Bao Viet posts $1.5 billion revenue in 2017

Friday, Jan 05, 2018 15:55

Bao Viet’s insurance sector achieved a double digit growth rate in 2017, with life insurance premium rising by 25 per cent year-on-year. — Photo

Bao Viet Group has announced total consolidated revenue of some VND31.2 trillion (US$1.5 billion) in 2017, increasing 21.5 per cent from the previous year and surpassing 8 per cent of its set target.

Its after-tax profit was also estimated to be higher than the target.

The group’s insurance sector continued to achieve a double digit growth rate. In 2017, life insurance premium rose by 25 per cent from 2016 and took the lead in the market in terms of new contracts, which were worth VND3.8 trillion.

Its non-life insurance exceeded plans with Original Gross Premium Income of VND8.5 trillion.

Its member companies introduced many insurance products in 2017, while promoting new products for individual customers through banking channels such as house building and repair loans Bao Viet Happy House, Bao Viet Happy Life and adding new services to customers using its internet banking and the Bao Viet bank card.

Bao Viet’s securities sector also enhanced its brokerage market share in 2017 with the success in consultancy of State-owned capital divestment at Sabeco.

Its fund management continued to grow in terms of total management assets, which rose to $1.9 billion, up 16 per cent from the previous year.

The group has targeted to focus on implementing brand repositioning towards sustainable development while continuing to complete information and technology infrastructure and cooperate with prestigious partners to improve management quality. — VNS

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