BVH released consolidated results for Q1 2020 with gross written premium of VND8.7tn (USD380mn; +5.9% YoY) and NPAT-MI of VND126bn (USD5.5mn; -68.6% YoY), achieving 20.9% and 9.9% of our FY2020 forecast, respectively. The decline in the bottom line was mainly due to (1) a slowdown in life premium growth, (2) a 5.1% YoY drop in non-life premium, (3) an 18.9-ppt YoY increase in the mathematical reserve ratio that was driven by low Government bond yield, and (4) a 4.9% drop in net financial income.