BIDV Insurance Corp rakes in 9 million USD in pre-tax profit
The BIDV Insurance Corporation (BIC) has reported pre-tax profit of 202.8 billion VND (9 million USD) in 2018, exceeding its yearly target by 6.7 percent and representing a year-on-year rise of 8.8 percent.
In 2019, BIC has targeted total premiums of 2.2 trillion VND and consolidated profit before tax of 223 billion VND. (Photo vnr500.com.vn
Hanoi (VNA) - The BIDV InsuranceCorporation (BIC) has reported pre-tax profit of 202.8 billion VND (9 millionUSD) in 2018, exceeding its yearly target by 6.7 percent and representing ayear-on-year rise of 8.8 percent.
Its total premiums reached 2,105 billion VND(90.7 million USD), up 16.3 percent year-on-year and surpassing its goal setfor 2018 by 3.2 percent.
BIC - the insurance arm of the Bank forInvestment and Development of Vietnam (BIDV) - posted strong growth of 50percent in bancassurance sales (selling insurance to bank customers).
In 2019, the company has targeted total premiumsof 2,202 billion VND (94.8 million USD) and consolidated pre-tax profit of 223billion VND (9.6 million USD).
Its joint venture in Laos – Lao Viet InsuranceCo (LVI) - reported premium revenue of 13.3 million USD, 3.6 percent higherthan its yearly plan. The company’s pre-tax profit was 550,300 USD.
In Cambodia, Cambodia-Vietnam Insurance (CVI)also ranked fourth in terms of market share, up one place compared to theprevious year, general director Tran Hoai An said without delivering a specificrevenue.
An said this year, the company would continue tofocus on developing retail distribution channels, especially through banks, aswell as promoting the quality of its corporate governance and risk management.
Service quality would also be enhanced before,during and after sales, through applying advanced technology to better serveclients and expand distribution networks, he said.-VNA
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In 2019, BIC has targeted total premiums of 2.2 trillion VND and consolidated profit before tax of 223 billion VND. (Photo vnr500.com.vn 
