Customers at a branch of Bao Viet Life. — VNA/VNS Photo Tran Viet
Insurance companies enjoyed an increase in sales in the first quarter of this year.
Bao Viet Holdings (BVH) has announced that its revenue increased by 12 per cent to VND408 billion (US$17.4 million) in the period.
However, operating expenses soared by 286 per cent to VND104 billion, which made its profit after tax to drop by 9 per cent compared to that of the first quarter last year.
BVH's consolidated financial statements showed that insurance premium revenue increased by 9 per cent to VND8.75 trillion.
In the first quarter which coincided with the COVID-19 pandemic, Bao Viet Insurance Corporation, a subsidiary of BVH, applied a 20 per cent discount on some health insurance programmes.
Life insurance sector is contributed by Bao Viet Life with VND225 billion in revenue, up 16 per cent year-on-year.
PetroVietnam Insurance Corporation (PVI), an enterprise operating in the field of non-life insurance, reported that its revenue in the first quarter grew by 51 per cent to VND79 billion.
Its profit after tax increased by 12 per cent to VND170 billion.
Vien Dong Insurance Joint Stock Company reported its net revenue from insurance increased slightly by 2 per cent to VND541 billion, but after-tax profit decreased by 32 per cent to VND10.7 billion.
Military Insurance Corporation (MIC) reported net revenue from insurance increased by 26 per cent year-on-year to VND499 billion.
However, the total cost of the insurance business increased 37 per cent to VND423 billion, which led to a 5 per cent decrease in profit in the first quarter to VND28 billion. — VNS