GWP growth in line with expectations. Life and non-life gross written premium (GWP) grew 18% and 8% YoY in H1 2019, respectively, achieving 45% and 44% of our FY 2019 expectation. Given that growth is usually weaker in H1, premium growth remains on track to reach our FY expectation. Weaker than expected investment income. Gross investment income of VND3.8tn (USD161mn) was down 32% YoY in H1 2019. This was driven by an anticipated drop in gains from securities, given a high base in H1 2018. Inve