6-month profit after tax decreased 1% to VND 639 billion, equivalent to 54% of the year plan. Profit from financial activities increased 87%, mainly from interest on deposits, bond investments, treasury bills and securities.
According to the Consolidated Financial Statements for Quarter II / 2020, Bao Viet Group (HoSE: BVH) recorded a premium of VND 9,210 billion, up 4% from the same period last year. The reinsurance premium increased by 81%, dragging the net premium premium down by 2% to VND 7,989 billion. Including commission from ceding reinsurance and other revenue, Bao Viet earned VND 8,216 billion net revenue from insurance business, up by 0.1%.
The company paid original insurance indemnity and maturity payment of 3,040 billion dong, down 9%, while original insurance reserve was 4,928 billion dong, up 29.5%. In addition, other insurance activities were 1,834 billion dong (up 17%), the total direct expenditure on insurance activities was over 9,325 billion dong, up 12% compared to Q2 / 2019.
Bao Viet recorded a gross loss from insurance business of VND 1,108 billion, while the same period last year was VND 169 billion.
Great profit from financial activities helped Bao Viet’s second quarter results grow. Photo: DTT.
Financial activities brought in VND 2,577 billion of profit, an increase of 87% mainly from interest on deposits of over VND 1,420 billion and interest from investment in bonds, promissory notes, treasury bills, and securities trading of VND 1,214 billion.
General and administration expenses were over 882.3 billion dong, down by 5%. The company profit before tax 628 billion, 2 times higher than the same period last year. In the first 6 months, this figure is 807.8 billion dong, down by 3% YoY. Profit after tax decreased by 1%, to 638.6 billion dong, equivalent to 54% of the year plan.
Total assets as of the end of June stood at VND 137,875 billion, up 7.5% compared to the beginning of the year. Short-term assets account for 69%, mainly deposits, bonds.
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