BVH released consolidated results for 2020 with gross written premium of VND37.9tn (USD1.6bn; +5.3% YoY) and NPAT-MI of VND1.5tn (USD67mn; +30.0% YoY), achieving 100.6% and 116.4% of our FY2020 forecast, respectively. On a quarterly basis, Q4 2020 NPAT-MI soared by 139.4% YoY to VND475bn thanks to (1) slow growth of 3.4% in Q4 net claims and reserves as well as (2) a 30.3% YoY increase in Q4 net financial income which was mainly derived from a 46.0% YoY decrease in financial expenses.