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BVH - BVH provisions conservatively through math reserves - Earnings Flash

BVH released its Q1 2018 results, reporting net profit growth of 13% Y-o-Y, c 21% of our forecast for FY2018. Q1 2018 net premium growth was robust at c 27%, but was wholly offset by its conservative provisioning approach, as shown in math reserve growth of 87.4% Y-o-Y. However, net financial income growth was impressive at c 133% Y-o-Y to reach VND2.4tn (USD107mn).