Life insurer AIA Vietnam sees 68% profit fall in H1

By Tri Duc
Mon, August 26, 2024 | 3:18 pm GMT+7

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).

English football star David Beckham visits AIA Vietnam in 2019. Photo courtesy of AIA Vietnam.

English football star David Beckham visits AIA Vietnam in 2019. Photo courtesy of AIA Vietnam.

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.

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