Major insurer PVI posts $37 mln profit in 2022
Vietnamese insurance giant PVI Holdings 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 VND6,499 billion ($277.2 million), up 31%.
In the fourth quarter of 2022, PVI recorded net revenue of VND1,853 billion ($79.03 million) and after-tax profit of VND173.9 billion ($7.42 million), up 48% and 2.9 times year-on-year, respectively.
PVI headquarters in Pham Van Bach street, Cau Giay district, Hanoi. Photo courtesy of the corporation.
As of December 31, 2022, PVI's total assets stood at VND26,128 billion ($1.11 billion), up 7.6% compared to the beginning of the year. Of this, cash and cash equivalents increased by 40% to VND1,424 billion ($60.73 million).
In addition, the corporation also boosted investment in securities trading including stocks and bonds with the original price at the end of the year at VND1.672 trillion ($71.3 million), up 75% compared to the beginning of the year.
By the end of 2022, PVI had made provision for payables of more than VND13,500 billion ($575.7 million), up 12.5% compared to the beginning of the year.
Of this, the majority came from compensation at VND8,314 billion ($354.6 million) and provision for unearned fees at VND4,847 billion ($206.7 million).
On the Hanoi Stock Exchange (HNX), PVI shares finished at VND49,800 ($2.12) at Monday's close.
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