Sonali Life Insurance financial analysis: maturity claims up six-fold in two years as the fund growth slows (Oct 2026)

Investment considerations: a fast-grown book now paying maturities, run by an IDRA-formed interim board

Sonali Life Insurance Company Limited (Sonali Life) is a Bangladeshi life insurer incorporated in July 2013 and registered with the Insurance Development and Regulatory Authority (IDRA) the same month. It listed on the Dhaka and Chittagong stock exchanges after a public issue in June 2021 [1 p.16]. It sells ordinary (individual) life policies through a commissioned field force, with a small group book [1 p.16]. In 2025 it wrote BDT 8,659.5m of gross premium and closed the year with a life fund of BDT 8,959.5m and total assets of BDT 10,922.6m [1 p.8] [1 p.9]. Its share capital is BDT 475.0m in 47.5m shares [1 p.8]. On DSE it traded as SLIPLC between April and May 2026 after a change of name to Sonali Life Insurance PLC, then went back to the code SONALILIFE [10].

A life insurer's accounts work differently from an ordinary company's. Premium and investment income flow into the life fund; claims, commissions, management expenses, tax and the shareholders' dividend flow out of it, and the balance is carried forward [1 p.9] [1 p.11]. Once a year an actuary values the policy liabilities and declares a surplus, and the shareholders' portion of that surplus is the EPS [2 p.166]. For 2024 that portion was BDT 82.4m, or BDT 1.73 a share; for 2025 the company announced EPS of BDT 1.62 [2 p.166] [10]. The interim statements carry no EPS or NAV because the actuarial valuation is done only at the year end [5 p.6].

Sonali Life's story is one of very fast growth followed by a governance break. Gross premium rose from BDT 810.8m in 2019 to BDT 8,317.6m in 2023, and the life fund from BDT 953.3m to BDT 6,929.6m [3 p.144]. In 2023 management expenses were BDT 6,200.6m, 34.2% above the allowable limit, against limits that had been undershot by 23-42% in each of the previous four years [3 p.144] [14]. The company now discloses that balances carried forward from before 2023 arose during a period of reported irregularities, including unauthorised fund transfers and unsupported payments under the former chief executive, who has since been convicted in one of the cases [1 p.22]. As disclosed in AR2024, an interim board formed by IDRA under Financial Institutions Division directives runs the company [2 p.94].

The business has kept growing since. Gross premium fell 3.9% in 2024 and rose 8.3% in 2025; renewal premium rose to BDT 5,411.5m [1 p.9] [14]. The cost of the earlier growth is now arriving as maturities. Claims under policies were BDT 4,041.1m in 2025, of which BDT 2,859.6m were maturity claims, against total claims of BDT 1,201.3m in 2023 [1 p.9] [2 p.143]. The fund still grew in 2025, by BDT 907.3m, but by less than the BDT 1,122.7m of 2024, and it fell by BDT 40.0m in July-September 2026 [1 p.24] [10].

Business: individual life through agents, with new business moved from three-year to twelve-year terms

The product range is ordinary life insurance and group insurance [1 p.16]. Group premium is small and shrinking: BDT 13.3m in 2025 against BDT 53.7m in 2019 [1 p.9] [3 p.144]. Everything else is individual policies sold through agents and a development organisation. Commission to insurance agents was BDT 973.4m in 2025 and other allowances and commissions BDT 340.5m [1 p.10]. The company says commission to agents is booked as first-year commission and the allowances cover the remuneration of development officers and field staff [1 p.19]. Reinsurance is facultative, with SCOR Global Life (Singapore) and Trust International Insurance & Reinsurance (Bahrain), and the company retains up to Tk 5 lakh per life [1 p.19].

The product mix is read from the premium-paying terms of new business. In 2023 Sonali Life wrote BDT 1,182.6m of first year premium on policies with a three-year premium term and BDT 2,272.9m on ten-to-eleven-year terms [2 p.143]. In 2024 the three-year line fell to BDT 519.1m, and in 2025 to BDT 20.5m, while twelve-to-fourteen-year policies rose to BDT 2,582.3m from BDT 70.2m [1 p.9] [2 p.143]. Five-year policies were BDT 1,118.7m of first year premium in 2022 and BDT 48.8m in 2025 [4 p.92] [1 p.9]. The filings do not explain the switch; the effect is that new business has moved to longer terms, which pay out later.

Size came quickly. The company had 56,038 new policies in 2020, 236,871 in 2022 and 239,965 in 2023, then 176,504 in 2024 [2 p.169]. Renewals from each year's cohort fall away fast: of the 201,316 policies issued in 2022 that renewed in 2023, 93,858 renewed in 2024 [2 p.169]. The 2024 report's peer table put Sonali Life's 2024 gross premium of BDT 7,996.1m above Pragati Life's BDT 5,817.9m and below National Life's BDT 21,061.5m [2 p.87].

Regulation frames the rest. The accounts follow the Insurance Act 2010, the Insurance Rules 1958 and the Companies Act 1994 alongside IFRS, the actuarial valuation basis needs IDRA approval, and investments must follow the Insurance Rules and IDRA circulars [1 p.16] [1 p.19] [1 p.22]. Listed shares are carried at the lower of cost and market, with the shortfall shown in a fair value change account under IDRA Circular Life-04/2012 [1 p.19] [1 p.26].

Premium: BDT 8.66bn in 2025, up 8.3% on renewals, after a 3.9% fall in 2024

Gross premium grew tenfold in four years: 66% in 2020, 138% in 2021, 92% in 2022 and 35.4% in 2023 [3 p.144] [14]. It then fell 3.9% in 2024 as first year premium dropped 27.0% to BDT 3,235.5m [2 p.168]. In 2025 first year premium was flat at BDT 3,234.7m and renewals rose 14.3% to BDT 5,411.5m, taking gross premium up 8.3% to BDT 8,659.5m [1 p.9] [14]. Retention is high: reinsurance premium was BDT 16.9m, so net premium was BDT 8,642.6m [1 p.9].

Persistency is the line that moves renewals. The company's printed conservation ratio fell from 93.3% in 2021 to 64.2% in 2023 and 57.9% in 2024 [3 p.144] [2 p.168]. Our proxy, renewal premium over the previous year's first year and renewal premium, tracks it closely (57.1% in 2024) and rose to 67.9% in 2025 [14]. The 2025 statements carry no KFI page, so the printed ratio for 2025 is not available. The second-policy-year lapse ratio by premium amount was 15.0% in 2023 and 13.6% in 2024 [3 p.144] [2 p.168].

Each 1pp of the renewal proxy was about BDT 79.7m of 2025 renewal premium, since the base (2024 first year plus renewal premium) was BDT 7,967.9m [2 p.168] [14]. In H1 2026 gross premium rose 9.9% to BDT 4,215.7m: first year premium BDT 1,541.0m (+18.3%) and renewals BDT 2,660.2m (+5.5%) [5 p.3] [14]. Q1 2026 gross premium derived from the half-year (H1 less April-June) is BDT 2,036.8m, the same as the Q1 statements [6 p.3] [14].

Claims: maturities of BDT 2.86bn in 2025, six times 2023, and up 46% again in H1 2026

Claims are the line that has changed most. Claims under policies were BDT 291.4m in 2021, BDT 590.7m in 2022 and BDT 1,201.3m in 2023, then BDT 3,642.6m in 2024 and BDT 4,041.1m in 2025 [4 p.92] [2 p.143] [1 p.9]. Maturities drove it: BDT 6.3m in 2021, BDT 474.7m in 2023, BDT 2,104.6m in 2024 and BDT 2,859.6m in 2025, when they were 70.8% of all claims [4 p.92] [2 p.143] [1 p.9] [14]. Maturities come from policies sold in earlier years reaching term, so their size depends on past sales rather than this year's business.

Surrenders moved the other way. They were BDT 853.9m in 2024, 10.7% of net premium, and BDT 396.2m in 2025 [1 p.9] [2 p.143] [14]. Survival benefits rose to BDT 689.8m from BDT 594.8m; death claims were BDT 76.6m and disability BDT 18.8m [1 p.9]. Claims paid in cash were BDT 4,049.3m in 2025, 46.8% of gross premium, against 14.4% in 2023 [1 p.14] [3 p.144] [14]. Each 10pp of claims ratio was about BDT 866m on 2025 premium [14].

In H1 2026 maturity claims rose 46.2% to BDT 1,618.6m and total claims 29.0% to BDT 2,177.2m, 51.6% of gross premium against 44.0% a year earlier [5 p.3] [14]. Surrenders fell to BDT 181.7m from BDT 257.6m [5 p.3]. Outstanding claims on the balance sheet are small, BDT 5.1m at Dec-2025, and the company reports claims intimated of BDT 4,041.1m and settled of BDT 4,049.3m in the year [1 p.24]. No maturity schedule for future years is disclosed, so the size of the coming maturities cannot be read from the filings.

Expenses: 44.3% of premium in 2025; 2023 ran 34% over the IDRA limit

Management expense on the IDRA key-indicator basis (commissions, expenses of management and lease amortisation) was BDT 3,832.0m in 2025, 44.3% of gross premium, against BDT 3,332.9m and 41.7% in 2024 [1 p.10] [2 p.168] [14]. The company did not publish the allowable limit for 2025. In 2024 it was BDT 3,689.8m, and actual expense was 9.7% below it [2 p.168] [14]. In 2023 actual expense of BDT 6,200.6m was 34.2% above the limit [3 p.144]; that year's revenue account carried BDT 1,103.4m of lease amortisation, BDT 722.9m of lease interest and BDT 155.3m of 'refreshment and recreation' [2 p.143] [2 p.144].

Commission is the largest single item. Total commission was BDT 1,313.9m in 2025, 15.2% of gross premium, up from 13.7% in 2024 [1 p.10] [14]. First-year commission was 25.8% of first year premium in 2024 and 22.1% in 2023 [2 p.168]. The next item is the business support allowance paid to the development organisation: BDT 1,183.8m in 2025, 13.7% of net premium, against 22.8% in 2023 when it was booked as 'Salary Dev' and 'Incentive (Development)' [1 p.10] [2 p.143] [14]. Admin salaries were BDT 368.1m against BDT 316.0m, with 940 employees against 880 [1 p.10] [1 p.33].

Lease costs are large for an insurer of this size. Amortisation of right-of-use assets was BDT 270.4m in 2025 and depreciation BDT 175.8m [1 p.11]. Lease liabilities were BDT 517.1m at Dec-2025 and BDT 418.2m at Jun-2026 [1 p.8] [5 p.2]. The company moved its head office to Malibagh in September 2026 [10]. Each 1pp of the expense ratio was about BDT 86.6m of 2025 premium, roughly the size of the BDT 76.95m shareholders' share of surplus implied by EPS of BDT 1.62 [14] [10].

Investments: 75% in one deposit product, BDT 3.89bn of it at one bank

Investment income was BDT 418.2m in 2025 against BDT 360.1m, 4.92% of the average life fund [1 p.32] [14]. The company printed a 'yield on life fund' of 4.93% for 2024 and 4.02% for 2023 [2 p.168]. The largest source is profit on the monthly investment scheme ('DPS'), BDT 246.2m in 2025 and 58.9% of the total; profit on treasury bonds more than doubled to BDT 75.8m, while FDR profit fell to BDT 78.7m and STD profit to BDT 10.1m [1 p.32] [14].

The asset mix explains the income. 'Other investment' was BDT 5,364.6m at Dec-2025, 75.4% of invested assets; almost all of it, BDT 5,314.6m, is a monthly investment scheme with five banks [1 p.28] [14]. Mutual Trust Bank holds BDT 3,891.4m, 73.2% of the scheme and 35.6% of total assets; First Security Islami Bank holds BDT 841.2m, Social Islami Bank BDT 388.1m, Al-Arafah Islami Bank BDT 175.2m and BRAC Bank BDT 18.7m [1 p.28] [14]. Treasury bonds were BDT 843.7m including the BDT 15m statutory deposit, 11.9% of invested assets, up from BDT 597.7m [1 p.27] [14]. Fixed deposits fell to BDT 440.0m from BDT 775.4m [1 p.8].

The share book is small: BDT 85.99m at market against a cost of BDT 145.53m, a BDT 59.54m shortfall carried in the fair value change account [1 p.26]. Form AA lists two columns. Its market-value column totals BDT 10,922.6m, which is the balance sheet total, and its book-value column totals BDT 10,982.1m; the BDT 59.5m gap is the share line alone (BDT 145.5m book, BDT 86.0m market) [1 p.15] [1 p.8] [14]. So the balance sheet carries shares at market and every other line at the same figure in both columns. Other holdings include a BDT 10m placement in Royal Denim and BDT 40m of subordinated bonds of Dhaka Bank and Bank Asia [1 p.28]. Each 1pp of yield on the 2025 average fund was about BDT 85m of income [14].

Life fund and dividend: +11.3% in 2025, EPS BDT 1.62, 15% cash dividend

The life fund rose every year from 2019 to 2025: by 103.2% in 2022, 14.8% in 2023, 16.2% in 2024 and 11.3% in 2025, to BDT 8,959.5m [3 p.144] [2 p.168] [1 p.8] [14]. The 2025 increase of BDT 907.3m came after BDT 4,041.1m of claims, BDT 3,561.6m of commissions and management expenses and a BDT 118.75m dividend [1 p.9] [1 p.11] [1 p.24]. Our walk of the revenue account rebuilds the closing balance to within BDT 0.01m in each of 2023-2025 [14].

The quarterly pattern shows the fund growing more slowly. The Q4 2025 change, derived as the full-year increase less the announced nine months, was a fall of BDT 4.35m, and it matches the fall in the fund from Sep-2025 to Dec-2025 [10] [1 p.24] [14]. The 2024 Q4 increase was BDT 137.07m on the same basis [14]. In 2023, the fund announced at Sep-2023 was BDT 8,685.14m against an audited BDT 6,929.55m at Dec-2023 [10] [2 p.143].

Shareholders receive the dividend paid out of the shareholders' portion of the actuarial surplus. EPS was BDT 3.94 for 2022, BDT 1.49 for 2023, BDT 1.73 for 2024 and BDT 1.62 for 2025 [10] [2 p.166]. The cash dividend was 10% for 2023, 15% for 2024 and 15% for 2025; the 2025 dividend of BDT 1.50 a share was 92.6% of EPS and was paid in October 2026 [10] [14]. The 2025 revenue account appropriated BDT 118.75m of dividend, which is the 2023 and 2024 dividends together; 2024 had none because no AGM was held that year [1 p.11] [2 p.144] [10].

Reported NAV per share fell to BDT 32.15 at Dec-2025 from BDT 39.64, while the life fund grew [10]. The company defines NAV as total assets less outside liabilities including the policyholders' liability set by the actuary, which was BDT 1,882.8m of net assets for 2024 [2 p.166]. The 2025 statements in our corpus do not include the actuarial abstract, so the change in that liability cannot be traced. Operating cash flow was BDT 560.9m in 2025, 6.5% of gross premium, against 54.5% in 2022 [1 p.14] [3 p.144] [14].

Balance sheet and audit: BDT 1.1bn of unreconciled legacy receivable, under legal recovery

The auditor for 2025, T. Hussain & Co., gave an unmodified opinion dated 14-Jul-2026 with an emphasis of matter on the receivable in note 19: the whole balance has been carried forward from earlier years with no movement, and a large part is under legal proceedings [1 p.2] [1 p.7]. The 2024 accounts were audited by FAMES & R [2 p.144]. DSE also posted emphasis-of-matter notices for the 2023 and 2024 audit reports [10].

The receivable is BDT 1,098.4m, unchanged from Dec-2024 [1 p.29]. Note 3.20 says the balances arose before 2023 during 'significant reported operational and financial irregularities', that the primary records are missing, and that individual reconciliations are not available to current management [1 p.22]. The company has substantiated claims of Tk 51.00 crore (BDT 510m, 46.4% of the receivable) and has court orders attaching assets valued at Tk 13.49 crore [1 p.22] [14]. It lists Money Suit No. 25/2024, Title Suit No. 191/2024 and five criminal cases filed in 2024 [1 p.22]. No provision against the receivable appears in the notes [1 p.29] [1 p.30].

Other balances need the same attention. An advance against a 'Chokoria project' was BDT 214.5m at Dec-2025 and BDT 214.2m a year earlier; an advance against land is BDT 1.0m [1 p.29]. The filings we hold do not describe the project. Advances, deposits and sundry debtors were BDT 1,537.5m in all, 17.2% of the life fund [1 p.8] [14]. Outstanding premium fell to BDT 692.2m from BDT 948.5m; the company says it is premium received through banks in the new year [1 p.29]. Sundry creditors of BDT 1,004.6m include BDT 29.5m of VAT provision (BDT 266.6m a year earlier), BDT 169.4m of agents' commission payable and BDT 182.5m of business support allowance payable [1 p.25].

The 2025 statements also correct a 2023 error: reinsurance payable had been shown as a liability instead of an asset [1 p.25]. The cash flow statement shows 2024 operating cash flow of BDT 841.9m, while the 2024 report printed BDT 824.9m [1 p.14] [2 p.168]. There is no capital expenditure commitment at Dec-2025, and tax assessments for 2023-24 are pending [1 p.33] [1 p.18]. Related-party transactions are office rent from Rupali Insurance, a sponsor-director, and from Dragon Sweater Bangladesh [1 p.33] [5 p.7].

2026 so far: premium up 10% in H1, surplus down to BDT 297m for nine months, a Q3 deficit

The 2026 figures so far show premium rising and the surplus falling. The fund rose BDT 112.8m in Q1 2026 (BDT 283.8m a year earlier) and BDT 224.2m in Q2 (BDT 442.0m), then fell BDT 40.0m in Q3 against a rise of BDT 185.8m [10]. The nine-month surplus was BDT 296.9m against BDT 911.6m, and the fund stood at BDT 9,256.4m at 30-Sep-2026 [10]. Operating cash flow per share was negative, BDT (4.79) for January-September 2026 against BDT 7.95 a year earlier [10].

The half-year statements show where the surplus went. Gross premium rose BDT 379.1m, but claims rose BDT 489.5m, commissions BDT 134.4m and other management expenses BDT 142.9m, and investment income fell to BDT 183.0m from BDT 194.0m [5 p.3]. Commissions and other management expenses were 43.3% of gross premium against 40.4% [14]. Bank balances and cash fell to BDT 10.8m at Jun-2026 from BDT 376.0m, while other investment rose to BDT 5,669.9m [5 p.2]. The Q3 statements are not yet in our corpus, so the Q3 lines behind the deficit cannot be read.

The announced quarters add up, with one rounding gap. In 2024 and 2025 Q1 plus Q2 equals H1 and H1 plus Q3 equals the nine months exactly; in 2026 Q1 plus Q2 is BDT 0.12m more than the announced H1 [14]. The Q1 2026 statements close the fund at BDT 9,072.31m, while the Q2 statements open April at BDT 9,072.19m [6 p.3] [5 p.3].

Peers: the lowest claims ratio and the highest expense ratio of the four compared

We compare Sonali Life with three listed life insurers on their own 2025 filings: Pragati Life and Delta Life from their IDRA key-indicator pages, and Popular Life from its revenue account, which has no such page [7 p.126] [8 p.17] [9 p.150]. Sonali Life's 2025 figures come from its statements; for claims we use the cash-flow 'Payment for Claims', which in 2024 equalled the 'Claims Paid' line of its own key-indicator page, and for management expense we rebuild the key-indicator basis [1 p.14] [2 p.168] [14]. Popular Life's claims are 'claims under policies' and its management expense is commission plus expenses of management, so its two ratios are on a different label.

Of the four, Sonali Life had the lowest claims ratio, 46.8%, against 52.8% at Pragati, 81.7% at Delta and 90.3% at Popular (different label) [14]. Its management expense ratio was the highest, 44.3%, which is 13.5pp above Pragati (unrounded 44.25% vs 30.75%) and 16.2pp above Delta [14]. Its gross premium growth of 8.3% was between Delta's 7.9% and Pragati's 14.7%, while its first year premium was flat against rises of 13.8% and 16.7% [14]. Its renewal proxy of 67.9% was below Pragati's 77.7% and Delta's 84.0% and above Popular's 56.6% [14]. Sonali Life was incorporated in 2013, later than the three peers, and first-year business, which carries higher commission, is a larger share of its premium than at Pragati or Delta.

Governance: an IDRA-formed interim board, a convicted former CEO and late reporting

The board is an interim board formed by IDRA under directives of the Financial Institutions Division of the Ministry of Finance: nine members including three independent directors, with the chairman appointed by IDRA from the independent directors [2 p.94] [2 p.95]. The 2024 report names Moinul Islam as chairman and an additional secretary of the Financial Institutions Division as observer [2 p.50]. The chief executive is serving in charge [2 p.66] [1 p.11]. The filings do not give the date the interim board was formed.

Sponsors and directors held 54.85% at Dec-2024, institutions 4.87% and the public 40.28% by one table; another table in the same report gives 5% and 40.15% [2 p.67] [2 p.126]. The largest holders were Fauzia Quamrun Tania (9.08%) and Rupali Insurance Company (6.32%) [2 p.67]. The two tables also give different roles to several holders (one lists Mostafa Golam Quddus as chairman) [2 p.67] [2 p.126].

Our sweep of 24 months of DSE company news (1-Nov-2024 to 1-Nov-2026, under both SONALILIFE and SLIPLC) shows no IDRA order and no board approval of capital spending or expansion [10]. It does show late reporting. DSE moved the shares to the Z category on 15-Jan-2025 because the AGM was not held in time and back to A on 1-Sep-2025 after the AGM approved the 2023 dividend [10]. The board approved the 2023 accounts on 23-Jul-2025, the 2024 accounts on 11-Nov-2025 and the 2025 accounts on 12-Jul-2026; the Q1-Q3 2024 statements were approved together on 26-Aug-2025 [10]. The 2025 AGM was held on 27-Aug-2026 by notice, and the 2025 dividend was disbursed in October 2026 [10].

Multiples: 62.7x FY2025 EPS, 3.16x NAV and 0.54x the life fund

At BDT 101.5 on 29-Oct-2026 the market value was BDT 4,821m [13] [14]. That is 62.7x FY2025 EPS of BDT 1.62, 3.16x NAV per share of BDT 32.15, a cash dividend yield of 1.48% and 0.54x the Dec-2025 life fund [14]. At year ends the P/E on that year's EPS was 15.1x for 2022, 54.3x for 2023, 28.2x for 2024 and 37.5x for 2025 [13] [14]. The price was 7.3% below the 52-week high of BDT 109.5 set on 19-Oct-2026 [13]. These are facts about the multiples; this note draws no conclusion from them about the share price.

What's next: the FY2026 valuation and accounts, then Q1 2027

The items below are dated and sourced. Already-announced results (Q3 2026, the 2025 accounts) are covered above. Dates marked '(inferred)' come from all of the company's own precedents in the DSE news, not from any notice.

The FY2026 year-end figures are the next reading of maturities after the rise of 46.2% in H1 2026, and a 2026 key-indicator page, if published, carries the conservation ratio and the allowable-expense test that the 2025 statements omit [5 p.3] [2 p.168]. The legal cases on the receivable have no hearing dates in the filings, so they are not dated here [1 p.22].

Risks: maturities, one-bank concentration and the legacy receivable matter most

The risks tie to the lines above. The largest are the maturity outflow against a fund now growing slowly, the concentration of deposits, and the legacy receivable.

Key questions: the Q3 deficit, the maturity schedule and the legacy receivable

For shareholders, returns come from the shareholders' portion of the actuarial surplus and the cash dividend paid from it. Both depend on the same lines as the fund: premium and persistency, maturities, expenses and investment income. In 2025 EPS was BDT 1.62 and the dividend BDT 1.50 a share [10]. These are facts about the business, not a view on the share price.

FAQ

How does Sonali Life Insurance calculate EPS?

EPS is the shareholders' portion of the actuarial surplus divided by 47.5m shares: BDT 82.4m and BDT 1.73 for 2024; the company announced BDT 1.62 for 2025 [2 p.166] [10].

Why are Sonali Life's claims rising?

Maturity claims, which come from policies sold in earlier years, have risen: maturity claims were BDT 474.7m in 2023, BDT 2,104.6m in 2024 and BDT 2,859.6m in 2025 [2 p.143] [1 p.9].

How big is the life fund?

BDT 8,959.5m at Dec-2025, BDT 9,296.4m at Jun-2026 and BDT 9,256.4m at Sep-2026 (DSE-announced) [1 p.8] [5 p.2] [10].

What is the emphasis of matter in the 2025 audit?

The auditor points to a receivable carried forward with no movement, much of it under legal proceedings; the company puts it at BDT 1,098.4m from before 2023 [1 p.2] [1 p.29].

What dividend did Sonali Life pay for 2025?

15% cash, BDT 1.50 a share, record date 2-Aug-2026, disbursed in October 2026 [10].

How does Sonali Life compare with peers?

In 2025 it had the lowest claims ratio (46.8%) and the highest management expense ratio (44.3%) of the four insurers compared [14].

Sources

1. Sonali Life Insurance Company Limited, auditor's report and financial statements for the year to 31-Dec-2025 (T. Hussain & Co., 14-Jul-2026) · link · accessed 2026-11-01
2. Sonali Life Insurance Company Limited Annual Report 2024 (incl. Key Financial Indicators 2020-2024) · link · accessed 2026-11-01
3. Sonali Life Insurance Company Limited Annual Report 2023 (incl. Key Financial Indicators 2019-2023) · link · accessed 2026-11-01
4. Sonali Life Insurance Company Limited Annual Report 2022 · link · accessed 2026-11-01
5. Sonali Life Insurance PLC un-audited financial statements, six months to 30-Jun-2026 · link · accessed 2026-11-01
6. Sonali Life Insurance PLC un-audited financial statements, three months to 31-Mar-2026 · link · accessed 2026-11-01
7. Pragati Life Insurance PLC Annual Report 2025 (Key Financial Indicators) · link · accessed 2026-11-01
8. Delta Life Insurance Company Ltd. Annual Report 2025 (Key Financial Indicators, company) · link · accessed 2026-11-01
9. Popular Life Insurance PLC Annual Report 2025 (consolidated life revenue account) · link · accessed 2026-11-01
10. Dhaka Stock Exchange company news archive for SONALILIFE, 1-Nov-2024 to 1-Nov-2026 (company disclosures) · link · accessed 2026-11-01
11. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
12. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
13. AnalystBro price data (TradingView feed): DSE:SONALILIFE daily and monthly bars to 29-Oct-2026 · link · accessed 2026-11-01
14. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01