BVH released consolidated H1 2023 results with gross written premium of VND21.0tn (USD892mn; -0.5% YoY) and PBT of VND1.2tn (USD50mn; +12.9% YoY), achieving 45% and 49% of our FY2023 forecasts, respectively. The bottom line in H1 2023 was in line with our forecast mainly due to a 33.6% YoY increase in net financial income, which outweighed a 41.1% YoY increase in operating losses. 

- H1 2023 life and non-life premiums of VND16.0tn (-1.1% YoY) and VND4.8tn (+1.9% YoY) were in line with our expectations and completed 45% and 46% of our full-year forecasts, respectively. 

- The claims ratio and reserve ratio in H1 2023 were 46.6% (+12.1 ppts YoY) and 49.2% (-4.6 ppts YoY), respectively. In addition, H1 2023 mathematical reserve expenses were VND9.0tn 

(-10.6% YoY), completing 49% of our full-year forecast. 

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