Bao Viet 2010 gross profit flat

Bao Viet Holdings , Vietnam’s largest insurer, reported a gross profit of 1.255 trillion dong ($60 million) for 2010, nearly unchanged from 2009, failing to meet its initial target.

Bao Viet projected 2011 gross profit to rise 15% to 1.445 trillion dong on revenue of 14.8 trillion dong, also up 15% from last year.

The Hanoi-based state-owned group said its 2010 revenue rose 21.8% to 12.86 trillion dong.

The group, 18% owned by HSBC Insurance Asia Pacific, had initially projected an annual gross profit growth of 11.6% to 1.395 trillion dong for 2010.

“Bao Viet continues to strengthen its traditional insurance business, maintain the leading role in life and non-life insurance markets as well as to expand to other key areas namely banking and investment,” Chief Executive Nguyen Thi Phuc Lam said in a statement.

The group provides life and non-life insurance, runs a stock brokerage, a fund management firm, a commercial bank and an investment unit dealing with real estate as well as a driving training firm.

Net profit from Bao Viet Bank soared 74% to 282 billion dong, while premiums of both life and non-life insurance rose 11.5% to a combined 8.24 trillion dong. – Reuters

Tags: Bao Viet Holdings