Bao Viet Holdings Makes Pre-tax Profit of VND345 Billion in Q1
Vietnam’s largest insurer Bao Viet Holdings (BVH) said it made a consolidated pre-tax profit of VND345 billion in the first three months of 2011, up 9 percent from the corresponding period in 2010 and equal to 24 percent of the target set for 2011.
The group’s consolidated revenues reached VND3,354 billion in the reporting period, an increase of VND586 billion or 21 percent.
BVH's revenues from core insurance operations were VND2,181 billion, 13 percent higher than the first quarter of 2010. This strong improvement was mainly driven by strong premium growth in the general insurance business (an increase from 18 percent from the first quarter of 2010) and improved underwriting performance in the life business with around 20 percent growth in new business premium. Insurance operations contributed around 69 percent of the total profit before tax in the first quarter of 2011.
Net profit from the group’s banking operations continued to see strong growth, reaching VND102 billion in the first quarter of 2011, up 30 percent from the same period in 2010.
The net assets of the group were VND11,584 billion, up 9 percent compared to the end of 2010.
Luu Hiep
Vietnamese
