22:22 (GMT +7) - Sunday 19/08/2018

Business

Bao Viet's insurance revenue up 25% in Q2

Released at: 17:32, 31/07/2017

Bao Viet's insurance revenue up 25% in Q2

Illustrative image (Source: Bao Viet)

Group releases consolidated financials for second quarter and first half.

by Hai Van

The Bao Viet Group (Stock code BVH) has released its financial report for the second quarter and first half of 2017.

Net revenue from its insurance business increased 25 per cent, reaching VND10.93 trillion ($480.92 million) in the second quarter, with gross profit at VND600 billion ($26.4 million). Profit from financial activities reached VND2.2 trillion ($96.8 million), up 31 per cent, with after-tax profit at VND709 billion ($31.19 million).

Total consolidated revenue in the first half grew 28.8 per cent year-on-year, while after-tax-profit reached VND1.1 trillion ($48.4 million), up 56 per cent year-on-year and accounting for 92.3 per cent of the annual plan.

Baoviet Life continued to record high growth in the first half, with total revenue growth of 31.4 per cent year-on-year. Insurance premiums increased 30.5 per cent and it continued to lead the market in terms of new revenue growth, with 35 per cent in 1H/2017.

Bao Viet Insurance’s revenue increased to 22.3 per cent of total revenue in the first half 2017.

Original premium income continued to maintain double-digit growth, of 22.43 per cent. Revenue from financial activities accounted for 71 per cent of the annual target and increased 15.3 per cent in 1H/2017

As at June 30, total asset managed by the Bao Viet Fund stood at VND41.3 trillion ($1.81 million), up VND3 trillion ($132 million), or 8.5 per cent, compared to the end 2016 and 8.8 per cent year-on-year.

Bao Viet Securities’ revenue reached 66.1 per cent of the annual plan, soaring 42.8 per cent year-on-year. After-tax-profit was 60.8 per cent of the annual plan.

The Bao Viet Group has also scheduled a 10 per cent dividend payment for August 2 worth a total of VND680 billion ($29.92 million).

The Bao Viet Group is the leading finance and insurance group in Vietnam. With a history of development since 1965, it is proud to be the first insurance company established in Vietnam. It is currently headquartered in Hanoi and has over 180 branches nationwide. BVH shares have been listed on the Ho Chi Minh Stock Exchange since June 2009.

User comment (0)

Send comment