Baoviet on the boil in first quarter

May 18, 2013 | 15:01

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Baoviet Holdings has revealed a pre-tax profit of VND420 billion ($20.2 million) for 2013’s first quarter.

Baoviet Holdings announced its consolidated pre-tax profit, while its consolidated revenue reached VND3.87 trillion ($186 million).

Hoang Viet Ha, Baoviet Holdings’ chief operating officer, said: “Despite the challenging economy in early 2013, Baoviet’s insurance business achieved positive growth of 5 per cent compared to the same period in 2012. Baoviet proactively diversified our product range, improved service quality and focused on expanding our market to maintain stable growth in line with our business target.”

Specifically, consolidated revenue reached VND3.87 trillion ($186 million) including revenue from insurance business at VND2.76 trillion ($132.7 million), up 5 per cent year-on-year.

Total revenue of Baoviet Life rose by 11 per cent compared to 2012’s first quarter to VND1.83 trillion ($88 million). New business premiums hit VND233 billion ($11.2 million), up 20 per cent against 2012’s first quarter, while its new business premiums growth rate outperformed the market average growth rate (+18 per cent).

Baoviet Insurance’s total revenue reached VND 1.54 trillion ($74 million), maintaining its number one position in the market with gross written premium market share of 22.3 per cent.

Revenue from Baoviet Group’s financial business slightly decreased (-12 per cent) due to the decrease of market interest rate and impact of financial market challenges in the first three months of 2013.

By Trang Nguyen

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