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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:SANDHANINS · Life insurance · Analysis · 29 Oct 2026
Sandhani Life Insurance: the life fund shrank for eight years to 2024 and grew 2.3% in 2025; the 12% dividend took all of the surplus
Gross premium grew 1.1% to BDT 2,468m in 2025 while first-year premium fell for a third year; claims dropped to 73.7% of premium, the yield on the fund was 7.01%, the lowest in ten years, and EPS was BDT 1.20, equal to the cash dividend. The stock trades at 18.5x EPS and 1.23x NAV.
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.