DSE : BNIPLC
Bangladesh National Insurance PLC — Financial statements
Fire, Marine, and Casualty Insurance · Bangladesh
Last price 158.2 BDT (At close: Oct 29, 2026) · Market cap 7.00B
Latest research: Bangladesh National Insurance financial analysis: 85% of profit from investments, 57% of FDRs in one bank (Oct 2026) · Bangladesh National Insurance: rising profit, carried by interest, with 57% of its deposits in one bank
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Financial statements
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 871.31M | 763.97M | 821.77M | 790.85M | 645.75M | 586.63M |
| Total Interest & Dividend Income | 253.83M | 242.29M | 167.47M | 108.76M | 92.29M | 78.01M |
| Gain (Loss) on Sale of Investments | -6.59M | -6.59M | -3.13M | 2.70M | 21.91M | 10.75M |
| Other Revenue | 81.59M | 81.32M | 67.33M | 54.48M | 75.32M | 57.67M |
| Total Revenue | 1.20B | 1.08B | 1.05B | 956.79M | 835.26M | 733.06M |
| Policy Benefits | 334.84M | 278.56M | 319.81M | 234.08M | 159.56M | 234.26M |
| Policy Acquisition & Underwriting Costs | 161.15M | 161.15M | 152.96M | 150.31M | 135.81M | 47.17M |
| Depreciation & Amortization | 39.90M | 39.90M | 41.55M | 38.43M | 28.97M | 14.84M |
| Selling, General & Administrative | 303.78M | 303.78M | 290.45M | 291.88M | 274.15M | 233.89M |
| Total Operating Expenses | 856.61M | 797.35M | 816.35M | 726.09M | 609.78M | 539.76M |
| Operating Income | 343.53M | 283.65M | 237.08M | 230.70M | 225.48M | 193.30M |
| Interest Expense | -4.62M | -4.62M | -5.35M | -2.84M | -1.63M | -1.24M |
| Other Non Operating Income (Expenses) | -2.00 | -2.00 | -2.00 | 1.00 | ||
| EBT Excluding Unusual Items | 338.92M | 279.03M | 231.74M | 227.86M | 223.85M | 192.06M |
| Gain (Loss) on Sale of Assets | -14.96K | -14.96K | -52.90K | -76.17K | 1.90M | 64.72K |
| Pretax Income | 338.90M | 279.02M | 231.68M | 227.79M | 225.75M | 192.13M |
| Income Tax Expense | 83.09M | 66.10M | 46.35M | 49.00M | 48.97M | 49.10M |
| Net Income | 255.81M | 212.91M | 185.34M | 178.79M | 176.78M | 143.03M |
| Net Income to Common | 255.81M | 212.91M | 185.34M | 178.79M | 176.78M | 143.03M |
| Shares Outstanding (Basic) | 44.34M | 44.25M | 44.25M | 44.25M | 44.25M | 44.25M |
| Shares Outstanding (Diluted) | 44.34M | 44.25M | 44.25M | 44.25M | 44.25M | 44.25M |
| EPS (Basic) | 5.77 | 4.81 | 4.19 | 4.04 | 4.00 | 3.23 |
| EPS (Diluted) | 5.77 | 4.81 | 4.19 | 4.04 | 4.00 | 3.23 |
| Free Cash Flow | 323.12M | 165.21M | 295.14M | 53.65M | 394.84M | 408.12M |
| Free Cash Flow Per Share | 7.29 | 3.73 | 6.67 | 1.21 | 8.92 | 9.22 |
| Dividend Per Share | 2.20 | 2.20 | 2.00 | 2.00 | 2.00 | 1.80 |
| Operating Margin | 28.62% | 26.24% | 22.51% | 24.11% | 27.00% | 26.37% |
| Profit Margin | 21.32% | 19.70% | 17.59% | 18.69% | 21.16% | 19.51% |
| Free Cash Flow Margin | 26.92% | 15.28% | 28.02% | 5.61% | 47.27% | 55.67% |
| EBITDA | 354.79M | 295.58M | 251.49M | 248.40M | 243.40M | 201.51M |
| EBITDA Margin | 29.56% | 27.34% | 23.87% | 25.96% | 29.14% | 27.49% |
| D&A For EBITDA | 11.25M | 11.93M | 14.41M | 17.70M | 17.92M | 8.21M |
| EBIT | 343.53M | 283.65M | 237.08M | 230.70M | 225.48M | 193.30M |
| EBIT Margin | 28.62% | 26.24% | 22.51% | 24.11% | 27.00% | 26.37% |
| Effective Tax Rate | 24.52% | 23.69% | 20.00% | 21.51% | 21.69% | 25.55% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Equity & Preferred Securities | 55.66M | 51.72M | 100.30M | 101.89M | 127.55M | 78.34M |
| Total Investments | 300.48M | 453.30M | 491.87M | 495.68M | 396.20M | 315.00M |
| Cash & Equivalents | 2.04B | 1.80B | 1.71B | 1.53B | 1.53B | 1.29B |
| Reinsurance Recoverable | 1.20M | 1.20M | 1.20M | 1.20M | 1.20M | 1.20M |
| Other Receivables | 88.32M | 69.69M | 67.84M | 40.05M | 36.62M | 31.28M |
| Property, Plant & Equipment | 433.93M | 93.83M | 119.74M | 94.75M | 73.25M | 62.63M |
| Other Current Assets | 364.93M | 269.73M | 206.76M | 197.02M | 146.88M | 226.35M |
| Other Long-Term Assets | 235.01M | 174.95M | 127.17M | 146.97M | 75.00M | |
| Total Assets | 3.23B | 2.92B | 2.77B | 2.49B | 2.33B | 2.00B |
| Accrued Expenses | 22.98M | 56.11M | 71.42M | 67.17M | 64.21M | 31.15M |
| Insurance & Annuity Liabilities | 311.33M | 330.73M | 323.72M | 264.49M | 242.44M | |
| Unpaid Claims | 412.26M | 380.44M | 174.88M | 213.14M | 129.63M | |
| Unearned Premiums | 209.57M | 160.94M | 117.19M | 88.16M | 62.86M | |
| Reinsurance Payable | 198.94M | 241.40M | 273.17M | 235.88M | 306.57M | |
| Current Income Taxes Payable | 278.37M | 211.33M | 211.02M | 160.04M | 238.89M | |
| Long-Term Leases | 45.82M | 58.29M | 29.06M | 14.91M | 14.58M | |
| Long-Term Deferred Tax Liabilities | 4.37M | 5.30M | 6.85M | 8.83M | 8.77M | |
| Other Current Liabilities | 1.69B | 10.35M | 13.09M | 12.82M | 7.38M | 2.58M |
| Other Long-Term Liabilities | 11.00 | 12.07M | 39.45M | 106.94M | 220.78M | -1.00 |
| Total Liabilities | 1.72B | 1.54B | 1.51B | 1.32B | 1.28B | 1.04B |
| Common Stock | 442.50M | 442.50M | 442.50M | 442.50M | 442.50M | 442.50M |
| Retained Earnings | 1.07B | 940.74M | 816.33M | 720.45M | 610.46M | 524.46M |
| Shareholders' Equity | 1.52B | 1.38B | 1.26B | 1.16B | 1.05B | 966.96M |
| Total Liabilities & Equity | 3.23B | 2.92B | 2.77B | 2.49B | 2.33B | 2.00B |
| Filing Date Shares Outstanding | 44.25M | 44.25M | 44.25M | 44.25M | 44.25M | 44.25M |
| Total Common Shares Outstanding | 44.25M | 44.25M | 44.25M | 44.25M | 44.25M | 44.25M |
| Total Debt | 45.82M | 58.29M | 29.06M | 14.91M | 14.58M | |
| Net Cash (Debt) | 2.04B | 1.75B | 1.65B | 1.50B | 1.51B | 1.28B |
| Net Cash Per Share | 46.12 | 39.63 | 37.30 | 33.92 | 34.23 | 28.89 |
| Book Value Per Share | 34.26 | 31.26 | 28.45 | 26.28 | 23.80 | 21.85 |
| Tangible Book Value | 1.52B | 1.38B | 1.26B | 1.16B | 1.05B | 966.96M |
| Tangible Book Value Per Share | 34.26 | 31.26 | 28.45 | 26.28 | 23.80 | 21.85 |
| Machinery | 123.31M | 120.26M | 118.65M | 115.61M | 95.32M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 255.81M | 212.91M | 185.34M | 178.79M | 176.78M | 143.03M |
| Depreciation & Amortization | 44.98M | 39.90M | 41.55M | 38.43M | 28.97M | 14.84M |
| Gain (Loss) on Sale of Assets | -355.00K | -355.00K | -194.33K | -141.95K | -6.01M | -300.00K |
| Change in Unearned Revenue | 65.00M | 48.63M | 43.75M | 29.03M | 25.31M | |
| Change in Income Taxes | -90.35M | -69.16M | -58.17M | -54.75M | -47.34M | -25.35M |
| Change in Insurance Reserves / Liabilities | 31.82M | 31.82M | 205.57M | -38.27M | 83.51M | 2.66M |
| Change in Other Net Operating Assets | -13.76M | -95.35M | -121.92M | 19.23M | 159.28M | 249.04M |
| Other Operating Activities | 47.44M | 13.69M | 948.53K | 14.62M | 36.27M | 43.92M |
| Operating Cash Flow | 339.71M | 181.50M | 296.95M | 187.01M | 456.80M | 427.88M |
| Capital Expenditures | -16.59M | -16.29M | -1.81M | -133.36M | -61.95M | -19.76M |
| Sale of Property, Plant & Equipment | 42.96K | 42.96K | 194.33K | 141.95K | 6.01M | 300.00K |
| Investment in Securities | -31.32M | -11.48M | -46.13M | 25.46M | -101.18M | -50.00M |
| Other Investing Activities | 26.91M | 25.37M | 18.25M | 13.64M | 12.70M | 5.18M |
| Investing Cash Flow | -20.96M | -2.35M | -29.49M | -94.11M | -144.43M | -64.28M |
| Common Dividends Paid | -88.50M | -88.50M | -88.50M | -88.50M | -79.65M | -66.38M |
| Financing Cash Flow | -88.50M | -88.50M | -88.50M | -88.50M | -79.65M | -66.38M |
| Miscellaneous Cash Flow Adjustments | -1.00 | -5.00 | 1.00 | |||
| Net Cash Flow | 230.25M | 90.64M | 178.96M | 4.40M | 232.72M | 297.22M |
| Free Cash Flow | 323.12M | 165.21M | 295.14M | 53.65M | 394.84M | 408.12M |
| Free Cash Flow Margin | 26.92% | 15.28% | 28.02% | 5.61% | 47.27% | 55.67% |
| Free Cash Flow Per Share | 7.29 | 3.73 | 6.67 | 1.21 | 8.92 | 9.22 |
| Levered Free Cash Flow | 338.70M | 220.16M | 369.43M | 81.33M | 178.21M | 327.35M |
| Unlevered Free Cash Flow | 341.59M | 223.04M | 372.77M | 83.11M | 179.23M | 328.12M |
| Cash Income Tax Paid | 82.46M | 69.16M | 58.17M | 54.75M | 47.34M | 25.35M |
| Change in Working Capital | -8.16M | -84.66M | 69.31M | -44.69M | 220.78M | 226.39M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.00B | 1.98B | 1.90B | 2.51B | 2.56B | 6.01B |
| Enterprise Value | 4.96B | 224.07M | 291.75M | 1.06B | 1.07B | 5.09B |
| PE Ratio | 27.42 | 9.29 | 10.27 | 14.03 | 14.49 | 42.05 |
| PS Ratio | 5.83 | 1.83 | 1.81 | 2.62 | 3.07 | 8.20 |
| PB Ratio | 4.62 | 1.43 | 1.51 | 2.16 | 2.43 | 6.22 |
| P/FCF Ratio | 21.66 | 11.97 | 6.45 | 46.77 | 6.49 | 14.73 |
| P/OCF Ratio | 20.61 | 10.90 | 6.41 | 13.42 | 5.61 | 14.05 |
| EV/Sales Ratio | 4.13 | 0.21 | 0.28 | 1.10 | 1.27 | 6.94 |
| EV/EBITDA Ratio | 12.95 | 0.76 | 1.16 | 4.26 | 4.38 | 25.26 |
| EV/EBIT Ratio | 14.43 | 0.79 | 1.23 | 4.58 | 4.72 | 26.33 |
| EV/FCF Ratio | 15.34 | 1.36 | 0.99 | 19.71 | 2.70 | 12.47 |
| Debt / Equity Ratio | 0.03 | 0.05 | 0.03 | 0.01 | 0.01 | |
| Debt / EBITDA Ratio | 0.14 | 0.21 | 0.11 | 0.06 | 0.07 | |
| Debt / FCF Ratio | 0.28 | 0.20 | 0.54 | 0.04 | 0.04 | |
| Net Debt / Equity Ratio | -1.35 | -1.27 | -1.31 | -1.29 | -1.44 | -1.32 |
| Net Debt / EBITDA Ratio | -5.76 | -5.93 | -6.56 | -6.04 | -6.22 | -6.34 |
| Net Debt / FCF Ratio | -6.33 | -10.62 | -5.59 | -27.98 | -3.84 | -3.13 |
| Quick Ratio | 1.19 | 1.54 | 1.58 | 1.79 | 1.99 | 1.68 |
| Current Ratio | 1.46 | 1.84 | 1.84 | 2.06 | 2.23 | 2.01 |
| Asset Turnover | 0.39 | 0.38 | 0.40 | 0.40 | 0.39 | 0.41 |
| Return on Equity (ROE) | 17.86% | 16.12% | 15.31% | 16.14% | 17.50% | 15.39% |
| Return on Assets (ROA) | 7.04% | 6.23% | 5.64% | 5.99% | 6.50% | 6.73% |
| Return on Invested Capital (ROIC) | 17.46% | 15.76% | 15.12% | 16.02% | 17.23% | 15.37% |
| Earnings Yield | 3.65% | 10.76% | 9.74% | 7.13% | 6.90% | 2.38% |
| FCF Yield | 4.62% | 8.35% | 15.51% | 2.14% | 15.41% | 6.79% |
| Dividend Yield | 1.39% | 4.92% | 4.65% | 3.53% | 3.45% | 1.32% |
| Payout Ratio | 34.60% | 41.57% | 47.75% | 49.50% | 45.06% | 46.41% |
| Total Shareholder Return | 1.16% | 4.92% | 4.65% | 3.53% | 3.45% | 1.32% |