Bao Viet reports after-tax profit of more than 455 billion VND in the first quarter, a year-on-year decrease of 10 percent. (Photo: plo.vn)

Hanoi (VNA) - Bao Viet Group posted nearly 8.1 trillion VND (348.2 million) in insurance revenue in the first quarter of 2019, a year-on-year increase of 19 percent.

Life insurance rose by nearly 20 percent, reaching over 5.53 trillion VND (237.7 million USD). Non-life insurance premiums brought in approximately 2.67 trillion VND (114.8 million USD), up 10.5 percent.

Total direct spending by the insurance business reached more than 7.33 trillion VND (315 million USD), a decrease of about 3 percent over the same period last year. 

During the first quarter, the group’s financial income dropped sharply by 37 percent to 1.79 trillion VND (77 million USD), of which deposit interest was over 1.01 trillion VND (43.4 million USD), up 73 percent over the same period.

Income from securities investment and trading activities only reached 41 billion VND (1.76 million USD) while in the same period last year, the figure was nearly 1.39 trillion VND (59.7 million USD).

As a result, Bao Viet reported after-tax profit of 455 billion VND (19.6 million USD) in the first quarter, a year-on-year decrease of 10 percent, of which the company owner's profit was 444.3 billion VND, down 8.5 percent against Q1 in 2018.

By the end of the first quarter, Bao Viet's total assets were valued at over 116.56 trillion VND (5 billion USD), an increase of about 3 percent compared to the beginning of the year.

Short-term assets reached more than 72.97 trillion VND (3.13 billion USD), up 5.3 percent. Cash and cash equivalents reached over 3.03 trillion VND (130.3 million USD), an increase of about 40 percent year-on-year.-VNA