Sonar Bangla Insurance

What Sonar Bangla Insurance does

Sonar Bangla Insurance Limited (SBIL) is a Bangladeshi non-life insurance company incorporated on March 14, 2000 as a public limited company and registered with the Chief Controller of Insurance (now the Insurance Development and Regulatory Authority, IDRA) on April 26, 2000. Headquartered in Purana Paltan, Dhaka, the company underwrites general (non-life) insurance products — Fire, Marine (cargo/hull), Motor, and Miscellaneous insurance — serving both individual policyholders and corporate clients across Bangladesh. It operates a sales-led, branch-based model through a network of 32 branches in different districts and is listed on the Dhaka and Chittagong Stock Exchanges under the ticker SBIL.

The business model is premium-underwriting: revenue is generated from insurance premiums priced against risk assessment, coverage amount, policy type, and duration, with pricing not publicly disclosed. For FY2024 the company reported gross premium income of Tk. 64,54,75,253, net profit before tax of Tk. 10,27,23,992, and underwriting profit of Tk. 8,13,50,869, and the board recommended a 10% cash dividend. Authorized capital is Tk. 100.00 crore and paid-up capital is Tk. 42,04,35,170, grown from an initial Tk. 6.00 crore. Risk capacity is supported by reinsurance arrangements with Sadharan Bima Corporation (SBC), the national reinsurer. The company carries a credit rating from Alpha Credit Rating Limited (reported as AA+/A+, upgraded from a prior M+ level).

SBIL is sponsored by a group of Bangladeshi industrialists spanning diversified business groups (including Shamsul Alamin Group, Hameem Group, Shariff Group, Comfort Group, and Amin Jewellers), with founding chairperson Sheikh Kabir Hossain (President of the Bangladesh Insurance Association) and CEO Md. Shamsul Huda. The company has stated plans to extend into Micro Insurance for micro businesses and to broaden its product range into health and personal accident insurance. It was awarded a Best Claim Paid Certificate and Crest on National Insurance Day (March 1, 2023) in recognition of claims settlement.

Name

Sonar Bangla Insurance

Legal name

Sonar Bangla Insurance Limited

Website

https://sonarbanglainsurance.com

Company type

Public

Founded year

2000

Operating status

Operating

Short description

Sonar Bangla Insurance is a Dhaka-based, publicly listed Bangladeshi non-life insurer underwriting fire, marine, motor, and miscellaneous insurance for individual and corporate clients through a network of 32 branches across the country.

Ownership category

akta.pro rank

Product category

Non-Life Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Health and Medical Insurance Carriers (524114)

SIC

Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321)

akta.pro primary industry

Small Business BOP (Main Street) (FSAJAFAA)

akta.pro secondary industries

Marine & Aviation Insurance (FSAJAMAI), Light Manufacturing / Small Industrial Package (FSAJAFAJ), Commercial Package / Business Owners Policies (BOP) (FSAJAMAG)

Keywords

• Non-life insurance
• Fire insurance
• Marine cargo insurance
• Motor insurance
• Miscellaneous insurance

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premium Income: The company generates revenue through underwriting non-life insurance policies including fire insurance, marine insurance, motor insurance, and miscellaneous insurance. Gross premium income for 2024 was Tk. 64,54,75,253.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Sonar Bangla Insurance Limited (SBIL) is a Bangladesh-based non-life insurance company that underwrites and distributes general insurance products including fire insurance, marine cargo insurance, motor insurance, and miscellaneous insurance. The company serves individual policyholders and corporate clients through 32 branches across Bangladesh, with planned expansion into micro insurance, health insurance, and personal accident insurance. Revenue is generated primarily through insurance premiums, supported by reinsurance arrangements with Sadharan Bima Corporation.

Product overview

Sonar Bangla Insurance Limited is a Non-Life Insurance Company offering a portfolio of insurance products including Fire, Marine, Motor, and Miscellaneous insurance. The company operates with a network of 32 branches across Bangladesh and is planning to expand into Micro Insurance for micro businesses as well as Health and Personal Accident insurance. The company has been recognized with a best Claim Paid Certificate on National Insurance Day in 2023.

Differentiator

Problem solved

Functional benefit

Products and services

• Fire Insurance Property insurance covering fire-related damages to buildings, equipment, and inventory for individual and commercial policyholders.
• Marine Insurance Insurance coverage for goods in transit, vessels, and cargo against maritime risks, available to importers, exporters, and logistics operators in Bangladesh.
• Motor Insurance Vehicle insurance covering third-party liability and own damage for private cars and commercial vehicles across Bangladesh.
• Miscellaneous Insurance Various insurance products including liability, theft, and other specialized non-life coverage types offered to individuals and businesses.
• Personal Accident Insurance Insurance product providing coverage for accidental death and disability, supporting individual policyholders against personal accident risks.

Quantifiable outcome

• Claims settlement recognized as best in the industry - Best Claim Paid Certificate and Crest awarded on National Insurance Day, March 1, 2023

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and minor.

• Sadharan Bima Corporation (SBC)coreTechnology or IntegrationSadharan Bima Corporation (SBC) is the national reinsurer in Bangladesh. SBIL maintains reinsurance arrangements with SBC for risk management and capacity support in underwriting insurance policies.
• Bangladesh Insurance Association (BIA)coreStrategic or Co-development PartnerSBIL is a member of Bangladesh Insurance Association (BIA), working collaboratively with other insurance companies for industry development and regulatory compliance.
• Bangladesh Insurance AcademyminorStrategic or Co-development PartnerBangladesh Insurance Academy provides training and professional development support for insurance industry professionals.
• Alpha Credit Rating LimitedcoreTechnology or IntegrationAlpha Credit Rating Limited assigned SBIL a credit rating of 'AA+' indicating strong risk protection factors, good financial performance, solvency, and adequate internal controls.
• Bangladesh Securities and Exchange Commission (BSEC)coreOthersRegulatory authority overseeing listed companies on Dhaka and Chittagong Stock Exchange. SBIL is listed and compliant with BSEC regulations.
• Insurance Development and Regulatory Authority (IDRA)coreOthersIDRA is the regulatory body for insurance sector in Bangladesh. SBIL obtained certificate of registration from IDRA (formerly Chief Controller of Insurance) on April 26, 2000.
• Dhaka Stock Exchange Limited (DSE)coreOthersSBIL is listed on Dhaka Stock Exchange for public trading of shares.
• Chittagong Stock Exchange Limited (CSE)coreOthersSBIL is listed on Chittagong Stock Exchange for public trading of shares.
• Central Depository of Bangladesh Limited (CDBL)coreTechnology or IntegrationCDBL provides central depository services for SBIL's shares and shareholder records.

Scale indicators8 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Prime Insurance Company Limited: Bangladesh-listed general insurer offering similar non-life products with multi-branch distribution. Direct peer at the smaller end of the listed non-life segment.
• Phoenix Insurance Company Limited: Bangladesh-listed non-life insurer with comparable product lines and branch distribution. Direct peer for SMB and individual policyholders in Bangladesh.
• Pioneer Insurance Company Limited: Bangladesh-listed non-life insurer offering fire, marine, motor, and miscellaneous products. Comparable in scale, product range, and branch-led distribution model.
• Eastern Insurance Company Limited: Bangladesh-listed general insurer with fire, marine, motor, and miscellaneous coverage. Directly comparable in product mix and Bangladeshi branch network footprint.
• Pragati Insurance Limited: Bangladesh-listed general insurer underwriting fire, marine, motor, and miscellaneous risks. Comparable product mix and listed-company structure.
• Nitol Insurance Company Limited: Bangladesh-listed non-life insurer with similar product portfolio (fire, marine, motor, misc). Direct peer for SME and individual segment in Bangladesh.
• Bangladesh National Insurance Company Limited: State-affiliated Bangladesh non-life insurer offering fire, marine, motor, and miscellaneous lines. Direct peer with national scale and similar underwriting focus.
• Reliance Insurance Limited: Bangladesh-listed general insurer underwriting fire, marine cargo, motor, and miscellaneous lines through a multi-branch network. Direct competitor with comparable product portfolio and DSE/CSE listing.
• Green Delta Insurance Company: One of Bangladesh's largest listed non-life (and life) insurers offering fire, marine, motor, and miscellaneous coverage with nationwide branches. Closest direct competitor to SBIL in product mix and Bangladesh-only distribution.

Others

• Sadharan Bima Corporation: Bangladesh's national reinsurer and SBIL's existing reinsurance partner. Not a direct competitor but a critical counterparty; comparable as a Bangladesh-domiciled insurance-sector participant and potential regulator of capacity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Sonar-Bangla-Insurance-Limited-338024253795018

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sonar Bangla Insurance