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Insurance company looks to break even
Shareholders of the HCM Stock Exchange-listed Bao Minh Insurance Company approved the company's goal of breaking even in its insurance business this year at the annual general meeting on Tuesday (April 27).
Last year the company, whose operations include insurance, reinsurance, and investment, earned a net profit of VND155 billion (US$8.5 million) but its insurance operations suffered a loss of VND36 billion, down from VND53 billion the previous year.
Last year it paid out VND1.16 trillion in settlements and reported a premium income of VND1.826 trillion.
This year BMC has set itself a slightly higher premium target of VND1.9 trillion.
It targets re-insurance premiums of VND160 billion, a rise of 6 per cent, and revenue from financial investments of VND270 billion, a rise of 12 per cent.
The company hopes to achieve pre-tax profits of VND190 billion, 10 per cent higher than last year.
It expects to pay a dividend of at least 10 percent.
Major State-owned corporations like PetroVietnam, Vietnam Airlines, and Vietnam Coal and Mining Corp. and leading banks like Vietcombank and VietinBank have their own insurance companies and the entry of new players in the insurance market has been posing a big challenge to Bao Minh and other established players.
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