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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.
32 articles.
Company · DSE:JANATAINS · Insurance · Analysis · 02 Nov 2026
Janata Insurance: 2025 EPS Tk 1.10, combined ratio 78.5% and Tk 353.0m due from Sadharan Bima
A Dhaka general insurer with Tk 730.8m of equity and Tk 678.9m of cash and bank balances. 2025 net premium rose 7.8% to Tk 445.9m and EPS was Tk 1.10; the auditor's opinion is unmodified with three emphases of matter and three key audit matters.
Company · DSE:UNITEDINS · Insurance · Analysis · 02 Nov 2026
United Insurance: 2025 EPS Tk 3.46, combined ratio 60.1% and a Tk 426.8m United Finance stake
A Dhaka general insurer with Tk 1.38bn of equity, controlled since November 2024 by United Group shareholders. 2025 net premium rose 48.0% to Tk 438.2m and EPS was Tk 3.46; the auditor's opinion is unmodified with four key audit matters.
Company · DSE:MERCINS · Insurance · Analysis · 01 Nov 2026
Mercantile Islami Insurance: fire claims of Tk 181.7m, combined ratio 110.7% and 2025 EPS Tk 1.65
A Dhaka general insurer with Tk 935m of equity and Tk 1.06bn in FDRs. 2025 net premium fell 29.6% to Tk 273.8m, fire lost Tk 144.2m and EPS was Tk 1.65; the auditor added four emphasis-of-matter bullets.
Company · DSE:SIPLC · Insurance · Analysis · 31 Oct 2026
Sena Insurance: a fire and aviation insurer that cedes two-thirds of its premium and earns most of its profit from deposits
Army-welfare-owned general insurer. 2025 premium rose 47.5% and profit 20.3%, helped by a Tk 60m claims-reserve release; in H1 2026 claims doubled and agency commission disappeared, and nine-month EPS rose 18.5%.
Company · DSE:MEGHNAINS · Insurance · Analysis · 29 Oct 2026
Meghna Insurance: 2025 gross premium up 40.4%, underwriting profit Tk 36.2m, combined ratio 75.2%
A Dhaka general insurer writing 70.4% of its premium in marine cargo. In 2025 gross premium rose to Tk 1,250.1m, underwriting profit fell to Tk 36.2m, interest income was Tk 53.8m and EPS Tk 1.35; nine-month 2026 EPS was Tk 0.93 (2025: Tk 0.98).
Company · DSE:TAKAFULINS · Insurance · Analysis · 29 Oct 2026
Takaful Islami Insurance: a Tk 810m-premium Shariah-based insurer with an 83.5% combined ratio and an 'except for' audit opinion
A Shariah-based general insurer, 64% marine cargo by premium. 2025 company profit fell to Tk 52.8m; nine-month 2026 EPS was Tk 1.88 against Tk 1.13, with commission down 83%.
Company · DSE:NORTHRNINS · Insurance · Analysis · 29 Oct 2026
Northern Islami Insurance: 2025 EPS Tk 1.68, combined ratio 101.0% and a qualified audit
A Dhaka general insurer with Tk 959.3m of bank FDRs and Tk 693.9m of outstanding claims. In 2025 gross premium fell 23.4%, interest income was Tk 77.8m, underwriting profit Tk 63.0m and EPS Tk 1.68; nine-month 2026 EPS was Tk 1.32 against Tk 1.36.
Company · DSE:PHENIXINS · Insurance · Analysis · 29 Oct 2026
Phoenix Insurance: 2025 EPS Tk 2.02, combined ratio 90.7% and a fire loss of Tk 48.1m
A Dhaka general insurer with no bank debt and City Bank shares with a market value of Tk 217.9m. In 2025 fire made a Tk 48.1m underwriting loss, share-sale gains were Tk 26.7m and EPS was Tk 2.02; nine-month 2026 EPS was Tk 2.05 against Tk 1.61.
Company · DSE:SONARBAINS · Insurance · Analysis · 29 Oct 2026
Sonar Bangla Insurance: qualified 2025 audit, combined ratio 94.2% and consolidated EPS Tk 0.69
A Dhaka general insurer with fire and marine cargo at 87.5% of 2025 gross premium and two capital-market subsidiaries. 2025 consolidated EPS was Tk 0.69 and nine-month 2026 EPS Tk 1.07 (DSE); the 2025 audit opinion is qualified.
Company · DSE:ICICL · Insurance · Analysis · 29 Oct 2026
Islami Commercial Insurance: gross premium Tk 857.5m in 2025, combined ratio 77.4%, seven emphasis-of-matter paragraphs
A Dhaka general insurer with marine cargo at 53.4% of 2025 gross premium. 2025 EPS was Tk 1.13 and nine-month 2026 EPS Tk 1.38 (DSE); the unmodified 2025 audit opinion carries seven emphasis-of-matter paragraphs.
Company · DSE:GLOBALINS · Insurance · Analysis · 29 Oct 2026
Global Insurance: 2025 EPS Tk 1.29, combined ratio 93.5% and management expenses at 55.8% of gross premium
A Dhaka non-life insurer. 2025 net premium Tk 619.29m and EPS Tk 1.29; H1 2026 EPS Tk 1.48 (DSE). Unmodified 2025 audit opinion with one emphasis paragraph on WPPF; the company told DSE that IDRA fined it for excess management expenses in 2020-2024.
Company · DSE:REPUBLIC · Insurance · Analysis · 29 Oct 2026
Republic Insurance: qualified 2025 audit, combined ratio 79.4% and Tk 799.7m due from SBC
A general insurer: in 2025 marine cargo made Tk 115.9m of underwriting profit and total underwriting profit was Tk 105.9m. The auditor qualified the 2025 accounts over gratuity, expected credit loss and unconfirmed SBC balances. EPS was Tk 1.88; nine-month 2026 EPS was Tk 1.45 against Tk 1.47.
Company · DSE:RUPALIINS · Insurance · Analysis · 29 Oct 2026
Rupali Insurance: unmodified 2025 audit, net underwriting profit Tk 98.2m and combined ratio 74.2%
A Dhaka general insurer with fire and marine cargo at 77.9% of 2025 gross premium. 2025 EPS was Tk 1.02 and nine-month 2026 EPS Tk 1.02 (DSE); the 2025 audit opinion carries no emphasis paragraph.
Company · DSE:ASIAINS · Insurance · Analysis · 29 Oct 2026
Asia Insurance: 2025 EPS Tk 2.09, combined ratio 76.9% and Southeast Bank holdings at 56.3% of equity
A Dhaka non-life insurer. 2025 net premium Tk 455.52m and EPS Tk 2.09; nine-month 2026 EPS Tk 1.76 (DSE). Unmodified 2025 audit opinion with one emphasis-of-matter paragraph on a cover-note restatement.
Company · DSE:CRYSTALINS · Insurance · Analysis · 29 Oct 2026
Crystal Insurance: unmodified 2025 audit, net premium Tk 704.7m and underwriting profit at 76.7% of pre-tax profit
A Dhaka general insurer with fire and marine cargo at 81.2% of 2025 gross premium. 2025 EPS was Tk 3.34 and nine-month 2026 EPS Tk 3.05; Tk 87.2m of FDRs sit with five named banks.
Company · DSE:FEDERALINS · Insurance · Analysis · 29 Oct 2026
Federal Insurance: qualified 2025 audit opinion, gross premium down 4.8% and EPS Tk 1.10
A Dhaka general insurer with Tk 926m of equity and no bank borrowings. 2025 gross premium was Tk 615.4m and EPS Tk 1.10; the auditor qualified the 2025 opinion over an agent balance of Tk 117.1m; nine-month 2026 EPS was Tk 1.16 against Tk 0.85 (DSE).
Company · DSE:ASIAPACINS · Insurance · Analysis · 29 Oct 2026
Asia Pacific General Insurance: 2025 EPS Tk 2.51, gross premium Tk 820.7m and combined ratio 67.2%
A Dhaka non-life insurer. 2025 gross premium Tk 820.7m and EPS Tk 2.51; nine-month 2026 EPS Tk 2.55 (DSE). The 2025 audit opinion is qualified, with six emphasis-of-matter paragraphs.
Company · DSE:EASTERNINS · Insurance · Analysis · 29 Oct 2026
Eastern Insurance: qualified 2025 audit, Tk 1.2bn of FDRs and investment and other income at 95.6% of pre-tax profit
A Dhaka general insurer that earns most of its profit from deposits. 2025 EPS was Tk 2.87 and nine-month 2026 EPS Tk 2.86; the auditor qualified the 2025 accounts and names Tk 264m of FDRs in five banks.
Company · DSE:EASTLAND · Insurance · Analysis · 29 Oct 2026
Eastland Insurance: 2025 EPS of Tk 1.10, agency commission of Tk 203.1m and nine-month 2026 EPS of Tk 1.11
A fire- and marine-led Dhaka general insurer that cedes 58% of its premium. 2025 EPS was Tk 1.10 under an unmodified audit with emphasis on unconfirmed bank, FDR and co-insurance balances; nine-month 2026 EPS was Tk 1.11 against Tk 0.69.
Company · DSE:CENTRALINS · Insurance · Analysis · 29 Oct 2026
Central Insurance: adverse audit opinion on 2025, combined ratio up to 79.8% and nine-month 2026 EPS of Tk 1.79
A Dhaka general insurer with Tk 697m of cash and deposits and Tk 1.5bn of property revaluation in equity. Its auditor gave an adverse opinion on 2025; EPS was Tk 1.87, and nine-month 2026 EPS was Tk 1.79 against Tk 1.45.
Company · DSE:BGIC · Insurance · Analysis · 29 Oct 2026
Bangladesh General Insurance: qualified 2025 audit, combined ratio 81.4% and nine-month 2026 EPS of Tk 1.74
A fire-led Dhaka general insurer with Tk 904m of fixed deposits and a Tk 297m overdraft. 2025 EPS was Tk 1.51 under a qualified audit opinion on management expenses and unconfirmed co-insurance balances; nine-month 2026 EPS was Tk 1.74 against Tk 1.73.
Company · DSE:ISLAMIINS · Insurance · Analysis · 29 Oct 2026
Islami Insurance Bangladesh: a Tk 688m-premium takaful insurer with a 67.7% combined ratio and four auditor emphasis paragraphs
A Shariah-based general insurer, 48% marine and 39% fire by premium. 2025 profit fell 10.9% to Tk 125.1m; the auditor's emphasis paragraphs cover land depreciation, the management-expense limit, the gratuity fund and a VAT gap.
Company · DSE:KARNAPHULI · Insurance · Analysis · 29 Oct 2026
Karnaphuli Insurance: 2025 gross premium up 7.7%, net premium down 7.0% and a combined ratio of 82.2%
A fire-led Dhaka general insurer with no debt and Tk 877m of cash and deposits. In 2025 it ceded more premium, net premium fell 7.0% and EPS was Tk 2.13; nine-month 2026 EPS was Tk 2.20 against Tk 1.72.
Company · DSE:NITOLINS · Insurance · Analysis · 29 Oct 2026
Nitol Insurance: a Tk 705m-premium general insurer with a 72.7% combined ratio and three auditor emphasis paragraphs
A small general insurer, 39% fire and 33% marine by premium. 2025 profit rose 3.2% to Tk 81.5m; the auditor's emphasis paragraphs cover SBC balances, deposits in merged banks and an unfunded gratuity.
Company · DSE:PROVATIINS · Insurance · Analysis · 29 Oct 2026
Provati Insurance: fire lost money two years running, 2024 underwriting margin hit a ten-year low, and H1 2026 premium rose 34%
A Dhaka general insurer that writes mostly fire and marine cargo. 2024 profit fell 10.4% to Tk 79m with a 91.4% combined ratio and Tk 424.6m due from the state reinsurer; 2025 EPS was Tk 1.73 and H1 2026 profit rose 43%.
Company · DSE:PEOPLESINS · Insurance · Analysis · 29 Oct 2026
Peoples Insurance: underwriting profit doubled in 2025 on a fire-claim release, and 2026 shows no commission and lower premium
A marine-led Dhaka insurer with no debt and Tk 1.6bn in deposits. 2025 profit rose 47.8%, with Tk 112m of fire-claim provisions released after claims were repudiated; H1 2026 profit nearly doubled with no agency commission while premium fell 29.3%.
Company · DSE:BNIPLC · Insurance · Analysis · 29 Oct 2026
Bangladesh National Insurance: rising profit, carried by interest, with 57% of its deposits in one bank
A Meghna Group general insurer whose pre-tax profit has risen every year since 2016. In 2025 investments supplied 85% of it while underwriting profit fell; nine-month 2026 underwriting profit doubled after agency commission ended.
Company · DSE:PRAGATIINS · Insurance · Analysis · 29 Oct 2026
Pragati Insurance: a fire-and-marine insurer with a heavy balance sheet, now earning more without agency commission
A 1986 general insurer that writes Tk 2.7bn of premium, keeps 54% and earns as much from deposits and rent as from underwriting. Its 2025 combined ratio of 71.2% is the highest of four peers; in H1 2026 commission fell to Tk 0.2m and profit rose 37% while premium fell 8.5%.
Company · DSE:PIONEERINS · Insurance · Analysis · 29 Oct 2026
Pioneer Insurance: a fire-led top-three insurer whose 2026 profit rose after agency commission was discontinued
A Tk 3.9bn-premium general insurer, half of it fire. 2025 premium rose 20% but profit fell 5% as commission and expenses grew; in 2026 the company says discontinuing agency commission lifted EPS, while marine claims rose sharply.
Company · DSE:GREENDELT · Insurance · Analysis · 29 Oct 2026
Green Delta Insurance: a 38.9% combined ratio built on reinsurance, with Tk 3.99bn due from reinsurers and overdraft costs above investment income
Bangladesh's largest private general insurer cedes 58% of its premium and earns Tk 893m of reinsurance commission back. 2025 company profit rose 13.7%, but subsidiaries cut group EPS to Tk 5.44, finance cost exceeded investment income, and H1 2026 profit fell 8.1%.
Company · DSE:CITYGENINS · Insurance · Analysis · 29 Oct 2026
City Insurance: a marine insurer earning two-thirds of its profit from interest, with commission gone in 2026
A marine-cargo insurer that keeps two-thirds of its premium. 2025 profit rose 10.5% on a jump in FDR interest while fire claims hit underwriting; H1 2026 profit rose 66% with no agency commission, as premium fell 13.6%.
Company · DSE:RELIANCINS · Insurance · Analysis · 29 Oct 2026
Reliance Insurance: low-cost underwriting and a big bond book, with a fire loss and an SBC receivable to watch
A fire-led corporate insurer that cedes 70% of its premium. 2025 profit fell 7.7% on the airport cargo-village fire; H1 2026 profit rose 21% after IDRA suspended agency-commission licences from 1-Jan-2026.