BVH released consolidated results for H1 2022 with gross written premium of VND21.0tn (USD896mn; +8.9% YoY) and NPAT-MI of VND790bn (USD34mn; -13.2% YoY), achieving 46% and 32% of our FY2022 forecasts, respectively. The H1 2022 bottom line was weaker YoY mainly due to (1) a 3.4% YoY decrease in net financial income that outweighed (2) a 1.5% YoY decrease in operating losses. We foresee potential downside risk to our earnings forecast, pending a fuller review. 

- H1 2022 total direct premium was VND21.0tn (+9.1% YoY; completing 46% of our full-year forecast), in which life premium was VND16.2tn (+10.3% YoY; completing 46% of our full-year forecast) and non-life premium was VND4.8tn (+5.0% YoY; completing 48% of our full-year forecast). Overall, life and non-life premium were in line with our expectation.
- H1 2022 net written premium was VND19.5tn (+10.6 YoY; completing 47% of our 2022F forecast), implying a retention ratio of 92.6% vs 90.9% in 2021.