Dai-ichi Life Vietnam posts profit of $113 mln in 2022
Life insurer Dai-ichi Life Vietnam earned a post-tax profit of VND2.65 trillion ($113 million) in 2022, down 5.1% year-on-year, according to the firm’s audited report.
Dai-ichi Life is among the biggest life insurers in Vietnam. Photo courtesy of the firm.
Dai-ichi Life Vietnam’s insurance business revenue increased by 19.19% year-on-year to VND21.36 trillion ($910.8 million) last year.
The company recorded revenue of VND2.48 trillion ($105.7 million) from its financial activities, and VND6.44 billion ($274,600) from other sources.
Last year, Dai-ichi Life Vietnam paid insurance indemnification of VND10.27 trillion ($437.88 million), up 25.9% year-on-year.
The Japanese-backed insurer’s total assets rose 25.45% year-on-year to VND58.04 trillion ($2.48 billion) last year. Its liabilities went up 21.4% to VND39.88 trillion ($1.7 billion), while its equity climbed 35.4% to VND18.161 trillion ($774.5 million).
Dai-ichi is one of the biggest life insurers in Vietnam. In terms of insurance premium, Baoviet Life ranked first in 2022 with VND41.68 trillion ($1.78 billion), up 10.1% year-on-year, followed by Prudential Vietnam, Manulife, and Dai-ichi Life.
The company recorded an insurance premium of VND21.83 trillion ($931.05 million) last year, up 17.2% year-on-year. However, its after-tax profit fell to VND2.65 trillion ($112.88 million), down 5%.
Insurance premiums in Vietnam grew 6.8% year-on-year to VND59.46 trillion ($2.53 billion) in the first quarter of 2023, according to the General Statistics Office. Of this, the figure for life insurance increased slightly by 3.1% year-on-year to VND39.59 trillion ($1.69 billion), versus growth of 15% in Q1/2022.
Manulife Vietnam, also a top life insurer in the country, made a post-tax profit of VND2.56 trillion ($109.26 million) in 2022, in contrast to a loss of VND4.74 trillion ($202.2 million) in 2021.
Prudential Vietnam recorded an after-tax profit of VND3.64 trillion ($155 million) in 2022, up 7.7-fold year-on-year, according to the firm’s latest report for the year.
- Related News
- Read More
AG&P LNG to start operating southern Vietnam LNG terminal in Sept
Singapore-headquartered AG&P LNG, a subsidiary of the U.S.-based Nebula Energy, plans to start commissioning the Cai Mep LNG terminal in Vietnam’s southern province of Ba Ria-Vung Tau in September.
Energy - Thu, May 9, 2024 | 10:23 am GMT+7
Japan’s Erex to build 50 MW biomass power plant in northern Vietnam
Japan's renewable energy firm Erex Co., Ltd. has received an investment registration certificate to build a 50-megawatt biomass power plant in Vietnam’s northern mountainous province of Yen Bai.
Energy - Thu, May 9, 2024 | 10:15 am GMT+7
Thailand extends visa waiver plan to attract tourists
The Thai cabinet on Tuesday approved a plan to extend visa exemption for tourists from India and Taiwan for six more months, as the country is seeking to boost the number of foreign arrivals from the two major markets.
Southeast Asia - Thu, May 9, 2024 | 8:42 am GMT+7
Indonesia economy grows 5.11% in Q1, beats forecast
Indonesia's economy, the largest in Southeast Asia, expanded 5.11% in the first quarter of this year, higher than the 5.04% recorded in the same time last year and economists’ expectation of 5%.
Southeast Asia - Thu, May 9, 2024 | 8:39 am GMT+7
Operator of Vietnam’s first oil refinery sees Q1 profit down 31%
Binh Son Refining and Petrochemical JSC (BSR), the operator of the first oil refinery in Vietnam – Dung Quat, reported an after tax profit of nearly VND1.12 trillion ($44 million) in the first quarter of 2024, down 31% year-on-year.
Companies - Thu, May 9, 2024 | 8:30 am GMT+7
Singapore introduces AI in classrooms
At Lakeside Primary School in Singapore, a trolley full of laptops is wheeled to the door of a fifth grade classroom where 30 or so students rush out to a hallway to retrieve them to learn mathematics using artificial intelligence (AI) each week.
Southeast Asia - Wed, May 8, 2024 | 10:30 pm GMT+7
Malaysia loses about $58 bln to corruption in 5 years
Malaysia incurred losses totaling MYR277 billion ($58 billion) as a result of corruption over the past five years, said Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC) Azam Baki.
Southeast Asia - Wed, May 8, 2024 | 10:27 pm GMT+7
Tetra Pak to invest $104 mln more in southern Vietnam facility
Swedish multinational food packaging and processing company Tetra Pak will invest an additional €97 million ($104.3 million) in its packaging material production facility in Vietnam’s southern province of Binh Duong.
Companies - Wed, May 8, 2024 | 10:20 pm GMT+7
Vietnam should promote FDI with cost-based incentives: association
Vietnam should consider replacing low corporate income tax with cost-relief incentives to remain competitive in attracting FDI amid Global Minimum Tax enforcement, said Prof. Nguyen Mai, chairman of Vietnam’s Association of Foreign Invested Enterprises (VAFIE).
Economy - Wed, May 8, 2024 | 10:12 pm GMT+7
Former HCMC Party chief faces disciplinary action for Van Thinh Phat Group-related violations
The Central Inspection Committee has proposed disciplinary action against Le Thanh Hai, former member of the Politburo - the country’s highest decision-making body, and former Party chief of Ho Chi Minh City, for violations related to property group Van Thinh Phat.
Politics - Wed, May 8, 2024 | 8:11 pm GMT+7
Novaland says southern Vietnam projects under construction after customers lodge police complaints
Responding to Ho Chi Minh City police requests for project documents, Vietnam real estate major Novaland says all its projects in southern Vietnam provinces are under construction.
Real Estate - Wed, May 8, 2024 | 5:32 pm GMT+7
Vietnam dong likely to narrow slide by end-2024: Vietcombank Securities
Vietnamese currency dong (VND) is likely to appreciate against the U.S. dollar towards the year-end, narrowing its year-to-date depreciation, analysts with Vietcombank Securities say.
Banking - Wed, May 8, 2024 | 4:00 pm GMT+7
Testing food packaging is a vital step toward ensuring food safety and hygiene: exec
Packaging types that come into direct contact with food are at risk of becoming contaminated with dangerous compounds which are potentially harmful to human health, said Devender Singh, global innovation & technical development leader of food testing company Eurofins Sac Ky Hai Dang Company Limited.
Companies - Wed, May 8, 2024 | 3:34 pm GMT+7
Green products key for An Phat Bioplastics to dominate market: chairman
An Phat Bioplastics JSC, listed on the Ho Chi Minh Stock Exchange (HoSE) as AAA and a subsidiary of Hanoi-headquartered An Phat Holdings, will focus on researching and developing new products to diversify its green product portfolio and quickly dominate export markets, said its chairman Nguyen Le Thang Long.
Executive Talk - Wed, May 8, 2024 | 2:24 pm GMT+7
Vietnam logistics firms small but dynamic: insider
Foreign-invested enterprises hold the lion's share of Vietnam's logistics market, but domestic firms are becoming more dynamic despite their small scale, said Duong Quang Duy, CEO of VietAviation Logistics.
Economy - Wed, May 8, 2024 | 1:37 pm GMT+7
Vietnam high tech sector appealing to FDI firms: analysts
High technology is continuing to attract foreign-invested enterprises in Vietnam this year, which in turn will give a boost to the country’s economic growth, analysts have said.
Industries - Wed, May 8, 2024 | 10:18 am GMT+7
