Bao Viet Group posted nearly VND8.1 trillion (US$348 million) in insurance revenue in the first quarter of 2019, a year-on-year increase of 19 per cent. Life insurance rose by nearly 20 per cent, reaching over VND5.53 trillion. Non-life insurance premiums brought in approximately VND2.67 trillion, up 10.5 per cent.
Total direct spending by the insurance business reached more than VND7.33 trillion, a decrease of about 3 per cent over the same period last year.
During the first quarter, the group’s financial income dropped sharply by 37 per cent to VND1.79 trillion, of which deposit interest was over VND1.01 trillion, up 73 per cent over the same period.
Income from securities investment and trading activities only reached VND41 billion while in the same period last year, the figure was nearly VND1.39 trillion.
As a result, Bao Viet reported after-tax profit of VND455 billion in the first quarter, a year-on-year decrease of 10 per cent, of which the company owner's profit was VND444.3 billion, down 8.5 per cent against Q1 in 2018.
By the end of the first quarter, Bao Viet's total assets were valued at over VND116.56 trillion, an increase of about 3 per cent compared to the beginning of the year.
Short-term assets reached more than VND72.97 trillion, up 5.3 per cent. Cash and cash equivalents reached over VND3.03 trillion, an increase of about 40 per cent year-on-year.