Insurance stocks 2026: premiums rise steadily, profits split two ways
If you only look at premium revenue, the insurance industry in the first 9 months of 2026 appears fairly calm. But when you separate the profits of five major listed stocks, you see two groups moving in opposite directions. And the answer to “why” does not lie so much in how many contracts are sold, but in two things few pay attention to: claim payouts and investment income.
Estimates from the Statistics Bureau. The entire market reached approximately 175,800 billion VND, up 2.4%; insurance benefit payouts approximately 77,900 billion VND, up 13.1%.
Five stocks, two groups
2,698 billion
1,383 billion
slight increase
~279 billion
325 billion
The two largest enterprises show double-digit growth; three smaller enterprises are flat or declining. This gap does not come from who sells better: BIC still increased base insurance premiums by 7.6%, MIG increased net insurance revenue by 20%, BMI increased by nearly 10%. It comes from the rest of the equation.
Bảo Việt: a giant “investment fund” wearing an insurance coat
BVH earned pre-tax profit of 3,299 billion VND in the first 9 months, up 24.3%; after-tax profit 2,698 billion, up 23.9%. The life insurance segment contributed approximately 2,082 billion in after-tax profit, non-life 245 billion (up 23.1%). But a more noteworthy figure is financial activity profit for 9 months of approximately 9,711 billion VND, nearly three times pre-tax profit. Bảo Việt deposits nearly 160,000 billion VND at banks, more than half of total assets; just from deposit interest and bond, note, and credit instrument interest, it has brought in over 12,100 billion.
In other words, for BVH, interest rates matter just as much as claim ratios. This is an advantage when rates are high, and also a point to monitor when deposit interest rates begin to be required to lower: on October 18, the State Bank of Vietnam required a reduction in the minimum deposit rate by 0.5 percentage points. In Q3, BVH’s pre-tax profit only grew 6.1%, significantly slower than the first half of the year.
PVI: the reinsurance shield
PVI leads the pure non-life segment with after-tax profit of 1,383 billion in 9 months, up 17.4%; revenue 24,792 billion, up 14.7%. The most valuable detail lies in the claims line: total gross and assumed claims increased as much as 79.3%, to 8,694 billion VND, but the amount PVI actually retains is only 2,211 billion, up 13%. The rest was passed on to reinsurers to bear. Financial revenue also rose 23%, to approximately 1,297 billion.
However, PVI slowed in Q3: pre-tax profit fell 7.2%, after-tax profit around 388 billion, down 4%. And this is the paradox of the group: PVI has the highest ROE among the five stocks (approximately 15% according to FiinX), but the stock price has fallen about 25% since the beginning of the year, worst in the group. One factor the market is monitoring is the story of PVN major shareholder capital withdrawal, as FPTS believes new regulations on state capital restructuring could accelerate this process.
BIC, MIG, BMI: claims and comparison base
BIC Claims running faster than premiums
In 9 months, base premiums rose 7.6% to 4,357 billion, but pre-tax profit fell 23.1% to 418 billion, reaching only about 54% of the 780 billion plan. In Q3 alone, claims payments rose 48.3% to 332 billion, gross insurance profit fell 14.2%. After-tax profit in the quarter still rose 6.5%, to approximately 104 billion, but thanks to financial revenue up 70%, not thanks to insurance.
MIG Selling more, keeping less
Net insurance revenue in 9 months rose 20% to 3,513 billion, but financial revenue fell from 267 to 256 billion and management costs rose 5%. After-tax profit for 9 months approximately 279 billion, down 9%; Q3 alone down 32%, to 84 billion.
BMI Q3 declined due to record high comparison base
Net insurance revenue in 9 months rose 9.6% to 4,408 billion, 9-month profit slightly up from the 256 billion level of the same period. Q3 fell sharply, but needs to be set against the comparison base: Q3/2025 BMI had net profit of 113 billion, an all-time high, thanks to a 36% decline in claims. As of October 26, total insurance premiums (gross and assumed) reached 6,748 billion, approximately 97.5% of the annual plan.
MIG and BMI share one common point: Q3/2025 was an unusually low-claims quarter, so this year’s declines somewhat exaggerate the actual weakness. The reverse is also true: Q4/2025 saw industry profits plummet due to record natural disasters, so Q4/2026 will have a low comparison base, provided this year’s typhoon season does not repeat that scenario.
Valuation: what is the market paying for?
| Code | Net profit 9M (bn) | Growth | ROE Q3 | P/E | P/B | % YTD |
|---|---|---|---|---|---|---|
| BVH | 2,698 | +23.9% | 13.3% | 14.08 | 1.82 | +13.0% |
| PVI | 1,383 | +17.4% | 15.0% | 12.04 | 1.76 | -25.4% |
| BIC | 325 | -23.9% | 13.0% | 8.64 | 1.09 | -12.7% |
| MIG | ~279 | -9% | 10.9% | 10.72 | 1.19 | -10.3% |
| BMI | ~257 | slight increase | 8.6% | 8.01 | 0.68 | -17.0% |
ROE, P/E, P/B, % YTD: FiinX (Q3/2026 ROE; TTM valuation as of session 13/11/2026; adjusted % price). Net profit: Financial statements Q3/2026 and announcements by enterprises.
BVH is the only stock up from the beginning of the year, consistent with the best results and largest scale. BMI trades below book value (P/B 0.68), reflecting the lowest ROE in the group. BIC has low P/E despite ROE around 13%, meaning the market is heavily discounting this year’s profit decline. PVI is the most mismatched case between business results and price performance.
Three things to monitor
- Typhoon season Q4. Natural disaster losses concentrate in property and casualty insurance; this is the biggest test for BIC, MIG, and BMI.
- Deposit rates decline. Investment income is currently the main profit buffer for the entire industry, especially BVH with nearly 160,000 billion in deposits.
- Life insurance market. New business revenue still declining; this segment determines BVH’s long-term growth trajectory.
Data sources: FiinX (ROE, P/E, P/B, price movements, ownership); Financial statements Q3/2026 and 9-month result announcements from BVH, PVI, BIC, MIG, BMI; Statistics Bureau (premium revenue across the market); financial press aggregating Q3/2026 insurance industry results.
This article is compiled from publicly available information sources and independent financial analysis. Content is for informational reference only and is not an investment recommendation under the 2019 Securities Law. Investors bear full responsibility for all their financial decisions. EasyStock — easystock.vn