Analysis of business results & financial statements · Quý 2/2026
◆ MIXED, MONITOR
TTM profit before tax through 2026Q2 rose +VND 28.4bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.
See what is changing ↓- COMBINED RATIO
- 144,9%
- LOSS RATIO
- 51,5%
- EXPENSE RATIO
- 93,5%
- ROE
- 13,7%
- EPS
- 2.214
- BVPS
- 17.283
- Market price
- 22,000 14 Oct 2026
The current picture
Insurance Overview
Profit bridge
Vs last year · TTM
- Investment income
- Unclassified
- Premium volume
- Claims experience
- Chi phí khai thác BH
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 | 807.0 | 860.5 | 833.3 | 708.3 | 829.4 | 780.3 | 783.2 | 596.9 |
| LNST | 118.9 | 96.5 | 60.9 | 46.2 | 109.1 | 89.9 | 48.6 | 46.4 |
| Net margin | 14.74% | 11.21% | 7.31% | 6.52% | 13.15% | 11.52% | 6.20% | 7.78% |
Revenue
807bnNet income
119bnNet margin
14.74%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 was 7.3%, while net insurance revenue growth was 6.5%. Retention stood at 63.8% 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 PREMIUM GROWTH
- 7.3% None
- NET PREMIUM RETENTION
- 63.8% -4.4 ppt
- NET INSURANCE PREMIUM
- 3,151.3bn None
- NET INSURANCE BUSINESS REVENUE
- 3,639.4bn None
- GROSS WRITTEN PREMIUM
- 4,618.9bn None
- CEDED REINSURANCE PREMIUM
- 1,636.9bn None
Is underwriting profitable?
Underwriting quality and claims pressure
◆The combined ratio exceeded break-even at 126.7%. Claims burden rose +5.6 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.
- CLAIMS BURDEN
- 51.5% +5.6 ppt
- DIRECT EXPENSE BURDEN
- 78.6% +2.9 ppt
- CLAIM EXPENSES
- 1,568.1bn None
- DIRECT UNDERWRITING EXPENSES
- 2,800.8bn None
- INSURANCE COMMISSION EXPENSE
- 273.3bn None
- CLAIM RESERVE MOVEMENT
- 62.8bn None
Investment income and profit mix
◆Financial profit contributed 40.4% of PBT and changed +6.6 ppt year on year. Financial expense burden was 19.8%, 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
- 40.4% +6.6 ppt
- FINANCIAL EXPENSE BURDEN
- 19.8% -5.0 ppt
- FINANCIAL ACTIVITY PROFIT
- 106.1bn None
- PROFIT BEFORE TAX
- 306.1bn None
- PROFIT AFTER TAX
- 245.5bn None
- INSURANCE GROSS PROFIT
- 838.6bn None
Are capital and reserves adequate?
Capital, reserves and balance-sheet strength
◆Equity to assets was 18.8%, while liabilities to equity was 4.32x. 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.
- EQUITY TO ASSETS
- 18.8% -2.8 ppt
- LIABILITIES TO EQUITY
- 4.32x +0.69x
- TOTAL ASSETS
- 9,227.7bn None
- TOTAL EQUITY
- 1,953.2bn None
- REINSURANCE ASSETS
- 2,336.4bn None
- OPERATING CASH FLOW
- 73.5bn None
In summary
Research synthesis
What this reporting period is showing
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 51.5%, changing +5.6 ppt; investment income plays a supporting role with financial profit at 106.1bn; premium remains stable with retention at 63.8% and premium growing 7.3%; capital structure with equity to assets at 18.8% is a capital buffer to cross-check.
The story is not yet clear, so monitor further before taking a firm view. Data across PGI's sections remains limited, so we will monitor more reporting cycles before making a firmer assessment.
What to verify next
Questions for the next period
Watch whether the claims burden around 49.8% stabilizes or eases in coming periods, as claims remain a key driver of underwriting profit.
Watch whether reinsurance assets — currently 25.3% of total assets — change materially, as they form a substantial part of the balance sheet.
Watch whether net premium growth — currently +7.8% in the latest year — regains clearer momentum, as premium growth is an insurer’s main revenue engine.
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