BVH released consolidated 9M 2023 results with a gross written premium of VND31.5tn (USD1.2bn; -1.0% YoY) and PBT of VND1.7tn (USD70mn; +10.4% YoY), achieving 71% and 75% of our FY2023 forecasts, respectively. The bottom line in 9M 2023 aligned with our forecast primarily due to a 36.0% YoY increase in net financial income, which outweighed a 44.4% YoY increase in operating losses. 

- 9M 2023 life and non-life premiums of VND23.9tn (-2.2% YoY) and VND7.5tn (+2.7% YoY) tracked slightly behind our expectations and fulfilled 71% and 73% of our full-year forecasts, respectively. 

- The claims ratio and reserve ratio in 9M 2023 were 47.1% (+12.0 ppts YoY) and 50.2%  (-3.7 ppts YoY), respectively. In addition, 9M 2023 mathematical reserve expenses were VND9.6tn (-26.6% YoY), completing 55% of our full-year forecast. 

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