Analysis of business results & financial statements · Quý 2/2026
▲ INVESTMENT YIELD LED
TTM profit before tax through 2026Q2 rose +VND 1,279bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.
See what is changing ↓- ROE
- 13,6%
- EPS
- 4.663
- BVPS
- 36.809
- FINANCIAL PROFIT/PBT
- 278,9%
- LOSS RATIO
- 86,1%
- EXPENSE RATIO
- 101,2%
- Market price
- 70,700 19 Oct 2026
The current picture
Insurance Overview
Profit bridge
Vs last year · TTM
- Premium volume
- Claims experience
- Chi phí khai thác BH
- Investment income
- Other
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 | 10,447.1 | 9,594.3 | 10,332.2 | 9,549.4 | 10,466.5 | 9,785.2 | 10,328.0 | 9,572.8 |
| LNST | 1,283.4 | 1,006.0 | 1,061.8 | 963.0 | 842.7 | 847.2 | 656.9 | 688.2 |
| Net margin | 12.28% | 10.49% | 10.28% | 10.08% | 8.05% | 8.66% | 6.36% | 7.19% |
Revenue
10,447bnNet income
1,283bnNet margin
12.28%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 2.5%, but the premium retention ratio held at 90.4%. 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
- −0.6% None
- NET PREMIUM RETENTION
- 90.4% -1.3 ppt
- NET INSURANCE PREMIUM
- 40,123.7bn None
- NET INSURANCE BUSINESS REVENUE
- 40,948.3bn None
- GROSS WRITTEN PREMIUM
- 43,716.2bn None
- CEDED REINSURANCE PREMIUM
- 3,604.7bn None
Is underwriting profitable?
Underwriting quality and claims pressure
◆Claims burden was 86.1%, changing -2.2 ppt year on year. For a life insurer, this is an operating and reserving signal rather than a simple non-life underwriting read.
Direct underwriting expense burden was 98.9%; improvement supports the thesis when investment yield and reserves move in the same direction.
- CLAIMS BURDEN
- 86.1% -2.2 ppt
- DIRECT EXPENSE BURDEN
- 98.9% -1.6 ppt
- CLAIM EXPENSES
- 35,137.3bn None
- DIRECT UNDERWRITING EXPENSES
- 41,385.2bn None
- INSURANCE COMMISSION EXPENSE
- 2,865.5bn None
- CLAIM RESERVE MOVEMENT
- 191.3bn None
Investment income and profit mix
▲Financial profit reached 11,120 bn VND, equivalent to 278.9% of PBT. For a life insurer, this is a normal operating structure: the large investment book is a core earnings engine, not an abnormal dependence signal.
This ratio changed -64.9 ppt; read it alongside PBT recovery and investment-book quality, not only the very high contribution level.
- FINANCIAL PROFIT TO PBT
- 278.9% -64.9 ppt
- FINANCIAL EXPENSE BURDEN
- 23.9% +4.3 ppt
- FINANCIAL ACTIVITY PROFIT
- 11,120.5bn None
- PROFIT BEFORE TAX
- 3,554.4bn None
- PROFIT AFTER TAX
- 2,921.6bn None
- INSURANCE GROSS PROFIT
- 436.9bn None
Are capital and reserves adequate?
Capital, reserves and balance-sheet strength
▼Equity to assets was 8.7%, while liabilities to equity stood at 10.55x. For a life insurer, this leverage mostly reflects technical reserves and long-duration insurance liabilities, not financial debt pressure.
Liquid investments to assets stood at 45.1%, an important context layer for insurance-liability coverage.
- EQUITY TO ASSETS
- 8.7% -0.7 ppt
- LIABILITIES TO EQUITY
- 10.55x +0.90x
- TOTAL ASSETS
- 291,805.7bn None
- TOTAL EQUITY
- 25,480.3bn None
- REINSURANCE ASSETS
- 3,682.4bn None
- OPERATING CASH FLOW
- 5,793.9bn None
In summary
Research synthesis
What this reporting period is showing
Improving investment yield is the main driver of the ROE story, with financial profit contributing 278.9% of PBT.
The picture becomes firmer when the remaining sections are included: underwriting improved as claims burden fell 2.2 ppt to 86.1%; premium remains stable with retention at 90.4% and premium contracting −0.6%; capital structure with equity to assets at 8.7% reflects life-insurance balance-sheet characteristics.
Investment yield is the bright spot, while other sections partly support the thesis. Overall, the direction for BVH 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 87.6% stabilizes or eases in coming periods, as claims remain a key driver of underwriting profit.
Watch whether the equity share of total assets — currently 8.7% — improves, as the balance sheet leans heavily on liabilities and technical reserves.
Watch whether financial profit — currently equal to 312.9% of pre-tax profit — can sustain its contribution, as pre-tax profit currently depends heavily on investment income.
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