BVH released consolidated results for 9M 2022 with gross written premium of VND31.8tn (USD1.3bn; +11.2% YoY) and NPAT-MI of VND1.2tn (USD48mn; -12.6% YoY), achieving 70% and 54% of our FY2022 forecasts, respectively. The 9M 2022 bottom line was weaker YoY mainly due to (1) a 5.3% YoY increase in operating losses that outweighed (2) a 1.2% YoY increase in net financial income. We foresee potential downside risk to our earnings forecast, pending a fuller review. 

- 9M 2022 total direct premium was VND31.7tn (+11.3% YoY; completing 70% of our full-year forecast), in which life premium was VND24.5tn (+10.8% YoY; completing 69% of our full-year forecast) and non-life premium was VND7.3tn (+12.8% YoY; completing 74% of our full-year forecast). Overall, non-life premium was in line with our expectation, while life premium tracked slightly behind our expectation. 

- 9M 2022 net written premium was VND29.4tn (+12.7 YoY; completing 71% of our full-year forecast), implying a retention ratio of 92.2% vs 90.9% in 2021.

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