DSE : SANDHANINS
Sandhani Life Insurance Company Limited — Financial statements
Life Insurance · Bangladesh
Last price 22.2 BDT (At close: Oct 29, 2026) · Market cap 2.44B
Latest research: Sandhani Life Insurance financial analysis: life fund back to growth, new business down three years, payout near 100% (Oct 2026) · Sandhani Life Insurance: the life fund shrank for eight years to 2024 and grew 2.3% in 2025; the 12% dividend took all of the surplus
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Financial statements
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 2.47B | 2.45B | 2.42B | 2.40B | 2.38B | 2.15B |
| Total Interest & Dividend Income | 578.00M | 507.75M | 625.14M | 501.29M | 530.44M | 641.47M |
| Gain (Loss) on Sale of Investments | -6.48M | -6.48M | 4.30M | 12.77M | 32.58M | 91.55M |
| Other Revenue | 38.33M | 44.78M | 12.00M | 22.53M | 9.96M | 54.59M |
| Total Revenue | 3.08B | 3.00B | 3.06B | 2.94B | 2.95B | 2.94B |
| Policy Benefits | 1.75B | 1.92B | 2.25B | 2.20B | 2.22B | 2.40B |
| Policy Acquisition & Underwriting Costs | 278.29M | 286.51M | 294.08M | 328.96M | 380.98M | 398.12M |
| Depreciation & Amortization | 42.51M | 42.51M | 40.40M | 44.16M | 46.65M | 39.85M |
| Selling, General & Administrative | 145.55M | 144.28M | 152.72M | 152.73M | 156.78M | 105.12M |
| Provision for Bad Debts | 5.05M | 3.10M | 5.86M | |||
| Other Operating Expenses | 937.81K | 2.27M | 2.13M | 3.03K | -1.65M | 260.16M |
| Total Operating Expenses | 2.47B | 2.64B | 3.01B | 2.99B | 3.12B | 3.38B |
| Operating Income | 616.81M | 357.31M | 56.26M | -54.54M | -171.47M | -446.01M |
| Interest Expense | -1.43M | -1.43M | -1.37M | -1.32M | -1.08M | -5.65M |
| Other Non Operating Income (Expenses) | -7.35M | -7.35M | -118.67M | -5.80M | -79.86M | -12.03M |
| EBT Excluding Unusual Items | 608.03M | 348.53M | -63.78M | -61.66M | -252.41M | -463.69M |
| Gain (Loss) on Sale of Assets | 4.24M | 4.24M | 1.26M | 7.52M | 4.73M | 1.84M |
| Other Unusual Items | -112.59M | |||||
| Pretax Income | 499.68M | 352.77M | -62.52M | -54.13M | -247.67M | -461.85M |
| Income Tax Expense | 157.75M | 161.23M | 173.12M | 43.33M | 52.42M | 53.32M |
| Earnings From Continuing Ops. | 341.93M | 191.53M | -235.64M | -97.47M | -300.09M | -515.17M |
| Minority Interest in Earnings | -164.00 | -17.00 | -545.00 | -71.00 | -256.00 | -153.00 |
| Net Income | 341.93M | 191.53M | -235.64M | -97.47M | -300.09M | -515.17M |
| Net Income to Common | 341.93M | 191.53M | -235.64M | -97.47M | -300.09M | -515.17M |
| Shares Outstanding (Basic) | 109.70M | 109.70M | 109.70M | 109.70M | 109.70M | 109.70M |
| Shares Outstanding (Diluted) | 109.70M | 109.70M | 109.70M | 109.70M | 109.70M | 109.70M |
| EPS (Basic) | 3.12 | 1.75 | -2.15 | -0.89 | -2.74 | -4.70 |
| EPS (Diluted) | 3.12 | 1.75 | -2.15 | -0.89 | -2.74 | -4.70 |
| Free Cash Flow | 544.07M | 293.30M | 16.67M | -58.37M | -190.53M | 117.09M |
| Free Cash Flow Per Share | 4.96 | 2.67 | 0.15 | -0.53 | -1.74 | 1.07 |
| Dividend Per Share | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 |
| Operating Margin | 20.01% | 11.92% | 1.84% | -1.85% | -5.81% | -15.18% |
| Profit Margin | 11.09% | 6.39% | -7.70% | -3.32% | -10.18% | -17.54% |
| Free Cash Flow Margin | 17.65% | 9.79% | 0.55% | -1.99% | -6.46% | 3.99% |
| EBITDA | 641.70M | 389.56M | 87.61M | -19.53M | -132.56M | -407.40M |
| EBITDA Margin | 20.82% | 13.00% | 2.86% | -0.66% | -4.50% | -13.87% |
| D&A For EBITDA | 24.89M | 32.25M | 31.36M | 35.01M | 38.91M | 38.61M |
| EBIT | 616.81M | 357.31M | 56.26M | -54.54M | -171.47M | -446.01M |
| EBIT Margin | 20.01% | 11.92% | 1.84% | -1.85% | -5.81% | -15.18% |
| Effective Tax Rate | 31.57% | 45.70% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 3.01B | 4.20B | 4.65B | 4.70B | 3.58B | 3.36B |
| Investments in Equity & Preferred Securities | 862.23M | 821.92M | 730.12M | |||
| Policy Loans | 101.98M | 84.58M | 80.33M | |||
| Other Investments | 344.19M | 244.61M | 119.61M | |||
| Total Investments | 4.32B | 4.20B | 4.65B | 4.70B | 4.73B | 4.29B |
| Cash & Equivalents | 2.38B | 2.47B | 1.84B | 1.98B | 2.13B | 2.85B |
| Other Receivables | 1.05B | 1.10B | 1.02B | 850.36M | 714.06M | 670.97M |
| Property, Plant & Equipment | 1.32B | 1.33B | 1.34B | 1.36B | 1.37B | 1.38B |
| Other Current Assets | 1.14B | 19.13M | 43.57M | 921.93M | 943.46M | 849.14M |
| Long-Term Deferred Tax Assets | 26.10M | 25.80M | 24.64M | 24.80M | 25.78M | 24.53M |
| Other Long-Term Assets | 22.06M | 1.00B | 912.02M | 16.27M | 29.81M | 156.24M |
| Total Assets | 10.26B | 10.14B | 9.84B | 9.85B | 9.95B | 10.23B |
| Accrued Expenses | 53.52M | 55.57M | 57.92M | 75.51M | 60.49M | |
| Unpaid Claims | 21.80M | 24.78M | 10.84M | 21.54M | 18.91M | 30.88M |
| Unearned Premiums | 2.31M | 10.43M | 13.33M | 18.25M | 20.64M | 32.12M |
| Reinsurance Payable | 70.67M | 67.04M | 55.57M | 46.69M | 34.01M | 23.84M |
| Short-Term Debt | 2.44M | 2.10M | 9.55M | |||
| Current Income Taxes Payable | 1.08B | 1.00B | 841.30M | 669.37M | 633.26M | 579.76M |
| Long-Term Leases | 10.70M | 15.72M | 14.88M | 13.65M | 9.91M | 11.67M |
| Other Current Liabilities | 5.00M | 5.64M | 4.15M | 9.68M | 19.42M | 21.84M |
| Other Long-Term Liabilities | 164.39M | 133.75M | 171.38M | 75.12M | 73.78M | 80.21M |
| Total Liabilities | 1.36B | 1.31B | 1.17B | 914.65M | 887.53M | 850.34M |
| Common Stock | 1.10B | 1.10B | 1.10B | 1.10B | 1.10B | 1.10B |
| Retained Earnings | -9.13M | 20.37M | 19.02M | 129.11M | 126.16M | 103.53M |
| Comprehensive Income & Other | 7.81B | 7.71B | 7.55B | 7.71B | 7.83B | 8.18B |
| Total Common Equity | 8.90B | 8.83B | 8.67B | 8.93B | 9.06B | 9.38B |
| Minority Interest | 6.96K | 6.58K | 6.57K | 6.02K | 5.95K | 5.70K |
| Shareholders' Equity | 8.90B | 8.83B | 8.67B | 8.93B | 9.06B | 9.38B |
| Total Liabilities & Equity | 10.26B | 10.14B | 9.84B | 9.85B | 9.95B | 10.23B |
| Filing Date Shares Outstanding | 109.70M | 109.70M | 109.70M | 109.70M | 109.70M | 109.70M |
| Total Common Shares Outstanding | 109.70M | 109.70M | 109.70M | 109.70M | 109.70M | 109.70M |
| Total Debt | 10.70M | 15.72M | 14.88M | 16.08M | 12.01M | 21.21M |
| Net Cash (Debt) | 2.37B | 2.45B | 1.82B | 1.97B | 2.12B | 2.83B |
| Net Cash Per Share | 21.57 | 22.34 | 16.63 | 17.92 | 19.30 | 25.83 |
| Book Value Per Share | 81.14 | 80.47 | 79.02 | 81.44 | 82.57 | 85.48 |
| Tangible Book Value | 8.90B | 8.83B | 8.67B | 8.93B | 9.06B | 9.38B |
| Tangible Book Value Per Share | 81.14 | 80.47 | 79.02 | 81.44 | 82.57 | 85.48 |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 430.39M | 191.53M | -235.64M | -97.47M | -300.09M | -515.17M |
| Depreciation & Amortization | 40.10M | 42.51M | 40.40M | 44.16M | 46.65M | 44.26M |
| Gain (Loss) on Sale of Assets | -1.29M | -4.24M | -1.26M | -7.52M | -4.73M | -1.84M |
| Gain (Loss) on Sale of Investments | 3.93M | 5.18M | 1.97M | -2.83M | -2.43M | -90.62M |
| Change in Accounts Receivable | -33.05M | 7.05M | -131.73M | -247.18K | 7.97M | 9.94M |
| Change in Unearned Revenue | -5.60M | -2.90M | -4.93M | -2.38M | -11.48M | -3.44M |
| Change in Deferred Taxes | -1.83M | -1.43M | 206.05K | 1.15M | -1.33M | 2.16M |
| Change in Insurance Reserves / Liabilities | -3.89M | 13.93M | -10.69M | 2.63M | -11.97M | 3.50M |
| Change in Other Net Operating Assets | -7.91M | -67.02M | -48.84M | -70.92M | -75.76M | 576.80M |
| Other Operating Activities | 260.60M | 151.04M | 305.98M | 94.10M | 113.16M | 178.80M |
| Operating Cash Flow | 559.74M | 315.04M | 31.38M | -38.42M | -164.51M | 159.39M |
| Capital Expenditures | -15.67M | -21.74M | -14.71M | -19.95M | -26.02M | -42.30M |
| Sale of Property, Plant & Equipment | 1.29M | 4.24M | 1.26M | 7.59M | 4.73M | 1.84M |
| Cash Acquisitions | -33.25M | -100.00M | -100.00M | |||
| Investment in Securities | 85.41M | 476.99M | 82.70M | 44.75M | -397.60M | -189.76M |
| Other Investing Activities | -22.04M | |||||
| Investing Cash Flow | 43.00M | 442.45M | -34.41M | 30.11M | -419.56M | -370.29M |
| Short-Term Debt Issued | 332.79K | 9.55M | ||||
| Total Debt Issued | 332.79K | 9.55M | ||||
| Total Debt Repaid | -2.46M | -7.44M | ||||
| Net Debt Issued (Repaid) | -2.46M | 332.79K | -7.44M | 9.55M | ||
| Issuance of Common Stock | 100.00M | |||||
| Common Dividends Paid | -130.79M | -130.15M | -137.16M | -138.97M | -134.06M | -124.22M |
| Other Financing Activities | -1.50M | |||||
| Financing Cash Flow | -132.29M | -130.15M | -139.63M | -138.64M | -141.50M | -14.67M |
| Miscellaneous Cash Flow Adjustments | 1.00 | |||||
| Net Cash Flow | 470.45M | 627.34M | -142.65M | -146.95M | -725.57M | -225.56M |
| Free Cash Flow | 544.07M | 293.30M | 16.67M | -58.37M | -190.53M | 117.09M |
| Free Cash Flow Margin | 17.65% | 9.79% | 0.55% | -1.99% | -6.46% | 3.99% |
| Free Cash Flow Per Share | 4.96 | 2.67 | 0.15 | -0.53 | -1.74 | 1.07 |
| Levered Free Cash Flow | 359.74M | 393.22M | 917.99M | -17.08M | -171.35M | 188.05M |
| Unlevered Free Cash Flow | 360.64M | 394.12M | 918.84M | -16.25M | -170.68M | 191.58M |
| Cash Income Tax Paid | 117.09M | 102.29M | 60.75M | 45.74M | 47.05M | 133.79M |
| Change in Working Capital | -40.52M | -38.89M | -187.10M | -57.10M | -82.40M | 593.50M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.44B | 2.13B | 2.17B | 2.95B | 2.95B | 3.71B |
| Enterprise Value | 68.63M | -399.73M | 630.89M | 1.33B | 1.09B | 944.98M |
| PE Ratio | 7.12 | 11.11 | ||||
| PS Ratio | 0.79 | 0.71 | 0.71 | 1.00 | 1.00 | 1.26 |
| PB Ratio | 0.27 | 0.24 | 0.25 | 0.33 | 0.33 | 0.40 |
| P/FCF Ratio | 4.48 | 7.26 | 130.27 | 31.67 | ||
| P/OCF Ratio | 4.35 | 6.75 | 69.21 | 23.26 | ||
| EV/Sales Ratio | 0.02 | 0.21 | 0.45 | 0.37 | 0.32 | |
| EV/EBITDA Ratio | 0.11 | 7.20 | ||||
| EV/EBIT Ratio | 0.11 | 11.21 | ||||
| EV/FCF Ratio | 0.13 | 37.84 | 8.07 | |||
| Debt / Equity Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA Ratio | 0.02 | 0.04 | 0.15 | |||
| Debt / FCF Ratio | 0.02 | 0.05 | 0.89 | 0.18 | ||
| Net Debt / Equity Ratio | -0.27 | -0.28 | -0.21 | -0.22 | -0.23 | -0.30 |
| Net Debt / EBITDA Ratio | -3.69 | -6.29 | -20.82 | 100.68 | 15.97 | 6.96 |
| Net Debt / FCF Ratio | -4.35 | -8.36 | -109.42 | 33.68 | 11.11 | -24.20 |
| Quick Ratio | 2.56 | 2.66 | 2.52 | 3.00 | 3.27 | 4.43 |
| Current Ratio | 3.86 | 2.97 | 2.85 | 4.41 | 4.67 | 5.73 |
| Asset Turnover | 0.31 | 0.30 | 0.31 | 0.30 | 0.29 | 0.28 |
| Return on Equity (ROE) | 3.93% | 2.19% | -2.68% | -1.08% | -3.26% | -5.38% |
| Return on Assets (ROA) | 3.87% | 2.24% | 0.36% | -0.34% | -1.06% | -2.69% |
| Return on Invested Capital (ROIC) | 4.74% | 2.21% | 0.64% | -0.60% | -1.86% | -4.66% |
| Earnings Yield | 14.04% | 9.00% | -10.85% | -3.30% | -10.17% | -13.89% |
| FCF Yield | 22.34% | 13.78% | 0.77% | -1.98% | -6.46% | 3.16% |
| Dividend Yield | 5.41% | 6.19% | 6.06% | 4.46% | 4.46% | 3.55% |
| Payout Ratio | 38.25% | 67.95% | ||||
| Total Shareholder Return | 5.41% | 6.19% | 6.06% | 4.46% | 4.46% | 3.55% |