BMI released its business results for 9M 2022 with gross written premium of VND4.4tn (USD180mn; +23.3% YoY) and NPAT of VND224bn (USD9.1mn; +18.7% YoY), achieving 77% and 75% of our FY2022 forecasts, respectively. The bottom-line growth was mainly contributed by a 26.2% YoY increase in net written premium that outweighed (1) a 15.0% YoY increase in claim expenses, (2) 23.5% YoY increase in underwriting expenses and (3) 5.2% YoY decrease in net financial income.

- 9M 2022 total direct premium was VND4.0tn (USD162mn; +24.7% YoY). 

- 9M 2022 net written premium (NWP) was VND3.3tn (USD134mn; +26.2% YoY), implying a retention ratio of 74.6% vs 74.0% in 2021 and fulfilling 76% of our full-year forecast.

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