BMI released business results for Q1 2022 with gross written premium of VND1.4tn (USD60mn; +15.6% YoY) and NPAT of VND71bn (USD3.1mn; +1.5% YoY), achieving 24% and 23% of our FY2022 forecasts, respectively. The slight increase in the bottom line was mainly due to (1) a 15.6% YoY increase in gross written premium and (2) 4.9% YoY decrease in claim expenses that outweighed (3) a 16.8% YoY increase in underwriting expenses and (4) 38.6% YoY decrease in net financial income.