BMI released its business results for 2022 with gross written premium of VND6.0tn (USD254mn; +19.2% YoY) and PBT of VND293bn (USD9.1mn; +18.7% YoY), achieving 102% and 98% of our FY2022 forecasts, respectively. The bottom-line growth was mainly contributed by (1) a 22.0% YoY increase in net written premium that outweighed (2) a 28.1% YoY increase in underwriting expenses and (3) 23.2% YoY decrease in net financial income.

2022 net written premium (NWP) was VND4.5tn (USD134mn; +22.0% YoY), implying a retention ratio of 75.7% vs 74.0% in 2021 and fulfilling 103% of our full-year forecast.

The combined ratio in 2022 was 94.5% (-4.1 ppts YoY) with the loss and expense ratios at 29.4% (-7.2 ppts YoY) and 65.2% (+3.1 ppts YoY), respectively.