Portfolio remediation helps Bao Minh restore underwriting margins

Despite facing underwriting losses in 2024, its overall earnings stayed positive.

Bao Minh Insurance Corporation (BMI) is expected to maintain a stable performance over the medium term, underpinned by a strong balance sheet and diversified business portfolio. 

AM Best anticipates that the company’s capital position, as measured by its risk-adjusted capital ratio, will remain at the strongest level, supporting continued resilience against large-limit and catastrophe risks.

Whilst BMI faced underwriting losses in 2024 due to Typhoon Yagi and higher expenses, its overall earnings stayed positive, and the company has already shown a recovery in underwriting margins in the first nine months of 2025. 

Investment income, averaging a 5.5% net yield over the past five years, is expected to remain a steady contributor to profits.

Looking ahead, BMI is likely to sustain its market position as Vietnam’s third-largest non-life insurer and continue building a balanced underwriting portfolio across multiple business lines and channels. 

The company’s moderate reliance on reinsurance is expected to remain manageable, supported by a quality panel, whilst ongoing portfolio remediation actions should help maintain stable earnings.