Insurers record revenue increase during COVID-19
Insurance companies enjoyed an increase in sales in the first quarter of this year.
Customers at a branch of Bao Viet Life. (Photo: VNA)Hanoi (VNS/VNA) - Insurance companies enjoyed an increase in sales in the first quarter of this year.
Bao Viet Holdings (BVH) has announced that its revenue increased by 12 percent to 408 billion VND (17.4 million USD) in the period.
However, operating expenses soared by 286 percent to 104 billion VND, which made its profit after tax to drop by 9 percent compared to that of the first quarter last year.
BVH's consolidated financial statements showed that insurance premium revenue increased by 9 percent to 8.75 trillion VND.
In the first quarter which coincided with the COVID-19 pandemic, Bao Viet Insurance Corporation, a subsidiary of BVH, applied a 20 percent discount on some health insurance programmes.
Life insurance sector is contributed by Bao Viet Life with 225 billion VND in revenue, up 16 percent year-on-year.
PetroVietnam Insurance Corporation (PVI), an enterprise operating in the field of non-life insurance, reported that its revenue in the first quarter grew by 51 percent to 79 billion VND.
Vien Dong Insurance Joint Stock Company reported its net revenue from insurance increased slightly by 2 percent to 541 billion VND, but after-tax profit decreased by 32 percent to 10.7 billion VND.
Military Insurance Corporation (MIC) reported net revenue from insurance increased by 26 percent year-on-year to 499 billion VND.
However, the total cost of the insurance business increased 37 percent to 423 billion VND, which led to a 5 percent decrease in profit in the first quarter to 28 billion VND./.
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