BIC

Tổng Công ty cổ phần Bảo hiểm Ngân hàng Đầu tư và Phát triển Việt Nam ·HOSE ·2026Q1

▲ INVESTMENT YIELD LED

Investment is the main driver · Financial profit/PBT 73.0%, ROE 14.7%

Price

24,650

Latest close

02 Jun 2026

COMBINED RATIO (TTM) 115,8%

LOSS RATIO (TTM) 30,2%

EXPENSE RATIO (TTM) 85,7%

ROE (TTM) 14,7%

EPS (Latest annual) 2.724

BVPS (Latest period) 17.164

Insurance Overview

The picture is led by investment yield, supporting the underwriting result. Net insurance premium is flat, the loss ratio rises 5.6 percentage points, financial profit increases 9.1%, with capital acting as the foundation.

	                            
	                                NET INSURANCE PREMIUM
	                            
 4.034 tỷ
−0,2% YoY

	                            
	                                LOSS RATIO
	                            
 30,2%
+5,6 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 441 tỷ
+9,1% YoY

Metric	2025	2024
NET PREMIUM	3,948.0	3,988.6
Growth	-1%	—
PBT	678.9	650.1
PBT Margin	17.20%	16.30%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	1,031.7	992.6	951.8	1,057.9	945.4	1,109.0	922.8	1,065.2	891.0
Growth	+9%	-11%	+3%	-1%	+6%	—	—	—	—
PBT	119.2	135.1	129.4	219.7	194.1	214.2	82.4	205.6	147.8
PBT Margin	11.55%	13.61%	13.59%	20.76%	20.53%	19.32%	8.92%	19.30%	16.59%

Drivers of BIC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to claims pressure. Supporting and offsetting drivers:

Investment income ↑ 36.9bn

Unclassified ↑ 423.5bn

Claims experience ↓ 223.9bn

Chi phí khai thác BH ↓ 329.6bn

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 -0.2% contracting while the industry grows near 11%

NET PREMIUM RETENTION 69.7% -5.9 ppt retention mix shifting out

Net insurance premium growth fell -0.2% year on year, so the revenue engine is not the confirming leg. Net insurance revenue growth was 0.5%, 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 3,948.0bn

NET INSURANCE BUSINESS REVENUE 4,286.3bn

GROSS WRITTEN PREMIUM 5,702.4bn

CEDED REINSURANCE PREMIUM 1,624.5bn

NET INSURANCE REVENUE GROWTH 1.8%

CEDED PREMIUM RATIO 29.5% +1.3 ppt

ASSUMED PREMIUM RATIO 2.2% +0.2 ppt

NET TO INSURANCE PREMIUM 70.3% -2.5 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 30.2% +5.6 ppt strong technical zone

DIRECT EXPENSE BURDEN 78.7% +6.1 ppt underwriting expense rising

The combined ratio exceeded break-even at 106.6%. Claims burden rose +5.6 ppt to 29.1%, making underwriting the key watch area.

When claims rise, investment income can offset near term, but it should not replace pricing discipline.

CLAIM EXPENSES 1,149.6bn

DIRECT UNDERWRITING EXPENSES 3,323.1bn

INSURANCE COMMISSION EXPENSE 602.0bn

CLAIM RESERVE MOVEMENT 100.0bn

RETAINED CLAIMS BURDEN 40.7% +10.6 ppt

COMMISSION BURDEN 14.0% -1.2 ppt

RESERVE MOVEMENT BURDEN 2.7% +0.3 ppt

REINSURANCE RECOVERY SUPPORT 43.8% +12.1 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT 73.0% +15.0 ppt investment is the main driver

FINANCIAL EXPENSE BURDEN 8.1% +0.7 ppt stable

Financial profit contributed 73.0% of PBT and changed +15.0 ppt year on year. Financial expense burden was 8.1%, 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 ACTIVITY PROFIT 511.3bn

PROFIT BEFORE TAX 678.9bn

PROFIT AFTER TAX 550.5bn

INSURANCE GROSS PROFIT 963.2bn

FINANCIAL PROFIT TO PAT 91.1% +17.6 ppt

INSURANCE GROSS PROFIT MARGIN 21.3% -6.1 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 34.4% -0.9 ppt thick capital buffer

LIABILITIES TO EQUITY 1.91x +0.07x reasonable leverage

Equity to assets was 34.4%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 54.5%, giving the balance sheet room to absorb claims volatility.

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

TOTAL ASSETS 10,092.7bn

TOTAL EQUITY 3,383.1bn

REINSURANCE ASSETS 1,628.7bn

OPERATING CASH FLOW 326.0bn

LIQUID INVESTMENTS TO ASSETS 56.2% -6.5 ppt

REINSURANCE ASSETS TO ASSETS 14.8% +2.0 ppt

RESERVES TO LIABILITIES 61.4% +0.7 ppt

REINSURANCE ASSETS TO RESERVES 36.9% +4.1 ppt

OPERATING CASH TO ASSETS 7.3% +0.9 ppt

Investment conclusion

Improving investment yield is the main driver of the ROE story, with financial profit contributing 73.0% of PBT. The picture becomes firmer when the remaining sections are included: underwriting needs monitoring with claims burden at 30.2%, changing +5.6 ppt; premium remains stable with retention at 69.7% and premium contracting 0.2%; capital structure with equity to assets at 34.4% is a capital buffer to cross-check.

Thesis support basis: Financial profit was 511.3bn, equal to 73.0% of PBT; claims burden at 30.2% shows how investment support sits alongside underwriting.

Data note: Investment contribution at 73.0% of PBT should be cross-checked against claims burden 30.2% and premium growth -0.2%; if one axis weakens, the thesis depends more on the other axis.

Overall, the direction for BIC 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)	5,572.5	5,524.5
- Gross written premium	5,702.4	5,437.6
- Reinsurance premium assumed	92.5	131.9
- Increase/(Decrese) in gross unearned premium reserve	222.4	45.0
2. Reinsurance premium ceded	1,624.5	1,536.0
- Reinsurance premium ceded	1,762.2	1,553.8
-Increase/(Decrease) in ceded unearned premium reserve	137.7	17.8
3. Net insurance premium (03=01-02)	3,948.0	3,988.6
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	338.3	275.7
- Commissions on reinsurance ceded	272.2	233.2
5. Total net revenue from insurance business (10=03+04)	4,286.3	4,264.2
6. Claim expenses on retained risks	1,549.8	1,298.3
Total claim expenses	1,564.2	1,320.6
+ Claim and maturity payment expenses	1,564.2	1,320.6
- Deductions	14.3	22.3
- Subrogation recoveries	14.3	22.3
7. Recoveries from reinsurance ceded	500.3	411.3
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	241.8	237.7
9. Increase(Decrease) in claim reserves related to reinsurance ceded	141.8	190.8
9.1. Increase in claim reserve	100.0	46.9
Total claim insurance expenses	1,149.6	933.9
11. Provision for catastrophe reserve	40.3	40.2
12. Other insurance operating expenses	2,133.2	2,102.1
+ Commission	602.0	671.0
Other insurance operating expenses	1,531.2	1,431.1
- Other underwriting expenses	1,531.2	1,431.1
+ Others	37.2	22.4
13. Total direct insurance operating expenses	3,323.1	3,076.2
14. Gross insurance operating profit	963.2	1,188.1
18. Revenue from financial activities	548.5	395.7
19. Expenses on financial activities	37.2	22.4
20. Profit from financial activities	511.3	373.3
21. Administrative expenses	800.2	911.8
22. Operating profit	674.3	649.5
23. Other incomes	8.4	2.3
24. Other expenses	3.7	1.7
25. Other profits	4.6	0.5
26. Total profit	678.9	650.1
29. Total profit before tax (55=44+50+53+54)	678.9	650.1
Taxable profit	678.9	650.1
27. Current corporate income tax expenses	128.3	150.9
28. Deferred income tax expenses (*)	0.1	0.3
29. Profit after tax	550.5	498.9
30. Minority interest	7.9	5.2
31. Profit after tax for shareholders of the parent compan	542.7	493.6
32. Earning per share	2,724.00	4,254.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,107.7	7,555.3
I. Cash and cash equivalents	86.3	89.6
1. Cash	75.6	89.6
2. Cash equivalents	10.6	—
II. Short-term investments	5,415.9	5,460.1
1. Short-term investments	519.8	507.9
2. Provision for diminution in value of short-term investments	-13.8	-27.7
3. Held to maturity investments	4,909.8	4,979.9
III. Short-term receivables	657.6	478.8
1. Trade accounts receivable	481.6	274.5
1.1. Insurance contract receivables	481.2	274.3
12. Other receivables of customers	0.4	0.2
2. Prepayments to suppliers	4.0	2.8
5. Other receivables	194.6	246.9
6. Provision for short-term doubtful debts	-22.7	-45.4
IV. Inventories	9.1	0.0
1. Inventories	9.1	0.0
V. Other short-term assets	310.2	280.6
1. Short-term prepayments	309.9	280.4
1.1. Unallocated commissions expenses	293.0	273.0
1.2. Other short-term prepaid expenses	17.0	7.4
2. Value Added Tax to be reclaimed	0.3	0.2
VIII. Reinsurance assets	1,628.7	1,246.1
1. Reinsurance assets from unearned premium reserves	674.4	484.3
2. Reinsurance assets from claim reserves	954.3	761.8
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,985.0	1,128.9
I. Long-term receivables	42.9	27.0
6. Other long-term receivables	42.9	27.0
6.2. Other long-term receivables	7.4	10.5
II. Fixed assets	76.9	69.3
1. Tangible fixed assets	51.1	43.5
- Cost	151.8	133.4
- Accumulated depreciation	-100.8	-89.8
3. Intangible fixed assets	25.9	25.8
- Cost	27.8	27.7
- Accumulated depreciation	-1.9	-1.9
IV. Long-term assets in progress	1.8	—
1. Construction in progress	1.8	—
IV. Long-term investments	1,805.8	972.9
3. Investments in other entities	75.9	75.9
4. Provision for diminution in value of long-term investments	-25.9	-33.8
5. Held to maturity investments	1,755.8	930.9
VI. Other long-term assets	57.5	59.6
1. Long-term prepayments	57.5	59.6
TOTAL ASSETS (270=100+200)	10,092.7	8,684.2
A. LIABILITIES (300=210+330)	6,709.6	5,721.2
I. Short -term liabilities	6,705.2	5,716.6
1. Short-term borrowings	418.4	283.9
2. Trade accounts payable	875.3	676.1
2.1. Insurance contract payable	849.3	665.1
2.2. Other payables to suppliers	26.0	11.0
3. Advances from customers	144.0	145.1
4. Taxes and other payables to state authorities	94.4	108.2
5. Payable to employees	217.2	304.9
6. Accrued expenses	36.4	15.1
8. Other payables	13.7	11.7
9. Unearned commission revenues	143.3	94.9
11. Bonus and welfare fund	211.0	171.9
131. Unearned premium reserve	2,644.3	2,347.3
132. Claim reserve	1,496.5	1,188.3
133. Catastrophe reserve	313.7	269.1
14. Short-term unearned revenue	16.1	14.0
II. Long-term liabilities	4.4	4.6
3. Other long-term liabilities	1.0	1.3
5. Deferred income tax liabilities	3.4	3.4
B. OWNER'S EQUITY (400=410+430)	3,383.1	2,963.0
I. Owner's equity	3,383.1	2,963.0
1. Capital from owners	2,020.7	1,172.8
- Common stock with voting right	2,020,670,570,000.00	1,172,768,950,000.00
2. Share premium	532.4	655.6
6. Foreign exchange differences	-18.4	-29.3
7. Investment and development fund	0.3	436.6
9. Compulsory reserves	151.2	123.0
11. Undistributed earnings after tax	561.2	584.4
- Accumulated retained earning at the end of the previous period	44.1	80.2
- Undistributed earnings in this period	517.1	504.2
12. Minority's interest	133.0	17.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	10,092.7	8,684.2

Item	2025	2024
1. Profit before tax	678.9	650.1
Depreciation and amortization	11.3	10.0
(Reversal of provisions)/provisions	195.7	139.8
Unrealized foreign exchange (gain)/loss	-3.2	-7.6
Loss/(profit) from investment activities	-368.3	-328.4
Interest expense	16.5	5.3
3. Operating profit before changes in working capital	530.9	469.2
(Increase)/decrease in receivables	81.1	-90.7
(Increase)/decrease in inventories	-9.1	0.0
(Increase)/decrease in payables (other than interest, corporate income tax)	92.6	253.8
(Increase)/decrease in prepaid expenses	-23.6	20.6
(Increase)/decrease in held-for-trading securities	-11.9	-75.3
Interest paid	-16.4	-5.1
Income tax paid	-166.2	-139.1
Other payments for operating activities	-151.6	-73.7
Net cash flows from operating activities	326.0	359.7
1. Payment for fixed assets, constructions and other long-term assets	-20.6	-29.6
2. Receipts from disposal of fixed assets and other long-term assets	0.4	0.0
3. Loans, purchases of other entities' debt instruments	-6,046.0	-6,034.2
4. Receipts from loan repayments, sale of other entities' debt instruments	5,532.7	5,280.8
5. Payments for investment in other entities	-73.7	—
7. Dividends, interest and profit received	321.9	380.2
Net cash flows from investing activities	-285.3	-402.7
3. Short-term and long-term borrowings	1,684.9	768.0
4. Principal repayments	-1,550.4	-484.0
6. Dividends paid, profits distributed to owners	-180.8	-175.9
Net cash flows from financing activities	-46.3	108.1
Net cash flows during the period	-5.7	65.1
Cash and cash equivalents at beginning of the period	89.6	21.4
Exchange difference due to re-valuation of ending balances	2.3	3.2
Cash and cash equivalents at end of the period	86.3	89.6

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)	1,444.2	1,541.7	1,363.9	1,389.9	1,283.5	1,487.0	1,389.6	1,390.5	1,256.7
- Gross written premium	1,324.6	1,647.4	1,385.6	1,428.3	1,252.3	1,324.3	1,325.3	1,443.7	1,335.3
- Reinsurance premium assumed	56.1	-0.9	26.7	46.8	20.2	39.3	22.3	25.7	44.7
- Increase/(Decrese) in gross unearned premium reserve	-63.5	104.7	48.3	85.1	-11.0	-123.4	-42.1	78.9	123.2
2. Reinsurance premium ceded	412.4	549.2	412.1	332.1	338.1	377.9	466.8	325.3	365.7
- Reinsurance premium ceded	358.5	567.2	394.0	480.5	328.4	330.0	510.5	316.0	393.9
-Increase/(Decrease) in ceded unearned premium reserve	-54.0	18.0	-18.1	148.4	-9.7	-48.0	43.7	-9.3	28.2
3. Net insurance premium (03=01-02)	1,031.7	992.6	951.8	1,057.9	945.4	1,109.0	922.8	1,065.2	891.0
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	105.5	104.0	83.8	63.1	87.8	61.8	61.0	59.6	93.3
- Commissions on reinsurance ceded	77.3	84.9	75.9	59.3	52.5	60.6	58.9	57.8	55.9
5. Total net revenue from insurance business (10=03+04)	1,137.2	1,096.6	1,035.6	1,121.0	1,033.2	1,170.9	983.8	1,124.8	984.2
6. Claim expenses on retained risks	412.6	507.0	369.9	352.8	320.0	411.0	249.7	235.8	401.9
Total claim expenses	413.9	510.9	374.9	354.5	323.7	417.9	256.8	242.6	403.2
+ Claim and maturity payment expenses	413.9	510.9	374.9	354.5	323.7	417.9	256.8	242.6	403.2
- Deductions	1.3	3.9	5.0	1.6	3.7	6.9	7.2	6.9	1.3
- Subrogation recoveries	1.3	3.9	5.0	1.6	3.7	6.9	7.2	6.9	1.3
7. Recoveries from reinsurance ceded	140.6	154.1	158.4	80.4	107.8	107.9	48.9	51.1	203.4
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-25.1	276.4	107.7	-85.1	-57.9	-215.9	622.5	13.5	-182.6
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-79.1	257.0	95.2	-107.9	-103.6	-121.1	521.5	-29.3	-180.4
9.1. Increase in claim reserve	53.9	19.5	12.4	22.8	45.8	-94.8	101.0	42.8	-2.3
Total claim insurance expenses	325.9	372.3	224.0	295.3	258.0	208.3	301.8	227.5	196.2
11. Provision for catastrophe reserve	10.2	10.8	10.2	9.9	9.4	11.2	9.2	11.3	10.1
12. Other insurance operating expenses	585.3	522.1	523.2	566.3	490.7	491.6	505.1	608.3	495.9
+ Commission	164.0	156.3	145.9	150.5	149.8	170.0	170.3	169.4	161.2
Other insurance operating expenses	421.2	365.8	377.3	415.8	340.9	321.7	334.8	438.9	334.7
- Other underwriting expenses	421.2	365.8	377.3	415.8	340.9	321.7	334.8	438.9	334.7
+ Others	10.5	8.6	9.3	10.4	11.3	12.5	3.7	4.4	2.9
13. Total direct insurance operating expenses	921.3	905.2	757.3	871.5	758.1	711.1	816.1	847.1	702.2
14. Gross insurance operating profit	215.9	191.4	278.3	249.5	275.1	459.8	167.7	277.7	282.0
18. Revenue from financial activities	101.7	163.7	77.3	136.8	170.8	75.4	84.3	105.4	130.7
19. Expenses on financial activities	10.5	8.6	9.3	10.4	11.3	12.5	3.7	4.4	2.9
20. Profit from financial activities	91.2	155.1	68.0	126.4	159.5	62.8	80.6	100.9	127.8
21. Administrative expenses	187.8	211.0	223.1	156.3	239.2	308.6	166.0	173.3	261.9
22. Operating profit	119.3	135.4	123.2	219.6	195.4	214.0	82.2	205.4	147.9
23. Other incomes	0.2	1.2	6.7	0.2	0.3	0.8	0.6	0.8	0.1
24. Other expenses	0.3	1.5	0.5	0.2	1.6	0.6	0.5	0.6	0.1
25. Other profits	-0.1	-0.3	6.2	0.0	-1.3	0.2	0.1	0.2	-0.0
Share of profitin associates and joint ventures	—	19.1	7.9	3.8	—	1.2	2.0	1.8	37.4
26. Total profit	119.2	135.1	129.4	219.7	194.1	214.2	82.4	205.6	147.8
29. Total profit before tax (55=44+50+53+54)	119.2	135.1	129.4	219.7	194.1	214.2	82.4	205.6	147.8
Taxable profit	119.2	135.1	129.4	219.7	194.1	214.2	82.4	205.6	147.8
27. Current corporate income tax expenses	28.2	10.4	35.6	45.4	38.5	62.4	9.4	36.7	41.5
29. Profit after tax	90.9	124.7	93.8	174.2	155.6	151.8	73.0	168.9	106.3
30. Minority interest	3.7	1.7	2.8	1.9	1.5	0.4	2.1	1.4	1.4
31. Profit after tax for shareholders of the parent compan	87.2	122.9	91.0	172.3	154.1	151.4	70.9	167.5	105.0
32. Earning per share	450.00	—	—	—	1,327.00	—	—	—	895.00

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)	8,030.7	8,095.7	8,487.2	8,006.8	7,534.0	7,540.8	8,042.0	7,278.0	7,002.4
I. Cash and cash equivalents	137.1	104.6	152.0	81.5	107.0	89.5	69.1	106.4	126.3
1. Cash	87.1	75.7	141.4	60.9	82.0	89.5	69.1	106.4	126.3
2. Cash equivalents	50.0	29.0	10.7	20.5	25.0	—	—	—	—
II. Short-term investments	5,534.5	5,397.7	6,105.1	5,788.6	5,448.4	5,460.1	5,809.1	5,586.2	5,180.6
1. Short-term investments	562.2	519.8	457.6	456.5	478.3	507.9	715.2	711.5	393.2
2. Provision for diminution in value of short-term investments	-17.1	-13.8	-24.0	-25.2	-30.1	-27.7	-19.2	-22.5	-23.9
3. Held to maturity investments	4,989.4	4,891.7	5,671.5	5,357.3	5,000.2	4,979.9	5,113.0	4,897.2	4,811.3
III. Short-term receivables	551.4	651.6	639.1	660.0	561.2	468.6	431.0	396.1	498.5
1. Trade accounts receivable	530.6	476.1	427.4	389.5	268.9	265.6	271.3	254.0	333.3
1.1. Insurance contract receivables	529.8	475.7	426.9	389.2	268.7	265.4	271.1	253.8	333.3
12. Other receivables of customers	0.8	0.4	0.4	0.2	0.2	0.2	0.2	0.2	—
2. Prepayments to suppliers	8.9	4.0	4.6	2.8	9.2	2.8	22.0	17.2	15.4
5. Other receivables	35.8	194.6	249.0	309.0	337.3	245.9	185.5	173.8	192.0
6. Provision for short-term doubtful debts	-23.8	-23.1	-41.8	-41.3	-54.2	-45.7	-48.7	-48.8	-42.3
IV. Inventories	1.6	9.2	0.2	0.3	0.1	0.0	0.3	0.0	0.0
1. Inventories	1.6	9.2	0.2	0.3	0.1	0.0	0.3	0.0	0.0
V. Other short-term assets	308.7	307.2	293.9	280.7	278.2	279.8	301.5	324.5	307.4
1. Short-term prepayments	303.8	306.9	289.1	280.6	273.2	279.6	295.9	324.2	300.5
1.1. Unallocated commissions expenses	274.7	290.0	273.2	259.7	252.4	272.2	289.8	317.4	293.3
1.2. Other short-term prepaid expenses	29.2	17.0	15.9	20.9	20.8	7.4	6.2	6.8	7.2
2. Value Added Tax to be reclaimed	4.9	0.3	4.8	0.1	5.0	0.2	5.6	0.3	6.9
VIII. Reinsurance assets	1,497.4	1,625.3	1,296.9	1,195.8	1,139.1	1,242.8	1,430.9	864.8	889.7
1. Reinsurance assets from unearned premium reserves	623.0	671.7	640.3	623.1	477.8	481.1	531.8	486.7	491.3
2. Reinsurance assets from claim reserves	874.4	953.5	656.5	572.7	661.3	761.7	899.2	378.1	398.4
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,056.9	1,984.0	1,480.1	1,264.1	1,325.6	1,128.2	868.1	875.3	675.5
I. Long-term receivables	43.1	42.9	41.2	22.7	28.3	27.0	25.9	25.9	21.6
6. Other long-term receivables	43.1	42.9	41.2	22.7	28.3	27.0	25.9	25.9	21.6
6.2. Other long-term receivables	7.8	7.4	5.8	5.7	11.3	10.5	9.5	9.5	1.8
II. Fixed assets	75.8	77.4	65.8	68.0	66.9	69.8	48.4	49.3	41.9
1. Tangible fixed assets	50.0	51.6	39.2	41.3	41.1	44.1	32.7	33.5	26.0
- Cost	154.0	154.1	141.5	137.2	134.2	134.0	120.8	120.7	111.3
- Accumulated depreciation	-104.0	-102.5	-102.3	-95.9	-93.1	-89.9	-88.1	-87.2	-85.3
3. Intangible fixed assets	25.9	25.9	26.6	26.7	25.8	25.8	15.7	15.8	15.9
- Cost	27.8	27.8	28.7	28.7	27.7	27.7	17.6	17.7	17.7
- Accumulated depreciation	-1.9	-1.9	-2.0	-2.0	-1.9	-1.9	-1.9	-1.9	-1.8
III. Investment properties	—	—	-0.0	—	—	—	1.0	—	—
IV. Long-term assets in progress	0.2	1.8	—	—	—	—	8.6	6.9	5.7
1. Construction in progress	0.2	1.8	—	—	—	—	8.6	6.9	5.7
IV. Long-term investments	1,881.4	1,804.8	1,315.9	1,115.4	1,171.7	971.7	722.0	733.7	545.4
3. Investments in other entities	75.9	75.9	75.9	75.9	75.9	75.9	75.9	75.9	75.9
4. Provision for diminution in value of long-term investments	-25.9	-26.9	-28.6	-30.6	-33.8	-35.1	-38.2	-38.4	-43.0
5. Held to maturity investments	1,831.4	1,755.8	1,268.6	1,070.1	1,129.6	930.9	684.3	696.2	512.6
VI. Other long-term assets	56.4	57.1	57.1	58.0	58.8	59.6	63.2	59.5	60.9
1. Long-term prepayments	56.4	57.1	57.1	58.0	58.8	59.6	63.2	59.5	60.9
TOTAL ASSETS (270=100+200)	10,087.7	10,079.7	9,967.2	9,270.9	8,859.6	8,669.0	8,910.1	8,153.3	7,677.9
A. LIABILITIES (300=210+330)	6,619.4	6,695.2	6,698.7	6,215.9	5,734.9	5,704.7	6,083.0	5,403.6	4,796.4
I. Short -term liabilities	6,615.5	6,690.9	6,694.4	6,211.0	5,730.2	5,700.4	6,078.7	5,399.3	4,792.0
1. Short-term borrowings	444.9	418.4	526.9	442.1	412.6	283.9	269.0	180.0	27.7
2. Trade accounts payable	881.8	870.5	855.8	856.9	737.3	671.8	632.8	611.1	619.0
2.1. Insurance contract payable	873.4	844.8	853.1	853.5	735.9	661.0	631.3	603.0	614.4
2.2. Other payables to suppliers	8.4	25.7	2.8	3.3	1.4	10.9	1.5	8.1	4.6
3. Advances from customers	145.0	144.0	148.7	135.5	142.7	145.1	144.7	128.5	113.8
4. Taxes and other payables to state authorities	77.7	92.9	78.1	84.9	92.1	107.6	42.5	77.6	84.5
5. Payable to employees	129.1	217.0	274.1	176.3	94.9	303.9	151.0	146.1	92.3
6. Accrued expenses	107.1	36.3	112.6	103.7	132.9	14.7	143.9	149.5	156.2
8. Other payables	15.6	13.6	200.2	186.0	10.7	11.5	187.2	187.3	21.3
9. Unearned commission revenues	141.9	143.0	129.8	121.1	92.2	94.0	91.6	93.2	94.9
11. Bonus and welfare fund	188.1	210.8	223.1	224.0	154.4	171.9	183.3	194.3	72.8
131. Unearned premium reserve	2,591.3	2,637.2	2,516.5	2,425.1	2,342.5	2,338.9	2,465.8	2,503.5	2,423.2
132. Claim reserve	1,470.3	1,496.4	1,216.7	1,051.2	1,135.4	1,188.0	1,401.1	778.6	767.4
133. Catastrophe reserve	324.0	313.7	302.9	288.5	278.5	269.1	259.5	250.3	239.0
14. Short-term unearned revenue	15.6	16.1	16.4	17.5	13.5	14.0	9.6	11.8	11.0
II. Long-term liabilities	3.9	4.3	4.3	4.9	4.6	4.3	4.3	4.3	4.3
3. Other long-term liabilities	0.5	1.0	1.0	1.5	1.3	1.3	1.2	4.3	1.3
5. Deferred income tax liabilities	3.4	3.4	3.4	3.4	3.4	3.1	3.1	—	3.1
B. OWNER'S EQUITY (400=410+430)	3,468.2	3,384.5	3,268.5	3,055.0	3,124.7	2,964.3	2,827.1	2,749.7	2,881.6
I. Owner's equity	3,468.2	3,384.5	3,268.5	3,055.0	3,124.7	2,964.3	2,827.1	2,749.7	2,881.6
1. Capital from owners	2,020.7	2,020.7	2,020.7	1,172.8	1,172.8	1,172.8	1,172.8	1,172.8	1,172.8
- Common stock with voting right	2,020,670,570,000.00	2,020,670,570,000.00	2,020,670,570,000.00	1,172,768,950,000.00	1,172,768,950,000.00	1,172,768,950,000.00	1,172,768,950,000.00	1,172,768,950,000.00	1,172,768,950,000.00
2. Share premium	532.4	532.4	532.4	655.6	655.6	655.6	655.6	655.6	655.6
6. Foreign exchange differences	-20.7	-18.5	—	—	—	-29.1	—	-25.1	—
7. Investment and development fund	0.3	0.3	-0.5	-18.5	-23.8	436.6	-18.8	436.6	-31.0
9. Compulsory reserves	151.2	151.3	124.6	123.5	123.4	123.0	121.9	121.9	126.1
11. Undistributed earnings after tax	645.4	564.4	460.3	660.8	737.6	585.5	435.3	364.6	570.7
- Accumulated retained earning at the end of the previous period	32.6	46.0	316.5	323.2	73.2	80.2	72.1	72.1	20.5
- Undistributed earnings in this period	612.8	518.4	143.8	337.6	664.4	505.3	363.2	292.5	550.2
12. Minority's interest	136.3	131.3	128.0	21.7	20.0	17.4	21.1	20.7	17.3
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	10,087.7	10,079.7	9,967.2	9,270.9	8,859.6	8,669.0	8,910.1	8,153.3	7,677.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	119.2	135.2	543.7	413.8	194.1	214.3	435.8	353.4	147.9
Depreciation and amortization	3.3	2.9	8.4	5.6	2.9	1.0	9.0	4.7	2.8
(Reversal of provisions)/provisions	68.0	20.9	174.8	12.8	74.7	-146.8	286.6	227.3	99.2
Unrealized foreign exchange (gain)/loss	222.6	-29.4	26.2	4.1	-0.9	-15.1	7.5	5.2	-4.6
Loss/(profit) from investment activities	-95.5	-102.2	-266.1	-171.2	-78.7	-86.5	-241.9	-164.5	-83.3
Interest expense	4.4	4.8	11.8	6.8	2.7	3.1	2.2	0.5	0.0
3. Operating profit before changes in working capital	322.0	32.2	498.7	271.9	194.9	-30.1	499.2	426.7	161.9
(Increase)/decrease in receivables	-29.7	416.5	-335.3	-123.5	-72.2	-65.8	-24.9	11.9	-76.3
(Increase)/decrease in inventories	7.6	-8.9	-0.1	-0.3	-0.1	0.3	-0.3	0.0	-0.0
(Increase)/decrease in payables (other than interest, corporate income tax)	-15.8	-198.2	290.8	152.3	-21.4	90.9	162.9	155.0	77.1
(Increase)/decrease in prepaid expenses	7.2	-17.3	-6.3	1.3	8.0	19.1	1.5	-23.1	-0.8
(Increase)/decrease in held-for-trading securities	-42.3	-62.2	50.4	51.4	29.6	207.3	-282.6	-278.9	39.4
Interest paid	-4.7	-4.5	-12.0	-6.7	-2.9	-2.9	-2.2	-0.4	-0.0
Income tax paid	-38.3	-22.7	-143.5	-101.0	-70.9	-9.0	-130.1	-85.2	-61.5
Other payments for operating activities	-22.8	-236.5	84.9	-22.7	-19.0	-11.4	-62.3	-51.3	—
Net cash flows from operating activities	183.0	-101.6	427.6	222.7	45.9	198.5	161.2	154.7	139.8
1. Payment for fixed assets, constructions and other long-term assets	-0.6	-16.1	-4.5	-4.1	-0.3	-16.7	-12.9	-11.1	-0.1
2. Receipts from disposal of fixed assets and other long-term assets	—	0.3	0.1	—	—	0.0	—	—	—
3. Loans, purchases of other entities' debt instruments	-1,598.4	-2,041.6	-4,004.3	-2,751.7	-1,348.9	-2,179.4	-3,854.8	-2,815.3	-1,296.7
4. Receipts from loan repayments, sale of other entities' debt instruments	1,409.6	2,322.1	3,210.6	2,245.1	1,138.2	2,067.3	3,213.5	2,379.2	1,132.3
5. Payments for investment in other entities	—	-73.7	—	—	—	—	—	—	—
7. Dividends, interest and profit received	30.6	133.4	188.5	120.3	53.8	111.1	269.0	194.9	102.0
Net cash flows from investing activities	-158.8	324.3	-609.7	-390.5	-157.2	-17.5	-385.2	-252.4	-62.5
3. Short-term and long-term borrowings	541.9	466.0	1,218.9	801.3	435.8	266.8	501.2	180.0	52.3
4. Principal repayments	-515.4	-574.5	-975.9	-643.1	-307.1	-251.8	-232.2	—	-24.6
6. Dividends paid, profits distributed to owners	0.1	-180.8	—	—	—	-175.9	—	—	—
Net cash flows from financing activities	26.5	-289.3	243.0	158.2	128.7	-160.9	269.0	180.0	27.7
Net cash flows during the period	50.8	-66.6	60.9	-9.6	17.4	20.0	45.1	82.4	104.9
Cash and cash equivalents at beginning of the period	86.3	152.0	89.6	89.6	89.6	69.1	21.4	21.4	21.4
Exchange difference due to re-valuation of ending balances	—	0.9	1.5	1.5	—	0.5	2.6	2.6	—
Cash and cash equivalents at end of the period	137.1	86.3	152.0	81.5	107.0	89.6	69.1	106.4	126.3

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