Bangladesh General Insurance Company PLC (BGIC) exceeded the regulatory ceiling for management expenses by Tk7.07 crore in 2025, according to the company’s audit report.
The auditor issued a qualified opinion and included an “Emphasis of Matter” paragraph in the audit report for the year ended 31 December 2025.
According to the audit findings, BGIC incurred management expenses of Tk35.60 crore against the maximum allowable limit of Tk28.53 crore under the Maximum Limit of Management Expense for Non-Life Insurance Rule, 2018.
The auditor also flagged the absence of third-party confirmations for inter-insurance balances.
BGIC reported receivables of Tk44.46 crore from other insurance entities and payables of Tk66.49 lakh to such entities.
However, the balances remained unconfirmed by the respective counterparties as of the audit reporting date, according to the auditor.
The audit report further stated that the auditor could not obtain sufficient and appropriate audit evidence regarding outstanding interest, dividend and rent income disclosed in the financial statements.
The audit report was signed by Mahfel Huq & Co Chartered Accountants Engagement Partner Wasequl H Reagan.
