MIC Military Insurance Corporation (HoSE: MIG) has just announced its business results for the fourth quarter and the entire year of 2023. At the end of the fourth quarter of 2023, MIC recorded net revenue from insurance business activities reaching VND964 billion, down nearly 22% over the same period. The company's original insurance premium revenue also decreased by 17.4% to VND1,274 billion.
During the period, MIC's total insurance business operating expenses decreased to VND762 billion, so despite the decrease in revenue, the company still had a gross profit from insurance business activities of VND201.8 billion, an increase of 4.1% over the same period last year.
Notably, MIC's financial revenue increased by 86.8% year-on-year to VND92.3 billion. This is one of the factors that helped the company's profit grow positively in the fourth quarter.
In addition, thanks to the reversal of the provision for devaluation of short-term and long-term investments of VND11.8 billion in the fourth quarter, the company's financial operating expenses were negative VND3.5 billion. In the same period last year, this expense amounted to VND37.8 billion, eating up almost all of MIC's net profit.
Increased financial revenue combined with a sharp decrease in expenses pushed MIC's net profit from financial activities to VND135 billion, up 4.7 times over the same period last year.
The company's other profits also increased from VND745 million to VND2.6 billion. The company also reduced its business management costs to VND162 billion, down VND14 billion compared to the previous quarter.
As a result, MIC reported pre-tax profit of VND137.8 billion, up 360.8%; after-tax profit of VND109.7 billion, up 347.8% over the same period last year.
Accumulated in 2023, MIC recorded net revenue from insurance business activities reaching VND 3,594 billion, down 4.7% compared to 2022. Original insurance premium revenue reached VND 4,678 billion, down 10% compared to the previous year.
Similar to the fourth quarter, financial activities recorded revenue of VND 293.4 billion, up 83.1% compared to 2022. Business management expenses decreased from VND 542 billion in 2022 to nearly VND 509 billion. As a result, MIC reported pre-tax profit of VND 352.1 billion and after-tax profit of VND 280.6 billion, up 76% compared to 2022.
In 2023, MIC aims to achieve VND6,100 billion in original insurance premium revenue and VND350 billion in pre-tax profit. Thus, at the end of the year, the company only completed 76.7% of the revenue plan but exceeded the profit target by 6%.
As of December 31, 2023, MIC's total assets were recorded at VND 8,819 billion, up slightly by 3.2% compared to the beginning of the year. Of which, short-term financial investments were nearly VND 3,522 billion, up 33.8% compared to the beginning of the year.
As of this date, MIC's total bank deposits are VND2,564 billion. Of which, VND2,199 billion are term deposits from 6 months to 1 year, interest rates from 4.8% to 12%/year and VND365 billion are long-term deposits with a term of 2 years and interest rates from 5.5% to 7.2%/year.
On the other side of the balance sheet, the company's total liabilities were VND6,734 billion, up 1.2% from the beginning of the year, mainly short-term debt .
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