By the end of September 2019, many non-life insurance businesses recorded high revenue and profit growth, which is about to be completed, even exceeding the plan set earlier in the year.
According to PVI Insurance, the total revenue of the first nine months of 2019 is estimated at 7.059 billion dong, fulfilling 109.2 percent of the nine-month plan and 79.9 percent of the whole year plan. Profit before tax is estimated at 484 billion dong, reaching 145.4 percent of the nine-month plan and 85.1 percent of the yearly plan.
Energy and property insurance are businesses with good growth rates and high turnover for this insurance company in the past nine months.
Regarding the consolidated results of the first nine months, PVI Holdings’ parent company reached a total revenue of 8.818 trillion dong, fulfilling 106.6 percent of the nine-month plan and 80.7 percent of the year plan. Profit before tax was 810 billion dong, completing 127.4 percent of the nine-month plan and 104.9 percent of the year plan.
At the Post Office Insurance (PTI), ending the first nine months of this year, PTI achieved a total revenue of 4.186 trillion dong, up 39.5 percent over the same period of 2018 and completed 84 percent of the year plan. With this result, PTI is expected to surpass the revenue target of five trillion dong set from the beginning of the year.
In terms of revenue structure, the two retail businesses that contributed 83 percent of revenue to PTI were motor vehicle insurance and human insurance, reaching 1.848 trillion dong and 1.633 trillion dong, up 26.6 percent and 71.8 percent respectively. Technical property and maritime operations achieved revenue of 546 billion dong and 159 billion dong.
One of the factors that help PTI’s retail operations grow highly is the continuous improvement of the quality of customer service. For example, with motor vehicle insurance, PTI has cooperated with many big brands such as Vinfast, Thaco, and Toyota.
In 2019, PTI focuses on promoting the development of online insurance when cooperating with ride-hailing applications such as Bee, Fastgo, and Logivan and insurance startups such as Inso, Miin…
With BIDV Insurance (BIC), in the past nine months, the insurance premium of BIC reached 1.414 trillion dong, up 12.1 percent over the same period.
Businesses that bring in high revenue are motor vehicle insurance, fire and explosion insurance, health and human accident insurance, property insurance and damage insurance.
BIC’s nine-month consolidated profit before tax reached 214 billion, up 24.4 percent and completed 96 percent of the year plan.
Regarding Bao Minh Insurance (BMI), premium revenue in the first nine months of 2019 was more than 3.09 trillion dong and profit after tax reached nearly 138 billion dong, down 16 percent due to the decline in profits of the previous two quarters.
According to BMI, in the first six months of the year, insurance business activities faced many difficulties, especially maritime insurance because the crisis situation of the shipping industry has not shown signs of improvement, leading to the plummeted value of ship over hull insurance amounts.
However, in the third quarter of 2019, BMI achieved more than 46 billion dong in after-tax profit, an increase of 30 percent compared to the same period of 2018 due to the higher growth of original insurance premiums in the period, reaching over 1.078 trillion dong.
In nine months, BMI completed 70 percent of revenue plan and 75 percent of net profit target for the whole year.
It is known that, in 2019, BMI aims to maintain its position in the top five leading non-life insurance enterprises with revenue of 4.577 trillion dong and profit after tax of 185 billion dong, up 7.18 percent and increased by 14 percent compared to the year of 2018.
In the context of increasingly competitive non-life insurance market, this is a fairly challenging target.
According to BMI leaders, the company will make every effort to accomplish its goals to both improve business efficiency and bring more benefits to shareholders and investors.
