Analysis of business results & financial statements · Quý 1/2026
▲▲ STRONG UNDERWRITING
TTM profit before tax through 2026Q1 rose +VND 34.6bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.
See what is changing ↓- COMBINED RATIO
- 132,8%
- LOSS RATIO
- 32,0%
- EXPENSE RATIO
- 100,8%
- ROE
- 8,7%
- EPS
- 1.337
- BVPS
- 19.756
- Market price
- 13,800 16 Oct 2026
The current picture
Insurance Overview
Profit bridge
Vs last year · TTM
- Claims experience
- Investment income
- Premium volume
- Chi phí khai thác BH
- Unclassified
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 | 1,275.1 | 1,189.7 | 1,282.6 | 1,306.0 | 1,281.9 | 1,216.2 | 1,216.1 | 1,256.1 |
| LNST | 76.0 | 3.6 | 126.4 | 97.8 | 78.8 | 53.8 | 40.1 | 96.4 |
| Net margin | 5.96% | 0.30% | 9.85% | 7.48% | 6.14% | 4.43% | 3.29% | 7.68% |
Revenue
1,275bnNet income
76bnNet margin
5.96%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 3.7%, but the premium retention ratio held at 84.9%. 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
- 1.7% None
- NET PREMIUM RETENTION
- 84.9% +1.6 ppt
- NET INSURANCE PREMIUM
- 5,059.3bn None
- NET INSURANCE BUSINESS REVENUE
- 5,360.4bn None
- GROSS WRITTEN PREMIUM
- 5,966.2bn None
- CEDED REINSURANCE PREMIUM
- 1,592.6bn None
Is underwriting profitable?
Underwriting quality and claims pressure
▲The combined ratio is still above break-even at 124.6%, but improved -1.5 ppt. Claims burden moved -3.2 ppt, indicating recovery from an elevated cost base.
The signal is recovery, not a fully clean underwriting position; the next claims season remains the check.
- CLAIMS BURDEN
- 32.0% -3.2 ppt
- DIRECT EXPENSE BURDEN
- 94.7% +0.2 ppt
- CLAIM EXPENSES
- 1,551.0bn None
- DIRECT UNDERWRITING EXPENSES
- 5,034.5bn None
- INSURANCE COMMISSION EXPENSE
- 964.8bn None
- CLAIM RESERVE MOVEMENT
- 31.2bn None
Investment income and profit mix
◆Financial profit contributed 70.1% of PBT and changed +0.6 ppt year on year. Financial expense burden was 37.7%, 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
- 70.1% +0.6 ppt
- FINANCIAL EXPENSE BURDEN
- 37.7% +1.4 ppt
- FINANCIAL ACTIVITY PROFIT
- 194.7bn None
- PROFIT BEFORE TAX
- 302.3bn None
- PROFIT AFTER TAX
- 257.2bn None
- INSURANCE GROSS PROFIT
- 325.9bn None
Are capital and reserves adequate?
Capital, reserves and balance-sheet strength
▲Equity to assets was 35.9%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 48.0%, giving the balance sheet room to absorb claims volatility.
Capital is a supportive context layer here, not the main story.
- EQUITY TO ASSETS
- 35.9% -1.7 ppt
- LIABILITIES TO EQUITY
- 1.79x +0.13x
- TOTAL ASSETS
- 7,676.6bn None
- TOTAL EQUITY
- 2,927.3bn None
- REINSURANCE ASSETS
- 1,148.2bn None
- OPERATING CASH FLOW
- 245.7bn None
In summary
Research synthesis
What this reporting period is showing
Underwriting quality is the main driver, with claims burden at 32.0%.
The picture is reinforced by the other sections: premium remains stable with retention at 84.9% and premium growing 1.7%; investment income plays a supporting role with financial profit at 194.7bn; capital structure with equity to assets at 35.9% is a capital buffer to cross-check.
Improving underwriting is the main support, but premium and capital still need cross-checking. Overall, the direction for BMI is supported by the section evidence, and we assess the outlook with moderate confidence.
What to verify next
Questions for the next period
Watch whether the claims burden, currently at 30.7%, remains at a level that supports underwriting profit, as a renewed rise would weaken the underwriting contribution.
Watch whether liquid investments — currently 48.0% of total assets — maintain their share, as liquidity is the balance sheet’s main support.
Watch whether net premium growth — currently +3.7% in the latest year — regains clearer momentum, as premium growth is an insurer’s main revenue engine.
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