Dai-ichi Life Vietnam posts $53.4 mln profit in H1

Dai-ichi Life Vietnam, the Vietnamese subsidiary of Japan’s largest life insurer Dai-ichi Life, recorded a post-tax profit of VND1,275 billion ($53.4 million) in the first half of this year, down 2.2% year-on-year.

In the period, Dai-ichi Life Vietnam posted a net revenue of VND9,440 billion ($395.9 million) from insurance business, down 7.1% year-on-year; VND1,771 billion ($74.3 million) from financial activities, up 49.8%; and VND2.1 billion ($88,069) from other activities, down 8.8%.

Meanwhile, the expenditure included VND7,514 billion ($315.1 milion) for insurance business, down 1% year-on-year; VND1,438 billion ($60.3 million) for selling activities, up 2.4%; VND476 billion ($20 million) for management, up 24.2%; and others.

In the period, the insurer paid VND5,613 billion ($235.4 million) for indemnification and VND1,900 billion ($79.7 million) for other fees of insurance business. Besides, the insurance business’s revenue included VND9,737 billion ($408.4 million) of insurance premium, in addition to other sources. As a result, the insurance business made a net profit of VND1,927 billion ($80.8 million), down 25% year-on-year.

As of June 30, Dai-ichi Life Vietnam’s total assets reached VND62,369 billion ($2.62 billion), up 7.5% from that on January 1. The insurer’s liability was VND42,933 billion ($1.8 billion) and equity VND19,436 billion ($815.1 million), up 7.7% and 7% after six months, respectively.

Established in January 2007, Dai-ichi Life Vietnam now operates about 300 offices and agencies across the Southeast Asian nation, with over 2,000 staff and 114,000 financial consultants. Dai-ichi Life Vietnam’s business network is the third biggest in the sector in Vietnam, the insurer said.