BVH released consolidated results for 9M 2020 with gross written premium of VND27.3tn (USD1.2bn; +4.4% YoY) and PBT of VND1.4tn (USD59mn; +6.9% YoY), achieving 70.5% and 88% of our FY2020 forecast, respectively. The slight increase in 9M PBT was mainly driven by (1) a 95.4% YoY increase in other premiums earned (which is comprised of commission from outward reinsurance activities) that could have been driven by a lower retention ratio and (2) a 38.1% YoY increase in net financial income