BLI

Tổng Công ty cổ phần Bảo hiểm Bảo Long ·UPCOM ·2026Q1

▲ INVESTMENT YIELD LED

Investment is the main driver · Financial profit/PBT 747.5%, ROE 0.5%

Price

8,700

Latest close

02 Jun 2026

COMBINED RATIO (TTM) 132,6%

LOSS RATIO (TTM) 40,3%

EXPENSE RATIO (TTM) 92,2%

ROE (TTM) 0,5%

EPS (TTM) 83

BVPS (Latest period) 15.574

Insurance Overview

The picture is led by investment yield, supporting the underwriting result. Net insurance premium increases 1.9%, the loss ratio rises 2.5 percentage points, financial profit declines 25.6%, with capital acting as the foundation.

	                            
	                                NET INSURANCE PREMIUM
	                            
 1.189 tỷ
+1,9% YoY

	                            
	                                LOSS RATIO
	                            
 40,3%
+2,5 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 63,8 tỷ
−25,6% YoY

Metric	2025	2024
NET PREMIUM	1,187.2	1,151.6
Growth	+3%	—
PBT	41.9	82.1
PBT Margin	3.53%	7.13%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	295.0	302.5	291.2	300.2	293.3	302.0	292.0	279.9	277.6
Growth	+1%	+0%	-0%	+7%	+6%	—	—	—	—
PBT	7.3	-25.4	24.6	2.1	40.6	23.2	-11.8	27.2	43.4
PBT Margin	2.46%	-8.40%	8.46%	0.69%	13.84%	7.70%	-4.03%	9.71%	15.64%

Drivers of BLI's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker premium volume. Supporting and offsetting drivers:

Unclassified ↑ 40.4bn

Premium volume ↓ 5.6bn

Claims experience ↓ 29.2bn

Chi phí khai thác BH ↓ 54.4bn

Investment income ↓ 21.9bn

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 1.9% clearly below industry pace

NET PREMIUM RETENTION 82.2% -3.3 ppt retention mix shifting out

Net insurance premium growth rose only 3.1%, but the premium retention ratio held at 82.2%. Premium is not accelerating, but the retained book remains stable enough to avoid a clear price-competition signal.

Premium therefore acts as a qualifying layer: it does not drive the story, but it does not invalidate it either.

NET INSURANCE PREMIUM 1,187.2bn

NET INSURANCE BUSINESS REVENUE 1,281.3bn

GROSS WRITTEN PREMIUM 1,436.1bn

CEDED REINSURANCE PREMIUM 362.5bn

NET INSURANCE REVENUE GROWTH 2.2%

CEDED PREMIUM RATIO 25.4% +0.5 ppt

ASSUMED PREMIUM RATIO 11.7% -0.2 ppt

NET TO INSURANCE PREMIUM 76.4% -1.1 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 40.3% +2.5 ppt strong technical zone

DIRECT EXPENSE BURDEN 85.5% +4.0 ppt underwriting expense rising

The combined ratio was 123.0%, still above technical-profit territory. However, claims did not deteriorate sharply (+2.5 ppt), so the read is weak but stabilizing.

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

CLAIM EXPENSES 468.5bn

DIRECT UNDERWRITING EXPENSES 1,070.0bn

INSURANCE COMMISSION EXPENSE 146.4bn

CLAIM RESERVE MOVEMENT 56.8bn

RETAINED CLAIMS BURDEN 50.6% +1.9 ppt

COMMISSION BURDEN 11.3% +1.0 ppt

RESERVE MOVEMENT BURDEN 4.7% +4.0 ppt

REINSURANCE RECOVERY SUPPORT 37.2% +6.5 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT —

FINANCIAL EXPENSE BURDEN 15.3% +6.7 ppt financial expense rising

Financial profit contributed 153.5% of PBT and changed +639.3 ppt year on year. Financial expense burden was 15.3%, 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 64.3bn

PROFIT BEFORE TAX 41.9bn

PROFIT AFTER TAX 31.6bn

INSURANCE GROSS PROFIT 211.3bn

INSURANCE GROSS PROFIT MARGIN 14.5% -4.0 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 33.0% -4.0 ppt thick capital buffer

LIABILITIES TO EQUITY 2.03x +0.33x reasonable leverage

Equity to assets was 33.0%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 61.6%, giving the balance sheet room to absorb claims volatility.

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

TOTAL ASSETS 2,773.7bn

TOTAL EQUITY 928.6bn

REINSURANCE ASSETS 414.9bn

OPERATING CASH FLOW 34.6bn

LIQUID INVESTMENTS TO ASSETS 19.3% -38.6 ppt

REINSURANCE ASSETS TO ASSETS 13.7% +2.4 ppt

RESERVES TO LIABILITIES 66.5% -1.2 ppt

REINSURANCE ASSETS TO RESERVES 30.7% +4.2 ppt

OPERATING CASH TO ASSETS 3.4% +1.8 ppt

Investment conclusion

Improving investment yield is the main driver of the ROE story, supported by available financial-profit evidence. The picture becomes firmer when the remaining sections are included: underwriting needs monitoring with claims burden at 40.3%, changing +2.5 ppt; premium remains stable with retention at 82.2% and premium growing 1.9%; capital structure with equity to assets at 33.0% is a capital buffer to cross-check.

Thesis support basis: Financial profit was 64.3bn, equal to not enough data of PBT; claims burden at 40.3% shows how investment support sits alongside underwriting.

Data note: Investment contribution at not enough data of PBT should be cross-checked against claims burden 40.3% and premium growth 1.9%; if one axis weakens, the thesis depends more on the other axis.

Overall, the direction for BLI 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)	1,549.7	1,494.4
- Gross written premium	1,436.1	1,357.0
- Reinsurance premium assumed	169.3	169.3
- Increase/(Decrese) in gross unearned premium reserve	55.7	31.9
2. Reinsurance premium ceded	362.5	342.9
- Reinsurance premium ceded	385.1	323.9
-Increase/(Decrease) in ceded unearned premium reserve	22.6	-18.9
3. Net insurance premium (03=01-02)	1,187.2	1,151.6
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	94.1	99.2
- Commissions on reinsurance ceded	93.8	88.7
5. Total net revenue from insurance business (10=03+04)	1,281.3	1,250.8
6. Claim expenses on retained risks	574.0	567.3
Total claim expenses	581.8	575.1
+ Claim and maturity payment expenses	581.8	575.1
- Deductions	7.8	7.8
- Subrogation recoveries	7.8	7.8
7. Recoveries from reinsurance ceded	162.4	121.3
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	121.3	164.0
9. Increase(Decrease) in claim reserves related to reinsurance ceded	64.5	151.9
9.1. Increase in claim reserve	56.8	12.1
Total claim insurance expenses	468.5	458.1
11. Provision for catastrophe reserve	12.2	12.0
12. Other insurance operating expenses	589.3	560.9
+ Commission	146.4	128.5
Other insurance operating expenses	442.9	432.4
- Other underwriting expenses	442.9	432.4
+ Others	10.4	7.0
13. Total direct insurance operating expenses	1,070.0	1,031.0
14. Gross insurance operating profit	211.3	219.8
18. Revenue from financial activities	74.6	102.0
19. Expenses on financial activities	10.4	7.0
20. Profit from financial activities	64.3	95.0
21. Administrative expenses	232.7	233.4
22. Operating profit	42.9	81.3
23. Other incomes	0.5	1.5
24. Other expenses	1.5	0.7
25. Other profits	-1.0	0.8
26. Total profit	41.9	82.1
29. Total profit before tax (55=44+50+53+54)	41.9	82.1
Taxable profit	41.9	82.1
27. Current corporate income tax expenses	11.4	17.0
28. Deferred income tax expenses (*)	-1.2	0.5
29. Profit after tax	31.6	64.6
31. Profit after tax for shareholders of the parent compan	31.6	64.6
32. Earning per share	527.00	1,076.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,590.7	2,406.3
I. Cash and cash equivalents	95.2	137.9
1. Cash	70.2	117.9
2. Cash equivalents	25.0	20.0
II. Short-term investments	1,613.5	1,473.9
1. Short-term investments	19.2	4.2
2. Provision for diminution in value of short-term investments	-4.9	-3.5
3. Held to maturity investments	1,599.2	1,473.3
III. Short-term receivables	407.2	411.3
1. Trade accounts receivable	292.5	301.7
1.1. Insurance contract receivables	292.5	301.7
5. Other receivables	137.2	132.6
6. Provision for short-term doubtful debts	-22.5	-23.0
IV. Inventories	0.4	0.4
1. Inventories	0.4	0.4
V. Other short-term assets	59.4	55.1
1. Short-term prepayments	59.4	55.1
1.1. Unallocated commissions expenses	54.7	50.2
1.2. Other short-term prepaid expenses	4.7	4.9
VIII. Reinsurance assets	414.9	327.8
1. Reinsurance assets from unearned premium reserves	128.1	105.4
2. Reinsurance assets from claim reserves	286.8	222.3
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	183.1	169.3
I. Long-term receivables	12.4	12.5
6. Other long-term receivables	12.4	12.5
6.2. Other long-term receivables	0.4	0.5
II. Fixed assets	100.4	108.7
1. Tangible fixed assets	15.9	17.1
- Cost	45.8	46.5
- Accumulated depreciation	-30.0	-29.4
3. Intangible fixed assets	84.5	91.6
- Cost	111.9	111.6
- Accumulated depreciation	-27.4	-20.0
IV. Long-term assets in progress	7.7	7.1
1. Construction in progress	7.7	7.1
IV. Long-term investments	21.0	—
4. Provision for diminution in value of long-term investments	-1.5	-1.5
5. Held to maturity investments	22.5	1.5
VI. Other long-term assets	41.6	41.0
1. Long-term prepayments	22.1	21.7
2. Deferred income tax assets	6.8	5.7
4. Other long-term assets	12.7	13.6
TOTAL ASSETS (270=100+200)	2,773.7	2,575.6
A. LIABILITIES (300=210+330)	1,845.1	1,675.4
I. Short -term liabilities	1,843.6	1,671.9
2. Trade accounts payable	306.8	315.1
2.1. Insurance contract payable	306.8	315.1
4. Taxes and other payables to state authorities	18.2	21.6
5. Payable to employees	14.3	7.1
6. Accrued expenses	21.8	21.6
8. Other payables	57.2	70.4
9. Unearned commission revenues	31.4	27.0
131. Unearned premium reserve	663.5	607.9
132. Claim reserve	586.4	465.1
133. Catastrophe reserve	128.4	116.2
14. Short-term unearned revenue	15.4	19.9
II. Long-term liabilities	1.5	3.5
3. Other long-term liabilities	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	928.6	900.2
I. Owner's equity	928.6	900.2
1. Capital from owners	600.0	600.0
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00
2. Share premium	-0.4	-0.4
9. Compulsory reserves	39.0	37.5
10. Other reserves	17.8	17.8
11. Undistributed earnings after tax	272.2	245.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,773.7	2,575.6

Item	2025	2024
Income tax paid	-18.2	-23.0
Other receipts from operating activities	176.6	196.2
Other payments for operating activities	-381.8	-391.4
Net cash flows from operating activities	34.6	21.3
1. Payment for fixed assets, constructions and other long-term assets	-5.9	-8.3
4. Receipts from loan repayments, sale of other entities' debt instruments	1,375.9	417.3
5. Payments for investment in other entities	-1,524.0	-441.0
7. Dividends, interest and profit received	77.2	64.1
Net cash flows from investing activities	-76.8	32.0
6. Dividends paid, profits distributed to owners	-0.4	-3.0
Net cash flows from financing activities	-0.4	-3.0
Net cash flows during the period	-42.6	50.3
Cash and cash equivalents at beginning of the period	137.9	87.2
Exchange difference due to re-valuation of ending balances	-0.0	0.3
Cash and cash equivalents at end of the period	95.2	137.9

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)	389.9	395.2	376.3	394.6	383.7	373.2	371.8	377.4	372.0
- Gross written premium	382.5	417.6	302.7	344.3	371.6	393.5	282.6	318.5	362.5
- Reinsurance premium assumed	34.0	43.9	50.2	41.1	34.0	32.0	47.6	48.3	41.5
- Increase/(Decrese) in gross unearned premium reserve	26.7	66.3	-23.3	-9.2	21.9	52.3	-41.7	-10.7	32.0
2. Reinsurance premium ceded	94.8	92.7	85.0	94.4	90.4	71.2	79.9	97.5	94.4
- Reinsurance premium ceded	92.2	98.1	103.3	107.3	76.4	74.2	73.9	93.6	82.3
-Increase/(Decrease) in ceded unearned premium reserve	-2.6	5.5	18.3	12.9	-14.0	3.0	-6.0	-3.9	-12.1
3. Net insurance premium (03=01-02)	295.0	302.5	291.2	300.2	293.3	302.0	292.0	279.9	277.6
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	19.0	39.6	19.3	16.4	18.7	16.6	16.7	37.1	28.8
- Commissions on reinsurance ceded	19.0	39.5	19.3	16.4	18.7	16.4	16.3	34.5	21.5
5. Total net revenue from insurance business (10=03+04)	314.0	342.1	310.6	316.6	312.0	318.6	308.7	317.1	306.4
6. Claim expenses on retained risks	140.3	204.5	118.8	138.5	112.1	149.1	147.4	160.9	109.9
Total claim expenses	140.3	206.9	122.0	140.3	112.6	152.1	149.0	162.9	111.2
+ Claim and maturity payment expenses	140.3	206.9	122.0	140.3	112.6	152.1	149.0	162.9	111.2
- Deductions	0.1	2.4	3.2	1.7	0.4	2.9	1.7	2.0	1.3
- Subrogation recoveries	0.1	2.4	3.2	1.7	0.4	2.9	1.7	2.0	1.3
7. Recoveries from reinsurance ceded	33.3	68.9	31.3	45.0	17.1	32.8	32.6	53.1	2.8
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-15.0	73.1	41.9	24.3	-18.1	-6.8	185.4	-13.4	-1.1
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-25.3	50.5	11.7	31.4	-29.1	25.8	135.8	6.2	-15.9
9.1. Increase in claim reserve	10.3	22.6	30.2	-7.1	11.1	-32.6	49.5	-19.6	14.8
Total claim insurance expenses	117.2	158.2	117.7	86.5	106.1	83.7	164.2	88.2	121.9
11. Provision for catastrophe reserve	3.2	3.6	2.5	2.8	3.3	3.5	2.6	2.7	3.2
12. Other insurance operating expenses	142.6	170.2	126.9	165.2	127.0	169.1	113.1	159.7	119.0
+ Commission	34.3	37.6	36.6	36.2	36.0	34.6	22.2	36.8	34.9
Other insurance operating expenses	108.3	132.6	90.3	129.0	91.0	134.5	90.9	122.9	84.1
- Other underwriting expenses	108.3	132.6	90.3	129.0	91.0	134.5	90.9	122.9	84.1
+ Others	3.0	5.2	1.8	1.6	1.8	3.2	1.8	1.4	0.7
13. Total direct insurance operating expenses	263.1	332.0	247.1	254.5	236.4	256.3	279.9	250.7	244.1
14. Gross insurance operating profit	50.9	10.1	63.5	62.2	75.6	62.3	28.8	66.4	62.3
18. Revenue from financial activities	16.9	25.6	16.3	16.6	16.2	25.0	19.2	33.4	24.3
19. Expenses on financial activities	3.0	5.2	1.8	1.6	1.8	3.2	1.8	1.4	0.7
20. Profit from financial activities	14.0	20.3	14.5	15.0	14.4	21.9	17.5	32.0	23.7
21. Administrative expenses	57.5	55.5	52.9	74.8	49.4	61.1	58.5	71.5	42.3
22. Operating profit	7.5	-25.1	25.0	2.3	40.6	23.1	-12.3	26.9	43.6
23. Other incomes	0.0	0.4	0.0	0.0	0.0	0.4	0.6	0.4	0.1
24. Other expenses	0.2	0.7	0.4	0.3	0.1	0.2	0.1	0.1	0.2
25. Other profits	-0.2	-0.3	-0.4	-0.3	-0.0	0.2	0.5	0.3	-0.2
Share of profitin associates and joint ventures	—	0.1	0.0	0.1	0.1	0.1	0.4	2.6	7.3
26. Total profit	7.3	-25.4	24.6	2.1	40.6	23.2	-11.8	27.2	43.4
29. Total profit before tax (55=44+50+53+54)	7.3	-25.4	24.6	2.1	40.6	23.2	-11.8	27.2	43.4
Taxable profit	7.3	-25.4	24.6	2.1	40.6	23.2	-11.8	27.2	43.4
27. Current corporate income tax expenses	1.5	-3.0	5.3	1.0	8.1	4.7	-2.4	5.4	9.1
28. Deferred income tax expenses (*)	—	-1.2	—	—	—	—	—	—	—
29. Profit after tax	5.8	-21.3	19.3	1.1	32.5	18.6	-9.4	21.7	34.3
31. Profit after tax for shareholders of the parent compan	5.8	-21.3	19.3	1.1	32.5	18.6	-9.4	21.7	34.3
32. Earning per share	97.00	-354.00	322.00	18.00	541.00	310.00	-178.00	362.00	572.00

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)	1,414.1	2,590.7	2,370.7	2,459.8	2,146.5	2,406.3	2,349.3	2,231.2	2,089.1
I. Cash and cash equivalents	80.8	95.2	126.4	109.0	121.8	727.7	304.5	357.1	367.5
1. Cash	70.8	70.2	111.4	89.0	101.8	117.9	90.0	72.1	97.5
2. Cash equivalents	10.0	25.0	15.0	20.0	20.0	609.9	214.5	285.0	270.0
II. Short-term investments	466.8	1,613.5	1,454.8	1,584.7	1,339.6	884.1	1,267.7	1,235.5	1,112.7
1. Short-term investments	473.4	1,618.4	1,458.7	1,588.7	1,343.7	887.6	1,271.8	1,239.3	1,116.3
2. Provision for diminution in value of short-term investments	-6.7	-4.9	-3.9	-4.0	-4.1	-3.5	-4.1	-3.8	-3.6
III. Short-term receivables	416.3	407.2	375.2	378.2	339.1	411.3	427.3	415.0	387.4
1. Trade accounts receivable	323.8	292.5	269.8	288.8	227.3	301.7	347.8	339.1	281.1
1.1. Insurance contract receivables	323.8	292.5	269.8	288.8	227.3	301.7	347.8	339.1	281.1
12. Other receivables of customers	—	—	—	—	—	—	—	0.0	—
5. Other receivables	117.4	137.2	127.8	112.5	134.7	132.6	114.1	109.5	140.8
6. Provision for short-term doubtful debts	-24.9	-22.5	-22.4	-23.1	-22.8	-23.0	-34.6	-33.6	-34.4
IV. Inventories	0.5	0.4	0.4	0.5	0.4	0.4	0.4	0.4	0.5
1. Inventories	0.5	0.4	0.4	0.5	0.4	0.4	0.4	0.4	0.5
V. Other short-term assets	62.7	59.4	55.0	58.5	60.9	55.1	50.4	54.1	54.1
1. Short-term prepayments	62.7	59.4	55.0	58.5	60.9	55.1	50.4	54.1	54.1
1.1. Unallocated commissions expenses	56.5	54.7	50.8	53.2	53.5	50.2	47.2	50.5	49.8
1.2. Other short-term prepaid expenses	6.2	4.7	4.2	5.2	7.4	4.9	3.1	3.7	4.3
VIII. Reinsurance assets	387.0	414.9	358.9	328.9	284.6	327.8	298.9	169.1	166.8
1. Reinsurance assets from unearned premium reserves	125.4	128.1	122.6	104.3	91.4	105.4	102.4	108.4	112.3
2. Reinsurance assets from claim reserves	261.5	286.8	236.3	224.6	193.2	222.3	196.5	60.7	54.5
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,416.9	183.1	293.6	159.6	375.5	169.8	157.6	163.7	263.6
I. Long-term receivables	36.4	12.4	12.4	12.2	12.6	12.5	12.7	12.5	19.1
6. Other long-term receivables	36.4	12.4	12.4	12.2	12.6	12.5	12.7	12.5	19.1
6.2. Other long-term receivables	24.4	0.4	0.4	0.2	0.6	0.5	0.7	0.5	7.1
II. Fixed assets	98.0	100.4	102.7	105.1	106.4	108.7	106.0	94.0	94.6
1. Tangible fixed assets	15.3	15.9	16.3	16.8	16.6	17.1	17.6	18.2	18.7
- Cost	45.8	45.8	47.2	47.2	46.5	46.5	46.5	46.5	46.5
- Accumulated depreciation	-30.5	-30.0	-30.9	-30.4	-29.9	-29.4	-28.9	-28.4	-27.8
3. Intangible fixed assets	82.7	84.5	86.4	88.3	89.8	91.6	88.4	75.8	75.9
- Cost	111.9	111.9	111.9	111.9	111.6	111.6	106.7	86.2	86.2
- Accumulated depreciation	-29.2	-27.4	-25.5	-23.7	-21.8	-20.0	-18.2	-10.4	-10.3
III. Investment properties	—	—	7.6	—	—	—	—	—	—
- Accumulated depreciation	—	—	7.6	—	—	—	—	—	—
IV. Long-term assets in progress	8.1	7.7	—	7.5	7.1	7.1	7.0	22.7	21.5
1. Construction in progress	8.1	7.7	—	7.5	7.1	7.1	7.0	22.7	21.5
IV. Long-term investments	1,239.0	21.0	147.0	6.0	215.0	—	6.0	8.0	97.0
3. Investments in other entities	—	—	—	—	—	—	—	9.5	—
4. Provision for diminution in value of long-term investments	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5
VI. Other long-term assets	35.4	41.6	23.8	28.8	34.4	41.5	25.9	26.5	31.5
1. Long-term prepayments	16.6	22.1	6.0	11.0	16.4	21.7	6.4	11.9	17.1
2. Deferred income tax assets	6.8	6.8	5.7	5.7	5.7	6.2	6.2	6.2	6.2
4. Other long-term assets	12.0	12.7	12.2	12.2	12.3	13.6	13.4	8.4	8.2
TOTAL ASSETS (270=100+200)	2,831.0	2,773.7	2,664.3	2,619.4	2,522.0	2,576.1	2,506.9	2,394.9	2,352.7
A. LIABILITIES (300=210+330)	1,896.6	1,845.1	1,714.4	1,688.8	1,589.3	1,675.3	1,624.6	1,501.9	1,481.5
I. Short -term liabilities	1,895.2	1,843.6	1,711.0	1,685.3	1,585.8	1,671.8	1,621.0	1,498.3	1,477.9
2. Trade accounts payable	374.5	306.8	334.0	307.0	272.5	315.1	358.1	345.7	338.2
2.1. Insurance contract payable	374.5	306.8	334.0	307.0	272.5	315.1	358.1	345.7	338.2
4. Taxes and other payables to state authorities	14.6	18.2	22.2	23.2	20.4	21.5	15.3	20.4	17.5
5. Payable to employees	17.3	14.3	16.2	14.8	14.8	7.1	14.0	12.4	15.0
6. Accrued expenses	3.9	21.8	13.6	41.2	1.5	21.6	19.2	43.5	3.8
8. Other payables	51.7	57.2	52.5	51.6	51.3	70.4	43.3	47.0	51.3
9. Unearned commission revenues	33.4	31.4	30.4	27.4	23.2	27.0	26.7	30.2	32.2
131. Unearned premium reserve	690.2	663.5	597.2	620.6	629.8	607.9	555.6	597.3	608.0
132. Claim reserve	571.4	586.4	513.2	471.4	447.0	465.1	471.9	286.6	300.0
133. Catastrophe reserve	131.7	128.4	124.8	122.3	119.5	116.2	112.7	110.1	107.4
14. Short-term unearned revenue	6.5	15.4	6.8	5.8	5.7	19.9	4.1	5.2	4.6
II. Long-term liabilities	1.5	1.5	3.3	3.5	3.5	3.5	3.6	3.6	3.6
3. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.2
B. OWNER'S EQUITY (400=410+430)	934.4	928.6	949.9	930.6	932.7	900.8	882.3	892.9	871.2
I. Owner's equity	934.4	928.6	949.9	930.6	932.7	900.8	882.3	892.9	871.2
1. Capital from owners	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
9. Compulsory reserves	39.0	39.0	37.5	37.5	37.5	37.5	34.2	34.2	34.2
10. Other reserves	17.8	17.8	17.8	17.8	17.8	17.8	17.8	17.8	17.8
11. Undistributed earnings after tax	278.1	272.2	295.1	275.8	277.9	246.0	230.7	241.4	219.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,831.0	2,773.7	2,664.3	2,619.4	2,522.0	2,576.1	2,506.9	2,394.9	2,352.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Income tax paid	-0.9	-3.7	-14.5	-11.1	-7.5	-3.0	-20.0	-17.0	-14.0
Other receipts from operating activities	11.9	36.3	140.3	102.4	48.9	80.2	116.1	—	38.2
Other payments for operating activities	-88.7	-103.1	-278.8	-189.9	-106.0	-71.1	-320.3	-212.5	-115.5
Net cash flows from operating activities	40.6	-7.9	42.5	20.2	24.8	60.2	-38.9	-6.2	-0.5
1. Payment for fixed assets, constructions and other long-term assets	-0.3	-0.2	-5.7	-5.5	-4.2	-0.9	-7.5	-2.5	-1.6
4. Receipts from loan repayments, sale of other entities' debt instruments	482.0	195.0	1,180.9	913.9	563.9	114.1	303.2	108.2	33.0
5. Payments for investment in other entities	-555.0	-225.0	-1,299.0	-1,018.0	-637.0	135.5	-576.5	-351.0	-253.0
7. Dividends, interest and profit received	18.5	7.2	70.0	60.3	36.2	11.3	52.8	35.8	16.7
Net cash flows from investing activities	-54.9	-23.0	-53.9	-49.4	-41.1	260.0	-228.0	-209.5	-204.9
6. Dividends paid, profits distributed to owners	-0.1	-0.2	-0.2	-0.1	-0.0	-2.6	-0.4	-0.2	-0.0
Net cash flows from financing activities	-0.1	-0.2	-0.2	-0.1	-0.0	-2.6	-0.4	-0.2	-0.0
Net cash flows during the period	-14.3	-31.0	-11.6	-29.3	-16.3	317.6	-267.3	-215.9	-205.4
Cash and cash equivalents at beginning of the period	95.2	126.4	137.9	137.9	137.9	304.5	572.2	572.2	572.2
Exchange difference due to re-valuation of ending balances	-0.1	-0.1	0.1	0.5	0.3	0.7	-0.4	0.8	0.6
Cash and cash equivalents at end of the period	80.8	95.2	126.4	109.0	121.8	137.9	304.5	357.1	367.5

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