Bao Viet Holdings' H1 profit rises 8%
Bao Viet Holdings' H1 profit rises 8%
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.
The insurance company earned VND11.7 trillion (US$525 million) in revenue and VND789 billion as profit in the first half of 2016, a rise of 20.2 per cent and eight per cent, respectively, over the same period last year.
Insurance continued to provide the largest support for the company's takings. Life insurance revenue reached nearly VND6.1 trillion, up 31.9 per cent year-on-year, while non-life insurance proceeds amounted to more than VND3.2 trillion, up 5.6 per cent.
Viet Nam's insurance industry grew nearly 26 per cent in the first six months of this year, the highest growth rate since 2011, the finance ministry said.
Among its subsidiaries, Bao Viet Life Corporation saw the largest expansion with total revenues hitting almost VND7.8 trillion, a year-on-year increase of 27.7 per cent, of which insurance premium comprised VND6.1 trillion, up 31.9 per cent year-on-year.
Bao Viet Life continued to be the market leader with its new business premium taking in more than VND1.2 trillion, a year-on-year rise of 40.3 per cent. The company's net profit touched VND389 billion.
Bao Viet Insurance Corporation also saw a six-per-cent rise in revenues in the first six months, amounting to VND3.5 trillion. Its net profit was VND160 billion, equivalent to 53 per cent of the company's yearly target.
In its financial and investment arms, Bao Viet Fund saw encouraging figures with revenues rising 78.9 per cent year-on-year to reach VND44 billion and net profit soaring 93.6 per cent to touch VND14 billion. The fund is managing total assets worth almost $1.6 billion.
Bao Viet Securities Co reported total revenues of VND150 billion in the first half, up 2.6 per cent year-on-year, and net profit of VND56 billion. It is the second largest brokerage in terms of market shares on the HCM Stock Exchange, at 33.5 per cent.
Bao Viet Holdings spent more than VND544 billion, equivalent to 54.3 per cent of its 2015 net profit, to pay cash dividend.
Its share price has climbed more than 11 per cent since the beginning of this year. BVH is being traded at VND59,000 per share this morning.
