DSE : KARNAPHULI
Karnaphuli Insurance PLC — Financial statements
Insurance Agents, Brokers, and Service · Bangladesh
Last price 52 BDT (At close: Oct 29, 2026) · Market cap 2.33B
Latest research: Karnaphuli Insurance financial analysis: combined ratio 82.2% in 2025 as cession rose (Oct 2026) · Karnaphuli Insurance: 2025 gross premium up 7.7%, net premium down 7.0% and a combined ratio of 82.2%
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Financial statements
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 431.82M | 431.73M | 463.98M | 374.56M | 353.07M | 340.39M |
| Total Interest & Dividend Income | 86.15M | 78.37M | 62.22M | 53.79M | 49.41M | 45.54M |
| Gain (Loss) on Sale of Investments | -1.49M | -1.30M | 110.59K | 600.44K | 5.26M | 13.39M |
| Other Revenue | 70.50M | 65.45M | 42.59M | 54.14M | 37.18M | 35.71M |
| Total Revenue | 586.97M | 574.25M | 568.91M | 483.08M | 444.91M | 435.04M |
| Policy Benefits | 170.03M | 125.20M | 162.54M | 100.80M | 61.98M | 93.68M |
| Policy Acquisition & Underwriting Costs | 99.39M | 99.39M | 83.85M | 78.77M | 72.11M | 27.07M |
| Depreciation & Amortization | 14.10M | 14.10M | 11.65M | 7.74M | 8.32M | 7.20M |
| Selling, General & Administrative | 154.23M | 204.96M | 192.46M | 185.41M | 192.17M | 162.79M |
| Total Operating Expenses | 437.74M | 443.64M | 450.50M | 372.71M | 334.59M | 290.73M |
| Operating Income | 149.23M | 130.61M | 118.41M | 110.37M | 110.33M | 144.31M |
| Interest Expense | -777.28K | -777.28K | -598.33K | -169.74K | -175.12K | |
| EBT Excluding Unusual Items | 148.45M | 129.83M | 117.81M | 110.37M | 110.16M | 144.13M |
| Gain (Loss) on Sale of Assets | 1.51M | 820.55K | ||||
| Pretax Income | 148.45M | 129.83M | 119.32M | 110.37M | 110.98M | 144.13M |
| Income Tax Expense | 37.81M | 34.07M | 22.84M | 25.63M | 27.56M | 37.77M |
| Net Income | 110.65M | 95.76M | 96.48M | 84.74M | 83.42M | 106.36M |
| Net Income to Common | 110.65M | 95.76M | 96.48M | 84.74M | 83.42M | 106.36M |
| Shares Outstanding (Basic) | 44.88M | 44.88M | 44.88M | 44.88M | 44.88M | 44.88M |
| Shares Outstanding (Diluted) | 44.88M | 44.88M | 44.88M | 44.88M | 44.88M | 44.88M |
| EPS (Basic) | 2.47 | 2.13 | 2.15 | 1.89 | 1.86 | 2.37 |
| EPS (Diluted) | 2.47 | 2.13 | 2.15 | 1.89 | 1.86 | 2.37 |
| Free Cash Flow | 128.43M | 101.69M | 121.35M | 108.22M | 35.41M | 146.91M |
| Free Cash Flow Per Share | 2.86 | 2.27 | 2.70 | 2.41 | 0.79 | 3.27 |
| Dividend Per Share | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.20 |
| Operating Margin | 25.42% | 22.74% | 20.81% | 22.85% | 24.80% | 33.17% |
| Profit Margin | 18.85% | 16.68% | 16.96% | 17.54% | 18.75% | 24.45% |
| Free Cash Flow Margin | 21.88% | 17.71% | 21.33% | 22.40% | 7.96% | 33.77% |
| EBITDA | 158.56M | 139.59M | 127.07M | 118.11M | 118.65M | 151.51M |
| EBITDA Margin | 27.01% | 24.31% | 22.34% | 24.45% | 26.67% | 34.83% |
| D&A For EBITDA | 9.33M | 8.99M | 8.66M | 7.74M | 8.32M | 7.20M |
| EBIT | 149.23M | 130.61M | 118.41M | 110.37M | 110.33M | 144.31M |
| EBIT Margin | 25.42% | 22.74% | 20.81% | 22.85% | 24.80% | 33.17% |
| Effective Tax Rate | 25.47% | 26.25% | 19.14% | 23.22% | 24.83% | 26.21% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 20.23K | 20.23K | 20.23K | 20.23K | 20.23K | |
| Investments in Equity & Preferred Securities | 197.69M | 213.47M | 193.71M | 226.28M | 196.55M | |
| Other Investments | 429.86M | 29.97M | 32.34M | 36.19M | 21.79M | 21.79M |
| Total Investments | 429.86M | 227.68M | 245.83M | 229.92M | 248.09M | 218.36M |
| Cash & Equivalents | 893.27M | 876.86M | 832.81M | 795.56M | 773.45M | 820.44M |
| Reinsurance Recoverable | 86.90M | 35.16M | 6.86M | 5.55M | 15.39M | |
| Other Receivables | 616.50M | 16.47M | 16.25M | 16.55M | 16.97M | 8.36M |
| Property, Plant & Equipment | 253.88M | 254.26M | 245.16M | 231.41M | 197.49M | 169.61M |
| Other Intangible Assets | 4.22M | 3.77M | ||||
| Other Current Assets | 950.80K | 482.99M | 450.05M | 422.80M | 392.25M | 373.57M |
| Other Long-Term Assets | 157.74M | 147.54M | 113.34M | 53.18M | 48.27M | |
| Total Assets | 2.19B | 2.10B | 1.97B | 1.82B | 1.69B | 1.66B |
| Accrued Expenses | 18.71M | 13.46M | 11.32M | 10.94M | 11.19M | |
| Insurance & Annuity Liabilities | 212.25M | 192.99M | 186.16M | 150.52M | 136.57M | 132.02M |
| Unpaid Claims | 108.03M | 116.46M | 125.76M | 83.08M | 78.49M | 79.23M |
| Unearned Premiums | 85.75M | 126.92M | 70.87M | 69.16M | 55.70M | 69.65M |
| Reinsurance Payable | 2.34M | 2.34M | 28.83M | 12.99M | 2.34M | |
| Current Income Taxes Payable | 446.59M | 415.20M | 389.68M | 364.15M | 357.98M | |
| Long-Term Leases | 6.73M | 7.93M | ||||
| Long-Term Deferred Tax Liabilities | 5.98M | 3.31M | 5.99M | 5.88M | 4.20M | |
| Other Current Liabilities | 514.41M | 5.89M | 6.93M | 8.03M | 9.23M | 8.19M |
| Other Long-Term Liabilities | 108.55M | 112.85M | 103.40M | 100.28M | 87.53M | 86.95M |
| Total Liabilities | 1.03B | 1.04B | 935.37M | 846.88M | 761.49M | 751.76M |
| Common Stock | 448.76M | 448.76M | 448.76M | 448.76M | 448.76M | 448.76M |
| Additional Paid-In Capital | 72.93M | 72.93M | 72.93M | 72.93M | 72.93M | 72.93M |
| Retained Earnings | 613.99M | 549.36M | 498.98M | 447.87M | 408.01M | 384.33M |
| Comprehensive Income & Other | 29.79M | -3.62M | 16.77M | |||
| Shareholders' Equity | 1.17B | 1.07B | 1.04B | 969.56M | 929.69M | 906.01M |
| Total Liabilities & Equity | 2.19B | 2.10B | 1.97B | 1.82B | 1.69B | 1.66B |
| Filing Date Shares Outstanding | 44.88M | 44.88M | 44.88M | 44.88M | 44.88M | 44.88M |
| Total Common Shares Outstanding | 44.88M | 44.88M | 44.88M | 44.88M | 44.88M | 44.88M |
| Total Debt | 6.73M | 7.93M | ||||
| Net Cash (Debt) | 893.27M | 870.13M | 824.88M | 795.56M | 773.45M | 820.44M |
| Net Cash Per Share | 19.91 | 19.39 | 18.38 | 17.73 | 17.24 | 18.28 |
| Book Value Per Share | 25.97 | 23.79 | 23.12 | 21.61 | 20.72 | 20.19 |
| Tangible Book Value | 1.17B | 1.07B | 1.04B | 969.56M | 925.48M | 902.24M |
| Tangible Book Value Per Share | 25.97 | 23.79 | 23.12 | 21.61 | 20.62 | 20.11 |
| Land | 7.45M | 7.45M | 7.45M | 7.45M | 7.45M | |
| Buildings | 118.46M | 118.46M | 118.46M | 99.52M | 76.86M | |
| Machinery | 95.49M | 88.62M | 86.72M | 77.48M | 72.26M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 110.65M | 95.76M | 96.48M | 84.74M | 83.42M | 106.36M |
| Depreciation & Amortization | 14.13M | 13.79M | 11.65M | 7.74M | 8.32M | 7.20M |
| Other Amortization | 309.27K | 309.27K | ||||
| Gain (Loss) on Sale of Assets | -1.51M | -820.55K | ||||
| Gain (Loss) on Sale of Investments | 1.49M | 1.30M | -110.59K | -600.44K | -5.26M | -13.39M |
| Change in Accounts Receivable | -33.22M | -33.22M | -27.13M | -30.35M | -50.23M | -6.17M |
| Reinsurance Recoverable | -30.64M | -51.74M | -28.30M | -1.31M | 9.84M | 24.25M |
| Change in Unearned Revenue | 21.56M | 56.05M | 1.72M | 13.46M | -13.95M | 23.69M |
| Change in Insurance Reserves / Liabilities | -430.62K | -9.31M | 42.68M | 4.58M | -731.85K | 29.93M |
| Change in Other Net Operating Assets | 18.97M | 9.86M | 41.85M | 18.18M | -3.56M | -3.23M |
| Other Operating Activities | 33.00M | 29.27M | 19.84M | 25.63M | 27.56M | 37.77M |
| Operating Cash Flow | 143.02M | 112.07M | 130.69M | 137.93M | 65.25M | 206.42M |
| Capital Expenditures | -14.58M | -10.38M | -9.34M | -29.71M | -29.84M | -59.51M |
| Sale of Property, Plant & Equipment | 1.68M | 921.00K | ||||
| Investment in Securities | -24.33M | -14.05M | -33.53M | -41.23M | -29.47M | -23.23M |
| Other Investing Activities | 1.28M | 1.28M | -7.37M | |||
| Investing Cash Flow | -37.63M | -23.15M | -48.56M | -70.94M | -58.39M | -82.74M |
| Common Dividends Paid | -44.88M | -44.88M | -44.88M | -44.88M | -53.85M | -44.88M |
| Financing Cash Flow | -44.88M | -44.88M | -44.88M | -44.88M | -53.85M | -44.88M |
| Net Cash Flow | 60.51M | 44.05M | 37.25M | 22.11M | -46.99M | 78.80M |
| Free Cash Flow | 128.43M | 101.69M | 121.35M | 108.22M | 35.41M | 146.91M |
| Free Cash Flow Margin | 21.88% | 17.71% | 21.33% | 22.40% | 7.96% | 33.77% |
| Free Cash Flow Per Share | 2.86 | 2.27 | 2.70 | 2.41 | 0.79 | 3.27 |
| Levered Free Cash Flow | 47.36M | 82.31M | 65.16M | 74.17M | 32.81M | 119.05M |
| Unlevered Free Cash Flow | 47.84M | 82.80M | 65.53M | 74.17M | 32.92M | 119.16M |
| Cash Income Tax Paid | 38.80M | 33.98M | 26.93M | 30.02M | 41.65M | 27.40M |
| Change in Working Capital | -16.57M | -28.36M | 4.33M | 20.42M | -47.98M | 68.47M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.33B | 1.27B | 1.39B | 1.66B | 1.24B | 1.91B |
| Enterprise Value | 1.44B | 464.14M | 583.58M | 888.78M | 435.18M | 1.17B |
| PE Ratio | 21.09 | 13.31 | 14.42 | 19.54 | 14.85 | 17.93 |
| PS Ratio | 3.98 | 2.22 | 2.44 | 3.43 | 2.78 | 4.38 |
| PB Ratio | 2.00 | 1.19 | 1.34 | 1.71 | 1.33 | 2.10 |
| P/FCF Ratio | 18.17 | 12.53 | 11.46 | 15.30 | 34.98 | 12.98 |
| P/OCF Ratio | 16.32 | 11.37 | 10.64 | 12.01 | 18.98 | 9.24 |
| EV/Sales Ratio | 2.45 | 0.81 | 1.03 | 1.84 | 0.98 | 2.69 |
| EV/EBITDA Ratio | 8.82 | 3.33 | 4.59 | 7.53 | 3.67 | 7.71 |
| EV/EBIT Ratio | 9.65 | 3.55 | 4.93 | 8.05 | 3.94 | 8.10 |
| EV/FCF Ratio | 11.21 | 4.56 | 4.81 | 8.21 | 12.29 | 7.96 |
| Debt / Equity Ratio | 0.01 | 0.01 | ||||
| Debt / EBITDA Ratio | 0.05 | 0.06 | ||||
| Debt / FCF Ratio | 0.07 | 0.07 | ||||
| Net Debt / Equity Ratio | -0.77 | -0.81 | -0.80 | -0.82 | -0.83 | -0.91 |
| Net Debt / EBITDA Ratio | -5.63 | -6.23 | -6.49 | -6.74 | -6.52 | -5.42 |
| Net Debt / FCF Ratio | -6.96 | -8.56 | -6.80 | -7.35 | -21.84 | -5.58 |
| Quick Ratio | 2.74 | 1.25 | 1.34 | 1.38 | 1.49 | 1.57 |
| Current Ratio | 2.74 | 2.04 | 2.10 | 2.10 | 2.24 | 2.30 |
| Asset Turnover | 0.28 | 0.28 | 0.30 | 0.28 | 0.27 | 0.28 |
| Return on Equity (ROE) | 9.90% | 9.10% | 9.62% | 8.92% | 9.09% | 12.15% |
| Return on Assets (ROA) | 4.44% | 4.01% | 3.91% | 3.93% | 4.12% | 5.71% |
| Return on Invested Capital (ROIC) | 9.78% | 9.09% | 9.50% | 8.92% | 9.04% | 12.17% |
| Earnings Yield | 4.74% | 7.51% | 6.93% | 5.12% | 6.73% | 5.58% |
| FCF Yield | 5.50% | 7.98% | 8.72% | 6.54% | 2.86% | 7.70% |
| Dividend Yield | 1.92% | 3.52% | 3.23% | 2.71% | 3.62% | 2.82% |
| Payout Ratio | 40.56% | 46.87% | 46.51% | 52.95% | 64.56% | 42.19% |
| Total Shareholder Return | 1.92% | 3.52% | 3.23% | 2.71% | 3.62% | 2.82% |