Insurance giant Bao Viet earns $50 mln profit in 9 months

Bao Viet Holdings, Vietnam's leading insurance and financial corporation, reported an after-tax profit of VND1,250 billion ($50.27 million) in the first nine months of the year, down 13% year-on-year.

The company's consolidated revenues reached VND40,254 billion ($1.62 billion) in the period, up 10.5% year-on-year.

Its life insurance and non-life insurance segments earned VND30,570 billion ($1.23 billion) and VND8,373 billion ($336.76 million) in revenues, up 11% and 10% year-on-year, respectively. Fund management segment revenues hit VND96 billion ($3.86 million), up 15%.

In the third quarter of the year, the company's net revenue from insurance business was more than VND10,048 billion ($404.13 million), up 11.8% over the same period last year.

However, its gross profit from the insurance business was just VND18.4 billion ($740,000), down 93% year-on-year.

Selling expenses and administrative expenses grew 12% and declined 7.5% respectively, reaching VND603 billion and VND987 billion ($39.69 million).

The corporation, listed on the Ho Chi Minh Stock Exchange (HoSE) as BVH, reported after-tax profits of VND408 billion ($16.41 million) in Q3, down 13.8% year-on-year.

By the end of Q3, BVH's total assets were over VND190,853 billion ($7.68 billion), up 12.6% compared to the beginning of the year. Of this, short-term financial investments accounted for 53% at more than VND100,317 billion ($4.03 billion), up 22%.

Total liabilities increased by 13.7% to over VND167,688 billion ($6.74 billion) mainly due to increases in short-term payables and insurance provision. Notably, short-term debt and long-term debt went down 58% and 28% to VND1,060 billion ($42.63 million) and VND193 billion ($7.76 million), respectively.

On the HoSE, the BVH stock closed Thursday’s session at VND52,400 ($2).