In 2011, Vietnam National Reinsurance Joint Stock Corp (Vinare-coded VNR) reported gaining gross profit of 230.7 billion dong, rising nearly 11 percent from 2010 thanks to significant contribution from financial activities.
In Q4 alone, its net revenue reached 140.8 billion dong, rising 15.3 percent from Q4 2010 and consolidated profit reached 10.6 billion dong, down over 35 percent on year.
Its net profit was negative 1.5 billion dong while in the same period of 2010; its net profit was 4.7 billion dong.
As explained by VNR, in Q4, the company had to suffer huge damages from sinking ship of Vinalines Queen, fire of Dragon Jet plant and fire in Poh Huat Vietnam.
Its profit from financial activities was 64.4 billion dong, rising 24.5 percent thanks to interest from savings and after tax profit was 49 billion dong, a year-on-year increase of over 11 percent.
Totally, for the whole year 2011, the re-insurer posted net revenue of 657.6 billion dong, rising 18.3 percent compared to 2010, after tax profit at 230.7 billion dong, up nearly 11 percent on year, of which, profit from financial activities made up 256.7 billion dong, up 9 percent on year.