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Company valuation reports, peer comparisons, results notes, industry reports and macro views, built from company filings and official data and independently reviewed before publishing. Company reports show their full model as view-only sheets. Facts and estimates, not investment advice.
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Company · DSE:POPULARLIF · Life insurance · Analysis · 29 Oct 2026
Popular Life Insurance: a life fund that has shrunk from BDT 22.9bn to BDT 13.8bn as maturities outrun a falling premium book
Gross premium fell to BDT 5.01bn in 2025, back to its 2017 level, while maturity claims of BDT 4.20bn took claims to 90.3% of premium. The life fund fell in 6 of the last 8 years and the Q3 2026 deficit of BDT 1,320.6m took it to BDT 13.82bn. EPS fell to BDT 1.47; the board kept a 20% cash dividend. The auditor qualified the 2025 accounts over cash commission payments and outstanding premium.
Company · DSE:PRAGATILIF · Life insurance · Analysis · 29 Oct 2026
Pragati Life Insurance: premium up 13% a year for a decade, a life fund that finally jumped 18% in 2025, and BDT 296m of doubtful deposits not yet provided for
Gross premium reached BDT 6.67bn in 2025 and the life fund grew BDT 1.21bn, more than in the four previous years combined, as claims fell and group business stopped losing money. The auditor says BDT 505.6m of deposits and related exposures look doubtful against a BDT 210m reserve. The stock trades at 37.4x bonus-adjusted FY2025 EPS with a 1.05% cash yield.
Company · DSE:DELTALIFE · Life insurance · Analysis · 29 Oct 2026
Delta Life Insurance: a BDT 40.7bn life fund that went nowhere for five years, eight straight years of negative operating cash flow, and EPS that doubled to BDT 8.64
Gross premium rose 7.9% to BDT 10.2bn in 2025 and the life fund grew for the first time since 2020, after a regulator-appointed administrator ran the company from February 2021 to September 2022. A third of invested assets sit in listed shares. The stock trades at 8.0x FY2025 EPS with a 5.1% cash yield.
Company · DSE:NATLIFEINS · Life insurance · Analysis · 29 Oct 2026
National Life Insurance: a BDT 70bn life fund that grew 17% in 2025, but shareholders earn only the surplus slice, BDT 3.70 a share
Gross premium rose 11.1% to BDT 23.4bn in 2025 and expenses stayed 12.0% under the IDRA limit; EPS is set by the actuary's surplus split (6.5% to shareholders in 2025) and H1 2026 maturity claims rose 50%. The stock trades at 24.4x EPS and 1.60x NAV.