Bao Viet Holdings Post Profit of VND1,255 Bln in 2010

Ho Chi Minh City-listed Bao Viet Holdings - the largest insurer in Vietnam - reported its consolidated gross profit of VND1,255 billion in 2010, an increase of VND12 billion over 2009. The group’s consolidated revenues totalled VND12,863 billion, a rise of VND2,303 billion or 21.8 percent from 2009.

 

The group’s gross profit reached VND887 billion in 2010, up 1 percent from 2009 with VND882 billion. Its revenues were VND1,258 billion, an increase of VND336 billion or 36 percent from 2009 with VND922 billion. The assets valued at VND12,769 billion, up 23 percent from 2009 (with VND10,370 billion). Bao Viet also hiked its authorized share capital from VND5,730 billion to VND6,267 billion and the owner’s equity from VND8,436 billion to VND10,510 billion.

 

Ms Nguyen Thi Phuc Lam, General Director of Bao Viet Holdings, said: “Positive business results in 2010 prove that the group, by developing integrated financial products and services, always gains the upper hand in seizing opportunities and economic growth in Vietnam.”

 

“Bao Viet continues to strengthen its traditional insurance business, maintain the leading role in life and non-life insurance markets as well as to expand to other key areas namely banking and investment,” she noted.