Analysis of business results & financial statements · Quý 1/2026
▲ INVESTMENT YIELD LED
TTM profit before tax through 2026Q1 fell -VND 70.7bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.
See what is changing ↓- COMBINED RATIO
- 132,6%
- LOSS RATIO
- 40,3%
- EXPENSE RATIO
- 92,2%
- ROE
- 0,5%
- EPS
- 83
- BVPS
- 15.574
- Market price
- 8,000 16 Oct 2026
The current picture
Insurance Overview
Profit bridge
Vs last year · TTM
- Unclassified
- Premium volume
- Claims experience
- Chi phí khai thác BH
- Investment income
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 295.0 | 302.5 | 291.2 | 300.2 | 293.3 | 302.0 | 292.0 | 279.9 |
| LNST | 7.3 | -25.4 | 24.6 | 2.1 | 40.6 | 23.2 | -11.8 | 27.2 |
| Net margin | 2.46% | -8.40% | 8.46% | 0.69% | 13.84% | 7.70% | -4.03% | 9.71% |
Revenue
295bnNet income
7bnNet margin
2.46%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 rose only 3.1%, but the premium retention ratio held at 82.2%. Premium is not accelerating, but the retained book remains stable enough to avoid a clear price-competition signal.
Premium therefore acts as a qualifying layer: it does not drive the story, but it does not invalidate it either.
- NET PREMIUM GROWTH
- 1.9% None
- NET PREMIUM RETENTION
- 82.2% -3.3 ppt
- NET INSURANCE PREMIUM
- 1,187.2bn None
- NET INSURANCE BUSINESS REVENUE
- 1,281.3bn None
- GROSS WRITTEN PREMIUM
- 1,436.1bn None
- CEDED REINSURANCE PREMIUM
- 362.5bn None
Is underwriting profitable?
Underwriting quality and claims pressure
◆The combined ratio was 123.0%, still above technical-profit territory. However, claims did not deteriorate sharply (+2.5 ppt), so the read is weak but stabilizing.
Underwriting is a qualifying layer: it needs more improvement before confirming a positive thesis.
- CLAIMS BURDEN
- 40.3% +2.5 ppt
- DIRECT EXPENSE BURDEN
- 85.5% +4.0 ppt
- CLAIM EXPENSES
- 468.5bn None
- DIRECT UNDERWRITING EXPENSES
- 1,070.0bn None
- INSURANCE COMMISSION EXPENSE
- 146.4bn None
- CLAIM RESERVE MOVEMENT
- 56.8bn None
Investment income and profit mix
▲Financial profit contributed 153.5% of PBT and changed +639.3 ppt year on year. Financial expense burden was 15.3%, 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
- 15.3% +6.7 ppt
- FINANCIAL ACTIVITY PROFIT
- 64.3bn None
- PROFIT BEFORE TAX
- 41.9bn None
- PROFIT AFTER TAX
- 31.6bn None
- INSURANCE GROSS PROFIT
- 211.3bn None
Are capital and reserves adequate?
Capital, reserves and balance-sheet strength
▲Equity to assets was 33.0%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 61.6%, giving the balance sheet room to absorb claims volatility.
Capital is a supportive context layer here, not the main story.
- EQUITY TO ASSETS
- 33.0% -4.0 ppt
- LIABILITIES TO EQUITY
- 2.03x +0.33x
- TOTAL ASSETS
- 2,773.7bn None
- TOTAL EQUITY
- 928.6bn None
- REINSURANCE ASSETS
- 414.9bn None
- OPERATING CASH FLOW
- 34.6bn 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 40.3%, changing +2.5 ppt; premium remains stable with retention at 82.2% and premium growing 1.9%; capital structure with equity to assets at 33.0% is a capital buffer to cross-check.
Investment yield is the bright spot, while other sections partly support the thesis. Overall, the direction for BLI 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 39.5% stabilizes or eases in coming periods, as claims remain a key driver of underwriting profit.
Watch whether liquid investments — currently 61.6% of total assets — maintain their share, as liquidity is the balance sheet’s main support.
Watch whether net premium growth — currently +3.1% in the latest year — regains clearer momentum, as premium growth is an insurer’s main revenue engine.
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