Insurer Bao Viet targets $45 million annual profit

Friday, Apr 17, 2015 17:04

The Annual General Meeting opens in Ha Noi on April 17. — Photo
HA NOI (Biz Hub) — Insurer Bao Viet Holdings is targeting a consolidated revenue of over VND 18.9 trillion (US$879 million) this year, including an after-tax profit of VND1.14 trillion ($45 million).

The target was agreed upon at its shareholders at the Annual General Meeting on April 17.

The target was reduced in comparison with last year's figure, which touched more than VND1.3 trillion ($60 million).

The group's leaders explained that the target was set lower than last year's figure because the economy was forecast to have many disadvantages.

Besides, the group will focus on finalising policies and boosting financial capacity this year by raising its charter capital.

In 2014, the consolidated revenue of the group was estimated to touch VND18.6 trillion ($865 million), the consolidated pre-tax profit had reached VND1.5 trillion ($69 million), and the consolidated net profit had reached VND1.2 trillion ($55 million).

By December 2014, the parent company of Bao Viet Corporation estimated the amount of equity at VND11.5 trillion ($534 million). Total revenue from the parent company was estimated at VND1.3 trillion, the profit after tax was expected to touch VND1.1 trillion ($46 million).

As the leading financial–insurance group in Viet Nam, Bao Viet Holdings currently focuses on three main pillars: insurance, investment and financial services, with its wide distribution network throughout 63 provinces in Viet Nam and more than 160 branches across the country. — VNS

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