- Q1 2023 net written premium (NWP) was VND1.1tn (USD47mn; +4.9% YoY), implying a retention ratio of 70.7% vs 75.7% in 2022 and fulfilling 22% of our full-year forecast.
- The combined ratio in Q1 2023 was 96.0% (+8.7 ppts YoY) with the loss and expense ratios at 38.0% (+6.0 ppts YoY) and 58.0% (+2.7 ppts YoY), respectively. The strong YoY increase in the combined ratio dragged down underwriting profit YoY.  
- Q1 2023 net financial income was VND45bn (USD1.9mn; +15.3% YoY), completing 17% of our full-year forecast.