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Insurers record revenue increase during COVID-19

Update: May, 07/2020 - 08:48
Customers at a branch of Bảo Việt Life. — VNA/VNS Photo Trần Việt

HÀ NỘI — Insurance companies enjoyed an increase in sales in the first quarter of this year.

Bảo Việt Holdings (BVH) has announced that its revenue increased by 12 per cent to VNĐ408 billion (US$17.4 million) in the period.

However, operating expenses soared by 286 per cent to VNĐ104 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 VNĐ8.75 trillion.

In the first quarter which coincided with the COVID-19 pandemic, Bảo Việt Insurance Corporation, a subsidiary of BVH, applied a 20 per cent discount on some health insurance programmes.

Life insurance sector is contributed by Bảo Việt Life with VNĐ225 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 VNĐ79 billion.

Its profit after tax increased by 12 per cent to VNĐ170 billion.

Viễn Đông Insurance Joint Stock Company reported its net revenue from insurance increased slightly by 2 per cent to VNĐ541 billion, but after-tax profit decreased by 32 per cent to VNĐ10.7 billion.

Military Insurance Corporation (MIC) reported net revenue from insurance increased by 26 per cent year-on-year to VNĐ499 billion.

However, the total cost of the insurance business increased 37 per cent to VNĐ423 billion, which led to a 5 per cent decrease in profit in the first quarter to VNĐ28 billion. — VNS

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