BIDV Insurance Corp rakes in 9 million USD in pre-tax profit
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.
In 2019, BIC has targeted total premiums of 2.2 trillion VND and consolidated profit before tax of 223 billion VND. (Photo vnr500.com.vnHanoi (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
You should also see
Vietnam attends international security meeting in Russia
A Vietnamese delegation led by Minister of Public Security General To Lam is attending the 12th International Meeting of High Representatives for Security Issues in Russia’s St. Petersburg city from April 23-25.
See more
Business
Forum seeks to increase PPP investment effectiveness
Investment cooperation in the public-private partnership (PPP) form is seen as a strategic option to mobilise private investment and improve public service delivery. However, the implementation of PPP projects in Vietnam still faces a lot of difficulties and obstacles, leading to a low number of successful projects and making the private economic sector cautious.
Business
Remittance inflows expected to quench real estate sector’s thirst for capital: Experts
Amid a “thirst” for capital of real estate businesses, the strong inflow of remittances is expected to heat up the market again, held insiders.
Business
Dong Nai province ready to ride Japanese investment wave
The southern province of Dong Nai stands ready to prepare the best conditions to welcome investors, especially those from Japan, Secretary of the provincial Party Committee Nguyen Hong Linh said on April 24.
Business
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pool of both domestic and international investors for socio-economic development.
Business
Airlines requested to increase flights during upcoming holiday
The Civil Aviation Authority of Vietnam (CAAV) has asked Vietnam's airlines to consider increasing the number of flights from Hanoi and HCM City to localities on April 27, and from localities back to Hanoi and HCM City on May 1 to meet the demand for air transportation during the April 30 - May 1 holidays.
