BMI released its business results for 9M 2023 with a gross written premium of VND4.6tn (USD185mn; +3.4% YoY) and profit before tax (PBT) of VND283bn (USD12mn; +10.1% YoY), achieving 68% and 72% of our respective FY2023 forecasts. The bottom line met our expectations and was primarily driven by a 60.1% YoY increase in net financial income. This increase outweighed a 66.7% YoY decrease in underwriting profits. We see no major changes to our earnings forecasts, pending a more comprehensive review.

- 9M 2023 net written premium (NWP) was VND3.3tn (USD134mn; flat YoY), implying a retention ratio of 72.1% vs 75.7% in 2022 and fulfilling 65% of our full-year forecast.

- The combined ratio in 9M 2023 was 100.4% (+5.9 ppts YoY), with the loss and expense ratios at 38.5% (+7.0 ppts YoY) and 61.9% (-1.1 ppts YoY), respectively. The strong YoY increase in the combined ratio dragged underwriting profits down YoY.   

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