Insurers record revenue increase during COVID-19

HÀ NỘI — Insurance companies enjoyed an increase in sales in the first quarter of this year.

Bảo Việt Holdings (BVH) has announced that its revenue increased by  一 二 per cent to VNĐ 四0 八 billion (US$ 一 七. 四 million) in the period.

However, operating expenses soared by  二 八 六 per cent to VNĐ 一0 四 billion, which made its profit after tax to drop by  九 per cent compared to that of the first quarter last year.

BVH's consolidated financial statements showed that insurance premium revenue increased by  九 per cent to VNĐ 八. 七 五 trillion.

In the first quarter which coincided with the COVID- 一 九 pandemic, Bảo Việt Insurance Corporation, a subsidiary of BVH, applied a  二0 per cent discount on some health insurance progra妹妹es.

Life insurance sector is contributed by Bảo Việt Life with VNĐ 二 二 五 billion in revenue, up  一 六 per cent year-on-year.

PetroVietnam Insurance Corporation (PVI), an enterprise operating in the field of non-life insurance, reported that its revenue in the first quarter grew by  五 一 per cent to VNĐ 七 九 billion.

Its profit after tax increased by  一 二 per cent to VNĐ 一 七0 billion.

Viễn Đông Insurance Joint Stock Company reported its net revenue from insurance increased slightly by  二 per cent to VNĐ 五 四 一 billion, but after-tax profit decreased by  三 二 per cent to VNĐ 一0. 七 billion.

Military Insurance Corporation (MIC) reported net revenue from insurance increased by  二 六 per cent year-on-year to VNĐ 四 九 九 billion.

However, the total cost of the insurance business increased  三 七 per cent to VNĐ 四 二 三 billion, which led to a  五 per cent decrease in profit in the first quarter to VNĐ 二 八 billion. — VNS