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Bao Minh soon to list in HCM City
Bao Minh Insurance Joint Stock Corp. is expected to move from the Ha Noi Securities Trading Centre to list at the HCM City Stock Exchange on April 21, according to an official.
The corporation’s general director Tran Vinh Duc told the annual shareholder meeting about the plans in HCM City last Friday.
In 2007 its total premiums of more than VND1.7 trillion brought in almost VND133 billion in net profit, respectively, 14 and 31 per cent higher than the year’s set targets.
This year the general insurance firm targets to achieve total premiums of VND1.8 trillion (US$112 million).
The figure is expected to yield a net profit of VND136 billion, up 5 per cent from 2007.
Duc said this year’s modest growth goals were due to lower aviation insurance charges in accordance with the international market.
Last year’s sales of motorcycle insurance of two – to three-year terms have contributed to this year’s lower premiums.
Higher commission to agents, fiercer competition among existing insurers and participation of new foreign insurers are among other reasons for the lower growth.
VNS
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