BVH

Tập đoàn Bảo Việt ·HOSE ·2026Q1

▲ INVESTMENT YIELD LED

Investment is the main driver · Financial profit/PBT 296.8%, ROE 12.6%

Price

69,700

Latest close

02 Jun 2026

ROE (TTM) 12,6%

EPS (TTM) 4.184

BVPS (Latest period) 35.424

FINANCIAL PROFIT/PBT (TTM) 296,8%

LOSS RATIO (TTM) 87,2%

EXPENSE RATIO (TTM) 101,5%

Insurance Overview

The insurance picture is currently led by investment yield and financial profit. Net insurance premium increases 1.1%, the loss ratio improves 3.8 percentage points, financial profit increases 11.8%, while capital and leverage should be read in the context of a life insurer.

	                            
	                                NET INSURANCE PREMIUM
	                            
 39.942 tỷ
+1,1% YoY

	                            
	                                LOSS RATIO
	                            
 87,2%
−3,8 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 11.497 tỷ
+11,8% YoY

Metric	2025	2024
NET PREMIUM	40,123.7	39,126.2
Growth	+3%	—
PBT	3,554.4	2,663.2
PBT Margin	8.86%	6.81%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	9,594.3	10,332.2	9,549.4	10,466.5	9,785.2	10,328.0	9,572.8	9,822.3	9,448.7
Growth	-2%	+0%	-0%	+7%	+4%	—	—	—	—
PBT	1,006.0	1,061.8	963.0	842.7	847.2	656.9	688.2	533.0	741.9
PBT Margin	10.49%	10.28%	10.08%	8.05%	8.66%	6.36%	7.19%	5.43%	7.85%

Drivers of BVH's profit

TTM

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

Claims experience ↑ 1,507.4bn

Chi phí khai thác BH ↑ 1,053.4bn

Investment income ↑ 1,213.6bn

Premium volume ↓ 413.2bn

Other ↓ 2,213.0bn

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 1.1% read against life-sector growth of 12-15% a year

NET PREMIUM RETENTION 91.0% -1.0 ppt broadly stable

Net insurance premium growth rose only 2.5%, but the premium retention ratio held at 91.0%. 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 40,123.7bn

NET INSURANCE BUSINESS REVENUE 40,948.3bn

GROSS WRITTEN PREMIUM 43,716.2bn

CEDED REINSURANCE PREMIUM 3,604.7bn

NET INSURANCE REVENUE GROWTH 1.4%

CEDED PREMIUM RATIO 8.4% +0.2 ppt

ASSUMED PREMIUM RATIO 1.4% +0.9 ppt

NET TO INSURANCE PREMIUM 91.5% -0.2 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 87.2% -3.8 ppt read through the life-insurance model

DIRECT EXPENSE BURDEN 99.5% -2.9 ppt underwriting expense improving

Claims burden was 87.2%, changing -3.8 ppt year on year. For a life insurer, this is an operating and reserving signal rather than a simple non-life underwriting read.

Direct underwriting expense burden was 99.5%; improvement supports the thesis when investment yield and reserves move in the same direction.

CLAIM EXPENSES 35,137.3bn

DIRECT UNDERWRITING EXPENSES 41,385.2bn

INSURANCE COMMISSION EXPENSE 2,865.5bn

CLAIM RESERVE MOVEMENT 191.3bn

RETAINED CLAIMS BURDEN 57.4% +7.4 ppt

COMMISSION BURDEN 7.2% +1.0 ppt

RESERVE MOVEMENT BURDEN 0.5% +0.5 ppt

REINSURANCE RECOVERY SUPPORT 4.1% +0.6 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT 296.8% -80.5 ppt normal for a life-insurance model

FINANCIAL EXPENSE BURDEN 22.3% +3.6 ppt financial expense rising

Financial profit reached 11,120 bn VND, equivalent to 296.8% of PBT. For a life insurer, this is a normal operating structure: the large investment book is a core earnings engine, not an abnormal dependence signal.

This ratio changed -80.5 ppt; read it alongside PBT recovery and investment-book quality, not only the very high contribution level.

FINANCIAL ACTIVITY PROFIT 11,120.5bn

PROFIT BEFORE TAX 3,554.4bn

PROFIT AFTER TAX 2,921.6bn

INSURANCE GROSS PROFIT 436.9bn

FINANCIAL PROFIT TO PAT 360.1% -101.7 ppt

INSURANCE GROSS PROFIT MARGIN 0.5% +2.9 ppt

INSURANCE OPERATING PROFIT MARGIN -4.2% -1.8 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 8.6% -0.9 ppt normal for life insurance

LIABILITIES TO EQUITY 10.69x +1.15x normal for life insurance

Equity to assets was 8.6%, while liabilities to equity stood at 10.69x. For a life insurer, this leverage mostly reflects technical reserves and long-duration insurance liabilities, not financial debt pressure.

Liquid investments to assets stood at 45.1%, an important context layer for insurance-liability coverage.

TOTAL ASSETS 291,805.7bn

TOTAL EQUITY 25,480.3bn

REINSURANCE ASSETS 3,682.4bn

OPERATING CASH FLOW 5,793.9bn

LIQUID INVESTMENTS TO ASSETS 45.9% +0.9 ppt

REINSURANCE ASSETS TO ASSETS 1.2% -0.1 ppt

RESERVES TO LIABILITIES 3.4% -0.2 ppt

REINSURANCE ASSETS TO RESERVES 39.1% -0.9 ppt

OPERATING CASH TO ASSETS 4.2% -0.9 ppt

Investment conclusion

Improving investment yield is the main driver of the ROE story, with financial profit contributing 296.8% of PBT. The picture becomes firmer when the remaining sections are included: underwriting improved as claims burden fell 3.8 ppt to 87.2%; premium remains stable with retention at 91.0% and premium growing 1.1%; capital structure with equity to assets at 8.6% reflects life-insurance balance-sheet characteristics.

Thesis support basis: Financial profit was 11,120.5bn, equal to 296.8% of PBT; equity to assets at 8.6% frames the investment role inside a life-insurance structure.

Data note: Investment contribution at 296.8% is high relative to current PBT, so it should be read with claims burden 87.2% and equity to assets 8.6%; if underwriting PBT improves, the share can compress through denominator mechanics.

Overall, the direction for BVH 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)	43,728.3	42,669.7
- Gross written premium	43,716.2	42,591.8
- Reinsurance premium assumed	400.0	217.6
- Increase/(Decrese) in gross unearned premium reserve	387.8	139.7
2. Reinsurance premium ceded	3,604.7	3,543.5
- Reinsurance premium ceded	3,808.5	3,512.3
-Increase/(Decrease) in ceded unearned premium reserve	203.8	-31.2
3. Net insurance premium (03=01-02)	40,123.7	39,126.2
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	824.6	697.0
- Commissions on reinsurance ceded	824.6	697.0
5. Total net revenue from insurance business (10=03+04)	40,948.3	39,823.2
6. Claim expenses on retained risks	21,699.5	19,778.4
Total claim expenses	21,700.5	19,780.6
+ Claim and maturity payment expenses	21,643.5	19,714.4
+ Claim expenses for reinsurance assumed	57.0	66.3
- Deductions	1.0	2.2
- Subrogation recoveries	0.8	1.0
+ Salvages	0.2	1.2
7. Recoveries from reinsurance ceded	1,376.4	1,186.0
Increase(Decrease) in mathematical reserve	14,622.8	18,168.7
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	111.8	480.9
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-79.6	580.1
9.1. Increase in claim reserve	191.3	-99.2
Total claim insurance expenses	35,137.3	36,661.9
11. Provision for catastrophe reserve	-14.0	51.3
12. Other insurance operating expenses	6,261.9	5,425.8
+ Commission	2,865.5	2,489.1
Other insurance operating expenses	6,261.9	5,425.8
- Other underwriting expenses	6,261.9	5,425.8
+ Others	1,721.5	1,589.9
13. Total direct insurance operating expenses	41,385.2	42,139.1
14. Gross insurance operating profit	-436.9	-2,315.9
14.2. Profit from insurance operating	-436.9	-2,315.9
18. Revenue from financial activities	14,039.8	12,689.3
19. Expenses on financial activities	2,919.3	2,115.7
20. Profit from financial activities	11,120.5	10,573.6
Selling expenses	1,674.9	1,346.8
21. Administrative expenses	7,213.1	5,724.6
22. Operating profit	1,795.6	1,186.3
23. Other incomes	615.1	585.7
24. Other expenses	635.2	549.7
25. Other profits	-20.1	36.0
Share of profitin associates and joint ventures	104.1	94.1
26. Total profit	3,554.4	2,663.2
29. Total profit before tax (55=44+50+53+54)	3,554.4	2,663.2
Taxable profit	3,554.4	2,663.2
27. Current corporate income tax expenses	635.2	464.5
28. Deferred income tax expenses (*)	-2.4	4.5
29. Profit after tax	2,921.6	2,194.2
30. Minority interest	85.0	83.7
31. Profit after tax for shareholders of the parent compan	2,836.6	2,110.5
32. Earning per share	3,821.00	2,843.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	150,363.1	121,226.7
I. Cash and cash equivalents	4,194.7	1,464.1
1. Cash	1,302.4	1,274.1
2. Cash equivalents	2,892.3	190.0
II. Short-term investments	127,382.0	103,898.0
1. Short-term investments	4,083.1	3,660.4
2. Provision for diminution in value of short-term investments	-169.9	-203.0
3. Held to maturity investments	123,468.8	100,440.6
III. Short-term receivables	14,292.4	11,535.4
1. Trade accounts receivable	9,601.9	7,892.2
1.1. Insurance contract receivables	1,243.6	1,265.5
12. Other receivables of customers	8,358.3	6,626.7
2. Prepayments to suppliers	31.0	32.1
4. Short-term loan receivables	4,610.6	3,548.0
5. Other receivables	593.6	310.9
6. Provision for short-term doubtful debts	-544.8	-247.9
7. Assets waiting for resolution	0.1	0.2
IV. Inventories	68.0	100.5
1. Inventories	68.0	100.5
V. Other short-term assets	743.6	670.6
1. Short-term prepayments	731.4	660.5
1.1. Unallocated commissions expenses	619.8	581.9
1.2. Other short-term prepaid expenses	111.6	78.7
2. Value Added Tax to be reclaimed	0.0	0.0
3. Taxes and other receivables from state authorities	9.0	4.8
5. Other short-term assets	3.1	5.2
VIII. Reinsurance assets	3,682.4	3,558.1
1. Reinsurance assets from unearned premium reserves	1,890.7	1,686.9
2. Reinsurance assets from claim reserves	1,791.7	1,871.2
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	141,442.6	130,059.6
I. Long-term receivables	75.3	66.9
6. Other long-term receivables	75.3	66.9
6.2. Other long-term receivables	75.3	66.9
II. Fixed assets	1,710.9	1,890.6
1. Tangible fixed assets	793.0	872.4
- Cost	2,758.4	2,726.0
- Accumulated depreciation	-1,965.4	-1,853.6
3. Intangible fixed assets	917.8	1,018.2
- Cost	1,843.5	1,840.6
- Accumulated depreciation	-925.7	-822.4
III. Investment properties	102.5	110.0
- Cost	189.6	191.3
- Accumulated depreciation	-87.1	-81.4
IV. Long-term assets in progress	146.3	131.6
1. Construction in progress	146.3	131.6
IV. Long-term investments	139,153.6	127,645.4
2. Investments in associates, joint-ventures	2,925.9	2,884.9
3. Investments in other entities	1,499.8	1,279.4
4. Provision for diminution in value of long-term investments	-85.4	-62.5
5. Held to maturity investments	134,813.3	123,543.6
VI. Other long-term assets	254.0	215.0
1. Long-term prepayments	204.4	181.0
2. Deferred income tax assets	10.3	7.9
4. Other long-term assets	39.3	26.1
TOTAL ASSETS (270=100+200)	291,805.7	251,286.3
A. LIABILITIES (300=210+330)	266,325.3	227,720.4
I. Short -term liabilities	64,332.7	40,840.5
1. Short-term borrowings	4,072.0	2,910.2
2. Trade accounts payable	2,705.8	2,434.0
2.1. Insurance contract payable	2,633.4	2,370.4
2.2. Other payables to suppliers	72.4	63.6
3. Advances from customers	4.0	21.2
4. Taxes and other payables to state authorities	344.3	211.5
5. Payable to employees	2,356.2	1,702.1
6. Accrued expenses	162.0	141.6
8. Other payables	437.6	395.6
9. Unearned commission revenues	422.1	382.1
11. Bonus and welfare fund	317.3	260.2
12. Payables for government bond trading activities	53,229.1	32,123.6
131. Unearned premium reserve	5,839.6	5,451.8
132. Claim reserve	3,223.6	3,111.8
133. Catastrophe reserve	172.9	186.9
134. Mathematical reserve	171,409.3	157,148.6
135. Dividend reserve	3,974.2	3,521.0
136. Equalization reserve	17,062.9	17,154.0
14. Short-term unearned revenue	282.2	258.5
II. Long-term liabilities	310.2	305.9
3. Other long-term liabilities	306.6	303.1
4. Long-term borrowings	0.8	—
5. Deferred income tax liabilities	2.9	2.7
B. OWNER'S EQUITY (400=410+430)	25,480.3	23,565.9
I. Owner's equity	25,480.3	23,565.9
1. Capital from owners	7,423.2	7,423.2
- Common stock with voting right	7,423,227,640,000.00	7,423,227,640,000.00
2. Share premium	7,310.5	7,310.5
6. Foreign exchange differences	15.4	15.4
7. Investment and development fund	3,869.2	—
9. Compulsory reserves	812.9	797.9
10. Other reserves	103.6	103.6
11. Undistributed earnings after tax	4,916.3	4,007.1
- Accumulated retained earning at the end of the previous period	2,096.1	1,999.9
- Undistributed earnings in this period	2,820.2	2,007.2
12. Minority's interest	1,029.2	974.3
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	291,805.7	251,286.3

Item	2025	2024
1. Profit before tax	3,554.4	2,663.2
Depreciation and amortization	234.8	361.7
(Reversal of provisions)/provisions	15,395.1	18,799.4
Unrealized foreign exchange (gain)/loss	13.5	13.9
Loss/(profit) from investment activities	-14,120.0	-12,757.3
Interest expense	1,746.9	1,031.8
3. Operating profit before changes in working capital	6,824.7	10,112.7
(Increase)/decrease in receivables	590.7	1,160.6
(Increase)/decrease in inventories	32.5	12.9
(Increase)/decrease in payables (other than interest, corporate income tax)	1,232.5	-1,223.0
(Increase)/decrease in prepaid expenses	-298.1	-33.8
(Increase)/decrease in held-for-trading securities	-422.8	-393.5
Interest paid	-1,536.7	-671.0
Income tax paid	-535.1	-432.4
Other payments for operating activities	-93.9	-113.2
Net cash flows from operating activities	5,793.9	8,419.2
1. Payment for fixed assets, constructions and other long-term assets	-123.8	-135.3
2. Receipts from disposal of fixed assets and other long-term assets	1.7	0.8
3. Loans, purchases of other entities' debt instruments	-184,282.6	-178,867.8
4. Receipts from loan repayments, sale of other entities' debt instruments	150,198.6	143,899.2
5. Payments for investment in other entities	-265.0	-0.2
6. Collections on investment in other entities	102.6	—
7. Dividends, interest and profit received	10,218.5	13,470.3
Net cash flows from investing activities	-24,150.0	-21,633.1
3. Short-term and long-term borrowings	95,733.1	68,026.8
4. Principal repayments	-73,842.9	-57,365.9
6. Dividends paid, profits distributed to owners	-805.2	-767.1
Net cash flows from financing activities	21,085.0	9,893.8
Net cash flows during the period	2,728.9	-3,320.1
Cash and cash equivalents at beginning of the period	1,464.1	4,783.5
Exchange difference due to re-valuation of ending balances	1.7	0.7
Cash and cash equivalents at end of the period	4,194.7	1,464.1

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)	10,577.3	11,244.6	10,448.3	11,364.9	10,675.8	11,189.6	10,473.6	10,708.1	10,322.7
- Gross written premium	10,937.4	11,291.1	10,447.1	11,226.5	10,751.5	11,170.7	10,608.4	10,430.9	10,405.8
- Reinsurance premium assumed	265.3	75.3	241.2	36.0	47.4	66.1	51.1	60.4	41.3
- Increase/(Decrese) in gross unearned premium reserve	625.4	121.9	240.0	-102.4	123.2	47.2	186.0	-216.8	124.4
2. Reinsurance premium ceded	983.0	912.4	898.9	898.5	890.5	861.6	900.8	885.8	874.0
- Reinsurance premium ceded	1,154.1	954.9	993.5	875.8	948.8	834.9	896.2	807.1	925.0
-Increase/(Decrease) in ceded unearned premium reserve	171.1	42.5	94.6	-22.6	58.3	-26.7	-4.6	-78.6	51.0
3. Net insurance premium (03=01-02)	9,594.3	10,332.2	9,549.4	10,466.5	9,785.2	10,328.0	9,572.8	9,822.3	9,448.7
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	225.1	217.4	200.2	194.3	188.8	178.4	173.7	168.4	170.0
- Commissions on reinsurance ceded	225.1	217.4	200.2	194.3	188.8	178.4	173.7	168.4	170.0
5. Total net revenue from insurance business (10=03+04)	9,819.4	10,549.6	9,749.6	10,660.8	9,974.0	10,506.4	9,746.4	9,990.7	9,618.6
6. Claim expenses on retained risks	5,388.4	6,375.1	5,560.9	5,588.4	4,455.1	5,353.5	4,938.0	4,986.5	4,503.0
Total claim expenses	5,388.8	6,375.9	5,560.9	5,588.4	4,455.1	5,354.7	4,938.3	4,987.2	4,503.0
+ Claim and maturity payment expenses	5,373.4	6,355.2	5,544.5	5,578.3	4,445.4	5,325.8	4,929.5	4,965.6	4,499.2
+ Claim expenses for reinsurance assumed	15.5	20.7	16.5	10.1	9.7	29.0	8.7	21.7	3.9
- Deductions	0.4	0.8	0.0	0.0	0.0	1.2	0.3	0.7	0.0
- Subrogation recoveries	0.1	0.7	—	0.0	—	—	0.2	0.7	—
+ Salvages	0.4	0.1	0.0	0.0	0.0	1.2	0.0	0.0	0.0
7. Recoveries from reinsurance ceded	317.8	349.3	411.6	351.3	303.2	450.2	290.9	222.1	218.0
Increase(Decrease) in mathematical reserve	3,277.5	3,184.4	3,112.0	3,596.7	4,163.7	4,537.2	4,146.1	4,656.9	4,818.5
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-155.2	488.2	-86.1	36.8	-265.6	-284.6	846.9	15.8	-90.0
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-126.0	369.9	-121.7	-20.9	-245.8	-334.3	860.6	54.5	5.3
9.1. Increase in claim reserve	-29.2	118.2	35.6	57.7	-19.8	49.6	-13.7	-38.7	-95.3
Total claim insurance expenses	8,318.9	9,328.5	8,296.8	8,891.5	8,295.8	9,490.2	8,779.5	9,382.6	9,008.3
11. Provision for catastrophe reserve	17.7	-74.1	11.8	14.8	14.2	14.5	11.6	13.1	13.6
12. Other insurance operating expenses	1,175.0	1,322.1	1,552.2	1,704.5	1,086.9	1,355.4	1,467.7	1,249.3	1,403.8
+ Commission	709.0	673.4	769.4	764.8	659.9	602.4	609.9	616.5	662.2
Other insurance operating expenses	1,175.0	1,322.1	1,552.2	1,704.5	1,086.9	1,355.4	1,467.7	1,249.3	1,403.8
- Other underwriting expenses	1,175.0	1,322.1	1,552.2	1,704.5	1,086.9	1,355.4	1,467.7	1,249.3	1,403.8
+ Others	466.0	405.2	426.7	397.2	427.0	343.8	490.5	380.9	423.4
13. Total direct insurance operating expenses	9,511.6	10,576.5	9,860.8	10,610.7	9,396.8	10,860.1	10,258.8	10,645.1	10,425.7
14. Gross insurance operating profit	307.9	-26.9	-111.2	50.1	577.2	-353.7	-512.4	-654.3	-807.0
14.2. Profit from insurance operating	-1,607.5	-26.9	-111.2	50.1	577.2	-353.7	-512.4	-654.3	-807.0
18. Revenue from financial activities	3,990.5	3,791.4	3,585.1	3,431.8	3,231.8	3,204.7	3,105.2	3,116.4	3,258.5
19. Expenses on financial activities	1,032.1	872.1	669.3	728.5	669.2	616.8	526.4	562.5	397.2
20. Profit from financial activities	2,958.4	2,919.3	2,915.8	2,703.3	2,562.6	2,587.9	2,578.8	2,553.9	2,861.2
Selling expenses	—	243.6	356.1	542.5	510.8	409.2	367.3	251.9	318.3
21. Administrative expenses	2,294.6	1,842.2	1,858.9	1,948.5	2,328.0	1,620.2	1,428.8	1,382.1	1,346.1
22. Operating profit	971.6	806.6	589.6	262.4	811.8	204.8	270.3	265.5	389.9
23. Other incomes	162.1	169.5	191.4	146.9	113.8	119.9	128.8	175.3	169.9
24. Other expenses	156.9	190.1	203.3	134.8	100.9	115.4	103.4	172.1	156.8
25. Other profits	5.2	-20.6	-12.0	12.0	13.0	4.5	25.4	3.2	13.0
Share of profitin associates and joint ventures	29.2	32.2	29.3	25.8	22.4	38.4	25.1	12.3	20.7
26. Total profit	1,006.0	1,061.8	963.0	842.7	847.2	656.9	688.2	533.0	741.9
29. Total profit before tax (55=44+50+53+54)	1,006.0	1,061.8	963.0	842.7	847.2	656.9	688.2	533.0	741.9
Taxable profit	1,006.0	1,061.8	963.0	842.7	847.2	656.9	688.2	533.0	741.9
27. Current corporate income tax expenses	191.8	189.3	164.5	138.8	161.1	113.4	129.8	91.8	123.7
28. Deferred income tax expenses (*)	-1.4	-1.6	0.7	-0.9	-0.6	4.7	-2.3	0.7	1.2
29. Profit after tax	815.6	874.1	797.8	704.8	686.8	538.9	560.7	440.4	616.9
30. Minority interest	16.4	15.6	27.0	27.5	14.9	2.8	24.1	13.8	31.1
31. Profit after tax for shareholders of the parent compan	799.2	858.5	770.8	677.2	671.9	536.0	536.6	426.6	585.8
32. Earning per share	1,077.00	1,157.00	1,038.00	912.00	905.00	722.00	723.00	575.00	789.00

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)	153,490.3	150,465.6	138,892.8	136,447.0	130,992.1	121,165.0	111,208.1	116,496.1	122,492.4
I. Cash and cash equivalents	2,608.8	4,194.6	5,301.7	1,997.1	937.1	1,460.6	2,492.0	6,317.0	7,527.5
1. Cash	1,289.5	1,302.4	1,135.9	1,462.1	790.1	1,270.6	1,279.0	1,381.8	2,236.5
2. Cash equivalents	1,319.2	2,892.3	4,165.7	535.0	147.0	190.0	1,213.0	4,935.2	5,291.0
II. Short-term investments	138,675.1	127,382.0	115,599.1	116,615.0	114,195.3	103,898.7	93,251.2	94,195.9	99,078.0
1. Short-term investments	4,241.9	4,083.1	3,645.8	3,639.7	3,652.1	3,660.4	3,684.2	3,580.3	3,293.4
2. Provision for diminution in value of short-term investments	-1,394.8	-169.9	-147.3	-181.6	-222.7	-203.0	-170.6	-158.0	-130.7
3. Held to maturity investments	135,827.9	123,468.8	112,100.5	113,156.9	110,766.0	100,441.4	89,737.7	90,773.5	95,915.3
III. Short-term receivables	7,477.0	14,365.5	13,954.0	13,817.8	11,764.4	11,505.2	10,893.4	12,288.7	12,103.1
1. Trade accounts receivable	2,408.5	9,650.6	8,584.2	10,079.5	8,010.6	7,873.1	7,398.4	8,047.0	8,001.5
1.1. Insurance contract receivables	1,437.0	1,294.9	1,273.0	1,161.0	1,323.3	1,246.4	1,197.2	1,298.3	1,279.1
12. Other receivables of customers	971.5	8,355.7	7,311.2	8,918.5	6,687.3	6,626.7	6,201.2	6,748.6	6,722.3
2. Prepayments to suppliers	31.0	31.0	35.4	23.6	34.1	32.0	55.5	55.0	64.0
4. Short-term loan receivables	—	4,610.6	5,076.8	3,590.3	3,573.0	3,548.0	3,292.2	4,036.5	3,901.0
5. Other receivables	5,553.5	360.6	557.4	403.0	400.2	314.2	409.9	418.0	408.2
6. Provision for short-term doubtful debts	-516.1	-287.4	-299.9	-278.7	-253.7	-262.1	-262.7	-267.9	-271.7
7. Assets waiting for resolution	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2
IV. Inventories	84.1	68.1	85.7	82.5	91.1	100.4	91.8	93.8	116.0
1. Inventories	84.1	68.1	85.7	82.5	91.1	100.4	91.8	93.8	116.0
V. Other short-term assets	917.7	742.9	652.4	607.4	633.4	671.1	589.7	566.8	609.6
1. Short-term prepayments	897.6	730.9	636.8	589.8	618.3	661.3	573.4	545.3	590.4
1.1. Unallocated commissions expenses	795.4	619.1	554.2	520.8	551.7	582.6	518.5	480.4	523.1
1.2. Other short-term prepaid expenses	102.2	111.7	82.6	69.0	66.6	78.7	54.9	64.9	67.3
2. Value Added Tax to be reclaimed	7.0	0.0	0.2	0.8	0.5	0.3	0.3	0.1	0.2
3. Taxes and other receivables from state authorities	9.8	9.0	4.9	4.8	4.9	5.0	5.0	5.0	4.4
5. Other short-term assets	3.2	3.0	10.4	12.1	9.8	4.5	11.0	16.4	14.7
VIII. Reinsurance assets	3,727.6	3,712.4	3,300.0	3,327.1	3,370.6	3,529.0	3,890.0	3,033.9	3,058.1
1. Reinsurance assets from unearned premium reserves	2,061.9	1,859.7	1,817.2	1,722.6	1,745.2	1,651.3	1,678.1	1,682.7	1,761.3
2. Reinsurance assets from claim reserves	1,665.7	1,852.7	1,482.8	1,604.5	1,625.5	1,877.6	2,211.9	1,351.3	1,296.8
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	153,997.4	141,445.6	133,908.6	127,676.9	124,800.2	130,052.8	127,011.0	118,347.7	111,779.2
I. Long-term receivables	82.0	75.3	73.9	72.3	71.2	66.9	83.8	84.5	83.8
6. Other long-term receivables	82.0	75.3	73.9	72.3	71.2	66.9	83.8	84.5	83.8
6.2. Other long-term receivables	82.0	75.3	73.9	72.3	71.2	66.9	83.8	84.5	83.8
II. Fixed assets	1,671.0	1,707.8	1,756.2	1,802.9	1,848.9	1,889.7	1,912.0	1,935.6	2,038.6
1. Tangible fixed assets	777.8	790.0	813.5	835.1	856.4	871.6	868.5	868.4	960.3
- Cost	2,772.1	2,755.1	2,754.9	2,749.2	2,740.6	2,724.0	2,694.2	2,664.8	2,805.5
- Accumulated depreciation	-1,994.2	-1,965.2	-1,941.5	-1,914.1	-1,884.2	-1,852.4	-1,825.8	-1,796.3	-1,845.2
3. Intangible fixed assets	893.2	917.8	942.8	967.8	992.5	1,018.1	1,043.5	1,067.2	1,078.3
- Cost	1,844.8	1,843.5	1,842.7	1,842.1	1,841.0	1,840.4	1,839.6	1,837.1	1,822.4
- Accumulated depreciation	-951.6	-925.7	-900.0	-874.3	-848.5	-822.3	-796.1	-769.9	-744.1
III. Investment properties	94.0	102.5	103.9	107.0	108.5	110.0	111.4	112.9	45.4
- Cost	182.5	189.6	189.6	191.3	191.3	191.3	191.3	191.3	45.4
- Accumulated depreciation	-88.5	-87.1	-85.7	-84.3	-82.8	-81.4	-79.9	-78.4	—
IV. Long-term assets in progress	144.2	145.6	145.6	139.0	137.7	131.6	143.6	144.9	148.2
1. Construction in progress	144.2	145.6	145.6	139.0	137.7	131.6	143.6	144.9	148.2
IV. Long-term investments	151,724.3	139,159.2	131,577.0	125,298.9	122,407.9	127,647.7	124,582.3	115,897.0	109,296.8
2. Investments in associates, joint-ventures	2,902.0	2,931.5	2,899.3	2,870.0	2,844.2	2,887.4	2,849.0	2,823.9	2,817.8
3. Investments in other entities	1,499.8	1,499.8	1,499.4	1,335.8	1,279.4	1,279.2	1,295.7	1,295.7	1,277.5
4. Provision for diminution in value of long-term investments	-92.6	-85.4	-34.3	-65.1	-61.7	-62.5	-71.1	-67.6	-72.3
5. Held to maturity investments	147,415.0	134,813.3	127,212.7	121,158.1	118,346.0	123,543.7	120,508.7	111,845.0	105,273.7
VI. Other long-term assets	282.1	255.2	251.9	256.8	225.9	206.9	177.9	172.9	166.4
1. Long-term prepayments	231.4	205.6	199.7	205.1	189.4	172.7	142.4	139.9	134.1
2. Deferred income tax assets	11.6	10.3	9.4	10.1	8.7	8.0	11.3	11.0	11.3
4. Other long-term assets	39.0	39.2	42.9	41.6	27.9	26.1	24.1	21.9	21.0
TOTAL ASSETS (270=100+200)	307,487.7	291,911.2	272,801.5	264,123.9	255,792.3	251,217.8	238,219.1	234,843.8	234,271.6
A. LIABILITIES (300=210+330)	281,191.7	266,301.2	247,243.6	239,321.5	231,539.6	227,711.2	214,466.3	211,611.4	211,395.7
I. Short -term liabilities	75,433.1	64,837.5	49,498.3	44,856.9	40,623.7	40,840.4	31,915.3	34,250.3	38,507.3
1. Short-term borrowings	4,052.9	—	4,320.8	3,493.7	3,235.9	2,910.2	1,883.7	3,613.3	4,092.2
2. Trade accounts payable	2,977.2	2,965.5	2,918.2	2,972.1	2,784.7	2,456.2	2,223.0	2,251.5	2,697.7
2.1. Insurance contract payable	2,899.5	2,895.4	2,814.1	2,903.8	2,737.6	2,389.2	2,178.6	2,196.3	2,672.1
2.2. Other payables to suppliers	77.7	70.1	104.1	68.3	47.0	67.0	44.4	55.2	25.6
3. Advances from customers	3.9	4.0	4.5	4.2	23.1	21.2	21.4	21.3	21.0
4. Taxes and other payables to state authorities	311.5	375.9	249.6	225.9	357.1	199.6	189.9	156.0	268.6
5. Payable to employees	1,413.2	2,503.2	2,054.5	1,427.5	881.7	1,745.0	1,468.3	1,180.8	725.1
6. Accrued expenses	220.2	159.3	249.1	209.3	166.7	142.3	269.5	209.3	182.2
8. Other payables	544.1	497.9	909.7	750.6	601.5	443.9	633.2	546.0	437.8
9. Unearned commission revenues	497.7	419.4	377.3	381.3	382.7	315.1	319.9	335.5	332.5
11. Bonus and welfare fund	235.7	318.4	327.6	309.3	179.5	224.6	273.5	256.9	203.8
12. Payables for government bond trading activities	64,907.1	53,229.1	37,934.4	34,821.9	31,868.5	32,123.6	24,503.2	25,559.6	29,413.3
131. Unearned premium reserve	6,465.0	5,834.5	5,712.6	5,472.6	5,575.0	5,442.5	—	5,209.3	5,426.1
132. Claim reserve	3,068.4	3,285.0	2,796.8	2,883.0	2,846.2	3,120.5	3,405.2	2,558.3	2,542.5
133. Catastrophe reserve	190.6	153.6	227.7	215.9	201.1	188.2	173.7	162.1	149.0
134. Mathematical reserve	174,354.8	171,651.2	168,277.7	165,293.1	161,499.8	157,148.6	152,322.7	148,979.7	145,664.2
135. Dividend reserve	4,268.9	3,974.2	3,925.1	3,683.9	3,532.0	3,521.0	3,314.8	19,800.6	2,889.5
136. Equalization reserve	17,100.3	16,255.0	16,493.1	16,607.0	16,955.5	17,144.1	23,034.2	350.1	15,591.8
14. Short-term unearned revenue	269.7	292.9	152.6	261.3	142.4	258.7	129.6	120.1	133.3
II. Long-term liabilities	310.8	310.2	312.3	309.1	306.3	305.9	300.4	300.9	297.3
3. Other long-term liabilities	307.4	306.6	307.9	304.6	303.3	303.2	298.7	297.3	293.0
4. Long-term borrowings	0.8	0.8	0.9	1.0	—	—	0.3	0.3	1.4
5. Deferred income tax liabilities	2.7	2.9	3.5	3.5	3.0	2.7	1.4	3.4	2.9
B. OWNER'S EQUITY (400=410+430)	26,296.0	25,610.1	25,557.8	24,802.4	24,252.6	23,506.6	23,752.8	23,232.5	22,875.9
I. Owner's equity	26,296.0	25,610.1	25,557.8	24,802.4	24,252.6	23,506.6	23,752.8	23,232.5	22,875.9
1. Capital from owners	7,423.2	7,423.2	7,423.2	7,423.2	7,423.2	7,423.2	7,423.2	7,423.2	7,423.2
- Common stock with voting right	7,423,227,640,000.00	7,423,227,640,000.00	7,423,227,640,000.00	7,423,227,640,000.00	7,423,227,640,000.00	7,423,227,640,000.00	7,423,227,640,000.00	7,423,227,640,000.00	7,423,227,640,000.00
2. Share premium	7,310.5	7,310.5	7,310.5	7,310.5	7,310.5	7,310.5	7,310.5	7,310.5	7,310.5
6. Foreign exchange differences	15.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4
7. Investment and development fund	3,869.2	3,869.2	3,870.3	3,870.3	2,933.9	—	2,933.9	2,933.9	2,233.5
9. Compulsory reserves	818.8	813.0	807.9	806.1	802.9	796.9	770.2	749.0	729.3
10. Other reserves	103.6	103.6	103.6	103.6	103.6	103.6	103.6	103.6	103.6
11. Undistributed earnings after tax	5,709.6	5,046.0	4,988.6	4,262.0	4,674.0	3,961.5	4,212.8	3,735.8	4,111.1
- Accumulated retained earning at the end of the previous period	4,916.3	2,096.1	2,879.4	2,921.1	4,007.1	1,980.1	2,724.2	2,763.8	3,546.1
- Undistributed earnings in this period	793.3	2,949.9	2,109.3	1,340.9	666.9	1,981.4	1,488.6	972.0	565.1
12. Minority's interest	1,045.6	1,029.2	1,038.3	1,011.3	989.2	961.6	983.3	961.1	949.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	307,487.7	291,911.2	272,801.5	264,123.9	255,792.3	251,217.8	238,219.1	234,843.8	234,271.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	1,006.0	901.1	2,653.4	1,701.8	847.2	699.7	1,963.5	1,276.3	741.9
Depreciation and amortization	58.3	54.0	180.8	121.1	60.2	114.0	247.6	186.2	54.6
(Reversal of provisions)/provisions	3,773.6	4,556.6	10,838.5	7,593.3	4,060.1	4,332.4	14,467.0	9,265.5	4,777.7
Unrealized foreign exchange (gain)/loss	0.8	-0.0	13.6	4.8	4.1	6.0	7.9	8.7	-0.4
Loss/(profit) from investment activities	-4,016.2	-3,813.2	-10,306.8	-6,690.5	-3,248.6	-3,235.2	-9,522.1	-6,398.8	-3,274.1
Interest expense	755.7	536.2	1,210.6	778.0	378.3	320.5	711.3	469.5	237.1
3. Operating profit before changes in working capital	1,578.1	2,234.6	4,590.1	3,508.6	2,101.2	2,237.5	7,875.2	4,807.5	2,536.7
(Increase)/decrease in receivables	-2,015.3	1,570.8	-980.1	-1,407.4	-213.2	1,238.6	-78.1	168.0	2,334.0
(Increase)/decrease in inventories	-16.1	17.7	14.8	17.9	9.4	-8.6	21.5	19.5	-2.7
(Increase)/decrease in payables (other than interest, corporate income tax)	-788.9	-10,852.0	12,084.6	8,822.1	-179.5	-487.2	-735.8	-509.7	-495.3
(Increase)/decrease in prepaid expenses	-364.3	-172.9	-125.1	11.9	-24.4	-121.1	87.3	113.3	-4.7
(Increase)/decrease in held-for-trading securities	-158.8	-437.3	14.5	20.7	8.3	23.8	-417.3	-313.5	-26.5
Interest paid	-558.2	-342.3	-1,194.4	-731.7	-483.1	-31.6	-639.3	-313.1	-152.9
Income tax paid	-292.8	-99.9	-435.2	-300.0	-144.0	-119.8	-312.7	-219.5	-106.2
Other payments for operating activities	-81.7	-11.3	-82.6	-58.0	-80.6	-8.6	-104.6	-75.0	-48.3
Net cash flows from operating activities	-2,698.0	-8,092.6	13,886.5	9,884.2	994.1	2,723.0	5,696.2	3,677.5	4,034.0
1. Payment for fixed assets, constructions and other long-term assets	-43.8	-37.1	-86.7	-57.6	-26.4	-43.8	-91.5	-57.6	-22.1
2. Receipts from disposal of fixed assets and other long-term assets	0.1	0.4	1.4	1.1	0.6	0.4	0.3	0.2	0.1
3. Loans, purchases of other entities' debt instruments	-61,198.8	-55,191.0	-129,091.6	-85,228.2	-36,014.0	-31,467.8	-147,400.0	-92,678.0	-48,390.0
4. Receipts from loan repayments, sale of other entities' debt instruments	46,862.9	36,052.8	114,145.8	75,081.6	31,413.0	16,547.7	127,351.4	79,615.2	34,618.8
5. Payments for investment in other entities	-154.8	-156.2	-108.8	—	—	-0.2	—	—	—
6. Collections on investment in other entities	—	0.0	102.6	—	—	—	—	—	—
7. Dividends, interest and profit received	3,724.2	1,657.0	8,561.5	5,794.0	2,974.4	2,941.8	10,528.5	6,968.7	4,403.9
Net cash flows from investing activities	-10,810.1	-17,674.1	-6,475.9	-4,409.1	-1,652.3	-12,021.8	-9,611.3	-6,151.5	-9,389.4
3. Short-term and long-term borrowings	44,171.1	41,550.4	54,182.7	30,548.1	23,275.4	12,228.3	55,798.5	31,963.8	24,894.7
4. Principal repayments	-32,257.9	-16,086.8	-57,756.1	-35,491.6	-23,143.8	-3,180.5	-54,185.4	-28,282.2	-16,795.8
6. Dividends paid, profits distributed to owners	—	-803.7	-1.5	-0.0	—	-767.1	-0.0	-0.0	-0.0
Net cash flows from financing activities	11,913.3	24,659.9	-3,574.9	-4,943.4	131.6	8,280.7	1,613.1	3,681.6	8,098.9
Net cash flows during the period	-1,594.8	-1,106.8	3,835.7	531.7	-526.6	-1,018.1	-2,302.0	1,207.6	2,743.5
Cash and cash equivalents at beginning of the period	4,203.9	5,301.7	1,464.1	1,464.1	1,464.1	2,482.0	4,783.5	4,783.5	4,783.5
Exchange difference due to re-valuation of ending balances	-0.3	-0.2	1.9	1.4	-0.4	0.2	0.5	1.2	0.5
Cash and cash equivalents at end of the period	2,608.8	4,194.7	5,301.7	1,997.1	937.1	1,464.1	2,482.0	5,992.3	7,527.5

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