A debt-free, long-established general insurer with an unbroken cash-dividend habit and a strong jump in latest-year profit — though the net assets behind each share have slowly drifted down.
United Insurance is one of the market's older general insurers — listed since 1990, carrying no bank loans, and holding reserves worth about twice its share capital. It has paid a cash dividend every year in the period we can see, and its profit and per-share earnings jumped in the latest year, up about 70% over five years, even though the net assets behind each share have slipped a little. It fits patient, income-minded savers who want a safety-first, steady dividend payer rather than a fast-growing bet — the live value box on this page shows where today's price sits against its usual levels.
Value today
Around fair valueToday
৳48.5
Rough estimate
৳57.2
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৳82.3
- Priced like similar companies (profit)৳84.9
- Its own usual price vs asset value৳44.1
- Priced like similar companies (assets)৳58.0
- Based on the dividend it pays৳25.0
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 exchange's older general (non-life) insurance companies, listed since 1990 and mid-sized in its field.
United Insurance Company Ltd. is a general insurance company — the kind that protects people and businesses against everyday risks like fire, accident, theft and damage in shipping or transport, in return for a yearly premium. It has been listed on the Dhaka Stock Exchange since 1990, which makes it one of the older names in the market, and it trades in the exchange's top "A" category (for companies that hold their annual meetings and pay dividends on time).
By capital it is a mid-sized company: about 4.45 crore shares are in issue, with paid-up capital of about 44.5 crore taka and built-up reserves of about 93.6 crore taka — so the reserves it has saved over the years are roughly twice its share capital. It carries no bank loans at all.
The insurance business here is overseen by the state insurance regulator (IDRA). In 2026 the company received regulatory approval for a new chief executive and moved its head office to Gulshan in Dhaka — routine housekeeping for a long-running firm.
How does it make money?
It earns by collecting insurance premiums and by investing the money it holds, then paying out claims when they arise.
An insurer's income has two engines. First, it sells policies and collects premiums from customers; if the claims it has to pay in a year come in below the premiums collected, the difference is underwriting profit. Second — and often the bigger engine for a general insurer — it invests the pool of money it holds (its reserves and float) and earns a return on it.
For United, the day-to-day operating profit has climbed steadily — about 5.46 crore taka in 2021, 6.11 crore in 2022, 6.59 crore in 2023 and 8.24 crore in 2024 — showing the core business improving year after year. The reserves of about 93.6 crore taka give it a meaningful pool to earn investment income on.
Because premiums and claims move around from year to year, an insurer's earnings can be uneven. The steadier part is usually the investment income on its saved-up reserves, while the underwriting side swings with how many claims land in a given year.
Is it actually making money?
Yes — profit dipped in the early 2020s but jumped strongly in the latest year, and is up about 70% over five years.
Net profit was about 9.08 crore taka in 2020, then eased to 7.35, 7.79 and 7.92 crore over 2021-2023, before rising to 10.1 crore in 2024 and jumping to 15.4 crore in 2025. Earnings per share followed the same path: 2.04 taka in 2020, dipping to around 1.65-1.78 taka across 2021-2023, then 2.26 taka in 2024 and 3.46 taka in 2025.
So the picture is a soft patch in the early 2020s followed by a strong recovery — the latest year is the best in the stretch, with both profit and per-share earnings up about 70% from where they started in 2020.
The steady rise in operating profit (from about 5.46 crore taka in 2021 to 8.24 crore in 2024) suggests the improvement is not a one-off fluke but a gradual strengthening of the core business, topped off by an especially good 2025.
Is it financially safe?
Very safe on debt — it owes nothing — but its net worth per share and cash on hand have quietly drifted down.
On borrowings, United is about as clean as it gets: total loans are zero, so there is no interest bill and no lender to answer to in a bad year. Its reserves of about 93.6 crore taka — roughly twice its share capital — are a real cushion, and an outside rating agency (CRISL) reaffirmed the company's top long-term grade, "AAA" with a stable outlook, in 2026.
The less flattering side is the balance-sheet trend. Shareholders' equity slipped from about 162.2 crore taka in 2021 to 136.1 crore in 2024, and net asset value per share eased from around 33-36 taka in 2020-2021 to about 31 taka in 2024-2025. Cash on hand fell too — from about 30.6 crore taka in 2021 to 6.54 crore in 2024 — and yearly operating cash flow has been modest and uneven (about 11.1 crore in 2021, then 3.05, 2.27 and 4.42 crore).
Put together: the company is safe in the sense that it owes nothing and holds solid reserves, but its net worth per share has not grown despite steady profits — something worth keeping an eye on.
How do we judge if it's fairly priced?
We line the price up against four yardsticks — its own past pricing, similar insurers, its asset value and its dividend — and the live box does that maths on today's price.
To judge whether the share is fairly priced, we line the current price up against four plain yardsticks: how this share has usually been priced against its own profits over the years, how similar insurance companies are priced, the value of what the company owns per share (its net assets), and what its dividend is worth to a buyer.
The durable anchors behind those yardsticks come straight from the accounts: the company earned about 3.46 taka of profit per share in its latest year, and each share is backed by about 31 taka of net assets. Those two numbers — profit per share and asset value per share — are the raw material every price comparison uses.
Because the actual comparison depends on today's moving price, we do not fix a "cheap" or "expensive" verdict in this write-up. The live "value today" box beside this report takes the current price and shows where it sits against each of the four yardsticks.
Value today
Around fair valueToday
৳48.5
Rough estimate
৳57.2
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৳82.3
- Priced like similar companies (profit)৳84.9
- Its own usual price vs asset value৳44.1
- Priced like similar companies (assets)৳58.0
- Based on the dividend it pays৳25.0
A rough, educational estimate from the figures we have — not a price target or advice.
Does it reward shareholders?
Yes — a cash dividend every year, recently lifted to 1.5 taka a share, and comfortably covered by profit.
United has paid a cash dividend every year in the period we can see: 11% of face value in 2020, 10% in each of 2021, 2022 and 2023, then 15% in both 2024 and 2025. In taka that is about 1.1 taka per share in 2020, 1.0 taka in 2021-2023, and 1.5 taka in 2024 and 2025. All of it has been cash — there have been no bonus (stock) dividends that water down existing holders.
The 15% for 2025 means 1.5 taka on each share's 10-taka face value. Importantly, that 1.5 taka was paid out of the 3.46 taka the company earned per share, so less than half of the year's profit went to the dividend — leaving a comfortable margin and room to keep paying.
A long, unbroken record of cash payouts, recently raised rather than cut, is exactly what income-focused savers look for. (What that dividend is worth against today's price changes daily and is shown live beside this report, not fixed here.)
What makes it special?
Its edge is longevity, a debt-free balance sheet and reliability rather than a unique product — and its recent earnings growth beat several listed peers.
General insurance is a crowded field — the exchange lists dozens of insurers — and the policies they sell are broadly similar, so no single company has a strong pricing lock on customers. United's real edge is not a one-of-a-kind product but its steadiness: more than three decades listed (since 1990), no debt, reserves worth about twice its capital, and owners (sponsors and directors) holding a large 59.9% stake, which keeps their interests aligned with ordinary shareholders.
On recent growth it compares well with the peers in this report. United's net profit rose from 10.1 to 15.4 crore taka and its per-share earnings from 2.26 to 3.46 taka in the latest year, while several listed insurers here saw their earnings fall over their latest year (three of them by roughly 5-8%). That places United among the stronger recent performers in its group.
Still, this is reliability more than an unbreakable edge: an insurer's advantage is easy to copy, and a good year can be followed by a softer one. The strength to lean on is the balance sheet and the dividend habit, not an unbeatable market position.
Why it could do well
No debt, a strong latest-year profit jump, a raised-and-well-covered dividend, aligned owners and a top credit rating.
- No debt at all — total bank loans are zero, so there is no interest burden and more room to survive a weak year.
- A strong latest year — net profit rose from 10.1 to 15.4 crore taka and earnings per share from 2.26 to 3.46 taka, and both are up about 70% over 2020-2025.
- A dependable, rising dividend — an unbroken cash-dividend record, recently lifted to 1.5 taka a share (15% of face value), using less than half of yearly profit, so the payout looks well covered.
- Owners aligned, reserves as a cushion — sponsors and directors hold 59.9% of the shares, and reserves of about 93.6 crore taka (roughly twice share capital) provide a buffer.
- Top credit rating — an outside agency reaffirmed "AAA" long-term with a stable outlook in 2026, signalling financial strength.
What could go wrong
Net worth per share and cash have drifted down, earnings are lumpy, competition is stiff, and part of the data is a year behind.
- Net worth per share has drifted down — net asset value per share eased from about 33-36 taka (2020-2021) to about 31 taka (2024-2025), and equity fell from 162.2 to 136.1 crore taka over 2021-2024; profits have not grown the per-share net worth.
- Modest cash and cash flow — cash on hand fell from about 30.6 crore taka (2021) to 6.54 crore (2024), and yearly operating cash flow has been small and uneven.
- Lumpy earnings — the first quarter of 2026 came in weaker than a year earlier (reported earnings per share of 0.24 taka versus 0.45 taka), a reminder that a strong 2025 may not repeat evenly.
- A competitive, hard-to-differentiate business — general insurance offers limited pricing power, which can cap growth.
- Part of the data is a year behind — the latest full balance-sheet and cash-flow detail here is from 2024, while 2025 shows profit, earnings, dividend and net asset value but not the full balance sheet.
So, is it for you?
A safety-first, income-style insurer for patient investors — steady dividends and no debt, but slow-growing net worth.
United Insurance is best understood as a steady, conservative dividend payer rather than a growth story. Its strengths are concrete: no debt, healthy reserves, a long unbroken record of cash dividends recently raised to 1.5 taka a share, and a genuinely strong latest year for profit.
The caveats are just as real: the net assets behind each share have slipped over the years, cash on hand has shrunk, and insurance earnings can swing from quarter to quarter — so the strong 2025 should not be assumed to repeat automatically.
It suits patient, income-minded investors who value safety and a reliable dividend over rapid growth, and who are comfortable with the slow drift in net worth per share. Faster-growth seekers may find it too steady. As always, weigh it against the live value estimate shown beside this report, and treat this as background, not a recommendation.
This is educational information, not investment advice. It explains the company's business and past numbers so you can learn; it does not tell you to buy or sell, and it makes no price forecast. Always do your own research or consult a licensed adviser before investing.