BIC insurer gains 15.48b dong profit after two months of equitisation

09-Dec-2010 Intellasia | Vietbiz24 | 7:01 AM Print This Post

Ending the first 11 months this year, Bidv Insurance Corp (BIC) gained 748 billion dong of revenue, up 38 percent over the same period last year.

Notably, after two months of making equitisation, BIC attained 15.48 billion dong profit from insurance business activities.

Particularly, in November, BIC reported 83.3 billion of premium, up 33 percent month on month and 5.17 billion dong of pre tax profit.

The insurer’s profit from insurance sector in month was eight billion dong, rising 454 percent from October, bringing the accumulative figure of two months after equitisation to 15.48 billion dong.

However, BIC’s profit in November decreased from previous month because it set aside of 11.2 billion dong for securities risk provision fund.

Totally, in Jan-Nov, BIC’s premium was nearly 469 billion dong, growing 35 percent year-on-year. The company’s revenue from finance sector was 226.42 billion dong, up 66 percent y-o-y.

In comparison with the same period of 2009, BIC’s equity saw a rise of 40 percent, reaching 677.75 trillion dong and the company’s standby fund was up 35 percent to 231.3 billion dong.

Reportedly, on October 1, 2010, BIC officially made equitisation to transfer into a joint stock corporation model.


Category: Finance

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