HANOI: Bảo Việt 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 VNĐ11.7 trillion (US$525 million) in revenue and VNĐ789 billion as profit in the first half of 2016, a rise of 20.2 per cent and 8 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 VNĐ6.1 trillion, up 31.9 per cent year-on-year, while non-life insurance proceeds amounted to more than VNĐ3.2 trillion, up 5.6 per cent. ViỆt 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, Bảo Việt Life Corporation saw the largest expansion with total revenues hitting almost VNĐ7.8 trillion, a year-on-year increase of 27.7 per cent, of which insurance premium comprised VNĐ6.1 trillion, up 31.9 per cent year-on-year. Bảo Việt Life continued to be the market leader with its new business premium taking in more than VNĐ1.2 trillion, a year-on-year rise of 40.3 per cent. The company’s net profit touched VNĐ389 billion.
