Prudential Vietnam said Monday its turnover for the first nine-months of 2005 surged by 13.4% to dong 2.8 trillion, or over US$176 million, with profits totalling 144 billion dong.
According to statistics released by the finance ministry, from the beginning of its operation (Nov, 1999) to Sep, 2005, Prudential Vietnam has attained total revenues from insurance premiums of nearly 10.8 trillion dong.
The Prudential Vietnam Fund Management Co, the financial wing of the insurance company, began operation yesterday October 17 in HCM City following the issuance of its license by the State Securities Commission in May 2005.
It was set up to manage two funds, one of which is the Prudential premium fund which contains all premiums collected by Prudential Vietnam and has initial registered capital of dong 10 trillion.
According to Fund Management Co CEO Tran The Huy, it is preparing to set up a public fund in Vietnam.
Prudential Vietnam is the first life insurance company in Vietnam to set up a fund management company.