DSE : CRYSTALINS
Crystal Insurance PLC — Financial statements
Fire, Marine, and Casualty Insurance · Bangladesh
Last price 63.5 BDT (At close: Oct 28, 2026) · Market cap 2.79B
Latest research: Crystal Insurance financial analysis: net claims ratio 32.9% and expense ratio 38.0% in 2025 (Oct 2026) · Crystal Insurance: unmodified 2025 audit, net premium Tk 704.7m and underwriting profit at 76.7% of pre-tax profit
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Financial statements
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 680.87M | 704.72M | 561.79M | 476.36M | 479.19M | 390.50M |
| Total Interest & Dividend Income | 126.80M | 105.94M | 99.96M | 42.85M | 34.00M | 40.64M |
| Gain (Loss) on Sale of Investments | -10.30M | -10.30M | -14.44M | 13.97M | 9.90M | 26.10M |
| Other Revenue | 49.32M | 36.87M | 66.39M | 55.40M | 49.98M | 70.88M |
| Total Revenue | 846.70M | 837.24M | 713.69M | 588.59M | 573.06M | 528.12M |
| Policy Benefits | 292.33M | 292.33M | 183.93M | 121.85M | 120.40M | 87.93M |
| Policy Acquisition & Underwriting Costs | 86.50M | 86.50M | 74.81M | 62.47M | 59.46M | 27.53M |
| Depreciation & Amortization | 28.98M | 31.53M | 36.31M | 37.49M | 37.67M | 37.43M |
| Selling, General & Administrative | 226.86M | 225.53M | 213.93M | 205.95M | 210.22M | 226.22M |
| Other Operating Expenses | 13.92M | 14.62M | 14.73M | 13.03M | 9.24M | 7.14M |
| Total Operating Expenses | 658.10M | 659.49M | 532.65M | 447.74M | 443.19M | 392.66M |
| Operating Income | 188.59M | 177.75M | 181.05M | 140.85M | 129.87M | 135.46M |
| Interest Expense | -1.64M | -1.70M | -1.61M | -1.11M | -1.49M | -1.15M |
| Other Non Operating Income (Expenses) | -1.38M | -1.12M | -654.24K | -671.64K | -4.35M | -6.03M |
| EBT Excluding Unusual Items | 185.57M | 174.93M | 178.78M | 139.06M | 124.04M | 128.28M |
| Gain (Loss) on Sale of Assets | 4.64M | 4.64M | ||||
| Pretax Income | 190.22M | 179.57M | 178.78M | 139.06M | 124.04M | 128.28M |
| Income Tax Expense | 36.18M | 32.61M | 41.14M | 17.19M | 15.08M | 15.11M |
| Net Income | 154.04M | 146.96M | 137.64M | 121.87M | 108.96M | 113.17M |
| Net Income to Common | 154.04M | 146.96M | 137.64M | 121.87M | 108.96M | 113.17M |
| Shares Outstanding (Basic) | 44.01M | 44.00M | 44.00M | 44.00M | 44.00M | 44.00M |
| Shares Outstanding (Diluted) | 44.01M | 44.00M | 44.00M | 44.00M | 44.00M | 44.00M |
| EPS (Basic) | 3.50 | 3.34 | 3.13 | 2.77 | 2.48 | 2.57 |
| EPS (Diluted) | 3.50 | 3.34 | 3.13 | 2.77 | 2.48 | 2.57 |
| Free Cash Flow | 105.75M | 66.90M | 6.34M | 63.12M | 219.89M | 89.03M |
| Free Cash Flow Per Share | 2.40 | 1.52 | 0.14 | 1.43 | 5.00 | 2.02 |
| Dividend Per Share | 1.20 | 1.20 | 1.20 | 0.64 | 0.91 | 0.91 |
| Operating Margin | 22.27% | 21.23% | 25.37% | 23.93% | 22.66% | 25.65% |
| Profit Margin | 18.19% | 17.55% | 19.29% | 20.71% | 19.01% | 21.43% |
| Free Cash Flow Margin | 12.49% | 7.99% | 0.89% | 10.72% | 38.37% | 16.86% |
| EBITDA | 217.57M | 209.28M | 217.36M | 178.33M | 167.54M | 172.89M |
| EBITDA Margin | 25.70% | 25.00% | 30.46% | 30.30% | 29.24% | 32.74% |
| D&A For EBITDA | 28.98M | 31.53M | 36.31M | 37.49M | 37.67M | 37.43M |
| EBIT | 188.59M | 177.75M | 181.05M | 140.85M | 129.87M | 135.46M |
| EBIT Margin | 22.27% | 21.23% | 25.37% | 23.93% | 22.66% | 25.65% |
| Effective Tax Rate | 19.02% | 18.16% | 23.01% | 12.36% | 12.16% | 11.78% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 249.37M | 119.21M | 60.00M | 50.00M | 30.00M | |
| Investments in Equity & Preferred Securities | 43.42M | 98.16M | 117.45M | 199.09M | 214.59M | 216.21M |
| Other Investments | 397.68M | 50.00M | 50.00M | |||
| Total Investments | 464.51M | 372.02M | 313.30M | 337.89M | 295.54M | 279.31M |
| Cash & Equivalents | 51.58M | 39.99M | 38.83M | 31.21M | 1.03B | 817.14M |
| Reinsurance Recoverable | 170.18M | 164.19M | 151.53M | 138.20M | 126.50M | 113.60M |
| Other Receivables | 284.43M | 84.17M | 56.48M | 14.77M | 13.14M | 16.54M |
| Property, Plant & Equipment | 234.75M | 250.65M | 274.00M | 278.21M | 298.48M | 310.37M |
| Restricted Cash | 1.05B | 1.06B | 1.05B | 1.01B | ||
| Other Current Assets | 156.51M | 103.06M | 76.26M | 63.56M | 48.22M | |
| Long-Term Deferred Tax Assets | 1.64M | 1.64M | ||||
| Other Long-Term Assets | 77.07M | 96.93M | 76.06M | 25.03M | 13.97M | 13.32M |
| Total Assets | 2.34B | 2.23B | 2.06B | 1.91B | 1.84B | 1.60B |
| Accrued Expenses | 14.59M | 53.88M | 51.53M | 50.98M | 52.94M | 35.04M |
| Insurance & Annuity Liabilities | 263.73M | 287.54M | 227.36M | 192.50M | 192.87M | 158.54M |
| Unpaid Claims | 244.08M | 172.61M | 131.98M | 119.81M | 152.34M | 67.56M |
| Unearned Premiums | 48.90M | 55.27M | 96.44M | 117.83M | 156.22M | 142.85M |
| Reinsurance Payable | 263.35M | 255.91M | 269.60M | 275.66M | 214.03M | 194.56M |
| Current Income Taxes Payable | 160.12M | 125.51M | 85.42M | 71.29M | 64.67M | |
| Long-Term Leases | 15.09M | 17.57M | 20.66M | 18.61M | 11.68M | 9.28M |
| Long-Term Deferred Tax Liabilities | 354.52K | 1.80M | 4.68M | 5.30M | ||
| Other Current Liabilities | 547.01K | 6.60M | 5.03M | 8.74M | 8.29M | 7.53M |
| Other Long-Term Liabilities | 233.74M | 3.91M | 1.65M | 1.44M | 1.27M | 1.27M |
| Total Liabilities | 1.08B | 1.01B | 930.11M | 872.81M | 865.62M | 686.61M |
| Common Stock | 440.00M | 440.00M | 440.00M | 400.00M | 400.00M | 400.00M |
| Retained Earnings | 857.32M | 824.65M | 730.49M | 660.85M | 578.98M | 510.02M |
| Comprehensive Income & Other | -44.61M | -48.18M | -41.00M | -26.24M | -6.54M | 1.87M |
| Shareholders' Equity | 1.25B | 1.22B | 1.13B | 1.03B | 972.43M | 911.89M |
| Total Liabilities & Equity | 2.34B | 2.23B | 2.06B | 1.91B | 1.84B | 1.60B |
| Filing Date Shares Outstanding | 43.95M | 44.00M | 44.00M | 44.00M | 44.00M | 44.00M |
| Total Common Shares Outstanding | 43.95M | 44.00M | 44.00M | 44.00M | 44.00M | 44.00M |
| Total Debt | 15.09M | 17.57M | 20.66M | 18.61M | 11.68M | 9.28M |
| Net Cash (Debt) | 36.49M | 22.41M | 18.17M | 12.60M | 1.02B | 807.86M |
| Net Cash Per Share | 0.83 | 0.51 | 0.41 | 0.29 | 23.07 | 18.36 |
| Book Value Per Share | 28.51 | 27.65 | 25.67 | 23.51 | 22.10 | 20.72 |
| Tangible Book Value | 1.25B | 1.22B | 1.13B | 1.03B | 972.43M | 911.89M |
| Tangible Book Value Per Share | 28.51 | 27.65 | 25.67 | 23.51 | 22.10 | 20.72 |
| Land | 51.87M | 51.87M | 51.87M | 51.87M | 51.87M | |
| Machinery | 173.79M | 189.63M | 164.52M | 161.53M | 138.04M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 154.04M | 146.96M | 137.64M | 121.87M | 108.96M | 113.17M |
| Depreciation & Amortization | 39.94M | 42.49M | 48.03M | 48.00M | 44.47M | 43.72M |
| Gain (Loss) on Sale of Assets | -4.64M | -4.64M | ||||
| Gain (Loss) on Sale of Investments | 17.38M | 17.38M | 14.44M | -13.97M | -9.90M | -26.10M |
| Change in Unearned Revenue | -41.17M | -41.17M | -21.39M | -38.39M | 13.37M | -18.70M |
| Change in Insurance Reserves / Liabilities | 40.63M | 40.63M | 12.17M | -32.53M | 84.78M | 33.74M |
| Change in Other Net Operating Assets | 7.78M | 7.78M | 9.62M | 44.09M | 48.08M | 31.65M |
| Other Operating Activities | -99.13M | -132.91M | -103.73M | -59.42M | -46.57M | -65.68M |
| Operating Cash Flow | 114.83M | 76.52M | 96.79M | 69.66M | 243.19M | 111.82M |
| Capital Expenditures | -9.08M | -9.62M | -90.45M | -6.54M | -23.29M | -22.79M |
| Sale of Property, Plant & Equipment | 8.31M | 5.96M | ||||
| Investment in Securities | -144.61M | -99.06M | 7.73M | -74.20M | -14.94M | -101.11M |
| Other Investing Activities | 103.20M | 97.44M | 64.54M | 60.94M | 44.98M | 73.40M |
| Investing Cash Flow | -42.17M | -5.28M | -18.18M | -19.80M | 6.74M | -50.50M |
| Common Dividends Paid | -46.43M | -52.65M | -30.48M | -39.66M | -40.21M | -38.15M |
| Financing Cash Flow | -46.43M | -52.65M | -30.48M | -39.66M | -40.21M | -38.15M |
| Miscellaneous Cash Flow Adjustments | -2.00 | 1.00 | 1.00 | |||
| Net Cash Flow | 26.22M | 18.59M | 48.12M | 10.20M | 209.72M | 23.17M |
| Free Cash Flow | 105.75M | 66.90M | 6.34M | 63.12M | 219.89M | 89.03M |
| Free Cash Flow Margin | 12.49% | 7.99% | 0.89% | 10.72% | 38.37% | 16.86% |
| Free Cash Flow Per Share | 2.40 | 1.52 | 0.14 | 1.43 | 5.00 | 2.02 |
| Levered Free Cash Flow | -83.98M | 55.97M | -30.97M | -899.75M | 219.47M | 141.10M |
| Unlevered Free Cash Flow | -82.95M | 57.03M | -29.96M | -899.05M | 220.41M | 141.82M |
| Cash Income Tax Paid | 43.98M | 43.98M | 26.18M | 16.80M | 12.33M | 26.60M |
| Change in Working Capital | 7.24M | 7.24M | 399.90K | -26.82M | 146.23M | 46.69M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.94B | 2.52B | 2.49B | 3.40B | 1.61B | 2.26B |
| Enterprise Value | 2.90B | 2.49B | 2.46B | 2.39B | 1.58B | 2.23B |
| PE Ratio | 19.08 | 17.13 | 18.12 | 27.93 | 14.79 | 20.00 |
| PS Ratio | 3.47 | 3.01 | 3.50 | 5.78 | 2.81 | 4.29 |
| PB Ratio | 2.35 | 2.07 | 2.21 | 3.29 | 1.66 | 2.48 |
| P/FCF Ratio | 27.80 | 37.62 | 393.67 | 53.93 | 7.33 | 25.43 |
| P/OCF Ratio | 25.60 | 32.89 | 25.78 | 48.87 | 6.63 | 20.25 |
| EV/Sales Ratio | 3.43 | 2.97 | 3.44 | 4.07 | 2.76 | 4.23 |
| EV/EBITDA Ratio | 13.03 | 11.90 | 11.30 | 13.42 | 9.44 | 12.91 |
| EV/EBIT Ratio | 15.39 | 14.01 | 13.57 | 17.00 | 12.18 | 16.48 |
| EV/FCF Ratio | 27.45 | 37.22 | 387.75 | 37.93 | 7.19 | 25.07 |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.01 |
| Debt / EBITDA Ratio | 0.07 | 0.08 | 0.09 | 0.10 | 0.07 | 0.05 |
| Debt / FCF Ratio | 0.14 | 0.26 | 3.26 | 0.29 | 0.05 | 0.10 |
| Net Debt / Equity Ratio | -0.03 | -0.02 | -0.02 | -0.01 | -1.04 | -0.89 |
| Net Debt / EBITDA Ratio | -0.17 | -0.11 | -0.08 | -0.07 | -6.06 | -4.67 |
| Net Debt / FCF Ratio | -0.34 | -0.34 | -2.87 | -0.20 | -4.62 | -9.07 |
| Quick Ratio | 0.43 | 0.06 | 0.06 | 0.05 | 1.57 | 1.60 |
| Current Ratio | 2.73 | 2.14 | 2.05 | 1.92 | 1.88 | 1.94 |
| Asset Turnover | 0.38 | 0.39 | 0.36 | 0.31 | 0.33 | 0.35 |
| Return on Equity (ROE) | 12.80% | 12.53% | 12.72% | 12.14% | 11.56% | 12.93% |
| Return on Assets (ROA) | 5.30% | 5.18% | 5.71% | 4.70% | 4.72% | 5.55% |
| Return on Invested Capital (ROIC) | 12.23% | 12.20% | 12.65% | 12.12% | 11.97% | 13.51% |
| Earnings Yield | 5.24% | 5.84% | 5.52% | 3.58% | 6.76% | 5.00% |
| FCF Yield | 3.60% | 2.66% | 0.25% | 1.85% | 13.64% | 3.93% |
| Dividend Yield | 1.80% | 2.10% | 2.12% | 0.82% | 2.48% | 1.77% |
| Payout Ratio | 30.14% | 35.83% | 22.15% | 32.55% | 36.91% | 33.71% |
| Total Shareholder Return | 1.78% | 2.10% | 2.12% | 0.82% | 2.48% | 1.77% |