BHI

Tổng Công ty cổ phần Bảo hiểm Sài Gòn - Hà Nội ·UPCOM ·2026Q1

▼ CLAIMS PRESSURE

Underwriting needs monitoring · Combined ratio 171.2%, Claims burden 60.7%

Price

5,200

Latest close

02 Jun 2026

COMBINED RATIO (TTM) 171,2%

LOSS RATIO (TTM) 60,7%

EXPENSE RATIO (TTM) 110,5%

ROE (TTM) 4,4%

EPS (TTM) 498

BVPS (Latest period) 11.956

Insurance Overview

The picture is under claims pressure, with the combined ratio above technical comfort. Net insurance premium contracts 22.2%, the loss ratio rises 13.7 percentage points, financial profit declines 21.3%, and should be read with the pricing cycle.

	                            
	                                NET INSURANCE PREMIUM
	                            
 2.032 tỷ
−22,2% YoY

	                            
	                                LOSS RATIO
	                            
 60,7%
+13,7 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 130 tỷ
−21,3% YoY

Metric	2025	2024
NET PREMIUM	2,236.3	2,649.9
Growth	-16%	—
PBT	28.4	12.5
PBT Margin	1.27%	0.47%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	444.4	308.7	578.3	700.8	653.0	593.5	651.2	714.2	676.7
Growth	-32%	-48%	-11%	-2%	-4%	—	—	—	—
PBT	27.7	37.0	-30.4	31.0	-6.7	29.7	-57.5	57.5	-20.0
PBT Margin	6.24%	11.99%	-5.25%	4.42%	-1.02%	5.00%	-8.83%	8.04%	-2.95%

Drivers of BHI's profit

TTM

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

Premium volume ↑ 332.2bn

Unclassified ↑ 28.3bn

Claims experience ↓ 277.5bn

Chi phí khai thác BH ↓ 5.5bn

Investment income ↓ 35.1bn

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 -22.2% contracting while the industry grows near 11%

NET PREMIUM RETENTION 97.7% +14.9 ppt retention strengthening

Net insurance premium growth fell -22.2% year on year, so the revenue engine is not the confirming leg. Net insurance revenue growth was -11.4%, making it important to separate demand pressure from reinsurance policy.

If this persists for several quarters, premium will move from a qualifying layer to a thesis-weaking point.

NET INSURANCE PREMIUM 2,236.3bn

NET INSURANCE BUSINESS REVENUE 2,562.9bn

GROSS WRITTEN PREMIUM 2,588.0bn

CEDED REINSURANCE PREMIUM 782.3bn

NET INSURANCE REVENUE GROWTH -18.5%

CEDED PREMIUM RATIO 33.2% +13.6 ppt

ASSUMED PREMIUM RATIO 3.6% +0.9 ppt

NET TO INSURANCE PREMIUM 74.6% -6.2 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 60.7% +13.7 ppt normal technical zone

DIRECT EXPENSE BURDEN 94.6% -4.2 ppt underwriting expense improving

Claims burden rose +13.7 ppt, large enough to treat as a period claims shock. The combined ratio was 151.2%, so underwriting deserves a more conservative read than other sections.

Separate one-off weather or large-loss effects from the longer-term pricing trend.

CLAIM EXPENSES 1,204.6bn

DIRECT UNDERWRITING EXPENSES 2,494.0bn

INSURANCE COMMISSION EXPENSE 235.1bn

CLAIM RESERVE MOVEMENT 50.1bn

RETAINED CLAIMS BURDEN 69.3% +15.4 ppt

COMMISSION BURDEN 9.0% -0.5 ppt

RESERVE MOVEMENT BURDEN 2.5% +2.3 ppt

REINSURANCE RECOVERY SUPPORT 18.3% +3.5 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT —

FINANCIAL EXPENSE BURDEN 11.0% +6.6 ppt financial expense rising

Financial profit still contributed 518.3% of PBT, but the share moved -519.5 ppt. The investment engine is therefore less forceful than last year, while PAT received 1096.8% from this source.

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

FINANCIAL ACTIVITY PROFIT 147.0bn

PROFIT BEFORE TAX 28.4bn

PROFIT AFTER TAX 13.4bn

INSURANCE GROSS PROFIT 68.9bn

INSURANCE GROSS PROFIT MARGIN 5.4% +4.2 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 30.0% +5.4 ppt thick capital buffer

LIABILITIES TO EQUITY 2.33x -0.73x reasonable leverage

Equity to assets was 30.0%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 48.4%, giving the balance sheet room to absorb claims volatility.

Capital is a supportive context layer here, not the main story.

TOTAL ASSETS 4,373.8bn

TOTAL EQUITY 1,200.3bn

REINSURANCE ASSETS 896.7bn

OPERATING CASH FLOW 730.9bn

LIQUID INVESTMENTS TO ASSETS 45.2% -5.3 ppt

REINSURANCE ASSETS TO ASSETS 19.8% +0.8 ppt

RESERVES TO LIABILITIES 68.9% -2.5 ppt

REINSURANCE ASSETS TO RESERVES 41.1% +5.7 ppt

OPERATING CASH TO ASSETS -27.8% -25.3 ppt

Investment conclusion

Claims pressure is the main bottleneck, with claims burden at 60.7%. The other sections show mixed signals: premium remains stable with retention at 97.7% and premium contracting 22.2%; investment income plays a supporting role with financial profit at 147.0bn; capital structure with equity to assets at 30.0% is a capital buffer to cross-check.

Thesis support basis: Claims burden at 60.7% and combined ratio at not enough data are the main data points to monitor; premium growth at -22.2% shows the revenue base is not enough by itself to offset underwriting pressure.

Data note: The pressure sits in claims burden 60.7% and combined ratio not enough data; equity to assets 30.0% is the data check on absorption capacity.

Overall, the direction for BHI 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)	3,018.6	3,240.2
- Gross written premium	2,588.0	3,176.5
- Reinsurance premium assumed	66.9	103.2
- Increase/(Decrese) in gross unearned premium reserve	-363.8	39.5
2. Reinsurance premium ceded	782.3	590.3
- Reinsurance premium ceded	865.9	694.3
-Increase/(Decrease) in ceded unearned premium reserve	83.5	104.0
3. Net insurance premium (03=01-02)	2,236.3	2,649.9
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	326.6	242.6
- Commissions on reinsurance ceded	181.3	121.9
5. Total net revenue from insurance business (10=03+04)	2,562.9	2,892.6
6. Claim expenses on retained risks	1,411.3	1,318.8
Total claim expenses	1,418.2	1,323.8
+ Claim and maturity payment expenses	1,418.2	1,323.8
- Deductions	6.8	5.0
- Subrogation recoveries	6.8	5.0
7. Recoveries from reinsurance ceded	256.8	150.6
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-6.8	447.4
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-56.9	332.9
9.1. Increase in claim reserve	50.1	114.6
Total claim insurance expenses	1,204.6	1,282.8
11. Provision for catastrophe reserve	-29.2	25.5
12. Other insurance operating expenses	1,318.5	1,625.7
+ Commission	235.1	287.1
Other insurance operating expenses	1,083.4	1,338.6
- Other underwriting expenses	1,083.4	1,338.6
+ Others	66.5	10.4
13. Total direct insurance operating expenses	2,494.0	2,934.0
14. Gross insurance operating profit	68.9	-41.4
18. Revenue from financial activities	213.5	231.8
19. Expenses on financial activities	66.5	10.4
20. Profit from financial activities	147.0	221.4
21. Administrative expenses	184.5	169.9
22. Operating profit	31.5	10.1
23. Other incomes	8.8	5.1
24. Other expenses	11.9	2.7
25. Other profits	-3.1	2.4
26. Total profit	28.4	12.5
29. Total profit before tax (55=44+50+53+54)	28.4	12.5
Taxable profit	28.4	12.5
27. Current corporate income tax expenses	13.7	2.4
28. Deferred income tax expenses (*)	1.2	-0.3
29. Profit after tax	13.4	10.4
30. Minority interest	0.7	0.3
31. Profit after tax for shareholders of the parent compan	12.8	10.1
32. Earning per share	128.00	101.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,724.5	4,249.8
I. Cash and cash equivalents	159.8	87.4
1. Cash	117.6	87.4
2. Cash equivalents	42.2	—
II. Short-term investments	1,955.9	2,396.8
1. Short-term investments	182.9	35.0
2. Provision for diminution in value of short-term investments	-14.3	-6.5
3. Held to maturity investments	1,787.3	2,368.2
III. Short-term receivables	597.6	677.9
1. Trade accounts receivable	482.1	500.6
1.1. Insurance contract receivables	482.1	500.6
2. Prepayments to suppliers	9.2	21.6
5. Other receivables	174.6	219.1
6. Provision for short-term doubtful debts	-71.1	-66.1
7. Assets waiting for resolution	2.7	2.7
IV. Inventories	0.5	0.4
1. Inventories	0.5	0.4
V. Other short-term assets	114.0	164.5
1. Short-term prepayments	100.1	161.7
1.1. Unallocated commissions expenses	97.9	155.7
1.2. Other short-term prepaid expenses	2.2	6.0
2. Value Added Tax to be reclaimed	13.3	2.5
3. Taxes and other receivables from state authorities	0.6	0.3
VIII. Reinsurance assets	896.7	922.9
1. Reinsurance assets from unearned premium reserves	394.0	362.9
2. Reinsurance assets from claim reserves	502.7	560.1
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	649.3	727.4
I. Long-term receivables	54.9	46.0
6. Other long-term receivables	54.9	46.0
6.2. Other long-term receivables	19.5	21.1
II. Fixed assets	7.5	6.1
1. Tangible fixed assets	5.1	2.4
- Cost	10.6	9.0
- Accumulated depreciation	-5.4	-6.5
3. Intangible fixed assets	2.4	3.6
- Cost	8.3	8.3
- Accumulated depreciation	-5.8	-4.6
IV. Long-term investments	555.2	539.9
3. Investments in other entities	30.0	30.0
4. Provision for diminution in value of long-term investments	-3.9	—
5. Held to maturity investments	529.1	509.9
VI. Other long-term assets	31.6	135.4
1. Long-term prepayments	31.1	133.7
2. Deferred income tax assets	0.6	1.7
TOTAL ASSETS (270=100+200)	4,373.8	4,977.2
A. LIABILITIES (300=210+330)	3,173.5	3,754.6
I. Short -term liabilities	3,173.3	3,754.4
2. Trade accounts payable	474.0	602.7
2.1. Insurance contract payable	456.0	581.7
2.2. Other payables to suppliers	18.1	21.1
3. Advances from customers	181.5	247.5
4. Taxes and other payables to state authorities	18.4	21.4
5. Payable to employees	16.5	34.5
6. Accrued expenses	17.7	33.9
8. Other payables	31.4	20.6
9. Unearned commission revenues	118.6	79.6
11. Bonus and welfare fund	4.3	5.8
131. Unearned premium reserve	1,355.9	1,711.1
132. Claim reserve	883.8	889.2
133. Catastrophe reserve	70.9	99.6
14. Short-term unearned revenue	0.2	8.4
II. Long-term liabilities	0.2	0.1
5. Deferred income tax liabilities	0.2	0.1
B. OWNER'S EQUITY (400=410+430)	1,200.3	1,222.7
I. Owner's equity	1,200.3	1,222.7
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
6. Foreign exchange differences	-52.4	-16.0
7. Investment and development fund	1.5	1.5
9. Compulsory reserves	22.4	21.9
11. Undistributed earnings after tax	223.6	211.3
- Accumulated retained earning at the end of the previous period	211.3	201.7
- Undistributed earnings in this period	12.2	9.7
12. Minority's interest	5.2	3.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,373.8	4,977.2

Item	2025	2024
Income tax paid	-8.9	-1.3
Other receipts from operating activities	18.9	26.1
Other payments for operating activities	-213.8	-182.2
Net cash flows from operating activities	-730.9	71.7
1. Payment for fixed assets, constructions and other long-term assets	-2.3	-0.1
2. Receipts from disposal of fixed assets and other long-term assets	1.3	0.5
4. Receipts from loan repayments, sale of other entities' debt instruments	2,806.8	2,188.5
5. Payments for investment in other entities	-2,223.6	-2,592.2
7. Dividends, interest and profit received	219.5	68.1
Net cash flows from investing activities	801.8	-335.1
1. Receipts from equity issue and owner's capital contribution	7.6	—
6. Dividends paid, profits distributed to owners	-1.9	-5.0
Net cash flows from financing activities	5.7	-5.0
Net cash flows during the period	76.6	-268.4
Cash and cash equivalents at beginning of the period	87.4	358.3
Exchange difference due to re-valuation of ending balances	-4.2	-2.5
Cash and cash equivalents at end of the period	159.8	87.4

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)	500.6	776.6	631.9	813.2	767.7	904.4	738.3	819.3	741.4
- Gross written premium	265.2	406.9	551.3	856.7	750.4	967.6	699.0	739.1	736.0
- Reinsurance premium assumed	25.9	13.3	29.7	6.3	19.0	13.2	16.6	36.0	33.7
- Increase/(Decrese) in gross unearned premium reserve	-209.5	-356.5	-51.0	49.8	1.8	76.4	-22.7	-44.3	28.4
2. Reinsurance premium ceded	56.2	468.0	53.6	112.3	114.7	310.9	87.1	105.1	64.7
- Reinsurance premium ceded	120.3	347.5	163.6	171.7	145.1	374.5	91.2	105.6	101.4
-Increase/(Decrease) in ceded unearned premium reserve	64.1	-120.5	110.0	59.4	30.4	63.6	4.1	0.5	36.7
3. Net insurance premium (03=01-02)	444.4	308.7	578.3	700.8	653.0	593.5	651.2	714.2	676.7
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	41.7	208.9	44.6	46.6	39.2	251.8	-5.6	16.5	-14.5
- Commissions on reinsurance ceded	40.5	82.2	38.1	37.6	36.2	63.5	23.0	30.9	10.0
5. Total net revenue from insurance business (10=03+04)	486.0	517.5	622.9	747.5	692.2	845.3	645.6	730.8	662.2
6. Claim expenses on retained risks	290.9	448.6	289.5	379.7	304.9	423.4	319.6	359.1	216.4
Total claim expenses	292.0	453.1	289.9	380.5	306.0	425.4	320.2	361.0	217.0
+ Claim and maturity payment expenses	292.0	453.1	289.9	380.5	306.0	425.4	320.2	361.0	217.0
- Deductions	1.2	4.5	0.4	0.8	1.1	2.0	0.6	1.8	0.6
- Subrogation recoveries	1.2	4.5	0.4	0.8	—	2.0	0.6	1.8	0.6
+ Salvages	—	—	—	—	1.1	—	—	—	—
7. Recoveries from reinsurance ceded	18.5	119.9	38.9	47.9	47.0	49.4	36.1	48.9	16.1
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-37.1	-23.1	158.6	-130.1	-3.8	-243.3	557.0	-20.3	151.3
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-60.0	16.9	70.9	-109.6	-24.2	-208.3	545.1	-26.1	20.4
9.1. Increase in claim reserve	23.0	-40.1	87.7	-20.5	20.4	-35.0	11.9	5.8	130.9
Total claim insurance expenses	295.4	288.6	338.3	311.3	278.3	339.1	295.4	316.1	331.2
11. Provision for catastrophe reserve	1.5	-42.4	4.1	6.8	6.0	5.9	6.1	6.6	6.6
12. Other insurance operating expenses	110.7	265.0	264.5	402.1	381.2	462.0	402.1	381.1	359.7
+ Commission	32.3	53.4	56.4	72.6	53.5	69.8	75.7	80.6	41.2
Other insurance operating expenses	78.4	211.6	208.1	329.5	327.7	392.1	326.4	300.5	318.6
- Other underwriting expenses	78.4	211.6	208.1	329.5	327.7	392.1	326.4	300.5	318.6
+ Others	2.0	3.6	1.6	8.7	9.3	-0.2	-3.2	1.6	0.7
13. Total direct insurance operating expenses	407.6	511.3	606.9	720.3	665.5	807.0	703.7	703.7	697.5
14. Gross insurance operating profit	78.4	6.3	16.0	27.2	26.7	38.4	-58.1	27.0	-35.3
18. Revenue from financial activities	7.5	83.0	-3.1	58.5	28.9	45.5	37.1	61.1	65.1
19. Expenses on financial activities	2.0	3.6	1.6	8.7	9.3	-0.2	-3.2	1.6	0.7
20. Profit from financial activities	5.5	79.4	-4.8	49.7	19.6	45.6	40.2	59.6	64.4
21. Administrative expenses	58.0	40.9	43.7	47.2	54.3	56.0	41.6	28.7	48.3
22. Operating profit	25.9	44.8	-32.4	29.7	-8.0	28.0	-59.4	57.9	-19.2
23. Other incomes	2.2	3.0	2.1	1.6	3.3	2.0	2.1	1.0	0.1
24. Other expenses	0.4	10.7	0.1	0.4	1.9	0.3	0.1	1.4	0.9
25. Other profits	1.9	-7.8	2.1	1.3	1.3	1.7	1.9	-0.4	-0.8
Share of profitin associates and joint ventures	—	126.7	6.5	9.0	3.1	188.3	-28.6	-14.4	-24.5
26. Total profit	27.7	37.0	-30.4	31.0	-6.7	29.7	-57.5	57.5	-20.0
29. Total profit before tax (55=44+50+53+54)	27.7	37.0	-30.4	31.0	-6.7	29.7	-57.5	57.5	-20.0
Taxable profit	27.7	37.0	-30.4	31.0	-6.7	29.7	-57.5	57.5	-20.0
27. Current corporate income tax expenses	—	13.5	-2.2	—	—	—	-4.1	5.4	—
28. Deferred income tax expenses (*)	—	0.2	0.4	0.5	1.0	-0.2	0.0	—	0.1
29. Profit after tax	27.7	23.3	-28.6	30.4	-7.7	29.9	-53.4	52.1	-20.1
30. Minority interest	2.3	0.2	-0.5	1.1	0.4	-1.3	0.5	0.1	0.7
31. Profit after tax for shareholders of the parent compan	25.4	23.1	-28.0	29.3	-8.1	31.2	-53.9	52.0	-20.7
32. Earning per share	254.00	231.00	-280.00	293.00	-81.00	312.00	-539.00	520.00	-207.00

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)	3,262.4	4,225.1	4,238.1	3,638.7	4,171.8	4,203.4	3,799.5	3,356.5	2,947.6
I. Cash and cash equivalents	118.5	399.6	1,171.8	428.3	88.0	87.3	88.1	434.6	215.8
1. Cash	118.5	117.6	637.7	142.0	88.0	87.3	88.1	105.1	49.8
2. Cash equivalents	—	282.0	534.1	286.4	—	—	—	329.5	166.0
II. Short-term investments	1,711.1	2,214.8	1,468.4	1,571.1	2,361.3	2,384.7	1,978.2	1,704.4	1,460.8
1. Short-term investments	82.8	183.0	169.9	89.1	130.6	35.0	35.0	43.6	199.9
2. Provision for diminution in value of short-term investments	-4.3	-14.3	-7.8	-2.9	-9.6	-6.4	-1.2	-2.0	-1.1
3. Held to maturity investments	1,632.6	2,046.1	1,306.2	1,485.0	2,240.3	2,356.1	1,944.5	1,662.9	1,262.1
III. Short-term receivables	513.5	605.1	554.1	674.5	644.4	641.0	486.1	497.3	503.7
1. Trade accounts receivable	454.3	445.0	341.0	501.9	458.1	467.2	303.1	357.5	357.2
1.1. Insurance contract receivables	454.3	445.0	341.0	501.9	458.1	467.2	303.1	357.5	347.9
12. Other receivables of customers	—	—	0.0	—	—	—	—	—	9.2
2. Prepayments to suppliers	5.6	9.2	7.1	7.9	6.3	21.6	42.7	13.9	32.0
5. Other receivables	122.7	219.6	274.0	229.6	244.2	219.1	211.6	197.5	184.4
6. Provision for short-term doubtful debts	-71.8	-71.5	-70.8	-67.8	-67.0	-69.6	-74.1	-74.3	-72.6
7. Assets waiting for resolution	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7
IV. Inventories	0.5	0.5	0.5	0.6	0.8	0.4	0.4	0.6	0.9
1. Inventories	0.5	0.5	0.5	0.6	0.8	0.4	0.4	0.6	0.9
V. Other short-term assets	116.2	111.5	122.6	136.8	153.0	177.4	189.1	209.1	224.2
1. Short-term prepayments	95.7	97.6	117.3	132.0	147.4	174.6	186.5	205.8	220.3
1.1. Unallocated commissions expenses	93.5	95.5	114.1	127.3	141.3	168.6	180.6	199.8	214.0
1.2. Other short-term prepaid expenses	2.2	2.1	3.2	4.7	6.1	6.0	5.9	6.0	6.3
2. Value Added Tax to be reclaimed	20.0	13.3	4.6	4.4	5.1	2.5	1.8	2.6	2.0
3. Taxes and other receivables from state authorities	0.5	0.6	0.6	0.4	0.5	0.3	0.7	0.8	1.9
VIII. Reinsurance assets	802.6	893.7	920.7	827.4	924.4	912.6	1,057.6	510.6	542.2
1. Reinsurance assets from unearned premium reserves	357.8	386.1	425.4	399.5	387.2	354.6	291.1	289.2	294.8
2. Reinsurance assets from claim reserves	444.8	507.6	495.2	427.9	537.2	558.0	766.5	221.4	247.4
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	786.6	150.1	351.9	1,134.0	680.9	738.2	1,059.2	997.7	1,514.9
I. Long-term receivables	46.9	54.8	46.9	45.8	46.9	45.7	46.2	43.6	42.7
6. Other long-term receivables	46.9	54.8	46.9	45.8	46.9	45.7	46.2	43.6	42.7
6.2. Other long-term receivables	19.3	19.5	20.4	19.6	20.9	21.1	21.4	18.6	17.6
II. Fixed assets	7.1	6.9	7.5	8.1	8.8	6.1	6.6	7.1	7.3
1. Tangible fixed assets	4.9	4.5	4.8	5.1	5.4	2.4	2.6	2.9	2.7
- Cost	10.6	9.8	10.5	10.5	11.3	8.9	8.9	9.4	10.5
- Accumulated depreciation	-5.7	-5.3	-5.7	-5.5	-5.8	-6.5	-6.3	-6.5	-7.7
3. Intangible fixed assets	2.1	2.4	2.7	3.0	3.3	3.6	3.9	4.2	4.5
- Cost	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3
- Accumulated depreciation	-6.1	-5.8	-5.5	-5.2	-4.9	-4.6	-4.3	-4.0	-3.7
IV. Long-term investments	707.5	56.4	239.0	995.4	516.6	551.7	833.0	757.5	1,310.4
3. Investments in other entities	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
4. Provision for diminution in value of long-term investments	-4.8	-3.9	-3.9	-7.2	-5.7	—	-6.0	-3.3	-4.5
5. Held to maturity investments	682.3	30.3	212.9	972.6	492.3	521.7	809.0	730.8	1,284.9
VI. Other long-term assets	25.1	32.0	58.5	84.6	108.7	134.8	173.5	189.5	154.5
1. Long-term prepayments	24.5	31.7	58.0	83.6	108.1	133.7	172.4	188.3	153.3
2. Deferred income tax assets	0.6	0.3	0.5	0.9	0.6	1.1	1.1	1.2	1.2
TOTAL ASSETS (270=100+200)	4,049.0	4,375.2	4,590.0	4,772.7	4,852.7	4,941.6	4,858.7	4,354.3	4,462.5
A. LIABILITIES (300=210+330)	2,833.2	3,139.5	3,438.2	3,554.2	3,657.6	3,730.4	3,678.4	3,124.3	3,272.4
I. Short -term liabilities	2,833.0	3,139.5	3,438.2	3,553.3	3,657.6	3,730.2	3,678.0	3,124.3	3,272.4
2. Trade accounts payable	411.6	457.6	395.5	550.4	546.6	592.9	363.1	380.7	462.5
2.1. Insurance contract payable	402.3	439.8	370.6	521.3	522.1	573.2	353.3	372.6	457.0
2.2. Other payables to suppliers	9.3	17.8	24.9	29.1	24.5	19.7	9.8	8.0	5.5
3. Advances from customers	189.4	181.5	126.1	155.6	194.2	254.3	276.2	251.3	258.1
4. Taxes and other payables to state authorities	6.1	18.2	9.4	21.0	14.9	21.5	13.4	17.6	18.5
5. Payable to employees	27.1	18.0	12.9	20.9	24.5	34.6	21.4	20.0	21.2
6. Accrued expenses	12.3	13.4	13.9	20.1	25.2	31.1	63.7	35.6	34.0
8. Other payables	45.6	28.1	25.7	40.2	28.4	20.6	21.1	21.6	22.8
9. Unearned commission revenues	111.0	—	121.1	105.3	95.2	77.0	58.0	60.8	62.2
11. Bonus and welfare fund	4.3	4.3	4.4	4.4	4.9	5.8	5.8	5.9	4.4
131. Unearned premium reserve	1,102.2	1,339.4	1,695.5	1,759.0	1,721.5	1,693.7	1,617.4	1,655.9	1,697.3
132. Claim reserve	851.1	887.0	914.7	759.4	889.9	890.9	1,134.2	575.2	596.6
133. Catastrophe reserve	72.2	74.6	116.9	112.8	105.8	99.3	93.3	87.2	80.2
14. Short-term unearned revenue	—	117.2	2.2	4.3	6.4	8.4	10.5	12.6	14.7
II. Long-term liabilities	0.2	—	—	0.9	—	0.1	0.3	—	—
5. Deferred income tax liabilities	0.2	—	—	0.9	—	0.1	0.3	—	—
B. OWNER'S EQUITY (400=410+430)	1,215.8	1,235.6	1,151.7	1,218.5	1,195.1	1,211.2	1,180.3	1,230.0	1,190.1
I. Owner's equity	1,215.8	1,235.6	1,151.7	1,218.5	1,195.1	1,211.2	1,180.3	1,230.0	1,190.1
1. Capital from owners	1,016.9	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	1,016,936,000,617.00	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
2. Share premium	—	—	—	—	—	—	—	—	-21.1
6. Foreign exchange differences	-82.9	-17.5	-71.6	—	—	—	—	-28.5	—
7. Investment and development fund	1.5	1.5	1.5	-42.1	-34.6	-24.3	-25.3	1.5	—
9. Compulsory reserves	22.4	22.5	21.9	21.9	21.9	21.5	21.5	22.9	21.5
11. Undistributed earnings after tax	248.0	220.0	197.4	232.5	203.2	209.8	178.6	231.5	183.0
- Accumulated retained earning at the end of the previous period	223.6	211.3	211.3	211.3	211.3	201.7	201.7	201.7	203.6
- Undistributed earnings in this period	24.4	8.6	-13.9	21.2	-8.1	8.2	-23.1	29.9	-20.6
12. Minority's interest	9.9	9.2	2.6	4.6	3.1	2.7	4.1	2.6	5.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,049.0	4,375.2	4,590.0	4,772.7	4,852.7	4,941.6	4,858.7	4,354.3	4,462.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Income tax paid	-5.5	-8.9	—	—	—	0.0	-1.3	-1.3	—
Other receipts from operating activities	8.4	7.2	11.7	44.9	8.2	15.1	11.0	7.1	1.8
Other payments for operating activities	-18.6	-61.2	-152.6	-114.0	-64.3	-48.1	-134.1	-95.0	-52.4
Net cash flows from operating activities	-200.5	-309.6	-421.3	-194.2	-184.1	91.3	-19.5	-10.1	-55.5
1. Payment for fixed assets, constructions and other long-term assets	-0.0	2.1	-4.4	-4.4	-4.7	0.0	-0.1	-0.1	—
2. Receipts from disposal of fixed assets and other long-term assets	—	0.0	1.3	1.3	1.3	0.0	0.5	0.5	—
4. Receipts from loan repayments, sale of other entities' debt instruments	289.0	-249.0	3,055.8	1,267.5	476.3	351.0	1,837.5	1,818.2	1,465.2
5. Payments for investment in other entities	-182.1	-506.7	-1,716.8	-826.4	-320.4	-507.1	-2,085.1	-2,062.8	-1,275.5
7. Dividends, interest and profit received	53.0	47.5	172.0	98.9	33.9	65.0	3.1	3.1	1.6
Net cash flows from investing activities	159.8	-706.2	1,508.0	536.9	186.4	-91.1	-244.1	-241.0	191.4
1. Receipts from equity issue and owner's capital contribution	—	7.6	—	—	—	—	—	—	—
6. Dividends paid, profits distributed to owners	-0.0	-0.0	-1.9	-1.9	-1.9	0.0	-5.0	-0.0	-0.0
Net cash flows from financing activities	-0.0	7.6	-1.9	-1.9	-1.9	0.0	-5.0	-0.0	-0.0
Net cash flows during the period	-40.8	-1,008.1	1,084.7	340.7	0.4	0.2	-268.6	-251.1	135.9
Cash and cash equivalents at beginning of the period	159.8	1,171.8	87.4	87.4	87.4	88.1	358.3	358.3	79.9
Exchange difference due to re-valuation of ending balances	-0.5	-3.9	-0.3	0.2	0.2	-0.9	-1.6	-1.6	—
Cash and cash equivalents at end of the period	118.5	159.8	1,171.8	428.3	88.0	87.4	88.1	105.6	215.8

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