BVH continued to post strong top-line growth across life and non-life insurance, only slightly shy of our expectations, with 9M 2018 gross written premium reaching 70.9% of our FY estimate. Earnings continued to disappoint on heavy math reserve provisioning. The company reported a decline in NPAT-MI of 26.7% YoY for 9M 2018, achieving only 43.6% of our FY2018 estimate.