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BIC: Explanation for business result in Quarter 4/2011
BIDV Insurance Corporation explained the difference in profit between Quarter 4/2011 and Quarter 4/2010:
The profit after tax of BIDV Insurance Corporation in Quarter 4/2011 was VND23,793 million increasing by VND5,793 million (132.17%) compared to the same period of 2010, mainly because of the increase in financial investment.
In Quarter 4/2011, BIDV Insurance Corporation re-added a provision of VND15,890 million because the Corporation had withdrawn capital in Dong Duong Xanh JSC and received a dividend amount of VND6,619 million from investment in some companies such as Vinaconex Viettel, FECON, Dai A Bank, etc.
However, because of effects of other factors, profit after tax increased just VND5,793 million. The main factor decreasing profit was from insurance business, especially a supplement fee for reinsurance contracts worth VND14,293 million.
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