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| Vietnam: Insurers announce investment gains for 1H | |||
| Several insurers in Vietnam have announced their financial results for 1H that reveal that they made most of their profit from investments instead of underwriting operations, according to VietNamNet Bridge. Among them, BIDV Insurance Company stated that investment gains accounted for 74.5% of total profits. The company posted pre-tax profits of VND36.3 billion (US$1.89 million) for the first six months of the year, of which financial investments brought in VND27.05 billion. The investment profits were made mainly on bonds and stocks. The insurer's total revenue for 1H 2010 was VND346.15 billion, an increase of 62% over the same period of 2009. Premium revenue stood at VND238.5 billion, rising by 69%. The picture was similar for other insurance companies. Bao Minh Insurance made VND150 billion in investment profits, up 11.8% compared to the same period last year. Vietnam Reinsurance Corporation (Vinare) says that its insurance profits amounted to VND2.7 billion for 1H but financial investment gains totalled VND126.8 billion. Industry sources say that one reason for the lower insurance profits reported by insurance companies in general is that the insurers are accepting high-risk deals in order to have more cash for investments. |
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| Ins Communications Pte Ltd · 69 Amoy Street, Singapore 069 888 Tel: (65) 6224 5583 · Fax: (65) 6224 1091 http://www.asiainsurancereview.com/pages/e-weekly.asp?country=10 Published: 9/9/2010 9:11:13 PM © 2010 All rights reserved |
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