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Insurer Bao Viet to list shares in HCM City
Giant insurer Bao Viet Group is targeting premium earnings of VND9.7 trillion (US$545.9 million) and an after-tax profit of VND592 billion ($33.3 million) this year.
The targets and another of gaining a HCM City Stock Exchange listing this year were approved by shareholders last week.
To achieve the planned earnings, the group’s management board would develop its core business through the upgrade of information infrastructure, the promotion of insurance products and services and the development of human resources.
A focus on core business would help the insurer retain market share in the local market to the benefit of customers, said group chairman Le Quang Binh.
The planned listing should protect shareholders’ benefits during the credit crunch, Binh said.
"Last year, when shareholders approved delaying a listing to this year, the aim was to avoid the worst time in equity markets. Now is the time to make it happen," said a company official.
The management board would detail plans for the listings.
Bao Viet shares traded around VND20,600 in the over-the-counter market yesterday.
The group generated premium turnover of VND867.3 billion ($49 million) last year, representing an increase of 26.9 per cent over the 2008 business goal. The after-tax profit, at 92.8 per cent of the target, was VND494.1 billion ($28 million).
Binh said the stock market crash impacted on the group’s investments and was the reason for missing the target.
A pre-arranged dividend was confirmed at 10 per cent.
VietNamNet, vietnamnews
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