National reinsurer gains 57b dong profit in Q1

Vietnam National Reinsurance Joint Stock Corp (Vinare-VNR) said that its after tax profit touched 57 billion dong in the first quarter this year, rising 18.4 percent against the same period last year.

Particularly, in Q1, VNR reached 427 billion dong revenue from reinsurance fee and 191.6 billion dong of net revenue from insurance business activities, up 32 percent year-on-year.

Of which, the total expenditures for insurance business operations were 160.6 billion dong and its combined profit at 31 billion dong, growing 158.3 percent y-o-y.

In Q1, VNR also earned over 57 billion dong revenue from financial investment, equalling to the figure in last Q1. At the same time, the reinsurer had to spend 3.8 billion dong on financial costs and 11.3 billion dong on corporate management costs.

Thanks to nearly three billion dong of other profit and over 73 billion dong of net profit from business activities, VNR’s pre tax profit was nearly 76 billion dong, rising 25 percent y-o-y.
VNR’s after tax profit was over 57 billion dong, up 18.4 percent from the same period last year.

In 2011, the reinsurer expects to gain 1.32 trillion dong revenue from reinsurance contracts, up 8.6 percent y-o-y and pre tax profit growth at 9.8 percent to reach 295 billion dong.

Thus, ending the first quarter of this year, VNR fulfilled 32.3 percent of the year’s premium target and 25.7 percent of the year’s pre tax profit plan.

Tags: Vietnam National Reinsurance, Vinare