Standard Insurance financial analysis: combined ratio 88.0%, management expenses over limit (Oct 2026)

Investment considerations: 2025 EPS Tk 2.42, combined ratio 88.0%, management expenses over the legal limit by Tk 18.9m

Updated 3-Nov-2026: added the business model and industry forces, premium and retention by class 2021-2025, the 50% reserve bridge behind 2024-2025 underwriting profit, claims paid and outstanding by class, the reconciliation of the auditor's management-expense figure, our S.R.O. 280/2018 limit for 2021-2025, related-party premium 2021-2026, FDR yields next to Bangladesh Bank policy and T-bill rates, the merged-bank FDRs under SPCD 03/2025, IDRA market share and claim settlement, the Q3 2026 statements, the agent-commission end under IDRA circular Non-Life 109/2025, a quarter check of the 2025-2026 interims, Q4 derived for 2023-2025, the rating history and five years of DSE events.

What it is. Standard Insurance PLC (DSE: STANDARINS) was incorporated on 3 November 1999, writes non-life insurance, and has been listed on the Dhaka and Chittagong stock exchanges since 25 November 2008 per its corporate-information page [1 p.4]. DSE approved the change of name from 'Standard Insurance Limited' to 'Standard Insurance PLC.' with effect from 8 December 2025 [17]. Paid-up capital was Tk 432,965,920 at 31-Dec-2025, in 43,296,592 shares of Tk 10; sponsors and directors (Group A) held 64.28% and the general public 35.72% [s1 p.115,116]. The revenue accounts cover four classes: fire, marine, motor and miscellaneous [s1 p.95,96,97,98,99]. The registered office is at Civil Engineers Bhaban, 69 Mohakhali C/A, Dhaka [1 p.8].

Where it stands. Gross premium was Tk 480.2m in 2025 and Tk 486.6m in 2024 per note 26.01 [1 p.124]. Net premium (premium less re-insurance) was Tk 248.9m in 2025 and Tk 323.7m in 2024 [1 p.95]. The underwriting profit transferred to the profit and loss account was Tk 67.3m in 2025 and Tk 65.8m in 2024 [1 p.95]. Interest income was Tk 116.6m in 2025 [1 p.94]. Profit before tax was Tk 156.7m and profit after tax Tk 104.7m, EPS Tk 2.42; the 2024 figures were Tk 146.7m, Tk 100.0m and Tk 2.31 [1 p.94] [1 p.124]. On the one combined-ratio definition used for every insurer in this note the 2025 ratio was 88.0% and the 2024 ratio 70.9% [20]. Syful Shamsul Alam & Co. (AKM Shamsul Alam, FCA) signed the auditor's report on 03 May 2026; its opinion paragraph opens 'except for the effects of the matters described in the basis for opinion section of our report', and the report carries one emphasis-of-matter item and four key audit matters [s1 p.85,86,87,88,90].

Earnings mix. Investment income in the five-year table was Tk 117.65m in 2025 and the underwriting profit Tk 67.32m [1 p.16]. Investment income was 75.1% of profit before tax in 2025 and 73.4% in 2024 (derived) [20]. DSE posted nine-month 2026 EPS of Tk 2.15 (9M 2025: Tk 2.05) and NAV per share of Tk 23.89 at 30-Sep-2026 [17]; the third-quarter statements print nine-month profit after tax of Tk 92,937,066 (2025: Tk 88,737,088) [81 p.2].

• What steps follow the management-expense excess named in the 2023, 2024 and 2025 auditor's reports? The directors' report gives the cause as 'decrease of the business and increase of operating cost' and prints no plan.
• Why does the fire class carry net claims of Tk 76.5m on net premium of Tk 83.8m? The notes give the class outstanding-claims total (Tk 160.1m) and name no claim.
• When will the independent-director vacancy, including the female independent director, be filled? The BSEC annexure says the appointment is 'under process'.
• Do the 31-Dec-2024 motor and miscellaneous outstanding-claims figures in note 7 or in the class revenue accounts stand as the correct split? The two printings swap.
• What is the status of the Tk 31.1m of disputed tax assessments pending with Appeal, Tribunal and High Court?

Business: marine was 56.3% of 2025 net premium; fire transferred a loss

Business model, element by element. What it sells: non-life policies in four classes; in 2025 fire was 42.9% of gross premium, marine 39.5%, miscellaneous 15.3% and motor 2.4% (derived from note 26) [1 p.124]. To whom: note 26.01 splits 2025 gross premium into direct business of Tk 357.9m and public-sector business (PSB) of Tk 122.3m [1 p.124]; companies with a 'Common Director' paid Tk 126.3m of premium, 35.3% of direct business (derived) [s1 p.124,125]. No other customer split is printed. How it earns: net premium after re-insurance, less claims, agency commission and management expenses, plus interest on Tk 1,017.3m of FDRs and the Tk 179.0m National Investment Bond [1 p.95] [1 p.119] [1 p.123]. Inputs and capacity: 33 branches and 273 full-time employees in 2025 (360 in 2021) [1 p.102] [1 p.105] [5 p.82]. Funding: equity of Tk 959.2m at 31-Dec-2025 and insurance liabilities; no bank borrowing is printed [1 p.91]. Control: sponsors and directors (Group A) held 64.28% [s1 p.115,116]; the directors' profiles tie the board to the Standard Group and The Civil Engineers group companies [s1 p.11,12]. Re-insurance treaty terms are not disclosed (searched notes 2, 8 and 26 of AR2025).

Industry forces (printed facts only). Rivalry: IDRA's company table lists 46 non-life insurers including SBC; Standard's gross premium of Tk 48.66 crore was 0.80% of the 2024 market, rank 38 by our count (2023: Tk 50.95 crore, 0.86%, rank 38) [83]. Supplier power (re-insurers): the company ceded Tk 231.4m, 48.2% of gross premium, in 2025 (derived) and owed Sadharan Bima Corporation Tk 170.3m at 31-Dec-2025, 'on account of re-insurance arrangement with them' [1 p.124] [1 p.117]. Buyer power: the directors' report links lower 2025 premium to 'dollar crisis and decreased of import, export business' [1 p.16]. Distribution: IDRA suspended individual agent licences from 1-Jan-2026 [85]; the 2025 risk section states 'As per the circular issued by IDRA, agents will be paid a commission at a maximum rate of 0%' [1 p.44]. Claim settlement (IDRA basis): 21.47% of claims by number and 44.25% by amount were settled in 2023, and 15.93% and 35.07% in 2024 (industry 2024: 53.13% and 30.84%) [83]. Entry barriers: the IDRA registration under the Insurance Act, 2010 [1 p.102]. Substitutes: none disclosed.

Four classes. In 2025 marine carried net premium of Tk 140.2m, 56.3% of the total; fire Tk 83.8m (33.7%), miscellaneous Tk 15.4m (6.2%) and motor Tk 9.5m (3.8%) [s1 p.96,97,98,99] [20]. One of the four classes transferred an underwriting loss to the profit and loss account in 2025: fire (Tk -47.6m) [1 p.94]. In 2024 two classes transferred a loss: fire (Tk -12.2m) and miscellaneous (Tk -7.4m) [1 p.94].

Negative net claims. Three classes print negative net claims for 2025: marine Tk -7.5m, motor Tk -1.3m and miscellaneous Tk -6.0m [s1 p.97,98,99]. Each is the printed result of claims paid during the year, plus the closing estimate of outstanding claims, less the opening estimate; the marine estimate fell to Tk 29.0m from Tk 42.6m [1 p.97]. The fire estimate rose to Tk 160.1m from Tk 107.5m, with fire claims paid of Tk 23.8m [1 p.96]. The underwriting result row is the revenue-account balancing line after the reserve for unexpired risks, it is not the sum of the rows above it. The class figures in taka add to the printed totals [20]; after rounding to one decimal the net-claims row adds to Tk 61.7m (printed total Tk 61.6m) and the 2025 underwriting row to Tk 67.4m (printed total Tk 67.3m).

Retention. Net premium was Tk 333.3m, Tk 325.6m, Tk 266.8m, Tk 323.7m, Tk 248.9m for 2021-2025 [4 p.67] [3 p.75] [1 p.95]. Retention, net over gross premium, was 58.7%, 50.8%, 52.4%, 66.5%, 51.8% in the same years (derived; gross premium from the five-year table) [20]. Note 25 prints the reserve for unexpired risk at 50% of the year's premium for each of the four classes [1 p.123]. Note 26.01 splits 2025 gross premium into direct business of Tk 357,916,383 and public sector business of Tk 122,326,305 (2024: Tk 392,880,495 and Tk 93,753,752) [1 p.124].

Retention by class, 2021-2025. Ceded premium was Tk 162.9m in 2024 and Tk 231.4m in 2025 on almost the same gross premium (Tk 486.6m and Tk 480.2m) [2 p.124] [1 p.124]. Fire cession rose to Tk 122.1m from Tk 84.0m and fire retention fell to 40.7% from 54.1%; marine cession rose to Tk 49.3m from Tk 33.0m and marine retention fell to 74.0% from 84.9%; miscellaneous retention fell to 21.0% from 38.0% (derived) [2 p.124] [1 p.124]. The 2024 level was the outlier of the five years: total retention was 58.7%, 50.8%, 52.4%, 66.5% and 51.8% for 2021-2025 [5 p.96] [4 p.96] [3 p.104]. The filings give no reason for the lower 2024 cession or its reversal in 2025 (searched: directors' reports AR2024 and AR2025 p.14-17, note 26). Marine gross premium fell to Tk 189.5m in 2025 from Tk 275.9m in 2022; the directors' report cites 'foreign currency crises to open required number of letters of credit' [1 p.17].

Related-party premium. Note 27 lists premium earned in 2025 of Tk 126.3m from 22 companies described as 'Common Director', among them Standard Group Limited (AR) Tk 27,433,114, The Civil Engineers Woven Limited Tk 16,043,233 and International Trading Services Limited Tk 13,294,534 [s1 p.124,125]. That is 35.3% of 2025 direct-business gross premium (derived) [20]. The note records a claim of Tk 20,000,000 paid in 2025 to Standard Stitches Limited and no premium outstanding at 31-Dec-2025 [s1 p.124,125].

Related-party premium, 2021-2026. Premium from 'Common Director' companies was Tk 83.8m (2021), Tk 84.4m (2022), Tk 77.7m (2023), Tk 116.1m (2024) and Tk 126.3m (2025): 16.9%, 16.8%, 18.9%, 29.6% and 35.3% of direct-business premium (derived) [5 p.97] [4 p.97] [3 p.105] [2 p.125] [1 p.125]. In the nine months to 30-Sep-2026 it was Tk 126.5m, of which International Trading Services Ltd. Tk 44.8m and Standard Group Ltd. (MH) Tk 18.1m [s81 p.8,9]. The notes print a claim paid to Standard Stitches Ltd. of Tk 50,000,000 in each of 2021-2024 (in 2021 under the 2020 column) and Tk 20,000,000 in 2025 [5 p.97] [4 p.97] [3 p.105] [2 p.125] [1 p.125]. The AR2023 table's second page is headed 'Premium Earned in 2022' and 'Claim Paid in 2022' under the 2023 note [3 p.105]. Rates against tariff and a claims ratio by party are not disclosed.

Distribution and staff. Agency commission was Tk 53.7m in 2025 and Tk 58.9m in 2024 [1 p.95]. Note 28 records payments of Tk 4,289,159 to the chief executive officer and Tk 11,500,420 to nine officers in 2025 [1 p.125]. Directors' meeting fees were Tk 320,000 in 2025 and Tk 424,000 in 2024 [1 p.94].

Agency commission and its end. Agency commission was Tk 34.7m, Tk 75.2m, Tk 61.5m, Tk 58.9m and Tk 53.7m for 2021-2025 [4 p.67] [3 p.75] [1 p.95]; the class accounts put the 2022 rise in fire (Tk 31.3m from Tk 9.8m) and marine (Tk 35.8m from Tk 20.9m) [s4 p.68,69]. The filings give no reason for the 2022 rise (searched AR2022 directors' report and notes 24-26). IDRA circular Non-Life 109/2025 (23-Dec-2025, effective 1-Jan-2026) suspended individual agent licences and cancelled circulars Non-Life 75/2020 and 84/2021 [85]. The 2026 interims print nil commission: Tk 0 for the nine months to September 2026 against Tk 40.6m a year earlier [81 p.2]. Advances include an 'Agent balance' of Tk 67.1m (2023), Tk 77.7m (2024) and Tk 87.3m (2025) [2 p.120] [1 p.120]; sundry creditors carry agent-commission payables of Tk 32.3m at 31-Dec-2025 (2024: Tk 28.4m) and an agent balance payable of Tk 0.96m [1 p.117]; creditors and accruals were Tk 223.4m at 30-Sep-2026 (31-Dec-2025: Tk 282.7m) [81 p.1]. The 2026 interims do not split these balances, and the treatment of the agent balance is not disclosed (searched Q2 and Q3 2026 statements and notes).

Staff and branches. Full-time employees were 360, 332, 312, 290 and 273 for 2021-2025, with 33 branches each year [5 p.82] [1 p.102] [1 p.105]; model sheet 'Balances history'. Revenue-account management expenses were Tk 180.1m, Tk 193.3m, Tk 154.2m, Tk 143.6m and Tk 153.3m in the same years [4 p.67] [3 p.75] [1 p.95].

Underwriting: combined ratio 88.0% in 2025 and 70.9% in 2024; management expenses 61.6% of net premium

One definition. The combined ratio in this note is net claims plus revenue-account management expenses plus agency commission, less commission earned on re-insurance ceded, over net premium [20]. Standard Insurance's revenue account prints no separate stamp-duty line, and its claims line is 'Claims under policies less reinsurances', so re-insurance recoveries are netted into claims [1 p.95]. For 2025 the inputs are Tk 61,634,767, Tk 153,252,168, Tk 53,687,458 and Tk 49,596,897 over Tk 248,854,232, which gives 88.0% [1 p.95] [20].

Five years of ratios. The combined ratio was 79.6%, 73.2%, 85.2%, 70.9%, 88.0% for 2021-2025 [20]. It rose in 2 of the four year-on-year steps [20]. The highest of the five years was 2025 and the lowest 2024 [20]. Net claims were 32.7%, 12.0%, 27.2%, 20.8%, 24.8% of net premium in the same years, and management expenses 54.0%, 59.4%, 57.8%, 44.4%, 61.6% [20]. The underwriting margin (printed underwriting profit over net premium) was 14.1%, 28.0%, 25.8%, 20.3%, 27.1% [20].

Class ratios. On the same definition the 2025 class ratios were fire 165.8%, marine 43.2%, motor 35.4% and miscellaneous 104.9% [20]. The model's underwriting check (net premium plus re-insurance commission plus opening reserve, less closing reserve, claims, agency and management expenses) reproduces the printed underwriting profit in every year to the taka [20].

The reserve and underwriting profit. Note 25 sets the reserve for unexpired risk at 50% of net premium for every class, and the closing reserve equals 50% of net premium in each of 2021-2025 within Tk 2 [1 p.123] [20]. The movement therefore follows net premium: the 2025 fall in net premium released Tk 37.4m (Tk 161.9m to Tk 124.4m), 55.6% of the Tk 67.3m underwriting profit, and the result before that release was Tk 29.9m (derived) [1 p.95] [20]. In 2024 the reserve was built by Tk 28.5m and the result before the build was Tk 94.3m; in 2023 a Tk 29.4m release gave Tk 39.5m before it (derived) [1 p.95] [3 p.75] [20].

Management-expense limit. The 2025 auditor's emphasis-of-matter paragraph cites section 63 of the Insurance Act 2010 and gives an allowed figure of Tk 147,818,810, an actual figure of Tk 166,738,067 and an excess of Tk 18,919,257 [1 p.85]. The directors' report gives management expenses of Tk 166.74 million and states 'During the year limitation of management expenses excess Tk.18.92 million due to decrease of the business and increase of operating cost' [1 p.16]. The 2024 report printed Tk 147,553,314 allowed, Tk 156,782,040 expensed and Tk 9,228,726 over [2 p.85]; the 2023 report printed Tk 154,751,396, Tk 168,907,353 and Tk 14,155,957 [3 p.65]. DSE posted emphasis-of-matter notices for 2024 (19-May-2025) and 2025 (2-Jun-2026) [17].

What the auditor's 'expensed' figure contains. The Tk 166,738,067 equals revenue-account management expenses of Tk 153,252,168 plus note 21 expenses Tk 9,121,322, audit fees Tk 299,000, directors' fees Tk 320,000 and lease finance cost Tk 3,745,577, to the taka; the 2024 figure of Tk 156,782,040 adds up the same way (our reconciliation; the filings do not state the composition) [s1 p.85,94,123] [2 p.85]. Depreciation of Tk 15.4m is not in it [1 p.94]. The 2025 tax computation carries no add-back for the excess (note 9.01A) [1 p.118].

Our S.R.O. 280/2018 computation. Applying the slab rates to note 26 gross premium, management expenses plus agency commission were above our limit by Tk 16.8m, Tk 9.6m, Tk 4.9m, Tk 0.9m and Tk 9.9m in 2021-2025 with PSB in the base, and by Tk 37.4m, Tk 47.6m, Tk 33.1m, Tk 28.0m and Tk 45.8m on direct business only [84] [20]. These are our figures, not IDRA's or the company's; they use revenue-account expenses, and the auditor's allowed figures differ (Tk 147.8m allowed for 2025) [1 p.85].

Outstanding claims. The estimate of outstanding claims at 31-Dec-2025 was Tk 190.0m: fire Tk 160.1m, marine Tk 29.0m, motor Tk 0.1m and miscellaneous Tk 0.8m [1 p.117]. It was 19.8% of total equity at that date and 17.3% a year earlier (derived) [20]. The auditor made the estimate a key audit matter [1 p.87]. The cash-flow reconciliation shows the increase in this liability as Tk 30.4m in 2025 [1 p.126].

Claims paid and outstanding, 2021-2025. Claims paid were Tk 69.5m, Tk 90.5m, Tk 81.4m, Tk 61.0m and Tk 31.2m, while the outstanding estimate went Tk 213.5m, Tk 161.9m, Tk 153.1m, Tk 159.5m and Tk 190.0m [4 p.67] [3 p.75] [1 p.95]. 2022 net claims of Tk 38.9m (12.0% of net premium) equal claims paid of Tk 90.5m less the Tk 51.6m fall in the outstanding estimate; fire net claims were Tk 30.0m (2021: Tk 80.4m), with fire claims paid of Tk 58.1m and the fire estimate down to Tk 134.1m from Tk 162.2m [s4 p.67,68]. The 2023 rise to Tk 72.6m was in marine (Tk 33.1m from Tk 7.9m) and motor (Tk 11.4m, derived, from Tk 1.0m) [s3 p.77,78] [s4 p.69,70]. Fire net claims were Tk 80.4m, Tk 30.0m, Tk 28.1m, Tk 47.3m and Tk 76.5m for 2021-2025 [4 p.68] [3 p.76] [1 p.96]. For the 2025 fire figure the filings name no loss event and print no gross claim or re-insurance recovery by class; claims paid to related parties are the note 27 amounts above (searched note 7, the fire revenue account and the directors' report). No IBNR is printed; note 7 states 'All the claims of which the management is aware as per intimation up to the year end have been taken into consideration' [1 p.117]. The 30-Sep-2026 estimate was Tk 210.2m [81 p.1].

Investments and cash: Tk 1,017.3m of fixed deposits, listed shares at Tk 80.7m fair value

Deposits. Cash and cash equivalents were Tk 1,058.1m at 31-Dec-2025: fixed deposit receipts Tk 1,017.3m, cash at bank Tk 36.1m and cash in hand Tk 4.7m [1 p.92] [1 p.120]. Note 20.02 lists the deposits bank by bank; the largest is Jamuna Bank Ltd. with Tk 193.8m, 19.1% of the total (derived), followed by IPDC Finance Ltd. with Tk 97.5m [s1 p.122,123] [20]. Interest receivable on FDRs was Tk 73.8m [1 p.120]. Six directors' profiles name each of them a sponsor shareholder of Jamuna Bank Ltd. [s1 p.11,12]; the filings state no link between those holdings and the deposit.

Interest income and rates. Interest income was Tk 57.0m, Tk 70.9m, Tk 65.4m, Tk 106.3m and Tk 116.6m for 2021-2025 on FDRs of about Tk 1.0bn; over average FDRs that is 5.5%, 6.6%, 6.2%, 10.3% and 11.5% (derived; the numerator includes NIB interest) [5 p.96] [1 p.94] [20]. The Bangladesh Bank policy rate was 4.75%, 5.75%, 7.75%, 10.0% and 10.0% at the 2021-2025 year-ends and 9.5% at 2026-09-30 [86]; the 364-day T-bill cut-off averaged 2.26%, 5.9%, 8.77%, 11.82% and 10.91% (simple yearly averages, ours) [87]. Note 22 splits 2025 interest into Tk 50.6m realised and Tk 66.0m receivable (2024: Tk 48.8m and Tk 57.5m) [1 p.123]; interest receivable rose to Tk 79.9m from Tk 59.2m and Tk 32.4m at end-2023 [1 p.120] [3 p.72]. Per-bank rates, maturities and which banks have not paid accrued interest are not disclosed (searched notes 18, 20.02 and 22). Dividend income and share gains were Tk 1.1m in 2025 and Tk 2.1m in 2024 [1 p.123].

FDRs in merged banks. Note 20.02 lists FDRs with EXIM Bank Tk 29.5m, Social Islami Bank Tk 33.5m, Global Islami Bank Tk 4.0m and First Security Islami Bank Tk 1.0m at 31-Dec-2025, Tk 68.0m or 6.7% of FDRs (2024: Tk 69.0m) [1 p.122]; Bangladesh Bank's SPCD circular 03/2025 lists these four with Union Bank as Sammilito Islami Bank PLC [88 p.7]. The company also holds 500,000 Union Bank shares at a cost of Tk 4.4m and a fair value of Tk 0.75m [1 p.119]. Accrued interest, maturities or impairment on these FDRs are not disclosed (searched notes 18 and 20.02, Q3 2026 notes). Jamuna Bank's FDR rate and terms are not disclosed either; note 20.02 prints amounts only [1 p.122].

Listed shares. Note 14.02 prints 17 holdings at a total cost of Tk 163,766,781 and a fair market value of Tk 80,702,016 at 31-Dec-2025, plus a ledger balance of Tk 6,848 [1 p.119]. The largest by cost is 993,655 shares of PTL at a cost of Tk 85,622,003 and a fair value of Tk 50,577,040 [1 p.119]. Note 14.03 records a fair-value adjustment of Tk (83,064,765) charged 'to investment fluctuation fund against available for sale investment' [1 p.120]. The auditor made the investment fluctuation fund a key audit matter [1 p.87].

Listed shares and the index. The DSEX closed at 5,216.44 at end-2024 and 4,865.34 on 2025-12-30 [92]; the listed holdings' fair value was Tk 81.0m and Tk 80.7m on a cost of Tk 163.8m at end-2025 [1 p.119].

Statutory deposit and borrowing. Note 14.01 states that the National Investment Bond of Tk 179,000,000 is 'lying with Jamuna Bank Ltd. as statutory deposit' [1 p.119]. The statement of financial position prints no bank loan line; liabilities include lease liabilities of Tk 31.2m at 31-Dec-2025 [1 p.91]. Note 33 states 'There was no un-provided commitment of capital expenditure as at 31 December 2025.' [1 p.127]

Cash flow. Net cash from operating activities was Tk 69.3m in 2025 and Tk 60.7m in 2024; income tax paid was Tk 60.8m and Tk 16.1m [1 p.100] [1 p.126]. Investment in shares, mutual fund and bond was Tk 6.5m in 2025 and Tk 84.7m in 2024 [1 p.100]. Dividends paid were Tk 43.5m in 2025 [1 p.100]. Cash and cash equivalents rose by Tk 20.3m in 2025 [1 p.100].

Ratios: return on average equity 11.1% in 2025, equity 57.4% of total assets

Returns. Return on average equity was 11.6%, 10.1%, 11.0%, 11.1% for 2022-2025 (derived) [20]. Equity was 56.6%, 56.8%, 58.7%, 57.2%, 57.4% of total assets at the five year-ends (derived) [20]. EPS was printed as Tk 2.29 and 2.35 for 2021 and 2022 [4 p.65], and Tk 2.42 and 2.31 for 2025 and 2024 [1 p.124]; DSE posted Tk 2.11 for 2023 [17]. The share count was 43,296,592 in each year; the last bonus allotment in note 3.03 is dated 26th June 2019 [1 p.115].

Tax. The 2025 tax charge was Tk 52.0m: current tax Tk 47.7m and deferred tax Tk 4.3m [1 p.94]. Note 9.01 carries a liability for income tax of Tk 47.7m inside sundry creditors, and note 16 an advance income tax of Tk 36.5m [1 p.117] [1 p.120]. Note 32 lists contingent tax claims of Tk 92,23,272, Tk 83,80,007 and Tk 1,35,27,350 for assessment years 2023-2024, 2021-2022 and 2020-2021, 'pending with Appeal, Tribunal and High Court' [1 p.126]; the three add to Tk 31,130,629, the figure in the key audit matter [1 p.88] [20].

Tax paid. The cash-flow reconciliation prints income tax paid of Tk 60,759,453 in 2025 and Tk 16,108,689 in 2024 [1 p.126]. Note 9.01 sets the opening tax liability of Tk 43,885,450 against advance tax in 2025 (2024: Tk 16,108,689), and advance tax paid in the year was Tk 29,743,205 (2024: Tk 27,011,447) [1 p.117] [1 p.120]. The notes do not reconcile the Tk 60.8m cash figure with these lines or name the assessment years settled. At 31-Dec-2025 the tax liability (Tk 47.7m) exceeded advance tax (Tk 36.5m) by Tk 11.2m; at end-2024 advance tax exceeded the liability by Tk 6.8m (derived) [s1 p.117,120].

Payout. The board recommended a 12% cash dividend for 2025 on 29 April 2026, Tk 51,955,910 in total per the directors' report [1 p.127] [1 p.16]. That is 49.6% of 2025 profit after tax (derived) [20]. The reserve for exceptional losses received Tk 30,000,000 in 2025 and the general reserve Tk 3,000,000 [1 p.116].

Each ratio is computed in the model from printed figures; the investment-income input is the rounded Tk mn figure of the five-year table [1 p.16] [20].

Balance sheet and audit: 'except for' wording with no matter in the basis section, one emphasis item, four key audit matters

The opinion. The auditor's report has an 'Opinion' paragraph, a 'Basis for Opinion' section, an 'Emphasis of Matters' section and a 'Key Audit Matters' section [1 p.85]. The opinion paragraph reads: 'In our opinion, except for the effects of the matters described in the basis for opinion section of our report, the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 31 December 2025, and 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 1987 and other applicable laws and regulations.' [1 p.85]. The 'Basis for Opinion' section reads in full: 'We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' 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 financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [1 p.85]. It describes no matter. The report is dated 03 May 2026, signed by AKM Shamsul Alam, FCA, Senior Partner, Syful Shamsul Alam & Co., DVC: 2605030584AS629438 [1 p.90]. The 2024 and 2023 reports by the same firm open their opinion paragraphs with the same 'except for' words [2 p.85] [3 p.65].

Emphasis of matter, quoted in full. 'Without qualifying our opinion, we draw attention to the following matter: Pursuant to section 63 of Insurance Act 2010, Management expenses should have been Tk. 147,818,810 but the company expensed Tk. 166,738,067 being over expensed Tk. 18,919,257.' [1 p.85]. The directors' report states that the audit report 'contained emphasis matter by the Statutory Auditors of the Company ... about limitation of management expenses' [1 p.16].

The 2022 qualified opinion. K.M. Alam & Co. audited the 2022 statements. The opinion paragraph reads: 'In our opinion, except for the effects of the matters described in the basis for opinion section of our report ,the accompanying financial statements present fairly, in all material respects, the financial position of the company as at 31st December 2022, and 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 1987 and other applicable laws and regulations.' [4 p.57]. The paragraph after the qualification reads: 'We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' 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 financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [4 p.57]. The matters printed are the two numbered items under the heading 'Qualified opinion'. Under that heading 'Qualified opinion' the report reads: 'Qualifying our opinion further in above paragraph, we would like to draw attention of users of the Financial Statements on the facts that: 1. The compliance of International Accounting Standard (IAS) “Employee Benefits 19” is apart from compliance of Gratuity Fund. 2. The company did not furnish the informing to the income tax authority under section 108 (Information regarding payment of Salary) of Income Tax Ordinance, 1984 (XXXVI of 1984).' [4 p.57]. The 2023 auditor's report records under 'Other matter' that the 2022 statements 'were audited by another auditor who expressed a qualified opinion on those statements on 09 May 2023' [3 p.68].

Footing. The asset lines add to the printed totals of Tk 1,608,366,914 and Tk 1,671,012,397, and the liability lines (from the balance of fund through lease liability) to the printed Tk 687,631,521 and Tk 711,847,366 [s1 p.91,92] [20]. Equity plus those liabilities equals total assets at both dates [20]. Rounded rows can differ from the totals by Tk 0.1m. The deferred-tax line is printed as a negative liability, (2,403,779), at 31-Dec-2024 [1 p.91]. Note 19 includes agent balance of Tk 87,348,698 and fire premium of Tk 67,931,013 in advances [1 p.120].

Equity movements. Total equity rose to Tk 959.2m from Tk 920.7m in 2025 [1 p.91]. Retained earnings were Tk 131.2m, the reserve for exceptional losses Tk 427.2m, the general reserve Tk 42.5m and the investment fluctuation fund Tk -74.8m [1 p.116]. NAV per share was Tk 22.15 and Tk 21.27 [1 p.125].

Printed conflicts. Three pairs of printed statements disagree. (1) At 31-Dec-2024 note 7 prints outstanding claims of Tk 7,576,920 for motor and Tk 1,820,000 for miscellaneous [1 p.117]; the motor revenue account prints Tk 1,820,000 and the miscellaneous revenue account Tk 7,576,920 for the same date [s1 p.98,99]; both printings add to Tk 159,529,000. (2) T. Hussain & Co. reports that 'The Company has complied with the conditions of the Corporate Governance Code' [1 p.61]; the annexure marks conditions 1(2)(a) and 1(2)(d) 'Not Complied' [s1 p.52,53]. (3) K.M. Alam & Co. reports that 'The company has complied with the conditions of the Corporate Governance Guideline- 2023' [1 p.76]; the IDRA annexure ticks the 'not complied' column for condition 6.3.kha.2 (independent-director post not to stay vacant over 90 days) [1 p.63]. Separately, note 1.04 of the 2023 report prints that the 2023 statements 'were authorized for issue on April 29, 2023' [3 p.82]; the auditor's report on them is dated 02 May 2024 [3 p.74]. The NRC report in the 2025 annual report states 'In 2024 the Committee met twice' [1 p.81].

SBC and premium deposits. The Tk 170.3m due to Sadharan Bima Corporation is described as 'the balance due to Sadharan Bima Corporation (SBC) on account of re-insurance arrangement with them' [1 p.117]; no ageing, set-off or split between treaty and PSB balances is printed. The receivable from SBC co-insurance was Tk 8.9m, Tk 16.0m, Tk 11.0m, Tk 10.9m and Tk 12.7m at the 2021-2025 year-ends [1 p.120] [2 p.120] [4 p.64]. Premium deposits were Tk 80.8m at 31-Dec-2025, 16.8% of the year's gross premium, and Tk 52.5m at 30-Sep-2026; note 6 states that cover notes are issued against these deposits and marine cargo risk is not assumed until shipment advice [1 p.117] [81 p.1].

Solvency. No solvency margin or ratio is printed in the 2025 annual report; the IDRA compliance annexure lists review of the solvency margin as a risk-committee duty [1 p.70], and the risk section refers to the 'solvency position' [1 p.44] (searched notes 1-33 and the directors' report).

The 2022 qualification and the lease. The DSE post of 21-May-2023 repeats the second qualification item on section 108 of the Income Tax Ordinance [89]; the 2022 report names no tax liability arising from it [4 p.57]. The lessor of the head office at Civil Engineers Bhaban behind the Tk 31.2m lease liability is not disclosed; note 27 lists The Civil Engineers Ltd. companies as premium payers and prints no rent line [1 p.118] [1 p.125].

Recent quarters: nine-month 2026 EPS Tk 2.15, NAV per share Tk 23.89 at 30-Sep-2026 (DSE posts)

2026 to June. The half-yearly statements print profit after tax of Tk 59,511,711 for January-June 2026 (2025: Tk 58,250,189) and Tk 31,221,741 for April-June 2026 (2025: Tk 30,160,410) [8 p.2]. They print net assets of Tk 1,038,378,837 and NAV per share of Tk 23.98 at 30-Jun-2026 [8 p.7]. DSE posted EPS of Tk 0.71 for January-March 2026 and Tk 0.72 for April-June, and NAV per share of Tk 22.97 at 31-Mar-2026 [17].

Third quarter. The board met on 28-Oct-2026 to consider the third-quarter statements [17]. DSE posted on 29-Oct-2026 EPS of Tk 0.87 for July-September 2026 (2025: Tk 0.77), Tk 2.15 for January-September 2026 (2025: Tk 2.05), NOCFPS of Tk 1.47 for the nine months (2025: Tk 0.61) and NAV per share of Tk 23.89 at 30-Sep-2026 [17]. The third-quarter statements, dated 28th October, 2026, print the same EPS, NOCFPS and NAV [s81 p.1,2,7].

Derived fourth quarter. FY2025 EPS of Tk 2.42 less nine-month 2025 EPS of Tk 2.05 gives a derived October-December 2025 EPS of Tk 0.37 [1 p.124] [17] [20]. Trailing EPS to 30-Sep-2026 is Tk 2.52 (derived: FY2025 minus 9M 2025 plus 9M 2026) [20].

Nine months to September 2026. Net premium rose to Tk 257.7m from Tk 204.7m; commission was nil (2025: Tk 40.6m); re-insurance commission fell to Tk 18.1m from Tk 52.5m; claims fell to Tk 28.4m from Tk 41.2m; management expenses were Tk 122.0m (Tk 125.5m); and the reserve was built by Tk 35.5m, where nine months of 2025 released Tk 19.0m [81 p.2]. Interest, investment and other income fell to Tk 44.6m from Tk 58.6m and profit before tax rose to Tk 134.5m from Tk 127.4m [81 p.2]. The commission saving of Tk 40.6m was smaller than the Tk 54.6m swing in the reserve line plus the Tk 34.4m fall in re-insurance commission (derived). The company's EPS note gives the reason 'Due to claim expenses being less and premium income during the current period is more than that of corresponding period of previous year' [81 p.7]. Outstanding claims were Tk 210.2m and equity Tk 1,034.4m at 30-Sep-2026 [81 p.1].

Do the quarters add up? Net premium does: Q1 plus the April-June column equals the half-year, and the July-September column equals nine months less the half-year [9 p.2] [8 p.2] [81 p.2]. Interest and other income, profit and EPS do not. Nine-month 2026 profit after tax of Tk 92.9m less the half-year Tk 59.5m is Tk 33.4m (EPS Tk 0.78), where the July-September column prints Tk 37.7m (EPS Tk 0.87); for April-June 2026 the derived figure is Tk 28.7m (Tk 0.66) against a printed Tk 31.2m (Tk 0.72) (derived) [8 p.2] [9 p.2] [81 p.2]. Each gap equals the gap in the interest line, and the 2025 comparatives show the same pattern (Q3 2025 printed Tk 0.77, derived Tk 0.70) [20]. The statements give no explanation. On cumulative figures the derived fourth quarters are Tk 0.10 (2023), Tk 0.28 (2024) and Tk 0.37 (2025) per share [17] [89] [90].

Fourth quarters derived (full year less nine months). Profit before tax was a loss of Tk 17.7m in Q4 2023, then Tk 20.7m in Q4 2024 and Tk 29.2m in Q4 2025 [82] [81 p.2] [3 p.74] [1 p.94]. Q4 2023 carried Tk 44.3m of claims on Tk 63.8m of net premium; Q4 2025 carried a negative derived re-insurance commission of Tk 2.9m (nine-month 2025 Tk 52.5m, full year Tk 49.6m) and a Tk 18.4m reserve release [81 p.2] [1 p.95]. The directors' report states that quarterly variances 'are not very significant or material in nature' [1 p.16]. The interim management-expense line includes P&L expenses; no Q4 management-expense figure is derived. The derived Q4 2023 tax is a credit of Tk 22.1m: nine-month tax was Tk 37.6m and the full-year charge Tk 15.5m; the filings give no reason [82] [3 p.74]. The 2023 fall in profit before tax to Tk 107.0m (2022: Tk 142.4m) sits in that Q4: nine-month 2023 profit before tax was Tk 124.7m [82].

These are unaudited figures as posted. DSE's 2025 posts gave NAV per share of Tk 21.84 at 31-Mar-2025, Tk 22.31 at 30-Jun-2025 and Tk 22.42 at 30-Sep-2025 [17]. The half-yearly 2026 DSE post gives the NOCFPS increase as 'Due to commission expense and other expenses during the current period are less than that of corresponding period of previous year' [17].

Governance and dividends: 10 directors incl. 2 independent, directors hold 51.13%, 12% cash dividend for 2025

Board. The directors' page lists 10 directors chaired by H.T.M Quader Newaz, with Mohammad Ali and Md. Humayun Kabir as independent directors [1 p.7] [1 p.12]. The BSEC annexure states 'The SIPLC. Board is comprised of 11 (Eleven) Directors out of those 10 (Ten) directors available in the board. Another one director yet be appointed.' [1 p.52]. The board met four times in 2025; the 10 directors attended 36 of 40 seats, and 7 attended every meeting [1 p.31] [1 p.54] [20]. The eight non-independent directors held 51.13% of the shares at 31-Dec-2025 (derived from the printed percentages); three further sponsors held 4.73%, 5.08% and 3.34% [1 p.31] [20].

Group positions. The profiles list H.T.M Quader Newaz as a director of The Civil Engineers Limited, Standard Group Limited, Standard Stitches Limited and other companies [1 p.11]. Hasnat Mosharraf is printed as Managing Director of Standard Group Ltd., Kazipur Fashion Ltd., Shams Styling Wears Ltd, Standard Stitches Ltd., Standard Stitches Woven Ltd. and Peak Fashions Ltd., and Faheem Mosharraf as Managing Director of Standard Fashions Ltd. [s1 p.11,12]. Mahmuda Begum, Husna-Ara-Begum, Hasnat, Hasib and Faheem Mosharraf and Tasmiah Rahman are each printed as a sponsor shareholder of Jamuna Bank Ltd. [s1 p.11,12]. The independent directors' profiles print no other directorship [1 p.12]. The profiles state no family relationships.

Management. The management page names Md. Abdul Matin Sarker, Managing Director & Chief Executive Officer; Mohammad Kowser Munshi, Additional Managing Director & Company Secretary; Md. Sanoar Hosen, Chief Financial Officer; and Mohammad Al Amin, Head of Internal Audit [1 p.8]. The pattern of shareholding prints 'Nil' holdings for the chief executive officer, company secretary, chief financial officer and head of internal audit [1 p.31].

BSEC compliance report. T. Hussain & Co. (Mohammad Abu Kawsar, FCA) reported on May 13, 2026 that 'The Company has complied with the conditions of the Corporate Governance Code' and 'The Governance of the company is satisfactory' [1 p.61]. The annexure was read page by page from the images [s1 p.52,53,54,55,56,57,58,59,60]. It marks condition 1(2)(a) 'Not Complied' with the remark 'There are 3 (three) Independent Directors required in the Board of SIPLC. Two independent directors are available in the Board. appointment remaining female independent director in under process.' [1 p.52]. It marks 1(2)(d) (post not vacant over 90 days) 'Not Complied', remark 'Vacant post has not been filled up yet.' [1 p.53]. Condition 6(5)(b)(iii), identifying persons qualified to be directors and top-level executives, is marked 'To be complied' with the remark 'No such list as yet.' [1 p.59].

IDRA compliance report. K.M. Alam & Co. (Md. Masudur Rahman FCA, ACS) certified on 13 May, 2026 under the IDRA Corporate Governance Guideline-2023 that 'The Corporate Governance of the company is satisfactory.' [1 p.76]. The Bengali annexure was read page by page from the images [s1 p.62,63,64,65,66,67,68,69,70,71,72,73,74,75]. It records under 6.1 a board of 10 members with 2 independent directors [1 p.62]. It ticks the 'not complied' column for 6.3.kha.2 [1 p.63]. Condition 17.1 (whistle-blowing policy) is ticked complied with the remark 'প্রক্রিয়াধীন' (under process) [1 p.74]. Rows 13 (other committees: CSR, ESG, integrity and ethics, reinsurance and retrocession, ALM) and 17.2.kha carry no tick, with remarks that they will be formed or framed as needed [s1 p.72,73,74]; the 17.2.ka remark lists policies that 'will be framed in future' [1 p.74].

Dividends and AGMs. The board recommended a 12% cash dividend for 2025 on 29-Apr-2026; the record date was 24-May-2026 and the 26th AGM was held on a digital platform on 29-Jun-2026 per the notice [17] [1 p.6]. DSE posted disbursement on 16-Jul-2026 [17]. For 2024 the board recommended 10% cash; the record date was 22-May-2025 and the AGM 25-Jun-2025 [17]. ARGUS Credit Rating Services rated the claim-paying ability 'AA+' long term and 'ST-2' short term with a stable outlook (DSE posts 25-Nov-2024 and 25-Nov-2025) [17]. The directors' report prints the rating as 'valid up to 23 November 2026' with a 'date of reporting on 24 November 2025' [1 p.18]; the 2024 and 2023 reports print reporting dates of 24 November 2024 and 23 November 2023 [2 p.18] [3 p.18].

Five years of DSE events. Dividends were 13% cash for 2021 and 2022, 10% cash for 2023 and 2024 and 12% cash for 2025 [89] [90] [91]. 21-May-2023: 'Qualified Opinion' post on the 2022 accounts [89]; 19-May-2024, 19-May-2025 and 2-Jun-2026: emphasis-of-matter posts [90] [91]. 28-Apr-2024: the annual and Q1 board meetings moved to 29-Apr-2024 from 30-Apr-2024; 21-Oct-2025: the Q3 meeting moved to 30-Oct-2025 from 26-Oct-2025 [90]. Rating: Argus Credit Rating Services rated the company 'AA' in the 2021 report and 'AA+' from the 2022 report; DSE posts of 25-Nov-2024 and 25-Nov-2025 give 'AA+' / 'ST-2', stable [5 p.14] [4 p.15] [3 p.18] [90]. No BSEC enforcement, category change, rights issue, capital-expenditure approval or director share-sale post appears from 2-Nov-2021 to 3-Nov-2026 [89] [90] [91].

Dividend and board timing. The DSE 'Dividend Disbursement' post came 38, 42, 32, 27 and 17 days after the AGMs for 2021-2025 (derived) [89] [90] [91]; BSEC's directive requires payment within 30 days of approval [93], and a post date is not necessarily the payment date. The annual accounts were approved 115, 116, 120, 118 and 119 days after year-end for 2021-2025, within the 120-day limit; the 2023 approval reached day 120 after the reschedule to 29-Apr-2024 [89] [90] [91] [3 p.82].

24 months of DSE news. The archive from 1-Nov-2024 to 1-Nov-2026 holds 37 posts: results, board-meeting notices (one rescheduled), dividend declarations and disbursements, record-date and spot-trading notices, price-limit notices, two credit-rating results, two emphasis-of-matter notices and the name change [17]. The archive contains no board approval of capital expenditure, a rights issue, a merger or a new business line [17].

Peers 2025: Standard Insurance's combined ratio 88.0% ranks 25 of 31 from the lowest (17 of 21 with the starred peers left out)

The set. The peers are the 30 Dhaka-listed general insurers of the checked peer set in the Purabi General note, Purabi General, Desh General and Union Insurance included: Purabi General, Desh General, Union Insurance, Meghna, Northern Islami, Phoenix, City, Crystal, Karnaphuli, Peoples, Nitol, Islami, Eastland, Mercantile Islami, Rupali, Asia Insurance, BGIC, Central, Eastern, Asia Pacific, Federal, Republic, Pioneer, Pragati, Reliance, Global, Sonar Bangla, Green Delta, United, Janata Insurance. All have December year-ends and audited 2025 accounts. Every figure is on each company's own (company) basis from its 2025 revenue account [21 p.205] [22 p.85] [23 p.76] [24 p.137] [25 p.13] [26 p.216] [27 p.394] [28 p.13] [29 p.181] [30 p.264] [31 p.189] [32 p.110] [33 p.153] [34 p.95] [35 p.141] [36 p.178] [37 p.329] [38 p.11] [39 p.22] [40 p.107] [41 p.14] [42 p.104] [43 p.181] [44 p.10] [45 p.365] [46 p.148] [47 p.94] [48 p.344] [49 p.185] [50 p.101]. Each writes non-life insurance business as printed in its own report; no business-mix adjustment is made. Opinion labels are taken from each peer's checked published AnalystBro note, cited per peer [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80]. The 10 peers marked * have a modified 2025 opinion or modified opinion wording: NORTHRNINS, SONARBAINS, BGIC, CENTRALINS, REPUBLIC, FEDERALINS, EASTERNINS, ASIAPACINS, UNIONINS, DGIC. Standard Insurance is also starred, for the 'except for' wording of its opinion paragraph [1 p.85]; its row is the highlighted one.

One definition. For every company the combined ratio is net claims plus revenue-account management expenses (incl. stamp duty where printed separately) plus agency commission, less commission on re-insurance ceded (incl. profit commission where printed), over net premium, all for 2025 in unrounded taka [1 p.95] [20]. On that basis Standard Insurance's 88.0% ranks 25 of 31 counting from the lowest; the range is 38.9% (GREENDELT) to 110.7% (MERCINS) [20]. Among Standard Insurance and the 20 unstarred peers it ranks 17 of 21; the lowest and highest ratios are the same two companies [20]. Ranks are computed in code from the unrounded ratios.

Claims and size. Standard Insurance's net-claims ratio was 24.8%, rank 20 of 31 from the lowest (rank 13 of 21 with the starred peers left out); across the set it ranged from -2.0% (EASTERNINS) to 63.4% (MERCINS) [20]. Its net premium of Tk 248.9m ranks 28 of 31 from the highest (20 of 21 with the starred peers left out) [20]. Desh General prints a 'Loss Recovery' of Tk 3,583,680 that the ratio leaves out [22 p.85]. This note gives no peer ranking of return on equity; profit and equity were not compiled for the full set. These comparisons are limited to the 31 companies in the table.

What's next: dated events after 31-Oct-2026

These are dated events after 31-Oct-2026. We do not forecast numbers. Dates marked 'inferred' are ranges built from every printed precedent found in the filings and the DSE archive; no date has been notified on DSE for any of these events at 3-Nov-2026. The annual-accounts precedents are the board authorisation dates printed in note 2.31 (2019 and 2020) or note 1.04 (2021-2025) for 2019 (28th July 2020), 2020 (23rd May 2021), 2021 (April 25, 2022), 2022 (April 26, 2023), 2023 (printed 'April 29, 2023'; the year 2024 is taken from the 02 May 2024 audit report), 2024 (April 28, 2025) and 2025 (April 29, 2026) [7 p.80] [6 p.84] [5 p.80] [4 p.74] [3 p.82] [2 p.102] [1 p.102]. The quarterly precedents are the dates printed on the statements (Q1 2023, Q1 2026, Q2 2021, Q2 2022, Q2 2025, Q2 2026, Q3 2021, Q3 2025) [12 p.1] [9 p.1] [14 p.1] [13 p.1] [11 p.1] [8 p.1] [15 p.1] [10 p.1] and the DSE board notices for Q1 2025 and Q3 2026 [17]. The other quarterly documents in the corpus for 2022-2025 are one-page statements that print no date. The 2020-2021 annual dates fall in the period of the BSEC order on virtual AGMs cited in those notices [7 p.5] [6 p.5]; they are the outliers, and each such row also gives the range without them. Fridays and Saturdays are not DSE business days and are excluded as range ends.

The 2024 record date is printed in the 2023 report's AGM notice as 'Thursday, 23rd May 2023' for the 24th AGM of 26th June 2024 [3 p.6]; the range uses its day and month. The Q3 2025 board meeting was rescheduled from 26-Oct-2025 to 30-Oct-2025 per DSE [17]. Bangladesh's LDC graduation date is 24-Nov-2029; the UN General Assembly adopted it on 29-Oct-2026 in New York [18] [19]. The filings do not link it to any line item. The 26th AGM of 29-Jun-2026 has passed; the 2025 dividend it was to approve was disbursed per the DSE post of 16-Jul-2026 [17].

Risks: each item and the line it relates to

Each row is a fact from the filings; none is a forecast. 'Line it moves' is 'None disclosed' wherever no filing quote links the item to a line.

History 2021-2025 and market data

Revenue-account and profit figures for 2021 and 2022 come from the 2022 report, for 2023 from the 2023 report and for 2024 and 2025 from the 2025 report [4 p.67] [3 p.75] [1 p.95]. Gross premium and investment income come from the five-year table of the 2025 report, in Tk mn [1 p.16]. The 2022 figures were audited under the qualified opinion quoted above [4 p.57].

The 52-week range uses unadjusted DSE trading-day closes from the TradingView feed, saved to file, from 30-Oct-2025 to 29-Oct-2026; the window contains the 12% cash-dividend record date of 24-May-2026 and no bonus or rights issue [16] [17]. The feed includes two Saturday sessions, 23-May-2026 and 17-Oct-2026 [16]. The lowest close was Tk 32.0 on 13-Nov-2025 and the highest Tk 55.6 on 13-Jul-2026, each on one day [16]. The close was Tk 49.5 on 29-Oct-2026 and Tk 38.0 on 29-Oct-2025 [16]. At the 29-Oct-2026 close the shares traded at 20.5 times 2025 EPS of Tk 2.42, 19.6 times derived trailing EPS of Tk 2.52, 2.07 times NAV per share of Tk 23.89 at 30-Sep-2026, and a 2.4% yield on the 2025 dividend of Tk 1.20 [20]. These are facts at one date.

FAQ

What is Standard Insurance's 2025 audit opinion?

Syful Shamsul Alam & Co. wrote that, 'except for the effects of the matters described in the basis for opinion section of our report', the statements present fairly in all material respects; the basis section describes no matter. The report adds one emphasis-of-matter paragraph on management expenses above the section 63 limit and four key audit matters (premium income, investment fluctuation fund, outstanding claims, contingent tax liabilities).

How profitable was Standard Insurance in 2025?

Profit after tax was Tk 104.7m (EPS Tk 2.42), after Tk 100.0m (EPS Tk 2.31) in 2024. Underwriting profit was Tk 67.3m and interest income Tk 116.6m. Return on average equity was 11.1%.

What is Standard Insurance's combined ratio?

88.0% in 2025 and 70.9% in 2024, measured as net claims plus management expenses plus agency commission less re-insurance commission, over net premium. The peer section applies the same definition to every peer.

Why did the auditor raise management expenses?

The emphasis paragraph states that under section 63 of the Insurance Act 2010 management expenses should have been Tk 147,818,810 and the company expensed Tk 166,738,067, Tk 18,919,257 over. The directors' report gives 'decrease of the business and increase of operating cost' as the reason. The 2023 and 2024 reports carry the same type of paragraph.

Does Standard Insurance have bank debt?

The statement of financial position prints no bank loan line at 31-Dec-2025 or 31-Dec-2024. Lease liabilities were Tk 31.2m.

What dividend did Standard Insurance pay for 2025?

12% cash, Tk 1.20 a share. The record date was 24-May-2026, the AGM 29-Jun-2026 and DSE posted the disbursement on 16-Jul-2026.

Who runs Standard Insurance?

H.T.M Quader Newaz chairs a 10-member board with two independent directors. Md. Abdul Matin Sarker is managing director and chief executive officer, Md. Sanoar Hosen chief financial officer, Mohammad Kowser Munshi company secretary and Mohammad Al Amin head of internal audit.

What happened to Standard Insurance's agency commission in 2026?

The 2026 interims print nil commission (nine months 2025: Tk 40.6m), after IDRA suspended individual agent licences from 1-Jan-2026. In the same nine months the reserve for unexpired risk was built by Tk 35.5m and re-insurance commission fell Tk 34.4m.

Sources

1. Standard Insurance PLC Annual Report 2025, incl. audited financial statements for the year ended 31 December 2025 (corpus STANDARINS_ANNUAL_2025, 132 pages, scanned; PDF page numbers, read from page images) · link · accessed 2026-11-02
2. Standard Insurance PLC (then Standard Insurance Limited) Annual Report 2024 (corpus STANDARINS_ANNUAL_2024; auditor's report, note 1.04 and AGM notice; PDF page numbers) · link · accessed 2026-11-02
3. Standard Insurance Limited Annual Report 2023 (corpus STANDARINS_ANNUAL_2023; auditor's report, statements, note 1.04 and AGM notice; PDF page numbers) · link · accessed 2026-11-02
4. Standard Insurance Limited Annual Report 2022 (corpus STANDARINS_ANNUAL_2022; auditor's report, statements with 2021 comparatives, note 1.04 and AGM notice; PDF page numbers) · link · accessed 2026-11-02
5. Standard Insurance Limited Annual Report 2021 (corpus STANDARINS_ANNUAL_2021; note 1.04 and AGM notice; PDF page numbers) · link · accessed 2026-11-02
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27. City Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.394) · link · accessed 2026-11-02
28. Crystal Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.13) · link · accessed 2026-11-02
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30. Peoples Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.264) · link · accessed 2026-11-02
31. Nitol Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.189) · link · accessed 2026-11-02
32. Islami Insurance Bangladesh Limited Annual Report 2025 (peer; consolidated revenue account p.110) · link · accessed 2026-11-02
33. Eastland Insurance PLC Annual Report 2025 (peer; consolidated insurance revenue account p.152-153) · link · accessed 2026-11-02
34. Mercantile Islami Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.95) · link · accessed 2026-11-02
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39. Eastern Insurance PLC audited financial statements 2025 (peer; consolidated revenue account p.22) · link · accessed 2026-11-02
40. Asia Pacific General Insurance PLC Annual Report 2025 (peer; consolidated revenue account p.107) · link · accessed 2026-11-02
41. Federal Insurance PLC audited financial statements 2025 (peer; statement of consolidated revenue account p.14) · link · accessed 2026-11-02
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49. United Insurance Company Limited Annual Report 2025 (peer; consolidated revenue account p.185) · link · accessed 2026-11-02
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