Life insurer AIA Vietnam sees 68% profit fall in H1

Life insurer AIA (Vietnam) recorded post-tax profits of VND283.8 billion ($11.4 million) in the first half of 2024, down 68% year-on-year.

AIA (Vietnam) Life Insurance Company Limited is a subsidiary of Hong Kong-headquartered insurance and finance corporation AIA.

According to the firm’s financial statement for H1, its pre-tax profit dropped 47.2% year-on-year to VND581.9 billion ($23.4 million).

Revenue from insurance activities fell by VND713.3 billion ($28.7 million), or 10.4%, to VND6.859.4 billion ($275.5 million).

Revenue from financial activities grew 14.3% year-on-year to VND1,820.2 billion ($73.1 million); and from other miscellaneous services grew 75.2% to VND15.8 billion ($635,300).

As of end-H1, AIA (Vietnam) had cash-in-hand of VND924.6 million ($37,180) and bank deposits of VND1,198.9 billion ($48.2 million), up 57.7% and down 6.7% from end-2023, respectively.

Its short-term investments in the stock market rose 6.8% from end-2023 to VND2,342.1 billion ($94.1 million) in the first half of the year.

The life insurer said its long-term investments in bonds increased 0.37% from end-2023 to VND24,053.3 billion ($966 million).

FWD Vietnam Life Insurance Company Limited, a member of Hong Kong-headquartered FWD Group, recorded a cumulative loss of VND5,815 billion ($232.45 million) as of June 30, after being present in the Southeast Asian country for 17 years.

In H1/2024, the life insurer earned a net profit of VND290.75 billion ($11.62 million), rising 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.