DSE : NATLIFEINS
National Life Insurance PLC — Financial statements
Life Insurance · Bangladesh
Last price 90.1 BDT (At close: Oct 29, 2026) · Market cap 9.78B
Latest research: National Life Insurance financial analysis: life fund BDT 70bn, EPS set by actuarial surplus, maturity claims up (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
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Financial statements
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 25.16B | 23.35B | 21.02B | 18.63B | 16.10B | 14.15B |
| Total Interest & Dividend Income | 5.83B | 5.71B | 4.63B | 3.74B | 3.46B | 3.42B |
| Other Revenue | 93.31M | 57.17M | 56.90M | 60.24M | 104.10M | 162.37M |
| Total Revenue | 31.08B | 29.11B | 25.71B | 22.43B | 19.67B | 17.74B |
| Policy Benefits | 13.77B | 11.38B | 12.04B | 11.01B | 10.52B | 8.82B |
| Policy Acquisition & Underwriting Costs | 3.61B | 3.44B | 3.12B | 2.84B | 2.40B | 2.25B |
| Depreciation & Amortization | 208.95M | 203.12M | 189.10M | 163.98M | 142.16M | 128.26M |
| Selling, General & Administrative | 897.84M | 872.12M | 826.73M | 673.13M | 583.32M | 490.66M |
| Other Operating Expenses | 16.24M | 26.59M | 28.04M | 13.40M | 9.93M | 21.34M |
| Total Operating Expenses | 20.51B | 17.78B | 17.93B | 16.35B | 14.93B | 12.91B |
| Operating Income | 10.57B | 11.33B | 7.78B | 6.08B | 4.74B | 4.83B |
| Interest Expense | -10.28M | -9.35M | -7.41M | -5.27M | -8.21M | -8.11M |
| Other Non Operating Income (Expenses) | -98.74M | -102.71M | -104.76M | -114.83M | -85.83M | -102.94M |
| EBT Excluding Unusual Items | 10.46B | 11.22B | 7.67B | 5.96B | 4.64B | 4.72B |
| Gain (Loss) on Sale of Assets | 149.86K | 280.94K | 1.78M | 158.85K | 300.47M | 312.54K |
| Other Unusual Items | -5.00M | |||||
| Pretax Income | 10.46B | 11.22B | 7.67B | 5.96B | 4.94B | 4.71B |
| Income Tax Expense | 625.32M | 619.56M | 278.49M | 537.45M | 356.81M | 481.92M |
| Earnings From Continuing Ops. | 9.84B | 10.60B | 7.39B | 5.42B | 4.59B | 4.23B |
| Minority Interest in Earnings | -784.91K | -289.55K | -865.40K | -1.08M | -2.69M | -3.77M |
| Net Income | 9.84B | 10.60B | 7.39B | 5.42B | 4.58B | 4.23B |
| Net Income to Common | 9.84B | 10.60B | 7.39B | 5.42B | 4.58B | 4.23B |
| Shares Outstanding (Basic) | 108.52M | 108.52M | 108.52M | 108.52M | 108.52M | 108.52M |
| Shares Outstanding (Diluted) | 108.52M | 108.52M | 108.52M | 108.52M | 108.52M | 108.52M |
| EPS (Basic) | 90.66 | 97.69 | 68.12 | 49.96 | 42.25 | 38.95 |
| EPS (Diluted) | 90.66 | 97.69 | 68.12 | 49.96 | 42.25 | 38.95 |
| Free Cash Flow | 9.53B | 9.28B | 6.35B | 4.76B | 2.45B | 3.94B |
| Free Cash Flow Per Share | 87.79 | 85.53 | 58.51 | 43.87 | 22.56 | 36.35 |
| Dividend Per Share | 3.70 | 3.70 | 3.50 | 3.80 | 3.80 | 3.50 |
| Operating Margin | 34.02% | 38.93% | 30.27% | 27.11% | 24.09% | 27.22% |
| Profit Margin | 31.65% | 36.41% | 28.76% | 24.17% | 23.31% | 23.83% |
| Free Cash Flow Margin | 30.65% | 31.88% | 24.70% | 21.23% | 12.45% | 22.24% |
| EBITDA | 10.70B | 11.45B | 7.90B | 6.17B | 4.82B | 4.90B |
| EBITDA Margin | 34.42% | 39.34% | 30.72% | 27.53% | 24.49% | 27.61% |
| D&A For EBITDA | 125.96M | 120.14M | 114.97M | 93.54M | 80.23M | 69.33M |
| EBIT | 10.57B | 11.33B | 7.78B | 6.08B | 4.74B | 4.83B |
| EBIT Margin | 34.02% | 38.93% | 30.27% | 27.11% | 24.09% | 27.22% |
| Effective Tax Rate | 5.98% | 5.52% | 3.63% | 9.02% | 7.22% | 10.22% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 43.06B | 37.60B | 27.58B | 23.28B | 20.64B | 17.67B |
| Investments in Equity & Preferred Securities | 2.24B | 1.76B | 1.87B | 2.53B | 2.19B | 2.26B |
| Policy Loans | 1.48B | 1.38B | 1.16B | 965.25M | 809.35M | 675.93M |
| Other Investments | 740.84M | 2.17B | 2.54B | 783.23M | 769.28M | 665.69M |
| Total Investments | 47.52B | 42.91B | 33.16B | 27.56B | 24.41B | 21.27B |
| Cash & Equivalents | 19.06B | 21.39B | 22.36B | 22.86B | 21.57B | 22.20B |
| Other Receivables | 4.90B | 6.42B | 5.90B | 4.90B | 4.63B | 5.03B |
| Property, Plant & Equipment | 2.32B | 2.32B | 2.06B | 1.88B | 1.76B | 2.26B |
| Other Intangible Assets | 270.15M | 270.15M | 270.15M | 270.15M | 270.15M | 270.15M |
| Other Current Assets | 5.43B | 5.05B | 4.38B | 3.58B | 3.06B | 2.52B |
| Other Long-Term Assets | 28.92M | 39.26M | 37.13M | 40.42M | 36.84M | 26.79M |
| Total Assets | 79.52B | 78.41B | 68.17B | 61.09B | 55.73B | 53.58B |
| Insurance & Annuity Liabilities | 71.02B | 70.18B | 59.96B | 53.01B | 48.01B | 43.86B |
| Unpaid Claims | 78.13M | 119.92M | 952.01M | 761.01M | 1.16B | 3.15B |
| Unearned Premiums | 227.64M | 247.34M | 154.88M | 139.91M | 145.05M | 142.60M |
| Reinsurance Payable | 115.05M | 106.03M | 154.38M | 170.68M | 167.67M | 150.27M |
| Long-Term Leases | 245.69M | 190.25M | 152.51M | 115.28M | 121.72M | |
| Other Current Liabilities | 15.44M | 15.55M | 2.24M | 3.16M | 3.83M | |
| Other Long-Term Liabilities | 6.46B | 5.90B | 5.17B | 5.30B | 4.59B | 4.66B |
| Total Liabilities | 77.91B | 76.82B | 66.59B | 59.53B | 54.18B | 52.09B |
| Common Stock | 1.09B | 1.09B | 1.09B | 1.09B | 1.09B | 1.09B |
| Retained Earnings | 482.47M | 461.72M | 463.68M | 438.15M | 442.95M | 384.26M |
| Comprehensive Income & Other | 16.25M | 15.81M | 12.89M | 9.24M | ||
| Total Common Equity | 1.58B | 1.56B | 1.56B | 1.53B | 1.53B | 1.47B |
| Minority Interest | 24.29M | 23.66M | 23.63M | 22.77M | 22.64M | 20.90M |
| Shareholders' Equity | 1.61B | 1.59B | 1.59B | 1.56B | 1.55B | 1.49B |
| Total Liabilities & Equity | 79.52B | 78.41B | 68.17B | 61.09B | 55.73B | 53.58B |
| Filing Date Shares Outstanding | 108.52M | 108.52M | 108.52M | 108.52M | 108.52M | 108.52M |
| Total Common Shares Outstanding | 108.52M | 108.52M | 108.52M | 108.52M | 108.52M | 108.52M |
| Total Debt | 245.69M | 190.25M | 152.51M | 115.28M | 121.72M | |
| Net Cash (Debt) | 19.06B | 21.15B | 22.17B | 22.71B | 21.45B | 22.08B |
| Net Cash Per Share | 175.59 | 194.86 | 204.31 | 209.29 | 197.70 | 203.47 |
| Book Value Per Share | 14.60 | 14.40 | 14.39 | 14.12 | 14.08 | 13.54 |
| Tangible Book Value | 1.31B | 1.29B | 1.29B | 1.26B | 1.26B | 1.20B |
| Tangible Book Value Per Share | 12.11 | 11.91 | 11.90 | 11.63 | 11.59 | 11.05 |
| Land | 800.03M | 799.78M | 799.10M | 796.45M | 1.30B | |
| Buildings | 535.38M | 535.38M | 535.38M | 535.25M | 534.66M | |
| Machinery | 1.43B | 1.29B | 1.23B | 1.07B | 989.05M | |
| Construction In Progress | 175.20M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 9.84B | 10.60B | 7.39B | 5.42B | 4.58B | 4.23B |
| Depreciation & Amortization | 203.44M | 197.61M | 184.66M | 159.12M | 136.62M | 124.06M |
| Other Operating Activities | -247.18M | -1.05B | -858.89M | -533.83M | -2.11B | -292.77M |
| Operating Cash Flow | 9.79B | 9.75B | 6.72B | 5.05B | 2.62B | 4.06B |
| Capital Expenditures | -267.95M | -466.45M | -368.79M | -285.91M | -166.66M | -113.66M |
| Sale of Property, Plant & Equipment | 179.83K | 310.91K | 1.85M | 159.65K | 827.30M | 32.59M |
| Investment in Securities | -8.93B | -9.68B | -6.25B | -2.91B | -3.36B | -1.49B |
| Investing Cash Flow | -9.38B | -10.35B | -6.81B | -3.34B | -2.82B | -1.65B |
| Common Dividends Paid | -768.42M | -366.78M | -413.30M | -414.01M | -424.58M | -430.45M |
| Financing Cash Flow | -768.42M | -366.78M | -413.30M | -414.01M | -424.58M | -430.45M |
| Miscellaneous Cash Flow Adjustments | -1.00 | 1.00 | ||||
| Net Cash Flow | -349.92M | -969.63M | -502.24M | 1.29B | -632.12M | 1.97B |
| Free Cash Flow | 9.53B | 9.28B | 6.35B | 4.76B | 2.45B | 3.94B |
| Free Cash Flow Margin | 30.65% | 31.88% | 24.70% | 21.23% | 12.45% | 22.24% |
| Free Cash Flow Per Share | 87.79 | 85.53 | 58.51 | 43.87 | 22.56 | 36.35 |
| Levered Free Cash Flow | 4.81B | 4.84B | 3.05B | 2.47B | 810.10M | 1.82B |
| Unlevered Free Cash Flow | 4.82B | 4.84B | 3.05B | 2.47B | 815.23M | 1.83B |
| Cash Income Tax Paid | 944.83M | 740.24M | 671.72M | 434.42M | 518.82M | 385.86M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.78B | 10.14B | 11.53B | 19.43B | 19.43B | 23.94B |
| Enterprise Value | -9.25B | -8.39B | -10.24B | -1.19B | -2.21B | 3.57B |
| PE Ratio | 0.99 | 0.96 | 1.56 | 3.58 | 4.24 | 5.66 |
| PS Ratio | 0.31 | 0.35 | 0.45 | 0.87 | 0.99 | 1.35 |
| PB Ratio | 6.08 | 6.39 | 7.27 | 12.49 | 12.53 | 16.06 |
| P/FCF Ratio | 1.03 | 1.09 | 1.81 | 4.08 | 7.93 | 6.07 |
| P/OCF Ratio | 1.00 | 1.04 | 1.72 | 3.85 | 7.43 | 5.90 |
| EV/Sales Ratio | 0.20 | |||||
| EV/EBITDA Ratio | 0.73 | |||||
| EV/EBIT Ratio | 0.74 | |||||
| EV/FCF Ratio | 0.91 | |||||
| Debt / Equity Ratio | 0.15 | 0.12 | 0.10 | 0.07 | 0.08 | |
| Debt / EBITDA Ratio | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | |
| Debt / FCF Ratio | 0.03 | 0.03 | 0.03 | 0.05 | 0.03 | |
| Net Debt / Equity Ratio | -11.85 | -13.33 | -13.98 | -14.60 | -13.84 | -14.82 |
| Net Debt / EBITDA Ratio | -1.78 | -1.85 | -2.81 | -3.68 | -4.45 | -4.51 |
| Net Debt / FCF Ratio | -2.00 | -2.28 | -3.49 | -4.77 | -8.76 | -5.60 |
| Quick Ratio | 50.19 | 52.49 | 20.93 | 24.58 | 16.95 | 7.55 |
| Current Ratio | 67.23 | 67.14 | 25.80 | 29.11 | 19.81 | 8.61 |
| Asset Turnover | 0.42 | 0.40 | 0.40 | 0.38 | 0.36 | 0.34 |
| Return on Equity (ROE) | 615.28% | 668.51% | 470.80% | 349.17% | 301.69% | 293.54% |
| Return on Assets (ROA) | 8.89% | 9.66% | 7.53% | 6.51% | 5.42% | 5.85% |
| Return on Invested Capital (ROIC) | 621.34% | 593.59% | 430.58% | 327.93% | 268.19% | 279.06% |
| Earnings Yield | 100.62% | 104.60% | 64.14% | 27.91% | 23.60% | 17.66% |
| FCF Yield | 97.43% | 91.57% | 55.09% | 24.51% | 12.60% | 16.48% |
| Dividend Yield | 4.11% | 3.96% | 3.30% | 2.12% | 2.12% | 1.59% |
| Payout Ratio | 7.81% | 3.46% | 5.59% | 7.64% | 9.26% | 10.18% |
| Total Shareholder Return | 4.11% | 3.96% | 3.30% | 2.12% | 2.12% | 1.59% |