BVH - Solid earnings driven by strong life insurance demand - Earnings Flash

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BVH released its 2017 results, reporting strong net profit growth of 39% Y-o-Y, slightly behind our forecast by 2.4%. Q4 2017 earnings were boosted by a slower pace of math reserve requirement growth of only 5.5% Y-o-Y compared to the surprise jump of 37% Y-o-Y in Q3 2017 following regulatory changes made through Circular 50.
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