PTI

Tổng Công ty cổ phần Bảo hiểm Bưu điện ·HNX ·2026Q1

▲ INVESTMENT YIELD LED

Investment is the main driver · Financial profit/PBT 45.4%, ROE 11.2%

Price

26,400

Latest close

03 Jun 2026

COMBINED RATIO (TTM) 145,8%

LOSS RATIO (TTM) 45,4%

EXPENSE RATIO (TTM) 100,4%

ROE (TTM) 11,2%

EPS (Latest annual) 2.417

BVPS (Latest period) 22.614

Insurance Overview

The picture is led by investment yield, supporting the underwriting result. Net insurance premium contracts 7.8%, the loss ratio improves 4.9 percentage points, financial profit increases 36.6%, with capital acting as the foundation.

	                            
	                                NET INSURANCE PREMIUM
	                            
 2.907 tỷ
−7,8% YoY

	                            
	                                LOSS RATIO
	                            
 45,4%
−4,9 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 168 tỷ
+36,6% YoY

Metric	2025	2024
NET PREMIUM	2,874.9	3,325.5
Growth	-14%	—
PBT	372.8	402.7
PBT Margin	12.97%	12.11%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	818.4	776.1	668.8	643.4	787.9	819.9	754.0	790.4	961.5
Growth	+4%	-5%	-11%	-19%	-18%	—	—	—	—
PBT	82.6	82.7	92.9	111.1	86.5	89.4	58.4	173.1	85.2
PBT Margin	10.09%	10.65%	13.89%	17.27%	10.98%	10.91%	7.74%	21.90%	8.86%

Drivers of PTI's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to unclassified items reduced profit. Supporting and offsetting drivers:

Premium volume ↑ 126.6bn

Claims experience ↑ 141.1bn

Chi phí khai thác BH ↑ 26.5bn

Investment income ↑ 44.9bn

Unclassified ↓ 377.2bn

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 -7.8% contracting while the industry grows near 11%

NET PREMIUM RETENTION 75.6% -4.0 ppt retention mix shifting out

Net insurance premium growth fell -7.8% year on year, so the revenue engine is not the confirming leg. Net insurance revenue growth was -15.4%, making it important to separate demand pressure from reinsurance policy.

If this persists for several quarters, premium will move from a qualifying layer to a thesis-weaking point.

NET INSURANCE PREMIUM 2,874.9bn

NET INSURANCE BUSINESS REVENUE 3,292.5bn

GROSS WRITTEN PREMIUM 3,757.9bn

CEDED REINSURANCE PREMIUM 1,149.1bn

NET INSURANCE REVENUE GROWTH -10.0%

CEDED PREMIUM RATIO 29.3% -4.8 ppt

ASSUMED PREMIUM RATIO 1.7% -0.7 ppt

NET TO INSURANCE PREMIUM 72.1% +2.0 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 45.4% -4.9 ppt strong technical zone

DIRECT EXPENSE BURDEN 88.4% +1.3 ppt underwriting expense rising

The combined ratio is still above break-even at 125.7%, but improved -5.8 ppt. Claims burden moved -4.9 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.

CLAIM EXPENSES 1,128.6bn

DIRECT UNDERWRITING EXPENSES 2,847.3bn

INSURANCE COMMISSION EXPENSE 414.6bn

CLAIM RESERVE MOVEMENT 184.5bn

RETAINED CLAIMS BURDEN 66.5% +1.5 ppt

COMMISSION BURDEN 12.4% -0.8 ppt

RESERVE MOVEMENT BURDEN 0.4% +6.0 ppt

REINSURANCE RECOVERY SUPPORT 47.3% +29.2 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT 45.4% +15.3 ppt industry support zone

FINANCIAL EXPENSE BURDEN 39.9% +0.4 ppt stable

Financial profit contributed 45.4% of PBT and changed +15.3 ppt year on year. Financial expense burden was 39.9%, 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 116.8bn

PROFIT BEFORE TAX 372.8bn

PROFIT AFTER TAX 291.5bn

INSURANCE GROSS PROFIT 445.2bn

FINANCIAL PROFIT TO PAT 57.8% +20.1 ppt

INSURANCE GROSS PROFIT MARGIN 11.6% -1.3 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 32.5% +2.7 ppt thick capital buffer

LIABILITIES TO EQUITY 2.08x -0.28x reasonable leverage

Equity to assets was 32.5%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 43.0%, giving the balance sheet room to absorb claims volatility.

Capital is a supportive context layer here, not the main story.

TOTAL ASSETS 8,438.6bn

TOTAL EQUITY 2,660.8bn

REINSURANCE ASSETS 1,618.8bn

OPERATING CASH FLOW 446.9bn

LIQUID INVESTMENTS TO ASSETS 45.2% +9.1 ppt

REINSURANCE ASSETS TO ASSETS 15.4% -5.9 ppt

RESERVES TO LIABILITIES 63.2% -6.8 ppt

REINSURANCE ASSETS TO RESERVES 36.1% -7.1 ppt

OPERATING CASH TO ASSETS -6.5% +7.2 ppt

Investment conclusion

Improving investment yield is the main driver of the ROE story, with financial profit contributing 45.4% of PBT. The picture becomes firmer when the remaining sections are included: underwriting improved as claims burden fell 4.9 ppt to 45.4%; premium remains stable with retention at 75.6% and premium contracting 7.8%; capital structure with equity to assets at 32.5% is a capital buffer to cross-check.

Thesis support basis: Financial profit was 116.8bn, equal to 45.4% of PBT; claims burden at 45.4% shows how investment support sits alongside underwriting.

Data note: Investment contribution at 45.4% of PBT should be cross-checked against claims burden 45.4% and premium growth -7.8%; if one axis weakens, the thesis depends more on the other axis.

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

Statement Data

Item	2025	2024
1. Insurance premium (01=01.1+01.2-01.3)	4,023.9	4,725.3
- Gross written premium	3,757.9	4,016.1
- Reinsurance premium assumed	84.4	82.9
- Increase/(Decrese) in gross unearned premium reserve	-181.6	-626.4
2. Reinsurance premium ceded	1,149.1	1,399.9
- Reinsurance premium ceded	1,110.6	1,176.9
-Increase/(Decrease) in ceded unearned premium reserve	-38.4	-223.0
3. Net insurance premium (03=01-02)	2,874.9	3,325.5
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	417.7	565.8
- Commissions on reinsurance ceded	272.0	360.5
5. Total net revenue from insurance business (10=03+04)	3,292.5	3,891.3
6. Claim expenses on retained risks	1,942.3	2,121.0
Total claim expenses	1,982.6	2,146.3
+ Claim and maturity payment expenses	1,982.6	2,146.3
- Deductions	40.3	25.3
- Subrogation recoveries	40.3	25.3
7. Recoveries from reinsurance ceded	629.1	549.6
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-190.3	315.7
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-5.7	245.0
9.1. Increase in claim reserve	-184.5	70.7
Total claim insurance expenses	1,128.6	1,642.2
11. Provision for catastrophe reserve	27.3	29.2
12. Other insurance operating expenses	1,691.4	1,778.8
+ Commission	414.6	493.5
Other insurance operating expenses	1,276.8	1,285.2
- Other underwriting expenses	1,276.8	1,285.2
+ Others	127.6	56.4
13. Total direct insurance operating expenses	2,847.3	3,450.2
14. Gross insurance operating profit	445.2	441.1
18. Revenue from financial activities	244.5	204.9
19. Expenses on financial activities	127.6	56.4
20. Profit from financial activities	116.8	148.5
21. Administrative expenses	210.8	199.7
22. Operating profit	363.9	391.0
23. Other incomes	9.3	12.1
24. Other expenses	3.5	3.2
25. Other profits	5.9	9.0
Share of profitin associates and joint ventures	3.0	2.8
26. Total profit	372.8	402.7
29. Total profit before tax (55=44+50+53+54)	372.8	402.7
Taxable profit	372.8	402.7
27. Current corporate income tax expenses	81.3	81.6
28. Deferred income tax expenses (*)	0.1	-0.6
29. Profit after tax	291.5	321.8
30. Minority interest	0.0	0.1
31. Profit after tax for shareholders of the parent compan	291.5	321.7
32. Earning per share	2,417.00	4,002.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,713.0	6,756.0
I. Cash and cash equivalents	730.0	30.4
1. Cash	730.0	30.4
II. Short-term investments	2,902.1	3,667.2
1. Short-term investments	2,902.1	—
3. Held to maturity investments	—	3,667.2
III. Short-term receivables	1,180.7	1,053.6
1. Trade accounts receivable	691.9	593.7
1.1. Insurance contract receivables	691.9	593.7
2. Prepayments to suppliers	321.8	269.4
4. Short-term loan receivables	32.0	34.0
5. Other receivables	294.6	294.0
6. Provision for short-term doubtful debts	-159.6	-137.6
IV. Inventories	0.9	0.6
1. Inventories	0.9	0.6
V. Other short-term assets	280.5	341.3
1. Short-term prepayments	271.3	333.2
1.1. Unallocated commissions expenses	209.5	242.8
1.2. Other short-term prepaid expenses	61.8	90.4
2. Value Added Tax to be reclaimed	4.9	5.9
3. Taxes and other receivables from state authorities	4.4	2.2
VIII. Reinsurance assets	1,618.8	1,662.9
1. Reinsurance assets from unearned premium reserves	627.3	665.7
2. Reinsurance assets from claim reserves	991.5	997.2
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,725.6	1,668.3
I. Long-term receivables	19.9	13.9
6. Other long-term receivables	19.9	13.9
6.2. Other long-term receivables	11.9	5.9
II. Fixed assets	404.5	440.0
1. Tangible fixed assets	362.2	395.2
- Cost	518.8	554.0
- Accumulated depreciation	-156.6	-158.8
3. Intangible fixed assets	42.3	44.8
- Cost	70.3	64.6
- Accumulated depreciation	-28.0	-19.9
III. Investment properties	31.3	36.9
- Cost	41.5	46.0
- Accumulated depreciation	-10.2	-9.0
IV. Long-term assets in progress	59.7	62.5
1. Construction in progress	59.7	62.5
IV. Long-term investments	1,179.4	1,093.0
2. Investments in associates, joint-ventures	17.4	26.8
3. Investments in other entities	30.1	30.1
4. Provision for diminution in value of long-term investments	-15.0	-15.0
5. Held to maturity investments	—	1,051.1
VI. Other long-term assets	30.7	21.9
1. Long-term prepayments	30.7	21.9
2. Deferred income tax assets	0.0	0.0
TOTAL ASSETS (270=100+200)	8,438.6	8,424.3
A. LIABILITIES (300=210+330)	5,777.8	6,038.4
I. Short -term liabilities	5,775.8	6,029.1
1. Short-term borrowings	288.0	301.7
2. Trade accounts payable	733.1	583.1
2.1. Insurance contract payable	652.7	489.2
2.2. Other payables to suppliers	80.4	93.9
3. Advances from customers	14.4	5.7
4. Taxes and other payables to state authorities	57.9	41.9
5. Payable to employees	200.5	170.5
6. Accrued expenses	3.4	8.5
8. Other payables	117.9	182.1
9. Unearned commission revenues	153.6	175.8
11. Bonus and welfare fund	9.6	0.0
131. Unearned premium reserve	2,102.8	2,284.5
132. Claim reserve	1,752.5	1,942.8
133. Catastrophe reserve	223.9	196.6
14. Short-term unearned revenue	118.1	136.0
II. Long-term liabilities	2.0	9.3
3. Other long-term liabilities	0.0	7.4
5. Deferred income tax liabilities	2.0	1.9
B. OWNER'S EQUITY (400=410+430)	2,660.8	2,386.0
I. Owner's equity	2,660.8	2,386.0
1. Capital from owners	1,205.9	804.0
- Common stock with voting right	1,205,921,290,000.00	803,957,090,000.00
2. Share premium	426.0	827.9
7. Investment and development fund	28.6	28.6
9. Compulsory reserves	94.5	80.4
11. Undistributed earnings after tax	901.7	640.9
- Accumulated retained earning at the end of the previous period	624.3	319.2
- Undistributed earnings in this period	277.4	321.8
12. Minority's interest	4.1	4.1
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	8,438.6	8,424.3

Item	2025	2024
1. Profit before tax	372.8	402.7
Depreciation and amortization	30.4	27.6
(Reversal of provisions)/provisions	-278.5	-298.7
Unrealized foreign exchange (gain)/loss	-1.7	0.1
Loss/(profit) from investment activities	-358.8	-339.7
Interest expense	15.7	8.7
3. Operating profit before changes in working capital	-220.1	-199.3
(Increase)/decrease in receivables	-175.0	-228.6
(Increase)/decrease in inventories	-0.3	-0.1
(Increase)/decrease in payables (other than interest, corporate income tax)	77.2	-62.7
(Increase)/decrease in prepaid expenses	63.6	158.5
(Increase)/decrease in held-for-trading securities	-104.7	—
Interest paid	-6.5	-7.2
Income tax paid	-81.1	-97.9
Net cash flows from operating activities	-446.9	-437.3
1. Payment for fixed assets, constructions and other long-term assets	-39.1	-10.0
2. Receipts from disposal of fixed assets and other long-term assets	61.6	11.4
3. Loans, purchases of other entities' debt instruments	-8,562.2	-7,476.9
4. Receipts from loan repayments, sale of other entities' debt instruments	9,325.3	6,618.3
5. Payments for investment in other entities	-24.5	—
6. Collections on investment in other entities	37.6	—
7. Dividends, interest and profit received	361.7	377.5
Net cash flows from investing activities	1,160.4	-479.6
3. Short-term and long-term borrowings	742.0	986.7
4. Principal repayments	-755.7	-743.6
6. Dividends paid, profits distributed to owners	-0.1	-0.2
Net cash flows from financing activities	-13.8	242.9
Net cash flows during the period	699.7	-674.0
Cash and cash equivalents at beginning of the period	30.4	704.5
Exchange difference due to re-valuation of ending balances	-0.0	-0.1
Cash and cash equivalents at end of the period	730.0	30.4

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)	1,129.1	1,010.1	935.6	957.8	1,123.1	1,112.2	1,063.7	1,202.0	1,348.3
- Gross written premium	1,140.2	982.0	831.6	891.8	1,058.3	1,018.9	919.8	965.8	1,113.8
- Reinsurance premium assumed	7.2	17.3	17.9	24.1	25.1	23.3	21.4	25.7	12.5
- Increase/(Decrese) in gross unearned premium reserve	18.3	-10.9	-86.1	-41.9	-39.6	-70.0	-122.5	-210.5	-222.0
2. Reinsurance premium ceded	310.7	234.0	266.9	314.4	335.1	292.3	309.7	411.6	386.8
- Reinsurance premium ceded	271.8	261.8	237.1	257.6	357.0	214.0	276.1	388.2	299.5
-Increase/(Decrease) in ceded unearned premium reserve	-38.9	27.8	-29.7	-56.9	21.9	-78.4	-33.6	-23.4	-87.3
3. Net insurance premium (03=01-02)	818.4	776.1	668.8	643.4	787.9	819.9	754.0	790.4	961.5
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	80.9	69.4	90.4	154.4	75.2	114.0	120.0	206.4	125.3
- Commissions on reinsurance ceded	71.6	56.5	61.1	81.1	71.2	71.8	87.2	104.9	96.4
5. Total net revenue from insurance business (10=03+04)	899.3	845.5	759.2	797.8	863.2	933.9	874.0	996.9	1,086.8
6. Claim expenses on retained risks	428.2	484.4	555.4	465.5	437.1	523.6	480.4	607.2	510.0
Total claim expenses	429.4	506.4	564.7	464.1	447.4	531.0	494.6	609.2	511.6
+ Claim and maturity payment expenses	429.4	506.4	564.7	464.1	447.4	531.0	494.6	609.2	511.6
- Deductions	1.2	22.1	9.3	-1.4	10.3	7.5	14.1	2.0	1.6
- Subrogation recoveries	1.2	22.1	9.3	-1.4	10.3	7.5	14.1	2.0	1.6
7. Recoveries from reinsurance ceded	110.7	129.1	261.7	122.5	115.9	106.2	149.6	-84.8	378.6
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-73.0	76.0	-97.4	-46.2	-122.7	138.2	388.7	-216.0	-1.1
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-70.5	108.7	-234.9	45.7	74.8	22.8	306.0	-38.6	-52.0
9.1. Increase in claim reserve	-2.5	-32.7	137.5	-91.9	-197.5	115.4	82.7	-177.4	50.9
Total claim insurance expenses	315.0	322.5	431.2	251.2	123.6	532.8	413.6	514.5	182.3
11. Provision for catastrophe reserve	8.8	7.4	6.1	6.6	7.3	8.3	6.7	6.0	8.3
12. Other insurance operating expenses	539.2	356.4	266.5	406.4	681.7	214.5	431.2	252.6	884.8
+ Commission	106.5	106.7	93.3	102.2	112.8	123.4	116.2	131.6	121.9
Other insurance operating expenses	432.7	249.8	173.2	304.3	568.9	91.1	315.0	120.9	762.9
- Other underwriting expenses	432.7	249.8	173.2	304.3	568.9	91.1	315.0	120.9	762.9
+ Others	6.6	49.1	7.2	48.2	27.2	37.2	6.2	9.6	2.8
13. Total direct insurance operating expenses	863.0	686.3	703.8	664.2	812.6	755.5	851.4	773.1	1,075.3
14. Gross insurance operating profit	36.3	159.2	55.4	133.6	50.6	178.3	22.6	223.7	11.4
18. Revenue from financial activities	77.4	83.5	66.8	50.9	82.8	45.3	69.6	5.1	93.7
19. Expenses on financial activities	6.6	49.1	7.2	48.2	27.2	37.2	6.2	9.6	2.8
20. Profit from financial activities	70.7	34.5	59.6	2.7	55.6	8.0	63.5	-4.4	91.0
Selling expenses	0.0	0.0	—	—	—	—	—	—	—
21. Administrative expenses	25.7	112.8	35.9	33.4	24.1	99.5	30.7	49.1	21.4
22. Operating profit	82.4	82.3	81.2	105.7	88.4	87.1	55.5	170.4	81.3
23. Other incomes	0.5	2.6	5.3	7.1	0.6	4.2	3.4	2.5	2.1
24. Other expenses	0.3	2.8	4.1	2.4	2.4	1.2	1.2	0.4	0.1
25. Other profits	0.2	-0.2	1.2	4.7	-1.8	2.9	2.3	2.1	1.9
Share of profitin associates and joint ventures	0.0	0.5	10.5	0.7	-0.0	-0.6	0.6	0.6	1.9
26. Total profit	82.6	82.7	92.9	111.1	86.5	89.4	58.4	173.1	85.2
29. Total profit before tax (55=44+50+53+54)	82.6	82.7	92.9	111.1	86.5	89.4	58.4	173.1	85.2
Taxable profit	82.6	82.7	92.9	111.1	86.5	89.4	58.4	173.1	85.2
27. Current corporate income tax expenses	16.1	22.1	17.9	23.3	16.6	19.2	11.8	34.7	16.7
28. Deferred income tax expenses (*)	—	1.2	—	-1.2	—	-0.7	0.1	0.1	—
29. Profit after tax	66.5	59.3	75.0	88.9	69.9	70.9	46.4	138.3	68.4
30. Minority interest	0.0	-0.2	0.0	0.0	0.1	0.1	0.0	—	-0.0
31. Profit after tax for shareholders of the parent compan	66.5	59.5	74.9	88.9	69.8	70.9	46.4	138.3	68.5
32. Earning per share	551.00	—	—	—	579.00	—	—	—	852.00

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)	6,683.3	7,635.7	7,284.0	5,997.9	6,123.5	6,765.2	6,854.0	6,750.1	7,419.5
I. Cash and cash equivalents	367.2	730.0	193.8	333.8	162.6	18.8	59.4	745.2	45.6
1. Cash	367.2	730.0	193.8	333.8	162.6	18.8	59.4	745.2	45.6
II. Short-term investments	3,434.4	3,948.6	4,191.0	2,491.2	2,821.7	3,667.2	3,760.6	3,330.4	4,500.9
1. Short-term investments	100.7	104.7	44.9	108.9	232.4	—	—	—	—
2. Provision for diminution in value of short-term investments	—	-0.4	-0.4	-0.4	-10.4	—	—	—	—
3. Held to maturity investments	3,333.8	3,844.3	4,146.6	2,382.7	2,599.7	3,667.2	3,760.6	3,330.4	4,500.9
III. Short-term receivables	1,313.7	1,176.4	1,120.6	1,108.4	1,030.0	1,067.0	929.2	824.2	897.1
1. Trade accounts receivable	530.2	580.1	530.3	457.1	578.1	602.1	437.1	384.0	440.4
1.1. Insurance contract receivables	530.2	580.1	530.3	457.1	578.1	602.1	437.1	384.0	440.4
2. Prepayments to suppliers	307.6	349.3	318.5	293.7	243.8	262.1	223.2	189.0	207.0
4. Short-term loan receivables	32.0	32.0	32.0	34.0	34.0	34.0	34.0	34.0	34.0
5. Other receivables	611.5	367.2	376.6	460.4	310.7	306.4	369.9	351.2	349.4
6. Provision for short-term doubtful debts	-167.5	-152.2	-136.8	-136.8	-136.6	-137.6	-135.0	-134.1	-133.8
IV. Inventories	1.5	0.9	2.4	0.6	1.0	0.6	2.5	1.1	0.8
1. Inventories	1.5	0.9	2.4	0.6	1.0	0.6	2.5	1.1	0.8
V. Other short-term assets	269.9	267.4	293.9	315.5	348.4	341.6	376.6	409.5	473.5
1. Short-term prepayments	255.7	260.6	285.1	308.4	341.5	333.5	369.4	400.4	465.9
1.1. Unallocated commissions expenses	198.7	209.5	219.5	235.0	242.6	243.2	254.0	270.1	296.4
1.2. Other short-term prepaid expenses	56.9	51.1	65.6	73.4	99.0	90.4	115.4	130.3	169.4
2. Value Added Tax to be reclaimed	8.8	4.9	4.7	3.0	2.6	5.9	5.2	7.0	4.7
3. Taxes and other receivables from state authorities	5.4	1.9	4.2	4.2	4.3	2.2	2.0	2.2	2.9
VIII. Reinsurance assets	1,296.7	1,512.4	1,482.3	1,748.5	1,759.7	1,670.0	1,725.6	1,439.7	1,501.7
1. Reinsurance assets from unearned premium reserves	588.4	627.3	599.5	630.8	687.6	665.7	744.1	778.1	801.4
2. Reinsurance assets from claim reserves	708.3	885.1	882.8	1,117.7	1,072.1	1,004.3	981.5	661.6	700.2
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,718.4	689.5	1,082.6	2,598.1	2,139.7	1,680.2	1,537.2	1,195.9	1,110.5
I. Long-term receivables	19.9	19.9	19.4	19.3	19.7	23.0	24.5	24.1	24.4
6. Other long-term receivables	19.9	19.9	19.4	19.3	19.7	23.0	24.5	24.1	24.4
6.2. Other long-term receivables	12.0	11.9	11.4	11.3	11.7	15.0	16.5	16.1	16.4
II. Fixed assets	397.9	404.5	411.6	409.0	433.2	440.0	352.9	359.4	365.7
1. Tangible fixed assets	357.7	362.2	367.2	362.4	390.3	403.6	329.2	335.0	340.4
- Cost	519.6	518.8	518.3	514.5	554.3	563.5	469.6	475.6	481.2
- Accumulated depreciation	-161.9	-156.6	-151.1	-152.1	-164.0	-159.9	-140.5	-140.6	-140.8
3. Intangible fixed assets	40.2	42.3	44.4	46.6	42.8	36.4	23.7	24.4	25.3
- Cost	70.3	70.3	70.3	70.3	64.6	56.3	42.8	42.8	42.8
- Accumulated depreciation	-30.1	-28.0	-25.9	-23.7	-21.8	-19.9	-19.1	-18.4	-17.5
III. Investment properties	31.1	31.3	31.6	31.9	31.8	36.9	108.0	108.7	109.5
- Cost	41.5	41.5	41.5	—	41.5	46.0	132.5	132.5	132.5
- Accumulated depreciation	-10.4	-10.2	-9.9	31.9	-9.7	-9.0	-24.4	-23.7	-23.0
IV. Long-term assets in progress	61.3	59.7	52.7	40.6	42.8	62.5	63.9	64.2	54.2
1. Construction in progress	61.3	59.7	52.7	40.6	42.8	62.5	63.9	64.2	54.2
IV. Long-term investments	1,165.0	132.6	542.1	2,053.4	1,587.6	1,095.9	971.6	624.8	539.1
2. Investments in associates, joint-ventures	17.4	17.5	16.9	25.9	26.7	26.4	27.0	27.3	26.8
3. Investments in other entities	30.1	30.1	30.1	54.6	54.6	30.1	30.1	30.1	30.1
4. Provision for diminution in value of long-term investments	-15.0	-15.0	-15.0	-15.0	-15.0	-22.3	-22.3	-22.3	-22.3
5. Held to maturity investments	1,132.5	100.0	510.0	1,987.8	1,521.2	1,061.7	936.7	589.7	504.5
VI. Other long-term assets	43.1	41.4	25.2	43.8	24.6	21.9	16.3	14.5	17.6
1. Long-term prepayments	43.1	41.4	25.2	43.8	24.6	21.9	16.3	14.5	17.6
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	—	—	—	—
TOTAL ASSETS (270=100+200)	8,401.7	8,325.2	8,366.6	8,596.0	8,263.1	8,445.4	8,391.2	7,946.0	8,530.0
A. LIABILITIES (300=210+330)	5,674.6	5,663.2	5,765.3	6,051.3	5,807.3	6,057.2	6,073.9	5,675.0	6,397.3
I. Short -term liabilities	5,654.4	5,635.6	5,738.9	6,025.0	5,779.8	6,029.7	6,045.6	5,646.8	6,367.6
1. Short-term borrowings	288.0	288.0	—	295.0	239.0	290.0	295.0	90.0	390.0
2. Trade accounts payable	760.1	648.6	639.2	658.6	495.7	583.1	450.2	546.3	553.1
2.1. Insurance contract payable	735.0	568.2	613.3	640.8	468.9	489.2	433.8	527.6	545.0
2.2. Other payables to suppliers	25.0	80.4	26.0	17.8	26.8	93.9	16.4	18.7	8.1
3. Advances from customers	56.1	14.4	15.7	15.6	11.1	5.7	5.7	4.6	5.9
4. Taxes and other payables to state authorities	44.3	55.3	41.0	43.9	28.6	42.5	25.2	50.2	36.8
5. Payable to employees	220.8	200.5	290.6	264.2	259.1	72.5	215.5	182.3	145.0
6. Accrued expenses	0.4	3.4	0.9	0.8	1.7	10.8	8.6	21.3	7.3
8. Other payables	235.7	171.3	150.3	329.8	215.4	183.2	285.5	239.6	264.1
9. Unearned commission revenues	152.4	153.6	149.0	152.0	174.9	176.0	195.2	226.7	224.7
11. Bonus and welfare fund	9.5	9.6	9.6	0.0	0.0	0.0	0.0	0.0	0.0
131. Unearned premium reserve	2,121.1	2,102.8	2,113.7	2,202.9	2,244.8	2,284.5	2,354.5	2,478.4	2,688.8
132. Claim reserve	1,466.8	1,646.0	1,676.4	1,773.9	1,820.1	1,950.8	1,812.5	1,409.9	1,625.9
133. Catastrophe reserve	232.7	223.9	216.5	210.4	203.9	196.6	188.3	181.7	175.6
14. Short-term unearned revenue	66.5	118.1	71.9	77.9	85.6	136.0	100.4	107.0	134.3
II. Long-term liabilities	20.2	27.6	26.4	26.4	27.5	27.5	28.3	28.3	29.7
3. Other long-term liabilities	18.3	25.6	25.6	25.6	25.6	25.6	25.6	25.6	27.2
5. Deferred income tax liabilities	2.0	2.0	0.8	0.8	1.9	1.9	2.7	2.7	2.5
B. OWNER'S EQUITY (400=410+430)	2,727.0	2,662.1	2,601.3	2,544.7	2,455.9	2,388.2	2,317.3	2,270.9	2,132.7
I. Owner's equity	2,727.0	2,662.1	2,601.3	2,544.7	2,455.9	2,388.2	2,317.3	2,270.9	2,132.7
1. Capital from owners	1,205.9	1,205.9	1,205.9	1,205.9	1,205.9	804.0	804.0	804.0	804.0
- Common stock with voting right	1,205,921,290,000.00	1,205,921,290,000.00	1,205,921,290,000.00	1,205,921,290,000.00	1,205,921,290,000.00	803,957,090,000.00	803,957,090,000.00	803,957,090,000.00	803,957,090,000.00
2. Share premium	426.0	426.0	426.0	426.0	426.0	827.9	827.9	827.9	827.9
7. Investment and development fund	—	28.6	28.6	28.6	28.6	—	—	28.6	28.6
9. Compulsory reserves	94.5	94.5	88.2	80.4	80.4	80.4	80.4	80.4	80.4
11. Undistributed earnings after tax	967.9	903.0	848.4	799.5	710.7	643.2	572.3	526.0	387.8
- Accumulated retained earning at the end of the previous period	901.4	611.4	616.1	640.6	640.8	319.2	319.2	319.3	319.3
- Undistributed earnings in this period	66.5	291.5	232.3	158.8	69.9	324.0	253.1	206.7	68.4
12. Minority's interest	4.1	4.1	4.3	4.2	4.2	4.1	4.0	4.0	4.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	8,401.7	8,325.2	8,366.6	8,596.0	8,263.1	8,445.4	8,391.2	7,946.0	8,530.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	82.6	84.7	288.1	195.2	86.5	86.6	316.2	257.8	85.2
Depreciation and amortization	7.6	31.2	-0.8	15.1	7.8	17.3	10.3	14.6	7.6
(Reversal of provisions)/provisions	71.4	-41.5	-236.9	-317.1	-242.4	133.8	-432.5	-534.7	-74.7
Unrealized foreign exchange (gain)/loss	—	-4.9	—	3.2	—	-0.6	—	0.7	—
Loss/(profit) from investment activities	-76.9	-238.9	-119.9	-192.2	-74.2	-125.4	-214.3	-186.5	-265.3
Interest expense	4.4	5.1	10.6	6.7	0.9	4.4	4.3	3.1	0.4
3. Operating profit before changes in working capital	89.2	-161.1	-59.0	-289.3	-221.4	116.7	-316.1	-444.9	-246.9
(Increase)/decrease in receivables	-125.2	-50.9	-124.1	-91.9	7.8	-178.2	-50.4	-24.8	-7.2
(Increase)/decrease in inventories	-0.6	1.5	-1.8	0.0	-0.4	1.9	-1.9	-0.5	-0.2
(Increase)/decrease in payables (other than interest, corporate income tax)	158.1	30.5	46.7	279.9	-13.2	-115.5	52.8	223.8	141.1
(Increase)/decrease in prepaid expenses	3.2	18.8	44.8	31.3	-11.1	30.7	127.8	95.5	30.1
(Increase)/decrease in held-for-trading securities	4.0	-59.8	-44.9	-108.9	-232.4	—	—	—	—
Interest paid	-4.3	3.2	-9.7	-6.5	-0.9	-2.9	-4.3	-3.1	-0.4
Income tax paid	—	-49.1	-32.0	-35.1	-16.6	-11.6	-86.4	-51.7	-11.1
Other receipts from operating activities	-0.0	—	9.6	—	—	—	—	—	—
Other payments for operating activities	—	—	7.8	—	—	—	—	—	—
Net cash flows from operating activities	124.4	-284.2	-162.7	-220.4	-488.1	-158.9	-278.4	-205.7	-94.5
1. Payment for fixed assets, constructions and other long-term assets	-0.8	-24.0	-15.0	-12.4	-1.0	-3.8	-6.2	-2.2	-27.9
2. Receipts from disposal of fixed assets and other long-term assets	—	52.5	9.1	50.0	0.4	8.0	3.4	5.1	—
3. Loans, purchases of other entities' debt instruments	-776.9	-8,144.6	-417.6	-3,664.0	-1,205.8	-2,541.9	-4,935.0	-2,800.6	-6,679.8
4. Receipts from loan repayments, sale of other entities' debt instruments	255.0	8,846.0	479.3	4,021.6	1,803.2	2,513.6	4,104.6	2,747.4	5,541.4
5. Payments for investment in other entities	—	0.0	—	-24.5	—	—	—	—	—
6. Collections on investment in other entities	—	17.4	20.2	—	-24.5	—	-2.2	—	-2.8
7. Dividends, interest and profit received	35.5	185.5	176.2	160.2	110.7	145.2	232.4	265.6	273.3
Net cash flows from investing activities	-487.1	908.2	252.1	530.9	683.1	123.3	-602.9	215.4	-895.9
3. Short-term and long-term borrowings	—	229.0	513.0	295.0	187.3	301.7	685.0	480.0	331.4
4. Principal repayments	—	-316.7	-439.0	-301.7	-250.0	-295.0	-448.6	-448.6	—
6. Dividends paid, profits distributed to owners	-0.1	-0.1	-0.1	-0.1	-0.1	-0.0	-0.1	-0.1	0.0
Net cash flows from financing activities	-0.1	-87.7	73.9	-6.7	-62.7	6.6	236.3	31.3	331.4
Net cash flows during the period	-362.8	536.3	163.4	303.7	132.2	-28.9	-645.1	41.0	-658.9
Cash and cash equivalents at beginning of the period	730.0	193.8	30.4	30.4	30.4	59.4	704.5	704.5	704.5
Exchange difference due to re-valuation of ending balances	—	-0.2	—	0.2	—	0.6	—	-0.7	—
Cash and cash equivalents at end of the period	367.2	730.0	193.8	334.3	162.6	30.4	59.4	744.8	45.6

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