BVH released consolidated results for Q1 2021 with gross written premium of VND9.4tn (USD409mn; +7.7% YoY) and NPAT-MI of VND469bn (USD20mn; +293% YoY), achieving 22.1% and 26.7% of our FY2021 forecast, respectively. The strong increase in the bottom line was mainly thanks to (1) a 13.7% YoY decrease in underwriting expenses as well as (2) a 51.3% YoY increase in net financial income that was mainly derived from a 65.9% YoY decrease in financial expenses. We see no material changes