VNR

Tổng Công ty cổ phần Tái Bảo hiểm Quốc gia Việt Nam ·HNX ·2026Q1

◆ DATA LIMITED

Data needs cross-checking · 4 metrics need cross-checking

Price

20,300

Latest close

02 Jun 2026

LOSS RATIO (TTM) 45,4%

EXPENSE RATIO (TTM) 121,0%

ROE (TTM) 11,7%

EPS (TTM) 2.244

BVPS (Latest period) 20.385

LEVERAGE (Latest period) 1,53 lần

Insurance Overview

Data coverage is gradually improving. Net insurance premium increases 6.7%, the loss ratio improves 1.3 percentage points, financial profit increases 34.6%, and reinsurance trend assessment needs more reporting cycles.

	                            
	                                NET INSURANCE PREMIUM
	                            
 1.953 tỷ
+6,7% YoY

	                            
	                                LOSS RATIO
	                            
 45,4%
−1,3 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 461 tỷ
+34,6% YoY

Metric	2025	2024
NET PREMIUM	1,936.1	1,549.1
Growth	+25%	—
PBT	525.4	480.9
PBT Margin	27.14%	31.04%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	739.2	357.3	360.3	496.2	722.3	359.7	385.0	363.5	440.8
Growth	+2%	-1%	-6%	+36%	+64%	—	—	—	—
PBT	129.5	146.5	133.1	161.8	86.2	182.2	-63.9	185.4	177.4
PBT Margin	17.52%	41.01%	36.94%	32.60%	11.93%	50.64%	-16.59%	50.99%	40.24%

Drivers of VNR's profit

TTM

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

Claims experience ↑ 25.7bn

Investment income ↑ 118.5bn

Unclassified ↑ 228.2bn

Premium volume ↓ 75.6bn

Chi phí khai thác BH ↓ 115.8bn

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 6.7% read with the regional reinsurance cycle

NET PREMIUM RETENTION —

Net insurance premium growth was 6.7%, but gross premium and reinsurance mix data are not clean enough for a deep mix conclusion. For reinsurers, retained and assumed premium are core lenses, so this data gap lowers conviction.

Read premium growth as directional evidence, not yet as a full view of revenue quality.

NET INSURANCE PREMIUM 1,936.1bn

NET INSURANCE BUSINESS REVENUE 2,398.4bn

GROSS WRITTEN PREMIUM 3,153.3bn

CEDED REINSURANCE PREMIUM 1,473.9bn

NET INSURANCE REVENUE GROWTH 15.2%

CEDED PREMIUM RATIO —

ASSUMED PREMIUM RATIO —

NET TO INSURANCE PREMIUM 55.5% -1.7 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 45.4% -1.3 ppt read cautiously with reinsurance data coverage

DIRECT EXPENSE BURDEN 92.3% -2.5 ppt underwriting expense improving

The combined ratio was 135.6%, still above technical-profit territory. However, claims did not deteriorate sharply (-1.3 ppt), so the read is weak but stabilizing.

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

CLAIM EXPENSES 830.6bn

DIRECT UNDERWRITING EXPENSES 2,222.7bn

INSURANCE COMMISSION EXPENSE 1,291.1bn

CLAIM RESERVE MOVEMENT 151.7bn

RETAINED CLAIMS BURDEN 66.6% -0.8 ppt

COMMISSION BURDEN 52.0% -0.6 ppt

RESERVE MOVEMENT BURDEN 8.7% -5.9 ppt

REINSURANCE RECOVERY SUPPORT 66.1% -9.6 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT 80.7% -7.1 ppt read with reserves and portfolio mix

FINANCIAL EXPENSE BURDEN 3.8% -7.1 ppt financial expense easing

Financial profit contributed 80.7% of PBT and changed -7.1 ppt year on year. Financial expense burden was 3.8%, so investment income is a quality support layer for ROE.

For a non-life insurer, this contribution zone is healthy when underwriting is not fully replaced by investment income.

FINANCIAL ACTIVITY PROFIT 440.4bn

PROFIT BEFORE TAX 525.4bn

PROFIT AFTER TAX 439.2bn

INSURANCE GROSS PROFIT 175.7bn

FINANCIAL PROFIT TO PAT 96.8% -6.2 ppt

INSURANCE GROSS PROFIT MARGIN 7.7% +2.5 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 39.5% -3.8 ppt read with reserve quality

LIABILITIES TO EQUITY 1.53x +0.22x read with reserves and reinsurance assets

Equity to assets was 39.5%, giving the non-life model a healthy capital buffer. Liquid investments to assets stood at 35.5%, giving the balance sheet room to absorb claims volatility.

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

TOTAL ASSETS 9,616.2bn

TOTAL EQUITY 4,187.7bn

REINSURANCE ASSETS 1,755.9bn

OPERATING CASH FLOW 188.2bn

LIQUID INVESTMENTS TO ASSETS 33.7% +0.1 ppt

REINSURANCE ASSETS TO ASSETS 18.5% +0.2 ppt

RESERVES TO LIABILITIES 69.3% -3.7 ppt

REINSURANCE ASSETS TO RESERVES 44.2% -0.2 ppt

OPERATING CASH TO ASSETS 2.1% -1.7 ppt

Investment conclusion

Data is still limited, so the investment conclusion should stay anchored to available metrics rather than over-extending the thesis. The sections with available data show: premium is growing 6.7%; underwriting improved as claims burden fell 1.3 ppt to 45.4%; investment income plays a supporting role with financial profit at 440.4bn; capital structure with equity to assets at 39.5% is a buffer for the reinsurance book.

Thesis support basis: The usable fields are premium growth 6.7%, claims burden 45.4% and equity to assets 39.5%; the conclusion should stay anchored to those available fields.

Data note: Some axes lack enough data, so available fields such as premium growth 6.7%, claims burden 45.4% and equity to assets 39.5% should only frame the initial read.

Data across VNR'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)	3,410.1	2,900.6
- Gross written premium	—	3,153.3
- Reinsurance premium assumed	3,660.2	3,153.3
- Increase/(Decrese) in gross unearned premium reserve	250.1	252.7
2. Reinsurance premium ceded	1,473.9	1,351.5
- Reinsurance premium ceded	1,534.3	1,413.3
-Increase/(Decrease) in ceded unearned premium reserve	60.3	61.8
3. Net insurance premium (03=01-02)	1,936.1	1,549.1
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	462.3	354.4
- Commissions on reinsurance ceded	434.6	326.3
5. Total net revenue from insurance business (10=03+04)	2,398.4	1,903.4
6. Claim expenses on retained risks	1,302.5	1,204.8
Total claim expenses	1,302.5	1,204.8
+ Claim and maturity payment expenses	1,302.5	1,204.8
7. Recoveries from reinsurance ceded	623.6	633.0
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	117.6	300.9
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-34.1	85.3
9.1. Increase in claim reserve	151.7	215.6
Total claim insurance expenses	830.6	787.4
11. Provision for catastrophe reserve	21.3	6.4
12. Other insurance operating expenses	1,370.8	943.4
+ Commission	1,291.1	886.2
Other insurance operating expenses	79.8	57.2
- Other underwriting expenses	79.8	57.2
+ Others	31.8	26.7
13. Total direct insurance operating expenses	2,222.7	1,737.2
14. Gross insurance operating profit	175.7	166.3
18. Revenue from financial activities	472.1	425.2
19. Expenses on financial activities	31.8	26.7
20. Profit from financial activities	440.4	398.5
21. Administrative expenses	129.2	123.3
22. Operating profit	498.9	446.0
23. Other incomes	1.4	2.7
24. Other expenses	1.1	0.9
25. Other profits	0.3	1.7
Share of profitin associates and joint ventures	26.3	33.1
26. Total profit	525.4	480.9
29. Total profit before tax (55=44+50+53+54)	525.4	480.9
Taxable profit	525.4	480.9
27. Current corporate income tax expenses	85.3	76.7
28. Deferred income tax expenses (*)	0.9	-0.2
29. Profit after tax	439.2	404.5
30. Minority interest	2.0	-0.5
31. Profit after tax for shareholders of the parent compan	437.2	404.9
32. Earning per share	2,112.00	2,157.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,778.8	5,466.5
I. Cash and cash equivalents	58.4	145.4
1. Cash	7.4	95.4
2. Cash equivalents	51.0	50.0
II. Short-term investments	3,351.1	2,359.3
1. Short-term investments	0.2	0.2
2. Provision for diminution in value of short-term investments	-0.2	-0.2
3. Held to maturity investments	3,351.1	2,359.3
III. Short-term receivables	834.4	765.8
1. Trade accounts receivable	660.6	624.2
1.1. Insurance contract receivables	660.6	624.2
12. Other receivables of customers	—	0.0
2. Prepayments to suppliers	0.2	0.2
5. Other receivables	225.5	187.2
6. Provision for short-term doubtful debts	-52.0	-45.8
IV. Inventories	0.1	0.1
1. Inventories	0.1	0.1
V. Other short-term assets	779.0	497.3
1. Short-term prepayments	777.5	496.2
1.1. Unallocated commissions expenses	777.2	495.9
1.2. Other short-term prepaid expenses	0.3	0.3
2. Value Added Tax to be reclaimed	1.5	1.1
VIII. Reinsurance assets	1,755.9	1,698.7
1. Reinsurance assets from unearned premium reserves	762.3	702.0
2. Reinsurance assets from claim reserves	993.6	996.7
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,837.4	3,311.0
I. Long-term receivables	28.5	30.5
6. Other long-term receivables	28.5	30.5
6.2. Other long-term receivables	0.5	2.5
II. Fixed assets	17.4	20.3
1. Tangible fixed assets	8.1	10.2
- Cost	38.7	37.2
- Accumulated depreciation	-30.6	-27.1
3. Intangible fixed assets	9.3	10.2
- Cost	18.7	16.4
- Accumulated depreciation	-9.4	-6.2
III. Investment properties	—	1.0
- Cost	34.1	—
- Accumulated depreciation	-34.1	1.0
IV. Long-term assets in progress	—	6.2
1. Construction in progress	—	6.2
IV. Long-term investments	2,779.7	3,241.7
2. Investments in associates, joint-ventures	391.2	378.5
3. Investments in other entities	303.2	309.3
5. Held to maturity investments	2,085.3	2,553.9
VI. Other long-term assets	11.8	11.3
1. Long-term prepayments	2.2	0.8
2. Deferred income tax assets	1.7	2.7
4. Other long-term assets	7.9	7.9
TOTAL ASSETS (270=100+200)	9,616.2	8,777.6
A. LIABILITIES (300=210+330)	5,428.5	4,833.1
I. Short -term liabilities	5,424.4	4,831.4
2. Trade accounts payable	841.6	758.0
2.1. Insurance contract payable	840.5	756.9
2.2. Other payables to suppliers	1.1	1.1
3. Advances from customers	0.2	0.4
4. Taxes and other payables to state authorities	27.3	16.3
5. Payable to employees	41.3	33.6
6. Accrued expenses	1.1	—
8. Other payables	63.9	66.6
9. Unearned commission revenues	256.0	176.9
11. Bonus and welfare fund	34.2	29.1
131. Unearned premium reserve	1,796.0	1,545.9
132. Claim reserve	2,124.2	1,970.1
133. Catastrophe reserve	238.7	217.4
II. Long-term liabilities	4.0	1.7
3. Other long-term liabilities	1.5	1.7
B. OWNER'S EQUITY (400=410+430)	4,187.7	3,944.5
I. Owner's equity	4,187.7	3,944.5
1. Capital from owners	2,006.3	1,823.9
- Common stock with voting right	2,006,302,480,000.00	1,823,914,550,000.00
2. Share premium	369.8	369.8
7. Investment and development fund	206.1	—
9. Compulsory reserves	200.6	182.4
11. Undistributed earnings after tax	1,369.5	1,328.8
- Accumulated retained earning at the end of the previous period	964.0	952.0
- Undistributed earnings in this period	405.4	376.8
12. Minority's interest	35.5	33.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	9,616.2	8,777.6

Item	2025	2024
Income tax paid	-74.2	-74.9
Other receipts from operating activities	43.1	17.4
Other payments for operating activities	-55.2	-45.0
Net cash flows from operating activities	188.2	326.7
1. Payment for fixed assets, constructions and other long-term assets	-1.8	-6.0
2. Receipts from disposal of fixed assets and other long-term assets	—	0.2
4. Receipts from loan repayments, sale of other entities' debt instruments	1,976.5	2,092.2
5. Payments for investment in other entities	-2,441.7	-2,712.9
7. Dividends, interest and profit received	373.3	541.9
Net cash flows from investing activities	-93.8	-84.6
6. Dividends paid, profits distributed to owners	-182.4	-165.8
Net cash flows from financing activities	-182.4	-165.8
Net cash flows during the period	-88.0	76.3
Cash and cash equivalents at beginning of the period	145.4	67.5
Exchange difference due to re-valuation of ending balances	0.9	1.7
Cash and cash equivalents at end of the period	58.4	145.4

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)	1,201.0	675.6	821.3	821.3	1,092.0	654.6	725.6	729.8	790.6
- Reinsurance premium assumed	1,486.7	561.2	853.3	854.2	1,391.5	691.4	765.8	785.2	910.9
- Increase/(Decrese) in gross unearned premium reserve	285.7	-114.4	32.0	33.0	299.6	36.8	40.3	55.4	120.2
2. Reinsurance premium ceded	461.8	318.2	461.0	325.1	369.7	294.9	340.5	366.3	349.9
- Reinsurance premium ceded	540.0	283.9	568.4	296.9	385.0	267.3	359.2	409.9	376.8
-Increase/(Decrease) in ceded unearned premium reserve	78.2	-34.4	107.5	-28.1	15.4	-27.6	18.7	43.7	26.9
3. Net insurance premium (03=01-02)	739.2	357.3	360.3	496.2	722.3	359.7	385.0	363.5	440.8
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	208.2	80.0	180.1	136.7	131.1	92.9	79.8	85.6	96.0
- Commissions on reinsurance ceded	203.0	77.1	176.7	83.2	97.7	88.6	77.7	80.1	79.9
5. Total net revenue from insurance business (10=03+04)	947.4	437.3	540.4	632.9	853.4	452.7	464.8	449.1	536.8
6. Claim expenses on retained risks	386.9	248.2	315.5	351.1	387.6	254.5	279.3	313.6	357.5
Total claim expenses	386.9	248.2	315.5	351.1	387.6	254.5	279.3	313.6	357.5
+ Claim and maturity payment expenses	386.9	248.2	315.5	351.1	387.6	254.5	279.3	313.6	357.5
7. Recoveries from reinsurance ceded	160.0	147.1	146.6	131.8	198.0	133.9	137.9	177.2	184.0
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	132.5	1.4	52.7	59.7	3.8	-43.7	474.9	-66.2	-64.0
9. Increase(Decrease) in claim reserves related to reinsurance ceded	84.5	-70.2	23.3	38.6	-25.8	-19.0	194.4	-47.6	-42.5
9.1. Increase in claim reserve	48.0	71.6	29.3	21.1	29.6	-24.8	280.5	-18.6	-21.5
Total claim insurance expenses	274.8	172.7	198.2	240.4	219.2	95.9	421.9	117.7	152.0
11. Provision for catastrophe reserve	9.5	2.8	2.9	5.6	10.1	-6.8	4.1	3.8	5.3
12. Other insurance operating expenses	612.6	199.0	296.2	347.7	593.6	233.2	199.0	214.2	297.0
+ Commission	578.5	194.7	275.9	281.2	539.3	226.0	205.1	196.7	258.4
Other insurance operating expenses	34.1	4.3	20.2	66.5	54.3	7.2	-6.2	17.4	38.6
- Other underwriting expenses	34.1	4.3	20.2	66.5	54.3	7.2	-6.2	17.4	38.6
+ Others	-4.4	2.4	6.8	13.3	12.4	10.9	7.8	10.6	3.1
13. Total direct insurance operating expenses	896.9	374.5	497.2	593.7	822.9	322.3	624.9	335.7	454.3
14. Gross insurance operating profit	50.5	62.9	43.2	39.2	30.5	130.4	-160.1	113.5	82.4
18. Revenue from financial activities	91.8	116.5	121.6	149.0	85.0	91.5	96.8	110.6	126.3
19. Expenses on financial activities	-4.4	2.4	6.8	13.3	12.4	10.9	7.8	10.6	3.1
20. Profit from financial activities	96.1	114.2	114.8	135.7	72.6	80.5	89.1	100.0	123.2
21. Administrative expenses	27.3	32.5	34.2	28.6	28.4	35.2	-0.9	40.9	42.2
22. Operating profit	119.4	146.6	126.0	153.1	75.7	176.8	-68.7	173.2	164.8
23. Other incomes	2.4	0.3	0.3	0.5	0.4	1.5	0.3	0.7	0.2
24. Other expenses	0.2	0.3	0.3	0.3	0.2	0.2	0.3	0.2	0.2
25. Other profits	2.1	-0.1	-0.0	0.2	0.2	1.3	-0.0	0.5	-0.0
Share of profitin associates and joint ventures	8.0	3.0	7.1	8.5	10.3	4.1	4.8	11.6	12.6
26. Total profit	129.5	146.5	133.1	161.8	86.2	182.2	-63.9	185.4	177.4
29. Total profit before tax (55=44+50+53+54)	129.5	146.5	133.1	161.8	86.2	182.2	-63.9	185.4	177.4
Taxable profit	129.5	146.5	133.1	161.8	86.2	182.2	-63.9	185.4	177.4
27. Current corporate income tax expenses	24.2	26.6	25.0	17.8	15.9	30.7	-15.6	29.2	32.1
28. Deferred income tax expenses (*)	-0.0	1.1	-0.4	0.9	-0.1	0.3	-2.3	-0.3	2.1
29. Profit after tax	105.3	118.9	108.5	143.1	70.4	151.3	-46.0	156.4	143.2
30. Minority interest	0.3	1.6	0.3	2.0	-2.1	0.5	0.1	0.1	-1.1
31. Profit after tax for shareholders of the parent compan	105.0	117.3	108.2	141.1	72.5	150.8	-46.1	156.4	144.3
32. Earning per share	510.00	564.00	420.00	750.00	387.00	691.00	-277.00	915.00	845.00

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)	7,408.4	6,778.9	6,799.0	6,959.7	6,605.4	5,466.5	6,288.8	6,315.9	6,110.3
I. Cash and cash equivalents	70.2	58.4	99.0	184.8	51.1	95.4	77.6	52.2	16.5
1. Cash	70.2	7.4	99.0	9.3	51.1	95.4	67.9	19.2	16.5
2. Cash equivalents	—	51.0	—	175.5	—	—	9.7	33.0	—
II. Short-term investments	3,418.0	3,351.1	2,914.2	3,215.3	3,065.0	2,409.3	2,987.2	3,136.9	2,853.7
1. Short-term investments	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
2. Provision for diminution in value of short-term investments	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
3. Held to maturity investments	3,418.0	3,351.1	2,914.2	3,215.3	3,065.0	2,409.3	2,987.2	3,136.9	2,853.7
III. Short-term receivables	1,035.1	834.4	1,104.0	1,031.2	1,000.2	765.8	1,016.4	1,165.0	1,280.9
1. Trade accounts receivable	962.6	660.6	878.7	835.6	785.3	624.2	798.6	885.2	975.0
1.1. Insurance contract receivables	962.6	660.6	878.7	835.6	785.0	624.2	798.5	885.1	974.8
12. Other receivables of customers	—	—	—	—	0.3	0.0	0.1	0.0	0.2
2. Prepayments to suppliers	0.5	0.2	0.6	1.0	0.4	0.2	0.5	0.7	1.0
5. Other receivables	125.1	225.5	281.1	248.9	267.5	187.2	259.9	324.4	348.4
6. Provision for short-term doubtful debts	-53.1	-52.0	-56.4	-54.3	-52.9	-45.8	-42.7	-45.2	-43.5
IV. Inventories	0.1	0.1	0.1	0.1	0.1	0.1	3.8	3.8	3.8
1. Inventories	0.1	0.1	0.1	0.1	0.1	0.1	4.0	4.0	4.1
V. Other short-term assets	966.4	779.0	837.0	814.3	785.9	497.3	458.8	444.2	437.6
1. Short-term prepayments	964.9	777.5	835.4	812.8	784.0	496.2	441.7	442.7	436.2
1.1. Unallocated commissions expenses	962.7	777.2	834.3	810.8	782.0	495.9	440.6	441.1	434.4
1.2. Other short-term prepaid expenses	2.1	0.3	1.1	1.9	2.0	0.3	1.1	1.6	1.8
2. Value Added Tax to be reclaimed	1.5	1.5	1.6	1.6	1.8	1.1	1.5	1.5	1.4
3. Taxes and other receivables from state authorities	—	—	—	—	—	—	15.6	—	—
VIII. Reinsurance assets	1,918.5	1,755.9	1,844.7	1,714.0	1,703.2	1,698.7	1,745.1	1,513.8	1,517.8
1. Reinsurance assets from unearned premium reserves	840.5	762.3	796.7	689.2	717.4	702.0	729.5	710.8	667.2
2. Reinsurance assets from claim reserves	1,078.0	993.6	1,048.0	1,024.8	985.9	996.7	1,015.6	803.0	850.6
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,946.7	2,836.9	3,051.1	2,610.3	2,665.8	3,311.2	2,434.7	2,236.6	2,274.2
I. Long-term receivables	33.0	28.5	28.4	28.0	28.1	30.5	28.2	31.3	31.7
6. Other long-term receivables	33.0	28.5	28.4	28.0	28.1	30.5	28.2	31.3	31.7
6.2. Other long-term receivables	5.0	0.5	0.4	—	0.1	2.5	0.2	3.3	3.7
II. Fixed assets	15.3	17.4	15.8	17.5	18.9	20.3	20.8	22.2	23.6
1. Tangible fixed assets	6.9	8.1	7.9	8.9	9.5	10.2	9.9	10.5	11.1
- Cost	38.7	38.7	37.4	37.3	37.2	37.3	36.3	36.3	37.5
- Accumulated depreciation	-31.8	-30.6	-29.5	-28.4	-27.7	-27.1	-26.4	-25.8	-26.4
3. Intangible fixed assets	8.4	9.3	7.8	8.6	9.4	10.2	10.9	11.7	12.5
- Cost	18.7	18.7	16.4	16.4	16.4	16.3	16.4	16.4	16.4
- Accumulated depreciation	-10.3	-9.4	-8.6	-7.8	-7.0	-6.2	-5.4	-4.7	-3.9
III. Investment properties	—	—	—	0.0	0.5	1.0	1.4	1.9	2.3
- Cost	34.1	34.1	—	34.1	34.1	34.1	34.1	34.1	34.1
- Accumulated depreciation	-34.1	-34.1	—	-34.0	-33.6	-33.1	-32.6	-32.2	-31.7
IV. Long-term assets in progress	—	—	16.1	3.1	5.5	6.2	6.0	5.9	6.4
1. Construction in progress	—	—	16.1	3.1	5.5	6.2	6.0	5.9	6.4
IV. Long-term investments	2,886.7	2,779.7	2,978.5	2,551.2	2,601.5	3,239.8	2,364.8	2,166.0	2,201.2
2. Investments in associates, joint-ventures	399.3	391.2	391.0	383.8	388.8	378.5	374.4	369.6	374.9
3. Investments in other entities	303.2	303.2	303.2	309.3	309.3	309.3	309.3	309.3	309.3
4. Provision for diminution in value of long-term investments	—	—	-3.4	-1.5	-2.6	-1.9	-3.0	—	—
5. Held to maturity investments	2,184.3	2,085.3	2,287.8	1,859.6	1,906.0	2,553.9	1,684.1	1,487.1	1,516.9
VI. Other long-term assets	11.6	11.3	12.3	10.4	11.3	13.3	13.5	9.3	9.1
1. Long-term prepayments	2.1	2.2	2.1	0.7	0.7	2.8	2.7	0.8	0.9
2. Deferred income tax assets	1.7	1.2	2.3	1.9	2.7	2.7	2.9	0.6	0.3
4. Other long-term assets	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9
TOTAL ASSETS (270=100+200)	10,355.0	9,615.7	9,850.1	9,570.0	9,271.2	8,777.7	8,723.5	8,552.5	8,384.5
A. LIABILITIES (300=210+330)	6,265.2	5,426.1	5,775.5	5,600.7	5,258.3	4,832.8	4,925.6	4,710.1	4,528.3
I. Short -term liabilities	6,261.1	5,424.6	5,780.0	5,599.1	5,256.5	4,831.1	4,924.1	4,708.6	4,526.8
2. Trade accounts payable	1,021.1	842.5	1,086.5	933.4	867.4	758.0	872.7	972.7	965.1
2.1. Insurance contract payable	1,020.1	840.5	1,078.8	932.3	866.5	756.9	871.7	971.7	964.1
2.2. Other payables to suppliers	1.0	2.0	7.6	1.1	1.0	1.1	1.0	0.9	1.0
3. Advances from customers	0.1	0.2	0.2	0.4	0.4	0.4	0.7	0.9	1.2
4. Taxes and other payables to state authorities	31.1	27.3	26.2	18.7	20.7	15.9	1.1	30.1	37.5
5. Payable to employees	7.0	41.5	27.9	20.0	3.1	33.7	15.8	38.1	20.1
6. Accrued expenses	1.7	1.1	0.9	1.4	1.6	—	1.5	4.1	3.2
8. Other payables	45.7	62.9	76.6	241.4	67.3	66.6	77.6	241.2	74.3
9. Unearned commission revenues	330.5	256.0	267.6	180.1	185.5	176.9	162.5	158.8	153.1
11. Bonus and welfare fund	34.3	34.2	34.2	32.6	28.5	29.1	27.9	39.2	35.6
131. Unearned premium reserve	2,081.7	1,796.0	1,910.4	1,878.4	1,845.4	1,545.9	1,509.0	1,468.8	1,413.4
132. Claim reserve	2,259.1	2,124.2	2,104.0	2,051.5	1,991.6	1,970.1	2,013.7	1,517.5	1,583.7
133. Catastrophe reserve	248.2	238.7	235.9	233.1	227.5	217.4	224.2	220.1	216.4
II. Long-term liabilities	4.1	1.5	-4.5	1.7	1.7	1.7	1.5	1.5	1.5
3. Other long-term liabilities	1.5	1.5	—	1.7	1.7	1.7	1.5	1.5	1.5
B. OWNER'S EQUITY (400=410+430)	4,089.8	4,189.7	4,074.6	3,969.2	4,012.9	3,944.9	3,797.9	3,842.4	3,856.3
I. Owner's equity	4,089.8	4,189.7	4,074.6	3,969.2	4,012.9	3,944.9	3,797.9	3,842.4	3,856.3
1. Capital from owners	2,006.3	2,006.3	2,006.3	1,823.9	1,823.9	1,823.9	1,658.1	1,658.1	1,658.1
- Common stock with voting right	2,006,302,480,000.00	2,006,302,480,000.00	2,006,302,480,000.00	1,823,914,550,000.00	1,823,914,550,000.00	1,823,914,550,000.00	1,658,106,170,000.00	1,658,106,170,000.00	1,658,106,170,000.00
2. Share premium	369.8	369.8	369.8	369.8	369.8	369.8	369.8	369.8	369.8
7. Investment and development fund	396.5	—	—	206.1	206.1	—	—	—	—
9. Compulsory reserves	200.6	200.6	198.1	182.4	182.4	182.4	165.8	165.8	165.8
11. Undistributed earnings after tax	1,080.8	1,371.4	1,260.7	1,353.7	1,399.4	1,329.3	1,365.1	1,409.7	1,423.7
- Accumulated retained earning at the end of the previous period	978.4	964.0	964.0	1,146.4	1,328.8	952.0	1,117.8	1,117.8	1,283.6
- Undistributed earnings in this period	102.4	407.3	296.6	207.3	70.6	377.3	247.3	291.9	140.1
12. Minority's interest	35.8	—	33.7	33.4	31.4	33.5	33.0	32.9	32.8
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	10,355.0	9,615.7	9,850.1	9,570.0	9,271.2	8,777.7	8,723.5	8,552.5	8,384.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Income tax paid	-26.5	-25.2	-49.0	-31.2	-15.4	0.0	-74.9	-45.7	-13.7
Other receipts from operating activities	2.2	21.6	—	21.6	2.7	10.5	6.9	3.3	1.0
Other payments for operating activities	-19.5	-24.2	—	-30.9	-15.3	-10.8	-34.3	-27.5	-12.7
Net cash flows from operating activities	5.4	34.2	154.0	28.0	-42.7	169.7	157.0	73.0	-65.8
1. Payment for fixed assets, constructions and other long-term assets	-0.1	-1.4	-0.4	-0.2	-0.1	-1.9	-4.1	-3.8	-4.8
2. Receipts from disposal of fixed assets and other long-term assets	—	—	—	—	—	0.0	0.2	—	—
4. Receipts from loan repayments, sale of other entities' debt instruments	427.5	278.8	1,697.6	723.6	355.7	700.6	1,391.7	1,040.0	641.0
5. Payments for investment in other entities	-510.2	-474.7	-1,966.9	-869.8	-393.8	-941.4	-1,771.5	-1,393.8	-680.8
7. Dividends, interest and profit received	89.4	122.5	250.8	156.7	35.9	140.6	401.3	268.7	119.1
Net cash flows from investing activities	6.6	-74.8	-19.0	10.4	-2.2	-102.1	17.5	-88.9	74.5
6. Dividends paid, profits distributed to owners	—	0.0	-182.4	—	—	-2.2	-163.6	—	—
Net cash flows from financing activities	—	0.0	-182.4	—	—	-2.2	-163.6	—	—
Net cash flows during the period	12.0	-40.6	-47.3	38.4	-45.0	65.5	10.8	-15.9	8.8
Cash and cash equivalents at beginning of the period	58.4	99.0	145.4	145.4	95.4	77.6	67.5	67.5	7.5
Exchange difference due to re-valuation of ending balances	-0.2	0.0	0.9	1.0	0.6	2.4	-0.7	0.6	0.3
Cash and cash equivalents at end of the period	70.2	58.4	99.0	184.8	51.1	145.4	77.6	52.2	16.5

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