TTM profit before tax through 2026Q1 rose +VND 1,148bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.

Net insurance premium growth rose only 2.5%, but the premium retention ratio held at 91.0%. 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.

Claims burden was 87.2%, changing -3.8 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 99.5%; improvement supports the thesis when investment yield and reserves move in the same direction.

Financial profit reached 11,120 bn VND, equivalent to 296.8% 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 -80.5 ppt; read it alongside PBT recovery and investment-book quality, not only the very high contribution level.

Equity to assets was 8.6%, while liabilities to equity stood at 10.69x. 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.