In 2019, BIC has targeted total premiums of 2.2 trillion VND and consolidated profit before tax of 223 billion VND. (Photo vnr500.com.vn

Hanoi (VNA) - The BIDV Insurance Corporation (BIC) has reported pre-tax profit of 202.8 billion VND (9 million USD) in 2018, exceeding its yearly target by 6.7 percent and representing a year-on-year rise of 8.8 percent.

Its total premiums reached 2,105 billion VND (90.7 million USD), up 16.3 percent year-on-year and surpassing its goal set for 2018 by 3.2 percent.

BIC - the insurance arm of the Bank for Investment and Development of Vietnam (BIDV) - posted strong growth of 50 percent in bancassurance sales (selling insurance to bank customers).

In 2019, the company has targeted total premiums of 2,202 billion VND (94.8 million USD) and consolidated pre-tax profit of 223 billion VND (9.6 million USD).

Its joint venture in Laos – Lao Viet Insurance Co (LVI) - reported premium revenue of 13.3 million USD, 3.6 percent higher than its yearly plan. The company’s pre-tax profit was 550,300 USD.

In Cambodia, Cambodia-Vietnam Insurance (CVI) also ranked fourth in terms of market share, up one place compared to the previous year, general director Tran Hoai An said without delivering a specific revenue.

An said this year, the company would continue to focus on developing retail distribution channels, especially through banks, as well as promoting the quality of its corporate governance and risk management.

Service quality would also be enhanced before, during and after sales, through applying advanced technology to better serve clients and expand distribution networks, he said.-VNA