Bao Minh insurer posts over 144b dong profit in 2010

Bao Minh Joint Stock Corp (BMI) has recently announced the combined fiscal report in Q4 2010 with 410.1 billion dong of premium from insurance sector, up 6 percent against the same period of previous year. The total costs for insurance business operations posted a rise of 16 percent against Q4 2009, so the insurer’s combined profit in Q4 2010 was only 169.1 billion dong, falling 6 percent.

The company’s net profit from insurance sector decreased 65 percent to reach 11.1 billion dong and its after tax profit fell 16 percent against 2009′s to reach 56.9 billion dong.

Totally, ending 2010, BMI gained over 1.541 trillion dong of premium, up 12 percent y-o-y but fulfilling only 59 percent of the year’s target.

The total direct expenditures for insurance sector was 1.024 trillion dong, so its combined revenue and profit increased 37 percent y-o-y.

BMI’s net profit from insurance sector was 12.6 billion dong while it was a loss of 49 billion dong in 2009. In 2010, the spending on the corporate management was up 18 percent to 517.2 billion dong.

The company’s profit from financial operations fell 45 percent to reach only 129.1 billion dong. Therefore, its after tax profit was 144.6 billion dong while the figure in 2009 was 188.9 billion dong, falling 23 percent year-on-year.

Tags: Bao Minh