Dai-ichi Life Vietnam profit falls 13.5% in H1

Dai-ichi Life Vietnam, the Vietnamese subsidiary of Japan’s major life insurer Dai-ichi Life, posted a post-tax profit of VND1,102.6 billion ($44.4 million) in the first half of this year, down 13.5% year-on-year, according to its financial statements.

Dai-ichi Life Vietnam recorded revenues of VND8,852 billion ($356.6 million) from insurance business in the period, down 6.2% year-on-year; VND1,901.9 billion ($76.6 million) from financial activities, up 7.4%; and VND2 billion ($79,881) from other activities, down 5.6%. The insurer recorded no revenue from real estate investment activities.

The firm said it raked in VND9,117.1 billion ($367.3 million) of insurance premiums, down 6.4% year-on-year; and spent VND314 billion and VND49 billion on reinsurance fees and reinsurance commissions.

In the six-month period, Dai-ichi Life Vietnam spent VND5,805.8 billion ($233.9 million) on insurance indemnification, up 3.4% year-on-year.

Along with other insurance activities, Dai-ichi Life Vietnam posted a gross profit of VND2,318.5 billion ($93.4 million) from insurance activities, down 19.6% year-on-year; while its gross profit from financial activities went up 10.8% to VND1,721 billion ($69.3 million).

Life insurer Prudential Vietnam recorded a post-tax profit of VND915.9 billion ($36.9 million) in the first half of this year, down 31.8% year-on-year.

FWD Vietnam Life Insurance Company Limited, a member of Hong Kong-headquartered FWD Group, had recorded cumulative losses of VND5,815 billion ($232.45 million) as of June 30 this year. The life insurer, which has been in Vietnam for 17 years, earned a net profit of VND290.75 billion ($11.62 million) in H1/2024, up 70% year-on-year.

Life insurer Generali Vietnam, a member of Italy’s largest insurance group Generali, booked a net profit of VND116.71 billion ($4.68 million) in the same period, down 74% year-on-year.

Yet another life insurer, AIA (Vietnam) Life Insurance Company Limited, a subsidiary of Hong Kong-headquartered insurance and finance corporation AIA, recorded a net profit of VND283.8 billion ($11.4 million) in H1/2024, down 68% year-on-year.