PGI

Tổng Công ty cổ phần Bảo hiểm Petrolimex ·HOSE ·2026Q1

◆ MIXED, MONITOR

Signals remain mixed · Claims burden 51.3%, Financial profit/PBT 39.6%

Price

18,100

Latest close

28 May 2026

COMBINED RATIO (TTM) 141,1%

LOSS RATIO (TTM) 51,3%

EXPENSE RATIO (TTM) 89,8%

ROE (TTM) 12,9%

EPS (Latest annual) 2.214

BVPS (Latest period) 18.308

Insurance Overview

The picture mixes signals across lines. Net insurance premium increases 10.8%, the loss ratio rises 5.1 percentage points, financial profit increases 19.1%, and needs careful reading before positioning.

	                            
	                                NET INSURANCE PREMIUM
	                            
 3.231 tỷ
+10,8% YoY

	                            
	                                LOSS RATIO
	                            
 51,3%
+5,1 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 124 tỷ
+19,1% YoY

Metric	2025	2024
NET PREMIUM	3,151.3	2,922.2
Growth	+8%	—
PBT	306.1	291.2
PBT Margin	9.71%	9.96%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	860.5	833.3	708.3	829.4	780.3	783.2	596.9	756.3	785.7
Growth	+10%	+6%	+19%	+10%	-1%	—	—	—	—
PBT	96.5	60.9	46.2	109.1	89.9	48.6	46.4	111.6	84.6
PBT Margin	11.21%	7.31%	6.52%	13.15%	11.52%	6.20%	7.78%	14.75%	10.77%

Drivers of PGI's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher investment income. Supporting and offsetting drivers:

Investment income ↑ 19.9bn

Unclassified ↑ 285.4bn

Premium volume ↓ 112.1bn

Claims experience ↓ 164.2bn

Chi phí khai thác BH ↓ 12.9bn

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 10.8% below industry pace of 11%

NET PREMIUM RETENTION 67.8% +1.7 ppt retention strengthening

Net insurance premium growth was 10.8%, while net insurance revenue growth was 6.5%. Retention stood at 67.8% and the net-to-gross premium ratio at 65.8%, so revenue momentum should be read together with reinsurance mix.

This is moderate growth: supportive for the story, but not a standalone acceleration.

NET INSURANCE PREMIUM 3,151.3bn

NET INSURANCE BUSINESS REVENUE 3,639.4bn

GROSS WRITTEN PREMIUM 4,618.9bn

CEDED REINSURANCE PREMIUM 1,636.9bn

NET INSURANCE REVENUE GROWTH 9.5%

CEDED PREMIUM RATIO 35.4% +0.8 ppt

ASSUMED PREMIUM RATIO 4.9% -0.4 ppt

NET TO INSURANCE PREMIUM 65.7% +0.0 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 51.3% +5.1 ppt strong technical zone

DIRECT EXPENSE BURDEN 77.6% +1.3 ppt underwriting expense rising

The combined ratio exceeded break-even at 126.7%. Claims burden rose +5.1 ppt to 49.8%, making underwriting the key watch area.

When claims rise, investment income can offset near term, but it should not replace pricing discipline.

CLAIM EXPENSES 1,568.1bn

DIRECT UNDERWRITING EXPENSES 2,800.8bn

INSURANCE COMMISSION EXPENSE 273.3bn

CLAIM RESERVE MOVEMENT 62.8bn

RETAINED CLAIMS BURDEN 68.5% +9.0 ppt

COMMISSION BURDEN 7.5% +0.2 ppt

RESERVE MOVEMENT BURDEN 5.1% +5.4 ppt

REINSURANCE RECOVERY SUPPORT 43.6% +15.4 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT 39.6% +4.5 ppt industry support zone

FINANCIAL EXPENSE BURDEN 19.3% -7.4 ppt financial expense easing

Financial profit contributed 39.6% of PBT and changed +4.5 ppt year on year. Financial expense burden was 19.3%, 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 ACTIVITY PROFIT 106.1bn

PROFIT BEFORE TAX 306.1bn

PROFIT AFTER TAX 245.5bn

INSURANCE GROSS PROFIT 838.6bn

FINANCIAL PROFIT TO PAT 49.2% +5.2 ppt

INSURANCE GROSS PROFIT MARGIN 22.4% -1.3 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 20.9% -1.1 ppt adequate capital buffer

LIABILITIES TO EQUITY 3.78x +0.23x reasonable leverage

Equity to assets was 20.9%, while liabilities to equity was 3.78x. This is an acceptable insurance balance-sheet zone, but not an outstanding capital buffer.

Liquid investments stood at 46.9%, so capital should be read as risk control rather than a profit driver.

TOTAL ASSETS 9,227.7bn

TOTAL EQUITY 1,953.2bn

REINSURANCE ASSETS 2,336.4bn

OPERATING CASH FLOW 73.5bn

LIQUID INVESTMENTS TO ASSETS 47.5% -2.8 ppt

REINSURANCE ASSETS TO ASSETS 23.4% -0.4 ppt

RESERVES TO LIABILITIES 60.6% -3.3 ppt

REINSURANCE ASSETS TO RESERVES 48.7% +1.1 ppt

OPERATING CASH TO ASSETS 3.0% -3.1 ppt

Investment conclusion

Signals remain mixed, so the investment conclusion should synthesize rather than assert one dominant story. The sections remain inconsistent: underwriting needs monitoring with claims burden at 51.3%, changing +5.1 ppt; investment income plays a supporting role with financial profit at 106.1bn; premium remains stable with retention at 67.8% and premium growing 10.8%; capital structure with equity to assets at 20.9% is a capital buffer to cross-check.

Thesis support basis: The current data is mixed: premium growth 10.8%, claims burden 51.3% and financial profit/PBT 39.6% do not form one dominant axis.

Data note: Signals are not consistent: premium growth 10.8%, claims burden 51.3% and investment contribution 39.6% can pull the conclusion in different directions.

Data across PGI's sections remains limited, so we will monitor more reporting cycles before making a firmer assessment.

Statement Data

Item	2025	2024
1. Insurance premium (01=01.1+01.2-01.3)	4,788.2	4,393.9
- Gross written premium	4,618.9	4,396.5
- Reinsurance premium assumed	230.6	214.0
- Increase/(Decrese) in gross unearned premium reserve	61.3	216.6
2. Reinsurance premium ceded	1,636.9	1,471.7
- Reinsurance premium ceded	1,708.6	1,524.6
-Increase/(Decrease) in ceded unearned premium reserve	71.7	52.9
3. Net insurance premium (03=01-02)	3,151.3	2,922.2
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	488.0	496.2
- Commissions on reinsurance ceded	331.2	318.0
5. Total net revenue from insurance business (10=03+04)	3,639.4	3,418.4
6. Claim expenses on retained risks	2,109.9	1,675.4
Total claim expenses	2,109.9	1,675.4
+ Claim and maturity payment expenses	2,109.9	1,675.4
- Deductions	0.0	—
- Subrogation recoveries	0.0	—
7. Recoveries from reinsurance ceded	604.5	330.9
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	309.4	338.5
9. Increase(Decrease) in claim reserves related to reinsurance ceded	246.6	278.5
9.1. Increase in claim reserve	62.8	60.0
Total claim insurance expenses	1,568.1	1,404.5
11. Provision for catastrophe reserve	4.2	7.9
12. Other insurance operating expenses	1,228.4	1,190.2
+ Commission	273.3	238.5
Other insurance operating expenses	955.0	951.8
- Other underwriting expenses	955.0	951.8
+ Others	29.7	36.1
13. Total direct insurance operating expenses	2,800.8	2,602.7
14. Gross insurance operating profit	838.6	815.7
18. Revenue from financial activities	135.8	147.8
19. Expenses on financial activities	29.7	36.1
20. Profit from financial activities	106.1	111.7
21. Administrative expenses	669.1	655.8
22. Operating profit	275.6	271.6
23. Other incomes	37.0	24.7
24. Other expenses	6.4	5.1
25. Other profits	30.6	19.6
26. Total profit	306.1	291.2
29. Total profit before tax (55=44+50+53+54)	306.1	291.2
Taxable profit	306.1	291.2
27. Current corporate income tax expenses	60.2	59.5
28. Deferred income tax expenses (*)	0.3	-0.6
29. Profit after tax	245.5	232.2
31. Profit after tax for shareholders of the parent compan	245.5	232.2
32. Earning per share	2,214.00	2,094.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,556.0	7,108.2
I. Cash and cash equivalents	102.5	150.0
1. Cash	102.5	150.0
II. Short-term investments	4,223.9	4,128.8
1. Short-term investments	4,226.8	4,131.7
2. Provision for diminution in value of short-term investments	-2.8	-2.8
III. Short-term receivables	716.8	644.5
1. Trade accounts receivable	638.6	572.2
1.1. Insurance contract receivables	632.5	554.8
12. Other receivables of customers	6.1	17.4
2. Prepayments to suppliers	3.4	2.9
5. Other receivables	126.9	121.4
6. Provision for short-term doubtful debts	-52.1	-52.0
IV. Inventories	10.3	19.2
1. Inventories	10.3	19.2
V. Other short-term assets	166.0	147.5
1. Short-term prepayments	165.8	146.4
1.1. Unallocated commissions expenses	137.5	126.5
1.2. Other short-term prepaid expenses	28.3	19.9
5. Other short-term assets	0.2	1.1
VIII. Reinsurance assets	2,336.4	2,018.1
1. Reinsurance assets from unearned premium reserves	855.7	784.1
2. Reinsurance assets from claim reserves	1,480.7	1,234.1
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,671.7	1,316.6
I. Long-term receivables	34.1	33.9
6. Other long-term receivables	34.1	33.9
6.2. Other long-term receivables	24.1	23.9
II. Fixed assets	647.8	616.2
1. Tangible fixed assets	345.2	348.5
- Cost	742.8	718.5
- Accumulated depreciation	-397.7	-370.0
3. Intangible fixed assets	302.6	267.8
- Cost	420.4	388.4
- Accumulated depreciation	-117.7	-120.6
IV. Long-term assets in progress	7.6	6.9
1. Construction in progress	7.6	6.9
IV. Long-term investments	931.0	595.0
2. Investments in associates, joint-ventures	—	1.4
4. Provision for diminution in value of long-term investments	-1.8	-2.9
VI. Other long-term assets	51.3	64.6
1. Long-term prepayments	48.2	61.2
2. Deferred income tax assets	3.1	3.4
TOTAL ASSETS (270=100+200)	9,227.7	8,424.8
A. LIABILITIES (300=210+330)	7,274.5	6,517.4
I. Short -term liabilities	7,218.6	6,461.3
1. Short-term borrowings	906.3	615.1
2. Trade accounts payable	568.0	552.7
2.1. Insurance contract payable	532.6	503.3
2.2. Other payables to suppliers	35.4	49.3
4. Taxes and other payables to state authorities	67.4	51.9
5. Payable to employees	312.3	269.6
8. Other payables	17.4	46.2
9. Unearned commission revenues	171.6	156.5
11. Bonus and welfare fund	147.3	116.1
131. Unearned premium reserve	2,362.4	2,301.1
132. Claim reserve	2,262.8	1,953.4
133. Catastrophe reserve	403.1	398.9
II. Long-term liabilities	55.9	56.1
3. Other long-term liabilities	2.2	2.0
B. OWNER'S EQUITY (400=410+430)	1,953.2	1,907.4
I. Owner's equity	1,953.2	1,907.4
1. Capital from owners	1,109.0	1,109.0
- Common stock with voting right	1,108,967,960,000.00	1,108,967,960,000.00
2. Share premium	137.7	137.7
7. Investment and development fund	198.9	166.4
9. Compulsory reserves	110.9	110.9
11. Undistributed earnings after tax	396.8	383.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	9,227.7	8,424.8

Item	2025	2024
Income tax paid	-47.9	-62.8
Other receipts from operating activities	295.0	351.2
Other payments for operating activities	-225.3	-298.5
Net cash flows from operating activities	73.5	197.6
1. Payment for fixed assets, constructions and other long-term assets	-96.6	-33.9
2. Receipts from disposal of fixed assets and other long-term assets	0.0	0.1
4. Receipts from loan repayments, sale of other entities' debt instruments	1,941.4	1,645.5
5. Payments for investment in other entities	-2,400.6	-2,223.2
7. Dividends, interest and profit received	277.0	294.6
Net cash flows from investing activities	-278.8	-316.9
3. Short-term and long-term borrowings	1,484.3	1,143.8
4. Principal repayments	-1,193.1	-886.7
6. Dividends paid, profits distributed to owners	-133.2	-132.5
Net cash flows from financing activities	158.0	124.6
Net cash flows during the period	-47.3	5.2
Cash and cash equivalents at beginning of the period	150.0	143.5
Exchange difference due to re-valuation of ending balances	-0.3	1.3
Cash and cash equivalents at end of the period	102.5	150.0

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)	1,296.1	1,273.6	1,188.9	1,158.7	1,167.0	1,173.8	990.8	1,109.0	1,120.2
- Gross written premium	1,261.2	1,230.7	1,177.4	1,097.0	1,113.8	1,199.8	976.7	1,121.1	1,098.9
- Reinsurance premium assumed	73.2	29.9	87.7	40.7	72.4	13.2	65.5	81.9	53.4
- Increase/(Decrese) in gross unearned premium reserve	38.4	-13.0	76.2	-21.0	19.1	39.2	51.4	94.0	32.1
2. Reinsurance premium ceded	435.6	440.3	480.6	329.3	386.7	390.6	393.9	352.7	334.5
- Reinsurance premium ceded	453.5	416.3	495.4	401.9	395.0	420.0	430.1	380.0	294.6
-Increase/(Decrease) in ceded unearned premium reserve	17.9	-24.0	14.8	72.6	8.3	29.4	36.2	27.3	-39.9
3. Net insurance premium (03=01-02)	860.5	833.3	708.3	829.4	780.3	783.2	596.9	756.3	785.7
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	135.5	140.3	126.3	107.5	114.0	118.2	124.8	144.1	109.1
- Commissions on reinsurance ceded	93.3	88.1	86.9	81.0	75.2	78.1	84.3	87.6	68.0
5. Total net revenue from insurance business (10=03+04)	996.0	973.5	834.6	937.0	894.3	901.5	721.7	900.4	894.8
6. Claim expenses on retained risks	529.6	669.0	544.3	471.0	425.7	525.1	384.1	401.0	342.2
Total claim expenses	529.6	669.0	544.3	471.0	425.7	525.1	384.1	401.0	342.2
+ Claim and maturity payment expenses	529.6	669.0	544.3	471.0	425.7	525.1	384.1	401.0	342.2
- Deductions	—	—	—	—	0.0	—	-0.1	—	0.1
- Subrogation recoveries	—	—	—	—	0.0	—	-0.1	—	0.1
7. Recoveries from reinsurance ceded	196.7	284.5	139.6	101.1	79.4	168.8	88.7	42.3	31.0
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-14.8	626.4	-269.0	-8.1	-39.9	-221.7	560.6	-18.1	17.7
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-88.1	527.0	-251.8	-17.8	-10.8	-241.4	558.7	-16.5	-22.4
9.1. Increase in claim reserve	73.3	99.4	-17.2	9.7	-29.1	19.7	1.9	-1.6	40.1
Total claim insurance expenses	406.2	483.9	387.5	379.6	317.2	376.0	297.3	357.1	351.3
11. Provision for catastrophe reserve	8.8	-5.2	-5.9	7.4	7.9	7.9	6.1	8.2	8.6
12. Other insurance operating expenses	338.6	330.9	290.5	279.9	327.1	348.5	260.5	294.1	287.2
+ Commission	74.8	70.6	74.2	60.2	68.4	58.8	61.2	62.0	56.4
Other insurance operating expenses	263.8	260.4	216.3	219.6	258.8	289.7	199.3	232.1	230.8
- Other underwriting expenses	263.8	260.4	216.3	219.6	258.8	289.7	199.3	232.1	230.8
+ Others	7.6	9.0	8.4	4.6	7.8	10.3	10.1	9.5	6.2
13. Total direct insurance operating expenses	753.6	809.6	672.1	666.8	652.3	732.4	563.9	659.4	647.1
14. Gross insurance operating profit	242.4	163.9	162.5	270.2	242.1	169.1	157.8	241.0	247.8
18. Revenue from financial activities	43.6	39.0	38.2	32.5	26.1	33.9	39.8	41.8	32.3
19. Expenses on financial activities	7.6	9.0	8.4	4.6	7.8	10.3	10.1	9.5	6.2
20. Profit from financial activities	36.0	30.1	29.8	27.9	18.3	23.7	29.6	32.3	26.1
21. Administrative expenses	185.7	137.7	152.9	192.6	185.9	148.9	145.9	166.3	194.7
22. Operating profit	92.7	56.3	39.3	105.5	74.5	43.9	41.6	107.0	79.1
23. Other incomes	5.0	6.3	8.4	4.7	17.5	6.1	6.1	5.4	7.2
24. Other expenses	1.2	1.7	1.5	1.1	2.1	1.3	1.2	0.8	1.7
25. Other profits	3.8	4.6	6.9	3.6	15.5	4.7	4.8	4.6	5.4
Share of profitin associates and joint ventures	—	52.1	39.4	26.5	38.8	40.1	40.4	—	41.1
26. Total profit	96.5	60.9	46.2	109.1	89.9	48.6	46.4	111.6	84.6
29. Total profit before tax (55=44+50+53+54)	96.5	60.9	46.2	109.1	89.9	48.6	46.4	111.6	84.6
Taxable profit	96.5	60.9	46.2	109.1	89.9	48.6	46.4	111.6	84.6
27. Current corporate income tax expenses	19.3	11.9	8.2	21.6	18.5	11.0	9.0	22.0	17.5
28. Deferred income tax expenses (*)	0.0	0.1	0.0	0.1	0.2	0.0	-0.1	0.0	-0.6
29. Profit after tax	77.1	48.9	37.9	87.4	71.3	37.5	37.5	89.5	67.7
31. Profit after tax for shareholders of the parent compan	77.1	48.9	37.9	87.4	71.3	37.5	37.5	89.5	67.7

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)	7,959.2	7,714.3	7,156.7	7,190.6	7,128.8	7,108.2	7,193.7	6,261.3	6,263.2
I. Cash and cash equivalents	205.5	102.5	178.0	199.3	135.4	150.0	144.5	176.7	171.9
1. Cash	205.5	102.5	178.0	199.3	135.4	150.0	144.5	176.7	171.9
II. Short-term investments	4,404.6	4,393.4	4,169.6	3,921.1	4,137.4	4,128.8	4,027.4	3,736.5	3,714.6
1. Short-term investments	4,406.5	4,396.3	4,172.5	3,924.1	4,140.5	4,131.7	4,030.1	3,738.8	3,716.8
2. Provision for diminution in value of short-term investments	-1.8	-2.8	-2.9	-3.0	-3.0	-2.8	-2.7	-2.3	-2.2
III. Short-term receivables	905.9	705.6	805.7	821.6	650.2	644.5	612.3	535.0	605.0
1. Trade accounts receivable	798.3	627.4	719.4	713.4	551.7	572.2	510.7	420.5	479.3
1.1. Insurance contract receivables	792.1	621.3	700.6	695.9	534.4	554.8	510.1	419.5	478.5
12. Other receivables of customers	6.2	6.1	18.8	17.5	17.3	17.4	0.5	1.0	0.8
2. Prepayments to suppliers	4.1	3.4	2.3	3.1	4.9	2.9	8.8	7.9	4.8
5. Other receivables	154.7	126.9	137.7	157.4	144.8	121.4	143.3	158.3	172.2
6. Provision for short-term doubtful debts	-51.2	-52.1	-53.6	-52.4	-51.2	-52.0	-50.5	-51.7	-51.4
IV. Inventories	7.3	10.3	23.7	31.7	40.6	19.2	40.4	37.3	13.8
1. Inventories	7.3	10.3	23.7	31.7	40.6	19.2	40.4	37.3	13.8
V. Other short-term assets	169.6	166.0	146.3	146.5	149.6	147.5	139.0	140.7	133.5
1. Short-term prepayments	169.3	165.8	146.1	146.3	149.2	146.4	136.8	136.9	133.3
1.1. Unallocated commissions expenses	139.7	137.5	135.0	130.1	131.6	126.5	123.4	119.1	112.7
1.2. Other short-term prepaid expenses	29.7	28.3	11.1	16.2	17.6	19.9	13.5	17.8	20.6
2. Value Added Tax to be reclaimed	—	—	—	—	—	—	0.0	—	—
5. Other short-term assets	0.3	0.2	0.2	0.3	0.5	1.1	2.2	3.8	0.2
VIII. Reinsurance assets	2,266.2	2,336.4	1,833.4	2,070.4	2,015.6	2,018.1	2,230.1	1,635.1	1,624.4
1. Reinsurance assets from unearned premium reserves	873.6	855.7	879.7	864.9	792.3	784.1	754.6	718.4	691.2
2. Reinsurance assets from claim reserves	1,392.6	1,480.7	953.7	1,205.5	1,223.3	1,234.1	1,475.5	916.7	933.2
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,738.2	1,502.2	1,438.7	1,448.6	1,361.1	1,316.6	1,265.4	1,306.7	1,284.1
I. Long-term receivables	35.4	34.1	33.8	33.8	36.2	33.9	30.9	30.9	26.4
6. Other long-term receivables	35.4	34.1	33.8	33.8	36.2	33.9	30.9	30.9	26.4
6.2. Other long-term receivables	25.4	24.1	23.8	23.8	26.2	23.9	20.9	20.9	16.4
II. Fixed assets	639.7	647.8	655.0	667.1	662.1	616.2	609.3	602.7	615.4
1. Tangible fixed assets	340.9	345.2	348.5	355.3	350.6	348.5	340.4	339.8	349.3
- Cost	747.1	742.8	738.8	742.5	729.0	718.5	701.9	699.6	701.9
- Accumulated depreciation	-406.2	-397.7	-390.4	-387.2	-378.4	-370.0	-361.5	-359.8	-352.5
3. Intangible fixed assets	298.8	302.6	306.6	311.8	311.6	267.8	269.0	263.0	266.1
- Cost	420.4	420.4	443.3	443.3	437.6	388.4	384.5	373.3	371.4
- Accumulated depreciation	-121.6	-117.7	-136.7	-131.4	-126.0	-120.6	-115.5	-110.4	-105.3
III. Investment properties	—	—	—	—	—	6.9	—	—	—
- Accumulated depreciation	—	—	—	—	—	6.9	—	—	—
IV. Long-term assets in progress	8.0	7.6	13.9	10.5	8.3	—	22.3	20.5	19.3
1. Construction in progress	8.0	7.6	13.9	10.5	8.3	—	22.3	20.5	19.3
IV. Long-term investments	1,009.3	761.5	681.6	674.6	595.1	595.0	543.3	591.8	571.3
2. Investments in associates, joint-ventures	—	—	1.4	1.4	1.4	1.4	1.4	1.4	1.4
4. Provision for diminution in value of long-term investments	-2.1	-1.8	-2.5	-3.3	-2.8	-2.9	543.9	601.0	586.5
5. Held to maturity investments	—	—	—	—	—	—	-2.0	-10.6	-16.6
VI. Other long-term assets	45.9	51.3	54.4	62.6	59.3	64.6	59.5	60.8	51.7
1. Long-term prepayments	42.8	48.2	51.2	59.4	56.0	61.2	56.0	57.4	48.3
2. Deferred income tax assets	3.1	3.1	3.2	3.2	3.3	3.4	3.5	3.4	3.4
TOTAL ASSETS (270=100+200)	9,697.4	9,216.5	8,595.4	8,639.2	8,489.9	8,424.8	8,459.1	7,568.0	7,547.3
A. LIABILITIES (300=210+330)	7,667.1	7,263.3	6,691.1	6,772.8	6,622.1	6,517.4	6,589.2	5,735.6	5,725.8
I. Short -term liabilities	7,614.9	7,207.4	6,637.7	6,718.0	6,573.9	6,461.3	6,526.6	5,675.8	5,669.8
1. Short-term borrowings	1,107.2	906.3	567.0	587.6	667.3	615.1	463.1	270.3	324.7
2. Trade accounts payable	773.7	556.8	959.4	818.2	654.3	552.7	595.1	504.9	548.3
2.1. Insurance contract payable	735.8	521.4	922.3	776.9	582.3	503.3	564.1	463.5	510.3
2.2. Other payables to suppliers	37.9	35.4	37.0	41.3	72.1	49.3	31.0	41.4	38.1
4. Taxes and other payables to state authorities	59.9	67.4	36.2	56.9	53.5	51.9	34.8	60.6	53.0
5. Payable to employees	298.3	312.3	311.3	277.4	241.3	269.6	293.7	277.6	250.2
8. Other payables	22.3	17.4	22.5	40.5	59.7	46.2	32.6	41.7	89.8
9. Unearned commission revenues	176.9	171.6	170.5	160.4	151.2	156.5	159.9	160.4	155.3
11. Bonus and welfare fund	116.0	147.3	150.7	158.3	106.1	116.1	119.5	127.6	99.8
131. Unearned premium reserve	2,400.8	2,362.4	2,375.4	2,299.3	2,320.3	2,301.1	2,261.9	2,210.6	2,116.6
132. Claim reserve	2,248.0	2,262.8	1,636.4	1,905.4	1,913.5	1,953.4	2,175.1	1,614.4	1,632.6
133. Catastrophe reserve	411.9	403.1	408.3	414.1	406.8	398.9	390.9	407.7	399.5
II. Long-term liabilities	52.2	55.9	53.5	54.8	48.2	56.1	62.6	59.9	56.0
3. Other long-term liabilities	2.2	2.2	2.2	2.6	2.6	2.0	2.0	2.1	2.1
B. OWNER'S EQUITY (400=410+430)	2,030.3	1,953.2	1,904.3	1,866.3	1,867.8	1,907.4	1,869.9	1,832.4	1,821.4
I. Owner's equity	2,030.3	1,953.2	1,904.3	1,866.3	1,867.8	1,907.4	1,869.9	1,832.4	1,821.4
1. Capital from owners	1,109.0	1,109.0	1,109.0	1,109.0	1,109.0	1,109.0	1,109.0	1,109.0	1,109.0
- Common stock with voting right	1,108,967,960,000.00	1,108,967,960,000.00	1,108,967,960,000.00	1,108,967,960,000.00	1,108,967,960,000.00	1,108,967,960,000.00	1,108,967,960,000.00	1,108,967,960,000.00	1,108,967,960,000.00
2. Share premium	137.7	137.7	137.7	137.7	137.7	137.7	137.7	137.7	137.7
7. Investment and development fund	198.9	198.9	198.9	198.9	166.4	166.4	166.4	166.4	154.9
9. Compulsory reserves	110.9	110.9	110.9	110.9	110.9	110.9	110.9	110.9	110.9
11. Undistributed earnings after tax	473.9	396.8	347.9	309.9	343.9	383.5	346.0	308.5	309.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	9,697.4	9,216.5	8,595.4	8,639.2	8,489.9	8,424.8	8,459.1	7,568.0	7,547.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Income tax paid	-20.7	0.0	-47.9	-26.3	-7.8	-12.2	-50.6	-28.6	-11.1
Other receipts from operating activities	142.3	79.6	215.4	143.2	76.7	109.9	241.2	162.8	94.0
Other payments for operating activities	-159.7	-138.9	-86.4	-106.5	-59.4	-60.4	-238.0	-208.0	-149.5
Net cash flows from operating activities	159.5	-122.4	195.9	61.9	64.0	-63.9	261.5	255.9	152.7
1. Payment for fixed assets, constructions and other long-term assets	-6.4	-3.7	-92.8	-83.8	-60.9	4.2	-38.1	-11.5	-4.2
2. Receipts from disposal of fixed assets and other long-term assets	—	0.0	0.0	0.0	—	0.0	0.1	0.1	0.1
4. Receipts from loan repayments, sale of other entities' debt instruments	325.9	519.5	1,421.8	928.8	397.9	525.6	1,119.9	648.6	327.0
5. Payments for investment in other entities	-727.3	-867.8	-1,532.8	-796.9	-405.1	-594.9	-1,628.3	-803.3	-439.1
7. Dividends, interest and profit received	157.5	60.0	217.0	87.2	46.3	-17.1	311.7	150.8	76.9
Net cash flows from investing activities	-250.3	-292.0	13.2	135.4	-21.9	-82.2	-234.7	-15.4	-39.3
3. Short-term and long-term borrowings	602.0	575.5	908.8	567.4	341.8	409.7	734.1	270.8	68.9
4. Principal repayments	-401.1	-236.3	-956.8	-594.9	-289.6	-257.9	-628.8	-358.5	-102.2
6. Dividends paid, profits distributed to owners	-7.3	-0.3	-133.0	-120.3	-109.0	-0.1	-132.4	-121.0	-53.0
Net cash flows from financing activities	193.6	339.0	-181.0	-147.8	-56.8	151.7	-27.1	-208.6	-86.3
Net cash flows during the period	102.8	-75.4	28.1	49.4	-14.7	5.5	-0.3	31.9	27.1
Cash and cash equivalents at beginning of the period	102.5	178.0	150.0	150.0	150.0	144.5	143.5	143.5	143.5
Exchange difference due to re-valuation of ending balances	0.2	-0.1	-0.2	-0.2	0.0	0.0	1.3	1.3	1.3
Cash and cash equivalents at end of the period	205.5	102.5	178.0	199.3	135.4	150.0	144.5	176.7	171.9

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