BMI released consolidated results for 9M 2020 with gross written premium of VND3.5tn (USD151mn; +13.3% YoY) and NPAT-MI of VND158bn (USD6.9mn; +15.1% YoY), achieving 74.8% and 84.0% of our FY2020 forecasts, respectively. The increase in the bottom line was mainly due to (1) a 13.0% YoY increase in net earned premium, (2) 8.8% YoY decrease in claims and reserves and (3) 27.9% YoY increase in net financial income that was partly offset by a 27.6% YoY increase in underwriting expenses.