ABI

Bảo hiểm Ngân hàng Nông nghiệp Việt Nam ·UPCOM ·2026Q1

◆ MIXED, MONITOR

Signals remain mixed · Claims burden 34.0%, Financial profit/PBT 48.2%

Price

19,500

Latest close

02 Jun 2026

COMBINED RATIO (TTM) 105,8%

LOSS RATIO (TTM) 34,0%

EXPENSE RATIO (TTM) 71,8%

ROE (TTM) 15,5%

EPS (Latest annual) 1.912

BVPS (Latest period) 18.259

Insurance Overview

The picture mixes signals across lines. Net insurance premium increases 12.6%, the loss ratio improves 0.8 percentage points, financial profit increases 13.2%, and needs careful reading before positioning.

	                            
	                                NET INSURANCE PREMIUM
	                            
 2.395 tỷ
+12,6% YoY

	                            
	                                LOSS RATIO
	                            
 34,0%
−0,8 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 162 tỷ
+13,2% YoY

Metric	2025	2024
NET PREMIUM	2,325.0	2,053.3
Growth	+13%	—
PBT	318.8	256.1
PBT Margin	13.71%	12.47%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	593.7	618.6	576.4	605.9	524.2	533.9	512.6	555.1	451.6
Growth	+13%	+16%	+12%	+9%	+16%	—	—	—	—
PBT	118.7	68.3	67.7	81.7	101.1	93.4	-20.1	96.3	86.5
PBT Margin	20.00%	11.04%	11.75%	13.48%	19.29%	17.49%	-3.92%	17.35%	19.16%

Drivers of ABI's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by better claims experience. Supporting and offsetting drivers:

Claims experience ↑ 18.7bn

Investment income ↑ 18.9bn

Unclassified ↑ 56.1bn

Premium volume ↓ 16.3bn

Chi phí khai thác BH ↓ 11.7bn

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 12.6% around the industry pace of 11%

NET PREMIUM RETENTION 89.5% +0.2 ppt broadly stable

Net insurance premium reached 2,325 bn VND, with net insurance premium growth at 12.6% year on year. The premium retention ratio was 89.5%, so growth is not being achieved through an aggressive reinsurance shift.

Top-line momentum confirms the thesis, especially as net insurance revenue moves in the same direction as premium.

NET INSURANCE PREMIUM 2,325.0bn

NET INSURANCE BUSINESS REVENUE 2,452.7bn

GROSS WRITTEN PREMIUM 2,627.0bn

CEDED REINSURANCE PREMIUM 422.2bn

NET INSURANCE REVENUE GROWTH 13.1%

CEDED PREMIUM RATIO 16.1% +0.5 ppt

ASSUMED PREMIUM RATIO 7.0% +0.6 ppt

NET TO INSURANCE PREMIUM 84.8% -0.3 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 34.0% -0.8 ppt strong technical zone

DIRECT EXPENSE BURDEN 68.1% +0.2 ppt stable

The combined ratio was 102.0%, still above technical-profit territory. However, claims did not deteriorate sharply (-0.8 ppt), so the read is weak but stabilizing.

Underwriting is a qualifying layer: it needs more improvement before confirming a positive thesis.

CLAIM EXPENSES 784.9bn

DIRECT UNDERWRITING EXPENSES 1,673.4bn

INSURANCE COMMISSION EXPENSE 444.9bn

CLAIM RESERVE MOVEMENT 50.8bn

RETAINED CLAIMS BURDEN 36.0% -1.1 ppt

COMMISSION BURDEN 17.4% -0.1 ppt

RESERVE MOVEMENT BURDEN 3.1% +1.1 ppt

REINSURANCE RECOVERY SUPPORT 15.0% +2.7 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT 48.2% -4.7 ppt industry support zone

FINANCIAL EXPENSE BURDEN 0.1% -0.1 ppt stable

Financial profit contributed 48.2% of PBT and changed -4.7 ppt year on year. Financial expense burden was 0.1%, 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 153.3bn

PROFIT BEFORE TAX 318.8bn

PROFIT AFTER TAX 254.3bn

INSURANCE GROSS PROFIT 779.3bn

FINANCIAL PROFIT TO PAT 60.1% -6.1 ppt

INSURANCE GROSS PROFIT MARGIN 31.9% -0.2 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 37.9% +0.8 ppt thick capital buffer

LIABILITIES TO EQUITY 1.64x -0.06x reasonable leverage

Equity to assets was 37.9%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 77.1%, giving the balance sheet room to absorb claims volatility.

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

TOTAL ASSETS 4,772.0bn

TOTAL EQUITY 1,755.6bn

REINSURANCE ASSETS 459.6bn

OPERATING CASH FLOW 219.5bn

LIQUID INVESTMENTS TO ASSETS 75.2% -1.0 ppt

REINSURANCE ASSETS TO ASSETS 9.4% +0.3 ppt

RESERVES TO LIABILITIES 62.9% -0.6 ppt

REINSURANCE ASSETS TO RESERVES 24.1% +1.3 ppt

OPERATING CASH TO ASSETS 5.9% +0.6 ppt

Investment conclusion

Signals remain mixed, so the investment conclusion should synthesize rather than assert one dominant story. The sections remain inconsistent: underwriting improved as claims burden fell 0.8 ppt to 34.0%; investment income plays a supporting role with financial profit at 153.3bn; premium remains stable with retention at 89.5% and premium growing 12.6%; capital structure with equity to assets at 37.9% is a capital buffer to cross-check.

Thesis support basis: The current data is mixed: premium growth 12.6%, claims burden 34.0% and financial profit/PBT 48.2% do not form one dominant axis.

Data note: Signals are not consistent: premium growth 12.6%, claims burden 34.0% and investment contribution 48.2% can pull the conclusion in different directions.

Data across ABI's sections remains limited, so we will monitor more reporting cycles before making a firmer assessment.

Statement Data

Item	2025	2024
1. Insurance premium (01=01.1+01.2-01.3)	2,747.3	2,392.2
- Gross written premium	2,627.0	2,301.3
- Reinsurance premium assumed	164.3	130.2
- Increase/(Decrese) in gross unearned premium reserve	44.0	39.3
2. Reinsurance premium ceded	422.2	338.9
- Reinsurance premium ceded	444.7	374.9
-Increase/(Decrease) in ceded unearned premium reserve	22.5	35.9
3. Net insurance premium (03=01-02)	2,325.0	2,053.3
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	127.6	100.0
- Commissions on reinsurance ceded	127.5	99.9
5. Total net revenue from insurance business (10=03+04)	2,452.7	2,153.3
6. Claim expenses on retained risks	846.5	780.5
Total claim expenses	859.6	785.7
+ Claim and maturity payment expenses	859.6	785.7
- Deductions	13.0	5.2
- Subrogation recoveries	13.0	5.2
7. Recoveries from reinsurance ceded	112.4	93.2
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	82.7	193.1
9. Increase(Decrease) in claim reserves related to reinsurance ceded	31.9	158.5
9.1. Increase in claim reserve	50.8	34.7
Total claim insurance expenses	784.9	721.9
11. Provision for catastrophe reserve	23.5	20.6
12. Other insurance operating expenses	865.0	716.4
+ Commission	444.9	376.1
Other insurance operating expenses	420.1	340.3
- Other underwriting expenses	420.1	340.3
+ Others	0.1	0.1
13. Total direct insurance operating expenses	1,673.4	1,458.9
14. Gross insurance operating profit	779.3	694.4
18. Revenue from financial activities	153.4	149.9
19. Expenses on financial activities	0.1	0.1
20. Profit from financial activities	153.3	149.8
21. Administrative expenses	616.2	588.7
22. Operating profit	316.4	255.5
23. Other incomes	2.8	1.3
24. Other expenses	0.3	0.7
25. Other profits	2.5	0.6
26. Total profit	318.8	256.1
29. Total profit before tax (55=44+50+53+54)	318.8	256.1
Taxable profit	318.8	256.1
27. Current corporate income tax expenses	64.5	51.4
29. Profit after tax	254.3	204.7
31. Profit after tax for shareholders of the parent compan	254.3	204.7
32. Earning per share	1,912.00	2,005.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,615.3	4,180.3
I. Cash and cash equivalents	127.8	152.3
1. Cash	107.8	126.3
2. Cash equivalents	20.0	26.0
II. Short-term investments	3,553.8	3,157.2
1. Short-term investments	3,553.8	3,157.2
III. Short-term receivables	272.3	246.3
1. Trade accounts receivable	176.7	155.4
1.1. Insurance contract receivables	39.9	38.7
12. Other receivables of customers	136.7	116.7
2. Prepayments to suppliers	22.7	32.6
5. Other receivables	75.2	60.8
6. Provision for short-term doubtful debts	-2.3	-2.4
IV. Inventories	5.8	4.1
1. Inventories	5.8	4.1
V. Other short-term assets	196.1	215.1
1. Short-term prepayments	196.1	214.6
1.1. Unallocated commissions expenses	190.1	206.4
1.2. Other short-term prepaid expenses	5.9	8.2
2. Value Added Tax to be reclaimed	—	0.6
VIII. Reinsurance assets	459.6	405.2
1. Reinsurance assets from unearned premium reserves	194.8	172.3
2. Reinsurance assets from claim reserves	264.9	233.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	156.6	160.0
I. Long-term receivables	15.4	14.2
6. Other long-term receivables	15.4	14.2
6.2. Other long-term receivables	7.4	6.2
II. Fixed assets	125.0	131.4
1. Tangible fixed assets	62.2	69.4
- Cost	174.3	171.5
- Accumulated depreciation	-112.1	-102.1
3. Intangible fixed assets	62.7	62.1
- Cost	71.2	69.3
- Accumulated depreciation	-8.5	-7.3
VI. Other long-term assets	16.3	14.4
1. Long-term prepayments	16.3	14.4
TOTAL ASSETS (270=100+200)	4,772.0	4,340.3
A. LIABILITIES (300=210+330)	3,016.3	2,799.5
I. Short -term liabilities	3,016.3	2,799.5
2. Trade accounts payable	357.5	300.9
2.1. Insurance contract payable	353.2	294.1
2.2. Other payables to suppliers	4.2	6.8
3. Advances from customers	4.3	6.7
4. Taxes and other payables to state authorities	36.9	25.4
5. Payable to employees	56.3	45.9
8. Other payables	29.5	27.6
9. Unearned commission revenues	63.0	56.9
11. Bonus and welfare fund	51.1	76.4
131. Unearned premium reserve	1,358.5	1,314.5
132. Claim reserve	531.5	448.9
133. Catastrophe reserve	222.5	199.1
14. Short-term unearned revenue	305.1	297.3
B. OWNER'S EQUITY (400=410+430)	1,755.6	1,540.8
I. Owner's equity	1,755.6	1,540.8
1. Capital from owners	1,013.5	723.9
- Common stock with voting right	1,013,476,320,000.00	723,917,500,000.00
2. Share premium	28.3	16.5
7. Investment and development fund	273.7	418.4
9. Compulsory reserves	85.1	72.4
11. Undistributed earnings after tax	355.1	319.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,772.0	4,340.3

Item	2025	2024
Income tax paid	-55.5	-45.6
Other receipts from operating activities	38.7	25.3
Other payments for operating activities	-184.7	-175.9
Net cash flows from operating activities	219.5	160.3
1. Payment for fixed assets, constructions and other long-term assets	-7.8	-8.1
2. Receipts from disposal of fixed assets and other long-term assets	0.4	0.8
4. Receipts from loan repayments, sale of other entities' debt instruments	1,073.2	1,314.0
5. Payments for investment in other entities	-1,469.7	-1,467.0
7. Dividends, interest and profit received	138.0	169.5
Net cash flows from investing activities	-265.9	9.2
1. Receipts from equity issue and owner's capital contribution	21.9	8.3
6. Dividends paid, profits distributed to owners	-0.0	-142.4
Net cash flows from financing activities	21.9	-134.1
Net cash flows during the period	-24.5	35.5
Cash and cash equivalents at beginning of the period	152.3	116.8
Cash and cash equivalents at end of the period	127.8	152.3

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)	697.4	734.1	689.4	703.5	620.3	652.8	598.4	625.8	515.2
- Gross written premium	630.0	725.8	613.7	705.4	582.1	674.4	533.5	590.4	503.0
- Reinsurance premium assumed	58.9	42.0	30.2	55.3	36.8	58.4	28.6	27.2	16.0
- Increase/(Decrese) in gross unearned premium reserve	-8.4	33.7	-45.5	57.2	-1.4	80.0	-36.3	-8.2	3.8
2. Reinsurance premium ceded	103.7	115.6	112.9	97.6	96.1	118.9	85.8	70.7	63.5
- Reinsurance premium ceded	112.0	118.9	95.0	127.8	103.0	122.8	81.4	99.0	71.7
-Increase/(Decrease) in ceded unearned premium reserve	8.3	3.3	-17.9	30.2	6.9	3.9	-4.4	28.2	8.2
3. Net insurance premium (03=01-02)	593.7	618.6	576.4	605.9	524.2	533.9	512.6	555.1	451.6
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	30.7	34.3	32.9	31.8	28.7	28.5	26.3	21.7	23.5
- Commissions on reinsurance ceded	30.7	34.8	32.8	31.8	28.7	28.4	26.3	21.7	23.5
5. Total net revenue from insurance business (10=03+04)	624.4	652.8	609.3	637.7	552.9	562.4	538.9	576.8	475.2
6. Claim expenses on retained risks	184.4	244.2	187.1	247.3	167.9	241.3	175.2	204.8	159.2
Total claim expenses	184.6	245.2	187.3	259.1	168.0	244.5	175.7	205.8	159.8
+ Claim and maturity payment expenses	184.6	245.2	187.3	259.1	168.0	244.5	175.7	205.8	159.8
- Deductions	0.2	1.0	0.2	11.7	0.1	3.2	0.5	1.0	0.6
- Subrogation recoveries	0.2	1.0	0.2	11.7	0.1	3.2	0.5	1.0	0.6
7. Recoveries from reinsurance ceded	28.4	37.2	27.8	29.1	18.4	41.2	18.6	12.8	20.5
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	28.8	24.1	106.3	-52.6	4.9	-1.5	203.5	-7.4	-1.4
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-7.7	28.6	39.8	-27.3	-9.1	93.0	66.2	8.5	-9.2
9.1. Increase in claim reserve	36.5	-4.4	66.5	-25.3	14.0	-94.5	137.4	-15.9	7.7
Total claim insurance expenses	192.5	202.5	225.8	193.0	163.5	105.6	294.0	176.0	146.4
11. Provision for catastrophe reserve	5.8	6.5	5.5	6.3	5.2	6.1	4.8	5.2	4.5
12. Other insurance operating expenses	194.4	270.8	188.3	227.2	178.8	240.4	167.1	168.7	140.1
+ Commission	100.0	112.7	104.4	123.0	104.9	105.6	90.1	91.7	88.7
Other insurance operating expenses	94.4	158.1	83.9	104.2	73.9	134.9	77.0	77.0	51.4
- Other underwriting expenses	94.4	158.1	83.9	104.2	73.9	134.9	77.0	77.0	51.4
+ Others	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1
13. Total direct insurance operating expenses	392.7	479.8	419.6	426.5	347.5	352.1	465.9	349.9	291.0
14. Gross insurance operating profit	231.7	173.0	189.7	211.2	205.4	210.3	73.1	226.9	184.2
18. Revenue from financial activities	43.8	42.6	39.4	36.6	34.8	35.1	35.5	38.2	41.2
19. Expenses on financial activities	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1
20. Profit from financial activities	43.7	42.5	39.4	36.6	34.7	35.0	35.5	38.2	41.2
21. Administrative expenses	157.0	149.4	161.4	166.4	139.0	152.0	129.4	168.5	138.8
22. Operating profit	118.5	66.2	67.6	81.4	101.1	93.3	-20.9	96.6	86.5
23. Other incomes	0.3	2.3	0.2	0.3	0.0	0.2	0.8	0.1	0.2
24. Other expenses	—	0.2	0.1	0.0	—	0.2	0.0	0.4	0.1
25. Other profits	0.3	2.1	0.1	0.3	0.0	0.1	0.8	-0.3	0.0
Share of profitin associates and joint ventures	—	-0.5	0.0	0.0	0.0	0.0	—	0.0	0.0
26. Total profit	118.7	68.3	67.7	81.7	101.1	93.4	-20.1	96.3	86.5
29. Total profit before tax (55=44+50+53+54)	118.7	68.3	67.7	81.7	101.1	93.4	-20.1	96.3	86.5
Taxable profit	118.7	68.3	67.7	81.7	101.1	93.4	-20.1	96.3	86.5
27. Current corporate income tax expenses	23.9	12.7	13.7	16.4	20.2	18.7	-4.0	19.4	17.4
29. Profit after tax	94.9	55.6	54.0	65.3	80.9	74.7	-16.1	76.9	69.2
31. Profit after tax for shareholders of the parent compan	94.9	55.6	54.0	65.3	80.9	74.7	-16.1	76.9	69.2

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)	4,734.2	4,615.3	4,483.7	4,414.6	4,267.1	4,180.3	4,038.4	3,983.3	3,856.6
I. Cash and cash equivalents	134.1	127.8	107.0	165.3	121.1	146.3	121.9	151.0	134.7
1. Cash	84.1	107.8	97.0	110.3	121.1	124.6	121.9	151.0	134.7
2. Cash equivalents	50.0	20.0	10.0	55.0	—	21.7	—	—	—
II. Short-term investments	3,543.2	3,553.8	3,445.8	3,314.3	3,248.8	3,163.2	3,112.2	3,093.2	3,008.2
1. Short-term investments	3,543.2	3,553.8	—	—	—	—	—	—	—
3. Held to maturity investments	—	—	3,445.8	3,314.3	3,248.8	3,163.2	3,112.2	3,093.2	3,008.2
III. Short-term receivables	395.1	272.3	291.5	302.8	281.6	246.3	297.6	289.9	300.3
1. Trade accounts receivable	236.7	176.7	172.7	183.1	159.6	155.4	208.5	196.4	190.7
1.1. Insurance contract receivables	63.6	39.9	52.8	58.4	45.7	38.7	208.5	51.3	50.9
12. Other receivables of customers	173.1	136.7	119.9	124.7	113.9	116.7	—	145.2	139.8
2. Prepayments to suppliers	27.2	22.7	29.0	40.6	34.3	32.6	1.7	1.2	2.6
5. Other receivables	133.6	75.2	92.1	81.3	90.2	60.8	90.8	95.4	109.8
6. Provision for short-term doubtful debts	-2.3	-2.3	-2.3	-2.3	-2.4	-2.4	-3.4	-3.2	-2.9
IV. Inventories	8.4	5.8	7.6	11.8	7.0	4.1	5.8	5.3	4.2
1. Inventories	8.4	5.8	7.6	11.8	7.0	4.1	5.8	5.3	4.2
V. Other short-term assets	193.1	196.1	204.1	214.6	205.6	215.1	192.6	197.2	199.3
1. Short-term prepayments	193.1	196.1	203.8	214.6	205.2	214.6	190.7	195.3	199.3
1.1. Unallocated commissions expenses	184.9	190.1	198.4	207.0	196.9	206.4	185.3	189.2	189.9
1.2. Other short-term prepaid expenses	8.3	5.9	5.4	7.6	8.2	8.2	5.4	6.1	9.3
2. Value Added Tax to be reclaimed	—	—	0.3	—	0.4	0.6	1.8	2.0	—
VIII. Reinsurance assets	460.2	459.6	427.8	405.9	403.0	405.2	308.4	246.6	209.9
1. Reinsurance assets from unearned premium reserves	203.1	194.8	191.5	209.4	179.1	172.3	168.4	172.8	144.5
2. Reinsurance assets from claim reserves	257.1	264.9	236.3	196.5	223.8	233.0	140.0	73.8	65.3
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	153.9	156.6	152.1	153.1	154.5	160.0	163.3	166.8	168.0
I. Long-term receivables	16.0	15.4	15.2	14.3	14.1	14.2	14.0	13.5	10.9
6. Other long-term receivables	16.0	15.4	15.2	14.3	14.1	14.2	14.0	13.5	10.9
6.2. Other long-term receivables	8.0	7.4	7.2	6.3	6.1	6.2	6.0	5.5	4.9
II. Fixed assets	126.7	125.0	126.1	128.5	129.1	131.4	135.4	137.3	140.3
1. Tangible fixed assets	64.4	62.2	65.0	67.0	67.4	69.4	72.8	74.4	76.9
- Cost	178.8	174.3	175.7	175.5	172.6	171.5	173.9	174.9	173.6
- Accumulated depreciation	-114.4	-112.1	-110.7	-108.5	-105.3	-102.1	-101.0	-100.5	-96.7
3. Intangible fixed assets	62.3	62.7	61.1	61.4	61.7	62.1	62.6	62.9	63.3
- Cost	71.2	71.2	69.3	69.3	69.3	69.3	70.2	70.2	70.2
- Accumulated depreciation	-9.0	-8.5	-8.2	-7.9	-7.6	-7.3	-7.7	-7.3	-6.9
III. Investment properties	—	—	—	—	0.1	—	—	—	—
- Accumulated depreciation	—	—	—	—	0.1	—	—	—	—
IV. Long-term investments	—	—	—	—	—	—	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	—	0.0	0.0	0.0
VI. Other long-term assets	11.2	16.3	10.8	10.4	11.2	14.4	13.9	15.9	16.9
1. Long-term prepayments	11.2	16.3	10.8	10.4	11.2	14.4	13.9	15.9	16.9
TOTAL ASSETS (270=100+200)	4,888.1	4,772.0	4,635.9	4,567.7	4,421.5	4,340.3	4,201.8	4,150.1	4,024.7
A. LIABILITIES (300=210+330)	3,037.6	3,014.8	2,934.3	2,919.6	2,784.3	2,799.5	2,680.7	2,533.7	2,423.3
I. Short -term liabilities	3,037.6	3,014.8	2,934.3	2,919.6	2,784.3	2,799.5	2,680.7	2,533.7	2,423.3
2. Trade accounts payable	393.5	357.5	294.3	325.1	314.3	300.9	293.6	297.5	278.3
2.1. Insurance contract payable	390.9	353.2	293.4	320.2	311.5	294.1	292.9	289.0	276.3
2.2. Other payables to suppliers	2.5	4.2	0.9	4.9	2.7	6.8	0.8	8.4	1.9
3. Advances from customers	6.5	4.3	7.0	11.5	6.3	6.7	8.8	24.1	21.7
4. Taxes and other payables to state authorities	33.2	35.4	25.9	26.7	28.6	25.4	63.7	75.7	—
5. Payable to employees	28.6	56.3	71.4	68.8	33.2	45.9	—	—	33.7
8. Other payables	35.7	29.5	46.0	50.3	29.6	27.6	12.1	6.4	20.4
9. Unearned commission revenues	62.9	63.0	63.1	68.1	59.5	56.9	55.9	57.5	49.9
11. Bonus and welfare fund	35.3	51.1	74.3	84.8	46.9	—	88.0	101.7	52.1
12. Payables for government bond trading activities	—	—	—	—	—	76.4	—	—	—
131. Unearned premium reserve	1,350.1	1,358.5	1,324.8	1,370.3	1,313.1	1,314.5	1,234.5	1,270.8	1,279.0
132. Claim reserve	560.3	531.5	507.4	401.1	453.7	448.9	450.4	246.8	254.3
133. Catastrophe reserve	228.3	222.5	216.0	210.5	204.2	199.1	193.0	188.2	183.0
14. Short-term unearned revenue	303.3	305.1	304.0	302.4	294.9	297.3	280.8	265.1	251.0
B. OWNER'S EQUITY (400=410+430)	1,850.5	1,757.2	1,701.6	1,648.1	1,637.3	1,540.8	1,521.1	1,616.4	1,601.4
I. Owner's equity	1,850.5	1,757.2	1,701.6	1,648.1	1,637.3	1,540.8	1,521.1	1,616.4	1,601.4
1. Capital from owners	1,013.5	1,013.5	1,013.5	723.9	723.9	723.9	723.9	723.9	723.9
- Common stock with voting right	1,013,476,320,000.00	1,013,476,320,000.00	1,013,476,320,000.00	723,917,500,000.00	723,917,500,000.00	723,917,500,000.00	723,917,500,000.00	723,917,500,000.00	723,917,500,000.00
2. Share premium	28.3	28.3	28.3	28.3	24.8	16.5	12.0	12.0	12.0
7. Investment and development fund	273.7	273.7	273.7	418.4	418.4	—	—	418.4	—
9. Compulsory reserves	85.1	85.2	72.4	72.4	72.4	72.4	63.9	63.9	63.9
11. Undistributed earnings after tax	450.0	356.6	313.8	405.1	400.5	319.7	316.7	412.1	397.0
- Accumulated retained earning at the end of the previous period	—	—	113.5	258.9	319.7	123.4	194.7	266.0	327.9
- Undistributed earnings in this period	—	—	200.2	146.2	80.9	196.2	122.1	146.1	69.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,888.1	4,772.0	4,635.9	4,567.7	4,421.5	4,340.3	4,201.8	4,150.1	4,024.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Income tax paid	-24.3	-11.0	-44.5	-30.9	-14.7	0.0	-45.6	-25.9	-8.6
Other receipts from operating activities	2.3	12.0	26.7	22.2	5.1	14.6	10.8	8.2	5.1
Other payments for operating activities	-54.1	-47.4	-137.3	-108.7	-63.0	-50.6	-125.2	-94.2	-53.9
Net cash flows from operating activities	-23.8	89.0	130.4	92.7	26.6	92.4	67.9	45.6	-2.9
1. Payment for fixed assets, constructions and other long-term assets	-5.5	-2.4	-5.3	-4.1	-1.2	1.3	-9.5	-4.7	-3.4
2. Receipts from disposal of fixed assets and other long-term assets	0.3	0.2	0.2	-0.0	—	0.2	0.6	—	0.1
3. Loans, purchases of other entities' debt instruments	-190.5	—	—	—	—	—	—	—	—
4. Receipts from loan repayments, sale of other entities' debt instruments	201.0	229.5	843.7	475.2	141.6	340.2	973.7	612.4	254.0
5. Payments for investment in other entities	-190.5	-337.5	-1,132.2	-632.2	-233.1	-382.2	-1,084.7	-704.2	-261.0
7. Dividends, interest and profit received	24.8	42.0	96.1	59.6	19.3	41.3	128.2	85.4	31.3
Net cash flows from investing activities	30.1	-68.2	-197.6	-101.5	-73.4	0.8	8.4	-11.2	21.0
1. Receipts from equity issue and owner's capital contribution	—	0.0	21.9	21.9	15.6	8.3	—	—	—
6. Dividends paid, profits distributed to owners	—	0.0	-0.0	-0.0	-0.0	-71.1	-71.3	-0.2	-0.2
Net cash flows from financing activities	—	0.0	21.9	21.9	15.6	-62.8	-71.3	-0.2	-0.2
Net cash flows during the period	6.4	20.8	-45.3	13.0	-31.2	30.4	5.0	34.2	17.9
Cash and cash equivalents at beginning of the period	127.8	107.0	152.3	152.3	152.3	121.9	116.8	116.8	116.8
Cash and cash equivalents at end of the period	134.1	127.8	107.0	165.3	121.1	152.3	121.9	151.0	134.7

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