Taiwan-invested Cathay Life Insurance Vietnam’s H1 post-tax profit falls 3.2%

Cathay Life Insurance Vietnam Co., Ltd., under Taiwan-based life insurer Cathay Life, recorded a post-tax profit of VND836.4 billion ($33.6 million) in Vietnam in the first half of 2024, down 3.2% year-on-year.

According to the firm’s financial statements, it made a gross revenue of VND1,646.1 billion ($66.2 million) from insurance business in the period, including VND1,646.2 billion from insurance premium, up 17.6% and 18% year-on-year, respectively.

The insurer paid indemnification of VND281.9 billion ($11.33 million) in the six months.

It made a revenue of VND1,190.6 billion ($47.9 million) from financial activities, up 29.1% year-on-year.

The insurer paid taxes of VND207.1 billion ($8.33 million) in the six-month period, nearly doubling year-on-year.

Its short-term investments reached VND4,791.4 billion ($192.6 million) as of end H1/2024, up 1.1% year-on-year. The figure included VND4,193.5 billion of bank deposits, VND310 billion of corporate bonds, among others.

For long-term investments, the figure increased 6.5% year-on-year to VND22,242.6 billion ($894.2 million) as of end H1/2024. It included VND4,734.2 billion of bank deposits, VND5,506.6 billion of government bonds, VND6,331.4 billion of corporate bonds, and VND5,670.5 billion of stocks.

Among stocks, the biggest portions were privately-run Asia Commercial Bank (HoSE: ACB) with VND309.3 billion ($12.4 million), Military Commercial Bank (MBBank, HoSE: MBB) with VND308.6 billion, Techcombank (HoSE: TCB) with VND282.2 billion, and Vietnam’s top steelmaker Hoa Phat Group (HoSE: HPG) with VND280 billion.

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.

Another life insurer, AIA (Vietnam), recorded a net profit of VND283.8 billion ($11.4 million) in H1, down 68% year-on-year, while its peer Prudential Vietnam recorded a post-tax profit of VND915.9 billion ($36.9 million), down 31.8% year-on-year.

Dai-ichi Life Vietnam, the Vietnamese subsidiary of Japan’s major life insurer Dai-ichi Life, posted a post-tax profit of VND1,102.6 billion ($44.4 million) in H1, down 13.5% year-on-year, according to its financial statements.