BMI

Tổng Công ty cổ phần Bảo Minh ·HOSE ·2026Q1

▲▲ STRONG UNDERWRITING

Underwriting is the main driver · Combined ratio 132.8%, Claims burden 32.0%

Price

14,500

Latest close

02 Jun 2026

COMBINED RATIO (TTM) 132,8%

LOSS RATIO (TTM) 32,0%

EXPENSE RATIO (TTM) 100,8%

ROE (TTM) 8,7%

EPS (TTM) 1.337

BVPS (Latest period) 19.756

Insurance Overview

The picture is led by a clearly better combined ratio. Net insurance premium increases 1.7%, the loss ratio improves 3.2 percentage points, financial profit increases 13.8%, leaving underwriting profit in surplus.

	                            
	                                NET INSURANCE PREMIUM
	                            
 5.053 tỷ
+1,7% YoY

	                            
	                                LOSS RATIO
	                            
 32,0%
−3,2 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 213 tỷ
+13,8% YoY

Metric	2025	2024
NET PREMIUM	5,059.3	4,879.9
Growth	+4%	—
PBT	302.3	272.7
PBT Margin	5.97%	5.59%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	1,275.1	1,189.7	1,282.6	1,306.0	1,281.9	1,216.2	1,216.1	1,256.1	1,217.7
Growth	-1%	-2%	+5%	+4%	+5%	—	—	—	—
PBT	76.0	3.6	126.4	97.8	78.8	53.8	40.1	96.4	90.9
PBT Margin	5.96%	0.30%	9.85%	7.48%	6.14%	4.43%	3.29%	7.68%	7.46%

Drivers of BMI's profit

TTM

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

Claims experience ↑ 160.6bn

Investment income ↑ 25.8bn

Premium volume ↓ 28.5bn

Chi phí khai thác BH ↓ 83.4bn

Unclassified ↓ 39.8bn

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 1.7% clearly below industry pace

NET PREMIUM RETENTION 84.9% +1.6 ppt retention strengthening

Net insurance premium growth rose only 3.7%, but the premium retention ratio held at 84.9%. 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 5,059.3bn

NET INSURANCE BUSINESS REVENUE 5,360.4bn

GROSS WRITTEN PREMIUM 5,966.2bn

CEDED REINSURANCE PREMIUM 1,592.6bn

NET INSURANCE REVENUE GROWTH 3.2%

CEDED PREMIUM RATIO 26.4% +0.4 ppt

ASSUMED PREMIUM RATIO 14.3% +2.7 ppt

NET TO INSURANCE PREMIUM 76.3% +0.1 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 32.0% -3.2 ppt strong technical zone

DIRECT EXPENSE BURDEN 94.7% +0.2 ppt stable

The combined ratio is still above break-even at 124.6%, but improved -1.5 ppt. Claims burden moved -3.2 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 1,551.0bn

DIRECT UNDERWRITING EXPENSES 5,034.5bn

INSURANCE COMMISSION EXPENSE 964.8bn

CLAIM RESERVE MOVEMENT 31.2bn

RETAINED CLAIMS BURDEN 40.3% -3.2 ppt

COMMISSION BURDEN 18.2% +0.5 ppt

RESERVE MOVEMENT BURDEN 1.9% -0.2 ppt

REINSURANCE RECOVERY SUPPORT 31.9% +2.5 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT 70.1% +0.6 ppt investment is the main driver

FINANCIAL EXPENSE BURDEN 37.7% +1.4 ppt financial expense rising

Financial profit contributed 70.1% of PBT and changed +0.6 ppt year on year. Financial expense burden was 37.7%, 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 194.7bn

PROFIT BEFORE TAX 302.3bn

PROFIT AFTER TAX 257.2bn

INSURANCE GROSS PROFIT 325.9bn

FINANCIAL PROFIT TO PAT 84.2% +4.4 ppt

INSURANCE GROSS PROFIT MARGIN 5.3% -0.2 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 35.9% -1.7 ppt thick capital buffer

LIABILITIES TO EQUITY 1.79x +0.13x reasonable leverage

Equity to assets was 35.9%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 48.0%, giving the balance sheet room to absorb claims volatility.

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

TOTAL ASSETS 7,676.6bn

TOTAL EQUITY 2,927.3bn

REINSURANCE ASSETS 1,148.2bn

OPERATING CASH FLOW 245.7bn

LIQUID INVESTMENTS TO ASSETS 47.4% -0.3 ppt

REINSURANCE ASSETS TO ASSETS 15.9% -0.0 ppt

RESERVES TO LIABILITIES 68.6% -5.6 ppt

REINSURANCE ASSETS TO RESERVES 36.2% +1.8 ppt

OPERATING CASH TO ASSETS -3.7% -4.7 ppt

Investment conclusion

Underwriting quality is the main driver, with claims burden at 32.0%. The picture is reinforced by the other sections: premium remains stable with retention at 84.9% and premium growing 1.7%; investment income plays a supporting role with financial profit at 194.7bn; capital structure with equity to assets at 35.9% is a capital buffer to cross-check.

Thesis support basis: Claims burden at 32.0% and combined ratio at not enough data are the main underwriting support; premium growth at 1.7% shows the revenue base alongside it.

Data note: Claims burden at 32.0% is the strong point, but it should be read with expense/combined ratio not enough data and premium growth 1.7% to avoid a one-metric conclusion.

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

Statement Data

Item	2025	2024
1. Insurance premium (01=01.1+01.2-01.3)	6,652.0	6,654.9
- Gross written premium	5,966.2	5,960.7
- Reinsurance premium assumed	805.3	681.5
- Increase/(Decrese) in gross unearned premium reserve	119.6	-12.7
2. Reinsurance premium ceded	1,592.6	1,775.0
- Reinsurance premium ceded	1,688.5	1,665.5
-Increase/(Decrease) in ceded unearned premium reserve	95.9	-109.5
3. Net insurance premium (03=01-02)	5,059.3	4,879.9
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	301.1	242.9
- Commissions on reinsurance ceded	290.8	242.0
5. Total net revenue from insurance business (10=03+04)	5,360.4	5,122.7
6. Claim expenses on retained risks	2,084.6	1,996.2
Total claim expenses	2,097.7	2,007.0
+ Claim and maturity payment expenses	2,097.7	2,007.0
- Deductions	13.1	10.9
- Subrogation recoveries	13.1	10.9
7. Recoveries from reinsurance ceded	564.8	357.8
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-338.9	510.4
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-370.1	421.8
9.1. Increase in claim reserve	31.2	88.7
Total claim insurance expenses	1,551.0	1,727.0
11. Provision for catastrophe reserve	10.8	-73.2
12. Other insurance operating expenses	3,472.7	3,216.3
+ Commission	964.8	915.0
Other insurance operating expenses	2,507.9	2,301.3
- Other underwriting expenses	2,507.9	2,301.3
+ Others	125.0	113.2
13. Total direct insurance operating expenses	5,034.5	4,870.1
14. Gross insurance operating profit	325.9	252.7
18. Revenue from financial activities	319.8	322.9
19. Expenses on financial activities	125.0	113.2
20. Profit from financial activities	194.7	209.7
21. Administrative expenses	231.7	199.0
22. Operating profit	297.5	270.2
23. Other incomes	6.8	3.9
24. Other expenses	2.0	1.4
25. Other profits	4.8	2.6
26. Total profit	302.3	272.7
29. Total profit before tax (55=44+50+53+54)	302.3	272.7
Taxable profit	302.3	272.7
27. Current corporate income tax expenses	47.8	34.4
28. Deferred income tax expenses (*)	-2.7	0.7
29. Profit after tax	257.2	237.7
31. Profit after tax for shareholders of the parent compan	257.2	237.7
32. Earning per share	1,469.00	1,564.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,630.5	6,728.5
I. Cash and cash equivalents	216.7	446.1
1. Cash	216.7	446.1
II. Short-term investments	3,470.5	3,261.0
1. Short-term investments	332.8	134.8
2. Provision for diminution in value of short-term investments	-325.6	-296.4
3. Held to maturity investments	3,463.3	3,422.6
III. Short-term receivables	1,031.2	943.6
1. Trade accounts receivable	866.0	704.5
1.1. Insurance contract receivables	866.0	704.5
2. Prepayments to suppliers	5.1	4.3
5. Other receivables	491.1	544.8
6. Provision for short-term doubtful debts	-331.0	-309.9
IV. Inventories	4.5	4.5
1. Inventories	4.5	4.5
V. Other short-term assets	759.4	651.0
1. Short-term prepayments	736.0	624.8
1.1. Unallocated commissions expenses	276.3	266.3
1.2. Other short-term prepaid expenses	459.7	358.5
2. Value Added Tax to be reclaimed	7.2	5.1
3. Taxes and other receivables from state authorities	16.1	21.1
VIII. Reinsurance assets	1,148.2	1,422.3
1. Reinsurance assets from unearned premium reserves	490.1	394.2
2. Reinsurance assets from claim reserves	658.1	1,028.1
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,046.1	1,021.0
I. Long-term receivables	14.5	20.0
6. Other long-term receivables	14.5	20.0
6.2. Other long-term receivables	5.5	11.0
II. Fixed assets	244.4	254.4
1. Tangible fixed assets	62.3	73.6
- Cost	257.9	257.8
- Accumulated depreciation	-195.6	-184.2
3. Intangible fixed assets	182.1	180.8
- Cost	293.1	287.5
- Accumulated depreciation	-111.0	-106.6
III. Investment properties	147.9	149.7
- Cost	181.9	181.9
- Accumulated depreciation	-34.0	-32.2
IV. Long-term assets in progress	14.2	18.2
1. Construction in progress	14.2	18.2
IV. Long-term investments	586.8	532.5
2. Investments in associates, joint-ventures	242.2	242.2
3. Investments in other entities	57.6	57.6
4. Provision for diminution in value of long-term investments	-3.8	-3.3
5. Held to maturity investments	290.8	236.0
VI. Other long-term assets	38.2	46.3
1. Long-term prepayments	18.5	29.3
2. Deferred income tax assets	19.7	17.0
TOTAL ASSETS (270=100+200)	7,676.6	7,749.6
A. LIABILITIES (300=210+330)	4,749.3	4,962.0
I. Short -term liabilities	4,748.1	4,960.8
2. Trade accounts payable	1,017.7	917.9
2.1. Insurance contract payable	1,017.7	917.9
4. Taxes and other payables to state authorities	14.0	5.2
5. Payable to employees	138.5	67.3
6. Accrued expenses	26.8	—
8. Other payables	94.6	69.9
9. Unearned commission revenues	148.9	137.4
11. Bonus and welfare fund	33.8	34.3
131. Unearned premium reserve	2,062.7	1,943.2
132. Claim reserve	1,060.9	1,399.7
133. Catastrophe reserve	133.5	122.7
14. Short-term unearned revenue	16.8	263.3
II. Long-term liabilities	1.3	1.2
3. Other long-term liabilities	1.3	1.2
B. OWNER'S EQUITY (400=410+430)	2,927.3	2,787.5
I. Owner's equity	2,927.3	2,787.5
1. Capital from owners	1,505.5	1,326.4
- Common stock with voting right	1,505,476,260,000.00	1,326,428,180,000.00
2. Share premium	792.2	792.2
9. Compulsory reserves	145.5	132.5
11. Undistributed earnings after tax	456.0	508.3
- Accumulated retained earning at the end of the previous period	211.8	—
- Undistributed earnings in this period	244.2	—
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	7,676.6	7,749.6

Item	2025	2024
1. Profit before tax	302.3	272.7
Depreciation and amortization	17.6	18.0
(Reversal of provisions)/provisions	118.7	111.5
Unrealized foreign exchange (gain)/loss	-0.5	1.2
Loss/(profit) from investment activities	-255.1	-275.8
3. Operating profit before changes in working capital	182.9	127.6
(Increase)/decrease in receivables	0.4	-159.1
(Increase)/decrease in inventories	0.0	0.4
(Increase)/decrease in payables (other than interest, corporate income tax)	-101.7	173.3
(Increase)/decrease in prepaid expenses	-100.4	66.6
(Increase)/decrease in held-for-trading securities	-198.0	-23.3
Income tax paid	-28.9	-50.0
Net cash flows from operating activities	-245.7	135.5
1. Payment for fixed assets, constructions and other long-term assets	-2.5	-7.7
2. Receipts from disposal of fixed assets and other long-term assets	0.0	0.7
3. Loans, purchases of other entities' debt instruments	-3,264.8	-3,392.0
4. Receipts from loan repayments, sale of other entities' debt instruments	3,167.0	3,281.0
5. Payments for investment in other entities	—	-96.9
7. Dividends, interest and profit received	181.6	402.3
Net cash flows from investing activities	81.4	187.4
6. Dividends paid, profits distributed to owners	-66.3	-60.3
Net cash flows from financing activities	-66.3	-60.3
Net cash flows during the period	-230.6	262.6
Cash and cash equivalents at beginning of the period	446.1	181.6
Exchange difference due to re-valuation of ending balances	1.3	1.9
Cash and cash equivalents at end of the period	216.7	446.1

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)	1,626.2	1,615.0	1,656.4	1,725.0	1,657.6	1,553.1	1,652.9	1,656.4	1,792.5
- Gross written premium	1,794.3	1,430.7	1,482.8	1,245.3	1,809.3	1,325.9	1,500.1	1,335.4	1,799.3
- Reinsurance premium assumed	232.1	218.5	200.5	197.4	188.9	130.8	188.9	178.5	183.3
- Increase/(Decrese) in gross unearned premium reserve	400.2	34.2	26.9	-282.2	340.7	-96.4	36.0	-142.5	190.2
2. Reinsurance premium ceded	351.1	425.3	373.8	419.0	375.7	336.9	436.9	400.3	574.8
- Reinsurance premium ceded	486.7	453.6	461.0	415.3	359.8	194.1	569.6	382.8	519.0
-Increase/(Decrease) in ceded unearned premium reserve	135.6	28.2	87.2	-3.7	-15.9	-142.8	132.8	-17.5	-55.8
3. Net insurance premium (03=01-02)	1,275.1	1,189.7	1,282.6	1,306.0	1,281.9	1,216.2	1,216.1	1,256.1	1,217.7
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	85.4	150.4	48.3	43.8	58.6	69.4	68.4	48.5	56.6
- Commissions on reinsurance ceded	80.5	142.8	47.2	42.5	58.3	69.1	68.2	48.4	56.4
5. Total net revenue from insurance business (10=03+04)	1,360.4	1,340.1	1,330.8	1,349.8	1,340.4	1,285.6	1,284.4	1,304.5	1,274.3
6. Claim expenses on retained risks	537.7	611.0	423.9	464.2	585.5	598.8	500.2	476.1	421.4
Total claim expenses	539.4	616.6	428.5	466.3	586.3	602.9	503.1	479.5	421.9
+ Claim and maturity payment expenses	539.4	616.6	428.5	466.3	586.3	602.9	503.1	479.5	421.9
- Deductions	1.7	5.6	4.7	2.1	0.8	4.1	2.9	3.4	0.5
- Subrogation recoveries	1.7	5.6	4.7	2.1	0.8	4.1	2.9	3.4	0.5
7. Recoveries from reinsurance ceded	150.1	218.3	56.9	89.4	200.2	186.3	86.9	40.3	40.7
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	119.2	17.2	-115.4	-61.7	-179.0	-508.8	920.7	-55.5	154.0
9. Increase(Decrease) in claim reserves related to reinsurance ceded	34.0	26.7	-128.3	-66.8	-201.6	-400.1	744.4	-65.6	143.1
9.1. Increase in claim reserve	85.2	-9.5	12.9	5.2	22.6	-108.7	176.3	10.1	10.9
Total claim insurance expenses	472.8	383.3	379.8	380.0	407.9	303.8	589.6	445.9	391.7
11. Provision for catastrophe reserve	15.5	12.1	12.1	10.3	16.4	12.6	-111.8	11.3	14.6
12. Other insurance operating expenses	794.5	929.3	847.8	858.2	809.2	896.8	825.7	722.3	782.7
+ Commission	255.8	273.9	223.5	228.7	238.7	234.1	223.5	227.0	230.5
Other insurance operating expenses	538.7	655.4	624.3	629.5	570.5	662.7	602.2	495.3	552.2
- Other underwriting expenses	538.7	655.4	624.3	629.5	570.5	662.7	602.2	495.3	552.2
+ Others	25.9	38.5	32.9	31.6	21.7	16.8	46.4	21.6	28.3
13. Total direct insurance operating expenses	1,282.8	1,324.7	1,239.8	1,248.4	1,233.5	1,213.3	1,303.5	1,179.5	1,189.0
14. Gross insurance operating profit	77.6	15.4	91.1	101.4	106.9	72.3	-19.1	125.0	85.3
18. Revenue from financial activities	70.7	78.1	120.2	72.9	48.2	45.8	148.4	51.4	77.3
19. Expenses on financial activities	25.9	38.5	32.9	31.6	21.7	16.8	46.4	21.6	28.3
20. Profit from financial activities	44.8	39.6	87.3	41.3	26.6	29.0	101.9	29.7	49.1
21. Administrative expenses	47.3	57.2	54.5	48.2	56.6	51.8	45.2	60.3	44.2
22. Operating profit	75.8	-0.2	126.2	96.8	78.8	51.6	38.9	96.3	91.8
23. Other incomes	0.3	5.0	0.4	1.4	0.1	2.1	1.3	0.3	0.3
24. Other expenses	0.1	1.2	0.2	0.4	0.2	-0.0	0.1	0.2	1.2
25. Other profits	0.2	3.8	0.1	1.0	-0.0	2.2	1.2	0.1	-0.9
Share of profitin associates and joint ventures	—	7.6	1.1	1.3	0.2	0.3	0.2	0.1	0.2
26. Total profit	76.0	3.6	126.4	97.8	78.8	53.8	40.1	96.4	90.9
29. Total profit before tax (55=44+50+53+54)	76.0	3.6	126.4	97.8	78.8	53.8	40.1	96.4	90.9
Taxable profit	76.0	3.6	126.4	97.8	78.8	53.8	40.1	96.4	90.9
27. Current corporate income tax expenses	18.2	1.8	13.7	16.9	15.0	10.8	-11.1	19.8	16.6
28. Deferred income tax expenses (*)	2.2	-1.8	—	-0.4	0.7	-0.0	-0.0	-0.8	1.5
29. Profit after tax	55.6	3.6	112.7	81.2	63.1	43.1	51.2	77.5	72.7
31. Profit after tax for shareholders of the parent compan	55.6	3.6	112.7	81.2	63.1	43.1	51.2	77.5	72.7
32. Earning per share	312.00	-194.00	756.00	463.00	475.00	200.00	350.00	580.00	558.00

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)	7,248.1	6,482.1	6,537.2	6,414.7	6,549.9	6,434.1	7,157.3	6,328.4	6,543.3
I. Cash and cash equivalents	138.0	216.7	229.4	251.2	188.6	446.1	256.4	177.5	341.8
1. Cash	138.0	216.7	229.4	251.2	188.6	446.1	256.4	177.5	341.8
II. Short-term investments	3,790.8	3,470.5	3,577.3	3,426.8	3,422.1	3,261.0	3,416.8	3,509.7	3,443.4
1. Short-term investments	390.5	332.8	369.7	284.0	281.8	134.8	135.4	109.0	127.9
2. Provision for diminution in value of short-term investments	-331.0	-325.6	-309.0	-313.9	-302.2	-40.8	-40.6	-39.3	-40.5
3. Held to maturity investments	3,731.3	3,463.3	3,516.6	3,456.6	3,442.6	3,167.0	3,322.0	3,440.0	3,356.0
III. Short-term receivables	1,054.8	1,026.9	941.5	819.7	802.0	654.1	780.8	773.4	756.9
1. Trade accounts receivable	944.7	855.6	800.2	755.2	823.8	704.5	672.1	665.4	673.7
1.1. Insurance contract receivables	944.7	855.6	800.2	755.2	823.8	704.5	672.1	665.4	673.7
2. Prepayments to suppliers	7.8	5.1	4.8	6.5	6.3	4.3	5.7	5.4	5.1
5. Other receivables	457.8	491.1	454.1	372.3	282.3	255.3	417.5	412.6	388.1
6. Provision for short-term doubtful debts	-355.5	-324.9	-317.5	-314.3	-310.4	-309.9	-314.4	-310.0	-310.0
IV. Inventories	4.3	4.5	5.1	5.6	5.0	4.5	4.9	4.8	4.8
1. Inventories	4.3	4.5	5.1	5.6	5.0	4.5	4.9	4.8	4.8
V. Other short-term assets	942.4	684.4	690.6	777.0	927.3	646.0	733.1	748.8	799.1
1. Short-term prepayments	926.3	661.0	667.6	760.5	899.6	624.8	719.5	730.0	772.2
1.1. Unallocated commissions expenses	336.0	276.3	297.2	294.2	319.9	266.3	298.1	293.8	305.6
1.2. Other short-term prepaid expenses	590.3	384.7	370.4	466.3	579.8	358.5	421.3	436.2	466.6
2. Value Added Tax to be reclaimed	—	7.2	12.0	6.9	18.0	11.5	—	9.1	17.2
3. Taxes and other receivables from state authorities	16.1	16.1	11.1	9.6	9.6	9.6	13.7	9.6	9.6
VIII. Reinsurance assets	1,317.8	1,079.1	1,093.3	1,134.4	1,204.9	1,422.3	1,965.2	1,114.2	1,197.3
1. Reinsurance assets from unearned premium reserves	625.6	490.1	461.9	374.7	378.3	394.2	537.0	430.4	447.9
2. Reinsurance assets from claim reserves	692.1	589.0	631.4	759.7	826.6	1,028.1	1,428.2	683.8	749.4
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,039.6	1,049.0	1,000.5	1,041.1	1,025.8	1,021.0	942.0	800.3	759.8
I. Long-term receivables	14.8	14.5	16.4	19.5	19.6	20.0	18.7	18.5	19.0
6. Other long-term receivables	14.8	14.5	16.4	19.5	19.6	20.0	18.7	18.5	19.0
6.2. Other long-term receivables	5.8	5.5	7.4	10.5	10.6	11.0	9.7	9.5	10.0
II. Fixed assets	240.8	244.4	246.8	247.1	250.7	254.4	256.5	246.3	249.8
1. Tangible fixed assets	59.9	62.3	64.9	68.3	70.9	73.6	74.6	64.8	67.3
- Cost	257.9	257.9	257.9	257.9	257.8	257.8	256.5	244.8	245.8
- Accumulated depreciation	-198.1	-195.6	-192.9	-189.6	-187.0	-184.2	-181.9	-180.0	-178.5
3. Intangible fixed assets	180.9	182.1	181.9	178.8	179.8	180.8	181.8	181.5	182.5
- Cost	293.1	293.1	291.6	287.5	287.5	287.5	287.5	286.2	286.2
- Accumulated depreciation	-112.2	-111.0	-109.7	-108.6	-107.6	-106.6	-105.6	-104.6	-103.7
III. Investment properties	147.4	147.9	148.3	148.8	149.2	149.7	150.3	150.9	151.5
- Cost	181.9	181.9	181.9	181.9	181.9	181.9	181.9	181.9	181.9
- Accumulated depreciation	-34.4	-34.0	-33.6	-33.1	-32.6	-32.2	-31.6	-31.0	-30.3
IV. Long-term assets in progress	14.2	14.2	14.2	18.2	18.2	18.2	23.6	37.0	34.5
1. Construction in progress	14.2	14.2	14.2	18.2	18.2	18.2	23.6	37.0	34.5
IV. Long-term investments	586.8	586.8	537.0	567.0	546.5	532.5	447.5	300.6	258.9
2. Investments in associates, joint-ventures	242.2	242.2	242.2	242.2	242.2	242.2	242.2	145.3	145.3
3. Investments in other entities	—	57.6	57.6	57.6	57.6	57.6	57.6	57.6	57.6
4. Provision for diminution in value of long-term investments	-3.8	-3.8	-3.6	-3.6	250.0	236.0	-3.3	-3.3	-3.3
5. Held to maturity investments	290.8	290.8	240.8	270.8	-3.3	-3.3	151.0	101.0	59.3
VI. Other long-term assets	35.6	41.1	37.7	40.4	41.6	46.3	45.4	46.9	46.1
1. Long-term prepayments	18.0	22.6	21.0	23.4	24.6	29.3	28.5	29.9	30.0
2. Deferred income tax assets	17.5	18.5	16.7	17.0	17.0	17.0	17.0	17.0	16.1
TOTAL ASSETS (270=100+200)	8,287.7	7,531.1	7,537.6	7,455.8	7,575.7	7,455.1	8,099.3	7,128.7	7,303.1
A. LIABILITIES (300=210+330)	5,313.5	4,601.3	4,609.6	4,626.9	4,724.5	4,667.5	5,345.7	4,411.4	4,593.0
I. Short -term liabilities	5,312.2	4,600.0	4,608.2	4,625.7	4,723.3	4,666.3	5,344.4	4,410.1	4,591.7
2. Trade accounts payable	1,068.0	862.9	930.9	911.6	768.9	628.4	845.4	875.4	838.4
2.1. Insurance contract payable	1,068.0	862.9	930.9	911.6	768.9	628.4	845.4	875.4	838.4
4. Taxes and other payables to state authorities	18.6	13.4	10.7	13.0	17.8	0.2	-8.3	26.9	23.4
5. Payable to employees	118.3	139.1	194.2	114.3	65.6	67.3	38.4	17.7	62.3
8. Other payables	124.3	88.1	5.1	67.5	133.3	137.4	62.1	58.3	61.9
9. Unearned commission revenues	153.7	148.9	177.9	158.6	64.6	69.9	295.3	162.8	146.3
11. Bonus and welfare fund	28.5	33.9	46.1	42.0	10.9	34.3	46.0	45.7	39.3
131. Unearned premium reserve	2,463.0	2,062.7	2,028.5	2,001.7	2,283.9	1,943.2	2,039.5	2,003.5	2,146.0
132. Claim reserve	1,180.1	1,060.9	1,043.6	1,159.1	1,220.7	1,399.7	1,908.5	987.8	1,043.3
133. Catastrophe reserve	149.0	173.5	161.4	149.3	139.0	122.7	110.0	221.8	210.5
14. Short-term unearned revenue	8.7	16.7	9.8	8.8	18.5	263.3	7.4	10.1	20.3
II. Long-term liabilities	1.3	1.3	1.3	1.2	1.2	1.2	1.3	1.3	1.3
3. Other long-term liabilities	1.3	1.3	1.3	1.2	1.2	1.2	1.3	1.3	1.3
B. OWNER'S EQUITY (400=410+430)	2,974.3	2,929.8	2,928.1	2,828.8	2,851.3	2,787.5	2,753.6	2,717.3	2,710.1
I. Owner's equity	2,974.3	2,929.8	2,928.1	2,828.8	2,851.3	2,787.5	2,753.6	2,717.3	2,710.1
1. Capital from owners	1,505.5	1,505.5	1,326.4	1,326.4	1,326.4	1,326.4	1,205.9	1,205.9	1,205.9
- Common stock with voting right	1,505,476,260,000.00	1,505,476,260,000.00	1,326,428,180,000.00	1,326,428,180,000.00	1,326,428,180,000.00	1,326,428,180,000.00	1,205,854,080,000.00	1,205,854,080,000.00	1,205,854,080,000.00
2. Share premium	792.2	613.2	792.2	792.2	792.2	792.2	792.2	792.2	792.2
9. Compulsory reserves	148.2	145.5	28.1	28.1	28.1	28.1	120.6	120.6	120.6
10. Other reserves	—	—	—	—	—	—	28.1	28.1	28.1
11. Undistributed earnings after tax	500.2	637.6	648.7	549.4	571.9	508.1	606.8	570.5	563.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	8,287.7	7,531.1	7,537.6	7,455.8	7,575.7	7,455.1	8,099.3	7,128.7	7,303.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	76.0	0.3	301.9	175.5	78.8	53.8	218.9	178.8	90.9
Depreciation and amortization	7.4	4.4	13.2	8.3	4.2	3.4	14.6	8.3	4.2
(Reversal of provisions)/provisions	395.3	1.1	117.5	-133.5	401.7	-53.9	165.4	192.0	270.6
Unrealized foreign exchange (gain)/loss	0.8	-0.3	-0.2	-1.8	-1.0	2.8	-1.6	0.7	-14.3
Loss/(profit) from investment activities	-53.0	-42.0	-213.1	-110.5	-44.7	-36.3	-239.5	-94.2	-51.6
3. Operating profit before changes in working capital	426.4	-36.4	219.4	-62.0	438.9	-30.2	157.8	285.5	299.8
(Increase)/decrease in receivables	-101.3	-5.2	5.6	454.0	139.2	-312.3	153.2	149.2	152.2
(Increase)/decrease in inventories	0.2	0.6	-0.6	-1.0	-0.4	0.3	0.1	0.2	0.2
(Increase)/decrease in payables (other than interest, corporate income tax)	6.3	92.2	-194.0	-234.3	-428.1	211.5	-38.2	-154.2	-119.7
(Increase)/decrease in prepaid expenses	-189.8	-66.0	-34.5	-127.6	-270.1	96.8	-30.2	-44.4	-84.5
(Increase)/decrease in held-for-trading securities	-57.7	36.9	-234.9	-149.2	-147.0	0.6	-24.0	2.4	-16.5
Interest paid	—	—	—	—	—	—	—	—	-17.6
Income tax paid	-7.1	-0.3	-28.5	-15.9	-0.9	-9.4	-40.6	-24.5	—
Net cash flows from operating activities	77.0	21.8	-267.5	-136.0	-268.4	-42.6	178.1	214.0	213.9
1. Payment for fixed assets, constructions and other long-term assets	-3.3	-2.2	-0.2	-0.1	-0.0	1.7	-9.5	-7.1	-4.5
2. Receipts from disposal of fixed assets and other long-term assets	-0.0	0.0	0.0	0.0	-0.0	0.2	0.5	0.1	0.0
3. Loans, purchases of other entities' debt instruments	-3,892.1	-1,376.0	-1,888.8	-1,421.8	-1,065.0	-1,350.1	-2,041.9	-1,388.0	-962.3
4. Receipts from loan repayments, sale of other entities' debt instruments	3,624.1	1,377.0	1,790.0	1,353.0	1,031.0	1,517.0	1,764.0	1,139.0	839.0
5. Payments for investment in other entities	115.3	—	215.6	—	—	-96.9	—	—	—
7. Dividends, interest and profit received	—	181.8	-0.2	75.1	45.6	158.3	243.9	96.6	73.3
Net cash flows from investing activities	-155.9	-35.1	116.4	6.3	11.6	230.3	-42.9	-159.3	-54.5
6. Dividends paid, profits distributed to owners	—	0.0	-66.3	—	—	0.0	-60.3	-60.3	—
Net cash flows from financing activities	—	0.0	-66.3	-66.3	—	0.0	-60.3	-60.3	—
Net cash flows during the period	-78.9	-13.2	-217.4	-196.1	-256.8	187.6	74.9	-5.6	159.4
Cash and cash equivalents at beginning of the period	216.7	229.1	446.1	446.1	446.1	256.4	181.6	181.6	181.6
Exchange difference due to re-valuation of ending balances	0.2	0.8	0.4	1.3	-0.7	2.0	-0.1	1.5	0.8
Cash and cash equivalents at end of the period	138.0	216.7	229.1	251.2	188.6	446.1	256.4	177.5	341.8

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