BVH released consolidated results for 2021 with gross written premium of VND39.7tn (USD1.72bn; +4.6% YoY) and NPAT-MI of VND1.9tn (USD62mn; +17.8% YoY), achieving 99% and 98% of our FY2021 forecasts, respectively. The increase in the bottom line was mainly thanks to (1) a 3.5% YoY decrease in operating losses (which were driven by both the life and non-life insurance sectors) as well as (2) a 2.6% YoY increase in net financial income that was mainly derived from a 42.6% YoY decrease in financial expenses.