United Insurance financial analysis: 2025 combined ratio 60.1%, EPS Tk 3.46 (Oct 2026)

Investment considerations: 2025 EPS Tk 3.46 against Tk 2.26, combined ratio 60.1%, a Tk 426.8m stake in United Finance

What it is. United Insurance Company Limited (DSE: UNITEDINS) is a non-life insurer incorporated on 7 May 1985 and listed on the Dhaka Stock Exchange on 9 April 1990 [1 p.192]. It writes fire, marine cargo, marine hull, motor and miscellaneous business through twelve branches, with no overseas branch [1 p.196] [1 p.148]. It has 44,500,000 shares of Tk 10 [1 p.198]. In November 2024 corporate sponsors and directors including Duncan Brothers (Bangladesh) Ltd. and Camellia Duncan Foundation sold their entire holdings: DSE posted BSEC consent of 10-Nov-2024 for the sale and purchase of 23,690,950 shares 'held by 7 (seven) sponsor and director shareholders and 3 (three) public shareholders', and the buyer's broker reported the purchase complete on 20-Nov-2024 [10]. Five of the eight directors are described in their 2025 profiles as United Group founders, directors or executives, and directors and sponsors held 26,657,575 shares, 59.910%, at 31-Dec-2025 [1 p.50] [1 p.81].

Where it stands. Gross premium was Tk 711.38m in 2025, 19.2% above Tk 596.70m in 2024, and net premium (premium less re-insurance) Tk 438.21m, 48.0% above Tk 296.03m [1 p.139] [14]. Underwriting profit transferred to the profit and loss account was Tk 117.59m against Tk 82.43m, and interest, dividend and other non-underwriting income Tk 142.01m against Tk 106.34m [1 p.184]. Profit after tax was Tk 153.79m (EPS Tk 3.46) against Tk 100.64m (EPS Tk 2.26) [1 p.183] [1 p.206]. On the one combined-ratio definition used for every insurer in this note, the 2025 ratio was 60.1%, against 73.2% in 2024 [14]. Hoda Vasi Chowdhury & Co gave an unmodified opinion with four key audit matters and no emphasis-of-matter paragraph [1 p.174] [1 p.178]. For the nine months to 30-Sep-2026 the company reported profit after tax of Tk 121.24m (EPS Tk 2.72) against Tk 104.69m (EPS Tk 2.35) and NAV per share of Tk 36.43 [8 p.1] [10].

Sources of shareholder returns. Investment and other income exceeded underwriting profit in 10 of the 10 years 2016-2025 [6 p.23] [1 p.139]. It was 59.5% of pre-tax profit in 2025 and ranged from 57.9% (2020) to 74.7% (2018) [14]. Within 2025, interest on Bangladesh Government Treasury Bonds was Tk 70.34m, interest on fixed deposits Tk 25.95m and dividend income Tk 37.41m; Tk 37.12m of dividends came from United Finance Limited [1 p.205] [1 p.191]. Return on average equity was 11.2% in 2025, the highest of 2017-2025 (range 4.8% (2021) to 11.2% (2025)) [14]. The company paid out 43.4% of 2025 profit after tax as cash dividend, and 66.3% in 2024 [14].

• Solvency: the 2025 annual report gives available solvency of BDT 25.17 crore and required solvency of 19.43 crore (1.30 times); it does not print the calculation.
• Tax: Tk 282.3m of disputed demands sits in contingent liabilities; the 2025 tax charge includes a 'Provision for contingent tax liability' of Tk 16.5m (2024: Tk 19.2m).
• United Finance: 37,116,828 shares at a cost of Tk 193.5m and a fair value of Tk 426.8m; the 2025 pattern of shareholding lists United Finance Limited as holding 10% of United Insurance.
• Commission: the nine-month 2026 statement shows agency commission of nil against Tk 55.5m a year earlier. The filings do not give the reason.
• Claims: nine-month 2026 claims of Tk 106.4m against Tk 50.3m; the Q1 2026 DSE post cites 'higher claim expense'. The FY2026 audited accounts are not in the corpus at 1-Nov-2026.

Commission rule. The Business Standard reported on 24-Dec-2025 that IDRA scrapped commission payments in the non-life insurance sector [11]. United Insurance's agency commission was Tk 94.81m in 2025 [1 p.185] and nil in the nine months to 30-Sep-2026 [8 p.1]. The filings do not link them.

Business: marine 53.7% of 2025 gross premium, fire 25.4%; retention 61.6%

How it makes money. A Bangladeshi general insurer collects premium, cedes part of each risk to reinsurers (who pay a commission back), sets aside a reserve for the unexpired part of each policy, and pays claims, agency commission and management expenses from the rest; the balance is the underwriting profit. It then earns interest and dividends on the premium and capital it holds. United Insurance's revenue accounts close the reserve for unexpired risk at 40% of the year's premium income for fire, marine cargo, motor and miscellaneous business and 100% for marine hull [1 p.185]. The consolidated revenue account states that management expenses are debited to the classes 'in the ratio of gross premium income' [1 p.185]. The company's share of public-sector business is booked when the Sadharan Bima Corporation (SBC) statement arrives; at 31-Dec-2025 it had booked the period 1-Oct-2024 to 30-Sep-2025 [1 p.193].

Classes. Marine (cargo Tk 380.36m plus hull Tk 1.68m) wrote Tk 382.04m of 2025 gross premium, 53.7% of the total and 25.1% more than in 2024 [1 p.148] [14]. Fire wrote Tk 180.90m (25.4%, up 8.9%), miscellaneous Tk 115.66m (16.3%, up 16.7%) and motor Tk 32.77m (4.6%, up 25.3%) [1 p.148] [14]. Marine hull premium fell 41.75% to Tk 1.68m [1 p.148]. Retention (net premium over gross premium) was 83.2% in marine, 93.9% in motor, 31.2% in fire and 28.8% in miscellaneous [14]. Premium deposits, all marine cargo, were Tk 149.8m at 31-Dec-2025 against Tk 124.9m; note 5 describes them as 'premium received against cover notes which were not converted into policies' [1 p.199].

Ten years of premium. Gross premium rose from Tk 418.72m in 2016 to Tk 711.38m in 2025; the range is Tk 418.72m (2016) to Tk 711.38m (2025) [6 p.23] [1 p.139]. It fell in 2020 (Tk 461.88m, minus 9.7%) and in 2024 (Tk 596.70m, minus 2.1%) [14]. Net premium was between Tk 247.71m and Tk 298.72m in every year from 2016 to 2024 and Tk 438.21m in 2025 [6 p.23] [1 p.139]. Retention ranged from 45.9% (2021) to 61.6% (2025) [14]. The 2025 annual report prints 2023 gross premium as 609.63 in its five-year table and as 609.33 in the chart on the next page [1 p.139] [1 p.140]; this note uses the table figure, which the 2023 annual report also prints [3 p.14].

Claims experience by count. The claims-settlement page lists 1,999 claims intimated in 2025, 1,849 settled and 150 outstanding, a settlement ratio printed as 92.50%; the 2024 figures were 1,770, 1,738 and 32 (98.19%) [1 p.44]. Marine had 1,123 intimations and the health plan 782; fire had 35 intimations, 11 settled and 24 outstanding [1 p.44]. The policy count printed for 2025 is 15,305 [1 p.8].

Underwriting: 2025 profit Tk 117.6m after a Tk 57.0m rise in the unexpired-risk reserve; combined ratio 60.1%

Claims. Net claims under policies were Tk 53.92m in 2025, 12.3% of net premium, against Tk 71.33m (24.1%) in 2024 [1 p.185] [14]. Claims paid in 2025, net of re-insurance, were Tk 58.24m, and estimated outstanding claims fell from Tk 20.98m to Tk 16.66m [1 p.185]. Fire net claims were Tk 1.60m in 2025 against Tk 29.17m in 2024; marine net claims were Tk 36.33m against Tk 25.95m [1 p.186] [1 p.187]. Miscellaneous net claims were Tk 12.85m, 38.6% of miscellaneous net premium [1 p.189] [14]. The auditor's key audit matter gives claims paid of Taka 58,240,031 in 2025 and Taka 83,948,231 in 2024 and states 'Our testing did not identify any issues with regard to this matter' [1 p.176].

Commission and expenses. Agency commission was Tk 94.81m in 2025, 21.6% of net premium, against Tk 50.89m (17.2%) [1 p.185] [14]. Commission earned on re-insurance ceded was Tk 60.00m against Tk 69.01m; fire earned Tk 30.12m of it [1 p.185] [1 p.186]. Management expenses charged to the revenue accounts were Tk 174.84m, 39.9% of net premium, against Tk 163.41m (55.2%) [1 p.185] [14]. Management expenses not charged to any fund, shown in the profit and loss account, were Tk 20.84m, of which depreciation Tk 17.10m and directors' fees Tk 1.13m (2024: Tk 0.27m) [1 p.184].

Reserve movement. The reserve for unexpired risk rose from Tk 118.31m to Tk 175.35m in 2025; the Tk 57.04m increase is deducted in arriving at the underwriting result [1 p.185] [14]. In 2024 the reserve fell by Tk 3.03m [14]. The marine reserve rose from Tk 89.56m to Tk 127.17m and the fire reserve from Tk 9.37m to Tk 22.54m [1 p.186] [1 p.187]. The recomputed underwriting result from the printed lines equals the printed Tk 117,587,541 for 2025; for 2024 the recomputation gives Tk 82,429,980 against the printed Tk 82,429,979, a Tk 1 rounding difference [14].

By class. On the same combined-ratio definition, marine ran at 53.6%, motor at 52.5%, fire at 69.1% and miscellaneous at 114.8% in 2025 [14]. Marine produced Tk 109.96m of the Tk 117.59m underwriting profit, motor Tk 12.04m and fire Tk 4.21m; miscellaneous lost Tk 8.63m [1 p.184]. Fire lost Tk 26.56m in 2024; fire net claims were Tk 29.17m and fire net premium Tk 23.41m [1 p.186].

Ten years of underwriting. The underwriting margin (underwriting profit over net premium) ranged from 15.6% (2018) to 29.5% (2020) over 2016-2025 and was 26.8% in 2025 [14]. The net-claims ratio ranged from 12.3% (2025) to 28.0% (2023) [14]. Net claims were Tk 31.59m in 2016 and Tk 83.62m in 2023, the high of the ten years [6 p.23] [1 p.139].

Investments: Tk 723.0m of treasury bonds, Tk 426.8m of United Finance shares, BGTB interest Tk 70.3m

Where the money sits. At 31-Dec-2025 the balance sheet carried Bangladesh Government Treasury Bonds of Tk 723.0m under 'Statutory deposit', a private bond of Tk 66.5m, fixed deposits over three months of Tk 261.5m, preference shares of Tk 80.0m, listed shares at fair value through profit or loss of Tk 26.8m and United Finance Limited shares of Tk 426.8m [1 p.182]. Cash and cash equivalents were Tk 145.5m, of which fixed deposits within three months Tk 51.0m and bank accounts Tk 93.2m [1 p.203]. The private bond and preference shares are new in 2025; the cash-flow statement shows Tk 66.5m and Tk 80.0m invested in them [1 p.191].

Income. Interest and dividend income was Tk 139.78m in 2025 against Tk 102.97m [1 p.205]. Interest on treasury bonds rose from Tk 35.85m to Tk 70.34m and interest on fixed deposits fell from Tk 42.13m to Tk 25.95m; the private bond paid Tk 5.59m [1 p.205]. Dividend income was Tk 37.41m, of which the cash-flow statement shows Tk 37.12m received from United Finance Limited and Tk 0.73m from others [1 p.205] [1 p.191]. In the nine months to 30-Sep-2026, 'Interest, dividend and other income' was Tk 99.14m against Tk 116.43m [8 p.1].

United Finance. Note 9(b) lists 37,116,828 United Finance Limited (UFL) shares at an acquisition cost of Tk 193,546,300 and a market value of Tk 426,843,522 at 31-Dec-2025, an unrealised gain of Tk 233,297,222 [1 p.202]. The holding is measured 'at fair value through profit and loss appropriation'; its value changes are recorded in the appropriation account, below profit for the year: minus Tk 70,521,973 in 2025 and minus Tk 89,080,387 in 2024 [1 p.183] [1 p.202]. UFL shares were 30.9% of equity at 31-Dec-2025 (derived) [14]. The nine-month 2026 statement shows 'Changes in fair value of marketable securities' of Tk 204.14m in other comprehensive income, and the DSE post attributes the rise in NAV per share to the 'increase in fair/market value of shares of United Finance Ltd.' [8 p.1] [10]. Related-party note 17 names one party, United Finance Limited: premium received Tk 485,752, claims paid Tk 158,958 and lease payments Tk 815,616 in 2025, with a car lease of Tk 2,077,046 outstanding [1 p.205] [1 p.207].

Listed portfolio. Shares held at fair value through profit or loss had a cost of Tk 41.03m and a market value of Tk 26.84m at 31-Dec-2025, an unrealised loss of Tk 14.19m [1 p.202]. Note 32 states that 'The market value of the equity assets held by the Company at the balance sheet date is much higher than cost price' [1 p.208]; on the note 9 figures, UFL is above cost and the remaining portfolio below cost [1 p.202].

Ten years of investment income. Investment and other income was Tk 104.87m in 2016, between Tk 78.56m and Tk 91.50m in each year from 2017 to 2023, Tk 106.34m in 2024 and Tk 142.01m in 2025 [6 p.23] [1 p.139]. The five-year table prints 'Investment' of Tk 1,323.19m at 31-Dec-2025 against Tk 1,085.52m at 31-Dec-2024 and 'Cash & bank balances' of Tk 406.99m against Tk 547.80m [1 p.139].

Ratios 2016-2025: ROE 11.2% in 2025, equity 62.6% of assets, payout 43.4%

Returns. Return on average equity was 11.2% in 2025 and 7.3% in 2024; over 2017-2025 it ranged from 4.8% (2021) to 11.2% (2025) [14]. Return on average assets ranged from 3.6% (2021) to 7.2% (2025) [14]. Equity was 62.6% of total assets at 31-Dec-2025, against 86.0% at 31-Dec-2016; the ratio fell in 8 of the nine years 2017-2025 [14]. Equity itself was Tk 1,622.01m at 31-Dec-2021 and Tk 1,381.09m at 31-Dec-2025 [6 p.23] [1 p.139]; the statement of changes in equity shows the fair-value losses on UFL shares of Tk 89.08m (2024) and Tk 70.52m (2025) and dividends of Tk 44.50m and Tk 66.75m deducted in those years [1 p.190].

Earnings per share. Printed EPS was Tk 2.71 (2016), Tk 2.27 (2017), Tk 2.06 (2018), Tk 1.95 (2019), Tk 2.04 (2020), Tk 1.65 (2021), Tk 1.75 (2022), Tk 1.78 (2023), Tk 2.26 (2024) and Tk 3.46 (2025) [6 p.23] [1 p.139]. The share count has been 44,500,000 since the bonus issue of 2,500,000 shares on 23-May-2019 [1 p.199]; the 2020 report prints 42.00m shares for 2016-2018, and its EPS for those years equals profit after tax over 44.5m shares (derived) [6 p.23]. The 2025 report's EPS of Tk 3.46 is profit after tax of Tk 153,793,973 over 44,500,000 shares [1 p.206].

Tax. Tax and tax provisions took 35.6% of pre-tax profit in 2025 and 40.3% in 2024 [14]. The 2025 charge of Tk 84.96m comprises Tk 68.45m computed by income type at 20%, 10%, 15% and 37.5%, plus a 'Provision for contingent tax liability' of Tk 16.51m (2024: Tk 19.20m) [1 p.200]. The provision is booked in the profit and loss appropriation account, below 'Profit for the year' of Tk 238.75m [1 p.183]. Note 2.8 states that the company made no provision for the workers' profit participation fund, pending a decision on an exemption sought by the Bangladesh Insurance Association [1 p.195].

Cash conversion. Net cash from operating activities was Tk 96.50m in 2025 and Tk 44.20m in 2024 [1 p.191]. Collections from premium and other income were Tk 489.28m against Tk 373.88m, and payments for management expenses, re-insurance and claims Tk 339.42m against Tk 289.65m; income tax paid was Tk 53.36m [1 p.191]. Operating cash flow over profit after tax was 62.7% in 2025 and ranged from -29.4% (2016) to 176.4% (2020) over 2016-2025 [14]. Nine-month 2026 operating cash flow was Tk 155.41m (NOCFPS Tk 3.49) against Tk 36.34m (Tk 0.82) [8 p.1].

Balance sheet and audit: unmodified opinion with four key audit matters; disputed tax Tk 282.3m; solvency 1.30 times

Opinion. Hoda Vasi Chowdhury & Co (partner Sk Md Tarikul Islam, FCA), signing in Dhaka on 28 April 2026, wrote: 'In our opinion, 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 2020 and other applicable laws and regulations.' [1 p.174] [1 p.180]. The report has no emphasis-of-matter or other-matter paragraph; under 'Other Information' it states 'We have nothing to report in this regard' [1 p.178]. The 41st AGM resolution appoints M/s. M. J. Abedin & Co., Chartered Accountants, as statutory auditor for 2026 at Tk 7,00,000 [1 p.14].

Liabilities to insurers and the tax position. At 31-Dec-2025 the amount due to other persons or bodies carrying on insurance business (co-insurers and reinsurers) was Tk 203.62m and the amount due from them Tk 159.83m [1 p.182] [1 p.200]. Sundry creditors were Tk 253.28m, including a net tax provision of Tk 119.66m and other sundry creditors of Tk 106.68m [1 p.200]. Debtors of Tk 166.90m include a 'Premium collection control account' of Tk 154.71m against Tk 99.72m [1 p.203]. Note 30 puts disputed tax demands at Taka 282,339,888 and claims under litigation at Taka 3,417,322 [1 p.207]. Deferred tax was a liability of Tk 13.13m [1 p.203].

Solvency. The directors' report gives available solvency of BDT 25.17 crore and required solvency of BDT 19.43 crore at 2025, 1.30 times, against 42.64 crore and 14.91 crore (2.86 times) at 2024, and states that the margin 'remains comfortably above the regulatory minimum' [1 p.72]. The five-year table marks the 2024 and 2025 ratios 'As per Non-Life insurance solvency Margin Rules, 2024' and prints 16.21, 18.25 and 19.70 for 2023, 2022 and 2021 [1 p.139]; the 2023 report gives 2023 available solvency of Tk 1,299.93m and required solvency of Tk 80.21m [3 p.14]. The report labels the 2024 and 2025 ratios under the 2024 rules and does not print the calculation.

Printed conflicts. The balance sheet and the 2025 statements are signed by Md. Jashim Uddin as 'Chief Executive Officer (Acting)' on 28 April 2026 [1 p.182]. The board-composition page names Syed Sehab Ullah Al-Manjur, ACII (UK) as 'Chief Executive Officer (Acting)' [1 p.47], his profile gives an effective date of May 03, 2026, and the profile of Khawja Manzer Nadeem says he retired as CEO on February 28, 2026 [1 p.56]. The DSE post of 22-Jan-2026 gives the acting appointment of Md. Jashim Uddin as effective from February 01, 2026 'due to the retirement of the existing Chief Executive Officer' [10]. p.49 does not list Ms. Shama Rukh Alam on the Executive Committee; her profile lists her as a member, and p.80 prints 4 Executive Committee attendances for her with no meetings-held figure [1 p.49] [1 p.54] [1 p.80]. The BSEC certificate is signed by Shafiqul Alam & Co. [1 p.114]; Annexure-C says the certificate was 'obtained from Hoque Bhattacharjee Das & Co.' [1 p.125]. p.80 prints Ms. Shama Rukh Alam at 5 Audit Committee meetings attended of 4 held and 1 NRC meeting of 4; the NRC report prints 4 of 5 [1 p.80] [1 p.93]. The investment-committee chairman is printed as 'Mr. Khandaker Mainul Ahsan' on p.49 and the chairman as 'Khandaker Moinul Ahsan' elsewhere [1 p.49] [1 p.47].

2026 to date: nine-month PAT Tk 121.2m against Tk 104.7m; claims Tk 106.4m against Tk 50.3m

Nine months to 30-Sep-2026. Gross premium was Tk 509.68m, 6.8% above Tk 477.23m, and net premium Tk 349.65m against Tk 294.41m [8 p.1] [14]. Claims were Tk 106.40m against Tk 50.30m, 30.4% of net premium against 17.1% [8 p.1] [14]. Agency commission was nil against Tk 55.47m, and management expenses Tk 131.09m against Tk 124.91m [8 p.1]. Underwriting profit was Tk 112.16m against Tk 63.73m. 'Interest, dividend and other income' was Tk 99.14m against Tk 116.43m, profit before income tax Tk 196.63m and profit after tax Tk 121.24m, 15.8% above Tk 104.69m [8 p.1] [14]. Other comprehensive income from 'Changes in fair value of marketable securities' was Tk 204.14m against Tk 3.71m [8 p.1].

Balance sheet at 30-Sep-2026. Total shareholders' equity was Tk 1,621.18m (NAV per share Tk 36.43) against Tk 1,381.09m at 31-Dec-2025 [8 p.1]. Shares including UFL were Tk 677.65m, fixed deposits Tk 511.50m, treasury bonds Tk 445.01m and the private bond Tk 180.39m [8 p.1]. Property, plant and equipment was Tk 178.62m against Tk 124.92m, and the cash-flow statement shows Tk 67.63m spent on non-current assets in the nine months [8 p.1]. DSE posted the move of the head office to Gulshan Centre Point (12th Floor-North Block) with effect from May 03, 2026 [10]; the Q3 statement heading prints '11th Floor, South Block' [8 p.1]. The filings do not link the PPE increase to the move.

Company explanations. The Q1 2026 post states EPS 'is lower than same period of previous year due to higher claim expense and lower investment income', with Q1 EPS of Tk 0.24 against Tk 0.45 and NOCFPS of minus Tk 2.79 [10]. The Q2 and Q3 2026 posts attribute higher EPS to 'higher underwriting profit' and higher NOCFPS to 'higher collection of premiums' [10].

Governance: United Group directors and sponsors hold 59.910%; board attendance 46 of 56; 15% cash dividend

Change of control. DSE posted on 11-Nov-2024 that BSEC, by letter of 10-Nov-2024, consented to 'the execution of declared sales and buy order for entire shareholding of 23,690,950 shares, held by 7 (seven) sponsor and director shareholders and 3 (three) public shareholders' [10]. Seven corporate sponsors and directors posted sale confirmations on 18-Nov-2024 for 18,658,207 shares in total, and United Securities Limited reported the buy order complete on 20-Nov-2024 [10]. The remaining 5,032,743 shares of the 23,690,950 are the three public shareholders' part (derived) [10]. The 2025 annual report describes Mr. Khandaker Moinul Ahsan as 'one of the Founding Directors of United Group' and four other directors as United Group directors or executives [1 p.50] [1 p.51] [1 p.52] [1 p.53]. DSE posted his election as chairman on 13-Mar-2025 and a new company secretary, Mr. Md. Shakhawat Hossain, from 2-Mar-2025 [10].

Board. The board has eight directors, two of them independent [1 p.47]. The directors' report states that the company held 7 board meetings in 2025 [1 p.76]; on the attendance annexure the eight directors attended 46 of 56 seats (82.1%), with Mr. Md. Rafiqul Islam at 3 of 7 [1 p.80]. The director profiles describe each non-independent director's United Group or National Brokers roles; Mr. Md. Rafiqul Islam is also an independent director of Federal Insurance, one of the peers below [1 p.55]. The profiles do not state family relationships between directors [1 p.50] [1 p.51] [1 p.52] [1 p.53].

Shareholders. The same ten names and holdings appear in the 2024 pattern of shareholding at 31-Dec-2024 [2 p.63]. Under 'Shareholding 10% (ten) or more voting right' both reports list 'United Finance Limited 44,50,000 10%'; the line for parent, subsidiary or associated companies reads 'Nil' [1 p.81] [2 p.63]. The CEO, CFO, company secretary and head of internal audit hold no shares [1 p.81]. There were 2,829 shareholders at 31-Dec-2025 against 2,996; the 46 holders of more than 50,000 shares held 88.89% [1 p.198].

Compliance statements. The certificate on IDRA's corporate-governance guidelines marks three clauses 'Not complied': clause 13, other committees ('Corporate Social Responsibility (CSR), Environment, Social and Governance (ESG) Committee, Integrity and Ethics Committee, Reinsurance Restoration Committee, Asset Liability Management Committee'), with the remark 'The Management informed that the Committees will be formed very soon'; clause 15, 'The company should have a Policy to identify the related party transaction and conducting the transactions', remarked 'preparation of Policy is under process'; and clause 17.1, the whistle-blowing policy, also 'under process' [1 p.135]. The BSEC compliance annexure marks no condition Not complied; conditions 1(5)(v), 3(3)(c) and 5(4)(b) carry no tick and no remark [1 p.117] [1 p.120] [1 p.121]. The compliance certificate is signed by Shafiqul Alam & Co., dated 17 May 2026 [1 p.114]; the annexure names Hoque Bhattacharjee Das & Co. as the firm that issued it and as compliance auditor approved at the 39th AGM [1 p.125]. The 2025 directors' report states that related-party transactions are 'conducted at arm’s length' [1 p.76].

Management changes. DSE posted the acting appointment of Mr. Md. Jashim Uddin, Additional Managing Director, from 1-Feb-2026 to 30-Apr-2026, and on 22-Jun-2026 IDRA's approval, by letter of 17-Jun-2026, of Mr. Syed Sehab Ullah Al-Manjur, ACII (UK) as CEO [10]. His profile records earlier roles as Managing Director and CEO of Pragati Insurance PLC and General Manager at Pioneer Insurance [1 p.56]. The CFO is printed as 'Chief Financial Officer (Acting)', Mr. Md. Yasin Hossain [1 p.68]; the 2024 report names Ms. Yesmin Hosna, FCA as Chief Financial Officer [2 p.63]. The pattern of shareholding lists Mr. Khawja Manzer Nadeem (MD & CEO), Mr. Md. Yasin Hossain (CFO, Acting), Mr. Md. Shakhawat Hossain (Company Secretary) and Mr. Md. Linkon Akter (Head of Internal Audit & Compliance) [1 p.81]. The Q3 2026 statements are signed by Syed Sehab Ullah Al-Manjur as Managing Director & CEO [8 p.1]. Key management personnel compensation was Tk 16.04m in 2025 against Tk 15.37m [1 p.206].

Dividends. The board recommended 15% cash, Tk 1.50 a share and Tk 66.75m in total, for 2025 at its meeting on 28-Apr-2026, with record date 20-May-2026 and the AGM on 29-Jun-2026 [1 p.204] [10]. DSE posted the disbursement on 27-Jul-2026 [10]. Cash dividends were 11% for 2016, 2017, 2019 and 2020, 7.05% cash plus 5.95% stock for 2018, 10% for 2021-2023 and 15% for 2024 and 2025 [6 p.23] [1 p.139] [1 p.165]. The dividend and AGM history prints the 2018 stock dividend as 5.98 [1 p.165] and the 2020 report as 5.95% [6 p.23]. Payout ranged from 32.3% (2018) to 66.3% (2024) over 2016-2025 (derived from the printed percentages and share counts) [14].

DSE news, 1-Nov-2024 to 1-Nov-2026. The archive holds 59 posts [10]. They include the November 2024 share transfer (sale declarations, BSEC consent, sale and buy confirmations), two annual and six quarterly result sets, two dividend declarations and disbursements, record-date suspensions, the chairman's election, two CEO appointment notices, a change of head office, CRISL ratings of 'AAA' with Stable outlook (3-Jun-2025 and 28-Jun-2026), and a response of 9-Aug-2026 to a DSE query of 6-Aug-2026 stating 'there is no undisclosed price sensitive information' [10]. The archive has no board approval of capital expenditure, a rights issue, a merger or a new business line [10]. The 41st AGM agenda also proposed changing the name to 'United Insurance PLC.', 'subject to approval of the regulatory authorities' [1 p.12]; the AGM (29-Jun-2026) has passed, and no approval of the name change is posted on DSE [10].

Peers 2025: combined ratio 60.1%, the lowest of the 12 general insurers compared

The set. The peers are eleven Dhaka-listed general insurers with December year-ends, audited 2025 accounts and live AnalystBro analysis notes: Mercantile Islami, Karnaphuli, Peoples, Nitol, Islami, BGIC, Central, Eastland, Eastern, Asia Pacific and Federal. Every figure is on each company's own (company) basis from its 2025 revenue account and statements; opinion labels come from each company's auditor's report [15 p.84] [17 p.148] [19 p.256] [21 p.181] [23 p.98] [25 p.318] [27 p.3] [29 p.141] [31 p.3] [33 p.98] [35 p.4]. Each peer writes non-life insurance business as printed in its own report; no business-mix adjustment is made.

One definition. For every company the combined ratio is net claims plus revenue-account management expenses plus agency commission, less commission earned on re-insurance ceded, over net premium (premium less re-insurance), all for 2025 and computed in unrounded taka [1 p.185] [16 p.95] [18 p.181] [20 p.264] [22 p.189] [24 p.110] [26 p.329] [28 p.11] [30 p.153] [32 p.22] [34 p.107] [36 p.14] [14]. Commission earned includes profit commission where printed (PEOPLESINS, NITOLINS, ASIAPACINS); ASIAPACINS stamp duty of Tk 3.9m is included in management expenses. On that basis United Insurance's 60.1% ranks 1 of 12 counting from the lowest; the range is 60.1% (UNITEDINS) to 110.7% (MERCINS) [14]. Peers marked * have an auditor's qualification that touches an input to this table (BGIC, CENTRALINS, EASTERNINS, FEDERALINS); see the opinion table. Without them United Insurance ranks 1 of 8 from the lowest, with a range of 60.1% (UNITEDINS) to 110.7% (MERCINS) [14].

Claims and returns. United Insurance's net-claims ratio was 12.3%; for the eleven peers it ranged from -2.0% to 63.4% [14]. Return on average equity, from each company's printed profit after tax and equity at 31-Dec-2024 and 31-Dec-2025, was 11.2% at United Insurance, rank 3 of 12 from the highest (rank 3 of 8 without the starred peers); across the eleven peers it ranged from 3.7% to 13.2% [14]. United Insurance's net premium of Tk 438.2m ranks 5 of 12 from the largest [14]. These comparisons are limited to the 12 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 covering every printed precedent we found, with each end on a DSE business day (Sunday to Thursday); each range means the DSE business days within it. The 2025 accounts were approved on 28-Apr-2026 and the Q3 2026 accounts on 14-Oct-2026 [1 p.204] [10]. No date has been notified for any of these events. The Q3 2026 results are already announced (DSE, 15-Oct-2026) and are covered in the recent-quarters section. Board-meeting dates are taken from the 'Proposed dividend' notes of each annual report; record dates from each AGM notice; AGM dates from the dividend and AGM history page.

Bangladesh's LDC graduation date is 24-Nov-2029; the UN General Assembly adopted it on 29-Oct-2026 in New York [12] [13]. The filings do not link it to any line item. The name change to United Insurance PLC., proposed at the AGM of 29-Jun-2026 'subject to approval of the regulatory authorities', has passed as an agenda item; its outcome is unknown, and no approval is posted on DSE [1 p.12] [10].

Risks: each item and the line it relates to

Each row is a fact from the filings with the line it relates to; none is a forecast. The four key audit matters do not modify the opinion; the opinion paragraph states that the statements 'present fairly, in all material respects' [1 p.174]. United Finance Limited is both an investee of the company (37,116,828 shares) and listed as a 10% shareholder in it (4,450,000 shares) [1 p.202] [1 p.81].

History 2016-2025 and market data

Figures for 2016-2020 come from the 2020 annual report's five-year table and for 2021-2025 from the 2025 report's table [6 p.23] [1 p.139]. The 2023 report's table prints the same 2019-2023 figures [3 p.14]. NAV per share for 2016-2018 is printed on 44.5m shares (equity over 'no. of share'), although the share count printed for those years is 42.0m [6 p.23].

The 52-week range uses DSE trading-day closes from the TradingView feed, unadjusted (the window contains a cash dividend and no bonus or rights issue), from 30-Oct-2025 to 29-Oct-2026: the lowest close was Tk 35.8 on 13-Nov-2025 and the highest Tk 68.9 on 10-Aug-2026, each on a single day [9]. The close was Tk 55.0 on 29-Oct-2026 and Tk 42.2 on 29-Oct-2025 [9]. At that close the shares traded at 15.9 times 2025 EPS of Tk 3.46, 14.4 times the derived trailing EPS of Tk 3.83 (nine months of 2026 plus the fourth quarter of 2025) and 1.51 times NAV per share of Tk 36.43 at 30-Sep-2026 [14]. The P/E at the year-end prices printed in the annual reports ranged from 9.6x (2016) to 39.8x (2021) over 2016-2025 (derived) [14].

FAQ

What is United Insurance's 2025 audit opinion?

Unmodified. Hoda Vasi Chowdhury & Co wrote that the statements 'present fairly, in all material respects'. The report has four key audit matters (premium income, outstanding claims, investment in listed securities and contingent liabilities) and no emphasis-of-matter paragraph.

How profitable was United Insurance in 2025?

Profit after tax was Tk 153.8m (EPS Tk 3.46) against Tk 100.6m (EPS Tk 2.26) in 2024. Underwriting profit was Tk 117.6m and interest, dividend and other income Tk 142.0m. Return on average equity was 11.2%.

What is United Insurance's combined ratio?

60.1% in 2025 and 73.2% 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.

Who controls United Insurance?

Six directors and four sponsors held 26,657,575 shares (59.910%) at 31-Dec-2025; five of the directors are described in the annual report as United Group founders, directors or executives. In November 2024 seven corporate sponsors and directors, including Duncan Brothers (Bangladesh) Ltd. and Camellia Duncan Foundation, sold their entire holdings, with BSEC consent to the sale and purchase of 23,690,950 shares.

What is the United Finance holding?

37,116,828 United Finance Limited shares at a cost of Tk 193.5m and a fair value of Tk 426.8m at 31-Dec-2025. Their value changes go to the profit and loss appropriation account. United Finance paid United Insurance Tk 37.1m of dividends in 2025.

What dividend did United Insurance pay for 2025?

15% cash, Tk 1.50 a share, Tk 66.75m in total, 43.4% of 2025 profit after tax. The record date was 20-May-2026, the AGM was on 29-Jun-2026 and DSE posted the disbursement on 27-Jul-2026.

What is the solvency position?

The 2025 annual report gives available solvency of BDT 25.17 crore and required solvency of 19.43 crore, 1.30 times; 2.86 times a year earlier, under the Non-Life insurance Solvency Margin Rules, 2024.

Sources

1. United Insurance Company Limited Annual Report 2025, incl. audited financial statements for the year ended 31 December 2025 (corpus UNITEDINS_ANNUAL_2025, 211 pages; PDF page numbers) · link · accessed 2026-11-01
2. United Insurance Company Limited Annual Report 2024 (corpus UNITEDINS_ANNUAL_2024; PDF page numbers) · link · accessed 2026-11-01
3. United Insurance Company Limited Annual Report 2023 (corpus UNITEDINS_ANNUAL_2023; PDF page numbers) · link · accessed 2026-11-01
4. United Insurance Company Limited Annual Report 2022 (corpus UNITEDINS_ANNUAL_2022; PDF page numbers) · link · accessed 2026-11-01
5. United Insurance Company Limited Annual Report 2021 (corpus UNITEDINS_ANNUAL_2021; PDF page numbers) · link · accessed 2026-11-01
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7. United Insurance Company Limited Annual Report 2019 (corpus UNITEDINS_ANNUAL_2019; PDF page numbers) · link · accessed 2026-11-01
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9. AnalystBro market data: DSE daily bars for UNITEDINS, 3-Aug-2025 to 1-Nov-2026 (chart_bars, saved to file) · link · accessed 2026-11-01
10. DSE news archive for UNITEDINS, 1-Nov-2024 to 1-Nov-2026 (old_news.php, criteria=3): 59 posts incl. results, dividends, record dates, board-meeting notices, credit ratings, CEO appointments, sponsor share sales and a DSE query response · link · accessed 2026-11-01
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13. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-11-01
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