BVH released consolidated results for Q1 2022 with gross written premium of VND10.3tn (USD446mn; +9.4% YoY) and NPAT-MI of VND471bn (USD20mn; +0.3% YoY), achieving 23% and 21% of our FY2022 forecasts, respectively. The bottom line was relatively flat YoY as (1) a 5.3% YoY increase in net financial income neutralized (2) an 11.7% YoY increase in operating losses due to a more-than-4x YoY surge in other insurance operating expenses.