Sunlife Insurance financial analysis: premium and life fund at seven-year lows in 2025 (Oct 2026)

Investment considerations: gross premium BDT 186.7m, life fund BDT 533.7m, no dividend for 2025

Sunlife Insurance Company Limited (Sunlife) is a public company limited by shares that came into operation on 30 May 2000 under a licence from the Chief Controller of Insurance [1 p.14]. It is mainly engaged in individual life, Islamic individual life and group life insurance and also operates a deposit pension scheme business [1 p.14]. The shares were listed on the Dhaka and Chittagong stock exchanges on 31 January 2013 [2 p.16]. Paid-up capital is BDT 357.6m in 35,760,690 shares of BDT 10 [1 p.7].

The latest audited accounts cover the year to 31 December 2025: the statement of financial position is headed 'as at 31 December 2025' and the auditor's report is dated 11 June 2026 [1 p.7] [1 p.6]. The document in the corpus for 2025 holds the auditor's report, the statements and notes 1 to 27; it does not include the IDRA key financial indicators page, a directors' report or a governance section. Those items are taken from the 2024 and 2023 annual reports and labelled by year.

A life insurer's accounts run through the life revenue account. Premium and investment income go in; claims, commission, management expenses and other items go out; the balance is carried forward as the life insurance fund [1 p.8] [1 p.9]. In 2025 that account received BDT 186.7m of net premium, BDT 37.1m of interest, dividend and profit on share sales and BDT 16.7m of capital gain on sales of assets, and paid out BDT 272.5m, so the fund went from BDT 565.7m to BDT 533.7m [1 p.8] [1 p.9] [16]. The model rebuilds the closing fund from the printed rows to within BDT 1 [16].

Gross premium was BDT 810.3m in 2019, BDT 1,054.5m in 2020 and BDT 186.7m in 2025 [3 p.20] [2 p.22] [1 p.8]. The life fund was BDT 1,921.5m at Dec-2019 and fell in 5 of the six years to 2025, the exception being 2023 [3 p.21] [2 p.23] [16]. Net cash flow from operating activities was negative in 6 of the seven years 2019-2025, the exception being 2023 [3 p.21] [2 p.23] [1 p.13].

The note to the accounts states that the current management and ownership assumed responsibility for the company in November 2023 [1 p.19]. At Dec-2024 five companies, Green Delta Insurance PLC, Green Delta Capital Ltd., GD Assist Limited, Green Delta Securities Ltd. and Professional Advancement Bangladesh Ltd., held 35.66% of the shares between them and are listed as directors [2 p.77]. The board recommended no dividend for 2025, after 0.10% cash for 2024 and 0.50% cash for 2023 [6] [2 p.36] [3 p.33].

Premium: BDT 186.7m in 2025, -21.5%; H1 2026 BDT 58.3m

Gross premium in 2025 was BDT 186.7m: first year premium BDT 43.0m, renewal premium BDT 82.7m and group insurance premium BDT 61.1m [1 p.24]. Note 4.01 prints group premium as 61,096,182; the revenue account and note 19 print 61,096,192; the three printed lines add to the printed gross premium of 186,715,235 with 61,096,192 [1 p.19] [1 p.24] [16]. Reinsurance premium was BDT 25,593, so net premium was BDT 186.7m [1 p.24].

First year premium was BDT 582.6m in 2020 and BDT 529.9m in 2022, then BDT 295.9m in 2023, BDT 47.4m in 2024 and BDT 43.0m in 2025 [2 p.22] [1 p.24]. Renewal premium was BDT 456.7m in 2023, BDT 157.6m in 2024 and BDT 82.7m in 2025 [2 p.22] [1 p.24]. Group premium was 32.7% of gross premium in 2025, against 13.9% in 2024 [16]. Renewal premium in 2025 equalled 40.3% of first year plus renewal premium in 2024, a derived persistency measure [16].

The IDRA key financial indicators page prints a conservation ratio of 47.38% for 2024 and 50.54% for 2023 [2 p.23]. The second policy year lapse ratio by number of policies was 99.87% in 2023 and 89.14% in 2024, and by premium amount 99.99% and 97.25% [2 p.23]. The same page prints sixth policy year lapse ratios by number of 93.83% for 2023 and 91.12% for 2024 [2 p.23]. The 2025 values of these indicators are not in the corpus at 1-Nov-2026.

For the first half of 2026 gross premium was BDT 58.3m against BDT 109.4m in the first half of 2025, -46.7% [5 p.3] [16]. First year premium was BDT 9.4m against BDT 27.6m, renewal premium BDT 19.4m against BDT 49.5m and group premium BDT 29.4m against BDT 32.2m [5 p.3]. In its Q2 and Q3 2025 disclosures the company attributed lower gross premium 'primarily due to the prevailing economic and market conditions in Bangladesh' [6].

Claims: BDT 139.0m in 2025; outstanding claims BDT 316.9m at Dec-2025

Claims under policies in 2025 were BDT 139.0m: maturity BDT 74.9m, survival BDT 23.2m, group insurance claims BDT 38.0m, surrender BDT 1.8m, others BDT 0.6m and death BDT 0.4m [1 p.9]. The six printed lines add to the printed total [16]. Claims were 74.5% of net premium in 2025 and 48.2% in 2024 [16]. Group claims were 27.4% of the 2025 total [16].

In the 2024 column the revenue account prints 'By Others' 5,103,974 and 'Group Insurance Claim' 1,020,795, and note 22 prints Group 5,103,974 and Others 1,020,795 [1 p.9] [1 p.24]. Both printings add to 114,592,210. The key financial indicators page records claims paid of BDT 1,094.3m in 2022 and BDT 586.0m in 2023, and a claims-paid to gross premium ratio of 121.09% in 2022 [2 p.22].

Estimated liabilities for outstanding claims were BDT 316.9m at Dec-2025: maturity BDT 285.4m, survival benefit BDT 12.0m, group BDT 3.9m and death BDT 15.6m [1 p.21]. They were BDT 405.7m at Dec-2024 and BDT 300.6m at Jun-2026 (unaudited) [1 p.7] [5 p.2]. In the first half of 2026 claims were BDT 35.8m against BDT 131.5m a year earlier [5 p.4].

Expenses: BDT 102.6m in 2025, 54.95% of gross premium as printed

Commission was BDT 17.2m in 2025 (BDT 9.2m to agents and BDT 8.0m of allowances and commission), against BDT 47.2m in 2024 [1 p.9]. The expenses of management subtotal was BDT 85.4m, of which salaries BDT 38.7m and office rent BDT 20.0m [1 p.9]. Note 4.02 states that management expenses including commission and salaries were BDT 102,607,369, 54.95% of gross premium [1 p.19]; that is commission plus the subtotal [16].

The key financial indicators page prints management expenses of BDT 164.8m against allowable management expenses of BDT 70.5m for 2024, an excess management expense ratio of 133.76% [2 p.22]. The printed ratio was 8.82% in 2023 and negative in 2020, 2021 and 2022 [2 p.22]. The allowable figure for 2025 is not in the corpus at 1-Nov-2026. Directors' fees were BDT 0.56m in 2025 against BDT 1.34m in 2024 [1 p.9].

Other expenses below the management subtotal were interest on the bank overdraft of BDT 10.4m (BDT 0.2m in 2024), depreciation of BDT 20.1m and a dividend line of BDT 0.36m [1 p.9]. The overdraft is with MBL account 1048: principal BDT 86.6m, interest BDT 10.3m and charges BDT 0.1m at Dec-2025 [1 p.21]. Note 23 states 'There was no credit facility available for the company under any contact as on 31.12.2025' [1 p.24]; the balance sheet shows the BDT 97.0m overdraft [1 p.7]. Both printings are stated.

Investments: shares BDT 169.0m at cost, Form AA market value BDT 187.9m

Investments at cost were BDT 188.1m at Dec-2025: shares BDT 169.0m, the statutory deposit with Bangladesh Bank BDT 15.0m, a treasury bond BDT 2.5m and a treasury bill BDT 1.5m [1 p.7]. Fixed deposits with banks were BDT 315.0m [1 p.7]. Interest on term deposits was BDT 31.7m of the BDT 37.1m investment income line in 2025 [1 p.24].

Form AA prints a market value of BDT 187,948,042 for the shares against book value of BDT 169,043,018, and a market-value total of BDT 1,509,763,165 against BDT 1,490,858,140 [1 p.11]. The difference is BDT 18.9m in both rows [16]. At Jun-2026 the unaudited statements show shares of BDT 311.2m and a new 'Available for sale reserve' of BDT 129.7m, and the Form AA book and market columns for shares are equal [5 p.2] [5 p.6].

The 'Yield on Life Fund (%)' printed on the key financial indicators page was 2.73% in 2019, 2.04% in 2020, 4.53% in 2023 and 5.50% in 2024 [3 p.21] [2 p.23]. The accounting policy note states the company 'has appealed to the Government authorities through Bangladesh Insurance Association and Insurance Development & Regulatory Authority to lower the prescribed investment amount in treasury bond' [1 p.17].

Life fund: BDT 533.7m at Dec-2025, down from BDT 1,921.5m at Dec-2019

The life fund was BDT 1,921.5m at Dec-2019, BDT 1,260.5m at Dec-2021, BDT 570.1m at Dec-2022, BDT 573.2m at Dec-2023, BDT 565.7m at Dec-2024 and BDT 533.7m at Dec-2025 [3 p.21] [2 p.23] [1 p.7]. The 2025 change was BDT -31.9m [16]. The statement of life insurance fund derives it as gross fund (assets minus liabilities) of BDT 891.3m less paid-up capital of BDT 357.6m [1 p.10].

The auditor's key audit matter on the life fund includes the procedure 'Actuarial report not confirmed and assessed the reasonableness of the assumptions used to estimate the liability' [1 p.4]. The cash flow page states that interim actuarial valuations are not calculated and that 'it is not possible for us to Calculate the EPS, NAV per share' [1 p.13]. The 2024 annual report names Afsar Uddin Ahmed as actuary [2 p.16]. An actuarial valuation result for 2025 is not in the corpus at 1-Nov-2026.

Dividends were 0.50% cash for 2023 (BDT 1.79m charged in 2024), 0.10% cash for 2024 (BDT 0.36m charged in 2025) and none for 2025 [1 p.9] [1 p.20] [6]. The DSE disclosure of 4-Nov-2025 states the 2024 cash dividend was disbursed [6].

Balance sheet and audit: three emphasis of matter paragraphs; outstanding premium BDT 391.3m

Total assets were BDT 1,490.9m at Dec-2025 [1 p.7]. Outstanding premium was BDT 391.3m at Dec-2025 and BDT 391.8m at Dec-2024; note 14 shows an opening balance of BDT 391.8m, no addition and BDT 0.5m realised in 2025 [1 p.7] [1 p.22]. Advances, loans and deposits were BDT 397.8m, of which 'Other Advances' BDT 246.2m, advance income tax BDT 88.4m and an inter-company current account BDT 30.0m [1 p.22]. The counterparty of the inter-company current account is not named in notes 1-27 or the statements in the corpus document.

Outstanding premium was 73.3% of the life fund and advances 74.5% at Dec-2025 [16]. Sundry creditors were BDT 140.4m, including BDT 60.5m of 'Other Creditors', a provision for income tax of BDT 20.1m and a provision for doubtful outstanding premium of BDT 3.1m [1 p.21].

The auditor's report, signed by Fouzia Haque, FCA, partner of FAMES & R, is dated 11 June 2026 [1 p.6]. Under the heading 'Opinion' the page image prints: "We have audited the accompanying Financial Statements of Sunlife Insurance Company Ltd. (The "Company") which comprise the Balance Sheet (Statement of Financial Position) as at December 31, 2025 and the Life Revenue Account (Statement of Profit or Loss and other Comprehensive Income Account), Statement of Changes in Equity, Statement of Cash Flows for the year then ended including a summary of significant accounting policies and other explanatory information." [1 p.3] The section contains no further sentence. The 2024 report on the same heading adds a sentence beginning "In our opinion, the accompanying financial statements present fairly" [2 p.87].

The 'Basis for opinion' paragraph 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 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.3]

The 'Emphasis of matter' section reads: "We draw attention to the note number 4.03 and following matters: i) Lacking on maintaining fixed asset register A fixed assets register is a fundamental record of all property, plant, and equipment (PPE) with details such as cost, accumulated depreciation, carrying amount, location, and useful life. A deficiency was identified in the maintenance of fixed asset register. Management has now taken appropriate steps and corrective measures to establish maintaining asset register on a regular basis. For this reason, the auditor faces few barriers to verify the physical existence, completeness, valuation, or ownership of any fixed assets. This creates a uncertainty over the entire PPE balance and affects depreciation, disposals, and revaluations. ii) No provision for Income Tax and Deferred Tax (IAS 12) IAS 12 requires recognition of current tax payable based on taxable profit and deferred tax assets/liabilities for temporary differences between accounting and tax bases. A complete omission of any tax provision means is deliberately ignoring tax obligations. This understates liabilities, overstates net assets, and violates tax laws. iii) Investment in shares shown at cost (IFRS 9) As disclosed in Note 13.00 to the financial statements, the Company has measured its investment in shares at cost amounting to Tk. 169,043,018. In our opinion, this accounting treatment is not in accordance with IFRS 9 Financial Instruments and IFRS 13 Fair Value Measurement, which require such investments to be measured at fair value at the reporting date. However, our opinion is not modified in respect these matters." [1 p.3]

There are two key audit matters. The first, 'Valuation of Life Fund', states the risk as: "Valuation of life fund involves complex and subjective judgments about future events, both internal and external to the business, for which minor changes in assumption can result in material impacts to the valuation of these liabilities. At 31 December 2025, the company reported total balance under the head of Life Insurance Fund of Tk. 533,722,523 (2024: 565,664,973)", and the response as: "The work to address the valuation of life fund included the following procedures: Understood the governance process in place to determine the life fund. Actuarial report not confirmed and assessed the reasonableness of the assumptions used to estimate the liability. Tested key judgment and controls over the liability, including the preparation of the manually calculated components. We focused on the consistency in treatment and methodology period-on-period. Based on the work performed and the evidence obtained, we consider the assumption used to be appropriate." [1 p.4]

The second, 'Premium Income', states the risk as: "Gross Insurance premium amount of Tk. 186,715,235 (Tk. 237,956,431 for 2024) comprises the net premiums amount of Tk. 186,689,641 (Tk. 237,561,815 for 2024) is received for the whole period provided by contracts entered into during the accounting period." The response reads: "In respect to Premium income, various types of insurance we carried out the following procedures: The design and operating effectiveness of key controls around premium income recognition. Carried out analytical procedures and recalculated premium income for the period. Carried out cut-off testing to ensure unearned premium income has not been included in the premium income. On a sample basis reviewed policy to ensure appropriate policy stamp was affixed to the contract and the same has been reflected in the premium register. Ensured on a sample basis that the premium income was being deposited in the designated bank account. Tested on a sample basis to see that appropriate VAT was being collected and deposited into bank through Treasury Challan. For a sample of insurance contracts tested to see if appropriate level of reinsurance was done and whether that re-insurance premium was deducted from the gross premium. Applying specialist judgment ensured if there is any impairment of the reinsurer. Finally assessed the appropriateness and presentation of disclosures against relevant accounting standards, Insurance Act 1938 (as amended in 2010), Insurance Rules, 1958 and other applicable rules and regulations and regulatory guidelines." [1 p.4] The report has no other matter paragraph [1 p.3] [1 p.4] [1 p.5] [1 p.6].

Under 'Report on going concern' the auditor writes: "We have nothing to report in these respects." Under 'Reporting on other Information' it writes: "Based on the work we have performed, we concluded that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard." [1 p.5] Under the legal and regulatory section item (d) reads "We are able to certify compliance with Section 62(2) of the Insurance Act 2010 due to supporting documentation for management expenses. ;" and item (e) reads "Based on the information available, we have evidence of commission paid outside Bangladesh in respect of reinsurance abroad; however, we provide positive assurance (As per Regulation-11 of part -1 of the Third Schedule of the insurance Act 1938 as amended in 2010);" [1 p.6]

The company's explanation is note 4.03, to which the emphasis of matter refers. Its heading is 'Management Disclosure on Receivable from BD Thai, Outstanding Premium, Sundry Creditors, and Advances'. It reads: "The balance of BDT 34,988,741 receivable from BD Thai Food & Beverage has remained outstanding for a considerable period. The receivable originated from an investment transaction whereby Sunlife Insurance Company Limited paid BDT 127,709,930 to BD Thai for the purchase of shares. Subsequently, BD Thai settled a substantial portion of the amount through the transfer of shares valued at BDT 110,684,930. The remaining balance of BDT 34,988,741 is still outstanding. The Company has maintained adequate documentary evidence supporting this receivable and has been continuously pursuing recovery through regular communication and follow-up with BD Thai. Accordingly, management considers the balance to be recoverable and has therefore continued to present it as a receivable in the financial statements." [1 p.19]. Note 1.02 states that BD Thai Food and Beverage Ltd. 'was an Associate Company, but the company raised its share capital through private Placement and now it is not an Associate Company of Sunlife Insurance Company Limited' [1 p.14].

It continues: "The balances under Outstanding Premium, Sundry Creditors, and Advances have been carried forward from prior years. The current management and ownership, which assumed responsibility for the Company in November 2023, inherited these balances from the previous management and ownership. During its review, the current management identified that supporting documentation for certain long-outstanding balances is either incomplete or unavailable. To address this matter, management has initiated the implementation of a Board-approved Write-off and Write-back Policy. Under this policy, balances that are determined to be unrecoverable, unsupported, or no longer represent valid assets or liabilities will be appropriately written off or written back following the necessary review and approval process. The implementation of this policy is currently in progress. Management expects that the financial statements for the year ending 31 December 2026 will reflect the impact of this exercise, where applicable." [1 p.19]

Three figures in note 4.03 are read against the rest of the accounts. BDT 127,709,930 less BDT 110,684,930 is BDT 17,025,000 (derived), and the note prints the remaining balance as BDT 34,988,741; the note does not reconcile the two [1 p.19] [16]. The note's table is headed for the year ended 31 December 2025 and prints outstanding premium BDT 391,762,511, sundry creditors BDT 136,238,977 and advances BDT 386,800,047; the balance sheet prints those amounts in the Dec-2024 column and BDT 391,262,511, BDT 140,433,298 and BDT 397,764,630 at Dec-2025 [1 p.7] [1 p.19].

For 2024 the same firm's report contains an opinion sentence, an emphasis of matter section that "We draw attention to the following matters, through our opinion is unqualified in respect of the same:" and seven bullets covering the decrease in the life fund, long-unmoved sundry creditors, other advances carried forward, the provident fund forfeited amount, agents' licences, deferred tax and "more than 340 dormant Bank account with no financial transactions for a long time" [2 p.87]. DSE carried an 'Emphasis of Matter and Report on Going Concern' notice for 2024 on 14-Jul-2025 and an 'Emphasis of Matter' notice for 2025 on 5-Jul-2026 [6].

2026 so far: nine-month deficit BDT 64.21m; fund BDT 469.39m at Sep-2026

The unaudited half-year statements to 30 June 2026 were approved on 29 July 2026 [5 p.2]. The life fund was BDT 496.3m at Jun-2026; the half-year outgo of BDT 116.6m included a provision for income tax of BDT 15.0m, a line that was nil a year earlier, and BDT 6.9m of interest on the short-term loan [5 p.4]. The model rebuilds the closing fund from the printed rows [16].

DSE carried deficits in the life revenue account of BDT 18.15m for Q1 2026, BDT 19.30m for Q2 and BDT 24.70m for Q3, and BDT 64.21m for the nine months; the life fund was BDT 469.39m at 30 September 2026 [6]. Q1 and Q2 add to BDT 37.45m against the announced half-year BDT 37.44m. For 2025, Q1 of BDT 5.46m and Q2 of BDT 58.11m add to BDT 63.57m against the announced half-year BDT 63.47m, a gap of BDT 0.10m. For 2026 the half-year plus Q3 is BDT 62.14m against the announced nine months of BDT 64.21m, a difference of BDT 2.07m [16]. The Q3 2026 statements are not in the corpus at 1-Nov-2026.

The Q2 2026 disclosure was posted twice on 30 July 2026. The first post gave a Q2 deficit of BDT 37.46m 'as against excess of total income over total expenses including claims (surplus) of BDT 502.00 million' for Q2 2025 and a fund of BDT 49.63 crore; the revised post, which asks readers to 'disregard the previous news', gives a Q2 deficit of BDT 19.30m against BDT 58.11m and a fund of BDT 496.26m [6]. That is one DSE correction in the 24 months swept. The March 2025 fund is printed as BDT 57.27 crore in the 30-Jun-2025 post and as BDT 560.20m in the 14-Jun-2026 post [6].

Peers: gross premium -21.5% against five other listed life insurers

The peer set is the five listed life insurers with published AnalystBro notes: Rupali Life, Pragati Life, Delta Life, Popular Life and Sonali Life. Figures are company-basis FY2025 revenue accounts and balance sheets from each company's own annual report, and the IDRA key financial indicators rows 'Conservation Ratio' and 'Yield on Life Fund' for 2024 as printed [7] [8] [9] [10] [11] [12]. Popular Life prints no key financial indicators page, so its rows show n/a. The 2025 indicators of Sunlife and Sonali Life are not in the corpus at 1-Nov-2026, so 2024 is used for all six.

Within these six, Sunlife had the smallest gross premium and life fund, the largest fall in gross premium in 2025 (-21.5%) and the largest fall in the life fund (-5.6%) [16]. Its 2024 conservation ratio of 47.38% was the lowest of the five that print one; the gaps were 14.56pp to Rupali Life, 26.29pp to Pragati Life, 27.48pp to Delta Life and 10.53pp to Sonali Life [16]. Its printed 2024 yield on the life fund, 5.50%, was above Rupali Life (4.77%) and Sonali Life (4.93%) and below Pragati Life (7.45%) and Delta Life (9.39%) [2 p.23] [16].

Audit opinions as printed for 2025: Rupali Life 'Qualified Opinion' (Basu Banerjee Nath & Co.) and Popular Life 'Qualified Opinion' (FAMES & R); Pragati Life (Anil Salam Idris & Co.), Delta Life (Hoda Vasi Chowdhury & Co.) and Sonali Life (T. Hussain & Co.) each received an unmodified opinion printed under the heading 'Opinion' [7] [8] [9] [10] [11]. Sonali Life's report adds an emphasis of matter paragraph, Delta Life's an emphasis of matter and an other matters paragraph, and Pragati Life's an other matters paragraph.

Governance: eight directors in 2024, seven nominees; five corporate directors hold 35.66%

The 2024 annual report lists eight directors: Chairman Wafi Shafique Menhaz Khan; nominee directors Syed Aliul Ahbab, FCCA, Md. Oliullah Khan, FCS, Mohammad Shohrab Hossain, Kazi Ahmed Sabihuzzaman, Md. Thanvir Iasdani and Rubaiyat Ahmed; and independent director Prawma Tapashi Khan, FCCA [2 p.17]. The nominating shareholders printed are Green Delta Insurance PLC for Md. Oliullah Khan, Green Delta Capital Ltd. for Mohammad Shohrab Hossain and Kazi Ahmed Sabihuzzaman, Green Delta Securities Ltd. for Wafi Shafique Menhaz Khan, GD Assist Limited for Md. Thanvir Iasdani and Professional Advancement Bangladesh Ltd. for Rubaiyat Ahmed [2 p.36] [3 p.33]. The nominating shareholder of Syed Aliul Ahbab is not printed on the board, retirement, committee or shareholding pages searched [2 p.17] [2 p.57] [2 p.77].

The 2023 annual report lists the same eight plus Md. Rafiqul Islam as shareholder director [3 p.15]. The 2022 annual report lists Professor Rubina Hamid as chairperson, with Shabana Maleque, Dr Kazi Aktar Hamid, Adv. Shaila Ferdous Santaz Banu and Rahat Maleque as directors and Dr. Muhammad Mohiuddin and Md Joynal Abedin FCA as independent directors [4 p.7]. No family relationship among directors is printed on the pages read, and positions of directors at the Green Delta companies other than the nominee designations are not printed on them.

Committees in 2024: the audit committee was Prawma Tapashi Khan (chairman), Syed Aliul Ahbab, FCCA and Kazi Ahmed Sabihuzzaman, and met three times [2 p.57]. The nomination and remuneration committee was Rubaiyat Ahmed, Wafi Shafique Menhaz Khan, Md Oliullah Khan FCS, Md Thanvir Iasdani and Prawma Tapashi Khan FCCA, and met seven times [2 p.59] [2 p.60]. The board met 10 times in 2024 [2 p.36]. The attendance annexure prints the number of meetings held for the board and the two committees, and no attendance by director [2 p.78]. Directors were paid BDT 8,000 a meeting and BDT 1,343,200 in total in 2024 [2 p.33]; board meeting fees were BDT 561,200 in 2025 [1 p.25].

Key management in the 2024 report: Md. Rafiq Ahmed, Chief Executive Officer (Acting); Md. Rafiqul Majid, Finance Controller; Meer Abu Bakkar Omey, Company Secretary; and Md. Shahedur Rahman Khan, Head of Internal Audit and Compliance; none held shares [2 p.77]. DSE carried the company's notice of 11-Sep-2025 that Meer Abu Bakkar Omey was appointed Company Secretary with effect from 1-Sep-2025, and of 5-Mar-2026 that IDRA approved the appointment of Piplu Biswas as Chief Executive Officer [6]. Officers' pay was BDT 38.7m in 2025 against BDT 52.7m in 2024 [1 p.25].

On related parties, the 2024 directors' report states 'No related party transactions occurred during the year 2024' [2 p.33]. The 2025 accounting policies refer related party disclosures to 'note-28' [1 p.16]; the corpus document ends at note 27 and a property schedule, so no 2025 related-party amounts by named party are in the corpus at 1-Nov-2026 [1 p.25] [1 p.26]. The half-year 2026 revenue account shows interest on an inter-company loan of BDT 63,917, with no counterparty named [5 p.4].

Multiples: 3.24x the Dec-2025 life fund; no EPS or NAV printed

At the 29-Oct-2026 close of BDT 48.3 the market capitalisation was BDT 1,727m, 3.24x the Dec-2025 life fund and 3.68x the DSE-announced Sep-2026 fund [15] [16]. It was 4.83x paid-up capital [16]. The company does not calculate EPS or NAV per share, so no P/E or P/NAV is stated [1 p.13]. The year-end market cap to life fund ratio was 0.39x at Dec-2019, 4.42x at Dec-2024 and 3.46x at Dec-2025 [16].

Over the 52 weeks to 29-Oct-2026 the closing price ranged from BDT 44.1 on 13-Nov-2025 to BDT 83.0 on 8-Jun-2026, on unadjusted DSE daily closes with no tie at either end [15]. The close was -41.8% from the high, 9.5% from the low and -6.4% from the 30-Dec-2025 close of BDT 51.6 [15] [16]. ARGUS Credit Rating Services rated claim paying ability BBB+ long term and ST-3 short term with a stable outlook on 2024 and 2025 accounts [6].

What's next: FY2026 year end, then FY2026 accounts inferred for June 2027

The board meeting on the Q3 2026 accounts was held on 29-Oct-2026 and the figures are in the text above [6]. The FY2025 AGM was called for 3-Sep-2026 (passed), outcome unknown [6]. No later board meeting date is notified on DSE as of 1-Nov-2026 [6]. The FY2025 accounts were approved on 11-Jun-2026 and are not overdue against the precedents below.

Risks: long-outstanding balances, premium, persistency and tax provision

Each row ties a risk in the filings to the line it touches and to the document that would show a change.

Key questions: six signposts in the FY2026 accounts

For shareholders, the cash return in the filings is the dividend: 0.50% for 2023, 0.10% for 2024 and none for 2025 [3 p.33] [2 p.36] [6].

FAQ

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

FAMES & R included three emphasis of matter paragraphs, on the fixed asset register, the absence of income tax and deferred tax provisions, and shares carried at cost of Tk. 169,043,018, and wrote 'However, our opinion is not modified in respect these matters.' [1 p.3]

How much premium did Sunlife write in 2025?

Gross premium was BDT 186.7m, down 21.5%: first year BDT 43.0m, renewal BDT 82.7m and group BDT 61.1m [1 p.24].

How big is the life fund?

BDT 533.7m at Dec-2025, BDT 496.3m at Jun-2026 (unaudited) and BDT 469.39m at Sep-2026 (DSE-announced) [1 p.7] [5 p.2] [6].

Did Sunlife declare a dividend for 2025?

No. The board recommended no dividend for 2025; it paid 0.10% cash for 2024 [6].

Why does Sunlife not report EPS or NAV per share?

The company states that the actuarial valuation is performed once a year, interim valuations are not calculated and 'it is not possible for us to Calculate the EPS, NAV per share' [1 p.13].

Who controls Sunlife?

At Dec-2024 five companies listed as directors, Green Delta Insurance PLC, Green Delta Capital Ltd., GD Assist Limited, Green Delta Securities Ltd. and Professional Advancement Bangladesh Ltd., held 35.66%; the company states the current management and ownership took over in November 2023 [2 p.77] [1 p.19].

Sources

1. Sunlife Insurance Company Limited, auditors' report (FAMES & R, dated 11-Jun-2026) and financial statements for the year ended 31-Dec-2025 · link · accessed 2026-11-01
2. Sunlife Insurance Company Limited Annual Report 2024 (key financial indicators 2020-2024, governance, auditor's report, statements) · link · accessed 2026-11-01
3. Sunlife Insurance Company Limited Annual Report 2023 (key financial indicators 2019-2023, directors' report, AGM notice) · link · accessed 2026-11-01
4. Sunlife Insurance Company Limited Annual Report 2022 (board and committees page) · link · accessed 2026-11-01
5. Sunlife Insurance Company Limited un-audited half-yearly financial statements to 30-Jun-2026 · link · accessed 2026-11-01
6. Dhaka Stock Exchange company news archive for SUNLIFEINS, 1-Nov-2024 to 1-Nov-2026 (company disclosures) · link · accessed 2026-11-01
7. Rupali Life Insurance PLC Annual Report 2025 (revenue account p.101, page image) · link · accessed 2026-11-01
8. Pragati Life Insurance PLC Annual Report 2025 (revenue account p.141, page image) · link · accessed 2026-11-01
9. Delta Life Insurance Company Ltd. Annual Report 2025 (separate life revenue account p.113, page image) · link · accessed 2026-11-01
10. Popular Life Insurance Company Limited Annual Report 2025 (separate life revenue account p.160, page image) · link · accessed 2026-11-01
11. Sonali Life Insurance PLC auditor's report and financial statements 2025 (life revenue account p.9, page image) · link · accessed 2026-11-01
12. Sonali Life Insurance PLC Annual Report 2024 (key financial indicators p.168, page image) · link · accessed 2026-11-01
13. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
14. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
15. AnalystBro price data (TradingView feed): DSE:SUNLIFEINS daily bars to 29-Oct-2026 · link · accessed 2026-11-01
16. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01