Major insurer PVI posts $13.6 mln Q2 profit, up 61%

Vietnamese insurance giant PVI Holdings reported net revenue of VND1.59 trillion ($67.3 million) and after-tax profit of VND322 billion ($13.6 million) in the second quarter of this year, up 1% and up 61% year-on-year, respectively.

In the period, the corporation's sales and service provision revenue reached VND3.24 trillion ($137.16 million), up 4%, of which original insurance premiums were still the largest source of income with VND2.47 trillion ($104.4 million), up 10.7%.

Notably, PVI's financial revenue stood at VND358 billion ($15.1 million), up 69% year-on-year, mainly from interest on deposits and loans.

In the first six months of this year, PVI recorded revenue of VND7.24 trillion ($306.3 million) and pre-tax profit of VND694 billion ($29.3 million), up 3% and 32% year-on-year, and fullfilling 53% and 70% of the year plan, respectively.

As of June 30, PVI's total assets had stood at VND28.39 trillion ($1.2 billion), up 9% compared to the beginning of the year. Notably, financial investments were more than VND12 trillion ($507.4 million), accounting for nearly 43% of total assets of which deposits hit more than VND8.8 trillion ($372 million).

PVI reported an after-tax profit of VND877 billion ($37.4 million) in 2022, up 0.8% year-on-year. The corporation's net revenue from its insurance business reached VND6.5 trillion ($277.2 million), up 31%.

On the Hanoi Stock Exchange (HNX), PVI shares finished at VND58,000 ($2.45) at Thursday's close.