Bao Minh insurer posts 87b dong after tax profit in Q1

Bao Minh Joint Stock Co (coded BMI) recently announced this year business plan with 2.33 trillion dong of premium, up 5 percent year-on-year and 190 billion dong of pre tax profit with 12 percent dividend.

Particularly, BMI’s premium from original insurance contracts would be 1.9 trillion dong, a year-on-year increase of 4 percent, premium from reinsurance contracts at 160 billion dong, up 6 percent y-o-y and premium from finance activities at 270 billion dong, up 12 percent y-o-y.

The insurer also plans to spend some 80 billion dong on the company’s standby fund and costs.

In Q1, BMI gained 700 billion dong of premium, reaching over 30 percent of this year’s target and growing over 42 percent year-on-year and total insurance compensation at 201 billion dong or 28 percent of this year’s plan.

BMI’s premium from finance activities was 101 billion dong in Q1, total profit from insurance activities at 115 million dong, and total after tax profit at 87 billion dong.

CafeF

Tags: Bao Minh, Vietnam insurance industry, Vietnam insurance sector