BVH released consolidated Q1 2023 results with gross written premium of VND10.6tn (USD452mn; +3.3% YoY) and PBT of VND657bn (USD28mn; +3.4% YoY), achieving 23% and 29% of our FY2023 forecasts, respectively. The bottom line in Q1 2023 tracked slightly ahead of our forecast mainly due to (1) a 23.1% YoY increase in net financial income that outweighed (2) a 31.1% YoY increase in operating losses.

- Q1 2023 life and non-life premium of VND8.0tn (+3.2% YoY & -8.8% QoQ) and VND2.6tn (+2.5% YoY & +4.5% QoQ) were in line with our expectation and completed 22.3% and 24.6% of our full-year forecasts, respectively. 

- The claims ratio and reserve ratio in Q1 2023 were 42.7% (+9.2 ppts YoY) and 48.8% (-4.1 ppts YoY), respectively. In addition, Q1 2023 mathematical reserve expenses were VND3.2tn 

(-15.1% YoY) — completing 17% of our full-year forecast — due to the favorable movement of the technical discount rate as a result of rising Government bond yields in late 2022.

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