Rupali Insurance financial analysis: combined ratio 74.2% and EPS Tk 1.02 in 2025 (Oct 2026)

Investment considerations: unmodified 2025 audit with no emphasis paragraph; EPS Tk 1.02; combined ratio 74.2%; cash dividends above profit in 3 of 6 years

What it is. Rupali Insurance Company Limited (DSE: RUPALIINS) 'was incorporated as a Public Limited Company on 19th May 1988' and its stated objective is 'to carry on all kinds of insurance, guarantee and indemnity business other than life insurance business' [1 p.126]. The registered office is at Rupali Bima Bhaban, 7 Rajuk Avenue, Dhaka, and note 1.03 gives '38 Branches' [1 p.126]. It had 76,665,411 ordinary shares of Tk 10 at 31-Dec-2025 [1 p.133]; the 5% stock dividend for 2025 (3,833,270 shares) takes the count to 80,498,681 [1 p.147] [20]. The latest annual accounts cover the calendar year to 31 December 2025: the balance sheet is 'As at December 31, 2025' and note 1.05 states that the period covers '12 (Twelve) months period from January 01, 2025 to December 31, 2025' [1 p.113] [1 p.126].

Where it stands. Gross premium was Tk 761.7m in 2025 against Tk 673.2m in 2024, including public sector business of Tk 122.3m [1 p.141] [1 p.129]. After Tk 277.8m of re-insurance premium, net premium was Tk 483.9m against Tk 440.0m [1 p.141]. Net underwriting profit was Tk 98.2m against Tk 28.2m [1 p.141]. Net profit before tax was Tk 120.2m against Tk 127.7m, and net profit after tax Tk 77.9m against Tk 75.9m, giving EPS of Tk 1.02 against Tk 0.99 [1 p.115] [1 p.142]. The DSE-posted nine-month 2026 EPS was Tk 1.02 against Tk 0.95 [20]. The shares closed at Tk 27.0 on 29-Oct-2026 [19].

Shareholder returns in the filings. In 2025 the profit and loss account received Tk 98.2m of underwriting profit, Tk 65.9m of interest income, Tk 5.1m of rental income and Tk 3.5m of dividend income, and a loss of Tk 2.6m on the sale of shares [1 p.140]. Underwriting profit was 81.7% of profit before tax [24]. Tax provision of Tk 27.0m and deferred tax of Tk 15.3m together were 35.2% of profit before tax [1 p.142] [24]. The board recommended a 10% dividend for 2025, 5% cash and 5% stock; the cash part (Tk 0.50 a share on 76,665,411 shares) is 49.2% of 2025 profit after tax [20] [24]. Printed return on equity was 4.31% in 2025 and 4.20% in 2024 [1 p.90].

• Net claims in 2026. Where: the H1 2026 accounts print net claims of Tk 107.4m against Tk 64.0m in H1 2025; the FY2026 revenue accounts (board meeting inferred 26 April to 14 May 2027 from 8 years of precedents; no date notified).
• Agency commission in 2026. Where: the FY2026 note 23 commission table; H1 2026 'Management expenses, commission paid/payable to agent & depreciation' was Tk 108.6m against Tk 154.4m.
• Interest income from the SIBL Mudaraba Billionaire Deposit Scheme. Where: note 22(i) in the FY2026 accounts (2025: Tk 16.2m; 2024: Tk 118.5m).
• Listed-share provision. Where: note 14(v) and note 12 in the FY2026 accounts (provision Tk 25.0m at 31-Dec-2025).
• Advance against claim to Mondol Group (Tropical Knitex Ltd). Where: note 18.01 in the FY2026 accounts (Tk 66.3m at 31-Dec-2025 and 31-Dec-2024).

Business: fire 41.4% of 2025 gross premium, marine cargo 36.6%, miscellaneous 9.7%, motor 9.5%, marine hull 2.9%

How it makes money. A Bangladeshi general insurer collects premium, cedes part of each risk to re-insurers (which pay commission back), sets aside a reserve for the unexpired part of each policy, and pays claims, agent commission and management expenses from the rest. Note 1.02 states that the company offers 'fire and allied perils insurance, marine cargo and hull insurance, aviation insurance, automobile insurance and miscellaneous insurance' [1 p.126]. Note 3.11 states the unexpired-risk provision as '40% of net premium income on all business except Marine Hull Insurance for which provision has been made @ 100% on net premium income' [1 p.129]. The class revenue accounts add up to the underwriting profit; interest, rent and dividends less management expenses not charged to any fund give profit before tax [1 p.116] [1 p.140].

Classes. Note 23 prints 2025 fire gross premium 'including SBC & Govt. Business' of Tk 315.1m (41.4% of the total), of which the company kept 61.7% after re-insurance [1 p.141] [24]. Marine cargo wrote Tk 278.4m (36.6%) and kept 67.6%; marine hull Tk 22.2m (2.9%) and kept 61.8% [1 p.141] [24]. Motor wrote Tk 72.3m (9.5%) and kept 98.2%; miscellaneous Tk 73.7m (9.7%) and kept 22.6% [1 p.141] [24]. The directors' report gives 2024 fire gross premium of Tk 280,311,137 and 2025 'motor and miscellaneous' premium of Tk 146,016,759 against Tk 113,679,748 [1 p.57]. Note 3.05 states that management expenses 'have been apportioned @ 42.31% to Fire, 38.07% to Marine Cargo and Marin hull, 19.61% to Motor and Miscellaneous business as per management decision' [1 p.129].

Public sector business. Note 3.06 states that gross premium of Tk 761,715,620 includes 'public sector business of Tk.122,326,303' [1 p.129]. The directors' report states that 'Tk. 642 million came from Private Sector' and that 'the balance of Tk. 122 million represents our share of public sector business received from Sadharan Bima Corporation' [1 p.57]; Crystal Insurance prints 'Premium on PSB' of Tk 122,326,303 for 2025, the same figure as Rupali's note 3.06 [7 p.13]. Note 3.07 reads 'Public Sector Business up to December 2024 has been accounted for on the basis of statements received from Sadharan Bima Corporation' [1 p.129].

Ten years of premium. The printed history shows gross premium of Tk 845.93m in 2016 and Tk 761.71m in 2025; the highest year was 2018 (Tk 875.59m) and the lowest 2022 (Tk 556.88m) [5 p.54] [1 p.90]. Gross premium fell in 4 years (2019, 2020, 2021, 2022) and rose in 5 (2017, 2018, 2023, 2024, 2025) [24]. Retention ranged from 58.5% (2022) to 65.4% (2024) [24]. The branch count printed in the same tables went from 48 in 2016 to 38 in 2025, and the employee count from 598 to 426 [5 p.54] [1 p.90]. The filings read do not give a reason for the 2019-2022 fall in premium.

Related parties as customers. Note 28 lists two related-party transactions for 2025, both 'Insurance Business': Dragon Sweater Bangladesh Ltd. Tk 25,393 and Max Sweater Tk 1,513,730, total Tk 1,539,123 [1 p.143]. Note 28 prints the name 'Dragon Sweater Bangladesh Ltd.' and does not state the relationship with either company. The director profiles describe the chairman Mostafa Quamrus Sobhan as 'Managing Director of Dragon Sweater and Spinning Limited' [1 p.36] and the independent director Shafia Sobhan Chowdhury as a Director of Dragon Sweater & Spinning Limited [1 p.38]. The profile of director Quazi Moniruzzaman states 'He is the proprietor of MAX Sweater BD Ltd. & MAX pullover Ltd.'; note 28 prints the name 'Max Sweater' [1 p.37] [1 p.143]. The directors' report states 'Shareholdings of Parent/Subsidiary/Associate companies and other related parties: Nil' [1 p.62].

Underwriting: net claims Tk 119.6m in 2025 against Tk 165.6m; combined ratio 74.2% against 85.7%

Claims. Note 23(iii) prints 2025 gross claims of Tk 117.6m, less re-insurance claim recovery of Tk 22.8m, plus outstanding claims at the end of the year of Tk 60.0m, less Tk 35.2m at the end of the previous year, giving net claims of Tk 119.6m [1 p.141]. In 2024 gross claims were Tk 212.2m, recovery Tk 51.2m and net claims Tk 165.6m [1 p.141]. Net claims were 24.7% of net premium in 2025 and 37.6% in 2024 [24]. Across 2016-2025 the ratio ranged from 17.8% (2020) to 42.0% (2017) [5 p.54] [1 p.90] [24].

Outstanding claims. The balance-sheet liability 'in respect of outstanding claims whether due or intimated' was Tk 60.0m at 31-Dec-2025 against Tk 35.2m at 31-Dec-2024: fire Tk 21.1m, marine Tk 21.8m, motor Tk 9.1m and miscellaneous Tk 8.1m [1 p.134]. The auditor's key audit matter covers this balance [1 p.109]. At 30-Jun-2026 the outstanding-claims line was Tk 87,527,291 against Tk 60,030,010 at 31-Dec-2025 [6 p.1].

Expenses and commission. Management expenses in the revenue accounts were Tk 223.0m in 2025 against Tk 195.8m; note 3.05 states that they 'represents approximately 29.28% of gross premium' [1 p.141] [1 p.129]. Commission paid on direct business was Tk 97.4m against Tk 85.5m, and commission earned on re-insurance Tk 80.8m against Tk 70.0m, giving net commission of Tk 16.7m against Tk 15.5m [1 p.141]. Management expenses not applicable to any fund, charged in the profit and loss account, were Tk 49.9m against Tk 68.8m, including Tk 6.1m of provision for diminution in value of investment against Tk 27.8m [1 p.115] [1 p.140].

One combined-ratio definition. This note uses one definition throughout: net claims plus revenue-account management expenses (with revenue-account stamp duty where a company prints it separately) plus agency commission (and commission on re-insurance accepted where printed) less re-insurance commission (including profit commission), over net premium. On that basis Rupali's combined ratio was 78.3% in 2020, 56.6% in 2021, 74.0% in 2022, 89.6% in 2023, 85.7% in 2024, 74.2% in 2025 [24]. The lowest of the six years was 2021 and the highest 2023. The 2023 figure uses the Tk-million product-wise summary in the 2024 annual report [2 p.46].

Underwriting result. Net underwriting profit was Tk 98.2m in 2025, Tk 28.2m in 2024 and Tk 28.40m in 2023 [1 p.141] [2 p.46]. Over 2016-2025 the printed series ranged from Tk 28.16m (2024) to Tk 173.92m (2021) [5 p.54] [1 p.90]. The 2025 result includes a Tk 26.4m charge for the increase in the unexpired-risk fund ('Adjusted Fund Balance for Unexpired Risk') against Tk 34.9m in 2024 [1 p.141]. Underwriting profit was larger than profit before tax in 1 of the ten years (2022) [24].

Class results. Fire made Tk 45.9m in 2025 against Tk 7.8m in 2024, and marine Tk 46.7m against Tk 8.8m; miscellaneous (including motor) made Tk 5.7m against Tk 11.6m [1 p.116]. Within marine, cargo made Tk 54.8m and hull a loss of Tk 8.2m; within miscellaneous, motor made Tk 15.4m and other miscellaneous a loss of Tk 9.7m [1 p.141]. On the class figures, the combined ratio was 69.2% for fire, 77.0% for marine cargo, 69.5% for motor and 140.6% for other miscellaneous [24]. Marine hull net claims were a credit of Tk 247,050 [1 p.141].

Investments: FDRs Tk 480.2m and SIBL deposit scheme Tk 202.0m at 31-Dec-2025; interest income Tk 65.9m against Tk 178.4m

Where the money sits. At 31-Dec-2025 cash and bank balances were Tk 618.3m, of which fixed deposits Tk 480.2m, STD accounts Tk 73.9m, current accounts Tk 23.7m and cash and stamps Tk 40.5m [1 p.138]. Note 19.02 states that fixed deposits 'consist of 497 numbers maintained with 43 banks and 4 NBFI throughout the country' [1 p.139]. Investments at cost were Tk 347.1m: 10-year treasury bonds Tk 44.5m and 20-year treasury bonds Tk 24.6m (both 'lying with Central Depository Bangladesh Ltd. as statutory deposit'), Sonali Life Insurance Tk 32.5m, the SIBL Mudaraba Billionaire Deposit Scheme Tk 202.0m and listed shares Tk 43.5m [1 p.137].

Interest income. Note 22(i) prints interest of Tk 65.9m in 2025 against Tk 178.4m in 2024: on fixed deposits Tk 43.1m against Tk 56.7m, on treasury bonds Tk 6.6m against Tk 3.1m, and on the Mudaraba Billionaire Deposit Scheme Tk 16.2m against Tk 118.5m [1 p.140]. Accrued interest receivable was Tk 156.6m at 31-Dec-2025 against Tk 142.1m at 31-Dec-2024 and Tk 25,848,952 at 31-Dec-2023 [1 p.138]. Note 14(iv) states, as printed, that 'Tk.202,000,000 has been deposited to SIBL (Social Islamic Bank Ltd) since August 2017@ Tk. 20 Lac per month for 10 Years Mudaraba Billionaire Deposit Scheme' [1 p.137]. The notes read do not explain the Tk 118.5m of scheme income recognised in 2024.

Listed shares. Note 14(v) lists ten holdings with total cost of Tk 43,450,831, market value of Tk 18,474,495 and consideration value of Tk 18,410,749 at 31-Dec-2025 [1 p.137]. DSSL (2,011,352 shares) cost Tk 39,990,399 against a market value of Tk 16,895,357 [1 p.137]. The note states 'Provision for Tk. 25,040,367 (Note-14) has been made on account of the difference between the cost price and consideration value of the shares'; cost less consideration value on the printed table is Tk 25,040,082 (our arithmetic), Tk 285 less [1 p.137] [24]. Sale of shares returned Tk 26.1m in 2025, with a loss on sale of Tk 2.6m [1 p.123] [1 p.140].

Investment share of assets. 'Investment including FDR' printed in the five-year tables was Tk 827.27m at 31-Dec-2025 against Tk 1151.68m at 31-Dec-2022, and fell in 4 of the 9 year-ends from 2017 to 2025 (2019, 2023, 2024, 2025) [5 p.54] [1 p.90] [24]. As a share of total assets it was 31.5% at 31-Dec-2025 against 46.1% at 31-Dec-2016 [24].

Ratios: printed ROE 4.31% in 2025; underwriting profit 81.7% of pre-tax profit; NOCF 1.26 times profit

Returns. The company prints return on equity of 4.31% for 2025, 4.20% for 2024 and 1.98% for 2023; over 2016-2025 the printed figure ranged from 1.98% (2023) to 8.27% (2021) [5 p.54] [1 p.90]. On profit after tax over average total shareholders' equity, our calculation gives 4.3% for 2025, 4.2% for 2024 and 8.4% for 2021 [24]. Total shareholders' equity was Tk 1,808.3m at 31-Dec-2025 and Tk 1,807.1m at 31-Dec-2024 [1 p.113].

Earnings per share. EPS as printed in each year's report was Tk 1.84 in 2016 and Tk 1.02 in 2025; the highest was Tk 2.06 (2021) and the lowest Tk 0.47 (2023) [5 p.54] [1 p.90]. Note 24 computes 2025 EPS as Tk 77.90m over 76,665,411 shares, 'Tk. 1.02', and 2024 as Tk 75.86m, 'Tk. 0.99' [1 p.142]. 2023 profit after tax was Tk 35,797,110 (EPS Tk 0.47) [2 p.127]. On the 80,498,681 shares after the 2025 stock dividend, 2025 profit after tax is Tk 0.97 a share (our arithmetic) [24].

Tax. Tax and deferred tax were 35.2% of profit before tax in 2025 and 40.6% in 2024 [24]. Note 31 computes 2025 tax at 37.5% on insurance business income of Tk 40.0m and on other income, 37.5% on rental income and 20% on dividend income [1 p.145]. Note 12.01 shows the deferred tax liability rising to Tk 38.4m from Tk 23.1m, with Tk 16,166,667 of accrued MBDS interest among the taxable temporary differences [1 p.135].

Cash conversion. Net operating cash flow was 1.26 times profit after tax in 2025, 0.40 in 2024 and 0.93 in 2023 [24]. The 2025 direct-method statement shows collections of Tk 929.8m, payments of Tk 753.1m and income tax paid of Tk 78.8m [1 p.123]. The indirect reconciliation in note 30 shows income tax paid of Tk 25,983,396 for 2024; the 2024 cash-flow statement shows Tk 81,140,924 [1 p.144] [1 p.123].

Leverage. Equity was 68.9% of total assets at 31-Dec-2025 and 75.9% at 31-Dec-2020 [24]. Note 11 shows a short-term bank loan of Tk 88.6m at 31-Dec-2025 against Tk 80.2m: Modhumoti Bank Limited Tk 78,614,682 and Standard Bank PLC Tk 10,000,000 [1 p.134]. The Modhumoti facility is an SOD with a 'Limit: Tk. 800.00 Lac', secured 'Against lien of FDR Tk. 900.00 Lac', at '2.00% p.a above the weighted avarage rate of interest', with 'Expiry: 30.06.2026' [1 p.134]. Note 32(d) states 'There was no credit Facility of general nature as on Balance Sheet date' [1 p.145]; the filings print both statements.

Peers: combined ratio 74.2%, ninth lowest of 12; sixth lowest of 7 excluding auditor-modified peers

Set and basis. The comparison uses twelve general insurers' 2025 consolidated revenue accounts, each read from its own filing: Rupali and eleven peers with published AnalystBro notes [1 p.141] [7 p.13] [8 p.181] [9 p.264] [10 p.189] [11 p.110] [12 p.152] [12 p.153] [13 p.329] [14 p.11] [15 p.22] [16 p.107] [17 p.14] [18]. All use calendar 2025. The combined ratio is the one definition above. Five peers' 2025 opinions are modified by their auditors: BGIC (qualified, four emphasis-of-matter paragraphs), Central (adverse, seven), Eastern (qualified, six), Asia Pacific (qualified, six) and Federal (qualified, five) [18]. Their inputs are footnoted in the table, and each rank below is given both including and excluding them.

Where Rupali sits. Rupali's 2025 combined ratio of 74.2% was the ninth lowest of 12; among the 7 insurers with unmodified opinions it was the sixth lowest [24]. The three lowest in the full set were Peoples (63.7%), Asia Pacific (67.2%), Islami (67.7%), and the three highest Central (79.8%), BGIC (81.4%), Karnaphuli (82.2%) [24]. Rupali's claims ratio of 24.7% was the tenth lowest of 12 (fifth lowest of 7 unmodified), and its expense ratio (management expenses plus net commission over net premium) of 49.5% the third lowest of 12 (second lowest of 7) [24]. Its net premium of Tk 483.9m was the fifth largest of the twelve [24].

Printed labels. Each company prints its own line names. Rupali prints 'Net Premium (a-b)', 'Claim settle and provided (Net)', 'Management Expenses' and 'Commission (Net)' [1 p.141]. Crystal prints 'Premium less re-insurances', 'Claims under policies less re-insurances', 'Agent commission', 'Management expenses' and a separate 'Stamp duty' of Tk 4,870, which is added to its management expenses here [7 p.13]. Eastern prints 'Insurance stamps consumed' of Tk 3,493,926 and Asia Pacific 'Stamp duty' of Tk 3,911,196, both added [15 p.22] [16 p.107]. Nitol and Asia Pacific print 'Profit Commission' / 'Profit commission on re-insurance' separately, added to re-insurance commission [10 p.189] [16 p.107]. Federal prints 'Commission on Re-Insurance Accepted' of '420.33', added to agency commission [17 p.14]. Peoples, Eastland and Eastern print negative net claims for 2025 [9 p.264] [12 p.152] [15 p.22].

Other facts from the peer pages. FAMES & R (partner Fouzia Haque, FCA) signed both Rupali's 2025 accounts and Islami Insurance's 2025 revenue account [1 p.112] [11 p.110]. Mahfel Huq & Co. signed the 2025 revenue accounts of Nitol, BGIC, Central and Asia Pacific [10 p.189] [13 p.329] [14 p.11] [16 p.107]; Crystal's page prints 'Mahel Huq & Co.' [7 p.13]. Crystal had the largest 2025 net premium of the twelve, Tk 704.7m; Rupali's Tk 483.9m was 68.7% of it [24].

Balance sheet and audit: unmodified 2025 opinion, four key audit matters; 2024 report had two emphasis-of-matter paragraphs

The 2025 opinion, word for word. The auditor, FAMES & R (Fouzia Haque, FCA, partner; report dated 26 April 2026), writes in the opinion paragraph: 'In our opinion, the accompanying financial statements gives a true and fair view of the financial position of the company as at December 31, 2025, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act, 1994, the Insurance Act, 2010, the Insurance Rules, 1958, the Securities and Exchange Rules, 2020 and other applicable laws and regulations.' [1 p.107] [1 p.112]. 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' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements.' It is followed by: 'In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Rupali Insurance PLC as at December 31, 2025.' [1 p.107]. The report has no emphasis-of-matter and no other-matter paragraph; the 'Other Information' section states 'The Annual Report is expected to be made available to us after the date of this auditor's report.' [1 p.110].

How the auditor addressed them. For premium income the report lists procedures including 'Carried out cut-off testing to ensure unearned premium income has not been included in the premium income' and 'For a sample of insurance contracts tested to see if appropriate level of reinsurance was done and whether that re insurance premium was deducted from the gross premium' [1 p.108]. For claims it lists 'Obtained the claim register and tested for completeness of claims recorded in the register on a sample basis' and 'Reviewed the claim committee meeting minutes about decision about impending claims' [1 p.108] [1 p.109]. For property, plant and equipment it lists 'We reviewed minutes of board meetings for approval of the total capitalization cost' [1 p.109], and for deferred tax 'We tested the mathematical accuracy in calculation of deferred tax' [1 p.110]. Under other legal requirements the auditor reports that 'all expenses of management wherever incurred and whether incurred directly or indirectly, in respect of insurance business of the company transacted in Bangladesh during the year under report have been duly debited to the related Revenue Accounts and the profit & loss account of the Company' [1 p.112]. No company explanation of the audit points is printed in the pages read.

The 2024 report. The 2024 auditor's report (same opinion wording, 'gives a true and fair view ... as at December 31, 2024') carried an 'Emphasis of Matters' section, quoted in full: 'a) In Note no 12.00 to the financial statement the company reported the Provident Fund Payable but company has not yet been conducted the audit of Provident fund accounts. As per condition for recognition a separate Provident Fund Accounts should be maintained and audited financial statement should be submitted to the Income Tax Authorities in the stipulated time and also to fulfill other regulatory requirements. b) As per investment return for 2024, the company has made short investment in Bangladesh Govt. Treasury Bond as prescribed in SRO No 353-law/2019 on dated 11 November 2019 issued by IDRA, Our opinion is not modified in respect of these matters.' [2 p.92]. DSE posted an 'Emphasis of Matter' notice for the 2024 report on 15-May-2025 [20]. Provident fund payable was Tk 22,720,735 at 31-Dec-2025 against Tk 19,288,781 [1 p.137]; treasury bonds at cost rose to Tk 69.1m from Tk 44.1m [1 p.137]. The 2025 report does not repeat either paragraph [1 p.107].

Receivables and advances. Sundry debtors were Tk 189.4m at 31-Dec-2025, including an agent balance of Tk 73,078,303 and 'Advance against Claim' of Tk 66,298,064, both unchanged from 31-Dec-2024 [1 p.138]. Note 18.01 states: 'Advance against Claim has been paid to Mondol Group (Tropical Knitex Ltd) by different cheque from year 2016 to 2022.' [1 p.138]. Amounts due from other insurers (co-insurance) were Tk 176.7m: fire Tk 88,148,677, marine Tk 65,464,592 and miscellaneous Tk 23,098,254 [1 p.138]. Deposit clearing was Tk 167.9m against Tk 196.9m [1 p.138].

Tax position. Note 12.02 shows tax provisions of Tk 768,352,422 to assessment year 2026-2027, Tk 574,312,844 of adjustments, a payable balance of Tk 167,018,704 and advance tax of Tk 494,299,782 [1 p.136]. Note 12.02.A states that 'The year wise Tax provision, assessed tax and the advance tax for the assessments completed up to 2023-24 ( A/C's 31-12-2018) will be adjusted in due course after disposal of pending appeal cases with different appeal authorities including Honour- able High Court.' [1 p.136]. Note 33 states that there were no contingent liabilities at 31-Dec-2025 [1 p.145].

Payables. Sundry creditors of Tk 408.4m at 31-Dec-2025 include 'Securities House balance( NRBC Bank Securities)' of Tk 74,117,386 against Tk 94,164,847, provident fund payable of Tk 22,720,735 and lease liability of Tk 34,125,912 [1 p.134] [1 p.137]. Amount due to SBC was Tk 10,098,228 against Tk 37,354,485 [1 p.134].

Recent quarters: H1 2026 net claims Tk 107.4m against Tk 64.0m; nine-month 2026 EPS Tk 1.02 against Tk 0.95 (DSE)

H1 2026. The un-audited half-year statement shows gross premium of Tk 326.4m against Tk 345.9m in H1 2025, a change of -5.6% [6 p.2] [24]. Net premium was Tk 199.5m against Tk 211.8m, re-insurance commission earned Tk 36.4m against Tk 54.2m, and income from interest, investment and financial services Tk 29.7m against Tk 28.1m [6 p.2]. Net claims were Tk 107.4m against Tk 64.0m (53.9% of net premium against 30.2%) [6 p.2] [24]. 'Management expenses, commission paid/payable to agent & depreciation' was Tk 108.6m against Tk 154.4m [6 p.2]. Profit before tax was Tk 72.9m against Tk 73.2m, and EPS Tk 0.71 against Tk 0.70 [6 p.2].

Balance sheet at 30-Jun-2026. Note 11 of the half-year accounts gives total share capital and reserves of Tk 1,862,742,226 at 30-Jun-2026 against Tk 1,808,348,469 at 31-Dec-2025, and NAV per share of Tk 21.03 against Tk 20.41, after deducting '37.5% of Reserve For Exceptional Loss' [6 p.7]. Net operating cash flow was Tk 49.4m against Tk 32.3m [6 p.7]. Note 8 of the half-year accounts gives an opening deferred tax balance of Tk 12,321,631; the 2025 annual accounts give a closing balance of Tk 38,353,568 at 31-Dec-2025 [6 p.6] [1 p.135]. The filings print both figures.

DSE-posted quarters. DSE posted EPS of Tk 0.33 for January-March 2026 (Tk 0.40 a year earlier), Tk 0.38 for April-June (Tk 0.30) and Tk 0.34 for July-September (Tk 0.25) [20]. It posted nine-month EPS of Tk 1.02 against Tk 0.95, NOCFPS of Tk 0.74 against Tk 0.31, and NAV per share of Tk 19.83 at 30-Sep-2026 against Tk 20.41 at 31-Dec-2025 [20]. The three 2026 quarterly EPS posts add up to Tk 1.05 against the posted nine-month Tk 1.02 (our arithmetic); the posts do not state the share count used [20] [24]. The Q3 2026 statements are not in the corpus at 1-Nov-2026.

Governance and dividends: sponsors and directors 46.35% at 31-Dec-2025; seven board meetings in 2025; 10% dividend (5% cash, 5% stock) for 2025

Ownership. Note 4.01 gives the category-wise holding at 31-Dec-2025: 'Sponsors & Directors' 35,529,835 shares (46.35%), general public 28,164,313 (36.73%), financial institutions 12,964,121 (16.91%) and NRB 7,142 (0.01%) [1 p.133]. The directors' shareholding table on p.62 totals 17,046,046 shares (22.24%) for the nine directors, with the chairman Mostafa Quamrus Sobhan at 4,232,719 (5.52%) and Shaon Ahmed at 3,865,816 (5.04%) [1 p.62]. The company had 6,789 shareholders at 31-Dec-2025 [1 p.133].

Board and attendance. The directors' report states: 'During the year ended December 31, 2025 the Board of Directors held 7 (Seven) meetings and the Directors serving on the Board attended in aggregate 100% of the total number of meetings.' [1 p.62]. The annual report pages read give no per-director attendance table. The Audit Committee report states that '4(four) meetings of the Audit Committee were held' in 2025 and the NRC report that '5 (Five) meetings of NRC Committee were held in 2025. The attendance of the NRC members was 100%' [1 p.101] [1 p.102]. Note 32(a) states that 'an amount of Tk. 504,000 was paid to the Directors of company as board meeting attendance fee @ Tk. 8,000 per meeting' [1 p.145]; Tk 504,000 at Tk 8,000 is 63 attendances, and 9 directors at 7 meetings is also 63 (our arithmetic) [24]. The Audit, NRC, Investment and Risk Management committees list Mohammad Atiqur Rahman as 'Company Secretary' [1 p.81]. Mostafa Quamrus Sobhan was elected chairman, per a DSE post of 20-Feb-2025 [20].

Management as printed. The management page lists Mostafa Quamrus Sobhan (Chairman), P.K. Roy, FCA (Advisor), Md. Nazrul Islam (Consultant), A.H.M. Abul Khair (Chief Executive Officer (In-Charge)), Mohammad Atiqur Rahman (Company Secretary), Md. Zehadul Karim (Chief Financial Officer), and division heads Md. Mizanur Rahman (Development), Kazi Rezaul Islam (Branches Control), A.B.M. Zafar Ahmed Manik (Establishment), Md. Manir Hossain Khan (Audit & Inspection), Mohammad Atiqur Rahman (HR & Administration), Md. Moniruzzaman (Claims), Shah Alam Miah (IT), Md. Ibrahim Khali Miraz (Re-insurance) and Md. Zahirul Islam (Public Relation) [1 p.49]. The 2024 accounts were signed by Fauzia Quamrun Tania as 'Chief Executive Officer (In-charge)' [2 p.133]. Note 29 gives key management benefits for 2025 of Tk 31,830,495 to executives (salary Tk 28,338,920, festival bonus Tk 2,401,475, provident fund Tk 1,090,100) and 'Nill' to directors [1 p.143].

Dividends. The five-year tables print a dividend of 15% for 2016 (cash 10%, stock 5%), 10% for 2017 (cash 5%, stock 5%), 10% stock for 2018, 10% cash for each year from 2019 to 2024, and 10% (cash 5%, stock 5%) for 2025 [5 p.54] [1 p.90]. The 2025 declaration (DSE, 27-Apr-2026) gave record date 04-Jun-2026 and AGM 29-Jul-2026, and states that 'The Bonus shares are declared due to strengthening the cash liquidity of the Company' [20]. DSE posted on 07-Sep-2026 that the bonus shares were credited and the cash dividend disbursed [20]. Cash dividends over profit after tax were 52.6% in 2020, 48.7% in 2021, 102.8% in 2022, 214.1% in 2023, 101.1% in 2024, 49.2% in 2025 [24]. Unpaid dividend was Tk 33.0m at 31-Dec-2025 against Tk 23.6m [1 p.137].

Capital history. The capital table shows paid-up capital of Tk 30.0m in 1988, an IPO in 1995, a 1:1 rights issue in 2012 and stock dividends in most years from 2004 to 2018, reaching Tk 766,654,110 after the 2018 bonus; the proposed 2025 bonus takes it to Tk 804,986,810 [1 p.147]. The DSE sweep of 33 posts from 1-Nov-2024 to 1-Nov-2026 contains no rights issue, capex, expansion or new-business approval, and 0 correction posts [20].

Regulatory note. IDRA issued a circular on 23 December 2025 scrapping commission payments in the non-life insurance sector, per The Business Standard [21]. Rupali paid Tk 97.4m of commission on direct business in 2025 [1 p.141]; the filings do not link them. The risk-management section states that the solvency-margin concept 'cannot be followed' because 'the relevant regulation has not yet been formed by the Regulator' [1 p.99].

What's next: NCR rating (inferred Dec 2026), FY2026 accounts (inferred 26-Apr to 14-May-2027)

How the dates are built. No board-meeting date for the FY2026 accounts had been notified on DSE at 1-Nov-2026 [20]. The latest accounts are not overdue: the FY2025 accounts were approved on 26-Apr-2026 and the Q3 2026 accounts on 27-Oct-2026 [20]. The FY2026 board-meeting range rests on 8 years of printed precedents: FY2018: 29-Apr-2019; FY2019: 15-Jul-2020; FY2020: 29-Apr-2021; FY2021: 27-Apr-2022; FY2022: 30-Apr-2023 (calendar) / 14-May-2023 (statements dated); FY2023: 29-Apr-2024; FY2024: 26-Apr-2025 (DSE board notice) / 27-Apr-2025 (AR2024 page dated); FY2025: 26-Apr-2026 [1 p.147] [3 p.84] [2 p.133] [20]. Two of these years carry a date conflict (FY2022: 30-Apr-2023 calendar against statements dated 14-May-2023; FY2024: DSE board notice 26-Apr-2025 against a page dated 27-Apr-2025). The FY2019 announcement, 15-Jul-2020, falls outside the 26-April to 14-May range used for FY2026 and is not folded into it; the other seven years fall inside it. Quarterly and rating dates rest on the two years in the DSE sweep.

Passed items. The Modhumoti Bank SOD facility carried 'Expiry: 30.06.2026' (passed), outcome unknown: the half-year balance sheet read does not show the facility separately [1 p.134] [6 p.1]. The 2025 AGM was set for 29-Jul-2026 (passed) and DSE posted the dividend disbursement on 07-Sep-2026 [20]. The Q3 2026 results were posted on 28-Oct-2026 and are covered above; the Q3 2026 statements are not in the corpus at 1-Nov-2026.

LDC graduation. The UN General Assembly adopted the move of Bangladesh's LDC graduation from 24-Nov-2026 to 24-Nov-2029 on 29-Oct-2026 in New York (30-Oct in Dhaka) [22] [23]. The filings read do not mention LDC graduation.

Risks: claims, commission, investment income, listed shares and an old claim advance, each tied to a line

Claims. Net claims are the line with the widest range in the printed history: 17.8% of net premium in 2020 and 42.0% in 2017 [24]. In H1 2026 they were 53.9% of net premium against 30.2% in H1 2025 [6 p.2] [24]. Each 1pp of the 2025 claims ratio equalled Tk 4.84m of net claims on 2025 net premium (our arithmetic) [24].

Commission and expenses. Management expenses in the revenue accounts were 29.28% of 2025 gross premium as printed [1 p.129]. The H1 2026 line that combines management expenses, agent commission and depreciation was Tk 108.6m against Tk 154.4m [6 p.2]. The IDRA circular of 23-Dec-2025 on commission is reported by The Business Standard [21]; the filings do not link them.

Investment income. Interest, dividend and rental income was Tk 74.5m in 2025 against Tk 186.7m in 2024 [1 p.140]. The scheme with SIBL held Tk 202.0m at 31-Dec-2025 [1 p.137], and accrued interest receivable was Tk 156.6m [1 p.138]. Listed shares carry a Tk 25.0m provision against a Tk 43.5m cost [1 p.137].

Balance-sheet items. The Tk 66.3m claim advance to Mondol Group (Tropical Knitex Ltd) dates from 2016-2022 and was unchanged between the two year-ends [1 p.138]. Tax assessments to 2023-24 are under appeal [1 p.136]. The 2024 auditor's emphasis paragraphs covered the unaudited provident fund and the treasury-bond investment level [2 p.92].

History and market: ten years of printed figures; close Tk 27.0 on 29-Oct-2026; 52-week closes Tk 19.0-32.2

NAV per share. NAV per share as printed was Tk 22.64 at 31-Dec-2016 and Tk 20.41 at 31-Dec-2025 [5 p.54] [1 p.90]; the lowest printed figure, Tk 20.41, appears for 2024, 2025. Note 26 computes the 31-Dec-2025 figure as total share capital and reserves of Tk 1,808.3m less '37.5% Income tax on reserve for exceptional losses' of Tk 243.3m, giving Tk 1,565.0m, Tk 20.41 a share; for 31-Dec-2024 it gives Tk 1,564.7m, also Tk 20.41 [1 p.142]. NAV per share was Tk 21.03 at 30-Jun-2026 [6 p.7] and Tk 19.83 at 30-Sep-2026 as posted on DSE, after the bonus shares [20].

Market data. The shares closed at Tk 27.0 on 29-Oct-2026 [19]. Over the 52 weeks to that date, DSE trading-day closes on an unadjusted basis ranged from Tk 19.0 (16-Nov-2025) to Tk 32.2 (16-Aug-2026), with no ties at either end; closes before the 7-Jun-2026 resumption after the record date are the feed's bonus-adjusted closes multiplied back by 1.05 (our arithmetic) [19] [20]. Market value on 80,498,681 shares was Tk 2,173.5m [24]. On 2025 profit after tax over the post-bonus share count, the P/E was 27.9x; on the 30-Sep-2026 NAV of Tk 19.83 the price was 1.36x NAV; the 2025 cash dividend of Tk 0.50 was 1.9% of the price [24]. The company printed a market price of Tk 21.10 at 31-Dec-2025 and a P/E of 20.69 [1 p.90].

FAQ

How profitable was Rupali Insurance in 2025?

Net profit after tax was Tk 77.9m (EPS Tk 1.02) against Tk 75.9m (Tk 0.99) in 2024. Net underwriting profit was Tk 98.2m and interest income Tk 65.9m. The company prints return on equity of 4.31%.

What did the auditor say about Rupali Insurance's 2025 accounts?

FAMES & R wrote that the financial statements 'gives a true and fair view of the financial position of the company as at December 31, 2025' and, in the basis section, that they 'present fairly, in all material respects'. The report lists four key audit matters (premium income, outstanding claims, property, plant and equipment, and deferred tax liability) and has no emphasis-of-matter or other-matter paragraph.

What is Rupali Insurance's combined ratio?

74.2% in 2025, 85.7% in 2024 and 89.6% in 2023, measured as net claims plus revenue-account management expenses plus agency commission less re-insurance commission, over net premium. Among 12 general insurers on the same definition it was the ninth lowest in 2025, and the sixth lowest of 7 with unmodified audit opinions.

What dividend did Rupali Insurance declare for 2025?

10%, made up of 5% cash (Tk 0.50 a share) and 5% stock. The record date was 04-Jun-2026 and the AGM 29-Jul-2026; DSE posted on 07-Sep-2026 that the bonus shares were credited and the cash dividend paid. The dividend for each year from 2019 to 2024 was 10% cash.

Who owns Rupali Insurance?

Sponsors and directors held 46.35% at 31-Dec-2025, the general public 36.73%, financial institutions 16.91% and non-resident Bangladeshis 0.01%. The nine directors held 22.24% between them; the chairman, Mostafa Quamrus Sobhan, held 5.52%.

Where does Rupali Insurance keep its investments?

At 31-Dec-2025 fixed deposits were Tk 480.2m with 43 banks and 4 NBFIs, the SIBL Mudaraba Billionaire Deposit Scheme Tk 202.0m, treasury bonds Tk 69.1m held as statutory deposit, Sonali Life Insurance Tk 32.5m and listed shares Tk 43.5m at cost.

Which related parties does Rupali Insurance disclose?

Note 28 lists insurance business with Dragon Sweater Bangladesh Ltd. (Tk 25,393) and Max Sweater (Tk 1,513,730) in 2025, a total of Tk 1,539,123. The note does not state the relationship; the director profiles list the chairman as 'Managing Director of Dragon Sweater and Spinning Limited' and independent director Shafia Sobhan Chowdhury as a Director of Dragon Sweater & Spinning Limited.

Sources

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