BIDV Insurance Corporation (BIC) has reported profit before tax of nearly VND203 billion (US$8.7 million) in 2018, beating its yearly target by 6.7 per cent. This number is also 8.8 per cent higher than the previous year.

Total premiums the company earned from insurance sales reached more than VND2.1 trillion ($90.3 million), up 16.3 per cent year-on-year and surpassing its goal set for 2018 by 3.2 per cent.

The insurance arm of the Bank for Investment and Development of Viet Nam (BIDV) posted strong growth of 50 per cent in bancassurance sales (selling insurance to bank customers).

In 2019, the company has targeted total premiums of VND2.2 trillion and consolidated profit before tax of VND223 billion.

Its joint venture in Laos – Lao Viet Insurance Co (LVI) - reported premium revenue of $13.3 million, completing 103.6 per cent of its yearly plan. The company’s pre-tax profit was $550,300.

In Cambodia, Cambodia-Vietnam Insurance (CVI) also ranked fourth in terms of market share, up one place compared to the previous year, general director Tran Hoai An said without delivering a specific revenue.

An said this year, the company would continue to focus on developing retail distribution channels, especially through banks, as well as promoting the quality of its corporate governance and risk management.

Service quality would also be enhanced before, during and after sales, through applying advanced technology to better serve clients and expand distribution networks, he said.

Shares in BIC on the Ho Chi Minh Stock Exchange declined 3.8 per cent on Tuesday to around VND25,500 ($1.10). — VNS