A small, debt-free insurer whose profit keeps rising every year and that pays a steady, growing cash dividend.

Sena Insurance PLC is an insurance company listed on the Dhaka Stock Exchange. It joined the market fairly recently, in 2021, so its life as a public company is still short — only a few years of results as a listed firm. Like all insurers in the country, it works under the insurance regulator (IDRA).

It is a small company by market standards. It has 4 crore shares in total, a paid-up capital of 40 crore taka, and it has built up reserves — past profits kept inside the business — of about 74 crore taka. Importantly, it carries no bank loans at all.

Its owners are closely tied to the business. The sponsors and directors hold 60% of the shares, institutions hold about 16%, and the general public holds about 24%. There is no government or foreign holding. A high sponsor stake like this usually means the people running the company have their own money on the line alongside ordinary shareholders.

An insurance company like Sena makes money in two connected ways. First, it collects premiums from customers in exchange for promising to pay if something goes wrong — and it aims to collect more in premiums than it pays out in claims and costs. Second, it invests the pool of money it holds and earns a return on those investments.

You can see both engines in its numbers. Its operating profit — the profit from the core insurance work — grew steadily from about 8 crore taka in 2021 to about 10 crore taka in 2024. But its final net profit was higher still — about 17 crore taka in 2024 — which tells you that income from its investments adds a meaningful amount on top of the insurance business itself.

One thing to note: the reported "revenue" line for the company is small and jumps around from year to year — for example about 1.4 crore taka in 2022 but only about 0.4 crore taka in 2023. So for an insurer like this, the profit and cash figures are a better guide to how the business is really doing than the headline revenue number.

This is the company's strongest area. Its yearly net profit has climbed without a single down year: about 9.4 crore taka in 2020, then 10.6, 11.4, 13.7, 17.2, and 20.7 crore taka in 2025. Over that stretch, from 2020 to 2025, total profit grew by about 120% — more than doubling.

Profit per share tells a slightly gentler story. Earnings per share were 3.93 taka in 2020, dipped to 2.86 taka in 2022, then recovered to 5.17 taka in 2025 — an increase of about 32% over the six years. The reason per-share earnings grew more slowly than total profit is that the company issued more shares around the time it listed, so the same profit is now spread over a larger number of shares.

Either way, the direction is clearly up, and the most recent year, 2025, is the best the company has reported, with earnings per share reaching 5.17 taka. A steadily rising profit with no loss-making years is exactly what long-term savers look for.

On the basics of safety, Sena looks solid. It has no bank borrowing at all — zero loans on its books — so it pays no interest and has no debt to roll over in a bad year. Its own money in the business (equity) has grown steadily, from about 75 crore taka in 2021 to about 101 crore taka in 2024, and its total assets grew from about 138 crore taka to about 184 crore taka over the same period.

Just as important, the company generates real cash, not just paper profit. Its operating cash flow was healthy every year — about 25 crore taka in 2021, 18 crore in 2022, 23 crore in 2023, and 29 crore in 2024 — and in most years that cash was actually larger than the reported net profit. That is a good sign: it means the profit is backed by money genuinely coming in.

An independent rating agency (Alpha Credit Rating) assigned the company its top long-term rating of "AAA" with a stable outlook, based on its end-2025 accounts, which supports the picture of a financially sound insurer. The value of what the company owns for each share (its net asset value) had also risen to 28.58 taka at the end of 2025.

Sena has a short but clean dividend record. In every year since it listed, it has paid a cash dividend — no bonus shares — and the amount has grown: 12% of face value in 2021 and 2022, 13.5% in 2023, and 15% in both 2024 and 2025. On a face value of 10 taka, 15% means 1.5 taka in cash per share.

The payout also looks safe and sustainable. In 2025 the company paid 1.5 taka per share out of the 5.17 taka it earned per share — less than a third of its profit — so it keeps the larger part of its earnings inside the business to fund growth, while still handing shareholders a rising cash reward.

For an income-minded saver, the appeal here is the reliability and the upward trend of the payout rather than a huge one-off dividend. (How much that dividend is worth compared to today's share price — the yield — changes with the price and is shown live beside this report.)

Sena's real strengths are financial rather than a dominant market position. It has grown profit every year, carries no debt, converts profit into real cash, and has lifted its dividend steadily. Among the handful of comparable insurers in this report, several had their latest yearly earnings dip, while Sena's kept climbing — so on consistency and growth it compares well.

What it does not obviously have is a wide competitive edge. Insurance in Bangladesh is a crowded field, with dozens of listed companies offering broadly similar cover, which limits how much any one insurer can charge above the rest. Sena is also still a small, relatively young company, so it does not have the scale or long brand history of the biggest names.

In short, the "special" part of Sena is the quality and discipline of its finances — growing profits, no borrowing, strong cash, a rising dividend, and owners holding a big 60% stake — rather than an unbeatable position in the market. That is a respectable edge, but an investor should not expect the kind of pricing power a much larger or more specialised firm might enjoy.

• Profit that keeps growing: net profit has risen every year, from about 9.4 crore taka in 2020 to 20.7 crore taka in 2025 — more than double.
• No debt at all: the company has zero bank loans, so it carries no interest burden and is less fragile in hard times.
• Real cash, not just paper profit: operating cash flow has been strong every year, roughly 18 to 29 crore taka, and often larger than the reported profit.
• A rising, reliable cash dividend: paid every year since listing and raised from 12% to 15% of face value, while still using less than a third of profit.
• Owners are committed: sponsors and directors hold 60% of the shares, and an independent agency gave the company its top "AAA" long-term credit rating.

• Small and young: the company only listed in 2021 and is small, so it has a short public track record and less scale than the big insurers.
• Crowded, competitive market: dozens of insurers offer similar cover, which limits pricing power and makes it hard to stand out.
• Bumpy top-line: the reported revenue line jumps around year to year — about 1.4 crore taka in 2022 versus only about 0.4 crore in 2023 — which makes the core business harder to read.
• Per-share growth lags total profit: because more shares were issued at listing, earnings per share grew only about 32% from 2020 to 2025 even as total profit more than doubled, and new shares can dilute existing holders.
• Reliant on investment income: part of the profit comes from investing its funds, so a weak investment market could dent earnings in a given year.

Sena Insurance is a good fit for a patient, long-term saver who wants a financially clean, income-paying company: profits that have risen every year, no debt, strong cash generation, and a cash dividend that has grown each year since listing. The 60% sponsor holding and the top credit rating add to the sense of a well-run, stable business.

It is less suited to someone chasing a large, fast-growing company or a dominant market leader. Sena is small and young, competes in a crowded insurance market with limited pricing power, and its short history on the exchange means there is less data to lean on than a long-established name would offer.

The single most important caveat is separate from the company's quality: whether the share is worth buying at any given moment depends on its price that day, which this report deliberately does not judge. Check the live "value today" box and the current buy/sell signal shown beside this report before drawing any conclusion.