MIG

Tổng Công ty cổ phần Bảo hiểm Quân Đội ·HOSE ·2026Q1

▲ MIXED POSITIVE DRIVERS

Multiple drivers are working together · Financial profit/PBT 92.5%, Claims burden 32.5%

Price

18,250

Latest close

02 Jun 2026

COMBINED RATIO (TTM) 157,8%

LOSS RATIO (TTM) 32,5%

EXPENSE RATIO (TTM) 125,2%

ROE (TTM) 12,5%

EPS (Latest annual) 1.553

BVPS (Latest period) 12.907

Insurance Overview

The picture has several positive lines moving together. Net insurance premium increases 12.5%, the loss ratio improves 1.6 percentage points, financial profit increases 35.1%, with underwriting and investment both contributing.

	                            
	                                NET INSURANCE PREMIUM
	                            
 2.781 tỷ
+12,5% YoY

	                            
	                                LOSS RATIO
	                            
 32,5%
−1,6 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 380 tỷ
+35,1% YoY

Metric	2025	2024
NET PREMIUM	2,724.1	2,326.6
Growth	+17%	—
PBT	408.8	308.1
PBT Margin	15.01%	13.24%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	736.2	776.3	642.9	625.3	679.6	690.5	564.2	537.4	534.5
Growth	+8%	+12%	+14%	+16%	+27%	—	—	—	—
PBT	127.8	23.5	153.9	105.9	125.6	100.8	30.8	80.3	96.3
PBT Margin	17.36%	3.02%	23.93%	16.94%	18.48%	14.59%	5.46%	14.94%	18.01%

Drivers of MIG's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by better claims experience. Supporting and offsetting drivers:

Claims experience ↑ 43.4bn

Chi phí khai thác BH ↑ 88.3bn

Investment income ↑ 98.8bn

Unclassified ↑ 36.2bn

Premium volume ↓ 193.0bn

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 12.5% around the industry pace of 11%

NET PREMIUM RETENTION 49.7% +0.2 ppt broadly stable

Net insurance premium growth was 12.5%, pointing to a flat-to-modestly-growing premium base. Retention was 49.7% and net insurance revenue growth was 11.7%, so the main read is stability rather than acceleration.

Premium qualifies the broader thesis: there is enough base to monitor, but not a strong standalone story.

NET INSURANCE PREMIUM 2,724.1bn

NET INSURANCE BUSINESS REVENUE 4,067.8bn

GROSS WRITTEN PREMIUM 5,414.3bn

CEDED REINSURANCE PREMIUM 2,704.0bn

NET INSURANCE REVENUE GROWTH 8.2%

CEDED PREMIUM RATIO 49.1% -0.4 ppt

ASSUMED PREMIUM RATIO 2.3% +1.3 ppt

NET TO INSURANCE PREMIUM 50.3% +0.3 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 32.5% -1.6 ppt strong technical zone

DIRECT EXPENSE BURDEN 85.1% +1.2 ppt underwriting expense rising

The combined ratio was 119.1%, still above technical-profit territory. However, claims did not deteriorate sharply (-1.6 ppt), so the read is weak but stabilizing.

Underwriting is a qualifying layer: it needs more improvement before confirming a positive thesis.

CLAIM EXPENSES 929.8bn

DIRECT UNDERWRITING EXPENSES 3,458.3bn

INSURANCE COMMISSION EXPENSE 396.3bn

CLAIM RESERVE MOVEMENT 214.8bn

RETAINED CLAIMS BURDEN 57.6% -3.2 ppt

COMMISSION BURDEN 9.9% -0.3 ppt

RESERVE MOVEMENT BURDEN 7.4% +3.9 ppt

REINSURANCE RECOVERY SUPPORT 99.9% +11.2 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT 92.5% +9.1 ppt investment is the main driver

FINANCIAL EXPENSE BURDEN 2.7% +3.5 ppt financial expense rising

Financial profit contributed 92.5% of PBT and 114.3% of PAT. Financial expense burden was 2.7%, creating support but not enough to dominate the whole story.

Read investment as a confirming or qualifying layer depending on the section thesis role.

FINANCIAL ACTIVITY PROFIT 371.2bn

PROFIT BEFORE TAX 408.8bn

PROFIT AFTER TAX 324.9bn

INSURANCE GROSS PROFIT 609.5bn

FINANCIAL PROFIT TO PAT 116.4% +8.9 ppt

INSURANCE GROSS PROFIT MARGIN 14.9% -1.2 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 23.4% -1.0 ppt adequate capital buffer

LIABILITIES TO EQUITY 3.28x +0.18x reasonable leverage

Equity to assets was 23.4%, while liabilities to equity was 3.28x. This is an acceptable insurance balance-sheet zone, but not an outstanding capital buffer.

Liquid investments stood at 47.2%, so capital should be read as risk control rather than a profit driver.

TOTAL ASSETS 11,274.2bn

TOTAL EQUITY 2,627.7bn

REINSURANCE ASSETS 2,697.4bn

OPERATING CASH FLOW 359.6bn

LIQUID INVESTMENTS TO ASSETS 46.2% +0.2 ppt

REINSURANCE ASSETS TO ASSETS 23.1% -2.4 ppt

RESERVES TO LIABILITIES 56.1% -4.2 ppt

REINSURANCE ASSETS TO RESERVES 53.7% -2.2 ppt

OPERATING CASH TO ASSETS 4.3% -1.0 ppt

Investment conclusion

The thesis is supported by multiple lines, but each line's contribution should be read before strengthening the conclusion. The picture is supported across several sections: premium remains stable with retention at 49.7% and premium growing 12.5%; underwriting improved as claims burden fell 1.6 ppt to 32.5%; investment income plays a supporting role with financial profit at 371.2bn; capital structure with equity to assets at 23.4% is a capital buffer to cross-check.

Thesis support basis: The thesis has several data supports: premium growth 12.5%, claims burden 32.5% and financial profit 371.2bn.

Data note: The supporting metrics do not carry the same strength: premium growth 12.5%, claims burden 32.5% and investment contribution 92.5% should be weighted separately.

Overall, the direction for MIG is supported by the section evidence, and we assess the outlook with moderate confidence.

Statement Data

Item	2025	2024
1. Insurance premium (01=01.1+01.2-01.3)	5,428.1	4,747.5
- Gross written premium	5,414.3	5,017.2
- Reinsurance premium assumed	99.0	46.1
- Increase/(Decrese) in gross unearned premium reserve	85.2	315.9
2. Reinsurance premium ceded	2,704.0	2,420.8
- Reinsurance premium ceded	2,725.9	2,457.7
-Increase/(Decrease) in ceded unearned premium reserve	21.9	36.9
3. Net insurance premium (03=01-02)	2,724.1	2,326.6
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	1,343.7	1,314.2
- Commissions on reinsurance ceded	1,341.3	1,299.4
5. Total net revenue from insurance business (10=03+04)	4,067.8	3,640.8
6. Claim expenses on retained risks	1,642.2	1,425.6
Total claim expenses	1,642.2	1,427.4
+ Claim and maturity payment expenses	1,645.6	1,427.4
+ Claim expenses for reinsurance assumed	-3.4	—
- Deductions	—	1.8
- Subrogation recoveries	—	1.8
7. Recoveries from reinsurance ceded	927.3	685.8
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	201.5	590.6
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-13.3	506.0
9.1. Increase in claim reserve	214.8	84.5
Total claim insurance expenses	929.8	824.4
11. Provision for catastrophe reserve	27.9	-86.2
12. Other insurance operating expenses	2,500.6	2,357.2
+ Commission	396.3	380.6
Other insurance operating expenses	2,104.4	1,976.6
- Other underwriting expenses	2,104.4	1,976.6
+ Others	12.1	-1.8
13. Total direct insurance operating expenses	3,458.3	3,095.5
14. Gross insurance operating profit	609.5	545.4
18. Revenue from financial activities	383.3	304.8
19. Expenses on financial activities	12.1	-1.8
20. Profit from financial activities	371.2	306.7
21. Administrative expenses	570.4	543.9
22. Operating profit	410.3	308.2
23. Other incomes	2.7	0.8
24. Other expenses	4.2	0.9
25. Other profits	-1.5	-0.0
26. Total profit	408.8	308.1
29. Total profit before tax (55=44+50+53+54)	408.8	308.1
Taxable profit	408.8	308.1
27. Current corporate income tax expenses	84.0	69.9
28. Deferred income tax expenses (*)	-0.1	-0.2
29. Profit after tax	324.9	238.5
31. Profit after tax for shareholders of the parent compan	324.9	238.5
32. Earning per share	1,553.00	1,295.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	10,718.8	9,130.6
I. Cash and cash equivalents	227.4	329.6
1. Cash	227.4	329.6
II. Short-term investments	5,093.0	4,113.0
1. Short-term investments	—	4,113.0
3. Held to maturity investments	5,093.0	—
III. Short-term receivables	1,217.2	682.9
1. Trade accounts receivable	314.4	119.0
1.1. Insurance contract receivables	314.4	119.0
2. Prepayments to suppliers	690.6	342.2
5. Other receivables	222.2	230.5
6. Provision for short-term doubtful debts	-10.0	-8.8
IV. Inventories	0.8	0.8
1. Inventories	0.8	0.8
V. Other short-term assets	1,483.1	1,315.7
1. Short-term prepayments	1,478.7	1,303.6
1.1. Unallocated commissions expenses	429.1	354.3
1.2. Other short-term prepaid expenses	1,049.6	949.3
2. Value Added Tax to be reclaimed	3.4	7.6
3. Taxes and other receivables from state authorities	1.0	4.5
VIII. Reinsurance assets	2,697.4	2,688.8
1. Reinsurance assets from unearned premium reserves	1,770.5	1,748.6
2. Reinsurance assets from claim reserves	926.9	940.2
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	555.5	704.3
I. Long-term receivables	17.9	17.0
6. Other long-term receivables	17.9	17.0
6.2. Other long-term receivables	8.9	8.0
II. Fixed assets	178.7	138.7
1. Tangible fixed assets	71.3	83.9
- Cost	137.2	137.5
- Accumulated depreciation	-65.9	-53.6
3. Intangible fixed assets	107.5	54.8
- Cost	130.4	70.7
- Accumulated depreciation	-23.0	-15.9
IV. Long-term assets in progress	350.9	385.5
1. Construction in progress	350.9	385.5
IV. Long-term investments	—	150.0
VI. Other long-term assets	7.9	13.1
1. Long-term prepayments	7.9	13.1
2. Deferred income tax assets	0.0	—
TOTAL ASSETS (270=100+200)	11,274.2	9,834.9
A. LIABILITIES (300=210+330)	8,646.5	7,704.7
I. Short -term liabilities	7,857.7	7,325.6
2. Trade accounts payable	695.2	446.2
2.1. Insurance contract payable	694.9	444.7
2.2. Other payables to suppliers	0.3	1.4
3. Advances from customers	24.9	10.9
4. Taxes and other payables to state authorities	75.1	63.8
5. Payable to employees	205.5	116.8
6. Accrued expenses	98.0	34.7
8. Other payables	624.4	768.2
9. Unearned commission revenues	949.2	1,013.7
11. Bonus and welfare fund	8.4	8.9
131. Unearned premium reserve	3,344.4	3,259.2
132. Claim reserve	1,680.3	1,478.8
133. Catastrophe reserve	152.3	124.4
II. Long-term liabilities	788.8	379.1
3. Other long-term liabilities	28.0	—
5. Deferred income tax liabilities	—	0.1
B. OWNER'S EQUITY (400=410+430)	2,627.7	2,130.3
I. Owner's equity	2,627.7	2,130.3
1. Capital from owners	2,115.0	1,726.7
- Common stock with voting right	2,115,034,630,000.00	1,726,725,000,000.00
9. Compulsory reserves	101.1	84.9
11. Undistributed earnings after tax	411.6	318.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	11,274.2	9,834.9

Item	2025	2024
Income tax paid	-90.9	-70.0
Other receipts from operating activities	190.7	151.0
Other payments for operating activities	-547.6	-426.8
Net cash flows from operating activities	359.6	402.4
1. Payment for fixed assets, constructions and other long-term assets	-25.3	-81.7
2. Receipts from disposal of fixed assets and other long-term assets	0.0	—
4. Receipts from loan repayments, sale of other entities' debt instruments	4,248.0	3,855.9
5. Payments for investment in other entities	-5,078.0	-4,232.2
7. Dividends, interest and profit received	383.5	374.7
Net cash flows from investing activities	-471.8	-83.3
1. Receipts from equity issue and owner's capital contribution	110.2	—
6. Dividends paid, profits distributed to owners	-100.1	-171.3
Net cash flows from financing activities	10.1	-171.3
Net cash flows during the period	-102.1	147.8
Cash and cash equivalents at beginning of the period	329.6	181.6
Exchange difference due to re-valuation of ending balances	-0.1	0.2
Cash and cash equivalents at end of the period	227.4	329.6

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)	1,409.5	1,538.7	1,248.7	1,327.1	1,313.6	1,366.6	1,052.3	1,204.6	1,124.0
- Gross written premium	1,445.2	1,580.9	1,201.3	1,362.6	1,269.5	1,344.4	1,097.8	1,272.9	1,302.1
- Reinsurance premium assumed	37.0	22.2	31.5	38.8	6.6	23.0	7.2	11.6	4.4
- Increase/(Decrese) in gross unearned premium reserve	72.7	64.3	-16.0	74.3	-37.5	0.8	52.7	79.9	182.5
2. Reinsurance premium ceded	673.3	762.5	605.8	701.8	634.0	676.0	488.1	667.2	589.5
- Reinsurance premium ceded	726.7	802.2	623.5	721.3	578.9	635.3	482.6	710.4	629.5
-Increase/(Decrease) in ceded unearned premium reserve	53.4	39.8	17.8	19.4	-55.1	-40.8	-5.6	43.2	40.0
3. Net insurance premium (03=01-02)	736.2	776.3	642.9	625.3	679.6	690.5	564.2	537.4	534.5
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	282.0	370.6	304.9	355.7	312.4	361.0	290.8	348.0	314.4
- Commissions on reinsurance ceded	281.5	374.8	304.3	350.3	311.9	355.8	290.4	339.7	313.5
5. Total net revenue from insurance business (10=03+04)	1,018.1	1,146.9	947.8	981.0	992.0	1,051.5	855.0	885.4	848.8
6. Claim expenses on retained risks	364.1	424.1	431.2	382.1	404.9	426.7	319.2	352.1	327.6
Total claim expenses	364.1	427.0	431.3	382.4	404.9	427.9	319.2	352.6	327.7
+ Claim and maturity payment expenses	364.1	427.0	431.3	382.4	404.9	427.9	319.2	352.6	327.7
- Deductions	—	2.8	0.2	0.3	0.0	1.2	0.0	0.4	0.1
- Subrogation recoveries	—	2.8	0.2	0.3	0.0	1.2	0.0	0.4	0.1
7. Recoveries from reinsurance ceded	189.3	254.2	268.8	191.0	213.3	208.6	142.7	182.5	152.0
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-80.5	324.8	16.1	-91.9	-47.5	94.0	510.2	-10.0	-3.7
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-55.1	127.2	-25.5	-83.9	-31.1	70.6	431.1	-10.1	14.4
9.1. Increase in claim reserve	-25.4	197.6	41.7	-8.1	-16.4	23.5	79.0	0.1	-18.1
Total claim insurance expenses	149.3	367.5	204.0	183.1	175.2	241.6	255.5	169.8	157.6
11. Provision for catastrophe reserve	7.6	8.0	6.1	6.8	7.0	-104.9	6.2	5.7	6.8
12. Other insurance operating expenses	652.3	691.2	567.8	639.1	602.6	718.7	511.0	585.8	541.7
+ Commission	103.2	98.4	91.8	110.8	95.3	112.0	87.5	88.3	92.8
Other insurance operating expenses	549.0	592.8	476.0	528.3	507.3	606.7	423.5	497.5	448.9
- Other underwriting expenses	549.0	592.8	476.0	528.3	507.3	606.7	423.5	497.5	448.9
+ Others	1.6	3.2	3.0	2.7	3.2	3.3	1.9	-10.5	3.5
13. Total direct insurance operating expenses	809.2	1,066.6	777.9	828.9	784.8	855.4	772.7	761.3	706.0
14. Gross insurance operating profit	208.9	80.2	169.9	152.1	207.2	196.1	82.3	124.1	142.8
18. Revenue from financial activities	66.6	116.8	111.4	95.9	59.2	75.4	78.0	66.7	84.7
19. Expenses on financial activities	1.6	3.2	3.0	2.7	3.2	3.3	1.9	-10.5	3.5
20. Profit from financial activities	65.1	113.6	108.3	93.3	56.0	72.1	76.2	77.2	81.2
21. Administrative expenses	145.6	169.3	124.1	139.1	137.9	167.7	127.8	120.9	127.5
22. Operating profit	128.4	24.5	154.2	106.3	125.4	100.5	30.7	80.4	96.5
23. Other incomes	0.1	2.1	0.1	0.1	0.3	0.3	0.2	0.2	0.2
24. Other expenses	0.7	3.1	0.5	0.5	0.1	0.0	0.1	0.3	0.5
25. Other profits	-0.6	-1.0	-0.3	-0.4	0.2	0.3	0.1	-0.1	-0.3
Share of profitin associates and joint ventures	—	-4.2	0.6	5.4	0.6	5.1	—	8.4	0.9
26. Total profit	127.8	23.5	153.9	105.9	125.6	100.8	30.8	80.3	96.3
29. Total profit before tax (55=44+50+53+54)	127.8	23.5	153.9	105.9	125.6	100.8	30.8	80.3	96.3
Taxable profit	127.8	23.5	153.9	105.9	125.6	100.8	30.8	80.3	96.3
27. Current corporate income tax expenses	25.6	6.2	30.8	21.9	25.1	20.4	6.2	24.1	19.3
28. Deferred income tax expenses (*)	—	-0.0	—	-0.0	—	0.1	—	-0.4	—
29. Profit after tax	102.2	17.3	123.1	84.0	100.5	80.3	24.7	56.6	77.0
31. Profit after tax for shareholders of the parent compan	102.2	17.3	123.1	84.0	100.5	80.3	24.7	56.6	77.0

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)	11,128.8	10,718.8	10,111.2	9,985.1	9,647.1	9,130.6	8,952.6	8,259.4	8,152.3
I. Cash and cash equivalents	319.8	227.4	242.5	196.3	431.0	329.6	319.0	174.5	94.8
1. Cash	319.8	227.4	242.5	146.3	431.0	329.6	269.0	174.5	94.8
2. Cash equivalents	—	—	—	50.0	—	—	50.0	—	—
II. Short-term investments	5,070.0	5,093.0	4,738.0	4,751.0	4,266.0	4,113.0	3,709.8	3,647.2	3,600.0
2. Provision for diminution in value of short-term investments	—	—	—	—	—	—	—	—	-14.7
3. Held to maturity investments	5,070.0	5,093.0	4,738.0	4,751.0	4,266.0	4,113.0	3,709.8	3,647.2	3,614.7
III. Short-term receivables	1,570.7	1,217.2	1,180.6	1,071.9	1,007.1	682.9	984.6	907.3	994.0
1. Trade accounts receivable	1,150.2	314.4	271.1	289.6	152.5	119.0	122.1	184.7	160.0
1.1. Insurance contract receivables	1,150.2	314.4	271.1	289.6	152.5	119.0	122.1	184.7	160.0
2. Prepayments to suppliers	157.8	690.6	641.2	524.2	568.3	342.2	630.1	502.3	513.8
5. Other receivables	273.8	222.2	278.3	267.4	295.5	230.5	241.2	229.1	330.1
6. Provision for short-term doubtful debts	-11.1	-10.0	-10.0	-9.4	-9.3	-8.8	-8.8	-8.7	-9.9
IV. Inventories	0.7	0.8	0.7	0.8	0.7	0.8	0.8	1.2	0.7
1. Inventories	0.7	0.8	0.7	0.8	0.7	0.8	0.8	1.2	0.7
V. Other short-term assets	1,471.9	1,483.1	1,419.0	1,426.9	1,339.7	1,315.7	1,279.4	1,295.8	1,262.6
1. Short-term prepayments	1,467.9	1,478.7	1,411.6	1,421.4	1,329.6	1,303.6	1,272.4	1,283.2	1,248.3
1.1. Unallocated commissions expenses	434.3	429.1	392.2	382.2	363.2	354.3	352.2	354.6	337.3
1.2. Other short-term prepaid expenses	1,033.6	1,049.6	1,019.4	1,039.3	966.4	949.3	920.2	928.6	911.0
2. Value Added Tax to be reclaimed	3.1	3.4	3.9	4.4	6.0	7.6	5.9	8.2	10.1
3. Taxes and other receivables from state authorities	0.8	1.0	3.5	1.1	4.2	4.5	1.1	4.4	4.3
VIII. Reinsurance assets	2,695.7	2,697.4	2,530.4	2,538.2	2,602.6	2,688.8	2,659.0	2,233.4	2,200.2
1. Reinsurance assets from unearned premium reserves	1,823.9	1,770.5	1,730.7	1,713.0	1,693.5	1,748.6	1,789.3	1,794.9	1,751.7
2. Reinsurance assets from claim reserves	871.8	926.9	799.6	825.2	909.0	940.2	869.6	438.5	448.6
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	548.6	555.5	550.1	552.6	562.5	704.3	868.8	859.8	936.5
I. Long-term receivables	18.0	17.9	18.0	17.5	17.2	17.0	16.9	14.8	15.1
6. Other long-term receivables	18.0	17.9	18.0	17.5	17.2	17.0	16.9	14.8	15.1
6.2. Other long-term receivables	9.0	8.9	9.0	8.5	8.2	8.0	7.9	7.8	8.1
II. Fixed assets	177.7	178.7	138.3	142.5	134.0	138.7	136.1	94.1	81.6
1. Tangible fixed assets	73.2	71.3	74.4	77.5	80.7	83.9	87.5	43.8	45.1
- Cost	142.2	137.2	137.2	137.6	137.5	137.5	137.6	91.1	91.2
- Accumulated depreciation	-69.1	-65.9	-62.8	-60.1	-56.9	-53.6	-50.2	-47.3	-46.1
3. Intangible fixed assets	104.5	107.5	63.9	65.0	53.3	54.8	48.7	50.2	36.5
- Cost	130.4	130.4	84.9	84.2	70.7	70.7	63.2	63.2	48.1
- Accumulated depreciation	-25.9	-23.0	-21.0	-19.2	-17.4	-15.9	-14.5	-13.0	-11.6
III. Investment properties	—	—	385.1	—	—	—	—	—	—
- Accumulated depreciation	—	—	385.1	—	—	—	—	—	—
IV. Long-term assets in progress	346.0	350.9	—	382.3	390.4	385.5	383.0	415.4	387.8
1. Construction in progress	346.0	350.9	—	382.3	390.4	385.5	383.0	415.4	387.8
IV. Long-term investments	—	—	—	—	10.0	150.0	320.0	320.0	435.0
3. Investments in other entities	—	—	—	—	10.0	—	—	320.0	—
4. Provision for diminution in value of long-term investments	—	—	—	—	—	—	—	—	435.0
VI. Other long-term assets	7.0	7.9	8.8	10.3	11.0	13.1	12.8	15.5	17.0
1. Long-term prepayments	7.0	7.9	8.8	10.3	11.0	13.1	12.7	15.5	17.0
2. Deferred income tax assets	0.0	0.0	—	—	—	—	0.1	—	—
4. Other long-term assets	—	—	—	—	—	—	—	0.1	—
TOTAL ASSETS (270=100+200)	11,677.4	11,274.2	10,661.4	10,537.7	10,209.6	9,834.9	9,821.4	9,119.2	9,088.8
A. LIABILITIES (300=210+330)	8,947.5	8,646.5	8,050.9	8,050.3	7,719.9	7,704.7	7,771.4	7,093.9	6,930.6
I. Short -term liabilities	8,159.8	7,857.7	7,378.8	7,486.1	7,288.2	7,325.6	7,545.9	6,928.1	6,795.6
2. Trade accounts payable	996.2	695.2	723.1	689.6	649.8	446.2	790.4	667.0	672.1
2.1. Insurance contract payable	994.4	694.9	722.6	685.3	648.9	444.7	779.5	660.4	670.4
2.2. Other payables to suppliers	1.8	0.3	0.5	4.4	0.8	1.4	10.9	6.6	1.7
3. Advances from customers	21.3	24.9	27.6	29.7	11.5	10.9	28.6	22.4	21.6
4. Taxes and other payables to state authorities	59.3	75.1	66.3	57.8	53.6	63.8	34.6	52.8	42.1
5. Payable to employees	108.9	205.5	160.5	154.5	99.4	116.8	90.1	82.6	58.6
6. Accrued expenses	242.8	98.0	69.9	117.1	96.3	34.7	41.5	51.9	43.8
8. Other payables	606.3	624.4	603.9	697.6	627.7	768.2	597.7	594.5	599.9
9. Unearned commission revenues	946.1	949.2	938.9	949.6	962.5	1,013.7	1,081.5	1,137.2	1,129.0
11. Bonus and welfare fund	2.2	8.4	8.7	16.5	2.9	8.9	9.1	16.3	0.7
131. Unearned premium reserve	3,417.1	3,344.4	3,280.1	3,296.0	3,221.7	3,259.2	3,258.4	3,205.7	3,125.8
132. Claim reserve	1,599.8	1,680.3	1,355.5	1,339.4	1,431.3	1,478.8	1,384.8	874.6	884.6
133. Catastrophe reserve	159.9	152.3	144.3	138.2	131.4	124.4	229.3	223.1	217.4
II. Long-term liabilities	787.7	788.8	672.1	564.3	431.7	379.1	225.5	165.7	135.0
3. Other long-term liabilities	28.0	28.0	28.0	28.0	28.0	28.0	28.0	28.0	28.0
5. Deferred income tax liabilities	—	—	0.0	0.0	0.1	0.1	—	—	0.3
B. OWNER'S EQUITY (400=410+430)	2,730.0	2,627.7	2,610.4	2,487.3	2,489.7	2,130.3	2,050.0	2,025.3	2,158.3
I. Owner's equity	2,730.0	2,627.7	2,610.4	2,487.3	2,489.7	2,130.3	2,050.0	2,025.3	2,158.3
1. Capital from owners	2,115.0	2,115.0	2,115.0	2,014.3	1,985.7	1,726.7	1,726.7	1,726.7	1,726.7
- Common stock with voting right	2,115,034,630,000.00	2,115,034,630,000.00	2,115,034,630,000.00	2,014,333,750,000.00	1,985,733,750,000.00	1,726,725,000,000.00	1,726,725,000,000.00	1,726,725,000,000.00	1,726,725,000,000.00
9. Compulsory reserves	106.2	101.1	100.3	94.1	89.9	84.9	80.9	79.6	76.8
11. Undistributed earnings after tax	508.7	411.6	395.1	378.9	414.1	318.7	242.4	219.0	354.7
- Accumulated retained earning at the end of the previous period	411.6	102.9	102.9	203.6	318.7	92.1	92.1	92.1	281.6
- Undistributed earnings in this period	97.1	308.6	292.2	175.3	95.4	226.6	150.3	126.9	73.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	11,677.4	11,274.2	10,661.4	10,537.7	10,209.6	9,834.9	9,821.4	9,119.2	9,088.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Income tax paid	-27.8	-18.0	-72.9	-54.9	-34.8	0.0	-70.0	-50.7	-35.2
Other receipts from operating activities	56.1	62.7	128.1	82.2	158.0	102.3	48.7	20.8	8.7
Other payments for operating activities	-165.4	-156.1	-391.5	-255.6	-134.9	-135.8	-291.0	-146.9	-101.5
Net cash flows from operating activities	26.2	205.5	154.1	118.4	90.2	209.9	192.5	45.7	0.0
1. Payment for fixed assets, constructions and other long-term assets	-0.1	-11.4	-13.9	-10.3	—	-18.5	-63.2	-57.7	-27.9
2. Receipts from disposal of fixed assets and other long-term assets	—	0.0	0.0	—	—	—	—	—	—
4. Receipts from loan repayments, sale of other entities' debt instruments	803.0	1,765.0	2,483.0	1,620.0	350.0	2,706.4	1,149.5	2,112.5	825.0
5. Payments for investment in other entities	-780.0	-2,120.0	-2,958.0	-2,108.0	-363.0	-2,939.6	-1,292.6	-2,193.0	-988.0
7. Dividends, interest and profit received	43.4	146.1	237.4	136.5	24.4	52.4	322.4	256.5	103.9
Net cash flows from investing activities	66.3	-220.3	-251.5	-361.8	11.4	-199.3	116.0	118.3	-87.0
1. Receipts from equity issue and owner's capital contribution	—	0.0	110.2	110.2	—	—	—	—	—
6. Dividends paid, profits distributed to owners	-0.0	-0.1	-100.0	-0.1	-0.1	-0.0	-171.3	-171.3	-0.0
Net cash flows from financing activities	-0.0	-0.1	10.2	110.1	-0.1	-0.0	-171.3	-171.3	-0.0
Net cash flows during the period	92.4	-15.0	-87.1	-133.3	101.4	10.6	137.2	-7.3	-86.9
Cash and cash equivalents at beginning of the period	227.4	242.5	329.6	329.6	329.6	319.0	181.6	181.6	181.6
Exchange difference due to re-valuation of ending balances	—	-0.1	0.1	0.1	—	-0.0	0.2	0.2	0.2
Cash and cash equivalents at end of the period	319.8	227.4	242.5	196.3	431.0	329.6	319.0	174.5	94.8

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