Sandhani Life Insurance financial analysis: life fund back to growth, new business down three years, payout near 100% (Oct 2026)

Investment considerations: claims and lapses have improved, but new business is down three years and the dividend absorbs the surplus

Sandhani Life Insurance Company Ltd. (SLIC) was incorporated on 23-Jan-1990 and sells ordinary life, Islami (Takaful) life, group term and hospitalisation insurance; it also runs micro life schemes under the names IDPS, GIDPS, DPS, GDPS and GSB [2 p.5]. Its shares are listed on the Dhaka and Chittagong stock exchanges [2 p.5]. In 2025 it wrote BDT 2,468m of gross premium, up 1.1%, and its life fund closed the year at BDT 7,099m [1 p.175] [1 p.176]. The group also holds three subsidiaries, Sandhani Life Finance Ltd., Sandhani Life Housing & Development Co. Ltd. and Sandhani Asset Management Ltd., carried at BDT 550m in the company's own accounts [1 p.141] [1 p.168].

In SLIC's revenue account, premiums and investment income are added to the life fund; claims, commissions, management expenses, tax and the shareholders' dividend are paid out of it [1 p.131] [1 p.133]. An actuary values the policy liabilities, and a surplus is made available to shareholders. SLIC's EPS is that surplus plus 10% of each subsidiary's result, divided by 109.7m shares: BDT 131.6m of insurer surplus and BDT 0.1m from the subsidiaries gave EPS of BDT 1.20 in 2025 [1 p.170]. The 2025 annual report does not reproduce the actuary's valuation abstract, so the bonus allocation and the valuation basis cannot be read from the filing.

The ten-year record has two halves. From 2016 to 2021, claims paid were close to or above gross premium in every year, operating cash flow was negative in four of the six years and the life fund fell from BDT 8,607m to BDT 7,562m [5 p.104] [5 p.105] [1 p.176]. From 2022 to 2025, the claims ratio fell from 88.3% to 73.7%, renewals grew every year and the fund's decline slowed until it turned up in 2025 [1 p.175] [1 p.176]. Over the same years, new business shrank: first-year premium in 2025 was BDT 534.2m, the second-lowest figure of the ten years after 2018's BDT 441.3m [5 p.104] [1 p.175].

Business: an agency-sold ordinary-life book, 85% of premium, with a 1% group line

SLIC's premium comes from three retail families and a small group book. In 2025 ordinary life wrote BDT 466.5m of first-year premium and BDT 1,637.7m of renewals; the Takaful, IDPS and GIDPS line wrote BDT 43.8m and BDT 179.3m; and the DPS, GDPS and GSB micro line wrote BDT 24.0m and BDT 92.2m [1 p.131]. Group and hospitalisation premium was BDT 24.8m, 1.0% of the total [1 p.131] [1 p.166]. Ordinary life therefore made up 85.3% of gross premium [12]. Reinsurance ceded was BDT 17.6m, so net premium was BDT 2,450.5m [1 p.166].

Every product family wrote less new business in 2025 than in 2024: ordinary life first-year premium fell from BDT 521.7m to BDT 466.5m, Takaful from BDT 49.2m to BDT 43.8m, and the micro line from BDT 30.7m to BDT 24.0m [1 p.131]. Renewals moved differently by line: ordinary life renewals rose 6.0% and Takaful renewals 10.1%, while micro-line renewals fell from BDT 105.8m to BDT 92.2m [1 p.131] [12].

The products are long-term savings policies. Of the 2025 first-year premium, BDT 280.0m came from policies with premium terms of twelve years or more and BDT 145.0m from ten-year terms; single-premium policies brought in BDT 105.1m, or 19.7% of first-year premium [1 p.131] [12]. The KFI notes say that the lapse ratios by premium amount exclude single premium [1 p.176]. Renewal premium was 77.4% of gross premium in 2025 [1 p.175] [12].

Distribution is through commissioned agents. First-year commission was BDT 177.4m in 2025, 33.21% of first-year premium on the company's KFI basis, against 43.78% in 2016 [1 p.175] [5 p.104]. Total acquisition commission fell from BDT 398.1m (2021) to BDT 286.5m (2025) [1 p.175]. In the revenue account, commission to insurance agents was BDT 227.3m and other allowances and commissions BDT 147.1m in 2025 [1 p.132].

Premium and persistency: renewals up every year since 2019, first-year premium down 38% from 2022

Gross premium was BDT 1,811m in 2016 and BDT 2,468m in 2025 [5 p.104] [1 p.175]. The path was uneven: premium fell 13.9% in 2018, when first-year premium dropped 27.0% to BDT 441.3m, and then rose 16.8% in 2019 and 17.9% in 2021 [5 p.104] [1 p.175]. Since 2022 growth has been 1.3%, 0.8% and 1.1% a year [1 p.175]. The filings do not give a reason for the 2018 fall or the 2021 rise.

The mix has shifted towards renewals. First-year premium was 36.0% of gross premium in 2022 and 21.6% in 2025 [12]. Renewal premium, BDT 1,909m in 2025, grew 5.24%, slower than in 2022 (15.06%) and 2023 (12.59%) [1 p.175]. On our calculation the renewal ratio (renewal premium divided by the prior year's first-year plus renewal premium) was 79.0% in 2025, against 66.9% in 2017 [12].

Persistency, as reported to IDRA, has improved over the decade. The second-year lapse ratio by number of policies was 81.28% in 2016, 50.94% in 2020 and 40.14%-42.69% from 2021 to 2025; by premium amount it fell from 81.40% to 40.58% [5 p.105] [1 p.176]. The sixth-year lapse ratio by number fell from 90.28% to 70.57% [5 p.105] [1 p.176]. In 2025 the second-year ratio by number rose to 42.69% from 40.40%, and the conservation ratio was 78.23%, the highest of the ten years [1 p.176]. Even on the 2025 figures, about seven in ten policies have lapsed by the sixth policy year [1 p.176].

Sensitivity, from history only: each 1pp of the 2025 second-year lapse ratio by premium is about BDT 6.0m of the BDT 601.6m first-year premium written in 2024, on our calculation [1 p.131] [12]. The single-premium portion of that cohort is excluded from the reported ratio, so the figure is an upper bound [1 p.176].

Claims: above premium in five of ten years, down to 73.7% of premium in 2025

Claims are the largest outflow from the fund. Claims paid were BDT 2,230m in 2016, 123.16% of gross premium, and stayed above gross premium in 2018, 2019, 2020 and 2021 [5 p.104] [1 p.175]. Since then the ratio has fallen each year, to 88.30% (2022), 86.38% (2023), 83.94% (2024) and 73.67% (2025), the lowest of the ten years [1 p.175]. Claims paid in 2025 were BDT 1,818m, the lowest since 2018 (BDT 1,662m) [5 p.104] [1 p.175].

Maturities dominate. In the 2025 revenue account, maturity claims were BDT 1,334.8m, survival benefits BDT 381.8m, death claims BDT 57.6m, other claims BDT 11.9m and surrenders BDT 32.1m [1 p.132]. Maturity claims fell from BDT 1,596.2m in 2024 and were 73.4% of the total, against 77.9% in 2024 [1 p.132] [12]. Survival benefits rose 7.2% [12].

Unpaid claims rose. The estimated liability for outstanding claims due or intimated was BDT 24.8m at Dec-2025 against BDT 10.8m a year earlier [1 p.126]. The auditor treated it as a key audit matter and reports testing the claim register, claim payments and claim committee minutes [1 p.116] [1 p.117]. The filing does not give an age analysis of outstanding claims or a maturity schedule for the coming years.

In the first half of 2026 consolidated claims were BDT 833.3m, 16.5% lower than in H1 2025, while gross premium rose 2.6% [2 p.2] [12]. Claims were 90.2% of H1 2026 gross premium [12].

Expenses: under the IDRA limit since 2019, by BDT 2.1m in 2025

IDRA sets an allowable limit on management expenses. SLIC exceeded it by 13.60% in 2016, 11.32% in 2017 and 12.74% in 2018, and has been under it every year since 2019 [5 p.104] [1 p.175]. In 2025 actual expenses were BDT 664.15m and the allowable figure BDT 666.21m, 0.31% under [1 p.175]. The largest margin in the period was 3.03% in 2022 [1 p.175].

The overall management expense ratio fell from 40.93% (2016) to 26.91% (2025), the lowest of the ten years [5 p.104] [1 p.175]. Within the total, commission and allowances in the five-year summary fell from BDT 570.5m (2021) to BDT 374.4m (2025), and administrative expenses moved between BDT 267.1m and BDT 294.4m [1 p.46]. Salaries in the revenue account were BDT 126.2m, office rent BDT 18.9m and advertising BDT 12.5m in 2025 [1 p.132]. Total acquisition commission was 11.6% of gross premium in 2025, against 17.8% in 2016 [12].

Sensitivity, from history only: with gross premium of BDT 2,468m in 2025, each 1pp of the expense ratio was about BDT 24.7m, on our calculation, which is more than ten times the BDT 2.1m margin under the limit [1 p.175] [12].

Investment income: BDT 476m in 2025, a 7.01% yield, the lowest in ten years

Investment income on the IDRA KFI page was BDT 893.5m in 2017 and BDT 475.7m in 2025, the lowest of the ten years [5 p.104] [1 p.175]. The reported yield on the life fund was 7.01% in 2025, after 8.74% in 2024; the ten-year range is 7.01% to 11.01% [5 p.104] [1 p.176]. Our recompute (investment income over the average fund) gives 6.78% for 2025 [12]; the company does not state the basis of its own figure.

The revenue account, which shows BDT 480.9m of profit, interest, dividend and rents in 2025 against BDT 589.6m in 2024, gives the breakdown [1 p.166]. Interest on treasury bonds fell from BDT 271.6m to BDT 223.7m, dividends on shares and funds from BDT 152.0m to BDT 58.2m, while interest on fixed deposits rose from BDT 127.6m to BDT 154.2m [1 p.166]. Dividends alone account for BDT 93.8m of the BDT 108.7m fall [12]. The KFI figure (BDT 475.73m) and the revenue-account figure (BDT 480.91m) differ by BDT 5.2m; the filing does not reconcile them.

In H1 2026, consolidated profit, interest, dividend and rents were BDT 309.7m, 29.3% more than in H1 2025, and the revenue account took a BDT 98.0m credit from the fair value change account, against a BDT 14.6m debit a year earlier [2 p.2] [12].

Sensitivity, from history only: on the 2025 average fund of BDT 7,020m, each 1pp of yield was about BDT 70m of investment income, on our calculation, about half of the 2025 shareholders' surplus of BDT 131.6m [1 p.176] [1 p.170] [12].

Life fund: down 19.4% from 2016 to 2024, then up 2.3% in 2025 and higher at every 2026 quarter-end

The life fund fell in each year from 2017 to 2024: by BDT 89.7m, 144.9m, 349.4m, 49.2m, 412.0m, 340.5m, 126.0m and 154.4m [5 p.105] [1 p.176] [12]. Over those eight years it fell 19.4%, from BDT 8,607m to BDT 6,941m. It rose BDT 158.1m in 2025 to BDT 7,099m [1 p.131] [1 p.133]. Life fund as a share of total assets was 70.5% in 2025 [12].

The 2025 fund walk reconciles exactly. The fund started at BDT 6,941.2m, added BDT 2,450.5m of net premium, BDT 480.9m of investment income, a BDT 30.3m credit from the fair value change account and BDT 1.6m of other items, and paid out BDT 1,818.1m of claims, BDT 664.2m of management expenses, BDT 31.2m of other expenses and CSR, BDT 160.0m of income tax and the BDT 131.6m dividend [1 p.131] [1 p.132] [1 p.133]. In 2024, the same walk included a BDT 92.4m fair value change adjustment in other expenses [1 p.133].

The 2025 income tax provision of BDT 160.0m was 33.3% of investment income [12]. The tax note says tax is calculated under paragraph 2(A) of the Fourth Schedule of the Income Tax Act 2023 at 37.5%, that assessments are complete up to income year 2017 and that appeals for 2018 and 2019 are at the High Court [1 p.159]. The standalone provision for income tax was BDT 994.8m at Dec-2025 [1 p.126].

Quarter-end figures disclosed on DSE show the fund higher than a year earlier at each 2026 quarter-end: BDT 7,079.7m at Mar-2026 (BDT 6,733.6m), BDT 7,203.0m at Jun-2026 (BDT 6,673.7m) and BDT 7,065.6m at Sep-2026 (BDT 6,627.4m) [8]. The company reported a deficit of BDT 136.3m for July-September 2026, against BDT 43.3m a year earlier, and a nine-month deficit of BDT 62.1m, against BDT 311.4m [8]. The Q3 2026 statements were announced on 1-Nov-2026 and are not yet in our corpus.

Surplus and dividend: EPS BDT 0.88-1.43 since 2021, and the BDT 1.20 dividend took 84-136% of it

EPS was BDT 1.43 (2021), 0.88 (2022), 1.10 (2023), 1.15 (2024) and 1.20 (2025) [4 p.146] [3 p.167] [1 p.170]. The insurer's current-year surplus, as per the valuation report, was BDT 153.5m, 94.4m, 120.2m, 126.7m and 131.6m in those years [4 p.146] [3 p.167] [1 p.170]. The subsidiaries add or subtract little: BDT 3.2m in 2021 and BDT 0.1m in 2025 [4 p.146] [1 p.170].

The dividend has been 12% in cash, BDT 1.20 a share and BDT 131.6m, in every year from 2021 to 2025 [1 p.46] [1 p.169]. That was 84.0% of the 2021 surplus for EPS, 136.2% in 2022, 109.2% in 2023, 104.7% in 2024 and 99.9% in 2025 [12]. The dividend is paid out of the life fund [1 p.133], and in 2021-2024 it was paid in years when the fund was shrinking [1 p.46] [1 p.176]. NAV per share, on the BSEC disclosure basis, was BDT 18.68 in 2021 and BDT 18.00 in 2025 [4 p.146] [1 p.169].

The same BSEC note gives the actuary's surplus available for policyholders: BDT 1,493.1m (2021), 1,089.0m (2022), 1,108.1m (2023), 1,288.8m (2024) and 1,540.5m (2025) [4 p.146] [3 p.166] [1 p.169]. Net liability per the actuarial valuation was BDT 5,413.5m at Dec-2025 [1 p.169]. The annual report notes that the Insurance Act 2010 restricts payment of dividends and bonuses to the surplus shown in the valuation balance sheet [1 p.147].

Balance sheet and audit: Form AA ties to the taka; a BDT 661m deposit sits with a related bank

Form AA, the classified summary of assets, ties to the standalone balance sheet. Its book-value total of BDT 10,067.2m equals total assets on the balance sheet, and the lines add up to the printed total [1 p.141] [1 p.126] [12]. The market-value column is BDT 28.7m lower; the whole gap is in listed shares (book BDT 560.1m, market BDT 532.0m) and mutual funds (BDT 200.0m and BDT 199.4m), and it equals the BDT 28.7m fair value change account on the balance sheet [1 p.141] [1 p.126]. The consolidated fair value change account was BDT 65.9m at Dec-2025 [1 p.115].

Government securities were BDT 3,054.3m, 30.3% of the Form AA total, and fixed deposits with banks BDT 1,746.3m, 17.3% [1 p.141] [12]. Fixed assets were BDT 1,307.3m and advances, deposits and prepayments BDT 979.0m [1 p.141]. The revaluation surplus on fixed assets was BDT 610.5m, from a revaluation recorded in 2009 [1 p.153] [1 p.154].

Related parties, as printed in note 29.01 [1 p.168]: Modhumoti Bank Ltd. held fixed deposits of BDT 661.4m at 31-Dec-2025 (BDT 619.4m at 1-Jan-2025), interest received and accrued of BDT 275.1m (BDT 213.7m) and bank balances of BDT 27.9m in 25 accounts (BDT 49.8m). Panna Textile Mills Ltd. shows an advance office rent of BDT 1.9m and office rent payable of BDT 0.5m. City University shows a group hospitalisation claim payable of BDT 0.2m. The investments in Sandhani Life Finance Ltd. (BDT 350.0m), Sandhani Life Housing and Dev. Co. Ltd. (BDT 100.0m) and Sandhani Assets Management Ltd. (BDT 100.0m) are listed in the same note [1 p.168]. The Modhumoti Bank deposit was 37.9% of fixed deposits with banks on our calculation [12].

Audit opinion. Shafiq Basak & Co. (partner Sarwar Mahmood FCA) signed the FY2025 report on 19-Jul-2026 [1 p.123]. The opinion reads: "In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Sandhani Life Insurance Company Limited and its subsidiaries as at 31st December 2025, and their financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs)..." [1 p.114]. The report has key audit matters on the fair value change account, the valuation of the life fund, outstanding claims, income-tax contingencies, the carrying value of subsidiaries, premium income, cash and IT systems, and no emphasis-of-matter or other-matter paragraph [1 p.115] [1 p.116] [1 p.117] [1 p.118] [1 p.119] [1 p.120].

Within the cash key audit matter, the auditor writes: "We could not physically verify the cash in hand at Head Office & Branch Offices as our appointment was postdated. However, the cash balance is duly certifed by the management" and "...we have received confirmation certificates covering about 96% (approx.) of total bank balance" [1 p.120]. The subsidiaries were audited by Aziz Halim Khair Chowdhury & Co. and Kazi Zahir Khan & Co., with unqualified opinions [1 p.122].

Ratios and peers: slowest growth and lowest yield of the three, with expenses in line

Against its own history, 2025 sits at the better end on claims, expenses and persistency and at the weaker end on growth and yield. The ten-year median claims ratio is 100.7% against 73.7% in 2025; the median expense ratio 35.2% against 26.9%; the median reported yield 8.79% against 7.01%; and the median gross premium growth 1.3% against 1.1% [12]. Operating cash flow on the KFI basis was negative in six of the ten years and BDT 323.2m in 2025, 13.1% of gross premium [5 p.105] [1 p.176] [12].

The peer table uses each company's own IDRA Key Financial Indicators page for 2025, the same template and definitions. SLIC's gross premium growth (1.1%) and life fund growth (2.3%) are the lowest of the three, and it is the only one of the three whose first-year premium fell [12]. Its reported yield on the life fund (7.01%) is 2.17pp below National Life's 9.18% and 1.17pp below Pragati Life's 8.18% [1 p.176] [6 p.251] [7 p.126]. Its claims ratio (73.7%) is the highest of the three, and its second-year lapse ratio by number (42.69%) sits between National Life (39.93%) and Pragati Life (47.88%) [6 p.251] [7 p.126]. Pragati Life's "Group & Health Insurance Premium" was 21% of its premium and National Life's "Group Life Insurance Premium & Others" 1.1%; SLIC's "Group & Health Insurance Premium" was 1.0% [6 p.251] [7 p.126] [12].

Audit opinions of the peers were read first. National Life's FY2025 opinion is unmodified, with an other-matters paragraph naming the prior-year auditor [6 p.164]. Pragati Life's FY2025 opinion is unmodified; its auditor's other-matters paragraph says investments of BDT 505.6m "appear doubtful of recovery" against a provision of BDT 210.0m [7 p.133] [7 p.136].

2026 so far: H1 premium up 2.6% and claims down 16.5%; Q3 was a BDT 136m deficit

The H1 2026 consolidated accounts show gross premium of BDT 924.1m, up 2.6%: first-year premium BDT 242.9m (BDT 240.6m in H1 2025), renewals BDT 672.4m (BDT 651.2m) and group BDT 8.7m (BDT 9.0m) [2 p.2]. Claims fell to BDT 833.3m from BDT 998.3m, commission and allowances to BDT 129.3m from BDT 137.6m, and management expenses were BDT 160.2m against BDT 158.5m [2 p.2]. The fund rose BDT 103.7m in the half to BDT 7,203.0m; in H1 2025 it fell BDT 267.5m [2 p.2] [12].

Two items in the H1 2026 revenue account are not explained in the notes read. A line titled "Dividend: (Stock)" of BDT 33.25m appears among the outflows, and the second-quarter column shows a closing fund of BDT 7,197.1m while the six-month column and the balance sheet show BDT 7,203.0m [2 p.2] [2 p.1]. Three further inconsistencies: the key audit matter on subsidiaries gives their carrying value "As at 31 December 2024" in the FY2025 report [1 p.118]; the 2025 cash-flow reconciliations label the BDT 158.1m increase in the fund "Decrease in Life Fund during the year" [1 p.170] [1 p.171]; and the Q2 2026 accounts show an April-June opening fund of BDT 7,076.67m, against the BDT 7,079.68m 31-Mar-2026 fund disclosed on DSE [2 p.2] [8]. Operating cash flow was negative BDT 7.2m in H1 2026, against negative BDT 251.9m in H1 2025 [2 p.3].

Governance: sponsors hold 31.7%; annual accounts approved in July, with Q1 released alongside Q2

Sponsors held 34,746,210 shares, 31.67%, at Dec-2025, through 12 shareholders; public shareholders held the rest, 0.49% by folio and 67.84% by BO account [1 p.152] [1 p.153]. The paid-up capital of BDT 1,097.0m was built from BDT 30m of cash capital and bonus shares issued for 2003-2017; the company states it has issued no rights shares [1 p.152] [1 p.158]. Unclaimed dividends of BDT 16.8m for 1997-2019 and unclaimed bonus shares were transferred to the Capital Market Stabilization Fund [1 p.158].

The FY2025 statements are signed by Mojibul Islam (Chairman), directors Colonel Wais Huda (Retd.) and A.F.M Rezaul Hasan, Nemai Kumar Saha (CEO), Md. Mahbubur Rahman (CFO, current charge) and Md. Mizanur Rahman (Company Secretary) [1 p.133]. The H1 2026 statements are signed by the same Chairman, CEO, CFO and Company Secretary and by director Shaheduzzaman Choudhury FCA [2 p.2].

Reporting dates. The board approved the FY2024 accounts on 29-Jul-2025 and the FY2025 accounts on 19-Jul-2026; in both years the first-quarter accounts were considered at the same July meeting as the second quarter [8]. The AGMs for FY2024 and FY2025 were set for 25-Sep-2025 and 29-Sep-2026, with record dates of 24-Aug-2025 and 24-Aug-2026 [8]. The company reported disbursing the FY2024 dividend on 30-Oct-2025 [8]. The FY2025 AGM date has passed; its outcome is not in the DSE archive read. CRAB rated the company AA2 with a stable outlook on 5-Nov-2025, based on accounts to Dec-2024 [8].

Capital actions. The 24-month DSE archive (1-Nov-2024 to 1-Nov-2026) contains no board approval of capital expenditure, a new business line, a rights issue or a share buy-back [8]. The FY2025 annual report says there was "no capital expenditure commitment authorized by the Board" at 31-Dec-2025 and no credit facility other than trade credit [1 p.171].

What's next: the FY2026 valuation at year-end and accounts in July 2027 (inferred)

There is no forecast in this note. These are the dated events that show which way the lines move, each tied to its source. The Q3 2026 results announced on 1-Nov-2026 are covered in the life fund section.

Direction, from history only: lower claims in H1 2026 reduced outflows from the fund, and a fall in dividend income cut 2025 investment income by BDT 93.8m [2 p.2] [1 p.166]. Each further 1pp of second-year lapse, expense ratio or fund yield moves the lines by the amounts shown in the sections above.

Risks: each tied to the line it moves

Each risk is tied to the line it moves and to the evidence in the filings.

Key questions and the signposts in the filings

At BDT 22.2, SANDHANINS trades at 18.5x FY2025 EPS, 1.23x Dec-2025 NAV, a 5.4% cash yield and 0.34x its June 2026 life fund [11] [12]. At year-end prices the P/E was 23.6x in 2021 and 16.2x in 2025, and P/NAV 1.81x and 1.08x [12]. The price was 3.3% higher than on 30-Oct-2025 [11]. These are facts about the price, not a view on it.

FAQ

How does Sandhani Life Insurance earn its EPS?

EPS is the insurer's current-year surplus as per the valuation report plus 10% of the subsidiaries' results, divided by 109.7m shares: BDT 131.7m and BDT 1.20 a share in 2025 [1 p.170].

Is Sandhani Life's life fund growing?

It fell every year from 2017 to 2024, from BDT 8,607m to BDT 6,941m, rose to BDT 7,099m in 2025 and was BDT 7,066m at Sep-2026 [5 p.105] [1 p.176] [8].

What dividend did Sandhani Life pay for 2025?

12% in cash, BDT 1.20 a share or BDT 131.6m, the same rate as in 2021-2024 [1 p.169] [1 p.46].

Is Sandhani Life within the IDRA expense limit?

Yes, by BDT 2.1m: BDT 664.15m actual against BDT 666.21m allowable in 2025 [1 p.175].

Who audits Sandhani Life and what did they say?

Shafiq Basak & Co. gave an unmodified opinion on the FY2025 accounts, signed 19-Jul-2026 [1 p.114] [1 p.123].

Who owns Sandhani Life Insurance?

Sponsors held 31.67% and the public 68.33% at Dec-2025 [1 p.152] [1 p.153].

Which results does this note use?

Annual reports for 2016-2025 (KFI pages), the unaudited H1 2026 consolidated statements and the DSE announcement of Q3 2026 results; the Q3 2026 statements are not yet in our corpus.

Sources

1. Sandhani Life Insurance Company Ltd. Annual Report 2025 (year to 31-Dec-2025) · link · accessed 2026-11-01
2. Sandhani Life Insurance Company Ltd. unaudited consolidated statements, second quarter (six months) to 30-Jun-2026 · link · accessed 2026-11-01
3. Sandhani Life Insurance Company Ltd. Annual Report 2024 · link · accessed 2026-11-01
4. Sandhani Life Insurance Company Ltd. Annual Report 2022 · link · accessed 2026-11-01
5. Sandhani Life Insurance Company Ltd. Annual Report 2020 (Key Financial Indicators 2016-2020) · link · accessed 2026-11-01
6. National Life Insurance PLC Annual Report 2025 (Key Financial Indicators, auditor's report) · link · accessed 2026-11-01
7. Pragati Life Insurance PLC Annual Report 2025 (Key Financial Indicators, auditor's report) · link · accessed 2026-11-01
8. Dhaka Stock Exchange news archive for SANDHANINS, 1-Nov-2024 to 1-Nov-2026 (company disclosures: results, board meetings, dividend, credit rating) · link · accessed 2026-11-01
9. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
10. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
11. AnalystBro price data (TradingView feed): DSE:SANDHANINS daily bars to 29-Oct-2026 · link · accessed 2026-11-01
12. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01