BMI released consolidated results for H1 2020 with gross written premium of VND2.3tn (USD99mn; +17.9% YoY) and NPAT-MI of VND87bn (USD3.8mn; -4.9% YoY), achieving 58.0% and 55.8% of our FY2020 forecast, respectively. The decline in the bottom line was mainly due to (1) a 19.3% YoY drop in commission income from outward reinsurance activities, (2) a 40.9% YoY increase in underwriting expenses