Bao Viet Holdings (BVH) has reported higher six-month revenues and profits as the domestic insurance market saw a six-year high in the first half of this year. The insurance company earned VND11.7 trillion (US$525 million) in revenue and VND789 billion as profit in the first half of 2016, a rise of 20.2 per cent and 8 per cent, respectively, over the same period last year.
Insurance continued to provide the largest support for the company's takings. Life insurance revenue reached nearly VND6.1 trillion, up 31.9 per cent year-on-year, while non-life insurance proceeds amounted to more than VND3.2 trillion, up 5.6 per cent.
Viet Nam's insurance industry grew nearly 26 per cent in the first six months of this year, the highest growth rate since 2011, the finance ministry said.
Among its subsidiaries, Bao Viet Life Corporation saw the largest expansion with total revenues hitting almost VND7.8 trillion, a year-on-year increase of 27.7 per cent, of which insurance premium comprised VND6.1 trillion, up 31.9 per cent year-on-year.
Bao Viet Life continued to be the market leader with its new business premium taking in more than VND1.2 trillion, a year-on-year rise of 40.3 per cent. The company's net profit touched VND389 billion.