An interim resolution and a clean audit of first-half 2026 results have mitigated the downside, but the Vietnamese insurer’s risk management framework still needs further assessment.
Profitable non-life business generated most of the composite insurer’s 2025 operating income, while its life business, which made up about half of premiums, improved.
Hong Kong supplied around half of the group’s annual premium equivalent in H1 2026, while a growing contractual service margin releases steady earnings.
The Hong Kong reinsurer posted a 91.0% non-life net combined ratio in 2025 and lifted net profit to HK$1.3bn (US$167m) on higher underwriting and investment results.
Favourable claims development on its non-life book and robust margins from a growing life business lifted underwriting performance at the Philippines’ sole domestic reinsurer.
Gains on a relatively high allocation to Indian equities carried the year’s earnings, though the same holdings expose the reinsurer’s balance sheet to market risk.
Fewer troubled member builders, better recoveries and bigger budgets for state-led projects should lift results at the Korean guarantor after weak profitability since 2023.
Fair value gains from lower interest rates and a favourable equity market drove the turnaround, while Fitch expects investment profits to moderate in 2026.
