Logo of the Bangladesh Securities and Exchange Commission (BSEC). Photo: Collected
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Logo of the Bangladesh Securities and Exchange Commission (BSEC). Photo: Collected
The Bangladesh Securities and Exchange Commission (BSEC) has placed Progressive Life Insurance Company’s proposed Tk14.52 crore land sale under regulatory scrutiny, directing the Dhaka Stock Exchange (DSE) to verify the transaction amid concerns over incomplete disclosures and corporate governance.
According to a price-sensitive information (PSI) disclosure filed with the DSE in October, the insurer’s board decided to sell 8.54 katha of land in Dhaka’s Aftab Nagar at Tk1.70 crore per katha, taking the total proposed sale value to Tk14.52 crore. The transaction is subject to approval from the Insurance Development and Regulatory Authority (IDRA), the disclosure said.
The BSEC intervened after finding that the company’s PSI announcement lacked key information, including the buyer’s identity and other material terms of the proposed transaction. The regulator has asked the DSE to examine the deal and verify the relevant details
To ensure transparency and protect investor interests, the BSEC has instructed the DSE to verify and examine five specific issues surrounding the transaction, including buyer identity determining who is purchasing the property and whether any conflicts of interest exist.
Also, reviewing what percentage of the total tangible assets of land represents and whether the insurer sold any other assets within the past year, examining any recent share sales conducted by the company’s sponsors, directors, or related persons.
The scrutiny comes amid a severe liquidity crisis and ongoing compliance failures at Progressive Life, which was listed on the capital market in 2006 and currently holds a paid-up capital of Tk16.63 crore.
Data from the IDRA highlights a massive backlog in policyholder payouts as of March, 2026.
As per data, total claims as of March 2026, Tk169.90 crore, but the insurer settled claimsTk10.67 crore with settlement ratio is 6.28% while the unsettled claimsTk159.23 crore representing 93.72%.
The insurer has been attempting to offload real estate assets to generate cash flow and settle its mounting overdue claims, according to a previous report by TBS.
The report mentioned, the company floated a tender notice inviting bids for commercial spaces, flats, parking spaces and land plots in Dhaka and Moulvibazar.
The assets include flats and parking spaces at Navana Rahim Ardent in Kakrail, several rooms across different floors of Eastern Arju Complex in Bijoynagar, 14.09 decimals of land in Aftabnagar and 30.95 decimals of land in Moulvibazar.
The decision to sell the properties underscores the financial strain facing the insurer as it seeks to mobilise funds to meet its obligations to policyholders.
Furthermore, Progressive Life has consistently failed to publish regular financial statements in compliance with listing regulations.
Its last published annual report was for FY20-23, leaving investors with limited visibility into its current financial health.
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