Analysis of business results & financial statements · Quý 2/2026
▼ CLAIMS PRESSURE
TTM profit before tax through 2026Q2 rose +VND 35.1bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.
See what is changing ↓- COMBINED RATIO
- 187,3%
- LOSS RATIO
- 65,8%
- EXPENSE RATIO
- 121,4%
- ROE
- 1,6%
- EPS
- 228
- BVPS
- 12.289
- Market price
- 5,900 13 Oct 2026
The current picture
Insurance Overview
Profit bridge
Vs last year · TTM
- Premium volume
- Unclassified
- Claims experience
- Chi phí khai thác BH
- Investment income
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 | 546.0 | 444.4 | 308.7 | 578.3 | 700.8 | 653.0 | 593.5 | 651.2 |
| LNST | -2.8 | 27.7 | 37.0 | -30.4 | 31.0 | -6.7 | 29.7 | -57.5 |
| Net margin | -0.51% | 6.24% | 11.99% | -5.25% | 4.42% | -1.02% | 5.00% | -8.83% |
Revenue
546bnNet income
-3bnNet margin
-0.51%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 growth fell −27.8% 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 PREMIUM GROWTH
- −27.8% None
- NET PREMIUM RETENTION
- 127.5% +48.2 ppt
- NET INSURANCE PREMIUM
- 2,236.3bn None
- NET INSURANCE BUSINESS REVENUE
- 2,562.9bn None
- GROSS WRITTEN PREMIUM
- 2,588.0bn None
- CEDED REINSURANCE PREMIUM
- 782.3bn None
Is underwriting profitable?
Underwriting quality and claims pressure
▼Claims burden rose +18.7 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.
- CLAIMS BURDEN
- 65.8% +18.7 ppt
- DIRECT EXPENSE BURDEN
- 95.7% -3.2 ppt
- CLAIM EXPENSES
- 1,204.6bn None
- DIRECT UNDERWRITING EXPENSES
- 2,494.0bn None
- INSURANCE COMMISSION EXPENSE
- 235.1bn None
- CLAIM RESERVE MOVEMENT
- 50.1bn None
Investment income and profit mix
▲Financial profit contributed 518.3% of PBT and changed +4741.2 ppt year on year. Financial expense burden was 8.8%, 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
- 8.8% +0.2 ppt
- FINANCIAL ACTIVITY PROFIT
- 147.0bn None
- PROFIT BEFORE TAX
- 28.4bn None
- PROFIT AFTER TAX
- 13.4bn None
- INSURANCE GROSS PROFIT
- 68.9bn None
Are capital and reserves adequate?
Capital, reserves and balance-sheet strength
◆Equity to assets was 25.9%, 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.
- EQUITY TO ASSETS
- 25.9% +0.4 ppt
- LIABILITIES TO EQUITY
- 2.85x -0.06x
- TOTAL ASSETS
- 4,373.8bn None
- TOTAL EQUITY
- 1,200.3bn None
- REINSURANCE ASSETS
- 896.7bn None
- OPERATING CASH FLOW
- 730.9bn None
In summary
Research synthesis
What this reporting period is showing
Claims pressure is the main bottleneck, with claims burden at 65.8%.
The other sections show mixed signals: premium remains stable with retention at 127.5% and premium contracting −27.8%; investment income plays a supporting role with financial profit at 147.0bn; capital structure with equity to assets at 25.9% is a capital buffer to cross-check.
Claims development and combined ratio need monitoring over coming quarters. Overall, the direction for BHI 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 claims pressure — with the claims burden currently at 53.9% — eases in coming periods, as this is a key driver of underwriting profit.
Watch whether technical reserves — currently 70.6% 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 518.3% of pre-tax profit — can sustain its contribution, as pre-tax profit currently depends heavily on investment income.
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