Analysis of business results & financial statements · Quý 2/2026
▲▲ STRONG UNDERWRITING
TTM profit before tax through 2026Q2 rose +VND 108bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.
See what is changing ↓- COMBINED RATIO
- 104,1%
- LOSS RATIO
- 32,5%
- EXPENSE RATIO
- 71,7%
- ROE
- 16,6%
- EPS
- 1.912
- BVPS
- 18.461
- Market price
- 19,100 16 Oct 2026
The current picture
Insurance Overview
Profit bridge
Vs last year · TTM
- Claims experience
- Chi phí khai thác BH
- Investment income
- Unclassified
- Premium volume
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 640.4 | 593.7 | 618.6 | 576.4 | 605.9 | 524.2 | 533.9 | 512.6 |
| LNST | 109.0 | 118.7 | 68.3 | 67.7 | 81.7 | 101.1 | 93.4 | -20.1 |
| Net margin | 17.03% | 20.00% | 11.04% | 11.75% | 13.48% | 19.29% | 17.49% | -3.92% |
Revenue
640bnNet income
109bnNet margin
17.03%Inside the statements
A closer look at what is happening inside the business
An insurer's statements are read with the industry's own questions: premiums, claims, investment income, capital and reserves.
Is premium growth healthy?
Premium growth and revenue engine
▲Net insurance premium reached 2,325 bn VND, with net insurance premium growth at 11.6% year on year. The premium retention ratio was 88.9%, so growth is not being achieved through an aggressive reinsurance shift.
Top-line momentum confirms the thesis, especially as net insurance revenue moves in the same direction as premium.
- NET PREMIUM GROWTH
- 11.6% None
- NET PREMIUM RETENTION
- 88.9% +1.7 ppt
- NET INSURANCE PREMIUM
- 2,325.0bn None
- NET INSURANCE BUSINESS REVENUE
- 2,452.7bn None
- GROSS WRITTEN PREMIUM
- 2,627.0bn None
- CEDED REINSURANCE PREMIUM
- 422.2bn None
Is underwriting profitable?
Underwriting quality and claims pressure
▲The combined ratio was 102.0%, still above technical-profit territory. However, claims did not deteriorate sharply (-2.3 ppt), so the read is weak but stabilizing.
Underwriting is a qualifying layer: it needs more improvement before confirming a positive thesis.
- CLAIMS BURDEN
- 32.5% -2.3 ppt
- DIRECT EXPENSE BURDEN
- 68.0% -1.5 ppt
- CLAIM EXPENSES
- 784.9bn None
- DIRECT UNDERWRITING EXPENSES
- 1,673.4bn None
- INSURANCE COMMISSION EXPENSE
- 444.9bn None
- CLAIM RESERVE MOVEMENT
- 50.8bn None
Investment income and profit mix
▼Financial profit contributed 47.9% of PBT and changed -7.4 ppt year on year. Financial expense burden was 0.1%, so investment income is a quality support layer for ROE.
For a non-life insurer, this contribution zone is healthy when underwriting is not fully replaced by investment income.
- FINANCIAL PROFIT TO PBT
- 47.9% -7.4 ppt
- FINANCIAL EXPENSE BURDEN
- 0.1% -0.1 ppt
- FINANCIAL ACTIVITY PROFIT
- 153.3bn None
- PROFIT BEFORE TAX
- 318.8bn None
- PROFIT AFTER TAX
- 254.3bn None
- INSURANCE GROSS PROFIT
- 779.3bn None
Are capital and reserves adequate?
Capital, reserves and balance-sheet strength
▲Equity to assets was 36.3%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 77.1%, giving the balance sheet room to absorb claims volatility.
Capital is a supportive context layer here, not the main story.
- EQUITY TO ASSETS
- 36.3% +0.2 ppt
- LIABILITIES TO EQUITY
- 1.75x -0.02x
- TOTAL ASSETS
- 4,772.0bn None
- TOTAL EQUITY
- 1,755.6bn None
- REINSURANCE ASSETS
- 459.6bn None
- OPERATING CASH FLOW
- 219.5bn None
In summary
Research synthesis
What this reporting period is showing
Underwriting quality is the main driver, with claims burden at 32.5%.
The picture is reinforced by the other sections: premium remains stable with retention at 88.9% and premium growing 11.6%; investment income plays a supporting role with financial profit at 153.3bn; capital structure with equity to assets at 36.3% is a capital buffer to cross-check.
Strong underwriting quality is the main driver and supports medium-term margin. Overall, the direction for ABI is supported by the section evidence, and we assess the outlook with high confidence.
What to verify next
Questions for the next period
Watch whether the claims burden, currently at 33.8%, remains at a level that supports underwriting profit, as a renewed rise would weaken the underwriting contribution.
Watch whether liquid investments — currently 77.1% of total assets — maintain their share, as liquidity is the balance sheet’s main support.
Watch whether net premium growth (+13.2% in the latest year) is sustained, as premium growth is an insurer’s main revenue engine.
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