ANNUAL REPORT 2024BLI
04

Solid foundation

Reaching beyond

THE 2024 FINANCIAL REPORT

Code
31/12/2024
VND
1/1/2024
VND
(Restated)
ASSETS
Cash
Code 111
31/12/2024
VND
117,852,240,575
1/1/2024
VND
(Restated)
87,229,256,976
Cash equivalents
Code 112
31/12/2024
VND
20,000,000,000
1/1/2024
VND
(Restated)
Trading securities
Code 121
31/12/2024
VND
4,186,371,000
1/1/2024
VND
(Restated)
24,788,437,000
Allowance for diminution in value of trading securities
Code 122
31/12/2024
VND
(2,611,498,100)
1/1/2024
VND
(Restated)
(3,603,080,400)
Held-to-maturity investments
Code 123
31/12/2024
VND
1,426,122,904,439
1/1/2024
VND
(Restated)
1,190,513,671,233
Other short-term investments
Code 128
31/12/2024
VND
47,129,179,580
1/1/2024
VND
(Restated)
32,129,179,580
Provision for diminution in value of other short-term investments
Code 129
31/12/2024
VND
(878,369,265)
1/1/2024
VND
(Restated)
(803,524,000)
Accounts receivable
Code 131
31/12/2024
VND
301,685,061,902
1/1/2024
VND
(Restated)
283,886,435,664
Accounts receivable – insurance
Code 131.1
31/12/2024
VND
301,685,061,902
1/1/2024
VND
(Restated)
283,886,435,664
Other short-term receivables
Code 135
31/12/2024
VND
132,616,331,420
1/1/2024
VND
(Restated)
144,117,375,323
Allowance for doubtful debts
Code 139
31/12/2024
VND
(23,043,995,751)
1/1/2024
VND
(Restated)
(34,481,629,448)
Inventories
Code 141
31/12/2024
VND
389,404,189
1/1/2024
VND
(Restated)
416,267,599
Other current assets
Code 150
31/12/2024
VND
55,076,173,303
1/1/2024
VND
(Restated)
50,476,729,284
Short-term prepaid expenses
Code 151
31/12/2024
VND
55,076,173,303
1/1/2024
VND
(Restated)
50,476,729,284
Deferred commission expenses
Code 151.1
31/12/2024
VND
50,173,824,017
1/1/2024
VND
(Restated)
47,966,527,090
Other short-term prepaid expenses
Code 151.2
31/12/2024
VND
4,902,349,286
1/1/2024
VND
(Restated)
2,510,202,194
Reinsurance assets
Code 190
31/12/2024
VND
327,756,641,185
1/1/2024
VND
(Restated)
194,780,419,999
Unearned outward reinsurance premium reserve
Code 191
31/12/2024
VND
105,421,632,419
1/1/2024
VND
(Restated)
124,368,717,797
Outward reinsurance claims reserve
Code192
31/12/2024
VND
222,335,008,766
1/1/2024
VND
(Restated)
70,411,702,202
Other long-term receivables
Code 218
31/12/2024
VND
12,501,863,144
1/1/2024
VND
(Restated)
23,977,221,553
Statutory security deposit
Code218.1
31/12/2024
VND
12,000,000,000
1/1/2024
VND
(Restated)
12,000,000,000
Other long-term receivables
Code218.2
31/12/2024
VND
501,863,144
1/1/2024
VND
(Restated)
11,977,221,553
Tangible fixed assets
Code 221
31/12/2024
VND
17,130,844,630
1/1/2024
VND
(Restated)
17,814,655,623
Cost
Code 222
31/12/2024
VND
46,523,416,092
1/1/2024
VND
(Restated)
45,072,114,092
Accumulated depreciation
Code 223
31/12/2024
VND
(29,392,571,462)
1/1/2024
VND
(Restated)
(27,257,458,469)
Intangible fixed assets
Code 227
31/12/2024
VND
91,593,810,141
1/1/2024
VND
(Restated)
76,014,546,416
Cost
Code 228
31/12/2024
VND
111,561,026,627
1/1/2024
VND
(Restated)
86,194,826,627
Accumulated amortisation
Code 229
31/12/2024
VND
(19,967,216,486)
1/1/2024
VND
(Restated)
(10,180,280,211)
Construction in progress
Code 230
31/12/2024
VND
7,098,212,500
1/1/2024
VND
(Restated)
21,382,300,322
Held-to-maturity investments
Code 255
31/12/2024
VND
1,503,000,000
1/1/2024
VND
(Restated)
183,503,000,000
Allowance for diminution in value of long-term financial investments
Code 259
31/12/2024
VND
(1,503,000,000)
1/1/2024
VND
(Restated)
(1,503,000,000)
Long-term prepaid expenses
Code 261
31/12/2024
VND
21,716,624,619
1/1/2024
VND
(Restated)
22,571,202,412
Deferred tax assets
Code 262
31/12/2024
VND
5,654,346,263
1/1/2024
VND
(Restated)
6,160,053,675
Other long-term assets
Code 268
31/12/2024
VND
13,617,231,444
1/1/2024
VND
(Restated)
9,629,634,050
TOTAL ASSETS (270=100+200)
Code 270
31/12/2024
VND
2,575,593,377,218
1/1/2024
VND
(Restated)
2,328,999,152,861
RESOURCES
Accounts payable
Code 312
31/12/2024
VND
315,108,597,942
1/1/2024
VND
344,422,421,137
Accounts payable – insurance
Code 312.1
31/12/2024
VND
315,108,597,942
1/1/2024
VND
344,422,421,137
Taxes and others payable to State Treasury
Code 314
31/12/2024
VND
21,598,350,811
1/1/2024
VND
25,751,149,009
Payables to employees
Code 315
31/12/2024
VND
7,062,928,667
1/1/2024
VND
16,542,308,971
Accrued expenses
Code 316
31/12/2024
VND
21,560,749,002
1/1/2024
VND
20,390,963,551
Unearned revenue – short term
Code 318
31/12/2024
VND
19,850,800,446
1/1/2024
VND
12,199,576,634
Other short-term payables
Code 319
31/12/2024
VND
70,443,812,887
1/1/2024
VND
53,491,314,873
Unearned commission income
Code 319.1
31/12/2024
VND
27,048,197,426
1/1/2024
VND
34,412,594,826
Technical reserves
Code 329
31/12/2024
VND
1,189,213,065,763
1/1/2024
VND
981,267,198,129
Unearned premium reserve
Code 329.1
31/12/2024
VND
607,889,059,450
1/1/2024
VND
575,989,067,455
Claims reserve
Code329.2
31/12/2024
VND
465,104,151,700
1/1/2024
VND
301,082,566,982
Catastrophe reserve
Code329.3
31/12/2024
VND
116,219,854,613
1/1/2024
VND
104,195,563,692
Other long-term payables
Code 333
31/12/2024
VND
30,000,000
1/1/2024
VND
180,000,000
Provisions – long-term
Code 342
31/12/2024
VND
3,446,405,933
1/1/2024
VND
3,436,899,333
Share capital
Code 411
31/12/2024
VND
600,000,000,000
1/1/2024
VND
600,000,000,000
Share premium
Code 412
31/12/2024
VND
(415,994,845)
1/1/2024
VND
(415,994,845)
Treasury shares
Code 414
31/12/2024
VND
(5,260,000)
1/1/2024
VND
(5,260,000)
Statutory reserve
Code 419
31/12/2024
VND
37,454,476,690
1/1/2024
VND
34,225,446,077
Other equity funds
Code 420
31/12/2024
VND
17,750,679,958
1/1/2024
VND
17,750,679,958
Retained profits
Code 421
31/12/2024
VND
245,446,566,538
1/1/2024
VND
185,349,855,208
TOTAL RESOURCES (440=300+400)
Code 440
31/12/2024
VND
2,575,593,377,218
1/1/2024
VND
2,328,999,152,861
OFF-BALANCE SHEET ITEMS
Code
31/12/2024
1/1/2024
Insurance policies not yet incurred insurance risk – gross premium – VND
Code
31/12/2024 136,350,425,089
1/1/2024150,425,876,794
Written off bad debts – VND
Code
31/12/2024 25,770,764,041
1/1/202412,827,086,381
Foreign currencies – USD
Code
31/12/2024 1,361,855
1/1/2024 1,053,208
Part I – Summary statement of income
Code
2024
VND
2023
VND
Net revenue from insurance activities
Code 10
2024
VND
1,250,751,633,361
2023
VND
1,257,810,418,444
Financial income
Code 12
2024
VND
101,959,977,699
2023
VND
122,542,365,599
Other income
Code 13
2024
VND
1,465,459,992
2023
VND
766,075,225
Total expenses for insurance activities
Code 20
2024
VND
1,030,996,379,141
2023
VND
1,022,130,605,080
Financial expenses
Code 22
2024
VND
6,972,712,463
2023
VND
2,699,581,064
General and administration expenses
Code 23
2024
VND
233,449,089,277
2023
VND
244,743,208,584
Other expenses
Code 24
2024
VND
683,120,898
2023
VND
526,855,312
Accounting profit before tax (50 = 10 + 12 + 13 – 20 – 22 – 23 – 24)
Code 50
2024
VND
82,075,769,273
2023
VND
111,018,609,228
Income tax expense – current
Code 51
2024
VND
16,989,449,609
2023
VND
23,021,141,102
Income tax expense/(benefit) – deferred
Code 52
2024
VND
505,707,412
2023
VND
(939,938,049)
Net profit after tax (60 = 50 – 51 – 52)
Code 60
2024
VND
64,580,612,252
2023
VND
88,937,406,175
Basic earnings per share
Code 70
2024
VND
1,076
2023
VND
1,413
Part II – Statement of income by activities
Code
1/1/2024
VND
1/1/2023
VND
Premium revenue (01 = 01.1 + 01.2 – 01.3)
Code 01
2024
VND
1,494,444,987,900
2023
VND
1,608,363,421,452

In which:

- Gross written premiums from direct insurance business
Code 01.1
2024
VND
1,357,031,379,358
2023
VND
1,262,966,824,585
- Gross written premiums from inward reinsurance
Code 01.2
2024
VND
169,313,600,537
2023
VND
257,854,792,591
- Increase/(decrease) in unearned premium reserve for direct insurance business and inward reinsurance
Code 01.3
2024
VND
31,899,991,995
2023
VND
(87,541,804,276)
Outward reinsurance premiums (02 = 02.1 – 02.2)
Code 02
2024
VND
342,862,973,191
2023
VND
480,020,000,262

In which:

- Outward reinsurance premiums
Code 02.1
2024
VND
323,915,887,813
2023
VND
408,106,087,978
- Decrease in unearned outward reinsurance premium reserve
Code 02,2
2024
VND
(18,947,085,378)
2023
VND
(71,913,912,284)
Net premium revenue (03 = 01 – 02)
Code 03
2024
VND
1,151,582,014,709
2023
VND
1,128,343,421,190
Commission income from outward reinsurance and other income from insurance activities (04 = 04.1 + 04.2)
Code 04
2024
VND
99,169,618,652
2023
VND
129,466,997,254

In which:

- Commission income from outward reinsurance
Code 04.1
2024
VND
88,730,283,153
2023
VND
122,884,492,491
- Other income from insurance activities
Code 04.2
2024
VND
10,439,335,499
2023
VND
6,582,504,763
Net revenue from insurance activities (10 = 03 + 04)
Code 10
2024
VND
1,250,751,633,361
2023
VND
1,257,810,418,444
Claims paid (11 = 11.1 – 11.2)
Code 11
2024
VND
567,311,526,467
2023
VND
728,480,770,876

In which:

- Claims paid
Code 11,1
2024
VND
575,142,396,261
2023
VND
737,692,053,654
- Deductions (third party claims and salvage recoveries)
Code 11,2
2024
VND
7,830,869,794
2023
VND
9,211,282,778
Claims recovery from outward reinsurance
Code 12
2024
VND
121,334,070,526
2023
VND
293,916,666,195
Increase/(decrease) in claims reserve for direct insurance business and inward reinsurance
Code 13
2024
VND
164,021,584,718
2023
VND
(116,680,946,435)
Increase/(decrease) in outward reinsurance claims reserve
Code 14
2024
VND
151,923,306,564
2023
VND
(91,585,344,384)
Net claims expense (15 = 11 – 12 + 13 – 14)
Code 15
2024
VND
458,075,734,095
2023
VND
409,468,502,630
Increase in catastrophe reserve
Code 16
2024
VND
12,024,290,921
2023
VND
11,127,155,292
Other operating expenses for insurance activities (17 = 17.1 + 17.2)
Code 17
2024
VND
560,896,354,125
2023
VND
601,534,947,158

In which:

- Commission on insurance activities
Code 17.1
2024
VND
128,501,754,918
2023
VND
192,281,534,870
- Other insurance costs
Code 17.2
2024
VND
432,394,599,207
2023
VND
409,253,412,288
Total expenses for insurance activities (18 = 15 + 16 + 17)
Code 18
2024
VND
1,030,996,379,141
2023
VND
1,022,130,605,080
Gross profit from insurance activities (19 = 10 – 18)
Code 19
2024
VND
219,755,254,220
2023
VND
235,679,813,364
Financial income
Code 23
2024
VND
101,959,977,699
2023
VND
122,542,365,599
Financial expenses
Code 24
2024
VND
6,972,712,463
2023
VND
2,699,581,064
Profit from financial activities (25 = 23 – 24)
Code 25
2024
VND
94,987,265,236
2023
VND
119,842,784,535
General and administration expenses
Code 26
2024
VND
233,449,089,277
2023
VND
244,743,208,584
Net operating profit (30 = 19 + 25 – 26)
Code 30
2024
VND
81,293,430,179
2023
VND
110,779,389,315
Other income
Code 31
2024
VND
1,465,459,992
2023
VND
766,075,225
Other expenses
Code 32
2024
VND
683,120,898
2023
VND
526,855,312
Results of other activities (40 = 31 – 32)
Code 40
2024
VND
782,339,094
2023
VND
239,219,913
Accounting profit before tax (50 = 30 + 40)
Code 50
2024
VND
82,075,769,273
2023
VND
111,018,609,228
Income tax expense – current
Code 51
2024
VND
16,989,449,609
2023
VND
23,021,141,102
Income tax expense/(benefit) – deferred
Code 52
2024
VND
505,707,412
2023
VND
(939,938,049)
Net profit after tax (60 = 50 – 51 – 52)
Code 60
2024
VND
64,580,612,252
2023
VND
88,937,406,175
Basic earnings per share
Code 70
2024
VND
1,076
2023
VND
1,413
Code
2024
VND
2023
VND
(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Code
2024
VND
2023
VND
(Restated)
Cash receipts
Code
2024
VND
2023
VND
(Restated)
Cash receipts from insurance services rendered and other revenues
Code 01
2024
VND
1,576,133,988,323
2023
VND
(Restated)
1,570,041,637,895
Cash receipts from other operating activities
Code 06
2024
VND
196,249,216,475
2023
VND
(Restated)
185,352,466,619
Cash payments
Code
2024
VND
2023
VND
(Restated)
Payments of claims, commissions and other liabilities of insurance activities
Code 02
2024
VND
(1,084,919,112,112)
2023
VND
(Restated)
(1,158,522,221,474)
Payments to employees
Code 03
2024
VND
(251,771,611,732)
2023
VND
(Restated)
(218,564,478,255)
Taxes and others paid to the State Treasury
Code 05
2024
VND
(23,049,824,702)
2023
VND
(Restated)
(24,847,395,119)
Payments of other operating liabilities
Code 07
2024
VND
(391,386,913,730)
2023
VND
(Restated)
(399,708,479,153)
Net cash flows from operating activities
Code20
2024
VND
21,255,742,522
2023
VND
(Restated)
(46,248,469,487)
Payments for additions to fixed assets
Code 21
2024
VND
(8,338,802,515)
2023
VND
(Restated)
(5,570,400,322)
Payments for term deposits at banks, purchase of debt instruments of other entities
Code 23
2024
VND
(441,000,000,000)
2023
VND
(Restated)
(1,087,680,334,079)
Receipts from term deposits at banks, sales of debt instruments of other entities
Code 24
2024
VND
417,254,071,223
2023
VND
(Restated)
879,250,531,742
Receipts of interests and dividends
Code 27
2024
VND
64,103,328,336
2023
VND
(Restated)
73,644,356,403
Net cash flows from investing activities
Code 30
2024
VND
32,018,597,044
2023
VND
(Restated)
(140,355,846,256)
Payments of dividends
Code 36
2024
VND
(2,989,008,379)
2023
VND
(Restated)
(955,904,280)
Net cash flows from financing activities
Code 40
2024
VND
(2,989,008,379)
2023
VND
(Restated)
(955,904,280)
Net cash flows during the year
(50 = 20 + 30 + 40)
Code 50
2024
VND
50,285,331,187
2023
VND
(Restated)
(187,560,220,023)
Cash and cash equivalents at the beginning of the year
Code 60
2024
VND
87,229,256,976
2023
VND
(Restated)
274,751,537,174
Effect of exchange rate fluctuations on cash and cash equivalents
Code 61
2024
VND
337,652,412
2023
VND
(Restated)
37,939,825
Cash and cash equivalents at the end of the year (70 = 50 + 60 + 61) (Note 4)
Code 70
2024
VND
137,852,240,575
2023
VND
(Restated)
87,229,256,976