DSE : ICICL
Islami Commercial Insurance PLC. — Financial statements
Fire, Marine, and Casualty Insurance · Bangladesh
Last price 38.1 BDT (At close: Oct 29, 2026) · Market cap 1.93B
Latest research: Islami Commercial Insurance financial analysis: 2025 combined ratio 77.4% and seven audit emphasis paragraphs (Oct 2026) · Islami Commercial Insurance: gross premium Tk 857.5m in 2025, combined ratio 77.4%, seven emphasis-of-matter paragraphs
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Financial statements
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 686.79M | 665.62M | 447.07M | 361.18M | 363.47M | 335.12M |
| Total Interest & Dividend Income | 23.45M | 34.08M | 50.88M | 45.14M | 26.09M | 17.62M |
| Other Revenue | 30.25M | 30.25M | 28.14M | 24.10M | 28.01M | 34.79M |
| Total Revenue | 740.48M | 729.94M | 526.08M | 430.41M | 417.57M | 387.53M |
| Policy Benefits | 47.47M | 47.47M | 32.07M | 24.32M | 43.97M | 86.81M |
| Policy Acquisition & Underwriting Costs | 110.68M | 110.68M | 76.02M | 57.35M | 47.26M | 22.51M |
| Depreciation & Amortization | 8.43M | 8.01M | 7.49M | 7.42M | 7.01M | 7.86M |
| Selling, General & Administrative | 475.19M | 475.41M | 308.58M | 251.25M | 219.06M | 193.16M |
| Other Operating Expenses | 1.19M | 1.19M | 2.37M | 1.07M | 1.07M | 692.37K |
| Total Operating Expenses | 642.97M | 642.77M | 426.53M | 341.42M | 318.37M | 314.93M |
| Operating Income | 97.51M | 87.18M | 99.55M | 88.99M | 99.20M | 72.60M |
| Other Non Operating Income (Expenses) | -632.68K | -2.51M | -2.71M | -3.35M | -7.62M | -9.55M |
| EBT Excluding Unusual Items | 96.88M | 84.67M | 96.84M | 85.64M | 91.58M | 63.05M |
| Gain (Loss) on Sale of Assets | -2.24M | 523.90K | -9.03M | 2.32M | -1.97M | 14.95M |
| Pretax Income | 93.28M | 85.19M | 87.81M | 87.96M | 89.61M | 78.00M |
| Income Tax Expense | 30.59M | 27.27M | 29.17M | 28.50M | 29.92M | 20.12M |
| Net Income | 62.69M | 57.92M | 58.64M | 59.46M | 59.69M | 57.87M |
| Preferred Dividends & Other Adjustments | 919.54K | 919.54K | 2.00M | 2.93M | 7.55M | 2.50M |
| Net Income to Common | 61.77M | 57.00M | 56.64M | 56.54M | 52.14M | 55.37M |
| Shares Outstanding (Basic) | 50.65M | 50.65M | 50.65M | 50.65M | 50.65M | 30.39M |
| Shares Outstanding (Diluted) | 50.65M | 50.65M | 50.65M | 50.65M | 50.65M | 30.39M |
| EPS (Basic) | 1.22 | 1.13 | 1.12 | 1.12 | 1.03 | 1.82 |
| EPS (Diluted) | 1.22 | 1.13 | 1.12 | 1.12 | 1.03 | 1.82 |
| Free Cash Flow | 31.11M | 55.28M | -1.72M | 64.11M | 77.70M | 100.54M |
| Free Cash Flow Per Share | 0.61 | 1.09 | -0.03 | 1.27 | 1.53 | 3.31 |
| Dividend Per Share | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Operating Margin | 13.17% | 11.94% | 18.92% | 20.68% | 23.76% | 18.73% |
| Profit Margin | 8.34% | 7.81% | 10.77% | 13.13% | 12.49% | 14.29% |
| Free Cash Flow Margin | 4.20% | 7.57% | -0.33% | 14.89% | 18.61% | 25.94% |
| EBITDA | 106.50M | 95.09M | 107.04M | 96.27M | 106.21M | 80.46M |
| EBITDA Margin | 14.38% | 13.03% | 20.35% | 22.37% | 25.44% | 20.76% |
| D&A For EBITDA | 8.99M | 7.91M | 7.49M | 7.28M | 7.01M | 7.86M |
| EBIT | 97.51M | 87.18M | 99.55M | 88.99M | 99.20M | 72.60M |
| EBIT Margin | 13.17% | 11.94% | 18.92% | 20.68% | 23.76% | 18.73% |
| Effective Tax Rate | 32.80% | 32.01% | 33.22% | 32.40% | 33.39% | 25.80% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Equity & Preferred Securities | 253.15M | 265.46M | 264.00M | 271.71M | 217.91M | 210.34M |
| Total Investments | 336.16M | 265.46M | 264.00M | 271.71M | 217.91M | 210.34M |
| Cash & Equivalents | 442.75M | 454.76M | 464.36M | 521.60M | 586.96M | 354.61M |
| Reinsurance Recoverable | 310.77M | 311.98M | 313.83M | 245.72M | 213.41M | 204.64M |
| Other Receivables | 268.40M | 25.24M | 41.02M | 31.50M | 10.04M | 8.55M |
| Property, Plant & Equipment | 149.96M | 151.08M | 150.29M | 153.62M | 151.85M | 157.72M |
| Other Intangible Assets | 431.42K | 471.78K | 589.72K | 369.65K | 462.07K | |
| Other Current Assets | 1.12M | 240.58M | 204.96M | 182.59M | 149.42M | 125.70M |
| Other Long-Term Assets | 83.01M | 70.00M | 58.00M | 35.00M | 25.00M | |
| Total Assets | 1.51B | 1.53B | 1.51B | 1.47B | 1.36B | 1.09B |
| Accrued Expenses | 9.57M | 12.35M | 10.06M | 10.11M | 9.88M | 22.77M |
| Insurance & Annuity Liabilities | 236.10M | 270.53M | 184.79M | 148.89M | 148.12M | 138.83M |
| Unpaid Claims | 23.57M | 31.58M | 47.29M | 84.90M | 36.54M | 39.47M |
| Unearned Premiums | 28.11M | 29.85M | 32.38M | 15.07M | 13.87M | 16.19M |
| Reinsurance Payable | 92.53M | 92.71M | 173.76M | 173.42M | 158.36M | 133.97M |
| Current Income Taxes Payable | 221.88M | 213.93M | 186.62M | 157.42M | 128.90M | 98.95M |
| Long-Term Deferred Tax Liabilities | -296.45K | -285.09K | -241.63K | -211.49K | -188.29K | -153.06K |
| Other Current Liabilities | 2.29M | 2.29M | 1.07M | 390.81K | ||
| Other Long-Term Liabilities | 8.12M | 8.12M | ||||
| Total Liabilities | 613.76M | 652.97M | 635.71M | 598.09M | 503.61M | 450.02M |
| Common Stock | 506.53M | 506.53M | 506.53M | 506.53M | 506.53M | 303.92M |
| Retained Earnings | 244.32M | 227.88M | 219.42M | 213.43M | 210.92M | 187.37M |
| Comprehensive Income & Other | 144.57M | 145.17M | 147.28M | 147.28M | 143.90M | 145.71M |
| Shareholders' Equity | 895.42M | 879.57M | 873.22M | 867.23M | 861.35M | 636.99M |
| Total Liabilities & Equity | 1.51B | 1.53B | 1.51B | 1.47B | 1.36B | 1.09B |
| Filing Date Shares Outstanding | 50.65M | 50.65M | 50.65M | 50.65M | 50.65M | 30.39M |
| Total Common Shares Outstanding | 50.65M | 50.65M | 50.65M | 50.65M | 50.65M | 30.39M |
| Net Cash (Debt) | 442.75M | 454.76M | 464.36M | 521.60M | 586.96M | 354.61M |
| Net Cash Per Share | 8.74 | 8.98 | 9.17 | 10.30 | 11.59 | 11.67 |
| Book Value Per Share | 17.68 | 17.36 | 17.24 | 17.12 | 17.01 | 20.96 |
| Tangible Book Value | 895.42M | 879.14M | 872.75M | 866.64M | 860.98M | 636.53M |
| Tangible Book Value Per Share | 17.68 | 17.36 | 17.23 | 17.11 | 17.00 | 20.94 |
| Land | 1.48M | 1.48M | 1.48M | 1.48M | 1.48M | |
| Buildings | 149.27M | 149.27M | 149.27M | 149.27M | 149.27M | |
| Machinery | 105.20M | 99.11M | 95.39M | 89.42M | 89.34M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 62.69M | 57.92M | 58.64M | 59.46M | 59.69M | 57.87M |
| Depreciation & Amortization | 8.99M | 7.91M | 7.49M | 7.01M | 7.86M | |
| Other Amortization | 100.36K | 100.36K | ||||
| Other Operating Activities | 9.65M | -2.29M | -63.80M | 12.72M | 12.03M | 35.35M |
| Operating Cash Flow | 36.47M | 63.64M | 2.32M | 72.18M | 78.74M | 101.08M |
| Capital Expenditures | -5.36M | -8.36M | -4.04M | -8.07M | -1.04M | -543.92K |
| Investment in Securities | -3.82M | -14.47M | -4.29M | -76.80M | -17.57M | -21.46M |
| Investing Cash Flow | -9.18M | -22.83M | -8.33M | -84.87M | -18.61M | -22.01M |
| Issuance of Common Stock | 202.61M | |||||
| Common Dividends Paid | -49.43M | -49.43M | -49.97M | -50.26M | -30.39M | -21.27M |
| Other Financing Activities | -972.53K | -972.53K | -1.26M | -2.41M | ||
| Financing Cash Flow | -50.40M | -50.40M | -51.23M | -52.67M | 172.22M | -21.27M |
| Miscellaneous Cash Flow Adjustments | -7.31K | -7.31K | ||||
| Net Cash Flow | -23.12M | -9.60M | -57.24M | -65.36M | 232.35M | 57.80M |
| Free Cash Flow | 31.11M | 55.28M | -1.72M | 64.11M | 77.70M | 100.54M |
| Free Cash Flow Margin | 4.20% | 7.57% | -0.33% | 14.89% | 18.61% | 25.94% |
| Free Cash Flow Per Share | 0.61 | 1.09 | -0.03 | 1.27 | 1.53 | 3.31 |
| Levered Free Cash Flow | -7.98M | -32.31M | -24.47M | 54.36M | 70.20M | 100.51M |
| Unlevered Free Cash Flow | -7.98M | -32.31M | -24.47M | 54.36M | 70.20M | 100.51M |
| Cash Income Tax Paid | 32.52M | 33.24M | 32.90M | 34.46M | 30.14M | 20.76M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.93B | 1.13B | 1.09B | 1.58B | 1.42B | |
| Enterprise Value | 1.44B | 724.33M | 635.85M | 1.09B | 1.06B | |
| PE Ratio | 19.05 | 19.82 | 19.23 | 27.95 | 27.30 | |
| PS Ratio | 2.41 | 1.55 | 2.07 | 3.67 | 3.41 | |
| PB Ratio | 2.15 | 1.28 | 1.25 | 1.82 | 1.65 | |
| P/FCF Ratio | 62.04 | 20.43 | 24.65 | 18.32 | ||
| P/OCF Ratio | 52.92 | 17.75 | 468.58 | 21.89 | 18.08 | |
| EV/Sales Ratio | 1.80 | 0.99 | 1.21 | 2.53 | 2.55 | |
| EV/EBITDA Ratio | 8.77 | 7.62 | 5.94 | 11.31 | 10.02 | |
| EV/EBIT Ratio | 9.33 | 8.31 | 6.39 | 12.23 | 10.72 | |
| EV/FCF Ratio | 46.18 | 13.10 | 16.98 | 13.69 | ||
| Net Debt / Equity Ratio | -0.49 | -0.52 | -0.53 | -0.60 | -0.68 | -0.56 |
| Net Debt / EBITDA Ratio | -4.16 | -4.78 | -4.34 | -5.42 | -5.53 | -4.41 |
| Net Debt / FCF Ratio | -14.23 | -8.23 | 270.60 | -8.14 | -7.55 | -3.53 |
| Quick Ratio | 1.82 | 1.19 | 1.03 | 1.18 | 1.69 | 1.14 |
| Current Ratio | 2.71 | 2.70 | 2.27 | 2.22 | 2.76 | 2.23 |
| Asset Turnover | 0.49 | 0.48 | 0.35 | 0.30 | 0.34 | 0.38 |
| Return on Equity (ROE) | 7.05% | 6.61% | 6.74% | 6.88% | 7.97% | 9.43% |
| Return on Assets (ROA) | 4.01% | 3.58% | 4.18% | 3.93% | 5.06% | 4.41% |
| Return on Invested Capital (ROIC) | 7.38% | 6.76% | 7.64% | 6.96% | 8.82% | 8.77% |
| Earnings Yield | 5.25% | 5.13% | 5.38% | 3.76% | 4.19% | |
| FCF Yield | 1.61% | 4.89% | -0.16% | 4.06% | 5.46% | |
| Dividend Yield | 2.62% | 4.48% | 4.65% | 3.21% | 3.56% | |
| Payout Ratio | 78.84% | 85.33% | 85.22% | 84.53% | 50.91% | 36.76% |
| Buyback Yield / Dilution | -0.41% | -66.67% | ||||
| Total Shareholder Return | 2.22% | 4.48% | 4.65% | 3.21% | -63.11% |