Life insurer Prudential Vietnam sees 32% fall in H1 profit

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.

According to its financial statements, the firm, a subsidiary of London-headquartered Prudential plc, suffered a loss of VND1,672.4 billion ($67.4 million) from its insurance business in H1/2024, versus a profit of VND321.8 billion ($12.96 million) in H1/2023.

It collected premiums of VND11,247.1 billion ($452.2 million) during the first six months of the year while incurring expenditures of VND12,640.2 billion.

In terms of non-insurance businesses, the firm earned revenues of VND6,508.3 billion ($262.1 million) from financial activities and VND3 billion ($120,800) from other activities.

The value of its short-term investments in the stock market rose 16.2% from end-2023 to VND17,339 billion ($698.4 million) in H1/2024; while that of long-term investments rose 4% year-on-year from end-2023 to VND122,259.1 billion ($4.92 billion).

The last figure included VND66,904.7 billion in government bonds and VND17,667.5 billlion in corporate bonds.

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), recorded a net profit of VND283.8 billion ($11.4 million) in H1/2024, down 68% year-on-year.