AIC

Tổng Công ty Cổ phần Bảo hiểm DBV ·UPCOM ·2026Q1

▲ INVESTMENT YIELD LED

Investment is the main driver · Financial profit/PBT 412.0%, ROE 2.7%

Price

9,500

Latest close

01 Jun 2026

COMBINED RATIO (TTM) 165,1%

LOSS RATIO (TTM) 41,2%

EXPENSE RATIO (TTM) 123,9%

ROE (TTM) 2,7%

EPS (Latest annual) 329

BVPS (Latest period) 11.496

Insurance Overview

The picture is led by investment yield, supporting the underwriting result. Net insurance premium increases 33.0%, the loss ratio improves 4.8 percentage points, financial profit increases 3.5%, with capital acting as the foundation.

	                            
	                                NET INSURANCE PREMIUM
	                            
 2.400 tỷ
+33,0% YoY

	                            
	                                LOSS RATIO
	                            
 41,2%
−4,8 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 158 tỷ
+3,5% YoY

Metric	2025	2024
NET PREMIUM	2,317.2	1,708.8
Growth	+36%	—
PBT	40.9	15.5
PBT Margin	1.76%	0.91%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	579.7	797.8	514.0	508.6	478.1	577.3	318.0	431.8	381.7
Growth	+21%	+38%	+62%	+18%	+25%	—	—	—	—
PBT	11.1	23.0	-15.7	20.0	11.2	36.1	-44.2	13.1	10.4
PBT Margin	1.92%	2.88%	-3.06%	3.93%	2.34%	6.25%	-13.89%	3.03%	2.74%

Drivers of AIC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by better claims experience. Supporting and offsetting drivers:

Claims experience ↑ 115.6bn

Chi phí khai thác BH ↑ 56.6bn

Investment income ↑ 5.4bn

Unclassified ↑ 274.3bn

Premium volume ↓ 429.8bn

Financial Highlights

Detailed analysis of each financial dimension

Is premium growth healthy?

very positive positive stable watch under pressure

Premium growth and revenue engine

NET PREMIUM GROWTH 33.0% around the industry pace of 11%

NET PREMIUM RETENTION 48.9% -11.7 ppt retention mix shifting out

Net insurance premium reached 2,317 bn VND, with net insurance premium growth at 33.0% year on year. The premium retention ratio was 48.9%, 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 INSURANCE PREMIUM 2,317.2bn

NET INSURANCE BUSINESS REVENUE 3,102.4bn

GROSS WRITTEN PREMIUM 4,181.6bn

CEDED REINSURANCE PREMIUM 1,252.8bn

NET INSURANCE REVENUE GROWTH 35.9%

CEDED PREMIUM RATIO 31.8% -5.0 ppt

ASSUMED PREMIUM RATIO 1.4% -1.1 ppt

NET TO INSURANCE PREMIUM 60.6% -1.6 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 41.2% -4.8 ppt strong technical zone

DIRECT EXPENSE BURDEN 88.6% -3.7 ppt underwriting expense improving

The combined ratio is still above break-even at 132.4%, but improved -7.2 ppt. Claims burden moved -4.8 ppt, indicating recovery from an elevated cost base.

The signal is recovery, not a fully clean underwriting position; the next claims season remains the check.

CLAIM EXPENSES 1,000.4bn

DIRECT UNDERWRITING EXPENSES 2,768.6bn

INSURANCE COMMISSION EXPENSE 214.9bn

CLAIM RESERVE MOVEMENT 94.6bn

RETAINED CLAIMS BURDEN 66.2% +0.9 ppt

COMMISSION BURDEN 7.2% +0.5 ppt

RESERVE MOVEMENT BURDEN 7.1% +1.8 ppt

REINSURANCE RECOVERY SUPPORT 77.8% +24.4 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT —

FINANCIAL EXPENSE BURDEN 13.8% +10.1 ppt financial expense rising

Financial profit still contributed 374.8% of PBT, but the share moved -526.5 ppt. The investment engine is therefore less forceful than last year, while PAT received 465.9% from this source.

If underwriting does not improve fast enough, weaker investment yield will reduce thesis confidence.

FINANCIAL ACTIVITY PROFIT 153.3bn

PROFIT BEFORE TAX 40.9bn

PROFIT AFTER TAX 32.9bn

INSURANCE GROSS PROFIT 333.8bn

INSURANCE GROSS PROFIT MARGIN 11.4% +3.7 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 17.8% -5.1 ppt thin capital buffer

LIABILITIES TO EQUITY 4.61x +1.25x high leverage

Equity to assets was 17.8%, while liabilities to equity was 4.61x. This is an acceptable insurance balance-sheet zone, but not an outstanding capital buffer.

Liquid investments stood at 40.1%, so capital should be read as risk control rather than a profit driver.

TOTAL ASSETS 5,853.0bn

TOTAL EQUITY 1,141.0bn

REINSURANCE ASSETS 1,403.1bn

OPERATING CASH FLOW 289.0bn

LIQUID INVESTMENTS TO ASSETS 30.2% -26.6 ppt

REINSURANCE ASSETS TO ASSETS 24.6% -1.1 ppt

RESERVES TO LIABILITIES 67.8% -0.8 ppt

REINSURANCE ASSETS TO RESERVES 44.2% -4.5 ppt

OPERATING CASH TO ASSETS 3.0% +4.7 ppt

Investment conclusion

Improving investment yield is the main driver of the ROE story, supported by available financial-profit evidence. The picture becomes firmer when the remaining sections are included: underwriting improved as claims burden fell 4.8 ppt to 41.2%; premium remains stable with retention at 48.9% and premium growing 33.0%; capital structure with equity to assets at 17.8% is a capital buffer to cross-check.

Thesis support basis: Financial profit was 153.3bn, equal to not enough data of PBT; claims burden at 41.2% shows how investment support sits alongside underwriting.

Data note: Investment contribution at not enough data of PBT should be cross-checked against claims burden 41.2% and premium growth 33.0%; if one axis weakens, the thesis depends more on the other axis.

Overall, the direction for AIC is supported by the section evidence, and we assess the outlook with high confidence.

Statement Data

Item	2025	2024
1. Insurance premium (01=01.1+01.2-01.3)	3,570.1	2,794.2
- Gross written premium	4,181.6	2,894.9
- Reinsurance premium assumed	79.8	63.2
- Increase/(Decrese) in gross unearned premium reserve	691.4	163.9
2. Reinsurance premium ceded	1,252.8	1,085.4
- Reinsurance premium ceded	1,527.8	1,010.5
-Increase/(Decrease) in ceded unearned premium reserve	275.0	-74.9
3. Net insurance premium (03=01-02)	2,317.2	1,708.8
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	785.2	647.3
- Commissions on reinsurance ceded	232.0	236.2
5. Total net revenue from insurance business (10=03+04)	3,102.4	2,356.1
6. Claim expenses on retained risks	1,445.6	1,048.6
Total claim expenses	1,455.5	1,053.5
+ Claim and maturity payment expenses	1,455.5	1,053.5
- Deductions	9.9	5.0
- Subrogation recoveries	9.9	5.0
7. Recoveries from reinsurance ceded	539.7	383.9
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-67.8	654.6
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-162.4	525.8
9.1. Increase in claim reserve	94.6	128.8
Total claim insurance expenses	1,000.4	793.4
11. Provision for catastrophe reserve	-6.5	-4.5
12. Other insurance operating expenses	1,774.6	1,384.6
+ Commission	214.9	152.9
Other insurance operating expenses	1,559.7	1,231.7
- Other underwriting expenses	1,559.7	1,231.7
+ Others	18.1	3.7
13. Total direct insurance operating expenses	2,768.6	2,173.5
14. Gross insurance operating profit	333.8	182.6
18. Revenue from financial activities	171.3	149.7
19. Expenses on financial activities	18.1	3.7
20. Profit from financial activities	153.3	146.0
21. Administrative expenses	445.3	312.8
22. Operating profit	41.8	15.9
23. Other incomes	1.1	1.0
24. Other expenses	2.0	1.4
25. Other profits	-0.9	-0.3
26. Total profit	40.9	15.5
29. Total profit before tax (55=44+50+53+54)	40.9	15.5
Taxable profit	40.9	15.5
27. Current corporate income tax expenses	8.0	4.0
29. Profit after tax	32.9	11.5
31. Profit after tax for shareholders of the parent compan	32.9	11.5
32. Earning per share	329.00	115.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,542.1	4,840.9
I. Cash and cash equivalents	439.7	258.2
1. Cash	439.7	258.2
II. Short-term investments	1,908.0	2,544.4
1. Short-term investments	1,908.7	2,545.4
2. Provision for diminution in value of short-term investments	-0.7	-1.0
III. Short-term receivables	630.0	630.8
1. Trade accounts receivable	540.4	539.7
1.1. Insurance contract receivables	501.9	499.1
12. Other receivables of customers	38.5	40.6
2. Prepayments to suppliers	24.3	51.1
5. Other receivables	107.4	81.7
6. Provision for short-term doubtful debts	-42.2	-41.7
V. Other short-term assets	161.3	117.0
1. Short-term prepayments	156.0	104.1
1.1. Unallocated commissions expenses	135.4	87.3
1.2. Other short-term prepaid expenses	20.7	16.8
2. Value Added Tax to be reclaimed	5.2	12.9
VIII. Reinsurance assets	1,403.1	1,290.5
1. Reinsurance assets from unearned premium reserves	786.2	511.2
2. Reinsurance assets from claim reserves	616.9	779.3
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,310.9	274.0
I. Long-term receivables	25.4	15.6
6. Other long-term receivables	25.4	15.6
6.2. Other long-term receivables	18.4	8.6
II. Fixed assets	5.3	4.6
1. Tangible fixed assets	4.2	2.3
- Cost	14.4	13.1
- Accumulated depreciation	-10.2	-10.8
3. Intangible fixed assets	1.1	2.3
- Cost	7.2	7.2
- Accumulated depreciation	-6.0	-4.8
IV. Long-term assets in progress	2.9	—
1. Construction in progress	2.9	—
IV. Long-term investments	1,201.5	172.0
VI. Other long-term assets	75.8	81.8
1. Long-term prepayments	75.8	81.8
TOTAL ASSETS (270=100+200)	5,853.0	5,114.9
A. LIABILITIES (300=210+330)	4,712.0	4,006.8
I. Short -term liabilities	4,691.9	3,976.7
1. Short-term borrowings	289.0	200.0
2. Trade accounts payable	581.8	687.7
2.1. Insurance contract payable	570.7	646.7
2.2. Other payables to suppliers	11.1	41.0
3. Advances from customers	121.7	114.3
4. Taxes and other payables to state authorities	75.0	21.2
5. Payable to employees	129.2	95.3
6. Accrued expenses	2.2	1.3
8. Other payables	22.4	20.4
9. Unearned commission revenues	110.4	92.7
11. Bonus and welfare fund	0.6	1.1
131. Unearned premium reserve	2,198.6	1,507.2
132. Claim reserve	1,053.4	1,121.3
133. Catastrophe reserve	107.6	114.1
II. Long-term liabilities	20.1	30.1
3. Other long-term liabilities	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,141.0	1,108.1
I. Owner's equity	1,141.0	1,108.1
1. Capital from owners	1,000.0	1,000.0
- Common stock with voting right	1,000,000,000,000.00	1,000,000,000,000.00
9. Compulsory reserves	17.6	15.9
11. Undistributed earnings after tax	123.4	92.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,853.0	5,114.9

Item	2025	2024
Income tax paid	-3.2	-3.1
Other receipts from operating activities	84.2	60.0
Other payments for operating activities	-300.3	-224.9
Net cash flows from operating activities	289.0	133.3
1. Payment for fixed assets, constructions and other long-term assets	-1.2	-0.3
2. Receipts from disposal of fixed assets and other long-term assets	0.3	0.0
4. Receipts from loan repayments, sale of other entities' debt instruments	2,398.7	2,665.8
5. Payments for investment in other entities	-2,761.2	-3,059.0
7. Dividends, interest and profit received	160.4	118.9
9. Other payments for investing activities	4.7	—
Net cash flows from investing activities	-198.2	-274.7
3. Short-term and long-term borrowings	489.0	200.0
4. Principal repayments	-400.0	—
6. Dividends paid, profits distributed to owners	-0.0	-0.0
Net cash flows from financing activities	89.0	200.0
Net cash flows during the period	179.8	58.6
Cash and cash equivalents at beginning of the period	258.2	199.2
Exchange difference due to re-valuation of ending balances	1.7	0.3
Cash and cash equivalents at end of the period	439.7	258.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Insurance premium (01=01.1+01.2-01.3)	1,120.7	1,259.1	810.1	771.6	717.9	884.0	631.3	670.4	608.5
- Gross written premium	1,475.0	1,634.6	929.1	866.7	751.2	856.6	654.5	717.2	666.6
- Reinsurance premium assumed	7.6	29.1	15.7	16.6	18.4	23.1	16.5	16.6	6.9
- Increase/(Decrese) in gross unearned premium reserve	361.8	404.6	134.7	111.8	51.6	-4.2	39.7	63.3	65.0
2. Reinsurance premium ceded	541.1	461.3	296.2	262.9	239.9	306.7	313.3	238.6	226.8
- Reinsurance premium ceded	802.0	367.8	297.6	343.6	292.9	322.8	296.6	188.6	202.5
-Increase/(Decrease) in ceded unearned premium reserve	260.9	-93.5	1.5	80.7	53.1	16.1	-16.7	-50.0	-24.4
3. Net insurance premium (03=01-02)	579.7	797.8	514.0	508.6	478.1	577.3	318.0	431.8	381.7
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	308.2	387.5	154.8	106.9	136.0	222.5	179.4	127.5	118.0
- Commissions on reinsurance ceded	98.3	83.0	56.8	46.6	45.7	64.6	56.3	64.2	51.1
5. Total net revenue from insurance business (10=03+04)	887.9	1,185.3	668.8	615.5	614.1	799.8	497.4	559.3	499.6
6. Claim expenses on retained risks	493.7	460.3	345.9	288.1	352.2	329.6	227.7	269.0	222.3
Total claim expenses	495.5	467.4	347.5	288.1	352.2	342.5	227.7	269.0	222.3
+ Claim and maturity payment expenses	495.5	467.4	347.5	288.1	352.2	329.6	227.7	269.0	222.3
+ Claim expenses for reinsurance assumed	—	—	—	—	—	12.9	—	—	—
- Deductions	1.8	7.0	1.6	—	—	12.9	—	—	—
- Subrogation recoveries	1.8	7.0	1.6	—	—	12.9	—	—	—
7. Recoveries from reinsurance ceded	384.8	122.7	125.7	136.5	154.8	103.2	85.9	99.8	95.0
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-18.3	164.7	-46.8	-75.6	-105.7	189.3	490.3	-41.8	17.5
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-76.5	40.6	-42.4	-68.3	-90.6	141.1	421.3	-35.5	-0.7
9.1. Increase in claim reserve	58.2	124.1	-4.4	-7.3	-15.1	48.2	69.0	-6.3	18.3
Total claim insurance expenses	167.1	461.7	215.8	144.3	182.4	274.6	210.9	162.9	145.6
11. Provision for catastrophe reserve	6.8	-14.1	6.5	5.4	4.8	5.6	-20.3	5.4	4.7
12. Other insurance operating expenses	618.0	619.1	361.3	381.3	381.1	423.7	302.9	344.7	314.8
+ Commission	66.2	76.6	49.6	48.3	39.9	56.4	33.4	34.4	28.7
Other insurance operating expenses	551.8	542.5	311.8	333.0	341.2	367.4	269.4	310.3	286.1
- Other underwriting expenses	551.8	542.5	311.8	333.0	341.2	367.4	269.4	310.3	286.1
+ Others	15.3	-3.7	2.3	11.3	3.1	1.5	1.5	-0.3	-0.1
13. Total direct insurance operating expenses	791.8	1,066.6	583.6	531.0	568.3	703.9	493.5	513.0	465.1
14. Gross insurance operating profit	96.1	118.7	85.2	84.5	45.8	95.9	3.9	46.3	34.5
18. Revenue from financial activities	59.1	42.6	43.1	38.5	42.2	40.0	38.3	37.8	32.6
19. Expenses on financial activities	15.3	-3.7	2.3	11.3	3.1	1.5	1.5	-0.3	-0.1
20. Profit from financial activities	43.9	46.2	40.7	27.2	39.2	38.6	36.8	38.1	32.6
21. Administrative expenses	129.0	138.6	140.9	91.5	73.9	98.5	84.1	71.3	56.9
22. Operating profit	11.0	26.3	-15.0	20.2	11.1	36.0	-43.5	13.1	10.3
23. Other incomes	0.2	0.3	0.1	0.5	0.2	0.4	0.1	0.2	0.6
24. Other expenses	0.1	3.6	0.9	0.7	0.1	0.3	0.8	0.2	0.4
25. Other profits	0.1	-3.3	-0.7	-0.2	0.1	0.1	-0.7	-0.0	0.2
Share of profitin associates and joint ventures	—	304.5	98.0	60.3	90.4	157.9	—	63.3	66.8
26. Total profit	11.1	23.0	-15.7	20.0	11.2	36.1	-44.2	13.1	10.4
29. Total profit before tax (55=44+50+53+54)	11.1	23.0	-15.7	20.0	11.2	36.1	-44.2	13.1	10.4
Taxable profit	11.1	23.0	-15.7	20.0	11.2	36.1	-44.2	13.1	10.4
27. Current corporate income tax expenses	2.4	4.9	-3.2	3.8	2.4	4.1	-5.0	2.9	2.1
29. Profit after tax	8.7	18.1	-12.6	16.1	8.8	32.0	-39.1	10.2	8.4
31. Profit after tax for shareholders of the parent compan	8.7	18.1	-12.6	16.1	8.8	32.0	-39.1	10.2	8.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,616.9	4,528.6	4,951.4	5,006.8	4,770.2	4,843.8	4,576.1	4,032.2	3,839.7
I. Cash and cash equivalents	346.3	439.7	715.5	186.6	84.8	258.2	116.7	144.5	229.8
1. Cash	346.3	439.7	715.5	186.6	84.8	258.2	116.7	144.5	229.8
II. Short-term investments	1,602.3	1,895.0	2,222.0	2,729.0	2,679.0	2,544.4	2,514.5	2,360.0	2,107.0
1. Short-term investments	1,612.4	1,895.7	2,222.0	2,729.0	2,679.0	2,545.4	2,516.4	2,361.4	2,109.4
2. Provision for diminution in value of short-term investments	-10.2	-0.7	—	—	—	-1.0	-1.9	-1.4	-2.4
III. Short-term receivables	896.9	634.3	640.9	689.0	624.6	630.7	700.3	696.5	605.5
1. Trade accounts receivable	621.0	538.5	433.2	492.0	432.0	539.7	569.3	553.6	501.4
1.1. Insurance contract receivables	582.5	500.0	394.8	451.3	391.4	499.1	528.7	513.0	460.8
12. Other receivables of customers	38.5	38.5	38.4	40.7	40.6	40.6	40.6	40.6	40.6
2. Prepayments to suppliers	55.3	31.9	66.3	63.9	84.7	51.1	16.1	8.8	7.1
5. Other receivables	263.6	106.3	184.6	175.5	149.9	81.6	156.1	174.4	137.2
6. Provision for short-term doubtful debts	-43.0	-42.5	-43.3	-42.4	-42.0	-41.7	-41.2	-40.3	-40.1
V. Other short-term assets	184.0	161.1	147.4	137.0	128.8	119.7	111.0	102.3	82.9
1. Short-term prepayments	178.0	155.8	133.7	124.0	114.1	106.8	102.2	96.5	79.0
1.1. Unallocated commissions expenses	155.9	135.4	113.2	104.5	95.4	87.3	86.4	81.0	72.3
1.2. Other short-term prepaid expenses	22.1	20.4	20.5	19.5	18.7	19.5	15.7	15.5	6.6
2. Value Added Tax to be reclaimed	5.8	5.2	13.6	12.5	14.7	12.9	8.3	5.7	3.9
3. Taxes and other receivables from state authorities	0.2	0.0	0.0	0.5	—	—	0.5	—	—
VIII. Reinsurance assets	1,587.5	1,398.6	1,225.6	1,265.2	1,252.9	1,290.7	1,133.5	729.0	814.5
1. Reinsurance assets from unearned premium reserves	1,047.1	778.8	646.4	644.9	564.3	511.2	495.1	511.8	561.8
2. Reinsurance assets from claim reserves	540.4	619.8	579.2	620.3	688.7	779.5	638.5	217.2	252.8
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,834.8	1,324.1	195.3	100.2	97.3	271.3	82.3	121.1	261.8
I. Long-term receivables	26.1	25.4	22.3	21.8	15.2	15.6	15.1	14.7	13.8
6. Other long-term receivables	26.1	25.4	22.3	21.8	15.2	15.6	15.1	14.7	13.8
6.2. Other long-term receivables	19.1	18.4	15.3	14.8	8.2	8.6	8.1	7.7	6.8
II. Fixed assets	6.2	5.3	5.8	5.9	6.3	4.6	5.1	5.6	6.3
1. Tangible fixed assets	5.3	4.2	4.4	4.1	4.3	2.3	2.4	2.6	2.9
- Cost	15.8	14.4	14.4	14.6	15.4	13.1	12.9	12.8	12.8
- Accumulated depreciation	-10.5	-10.2	-10.0	-10.5	-11.0	-10.8	-10.5	-10.2	-9.9
3. Intangible fixed assets	0.9	1.1	1.4	1.7	2.0	2.3	2.7	3.0	3.3
- Cost	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2
- Accumulated depreciation	-6.3	-6.1	-5.8	-5.5	-5.1	-4.8	-4.5	-4.2	-3.8
IV. Long-term assets in progress	3.2	2.9	—	—	—	—	—	—	—
1. Construction in progress	3.2	2.9	—	—	—	—	—	—	—
IV. Long-term investments	1,729.4	1,214.5	92.0	2.0	2.0	172.0	2.0	52.0	202.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	—	—	52.0	—
VI. Other long-term assets	69.9	76.0	75.2	70.6	73.8	79.1	60.2	48.7	39.8
1. Long-term prepayments	69.9	76.0	75.2	70.6	73.8	79.1	60.2	48.7	39.8
TOTAL ASSETS (270=100+200)	6,451.8	5,852.7	5,146.6	5,107.0	4,867.5	5,115.1	4,658.4	4,153.3	4,101.6
A. LIABILITIES (300=210+330)	5,302.1	4,713.8	4,025.8	3,974.0	3,750.6	4,007.2	3,582.5	3,038.2	2,996.3
I. Short -term liabilities	5,274.6	4,713.8	4,002.1	3,950.4	3,720.9	3,977.0	3,551.2	3,000.1	2,973.2
1. Short-term borrowings	289.0	289.0	150.0	200.0	200.0	200.0	—	—	—
2. Trade accounts payable	872.1	566.8	661.7	666.7	525.9	687.7	715.9	676.1	664.1
2.1. Insurance contract payable	867.3	556.1	650.4	658.0	510.7	646.7	685.4	650.4	640.0
2.2. Other payables to suppliers	4.8	10.6	11.3	8.6	15.2	41.0	30.5	25.6	24.1
3. Advances from customers	64.5	145.3	83.8	84.2	86.4	117.0	92.4	89.8	90.1
4. Taxes and other payables to state authorities	53.0	78.0	35.0	28.7	21.7	21.3	14.3	20.4	18.9
5. Payable to employees	93.5	98.4	91.0	80.5	70.6	95.5	56.7	38.2	23.4
6. Accrued expenses	3.7	2.2	1.2	0.0	0.0	1.3	0.1	0.1	0.1
8. Other payables	43.9	38.6	38.7	44.4	25.9	17.1	11.8	10.6	11.0
9. Unearned commission revenues	144.8	110.4	110.5	110.3	96.3	92.7	106.2	120.9	148.9
11. Bonus and welfare fund	0.1	0.6	0.6	0.8	0.8	1.1	1.1	1.1	0.7
131. Unearned premium reserve	2,560.4	2,198.6	1,794.1	1,670.7	1,558.9	1,507.2	1,511.4	1,471.7	1,408.3
132. Claim reserve	1,035.1	1,069.4	904.7	939.9	1,015.5	1,122.0	932.7	442.4	484.2
133. Catastrophe reserve	114.4	116.6	130.8	124.3	118.9	114.1	108.6	128.8	123.4
II. Long-term liabilities	27.6	-0.1	23.7	23.6	29.7	30.2	31.3	38.1	23.1
3. Other long-term liabilities	0.1	-0.1	23.7	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,149.6	1,139.0	1,120.8	1,133.1	1,116.9	1,107.9	1,075.9	1,115.1	1,105.3
I. Owner's equity	1,149.6	1,139.0	1,120.8	1,133.1	1,116.9	1,107.9	1,075.9	1,115.1	1,105.3
1. Capital from owners	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0
- Common stock with voting right	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00
9. Compulsory reserves	18.0	17.5	16.6	17.2	16.4	15.9	15.3	16.3	15.3
11. Undistributed earnings after tax	131.7	121.5	104.3	115.9	100.6	92.0	60.6	98.8	89.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	6,451.8	5,852.7	5,146.6	5,107.0	4,867.5	5,115.1	4,658.4	4,153.3	4,101.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Income tax paid	-8.0	0.0	-3.2	-3.2	-3.2	-0.4	-2.7	-2.7	-2.7
Other receipts from operating activities	94.2	24.5	59.7	26.1	10.7	12.4	47.7	27.6	15.6
Other payments for operating activities	-216.7	-65.9	-234.4	-145.6	-62.9	-62.7	-162.2	-104.0	-50.2
Net cash flows from operating activities	5.0	286.8	2.2	-97.3	-238.5	95.4	38.0	25.2	17.3
1. Payment for fixed assets, constructions and other long-term assets	-1.3	1.7	-2.9	-2.3	-0.0	-0.2	-0.1	-0.0	—
2. Receipts from disposal of fixed assets and other long-term assets	0.0	0.0	0.3	0.3	0.0	0.0	0.0	0.0	—
4. Receipts from loan repayments, sale of other entities' debt instruments	744.1	890.7	1,508.0	784.0	586.0	649.0	2,016.8	1,067.8	930.8
5. Payments for investment in other entities	-882.7	-1,640.2	-1,121.0	-804.0	-556.0	-847.0	-2,212.0	-1,168.0	-929.0
7. Dividends, interest and profit received	41.4	42.0	118.4	46.5	34.8	44.0	74.8	20.3	11.5
9. Other payments for investing activities	—	4.7	—	—	—	—	—	—	—
Net cash flows from investing activities	-98.4	-701.0	502.8	24.4	64.8	-154.2	-120.5	-80.0	13.3
3. Short-term and long-term borrowings	—	289.0	200.0	200.0	—	200.0	—	—	—
4. Principal repayments	—	-150.0	-250.0	-200.0	—	—	—	—	—
6. Dividends paid, profits distributed to owners	—	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0
Net cash flows from financing activities	—	139.0	-50.0	-0.0	-0.0	200.0	-0.0	-0.0	-0.0
Net cash flows during the period	-93.4	-275.2	455.1	-72.9	-173.6	141.2	-82.5	-54.8	30.6
Cash and cash equivalents at beginning of the period	439.7	715.5	258.2	258.2	258.2	116.7	199.2	199.2	199.2
Exchange difference due to re-valuation of ending balances	—	-0.6	2.2	1.2	0.2	0.3	0.0	-0.0	0.0
Cash and cash equivalents at end of the period	346.3	439.7	715.5	186.6	84.8	258.2	116.7	144.5	229.8

Explore Other Stocks In The Same Sector

BVH, PVI, BIC, VNR, MIG, PTI, ABI, PGI, BMI, PRE, BLI, BHI

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

AIC