Unlike other financial services like banks and securities, insurance stocks haven’t recorded significant gains despite positive business results and a bright growth outlook.
Japanese insurer Sumitomo Life has registered to buy more than 41.4 million shares of local insurer insurance-finance-banking group Bao Viet Holdings (BVH).
Bao Viet Group (HOSE: BVH) recorded a consolidated revenue of VND23.36 trillion (US$1.02 billion) in the first nine months of this year, a year-on-year surge of 26.8 per cent.
Insurer Bao Viet Holdings (BVH) on Tuesday sold its entire stake in the Saigon Beer-Alcohol-Beverage Corporation (Sabeco) for VND95 billion (US$4.2 million).
Bao Viet Group, listed on the HCM Stock Exchange as BVH, has become the first finance and insurance company in Viet Nam to earn revenues of US$1 billion.
Bao Viet Holdings (BVH) has reported higher six-month revenues and
profits as the domestic insurance market saw a six-year high in the
first half of this year.
A slight recovery during the last minutes of trading at yesterday''s
afternoon session helped narrow the morning losses, with the benchmark
indices ending slightly lower on both national stocks exchanges.