Analysis of business results & financial statements · Quý 1/2026
◆ DATA LIMITED
TTM profit before tax through 2026Q1 rose +VND 181bn year on year. Key drivers include premium volume, claims experience, expense ratio, investment income and other items.
See what is changing ↓- LOSS RATIO
- 45,4%
- EXPENSE RATIO
- 121,0%
- ROE
- 11,7%
- EPS
- 2.244
- BVPS
- 20.385
- LEVERAGE
- 1,53 lần
- Market price
- 17,900 16 Oct 2026
The current picture
Insurance Overview
Profit bridge
Vs last year · TTM
- Claims experience
- Investment income
- Unclassified
- Premium volume
- Chi phí khai thác BH
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 | 739.2 | 357.3 | 360.3 | 496.2 | 722.3 | 359.7 | 385.0 | 363.5 |
| LNST | 129.5 | 146.5 | 133.1 | 161.8 | 86.2 | 182.2 | -63.9 | 185.4 |
| Net margin | 17.52% | 41.01% | 36.94% | 32.60% | 11.93% | 50.64% | -16.59% | 50.99% |
Revenue
739bnNet income
130bnNet margin
17.52%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 6.7%, 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
- 6.7% None
- NET PREMIUM RETENTION
- — None
- NET INSURANCE PREMIUM
- 1,936.1bn None
- NET INSURANCE BUSINESS REVENUE
- 2,398.4bn None
- GROSS WRITTEN PREMIUM
- 3,153.3bn None
- CEDED REINSURANCE PREMIUM
- 1,473.9bn None
Is underwriting profitable?
Underwriting quality and claims pressure
◆The combined ratio was 135.6%, still above technical-profit territory. However, claims did not deteriorate sharply (-1.3 ppt), so the read is weak but stabilizing.
Underwriting is a qualifying layer: it needs more improvement before confirming a positive thesis.
- CLAIMS BURDEN
- 45.4% -1.3 ppt
- DIRECT EXPENSE BURDEN
- 92.3% -2.5 ppt
- CLAIM EXPENSES
- 830.6bn None
- DIRECT UNDERWRITING EXPENSES
- 2,222.7bn None
- INSURANCE COMMISSION EXPENSE
- 1,291.1bn None
- CLAIM RESERVE MOVEMENT
- 151.7bn None
Investment income and profit mix
◆Financial profit contributed 80.7% of PBT and changed -7.1 ppt year on year. Financial expense burden was 3.8%, 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
- 80.7% -7.1 ppt
- FINANCIAL EXPENSE BURDEN
- 3.8% -7.1 ppt
- FINANCIAL ACTIVITY PROFIT
- 440.4bn None
- PROFIT BEFORE TAX
- 525.4bn None
- PROFIT AFTER TAX
- 439.2bn None
- INSURANCE GROSS PROFIT
- 175.7bn None
Are capital and reserves adequate?
Capital, reserves and balance-sheet strength
▲Equity to assets was 39.5%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 35.5%, giving the balance sheet room to absorb claims volatility.
Capital is a supportive context layer here, not the main story.
- EQUITY TO ASSETS
- 39.5% -3.8 ppt
- LIABILITIES TO EQUITY
- 1.53x +0.22x
- TOTAL ASSETS
- 9,616.2bn None
- TOTAL EQUITY
- 4,187.7bn None
- REINSURANCE ASSETS
- 1,755.9bn None
- OPERATING CASH FLOW
- 188.2bn 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 6.7%; underwriting improved as claims burden fell 1.3 ppt to 45.4%; investment income plays a supporting role with financial profit at 440.4bn; capital structure with equity to assets at 39.5% is a buffer for the reinsurance book.
Wait for another data cycle before drawing a full conclusion. Data across VNR'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 42.9% stabilizes or eases in coming periods, as claims remain a key driver of underwriting profit.
Watch whether liquid investments — currently 35.5% of total assets — maintain their share, as liquidity is the balance sheet’s main support.
Watch whether net premium growth (+25.0% in the latest year) is sustained, as premium growth is an insurer’s main revenue engine.
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