Rupali Life Insurance financial analysis: premium at a seven-year low and a qualified audit on cash at bank (Oct 2026)

Investment considerations: premium down 6.1% to BDT 2.05bn, fund BDT 5.01bn, qualified audit

Rupali Life Insurance PLC (Rupali Life) was incorporated as a public limited company on 28 December 1999 and is listed on the Dhaka and Chittagong stock exchanges [1 p.108]. It sells individual life and Islami individual life policies, group schemes and a range of micro-insurance savings products under names such as Ekok Bima, Samajik Bima and Takaful DPS Bima [1 p.108]. Its memorandum was amended on 12 April 2026 to change the name from Rupali Life Insurance Company Limited, IDRA approved the change on 17 June 2026, and DSE applied the new name from 23 August 2026 [1 p.108] [6]. The head office is its own building, Rupali Life Tower, at 50 Kakrail, Dhaka [1 p.108].

In 2025 Rupali Life wrote BDT 2,052.1m of gross premium and closed the year with a life insurance fund of BDT 5,008.9m and total assets of BDT 6,328.2m [1 p.26] [1 p.99]. Share capital is BDT 300.1m in 30,014,236 shares of BDT 10 [1 p.99]. A life insurer's accounts run through the life revenue account: premium and investment income go in; claims, commission, management expenses, tax and the shareholders' dividend go out; the balance is carried forward as the life fund [1 p.101] [1 p.103]. The fund is the policyholders' reserve, not shareholders' equity. Shareholders' capital and reserves (paid-up capital, share premium and a land revaluation reserve) were BDT 884.7m at Dec-2025 [1 p.99].

Gross premium was BDT 2,376.0m in 2019, peaked at BDT 2,511.5m in 2021 and was BDT 2,052.1m in 2025 [2 p.22] [1 p.26]. The life fund rose from BDT 4,764.4m in 2019 to BDT 5,284.5m in 2021, fell in each of 2022, 2023 and 2024, and rose 1.2% in 2025 to BDT 5,008.9m [2 p.23] [1 p.27] [10]. Net cash flow from operating activities, as printed in the key financial indicators, was negative in each of the seven years, from BDT 3.7m in 2020 to BDT 358.9m in 2024 [2 p.23] [1 p.27].

The 2025 audit is the second qualified opinion in a row: DSE carried notices of a qualified opinion with emphasis of matter for both 2024 and 2025 [6]. For 2025 the qualification covers cash at bank and the agent balance, and the emphasis paragraphs cover a hospital advance, cash in hand, matured deposits in two finance companies, investments outside IDRA's limits and a mutual fund carried at cost [1 p.95]. These items are set out word for word in the balance sheet section.

Business: Islami bima 62% of first year premium; nine product lines

Rupali Life describes most of its products as participating traditional policies, with a few non-participating individual life policies and accidental and disability riders [1 p.108]. The notes split premium into nine product lines [1 p.123]. Islami bima is the largest: BDT 445.6m of 2025 first year premium and BDT 755.3m of renewal premium, 61.9% and 57.0% of each [1 p.123] [10]. Ekok bima was BDT 153.4m first year and BDT 366.8m renewal, and Samajik bima BDT 70.5m and BDT 113.0m [1 p.123]. Group and health premium together were BDT 7.45m, 0.4% of gross premium [1 p.26].

The company states that risk starts on the date of the first premium receipt for individual, Islami individual and group policies, and on the issue of a pass book for micro-insurance schemes [1 p.108]. It reports no operating segments under IFRS 8 [1 p.114]. It is exempt from the workers' profit participation fund under a Financial Institutions Division circular of 29 June 2023 [1 p.114].

By premium-paying term, policies of twelve years or more made up BDT 476.6m of 2025 first year premium and single-premium policies BDT 140.6m; in 2024 the figures were BDT 448.8m and BDT 157.7m, with BDT 107.9m on ten-year terms against BDT 41.6m in 2025 [1 p.101]. First year commission was 41.25% of first year premium in 2025, second year commission 10.00% of second year renewal premium and later-year commission 5.00% [1 p.26].

Premium: BDT 2,052.1m in 2025, down 6.1%; second-year lapse 54.05%

Gross premium fell 5.9% in 2024 and 6.1% in 2025, to BDT 2,052.1m [1 p.26] [10]. Across 2019-2025 the high was BDT 2,511.5m in 2021 and the low is 2025's BDT 2,052.1m [2 p.22] [1 p.26]. In 2022, when gross premium fell 15.2%, renewal premium fell 23.3% and first year premium rose 1.7% [1 p.26] [10].

First year premium was BDT 720.2m in 2025, down 2.9%, after 7.1% in 2024 [1 p.26] [10]. It fell in 2021, 2023, 2024 and 2025 and rose 1.73% in 2022 [1 p.26]. Its share of gross premium was 35.1% in 2025 against 36.2% in 2019 [10]. Renewal premium was BDT 1,324.5m, down 8.0% [1 p.26].

The key-indicator page publishes persistency measures. The company's conservation ratio, as printed, was 60.60% in 2025 and 61.94% in 2024; over 2019-2025 it ranged from 51.94% (2022) to 71.35% (2023) [1 p.26] [2 p.22]. Our proxy, renewal premium over the prior year's first year plus renewal premium, gives 60.7% for 2025 and 62.1% for 2024 [10]. The second policy year lapse ratio by number of policies was 54.05% in 2025, the highest of the seven years (range 47.07% in 2020 to 54.05%); by premium amount it was 55.12%, also the seven-year high [1 p.26] [1 p.27] [2 p.22] [2 p.23]. Sixth policy year lapse by number rose from 1.02% in 2019 to 6.23% in 2025 [2 p.23] [1 p.27].

Reinsurance takes little: the retention ratio was 99.77% in 2025, with BDT 4.8m of reinsurance premium [1 p.26]. In H1 2026 gross premium was BDT 716.8m, up 0.6% on H1 2025; first year premium was BDT 207.3m against BDT 206.9m and renewal premium BDT 507.6m against BDT 504.7m [3 p.2] [10].

Claims: BDT 1,414.2m in 2025, 68.9% of gross premium

Claims under policies were BDT 1,414.2m in 2025 against BDT 1,645.9m in 2024 [1 p.102]. In 2025 the lines were: by death BDT 38.5m, by maturity BDT 477.3m, by survival BDT 531.0m, by policy bonus BDT 348.9m, by surrender BDT 17.9m and by pension and health bima BDT 0.6m [1 p.102]. Maturity, survival and policy bonus together were 96.0% of claims [10]. Maturity claims fell from BDT 632.7m and survival claims rose from BDT 476.1m [1 p.102].

On the key-indicator basis, claims paid were 68.9% of gross premium in 2025, against 75.3% in 2024 [1 p.26] [10]. Over 2019-2025 the ratio ranged from 54.63% (2019) to 79.42% (2022) [2 p.22] [1 p.26]. Total claims were 69.1% of net premium in 2025 [10]. The cash flow statement shows payments for claims of BDT 1,415.6m in 2025 [1 p.105]; outstanding claims fell to BDT 3.9m from BDT 5.3m [1 p.99].

The auditor named claim settlement a key audit matter: "The company reported claim under policies Tk. 1,414,173,613 including Death Claim, Maturity Claim, Survival Benefit, Policy Bonus and Claim by Surrender Value of Policy." [1 p.96]. In H1 2026 claims and surrenders were BDT 678.6m, against BDT 682.8m in H1 2025; the H1 2026 figure is 94.7% of H1 2026 gross premium of BDT 716.8m [3 p.2] [10]. The filings read do not publish a maturity schedule for future years.

Expenses: BDT 699.6m in 2025, 1.79% below the IDRA allowable limit

Management expenses on the IDRA basis were BDT 699.62m in 2025 against an allowable limit of BDT 712.39m, 1.79% below [1 p.26]. They were below the limit in each year 2019-2025; the margin was widest in 2020 (8.29% below) and narrowest in 2024 (0.65% below) [2 p.22] [1 p.26]. As a share of gross premium they were 34.1% in 2025 against 40.2% in 2019 [10].

In the revenue account the figure is commission of BDT 391.6m (BDT 199.1m to insurance agents and BDT 192.5m of allowance and commission) plus BDT 308.0m of salaries and other expenses of management [1 p.102]; the auditor's key audit matter states: "The company have Incurred Tk. (391,582,665+308,032,832) = 699,615,497 as management expenses for the year under audit." [1 p.96]. Salaries were BDT 179.6m and office rent BDT 21.0m [1 p.102]. Commission was 19.1% of net premium [10].

Note 37 prints the comparison with the labels the other way round: "The total management expenses for life business comes to Tk.699,615,497/- as per section 62 of Insurance Act, 2010, but the actual amount of management expenses was Tk. 712,394,105/- which is within the permissible limit." [1 p.127]. The key financial indicators label BDT 699.62m as management expenses and BDT 712.39m as allowable [1 p.26]; this note follows the key-indicator labels.

Other expenses below management expenses were depreciation of BDT 25.1m, a fair value change charge on shares of BDT 7.8m and BDT 1.5m for irrecoverable advance salary; income tax was BDT 39.8m [1 p.103]. The tax schedule computes taxable income from the actuarial valuation as at 31 December 2024 and states: "overall business of the company has been reduced on an average 6% from last year (2024) considering the fact. we have made provision for the year 2025 39,804,850" [1 p.129]. In H1 2026 commission plus administrative expenses were 39.5% of gross premium against 37.8% in H1 2025 [3 p.2] [10].

Investments: treasury bonds 34% of assets; Form AA columns identical

Interest, dividend and rent was BDT 245.9m in 2025 against BDT 233.0m [1 p.123]. Interest on government treasury bonds was BDT 192.1m, 78.1% of it; interest on fixed deposits BDT 40.1m; short-term deposits BDT 2.6m; policy loans BDT 5.6m; dividends BDT 2.2m; and rent BDT 3.3m [1 p.123] [10]. The printed yield on the life fund was 5.06% (2024: 4.77%); our income over average fund gives 4.94% [1 p.26] [10]. Over 2019-2025 the printed yield ranged from 4.77% (2024) to 6.10% (2021) [2 p.22] [1 p.26].

Investments were BDT 2,369.1m at Dec-2025: treasury bonds of BDT 2,131.4m, the BDT 15.0m statutory deposit with Bangladesh Bank, BDT 200.0m in units of Rupali Life 1st Mutual Fund, listed shares of BDT 22.7m and a broker balance of BDT 0.1m [1 p.118]. Bank and cash balances were BDT 1,561.8m: fixed deposits BDT 529.6m, STD accounts BDT 642.7m, current accounts BDT 226.0m and cash in hand BDT 163.4m [1 p.121]. Of the fixed deposits BDT 466.9m were with banks and BDT 62.7m with four finance companies [1 p.122].

Form AA, the classified summary of assets, has a Book Value and a Market Value column. Both total BDT 6,328,157,858, which equals the balance sheet total, so the two columns are identical and both tie to the balance sheet [1 p.107] [1 p.99] [10]. Shares listed on the stock exchange are marked 'Fair Value'; the mutual fund units are marked 'At cost' at BDT 200.0m in both columns [1 p.107]. Note 16.03 gives the fund's NAV as Tk 6.07 a unit; at that NAV the 20m units would be valued at BDT 121.4m, BDT 78.6m below cost, the same amount as the auditor's emphasis of matter [1 p.120] [1 p.95] [10].

Life fund and dividend: BDT 5,008.9m at Dec-2025, +1.2%; 12% cash for 2025

The life fund went from BDT 4,948.5m to BDT 5,008.9m in 2025 [1 p.99]. Note 8 shows the walk: opening BDT 4,948.5m, less a prior year adjustment of BDT 20.3m, plus BDT 80.7m from the revenue account (the line is captioned 'Deficit in Life Revenue account during the year' although the amount is added) [1 p.116]. In 2024 the same line was minus BDT 56.8m [1 p.116]. Our recompute of the revenue account rebuilds the closing fund to within BDT 0.001m in both years [10].

The prior year adjustment note states that "prior year adjustments amounting to Tk. 20,301,580 were recognized to rectify balances relating to dormant and no-transaction bank account reconciliations amounting to Tk. 19,506,370 and advances for motorcycle amounting to Tk. 753,605 and mobile phone loans amounting to Tk. 33,000" [1 p.116]. The revenue account charges BDT 20,292,975 [1 p.101]; the two figures differ by BDT 8,605.

Dividends are appropriated in the revenue account in the year they are paid: BDT 36.0m in 2024 (12% of capital, for 2023) and BDT 30.0m in 2025 (10%, for 2024) [1 p.103] [10]. For 2025 the board recommended a 12% cash dividend on 20-Jul-2026, with a record date of 20-Aug-2026 and the AGM on 24-Sep-2026 [6]. The tax schedule shows the actuarial valuation at 31-Dec-2024 put total surplus for 2024 at BDT 355.5m, with 10%, BDT 35.6m, for shareholders [1 p.129]. The 2025 valuation result and EPS were not found in the pages read.

Balance sheet and audit: a qualified opinion on BDT 419.0m of bank items and a BDT 249.0m agent balance

The auditor, Basu Banerjee Nath & Co., signed a qualified opinion dated 20 Jul 2026 [1 p.103] [1 p.95]. The opinion reads: "In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at December 31, 2025, and its financial performance and its cash flows for the year then ended" [1 p.95].

Basis for qualified opinion, item 1: "Cash at bank balance (STD and Current Accounts) has been shown in Tk. 868,769,397/- as stated in the bank book/ledger, but as per the bank statements balance of cash at banks is Tk.449,774,455/- However, we were provided with the reconciliation statements, but their included unreconciled transactions of Tk. 418,994,942/- more than six months or above which indicates overstated the Cash at bank balances." [1 p.95]. The unreconciled amount equals 8.4% of the life fund [10].

Item 2: "In reference to Note No. 20.00(Agent balance) shown as assets in the Financial Statements of Tk. 249,042,471 has been carried forward for a long time, which seems to be irrecoverable. No provision was maintained as per IFRS-9, Para-5.5.1 in this regard resulting overstated the assets of the company." [1 p.95]. Note 20.01 dates the balance to 2017-2021: BDT 76.9m from 2017, BDT 49.8m from 2018, BDT 44.6m from 2019, BDT 36.9m from 2020 and BDT 40.8m from 2021; it fell by BDT 0.3m in 2025 [1 p.121].

The emphasis of matter paragraphs, quoted: (3) "In note 19.05 'Advance for proposed Rupali Life Hospital' has been carried forward since 2018, but the RAJUK has not yet approved the land for the proposed Rupali Life Hospital and also has not yet formation of the proposed company." (4) "...an amount of Tk. 163,411,560/- has been reported as Cash in Hand as on 31.12.2025 and out of this Tk.3,076,784 has been carried forwarded for a prolonged period without any movement or adjustment and no provision has been made with the requirements of IFRS 9, Paragraph 5.5.1." (5) "...Investment in fixed deposits included total Tk. 22,407,530/-(Premier Leasing & Finance Limited (PL&FL) Tk. 5,278,780/- and Peoples Leasing and Financial Services Limited (PLFSL) Tk. 17,128,750/-)..." which "have matured but remain unrealized for a prolonged period" [1 p.95].

(6) "...the Company's invested in various shares having a cost price of Tk. 16,689,149/- falls in under 'Z' categorize, and invested Tk. 107,241,135/- in scheduled banks and NBFIs whose current credit ratings are also falls in below 'A' credit rating." (7) "...the Company has invested Tk. 200,000,000/- in Rupali Life 1st Mutual Fund on 21 October 2010, which is managed by Prime Finance Asset Management Company... the Net Asset Value (NAV) of the fund stood at Tk. 6.07 per unit as at 31 December 2025.This may result in a decrease in the value of the investment of Tk. 78,600,000/-". The report closes: "Our opinion is not modified in respect of these matters." [1 p.95]. The advance for the hospital is BDT 37.26m [1 p.121].

The key audit matters are titled "Collection of Premium Income", "Management Expenses", "Settlement of Policyholders Claim" and "Investment of Assets" [1 p.96] [1 p.97]. The last states that the company "has reported an amount of Tk. 2,369,137,612 as investment in various sectors including Government Treasury Bonds" [1 p.97]. The amounts named in the qualification and the emphasis paragraphs (unreconciled bank items, agent balance, static cash, matured finance-company deposits, the mutual fund gap and the hospital advance) add up to BDT 809.4m, 16.2% of the life fund; this is a sum of named amounts, not an estimate of loss [10].

Other balance sheet lines: outstanding premium was BDT 737.1m, which the note says "has been provisioned against premium due on 31 December 2025" [1 p.120]. Advance corporate tax was BDT 324.7m against a corporate tax payable of BDT 319.2m; assessments for several years are at appeal [1 p.121] [1 p.118]. Note 29 states: "There was a claim against the Company acknowledged as debt as on 31 December 2025." without an amount, and note 28 reports no capital expenditure commitment [1 p.124]. A labour case claims BDT 0.5m, against which BDT 0.4m is deposited [1 p.124].

On related parties, the accounting policy states: "The Company has no related party transactions as described in IAS 24 with any person who can exercise significant influence in making financial and operating decision." [1 p.114]. The list of directors' interests in other entities names the entities and holdings but prints no transaction amounts [1 p.130]. Directors' fees in the revenue account were BDT 837,600 [1 p.102].

2026 so far: deficits of BDT 217.6m for nine months; fund BDT 4,789.9m at Sep-2026

The company files quarterly revenue-account results with DSE as a surplus or deficit. For 2026 it announced deficits of BDT 70.95m in Q1, BDT 81.10m in Q2 and BDT 65.53m in Q3, BDT 217.59m for nine months against BDT 177.98m for the same period of 2025 [6]. The life fund was BDT 4,937.59m at 31-Mar-2026, BDT 4,855.73m at 30-Jun-2026 and BDT 4,789.89m at 30-Sep-2026, against BDT 4,768.42m a year earlier [6]. The Q3 2026 statements are not in the filings corpus, so Q3 figures here are the DSE announcement only.

In 2024 and 2025 the pattern was the same in the first nine months, with deficits of BDT 525.85m and BDT 180.10m, followed by a rise in the fund in the fourth quarter [6]. Taking the audited full-year change before the prior year adjustment, the derived Q4 figure is BDT 469.1m for 2024 and BDT 260.8m for 2025; after the adjustment it matches the September to December change in the fund to within BDT 0.01m [1 p.116] [10]. The filings do not itemise the fourth quarter, so the lines behind it are not known from the documents read.

Two inconsistencies in the announcements: the 29-Oct-2025 post gives Q3 2025 as a deficit of BDT 30.00m and nine months as BDT 180.10m, while the 29-Oct-2026 post gives the same 2025 periods as BDT 28.91m and BDT 177.98m [6]. The H1 2026 statements show the fund falling BDT 153.17m, while the announced H1 deficit is BDT 152.06m; the gap of BDT 1.11m equals the reinsurance premium in the half [3 p.2] [3 p.6] [10].

Peers: conservation ratio 60.60% against 78.67% and 77.14%; yield 5.06% against 8.18% and 9.45%

We compare Rupali Life with two listed life insurers on the IDRA Key Financial Indicators page, which uses the same printed labels at each company, for FY2025 and on a company (not consolidated) basis [1 p.26] [4 p.126] [5 p.17]. We read each peer's audit opinion first. Pragati Life's auditor states: "In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Pragati Life Insurance PLC. as at 31 December 2025" [4 p.133]. Delta Life's auditor gives an unmodified opinion with two emphasis of matter paragraphs, on note 2.1 (basis of preparation) and note 54 (contingencies and commitments), and states "Our opinion is not modified in respect of this matter." [5 p.95]. Rupali Life's opinion is qualified [1 p.95].

On 'Claims/Gross Premium (%)', Rupali Life printed 68.91%, Pragati 52.80% and Delta 81.74%: 16.11pp above Pragati and 12.83pp below Delta [10]. On 'Overall management expenses Ratio %' Rupali Life printed 34.09%, 3.34pp above Pragati's 30.75% and 6.04pp above Delta's 28.05% [10]. On 'Conservation Ratio (%)' Rupali Life's 60.60% was 18.07pp below Pragati and 16.54pp below Delta; on 'Yield on Life fund (%)' its 5.06% was 3.12pp below Pragati and 4.39pp below Delta [10]. Of the three, Rupali Life had the only fall in gross premium, the lowest conservation ratio and the lowest yield [10].

Lapse ratios are left out of the table. Rupali Life's ladder falls with policy year (54.05% in year two, 6.23% in year six), Pragati's rises (47.88% to 76.99%); the two ladders are not on a comparable basis [1 p.26] [1 p.27] [4 p.126].

Governance: 13 board members incl. two alternates and two independents; sponsors 32.07%

The annual report lists the board as: Chairman Mr. Mahfuzur Rahman; Vice Chairman Mr. Abdullah Jamil Matin; Directors Mr. Monirul Hasan Khan, Mr. A. K.M Abdur Rashid Khan (Alternate), Mrs. Razia Sultana (Alternate), Engr. Dewan Nuruzzaman, Mrs. Ben Afroz, Mr. Md. Alamgir, Mrs. Mahmuda Mahfuz, Mr. Mohammed Amirul Islam and Mr. Mahem Rahman Zim; Independent Directors Mr. Md. Wahid Murad FCA and Mrs. Farhana Islam FCA [1 p.20]. The directors' interest schedule names Mr. A. K. M Abdur Rashid Khan as "Alternate Director of Mr. Abdul Azim" and Razia Sultana as "Alternate Director of Mrs. Sazia Ahmed Sony", and spells one independent director "Md. Waheed Murad, FCA" [1 p.130]. The statements are signed by Md. Golam Kibria as Chief Executive Officer and Mithun Chandra Pal, FCA as Chief Financial Officer [1 p.99].

The schedule of directors' interests lists, among others: Mr. Mahfuzur Rahman, Managing Director of Rupkatha Advertising (Pvt) Ltd. (50.00%), Proprietor of Communication Express (100.00%) and Director of Sonar Bangla Capital Management Ltd. (10.00%); Abdullah Jamil Matin, Director of Modern Dyeing & Screen Printing Ltd. (85.80%), Metropoliton Medical Center Ltd. (16.52%) and Northern Islami Insurance PLC. (2.22%); Mrs. Mahmuda Mahfuz, Chairman of Rupkatha Advertising (Pvt.) Ltd. (40.00%) [1 p.130]. No transactions with these entities are disclosed [1 p.114].

At 31-Dec-2025 sponsors and directors held 9,625,781 shares, institutions 5,163,186, the general public 15,217,340 and non-resident Bangladeshis 7,787, out of 30,014,236 [1 p.116]. A sponsor, Mrs. Kamrunnessa Jharna, declared on 23-Aug-2026 her intention to sell her entire holding of 313,509 shares and confirmed the sale on 21-Sep-2026 [6]. The 24-month DSE news sweep (1-Nov-2024 to 1-Nov-2026) shows no board approval of capital expenditure or expansion, and note 28 reports no capital expenditure commitment at Dec-2025 [6] [1 p.124].

Multiples: 0.45x the life fund, dividend yield 1.60%

At BDT 75.2 on 29-Oct-2026 the market value was BDT 2,257m [9] [10]. That is 0.45x the Dec-2025 life fund and 0.47x the Sep-2026 fund, a cash dividend yield of 1.60% on the 12% dividend, and 2.55x shareholders' capital and reserves per share of BDT 29.48 (our derivation from the balance sheet) [10]. At year ends the market value was 0.30x the life fund in 2019, 0.71x in 2023 and 0.47x in 2025 [1 p.27] [2 p.23] [10]. The price was 28.1% below the 52-week high of BDT 104.6 (2-Nov-2025) and 14.1% above the low of BDT 65.9 (16-Nov-2025) [9] [10]. EPS is not disclosed in the statements read, so no P/E is shown. These are facts about the multiples; this note draws no conclusion from them about the share price.

What's next: FY2026 year end, then accounts inferred for Jul-Aug 2027

The items below are dated and sourced. Already-announced results (Q3 2026, the 2025 accounts) and passed events (the FY2025 AGM on 24-Sep-2026, outcome unknown from the documents read) are covered above. No board meeting date has been notified for the next accounts; dates marked '(inferred)' use the board-meeting dates in the 24-month DSE sweep.

The FY2026 accounts are the next audited reading of the two qualified items: the bank reconciliation and the agent balance [1 p.95]. The hospital advance depends on a RAJUK land approval for which no date is given [1 p.95].

Risks: bank reconciliation, agent balance, premium and persistency

Each risk below is tied to the line it moves and to a filing; the signpost is the document that would show a change.

Key questions: six signposts in the FY2026 accounts

For shareholders, returns come from the shareholders' share of the actuarial surplus and the cash dividend paid from it. The tax schedule shows that share was BDT 35.6m for 2024, and cash dividends were BDT 30.0m for 2024 and BDT 36.0m (12%) for 2025 [1 p.129] [1 p.103] [6]. These are facts about the business, not a view on the share price.

FAQ

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

Basu Banerjee Nath & Co. gave a qualified opinion on two items: cash at bank, where the bank book shows Tk 868,769,397 and bank statements Tk 449,774,455 with Tk 418,994,942 unreconciled for six months or more, and an agent balance of Tk 249,042,471 with no provision. Five emphasis of matter paragraphs follow [1 p.95].

How much premium did Rupali Life write in 2025?

Gross premium was BDT 2,052.1m, down 6.11%: first year BDT 720.2m, renewal BDT 1,324.5m and group and health BDT 7.45m [1 p.26].

How big is the life fund?

BDT 5,008.9m at Dec-2025, BDT 4,855.7m at Jun-2026 and BDT 4,789.9m at Sep-2026 (DSE-announced) [1 p.99] [3 p.1] [6].

Did Rupali Life make a surplus in 2026 so far?

No. It announced revenue-account deficits of BDT 70.95m, BDT 81.10m and BDT 65.53m for Q1, Q2 and Q3 2026, BDT 217.59m for nine months [6].

What dividend did Rupali Life declare for 2025?

12% cash, BDT 1.20 a share, with a record date of 20-Aug-2026 [6].

How does Rupali Life compare with peers?

On the FY2025 key financial indicators, its conservation ratio (60.60%) and yield on life fund (5.06%) were below Pragati Life and Delta Life, and it was the only one of the three with lower gross premium [10].

Sources

1. Rupali Life Insurance PLC Annual Report 2025 (KFI, auditor's report by Basu Banerjee Nath & Co. dated 20-Jul-2026, financial statements and notes) · link · accessed 2026-11-01
2. Rupali Life Insurance Company Limited Annual Report 2023 (Key Financial Indicators 2019-2023) · link · accessed 2026-11-01
3. Rupali Life Insurance PLC un-audited financial statements, six months to 30-Jun-2026 · link · accessed 2026-11-01
4. Pragati Life Insurance PLC Annual Report 2025 (Key Financial Indicators; auditor's report) · link · accessed 2026-11-01
5. Delta Life Insurance Company Ltd. Annual Report 2025 (Key Financial Indicators, company; auditor's report) · link · accessed 2026-11-01
6. Dhaka Stock Exchange company news archive for RUPALILIFE, 1-Nov-2024 to 1-Nov-2026 (company disclosures) · link · accessed 2026-11-01
7. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
8. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
9. AnalystBro price data (TradingView feed): DSE:RUPALILIFE daily bars to 29-Oct-2026 · link · accessed 2026-11-01
10. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01