Bao Minh Insurance Income Statement

Financials in millions VND. Fiscal year is January - December.

Millions VND. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Premiums & Annuity Revenue	5,052,544	5,059,341	4,879,889	4,525,500	4,278,490	3,569,529
Total Interest & Dividend Income	266,507	256,950	277,498	382,725	274,297	235,467
Gain (Loss) on Sale of Investments	15,729	15,729	17,746	3,315	-13,537	88,024
Non-Insurance Activities Revenue	12,487	13,777	12,963	13,423	12,829	12,305
Other Revenue	327,847	301,068	242,859	194,961	231,904	199,155
Total Revenue	5,675,113	5,646,864	5,430,954	5,119,925	4,783,984	4,104,479
Revenue Growth (YoY)	3.60%	3.98%	6.08%	7.02%	16.55%	0.76%
Policy Benefits	1,625,853	1,561,803	1,653,806	1,555,147	1,281,860	1,263,664
Policy Acquisition & Underwriting Costs	981,916	964,830	915,015	815,366	796,562	675,332
Depreciation & Amortization	6,999	6,999	6,379	4,617	4,334	5,014
Selling, General & Administrative	110,379	119,588	87,391	76,453	54,773	56,629
Non-Insurance Activities Expense	4,995	5,177	6,111	5,360	5,705	5,901
Other Operating Expenses	2,476,432	2,508,275	2,301,591	2,093,034	2,157,903	1,635,776
Total Operating Expenses	5,392,748	5,346,325	5,154,672	4,748,525	4,380,315	3,713,494
Operating Income	282,365	300,539	276,282	371,399	403,669	390,985
Interest Expense	-80.93	-104.06	-483.46	-883.6	-636.66	-222.7
Currency Exchange Gain (Loss)	-3,623	-2,976	-5,643	128.97	-4,177	4,376
Other Non Operating Income (Expenses)	4,847	4,800	2,578	5,286	-67,402	-89,731
EBT Excluding Unusual Items	283,508	302,258	272,734	375,931	331,453	305,408
Gain (Loss) on Sale of Assets	2.49	-	-	296.11	22.09	891.71
Pretax Income	299,479	302,258	272,734	376,227	331,475	306,299
Income Tax Expense	49,788	45,064	35,060	47,234	49,617	51,218
Earnings From Continuing Ops.	249,691	257,195	237,674	328,993	281,858	255,082
Net Income	249,691	257,195	237,674	328,993	281,858	255,082
Preferred Dividends & Other Adjustments	36,069	36,069	45,291	40,301	40,021	38,619
Net Income to Common	213,622	221,126	192,383	288,692	241,837	216,462
Net Income Growth	9.51%	8.21%	-27.76%	16.72%	10.50%	30.66%
Shares Outstanding (Basic)	151	151	151	151	151	151
Shares Outstanding (Diluted)	151	151	151	151	151	151
Shares Change (YoY)	-2.54%	-	-0.00%	-0.00%	-	-0.00%
EPS (Basic)	1418.97	1468.81	1277.89	1917.57	1606.33	1437.79
EPS (Diluted)	1418.97	1468.81	1277.89	1917.57	1606.33	1437.79
EPS Growth	19.95%	14.94%	-33.36%	19.38%	11.72%	30.69%
Free Cash Flow	94,050	-248,109	127,750	-424,434	-85,987	529,974
Free Cash Flow Per Share	624.72	-1648.04	848.57	-2819.22	-571.14	3520.20
Dividend Per Share	-	-	440.529	400.481	364.073	1092.220
Dividend Growth	-	-	10.00%	10.00%	-66.67%	-10.00%
Operating Margin	4.98%	5.32%	5.09%	7.25%	8.44%	9.53%
Profit Margin	3.76%	3.92%	3.54%	5.64%	5.05%	5.27%
Free Cash Flow Margin	1.66%	-4.39%	2.35%	-8.29%	-1.80%	12.91%
EBITDA	299,814	315,604	294,282	388,610	421,578	410,300
EBITDA Margin	5.28%	5.59%	5.42%	7.59%	8.81%	10.00%
D&A For EBITDA	17,450	15,065	18,000	17,211	17,909	19,314
EBIT	282,365	300,539	276,282	371,399	403,669	390,985
EBIT Margin	4.98%	5.32%	5.09%	7.25%	8.44%	9.53%
Effective Tax Rate	16.63%	14.91%	12.86%	12.55%	14.97%	16.72%
Revenue as Reported	5,360,409	5,360,409	5,122,748	4,720,462	4,510,395	3,768,684

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.