computed on net premium) does not deduct reinsurance commission.

What dividend did Reliance Insurance pay for 2025?

Tk 3.00 a share (30% cash), about 36% of EPS; it has paid a cash dividend every year since at least 2016.

Is Reliance Insurance solvent under IDRA rules?

Yes. Its available solvency margin was Tk 3,236m against a required Tk 1,066m at end-2025, a cover of 3.03 times.

Sources

1. Reliance Insurance PLC Annual Report 2025 (corpus RELIANCINS_ANNUAL_2025, PDF page numbers) · link · accessed 2026-10-31
2. Reliance Insurance Limited Annual Report 2021 (key operating and financial highlights 2016-2021) · link · accessed 2026-10-31
3. Un-audited interim financial statements, half year to 30-Jun-2026 · link · accessed 2026-10-31
4. Pioneer Insurance PLC Annual Report 2025 (peer; five-year summary p.11) · link · accessed 2026-10-31
5. City Insurance PLC (DSE: CITYGENINS) Annual Report 2025 (peer; five-year summary p.366, revenue account p.394) · link · accessed 2026-10-31
6. AnalystBro market data: DSE daily bars for RELIANCINS, PIONEERINS and CITYGENINS to 29-Oct-2026 · link · accessed 2026-10-31
7. DSE announcements via AnalystBro events: LR19 board meeting 26-Feb-2026, Q2 results 2-Aug-2026 (NAV Tk 84.68), Q3 board meeting 29-Oct-2026 · link · accessed 2026-10-31
8. The Business Standard, 'IDRA moves to reduce management expenses in non-life insurance', 14 Sep 2025 · link · accessed 2026-10-31
9. AnalystBro history and ratio model for RELIANCINS (model.xlsx, the workbook below) · link · accessed 2026-10-31