Bao Viet Group posts 24% higher revenue for 2016

Firm ends the year strong and exceeds target revenue growth

Bao Viet Group posts 24% higher revenue for 2016

Insurance News

By Gabriel Olano

The Bao Viet Group, Vietnam’s largest insurance player, has recorded around VND25.7 trillion (US$1.13 billion) in revenue for 2016, a 24% improvement over the previous year, and 14% higher than the set target.
As stated in the group’s financial results released on Monday, life insurance made up majority of the firm’s revenue, at 52.4%. Non-life insurance was second at 28%, while revenue from other financial services and miscellaneous businesses made up the remainder at 19.6%.

Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
The group’s total assets for 2016 stood at VND14.5 trillion (US$640 million), a 25% increase from the previous year.

Since it was privatised in 2007, Bao Viet has stated its aim to become the country’s leader in both life and non-life insurance, as well as in investment funds management, by 2020. The firm currently serves customers from 170 branches across Vietnam.

Related stories:
Vietnam’s insurance sector invests US$6.7 billion in the economy
Satellite data helps protect Southeast Asian rice farmers’ livelihood
Hospital caught faking blood tests in apparent insurance scam

Keep up with the latest news and events

Join our mailing list, it’s free!