DSE : NITOLINS
Nitol Insurance PLC. — Financial statements
Insurance Carriers · Bangladesh
Last price 58.5 BDT (At close: Oct 29, 2026) · Market cap 2.47B
Latest research: Nitol Insurance financial analysis: combined ratio 72.7% and Tk 121m SBC payable gap flagged by auditor (Oct 2026) · Nitol Insurance: a Tk 705m-premium general insurer with a 72.7% combined ratio and three auditor emphasis 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 | 376.14M | 400.24M | 381.42M | 361.46M | 347.50M | 360.08M |
| Total Interest & Dividend Income | 38.80M | 34.39M | 37.18M | 42.92M | 51.33M | 52.50M |
| Gain (Loss) on Sale of Investments | 107.79K | 107.79K | 338.68K | 30.00K | -337.16K | 117.23K |
| Other Revenue | 49.44M | 83.31M | 85.42M | 90.78M | 71.76M | 62.53M |
| Total Revenue | 464.49M | 518.05M | 504.36M | 495.19M | 470.25M | 475.23M |
| Policy Benefits | 84.77M | 92.48M | 98.55M | 112.99M | 90.91M | 91.72M |
| Policy Acquisition & Underwriting Costs | 23.94M | 89.44M | 79.70M | 85.01M | 77.20M | 35.17M |
| Depreciation & Amortization | 20.76M | 20.76M | 19.10M | 20.25M | 18.26M | 18.20M |
| Selling, General & Administrative | 195.62M | 203.70M | 197.43M | 189.19M | 172.41M | 171.61M |
| Other Operating Expenses | -42.77K | -256.50K | -1.23M | |||
| Total Operating Expenses | 325.10M | 406.39M | 394.79M | 407.39M | 358.52M | 315.46M |
| Operating Income | 139.39M | 111.66M | 109.57M | 87.79M | 111.72M | 159.76M |
| EBT Excluding Unusual Items | 139.39M | 111.66M | 109.57M | 87.79M | 111.72M | 159.76M |
| Gain (Loss) on Sale of Assets | 1.31M | 1.31M | 3.82K | 90.84K | ||
| Pretax Income | 140.71M | 112.97M | 109.57M | 87.79M | 111.73M | 159.85M |
| Income Tax Expense | 43.75M | 31.46M | 30.55M | 28.39M | 26.06M | 42.13M |
| Net Income | 96.96M | 81.52M | 79.02M | 59.40M | 85.67M | 117.72M |
| Net Income to Common | 96.96M | 81.52M | 79.02M | 59.40M | 85.67M | 117.72M |
| Shares Outstanding (Basic) | 42.78M | 42.22M | 42.22M | 42.22M | 42.22M | 42.22M |
| Shares Outstanding (Diluted) | 42.78M | 42.22M | 42.22M | 42.22M | 42.22M | 42.22M |
| EPS (Basic) | 2.27 | 1.93 | 1.87 | 1.41 | 2.03 | 2.79 |
| EPS (Diluted) | 2.27 | 1.93 | 1.87 | 1.41 | 2.03 | 2.79 |
| Free Cash Flow | 297.78M | 6.99M | 6.61M | -292.44M | -23.95M | 11.75M |
| Free Cash Flow Per Share | 6.96 | 0.17 | 0.16 | -6.93 | -0.57 | 0.28 |
| Dividend Per Share | 0.48 | 1.00 | 1.05 | 1.19 | ||
| Operating Margin | 30.01% | 21.55% | 21.73% | 17.73% | 23.76% | 33.62% |
| Profit Margin | 20.87% | 15.73% | 15.67% | 12.00% | 18.22% | 24.77% |
| Free Cash Flow Margin | 64.11% | 1.35% | 1.31% | -59.06% | -5.09% | 2.47% |
| EBITDA | 159.78M | 132.42M | 128.68M | 108.04M | 129.98M | 177.96M |
| EBITDA Margin | 34.40% | 25.56% | 25.51% | 21.82% | 27.64% | 37.45% |
| D&A For EBITDA | 20.39M | 20.76M | 19.10M | 20.25M | 18.26M | 18.20M |
| EBIT | 139.39M | 111.66M | 109.57M | 87.79M | 111.72M | 159.76M |
| EBIT Margin | 30.01% | 21.55% | 21.73% | 17.73% | 23.76% | 33.62% |
| Effective Tax Rate | 31.09% | 27.84% | 27.88% | 32.34% | 23.33% | 26.36% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 183.61M | 175.50M | 147.87M | 147.49M | 147.00M | 146.56M |
| Investments in Equity & Preferred Securities | 3.84M | 3.74M | 3.40M | 3.37M | 3.70M | |
| Other Investments | 175.62M | 178.50M | 286.00M | 420.50M | 704.00M | 792.00M |
| Total Investments | 359.23M | 357.84M | 437.60M | 571.38M | 854.37M | 942.27M |
| Cash & Equivalents | 33.41M | 37.01M | 26.12M | 22.47M | 40.73M | 35.94M |
| Reinsurance Recoverable | 461.61M | 239.76M | 71.28M | 84.67M | 37.43M | |
| Other Receivables | 509.07M | 18.10M | 13.65M | 17.78M | 24.50M | 24.94M |
| Property, Plant & Equipment | 751.71M | 768.22M | 498.85M | 515.58M | 237.45M | 236.34M |
| Other Intangible Assets | 323.62K | 431.49K | 575.32K | 200.86K | 267.81K | |
| Other Current Assets | 465.42M | 447.02M | 714.35M | 643.00M | 716.75M | 660.08M |
| Total Assets | 2.12B | 2.09B | 1.93B | 1.84B | 1.96B | 1.94B |
| Accrued Expenses | 19.24M | 14.26M | 13.84M | 11.79M | 11.92M | |
| Insurance & Annuity Liabilities | 138.80M | 161.22M | 155.20M | 145.90M | 140.16M | 146.31M |
| Unpaid Claims | 16.87M | 26.95M | 17.92M | 17.26M | 10.36M | 39.56M |
| Unearned Premiums | 49.77M | 14.06M | 13.48M | 10.61M | 38.46M | 50.67M |
| Reinsurance Payable | 133.92M | 84.47M | 79.72M | 148.90M | 147.00M | |
| Current Income Taxes Payable | 365.54M | 343.93M | 316.09M | 290.26M | 342.66M | 320.84M |
| Long-Term Deferred Tax Liabilities | 54.70M | 50.69M | 47.08M | 42.36M | 35.66M | 31.41M |
| Other Current Liabilities | 156.73M | 7.18M | 12.39M | 6.68M | 12.97M | 7.82M |
| Other Long-Term Liabilities | -1.00 | 1.00 | 1.00 | |||
| Total Liabilities | 782.41M | 768.85M | 670.89M | 619.00M | 750.78M | 764.79M |
| Common Stock | 422.18M | 422.18M | 402.08M | 402.08M | 402.08M | 402.08M |
| Retained Earnings | 850.23M | 834.11M | 791.49M | 753.68M | 737.13M | 698.11M |
| Comprehensive Income & Other | 64.02M | 64.99M | 66.30M | 67.31M | 68.68M | 72.30M |
| Shareholders' Equity | 1.34B | 1.32B | 1.26B | 1.22B | 1.21B | 1.17B |
| Total Liabilities & Equity | 2.12B | 2.09B | 1.93B | 1.84B | 1.96B | 1.94B |
| Filing Date Shares Outstanding | 43.40M | 42.22M | 42.22M | 42.22M | 42.22M | 42.22M |
| Total Common Shares Outstanding | 43.40M | 42.22M | 42.22M | 42.22M | 42.22M | 42.22M |
| Net Cash (Debt) | 33.41M | 37.01M | 26.12M | 22.47M | 40.73M | 35.94M |
| Net Cash Per Share | 0.78 | 0.88 | 0.62 | 0.53 | 0.96 | 0.85 |
| Book Value Per Share | 30.80 | 31.30 | 29.84 | 28.97 | 28.61 | 27.77 |
| Tangible Book Value | 1.34B | 1.32B | 1.26B | 1.22B | 1.21B | 1.17B |
| Tangible Book Value Per Share | 30.80 | 31.29 | 29.83 | 28.96 | 28.61 | 27.77 |
| Land | 242.91M | 242.91M | 242.85M | |||
| Buildings | 530.21M | 244.92M | 244.81M | 244.81M | ||
| Machinery | 140.34M | 141.09M | 139.30M | 116.29M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 96.96M | 81.52M | 79.02M | 59.40M | 85.67M | 117.72M |
| Depreciation & Amortization | 10.60M | 20.76M | 19.10M | 20.25M | 18.26M | 18.20M |
| Gain (Loss) on Sale of Investments | -956.52K | -107.79K | -338.68K | -30.00K | 337.16K | -117.23K |
| Change in Insurance Reserves / Liabilities | -2.80M | 9.04M | 651.50K | 6.91M | -29.20M | 9.05M |
| Change in Other Net Operating Assets | -143.70M | -131.92M | -119.39M | -108.54M | -106.86M | -171.19M |
| Other Operating Activities | 53.53M | 31.46M | 30.55M | 28.39M | 26.06M | 42.13M |
| Operating Cash Flow | 13.93M | 11.77M | 8.84M | 6.32M | -4.65M | 14.79M |
| Capital Expenditures | 283.84M | -4.79M | -2.23M | -298.75M | -19.29M | -3.04M |
| Investment in Securities | -26.03M | 80.48M | 134.50M | 283.50M | 88.00M | -18.56M |
| Other Investing Activities | -238.98M | -56.68M | -95.91M | 35.51M | -10.46M | 49.03M |
| Investing Cash Flow | 18.83M | 19.01M | 36.36M | 20.25M | 58.24M | 27.43M |
| Common Dividends Paid | -1.40K | -19.89M | -41.55M | -44.83M | -48.80M | -44.47M |
| Financing Cash Flow | -18.75M | -19.89M | -41.55M | -44.83M | -48.80M | -44.47M |
| Miscellaneous Cash Flow Adjustments | 1.00 | 1.00 | -1.00 | |||
| Net Cash Flow | 14.01M | 10.89M | 3.65M | -18.26M | 4.79M | -2.25M |
| Free Cash Flow | 297.78M | 6.99M | 6.61M | -292.44M | -23.95M | 11.75M |
| Free Cash Flow Margin | 64.11% | 1.35% | 1.31% | -59.06% | -5.09% | 2.47% |
| Free Cash Flow Per Share | 6.96 | 0.17 | 0.16 | -6.93 | -0.57 | 0.28 |
| Levered Free Cash Flow | 360.69M | 320.96M | 24.40M | 6.97M | 40.64M | 184.40M |
| Unlevered Free Cash Flow | 360.69M | 320.96M | 24.40M | 6.97M | 40.64M | 184.40M |
| Cash Income Tax Paid | 6.16M | 23.16M | 20.85M | 25.09M | 40.99M | 31.16M |
| Change in Working Capital | -146.20M | -121.85M | -119.50M | -101.69M | -134.98M | -163.14M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.47B | 1.16B | 1.01B | 1.52B | 1.68B | 2.46B |
| Enterprise Value | 2.44B | 1.16B | 1.01B | 1.50B | 1.65B | 2.41B |
| PE Ratio | 25.47 | 14.24 | 12.72 | 25.52 | 19.57 | 20.94 |
| PS Ratio | 5.32 | 2.24 | 1.99 | 3.06 | 3.56 | 5.19 |
| PB Ratio | 1.85 | 0.88 | 0.80 | 1.24 | 1.39 | 2.10 |
| P/FCF Ratio | 8.29 | 166.17 | 152.07 | 209.70 | ||
| P/OCF Ratio | 177.24 | 98.60 | 113.70 | 240.02 | 166.61 | |
| EV/Sales Ratio | 5.25 | 2.24 | 1.99 | 3.02 | 3.52 | 5.08 |
| EV/EBITDA Ratio | 15.25 | 8.76 | 7.81 | 13.84 | 12.72 | 13.56 |
| EV/EBIT Ratio | 17.48 | 10.39 | 9.17 | 17.03 | 14.80 | 15.10 |
| EV/FCF Ratio | 8.18 | 166.07 | 152.05 | 205.25 | ||
| Net Debt / Equity Ratio | -0.03 | -0.03 | -0.02 | -0.02 | -0.03 | -0.03 |
| Net Debt / EBITDA Ratio | -0.21 | -0.28 | -0.20 | -0.21 | -0.31 | -0.20 |
| Net Debt / FCF Ratio | -0.11 | -5.30 | -3.95 | 0.08 | 1.70 | -3.06 |
| Quick Ratio | 1.22 | 0.40 | 0.69 | 1.06 | 1.32 | 1.44 |
| Current Ratio | 2.01 | 2.10 | 2.79 | 2.81 | 2.78 | 2.68 |
| Asset Turnover | 0.22 | 0.26 | 0.27 | 0.26 | 0.24 | 0.25 |
| Return on Equity (ROE) | 7.40% | 6.32% | 6.37% | 4.89% | 7.20% | 10.38% |
| Return on Assets (ROA) | 4.19% | 3.47% | 3.63% | 2.89% | 3.58% | 5.23% |
| Return on Invested Capital (ROIC) | 7.14% | 6.24% | 6.37% | 4.89% | 7.20% | 10.38% |
| Earnings Yield | 3.93% | 7.02% | 7.86% | 3.92% | 5.11% | 4.78% |
| FCF Yield | 12.06% | 0.60% | 0.66% | -19.29% | -1.43% | 0.48% |
| Dividend Yield | 0.81% | 2.00% | 2.79% | 2.64% | 2.04% | |
| Payout Ratio | 0.00% | 24.40% | 52.58% | 75.48% | 56.96% | 37.78% |
| Buyback Yield / Dilution | -0.77% | 0.00% | ||||
| Total Shareholder Return | 0.04% | 2.00% | 2.79% | 2.64% | 2.04% |