Insurer Bao Viet targets $1 billion in revenue in 2016

February 20, 2016 | 12:10

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Vietnam’s first and biggest insurer Bao Viet Holdings targets to become the first insurer in Vietnam to ever earn annual revenue of $1 billion in 2016.

In 2015 Bao Viet Holdings’s consolidated revenue was VND20.8 trillion ($93 million), up 9.2 per cent on year. Net profit was VND1.17 trillion ($524 million), down 2.5 per cent on year. Total consolidated assets at December 31 was VND58.6 trillion ($2.62 billion), up 23.2 per cent, shareholders’ equity was VND13.2 trillion ($59 million), up 2.9 per cent compared to that at December 31, 2014.

The parent company, meanwhile, earned net profit of VND1 trillion ($47 million), down 9 per cent.

According to its leadership, Bao Viet is ready to take advantage of the Trans-Pacific Partnership and the ASEAN Economic Community. The company is continuing to improve its operations in order to guarantee the benefits of customers, investors and the community.

Established in 1965, Bao Viet Holdings currently focuses on three main pillars: insurance, investment and financial services. The company has a distribution network throughout 63 provinces in Viet Nam and more than 160 branches across the country and currently employs 6,000 office workers and 70,000 sales people.

According to data by the Insurance Supervisory Agency under the Ministry of Finance, Bao Viet ranked second in terms of new premium in life insurance in 2015 with market share of 19.61 per cent, behind Prudential with share of 20.81 per cent.

Last November, PwC Vietnam and Bao Viet Holdings inked a contract wherein the former will provide sustainability assurance services for the financial-insurance giant. This marks the first time that a Vietnamese firm has sought external, independent reviews of its annual sustainability report, in line with regional and international trends.

By By Hong Anh

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