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Bao Viet Group's 9M consolidated revenue exceeds $1bn

Released at: 14:11, 31/10/2017

Bao Viet Group's 9M consolidated revenue exceeds $1bn

Photo from baocongthuong.com.vn

Group releases Q3 business results, revealing stable growth in all sectors.

by My Van

The Bao Viet Group recorded consolidated revenue of VND23.3 trillion ($1.02 billion) in the first nine months of this year.

It released its business result for the third quarter 2017 on October 30, revealing stable growth in all sectors, especially life insurance and non-life insurance.

The nine-month result fulfilled 80.9 per cent of the plan. Life insurance revenue grew 28.9 per cent year-on-year and non-life insurance revenue 23.9 per cent, fulfilling 79.7 per cent of the annual plan.

Total assets as at September 30 stood at VND85.7 trillion ($3.7 billion), up 17.5 per cent year-on-year. Total sales growth was 5.1 per cent, while pre-tax-profit reached 80.4 per cent of the plan.

According to the latest figures from the Insurance Supervision Bureau, Bao Viet Life is the market leader in life insurance, accounting for 20.5 per cent of new revenue. Bao Viet Insurance recorded premium growth of 12.4 per cent, with a market share of 18.4 per cent.

In the first nine months, besides favorable factors in the market, Bao Viet’s business results came from efforts to strengthen its internal operations, promote cross-sales, and improve customer service.

Its investment and financial services also recorded positive results. As at September 30, total assets under management increased 13.1 per cent compared to the end of 2016.

Total revenue of the Bao Viet Fund rose 10.1 per cent year-on-year. Baoviet Securities’ total revenue in the first nine months represented 97.6 per cent of the annual plan and was up 50.4 per cent year-on-year. After-tax profit was 90.8 per cent of the annual plan.

Bao Viet has continuously expanded its network and its operations, utilized available customer data, and welcomed the trend towards Industry 4.0. It also continuously introduced new products to meet customer demand.

It also made a major contribution to the State budget through the payment of taxes and dividends. Since its equitization, total taxes and dividend payments were VND18 trillion ($792.4 million).

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