Bao Viet Holdings (HoSE: BVH), Vietnam's largest insurer, reported a gross profit of VND1.255 trillion ($60 million) for 2010, nearly unchanged from 2009, failing to meet its initial target.

Bao Viet projected 2011 gross profit to rise 15 percent to VND1.445 trillion on revenue of VND14.8 trillion, also up 15 percent from last year.

The Hanoi-based state-owned group said its 2010 revenue rose 21.8 percent to VND12.86 trillion.

The group, 18 percent owned by HSBC Insurance Asia Pacific, had initially projected an annual gross profit growth of 11.6 percent to VND1.395 trillion for 2010.

"Bao Viet continues to strengthen its traditional insurance business, maintain the leading role in life and non-life insurance markets as well as to expand to other key areas namely banking and investment," Chief Executive Nguyen Thi Phuc Lam said in a statement.

The group provides life and non-life insurance, runs a stock brokerage, a fund management firm, a commercial bank and an investment unit dealing with real estate as well as a driving training firm.

Net profit from Bao Viet Bank soared 74 percent to VND282 billion, while premiums of both life and non-life insurance rose 11.5 percent to a combined VND8.24 trillion.

Shares in Bao Viet closed up 3.45 percent at VND75,000 on Wednesday.