Dear Sir,

In 2025, we maintained a steady financial course, navigating market fluctuations with resilience and focus. United Insurance delivered significant business growth, exceeding industry benchmarks and reinforcing our financial stability. This consistent performance was driven by our strategic initiatives and a firm commitment to customer service, resulting in sustained year-over-year growth across key business segments.

At United Insurance, we believe insurance is more than a product — it is a promise. We uphold that promise with integrity and dedication, continually working to strengthen our customers’ value chains. Even amid challenging market conditions, our commitment to innovation and operational efficiency has enabled us to sustain robust growth and consolidate our leadership position within the industry.

Our Performance

Achieving a gross premium income of BDT 711.38 million, along with a positive underwriting profit trend, marks a significant milestone in a dynamic business environment. Despite the obstacles, we delivered satisfactory results, with marine insurance contributing the most. Other insurance lines also performed as expected. We are confident that 2025 will bring even stronger business performance.

The year was not without its challenges. The central bank’s US dollar austerity measures, exchange rate fluctuations, regulatory reforms, and a tightened reinsurance market all posed considerable hurdles. Yet we navigated these complexities with strategic agility and resilience.

Gross Premium BDT 711.39 mn	Net Premium BDT 438.38 mn	Profit Before Tax BDT mn
Profit after tax BDT 153.79 mn	Underwriting Profit BDT 117.59 mn	Investment BDT 1323.19 mn
Investment Income BDT 142.01 mn	EPS BDT 3.46	NOCFPS BDT 2.17

Global Insurance Scenario

The global insurance industry proved resilient in 2025, holding steady despite a difficult economic and geopolitical environment. Global insurance premium volume reached approximately USD 7.5 trillion, driven by consistent growth across both life and non-life segments.

Throughout the year, insurers navigated significant headwinds — persistent inflation, rising environmental and climate-related risks, geopolitical tensions, global conflicts, and capital constraints. According to the Marsh Global Insurance Market Index, global commercial insurance pricing fell by an average of 4% in 2025, reflecting stronger market competition and improved underwriting capacity.

Even so, insurers sharpened their underwriting discipline and refined pricing models to keep pace with the effects of inflation, social inflation, and shifting risk exposures. Digital transformation, data analytics, and ESG-focused strategies continued to rank among the top priorities across the global insurance sector.

Despite these ongoing uncertainties, the industry sustained stable growth — adapting through innovation, prudent risk management, and greater operational efficiency.

Bangladesh Non-Life Insurance Industry

The non-life insurance industry in Bangladesh continued to operate in a competitive and evolving environment during 2025. Gradual economic growth, increasing awareness of risk protection, and expanding business activity provided a supportive backdrop. The sector played an important role in delivering financial security against commercial and personal risks — particularly in fire, marine, motor, and miscellaneous insurance.

The industry also faced several challenges, including inflationary pressure, rising claim costs, intense market competition, and regulatory compliance requirements. Despite these headwinds, insurers focused on prudent underwriting, digital transformation, improved customer service, and stronger risk management to enhance efficiency and sustain long-term growth. Bangladesh has more than 80 licensed insurers operating across both life and non-life segments. However, insurance penetration remains relatively low at around 0.4%–0.5% of GDP — well below that of regional peers.

Credit Rating: A Reflection of Our Financial Strength and Credibility

I am pleased to report that United Insurance has been awarded the highest ‘AAA’ credit rating — the strongest possible recognition of our financial strength, stability, and resilience in Bangladesh’s evolving economic landscape. This rating, assigned by Credit Rating Information and Services Limited (CRISL), is a clear endorsement of the rigorous standards we apply across every dimension of our business — from corporate governance and financial discipline to prudent risk management.

The ‘AAA’ rating reinforces the confidence of those who matter most to us — our customers, investors, regulators, and business partners. It affirms our unwavering commitment to maintaining a robust financial position, one that underpins sustainable growth and supports the long-term interests of all our stakeholders. We do not take this recognition lightly. It reflects our strong institutional fundamentals, the clarity of our strategic direction, and a continued commitment to creating enduring value — for our shareholders, for our customers, and for the broader economic development of Bangladesh.

Our Achievements and Growth

Forty-one years of dedicated service of United Insurance reflect not just longevity, but purpose. The insurer remains firmly committed to sustainable growth, superior customer service, and long-term value creation for its stakeholders. Anchored by an unwavering customer focus, the Company has stood beside its clients through challenge and success alike — earning its place as one of the country’s most trusted non-life insurers.

In 2025, despite a challenging global economic environment, the Company delivered strong financial resilience and achieved notable growth. Key performance highlights are presented on page […].

Our Core Strengths and Path to Sustainable Growth

Our growth is built on enduring foundations. A customer-centric approach, a portfolio of innovative products and services, and a team of experienced professionals enable the Company to deliver consistent value and sustain stakeholder trust. Prudent risk management, financial discipline, and ethical business conduct underpin our long-term resilience — ensuring United Insurance remains well-positioned to navigate an evolving market while contributing meaningfully to the national economy.

Key Pillars of Our Strength:

• Smooth Claims Payment: An efficient, customer-friendly claims process with a highly satisfactory settlement rate. In the last year, we achieved a claims payment rate of 83.55%.
• Industry Leadership: Recognised for innovation and trust, United Insurance continues to set the benchmark across the non-life insurance sector.
• Robust Claims Process: A streamlined, transparent, and efficient claims settlement system that consistently delivers customer satisfaction and confidence.
• Skilled Workforce: A highly trained, dedicated team that drives operational excellence and elevates the standard of customer service.
• Strong Corporate Governance: Transparency, accountability, and integrity upheld at every level of the organisation.

Enhancing IT Infrastructure and Controls

Safeguarding Data Privacy and Cybersecurity

United Insurance has established a robust and comprehensive IT infrastructure designed to ensure secure, efficient, and uninterrupted business operations. Advanced cybersecurity measures — encompassing firewalls, encryption protocols, and automated risk management systems — safeguard sensitive information and strengthen operational resilience. Regular system audits and compliance reviews maintain system integrity and ensure alignment with regulatory requirements.

Data privacy remains a strategic priority. Rigorous compliance measures protect customer information from unauthorized access, while continuous technology upgrades and structured employee training reinforce the Company’s cybersecurity posture. In recognition of its growing criticality, the Board of Directors has formally integrated cybersecurity risk oversight into the Company’s governance framework.

We recognize that our progress is a shared achievement. The Board of Directors has provided the strategic vision and governance discipline that have shaped a culture of sound, purposeful decision-making. Our employees — through their professionalism, commitment, and consistent hard work — remain the enduring foundation of everything we have built.

We are deeply grateful to our clients for their continued trust and confidence in United Insurance — the standard by which we measure ourselves. That trust is both a privilege and a responsibility — one we are resolved to honour through the highest standards of service and excellence.

With appreciation, and with confidence in what lies ahead,

Syed Sehab Ullah Al-Manjur

Chief Executive Officer