A long-established, debt-free general insurer with steadily growing profits, deep reserves and a reliable, rising cash dividend — though its latest-year earnings dipped and operating cash flow thinned in 2024.
Reliance Insurance is an old, financially solid insurer that has grown its profit and asset value steadily and paid a dependable cash dividend every year. It suits patient, income-minded investors who value safety and consistency over fast growth. The main things to watch are a small earnings dip in the latest year, an operating cash-flow slide in 2024, and an auditor 'emphasis of matter' note on the 2025 accounts.
Value today
Around fair valueToday
৳107
Rough estimate
৳113
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳84.4
- Priced like similar companies (profit)৳207
- Its own usual price vs asset value৳78.2
- Priced like similar companies (assets)৳148
- Based on the dividend it pays৳50.0
A rough, educational estimate from the figures we have — not a price target or advice.
Data as of 2026-07-16
What does this company do?
One of the market's long-standing insurers — listed since 1995, financially deep, and majority-owned by its sponsors.
Reliance Insurance PLC is an insurance company that has traded on the Dhaka Stock Exchange since 1995 — roughly three decades on the market — and sits in the exchange's top 'A' category. In September 2025 it simply updated its legal name from 'Reliance Insurance Limited' to 'Reliance Insurance PLC.', with nothing else about the business changed.
By size it is a mid-sized, well-seasoned company. Its paid-up capital is about 105.2 crore taka spread across 10.5 crore shares (each with a 10-taka face value), but sitting behind that is a much larger pile of accumulated reserves — about 725.1 crore taka. A small share capital carrying a large reserve is the mark of a company that has quietly kept profits inside the business for many years.
Ownership is concentrated: sponsors and directors hold about 67.95% of the shares, institutions about 4.49%, and the general public about 27.56%, with no government or foreign holding. So the founding group keeps firm control, and only a limited slice of the shares trades freely in the market.
How does it make money?
It earns two ways — premiums from the insurance policies it sells, and income from investing the money it holds.
An insurer like Reliance makes money by selling protection. Businesses and individuals pay premiums so the company will cover them against losses such as fire, accident or damage to property. As long as the premiums it collects exceed the claims it pays and the commissions it pays agents, the insurance side earns a profit.
The second engine is investment income. An insurer collects premiums up front and holds large reserves, and it invests that money to earn a return. The company's own explanations for recent profit changes point to exactly these levers — it has cited higher premium income, higher investment income, and lower agent commission as the reasons its earnings moved.
So part of the profit is steady (the underwriting side) and part rides on financial markets (the investments). Over the years the core operating profit has climbed fairly steadily — from about 60.7 crore taka in 2021 to 61.5 crore in 2022, 64.5 crore in 2023 and 79.8 crore in 2024 — showing the main business has been growing, not just the investment gains.
Is it actually making money?
Yes — profit has grown solidly over five years, up more than 60%, with only a small dip in the latest year.
The profit trend is the company's strongest feature. Net profit rose from about 54.8 crore taka in 2020 to 58.8 crore in 2021, 61.6 crore in 2022, 69.0 crore in 2023 and a peak of 95.9 crore in 2024, before easing to 88.5 crore in 2025. Over the 2020–2025 span that is growth of about 61%. Profit for each share followed the same path — from ৳5.21 up to a peak of ৳9.12 in 2024, then ৳8.42 in 2025 — about 62% higher across the period.
The one blemish is that the most recent year (2025) came in a little below the record 2024: profit slipped from 95.9 to 88.5 crore taka and per-share profit from ৳9.12 to ৳8.42. That is a modest step back rather than a collapse, and both figures remain far above where they stood a few years earlier.
Because the company carries no debt, it has no interest bill eating into results, so almost all of what its operations and investments earn flows down to shareholders.
Is it financially safe?
Debt-free, with deep reserves and a top credit rating — the one thing to watch is thinner operating cash flow in 2024.
On the balance sheet, Reliance looks sturdy. It carries no loans at all — total borrowing is zero — so there is no interest burden and no refinancing risk. Shareholders' money in the business grew from about 677.1 crore taka in 2021 to 674.6 crore in 2022, 703.0 crore in 2023 and 731.8 crore in 2024, while total assets rose from about 1,108 crore to 1,393 crore over the same years. Behind each share, asset value climbed steadily from ৳60.73 in 2020 to ৳78.95 in 2025.
Its financial strength is independently backed: the credit agency CRISL rated the company 'AAA' — its highest grade — with a stable outlook, based on the 2025 accounts. For an insurer, a top rating signals a strong ability to pay claims when they fall due.
The caveat is cash flow. The cash actually generated by operations fell from about 83.7 crore taka in 2021 to 69.5 crore in 2022, 50.9 crore in 2023 and just 17.4 crore in 2024 — even as reported profit rose that year. Reported profit and cash in the door drifted apart. Encouragingly, the company's 2025 interim updates pointed to stronger cash generation again, so this may prove a one-year wobble — but it is worth keeping an eye on.
How do we judge if it's fairly priced?
We weigh the price against four plain yardsticks — profit, asset value, similar insurers, and dividend — anchored to durable numbers like its ৳8.42 earnings and ৳78.95 asset value per share.
We do not fix a single 'right' price. Instead we compare today's price (shown live beside this report) against four simple yardsticks. First, its profit: last year the company earned about ৳8.42 for each share, so we look at how many taka the market asks for each taka of yearly profit. Second, its assets: the value of what the company owns, minus what it owes, works out to about ৳78.95 behind each share.
Third, we compare it to similar insurers — what price other insurance companies fetch for the same profit or the same asset value. Fourth, the dividend it hands out (৳3 per share) tells us what income a buyer would get for the price paid.
We also lean on the company's own history. Over the years the market has, on average, paid roughly ৳1,000 for the share for every ৳100 of its yearly profit per share, and has usually priced it close to the value of what each share owns. Those long-run habits are a useful reference point. Because the day's price keeps moving, whether the share currently looks cheap, fair or expensive — and any fair-value figure — is left to the live 'value today' box beside this report, not written into this durable text.
Value today
Around fair valueToday
৳107
Rough estimate
৳113
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳84.4
- Priced like similar companies (profit)৳207
- Its own usual price vs asset value৳78.2
- Priced like similar companies (assets)৳148
- Based on the dividend it pays৳50.0
A rough, educational estimate from the figures we have — not a price target or advice.
Does it reward shareholders?
A dependable, all-cash dividend that has held for years and recently stepped up to 30% (৳3 a share), comfortably covered by profit.
Reliance has been a steady dividend payer. It paid a 25% cash dividend — that is ৳2.5 on each ৳10 share — for four straight years from 2020 through 2023, then raised it to 30% (৳3 a share) for 2024 and again for 2025. Every payout has been in cash, with no bonus or stock dividends diluting the shares.
The payout looks safe. Against per-share profit of ৳8.42 in 2025, a ৳3 dividend uses only a little over a third of earnings, leaving a comfortable cushion of retained profit to reinvest and to protect the dividend in a leaner year.
Combined with the company's zero debt and its large reserves of about 725.1 crore taka, this points to a dividend that is well supported rather than stretched. The dividend yield — what that ৳3 is worth against today's price — changes with the price, so it is shown live beside this report rather than here.
What makes it special?
Its edge is durability, not speed — deep reserves, no debt, a top rating and a long record, though some peers grew earnings faster lately.
Reliance's advantage is its staying power. It has been on the exchange since 1995, has built reserves of about 725.1 crore taka on a share capital of only 105.2 crore, carries no debt, and holds the highest 'AAA' credit rating. Sponsors own about 67.95% of the company, so the people running it have most of their own wealth riding on it — a strong alignment with ordinary shareholders.
On profitability, it earns a healthy return on its owners' money: for every ৳100 of shareholders' money, Reliance earns roughly ৳13 a year. That stands up well against several listed insurers in this pack — United Insurance and Asia Pacific earn roughly ৳7–8 for the same ৳100, Pragati about ৳10, and Pioneer about ৳11 — while Sena Insurance earns more, about ৳17. So Reliance is strong, but not the very top of the group.
Where it lags is recent growth pace. Some peers posted much faster earnings jumps in the latest year — United Insurance and Asia Pacific grew per-share profit by roughly 53% and 33% — while Reliance's latest year dipped slightly. So its real story is steadiness and financial depth rather than being the fastest grower.
Why it could do well
Steady profit growth, a debt-free balance sheet with deep reserves and a top rating, a reliable rising dividend, and aligned owners.
- Steady, growing profits. Net profit climbed from about 54.8 crore taka in 2020 to 88.5 crore in 2025 (up about 61%), and per-share profit rose about 62% over the same span.
- Rock-solid balance sheet. No debt at all, reserves of about 725.1 crore taka against just 105.2 crore of share capital, and a top 'AAA' credit rating from CRISL.
- Reliable, rising dividend. A cash dividend every year — 25% for four years, then lifted to 30% (৳3 a share) in 2024 and 2025 — comfortably covered by ৳8.42 of per-share earnings.
- Owners are aligned. Sponsors and directors hold about 67.95% of the shares, and asset value per share has risen steadily from ৳60.73 in 2020 to ৳78.95 in 2025.
- Growing asset backing. Shareholders' funds rose from about 677.1 crore taka in 2021 to 731.8 crore in 2024, and total assets from about 1,108 crore to 1,393 crore.
What could go wrong
Earnings dipped last year, operating cash flow slid in 2024, the auditor flagged an emphasis-of-matter note, and the free float is limited.
- Latest-year dip. Profit slipped from a record 95.9 crore taka in 2024 to 88.5 crore in 2025, and per-share profit from ৳9.12 to ৳8.42 — growth is not a straight line.
- Weaker operating cash flow. Cash generated by operations fell sharply, from about 83.7 crore taka in 2021 to just 17.4 crore in 2024, drifting away from reported profit before improving in 2025 interim reports.
- Auditor's 'emphasis of matter'. The auditor attached an emphasis-of-matter note to the 2025 accounts — a flag to read the fine print (the details are not in this data pack).
- Investment-linked earnings. Part of the profit depends on investment income, which can swing with financial markets and interest rates from year to year.
- Limited free float. Only about 27.56% of the shares are in public hands, with sponsors holding about 67.95%, so the stock can trade quietly and grow more slowly than faster-moving peers.
So, is it for you?
Best suited to patient, income-focused investors who prize safety and consistency over rapid growth.
At heart, Reliance Insurance is a conservative, financially strong insurer. Its appeal is dependability — three decades of listing, no debt, deep reserves, a top credit rating, and a cash dividend it has paid every year and recently raised. For a steady-income or long-term saver who values a good night's sleep over excitement, that profile is attractive.
It is less suited to someone chasing rapid gains. Earnings dipped a touch in the latest year, some rivals are growing faster, and only a limited slice of the shares trades freely, so the stock tends to be quiet. The honest watch-items are the 2024 slide in operating cash flow and the auditor's emphasis-of-matter note on the 2025 accounts.
In short, this is a 'sleep-well', income-and-stability story rather than a fast-growth one. Whether the current price makes it a good buy today is a separate question — check the live value estimate and signal shown beside this report, and remember this write-up explains the business, not what to pay for it.
This is educational information, not investment advice.