Analysis of business results & financial statements · Quý 1/2026
◆ DATA LIMITED
TTM profit before tax through 2026Q1 rose +VND 88.7bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.
See what is changing ↓- LOSS RATIO
- 47,4%
- EXPENSE RATIO
- 112,3%
- ROE
- 15,6%
- EPS
- 2.456
- BVPS
- 16.738
- LEVERAGE
- 3,56 lần
- Market price
- 29,900 19 Oct 2026
The current picture
Insurance Overview
Profit bridge
Vs last year · TTM
- Claims experience
- Chi phí khai thác BH
- Investment income
- Unclassified
- Premium volume
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 395.0 | 316.6 | 316.8 | 394.7 | 393.0 | 195.7 | 278.3 | 307.5 |
| LNST | 100.9 | 55.1 | 115.7 | 62.8 | 64.1 | 88.8 | 34.7 | 58.1 |
| Net margin | 25.54% | 17.39% | 36.52% | 15.90% | 16.32% | 45.38% | 12.47% | 18.88% |
Revenue
395bnNet income
101bnNet margin
25.54%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 21.2%, but gross premium and reinsurance mix data are not clean enough for a deep mix conclusion. For reinsurers, retained and assumed premium are core lenses, so this data gap lowers conviction.
Read premium growth as directional evidence, not yet as a full view of revenue quality.
- NET PREMIUM GROWTH
- 21.2% None
- NET PREMIUM RETENTION
- — None
- NET INSURANCE PREMIUM
- 1,421.1bn None
- NET INSURANCE BUSINESS REVENUE
- 1,708.8bn None
- CEDED REINSURANCE PREMIUM
- 1,354.7bn None
- NET INSURANCE REVENUE GROWTH
- 21.7% None
Is underwriting profitable?
Underwriting quality and claims pressure
▲The combined ratio is still above break-even at 141.1%, but improved -9.7 ppt. Claims burden moved -7.1 ppt, indicating recovery from an elevated cost base.
The signal is recovery, not a fully clean underwriting position; the next claims season remains the check.
- CLAIMS BURDEN
- 47.4% -7.1 ppt
- DIRECT EXPENSE BURDEN
- 92.2% -2.6 ppt
- CLAIM EXPENSES
- 684.8bn None
- DIRECT UNDERWRITING EXPENSES
- 1,587.5bn None
- INSURANCE COMMISSION EXPENSE
- 749.0bn None
- CLAIM RESERVE MOVEMENT
- 267.4bn None
Investment income and profit mix
◆Financial profit still contributed 71.4% of PBT, but the share moved -17.4 ppt. The investment engine is therefore less forceful than last year, while PAT received 93.0% from this source.
If underwriting does not improve fast enough, weaker investment yield will reduce thesis confidence.
- FINANCIAL PROFIT TO PBT
- 71.4% -17.4 ppt
- FINANCIAL EXPENSE BURDEN
- 23.2% +0.6 ppt
- FINANCIAL ACTIVITY PROFIT
- 222.7bn None
- PROFIT BEFORE TAX
- 301.4bn None
- PROFIT AFTER TAX
- 239.6bn None
- INSURANCE GROSS PROFIT
- 121.2bn None
Are capital and reserves adequate?
Capital, reserves and balance-sheet strength
◆Equity to assets was 21.9%, while liabilities to equity was 3.56x. This is an acceptable insurance balance-sheet zone, but not an outstanding capital buffer.
Liquid investments stood at 32.5%, so capital should be read as risk control rather than a profit driver.
- EQUITY TO ASSETS
- 21.9% -1.0 ppt
- LIABILITIES TO EQUITY
- 3.56x +0.20x
- TOTAL ASSETS
- 7,461.5bn None
- TOTAL EQUITY
- 1,666.7bn None
- REINSURANCE ASSETS
- 2,226.0bn None
- OPERATING CASH FLOW
- 480.7bn None
In summary
Research synthesis
What this reporting period is showing
Data is still limited, so the investment conclusion should stay anchored to available metrics rather than over-extending the thesis.
The sections with available data show: premium is growing 21.2%; underwriting improved as claims burden fell 7.1 ppt to 47.4%; investment income plays a supporting role with financial profit at 222.7bn; capital structure with equity to assets at 21.9% is a buffer for the reinsurance book.
Wait for another data cycle before drawing a full conclusion. Data across PRE'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, currently at 48.2%, remains at a level that supports underwriting profit, as a renewed rise would weaken the underwriting contribution.
Watch whether reinsurance assets — currently 29.8% of total assets — change materially, as they form a substantial part of the balance sheet.
Watch whether net premium growth (+28.9% in the latest year) is sustained, as premium growth is an insurer’s main revenue engine.
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