FINANCIAL REPORT | Bao Long Insurance Corporation Annual Report 2025

Building strong financial foundation

Building trust through transparency

THE 2025 FINANCIAL REPORT

Code

31/12/2025
VND

1/1/2025
VND

ASSETS

Cash

Code111

31/12/2025
VND70,234,992,150

1/1/2025
VND117,852,240,575

Cash equivalents

Code112

31/12/2025
VND25,000,000,000

1/1/2025
VND 20,000,000,000

Trading securities

Code121

31/12/2025
VND19,174,800,000

1/1/2025
VND 4,186,371,000

Allowance for diminution in value of trading securities

Code122

31/12/2025
VND(3,391,528,000)

1/1/2025
VND(2,611,498,100)

Held-to-maturity investments

Code123

31/12/2025
VND1,554,000,496,734

1/1/2025
VND1,426,122,904,439

Other short-term investments

Code128

31/12/2025
VND45,229,761,811

1/1/2025
VND 47,129,179,580

Provision for diminution in value of other short-term investments

Code129

31/12/2025
VND(1,464,629,854)

1/1/2025
VND(878,369,265)

Accounts receivable

Code131

31/12/2025
VND292,520,052,244

1/1/2025
VND301,685,061,902

Accounts receivable – insurance

Code131.1

31/12/2025
VND292,520,052,244

1/1/2025
VND301,685,061,902

Other short-term receivables

Code135

31/12/2025
VND137,186,799,791

1/1/2025
VND132,616,331,420

Allowance for doubtful debts

Code139

31/12/2025
VND(22,544,011,343)

1/1/2025
VND(23,043,995,751)

Inventories

Code141

31/12/2025
VND443,113,908

1/1/2025
VND389,404,189

Short-term prepaid expenses

Code151

31/12/2025
VND59,397,648,799

1/1/2025
VND55,076,173,303

Deferred commission expenses

Code151.1

31/12/2025
VND54,703,208,371

1/1/2025
VND50,173,824,017

Other short-term prepaid expenses

Mode151.2

31/12/2025
VND4,694,440,428

1/1/2025
VND4,902,349,286

Unearned outward reinsurance premium reserve

Code191

31/12/2025
VND128,064,395,273

1/1/2025
VND105,421,632,419

Outward reinsurance claims reserve

Code192

31/12/2025
VND286,803,726,099

1/1/2025
VND222,335,008,766

Other long-term receivables

Code218

31/12/2025
VND12,355,837,083

1/1/2025
VND12,501,863,144

Statutory security deposit

Code218.1

31/12/2025
VND12,000,000,000

1/1/2025
VND12,000,000,000

Other long-term receivables

Code218.2

31/12/2025
VND355,837,083

1/1/2025
VND501,863,144

Tangible fixed assets

Code221

31/12/2025
VND15,855,132,164

1/1/2025
VND17,130,844,630

Cost

Code222

31/12/2025
VND45,816,116,378

1/1/2025
VND 46,523,416,092

Accumulated depreciation

Code223

31/12/2025
VND(29,960,984,214)

1/1/2025
VND (29,392,571,462)

Intangible fixed assets

Code227

31/12/2025
VND84,539,273,073

1/1/2025
VND 91,593,810,141

Cost

Code228

31/12/2025
VND111,936,026,627

1/1/2025
VND 111,561,026,627

Accumulated amortisation

Code229

31/12/2025
VND(27,396,753,554)

1/1/2025
VND(19,967,216,486)

Construction in progress

Code230

31/12/2025
VND7,733,212,500

1/1/2025
VND7,098,212,500

Held-to-maturity investments

Code255

31/12/2025
VND22,503,000,000

1/1/2025
VND1,503,000,000

Allowance for diminution in value of long-term financial investments

Code259

31/12/2025
VND(1,503,000,000)

1/1/2025
VND(1,503,000,000)

Long-term prepaid expenses

Code261

31/12/2025
VND22,117,915,416

1/1/2025
VND21,716,624,619

Deferred tax assets

Code262

31/12/2025
VND6,809,770,575

1/1/2025
VND5,654,346,263

Other long-term assets

Code268

31/12/2025
VND12,650,467,705

1/1/2025
VND13,617,231,444

TOTAL ASSETS (270=100+200)

Code270

31/12/2025
VND2,773,717,226,128

1/1/2025
VND2,575,593,377,218

RESOURCES

Accounts payable

Code 312

31/12/2025
VND 306,790,769,744

1/1/2025
VND 315,108,597,942

Accounts payable – insurance

Code 312.1

31/12/2025
VND 306,790,769,744

1/1/2025
VND 315,108,597,942

Taxes and others payable to State Treasury

Code 314

31/12/2025
VND18,232,376,514

1/1/2025
VND 21,598,350,811

Payables to employees

Code 315

31/12/2025
VND14,305,751,827

1/1/2025
VND 7,062,928,667

Accrued expenses

Code 316

31/12/2025
VND21,804,816,129

1/1/2025
VND 21,560,749,002

Unearned revenue – short term

Code 318

31/12/2025
VND 15,421,550,909

1/1/2025
VND 19,850,800,446

Other short-term payables

Code 319

31/12/2025
VND 57,243,633,590

1/1/2025
VND 70,443,812,887

Unearned commission income

Code 319.1

31/12/2025
VND31,434,736,093

1/1/2025
VND 27,048,197,426

Technical reserves

Code 329

31/12/2025
VND 1,378,345,103,832

1/1/2025
VND 1,189,213,065,763

Unearned premium reserve

Code 329.1

31/12/2025
VND 663,546,657,822

1/1/2025
VND 607,889,059,450

Claims reserve

Code329.2

31/12/2025
VND586,376,133,707

1/1/2025
VND 465,104,151,700

Catastrophe reserve

Code329.3

31/12/2025
VND128,422,312,303

1/1/2025
VND 116,219,854,613

Other long-term payables

Code 333

31/12/2025
VND30,000,000

1/1/2025
VND 30,000,000

Provisions – long-term

Code 342

31/12/2025
VND1,503,049,333

1/1/2025
VND 3,446,405,933

Share capital

Code411

31/12/2025
VND600,000,000,000

1/1/2025
VND600,000,000,000

Share premium

Code412

31/12/2025
VND(415,994,845)

1/1/2025
VND(415,994,845)

Treasury shares

Code414

31/12/2025
VND(5,260,000)

1/1/2025
VND(5,260,000)

Statutory reserve

Code419

31/12/2025
VND39,034,676,711

1/1/2025
VND37,454,476,690

Other equity funds

Code420

31/12/2025
VND17,750,679,958

1/1/2025
VND17,750,679,958

Retained profits

Code421

31/12/2025
VND272,241,336,333

1/1/2025
VND245,446,566,538

TOTAL RESOURCES (440 = 300 + 400)

Code440

31/12/2025
VND2,773,717,226,128

1/1/2025
VND2,575,593,377,218

OFF-BALANCE SHEET ITEMS

Insurance policies not yet incurred insurance risk – gross premium – VND

Code

31/12/2025
VND87,672,054,464

1/1/2025
VND136,350,425,089

Written off bad debts – VND

Code

31/12/2025
VND26.402.107.563

1/1/2025
VND25,770,764,041

Foreign currencies – USD

Code

31/12/2025
VND1,062,354

1/1/2025
VND1,361,855

Part I – Summary statement of income

Code

2025
VND

2024
VND

Part II – Statement of income by activities

Code

2025
VND

2024
VND

In which:

- Gross written premiums from direct insurance business

Code 01.1

2025 VND1,436,098,406,607

2024 VND1,357,031,379,358

- Gross written premiums from inward reinsurance

Code 01.2

2025 VND169,291,363,052

2024 VND169,313,600,537

- Increase in unearned premium reserve for direct insurance business and inward reinsurance

Code 01.3

2025 VND55,657,598,372

2024 VND31,899,991,995

In which:

- Outward reinsurance premiums

Code 02.1

2025 VND385,144,000,776

2024 VND323,915,887,813

- Increase/(decrease) in unearned outward reinsurance premium reserve

Code 02.2

2025 VND22,642,762,854

2024 VND(18,947,085,378)

Commission income from outward reinsurance and other income from insurance activities (04 = 04.1 + 04.2)

Code 04

2025 VND94,114,402,843

2024 VND99,169,618,652

In which:

- Commission income from outward reinsurance

Code 04.1

2025 VND93,823,786,696

2024 VND88,730,283,153

- Other income from insurance activities

Code 04.2

2025 VND 290,616,147

2024 VND10,439,335,499

Claims paid (11 = 11.1 – 11.2)

Code 11

2025 VND574,015,240,391

2024 VND567,311,526,467

In which:

- Claims paid

Code 11.1

2025 VND 581,847,157,708

2024 VND575,142,396,261

- Deductions (third party claims and salvage recoveries)

Code 11.2

2025 VND 7,831,917,317

2024 VND7,830,869,794

Claims recovery from outward reinsurance

Code 12

2025 VND162,357,606,389

2024 VND121,334,070,526

Increase in claims reserve for direct insurance business and inward reinsurance

Code 13

2025 VND121,271,982,007

2024 VND164,021,584,718

Increase in outward reinsurance claims reserve

Code 14

2025 VND64,468,717,333

2024 VND151,923,306,564

Increase in catastrophe reserve

Code 16

2025 VND12,202,457,690

2024 VND12,024,290,921

Other operating expenses for insurance activities (17 = 17.1 + 17.2)

Code 17

2025 VND589,341,599,405

2024 VND560,896,354,125

In which:

- Commission on insurance activities

Code 17.1

2025 VND146,422,939,137

2024 VND128,501,754,918

- Other insurance costs

Code 17.2

2025 VND 442,918,660,268

2024 VND432,394,599,207

Net operating profit (30 = 19 + 25 – 26)

Code 30

2025 VND 42,890,530,998

2024 VND 81,293,430,179

Code

2025
VND

2024
VND

Cash receipts from insurance services rendered and other revenues

Code 01

2025 VND1,711,428,328,114

2024 VND1,576,133,988,323

Cash receipts from other operating activities

Code 06

2025 VND176,602,557,689

2024 VND196,249,216,475

Payments of claims, commissions and other liabilities of insurance activities

Code 02

2025 VND(1,163,034,833,350)

2024 VND(1,084,919,112,112)

Payments to employees

Code 03

2025 VND(290,358,769,149)

2024 VND(251,771,611,732)

Taxes and others paid to the State Treasury

Code 05

2025 VND(18,194,097,019)

2024 VND (23,049,824,702)

Payments of other operating liabilities

Code 07

2025 VND(381,831,199,028)

2024 VND(391,386,913,730)

Payments for additions to fixed assets

Code21

2025 VND(5,872,997,500)

2024 VND(8,338,802,515)

Payments for term deposits at banks, purchase of debt instruments of other entities

Code23

2025 VND(1,524,000,000,000)

2024 VND(441,000,000,000)

Receipts from term deposits at banks, sales of debt instruments of other entities

Code24

2025 VND1,375,860,000,000

2024 VND417,254,071,223

Receipts of interests and dividends

Code27

2025 VND77,182,128,124

2024 VND64,103,328,336

Payments of dividends

Code 36

2025 VND(350,278,873)

2024 VND(2,989,008,379)

01

INTRODUCTION OF BAO LONG INSURANCE CORPORATION

02

THE 2025 BUSINESS PERFORMANCE REPORT AND THE 2026 OUTLOOK

03

SUSTAINABLE DEVELOPMENT REPORT

04

THE 2025 FINANCIAL REPORT

2025 at a glance

Message from the Chairman of the Board of Directors

INTRODUCTION OF BAO LONG INSURANCE CORPORATION

THE 2025 BUSINESS PERFORMANCE REPORT AND THE 2026 OUTLOOK

SUSTAINABLE DEVELOPMENT REPORT

THE 2025 FINANCIAL REPORT

Operational network

Building strong financial foundation

Building trust through transparency

Part I – Summary statement of income

Part II – Statement of income by activities

01

02

03

04