Analysis of business results & financial statements · Quý 1/2026
▲ INVESTMENT YIELD LED
TTM profit before tax through 2026Q1 fell -VND 38.1bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.
See what is changing ↓- COMBINED RATIO
- 145,8%
- LOSS RATIO
- 45,4%
- EXPENSE RATIO
- 100,4%
- ROE
- 11,2%
- EPS
- 2.417
- BVPS
- 22.614
- Market price
- 18,500 16 Oct 2026
The current picture
Insurance Overview
Profit bridge
Vs last year · TTM
- Premium volume
- Claims experience
- Chi phí khai thác BH
- Investment income
- Unclassified
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 | 818.4 | 776.1 | 668.8 | 643.4 | 787.9 | 819.9 | 754.0 | 790.4 |
| LNST | 82.6 | 82.7 | 92.9 | 111.1 | 86.5 | 89.4 | 58.4 | 173.1 |
| Net margin | 10.09% | 10.65% | 13.89% | 17.27% | 10.98% | 10.91% | 7.74% | 21.90% |
Revenue
818bnNet income
83bnNet margin
10.09%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 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 PREMIUM GROWTH
- −7.8% None
- NET PREMIUM RETENTION
- 75.6% -4.0 ppt
- NET INSURANCE PREMIUM
- 2,874.9bn None
- NET INSURANCE BUSINESS REVENUE
- 3,292.5bn None
- GROSS WRITTEN PREMIUM
- 3,757.9bn None
- CEDED REINSURANCE PREMIUM
- 1,149.1bn None
Is underwriting profitable?
Underwriting quality and claims pressure
▲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.
- CLAIMS BURDEN
- 45.4% -4.9 ppt
- DIRECT EXPENSE BURDEN
- 88.4% +1.3 ppt
- CLAIM EXPENSES
- 1,128.6bn None
- DIRECT UNDERWRITING EXPENSES
- 2,847.3bn None
- INSURANCE COMMISSION EXPENSE
- 414.6bn None
- CLAIM RESERVE MOVEMENT
- 184.5bn None
Investment income and profit mix
▲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 PROFIT TO PBT
- 45.4% +15.3 ppt
- FINANCIAL EXPENSE BURDEN
- 39.9% +0.4 ppt
- FINANCIAL ACTIVITY PROFIT
- 116.8bn None
- PROFIT BEFORE TAX
- 372.8bn None
- PROFIT AFTER TAX
- 291.5bn None
- INSURANCE GROSS PROFIT
- 445.2bn None
Are capital and reserves adequate?
Capital, reserves and balance-sheet strength
▲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.
- EQUITY TO ASSETS
- 32.5% +2.7 ppt
- LIABILITIES TO EQUITY
- 2.08x -0.28x
- TOTAL ASSETS
- 8,438.6bn None
- TOTAL EQUITY
- 2,660.8bn None
- REINSURANCE ASSETS
- 1,618.8bn None
- OPERATING CASH FLOW
- 446.9bn None
In summary
Research synthesis
What this reporting period is showing
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.
Investment yield is the bright spot, while other sections partly support the thesis. Overall, the direction for PTI is supported by the section evidence, and we assess the outlook with high confidence.
What to verify next
Questions for the next period
Watch whether the claims burden, currently at 39.3%, remains at a level that supports underwriting profit, as a renewed rise would weaken the underwriting contribution.
Watch whether liquid investments — currently 43.0% of total assets — maintain their share, as liquidity is the balance sheet’s main support.
Watch whether the decline in net premium (−13.6% in the latest year) stabilizes or reverses, as premium growth is an insurer’s main revenue engine.
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