Bao Viet reports after-tax profit of more than 455 billion VND in the first quarter, a year-on-year decrease of 10 percent. (Photo: plo.vn)Hanoi (VNA) - Bao Viet Group postednearly 8.1 trillion VND (348.2 million) in insurance revenue in the firstquarter of 2019, a year-on-year increase of 19 percent.
Life insurance rose by nearly 20 percent,reaching over 5.53 trillion VND (237.7 million USD). Non-life insurancepremiums brought in approximately 2.67 trillion VND (114.8 million USD),up 10.5 percent.
Total direct spending by the insurancebusiness reached more than 7.33 trillion VND (315 million USD), a decrease ofabout 3 percent over the same period last year.
During the first quarter, the group’s financialincome dropped sharply by 37 percent to 1.79 trillion VND (77 million USD),of which deposit interest was over 1.01 trillion VND (43.4 million USD), up 73 percentover the same period.
Income from securities investment and tradingactivities only reached 41 billion VND (1.76 million USD) while in the sameperiod last year, the figure was nearly 1.39 trillion VND (59.7 millionUSD).
As a result, Bao Viet reported after-tax profitof 455 billion VND (19.6 million USD) in the first quarter, a year-on-yeardecrease of 10 percent, of which the company owner's profit was 444.3 billionVND, down 8.5 percent against Q1 in 2018.
By the end of the first quarter, Bao Viet'stotal assets were valued at over 116.56 trillion VND (5 billion USD), anincrease of about 3 percent compared to the beginning of the year.
Short-term assets reached more than 72.97trillion VND (3.13 billion USD), up 5.3 percent. Cash and cash equivalentsreached over 3.03 trillion VND (130.3 million USD), an increase of about 40 percentyear-on-year.-VNA
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