Analysis of business results & financial statements · Quý 2/2026
▲ INVESTMENT YIELD LED
TTM profit before tax through 2026Q2 rose +VND 5.1bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.
See what is changing ↓- COMBINED RATIO
- 174,3%
- LOSS RATIO
- 44,3%
- EXPENSE RATIO
- 129,9%
- ROE
- 1,3%
- EPS
- 329
- BVPS
- 11.505
- Market price
- 7,700 16 Oct 2026
The current picture
Insurance Overview
Profit bridge
Vs last year · TTM
- Investment income
- Unclassified
- Premium volume
- Claims experience
- Chi phí khai thác BH
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 | 637.1 | 579.7 | 797.8 | 514.0 | 508.6 | 478.1 | 577.3 | 318.0 |
| LNST | 9.9 | 11.1 | 23.0 | -15.7 | 20.0 | 11.2 | 36.1 | -44.2 |
| Net margin | 1.55% | 1.92% | 2.88% | -3.06% | 3.93% | 2.34% | 6.25% | -13.89% |
Revenue
637bnNet income
10bnNet margin
1.55%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 2,317 bn VND, with net insurance premium growth at 34.4% year on year. The premium retention ratio was 45.3%, 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
- 34.4% None
- NET PREMIUM RETENTION
- 45.3% -14.8 ppt
- NET INSURANCE PREMIUM
- 2,317.2bn None
- NET INSURANCE BUSINESS REVENUE
- 3,102.4bn None
- GROSS WRITTEN PREMIUM
- 4,181.6bn None
- CEDED REINSURANCE PREMIUM
- 1,252.8bn None
Is underwriting profitable?
Underwriting quality and claims pressure
◆The combined ratio was 132.4%, still above technical-profit territory. However, claims did not deteriorate sharply (+1.2 ppt), so the read is weak but stabilizing.
Underwriting is a qualifying layer: it needs more improvement before confirming a positive thesis.
- CLAIMS BURDEN
- 44.3% +1.2 ppt
- DIRECT EXPENSE BURDEN
- 89.1% -1.8 ppt
- CLAIM EXPENSES
- 1,000.4bn None
- DIRECT UNDERWRITING EXPENSES
- 2,768.6bn None
- INSURANCE COMMISSION EXPENSE
- 214.9bn None
- CLAIM RESERVE MOVEMENT
- 94.6bn None
Investment income and profit mix
▲Financial profit contributed 374.8% of PBT and changed +79.0 ppt year on year. Financial expense burden was 8.4%, 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
- — None
- FINANCIAL EXPENSE BURDEN
- 8.4% -2.5 ppt
- FINANCIAL ACTIVITY PROFIT
- 153.3bn None
- PROFIT BEFORE TAX
- 40.9bn None
- PROFIT AFTER TAX
- 32.9bn None
- INSURANCE GROSS PROFIT
- 333.8bn None
Are capital and reserves adequate?
Capital, reserves and balance-sheet strength
◆Equity to assets was 17.2%, while liabilities to equity was 4.81x. 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.
- EQUITY TO ASSETS
- 17.2% -5.0 ppt
- LIABILITIES TO EQUITY
- 4.81x +1.31x
- TOTAL ASSETS
- 5,853.0bn None
- TOTAL EQUITY
- 1,141.0bn None
- REINSURANCE ASSETS
- 1,403.1bn None
- OPERATING CASH FLOW
- 289.0bn None
In summary
Research synthesis
What this reporting period is showing
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 needs monitoring with claims burden at 44.3%, changing +1.2 ppt; premium remains stable with retention at 45.3% and premium growing 34.4%; capital structure with equity to assets at 17.2% is a capital buffer to cross-check.
Investment yield is the bright spot, while other sections partly support the thesis. Overall, the direction for AIC 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 around 43.2% stabilizes or eases in coming periods, as claims remain a key driver of underwriting profit.
Watch whether technical reserves — currently 69.0% of total liabilities — remain elevated or change materially in coming periods, as the liability mix leans toward insurance reserves.
Watch whether financial profit — currently equal to 374.8% of pre-tax profit — can sustain its contribution, as pre-tax profit currently depends heavily on investment income.
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