HCM City-based non-life insurer Bao Minh has reported 2005 premium revenue of more than 1.2 trillion dong (US$76 million), up 200 billion dong on the previous year. The figure, however, is lower than the target of 1.3 trillion dong but general director Tran Vinh Duc said on January 13 that the company is still looking to obtain 2006 revenue of 1.35 trillion dong.
Last year Bao Minh generated a pre-tax profit of 77 billion dong, up 10 billion dong on the year earlier and even higher than the targeted 75 billion dong. Duc said the figure this year was expected at 85 billion dong.
Bao Minh says it now holds a market share of 23% and has more than 5,000 sales agents nationwide.
The insurer has chartered capital of 1.1 trillion dong, with the state holding 63%. Duc said there is no plan for the state to divest its holding in the near future.
Bao Minh is also involved in life insurance joint venture Bao Minh-CMG and non-life insurance joint venture United Insurance Corp (UIC).
Some foreign insurers have been seeking to acquire Bao Minh’s stake in Bao Minh CMG but Duc said that his firm had no intention to sell the stake.