Total consolidated revenue increased by 6.2%; Consolidated profit after tax increased by 14.1% over the same period in 2022.
After the first 9 months of the year, consolidated pre-tax and after-tax profits reached VND 1,712 and VND 1,428 billion, respectively, up 10.2% and 14.1% over the same period in 2022. Total consolidated revenue reached VND 42,777 billion, up 6.2%. Total consolidated assets as of September 30, 2023 reached VND 215,293 billion, up 6.8% compared to December 31, 2022.
The parent company's total revenue reached VND 1,164 billion, profit after tax reached VND 826 billion, closely following the plan approved by the General Meeting of Shareholders. The parent company's total assets reached VND 18,278 billion, equity reached VND 18,090 billion, growth of 4% and 4.6% respectively compared to December 31, 2022.
Bao Viet Group has approved the payment of cash dividends at a rate of 9.54% of par value, equivalent to VND 708 billion, expected to be paid at the end of 2023. With strong financial potential, leading capital and asset scale among insurance companies, Bao Viet always fulfills its commitments to shareholders, increasing value for investors. It is expected that the total amount of dividends paid to Bao Viet shareholders from equitization to the end of 2023 will reach more than VND 12,400 billion.
Towards the 60th anniversary of its establishment (January 15, 1965 - January 15, 2025), Bao Viet implements a sustainable development strategy in its business strategy to create new values and share those values with the community. In 2023, Bao Viet was recognized in the Corporate Sustainability Assessment (CSA) of S&P Global. To be evaluated in the DJSI, Bao Viet needs to meet strict requirements on many factors such as: Corporate financial health, stock value, transparency, sustainable business operations, etc.
Non-life insurance business sector achieved total revenue of VND 8,575 billion
At the end of the first 9 months of 2023, Bao Viet Insurance Corporation achieved total revenue of VND 8,575 billion, an increase of 2.4%; profit after tax reached VND 178 billion, an increase of 3.8% over the same period in 2022.
Bao Viet Insurance always puts customers at the center to build diverse insurance programs, optimal benefits, and comprehensively ensure the practical needs of customers. With its relentless efforts, Bao Viet has been recognized for many consecutive years as the most prestigious non-life insurer in Vietnam; recognized and awarded by many international organizations with prestigious awards such as "Digital Insurance Initiative of the Year" (Insurance Asia Awards), "Best Digital Insurance Transformation Initiative in Vietnam" (Global Business Outlook Awards 2022) as well as Non-life insurance company bringing satisfaction and happiness to customers (Global Banking & Finance Review).
Towards the 60th anniversary of its establishment, with the goal of pioneering and accompanying customers in the digital age, Bao Viet Insurance is currently deploying a new beta version of its website at: https://beta.baovietonline.com.vn/. In the new version, the website has been updated with features to compare insurance programs, suggest suitable products that can be purchased together, insurance premium calculator... to help customers save time, take financial initiative to make decisions to choose suitable protection solutions, towards peace of mind in life.
Bao Viet Insurance is implementing many insurance incentive programs with the hope that customers can proactively choose for themselves and their families protection programs with optimal benefits at flexible fees such as a 10% refund program or participating in 0% interest installment insurance for the whole year.
Life insurance business sector achieved total revenue of 33,170 billion VND, up 8.5%
Bao Viet Life Corporation ended the first 9 months of 2023 with a positive total revenue growth of 8.5%, reaching VND 33,170 billion. Bao Viet Life continued to maintain its leading position in total life insurance premium revenue. Profit after tax reached VND 796 billion, up 9% over the same period in 2022.
Always considering customers as the focus of sustainable development strategy, understanding, respecting and protecting the interests of Vietnamese families, Bao Viet Life constantly innovates, creates, actively applies new tools to skill training across the system to serve, advise and approach customers more and more conveniently. In addition, Bao Viet Life also actively researches and brings to the market increasingly superior products, meeting the diverse needs of customers in the context of many economic fluctuations. With its tireless efforts, Bao Viet Life continues to be the 7th leading unit in the TOP 10 prestigious life insurance companies in Vietnam 2023 and is honored as an "inspirational enterprise" 2023 by Enterprise Asia - Asian Business Association surveyed, evaluated and voted.
The securities business sector strives to overcome market challenges.
After the first 9 months of 2023, Bao Viet Securities Company (BVSC) achieved 564 billion VND in revenue and 113 billion VND in profit after tax (actual data).
The stock market in the recent period, especially in the third quarter of 2023, has witnessed many fluctuations, with bright spots and signals affecting investor sentiment. In that context, BVSC has organized a series of webinars "Pit-stop Wednesday" to provide in-depth analysis of the market and key industries, and at the same time answer concerns from attendees. A series of promotional programs on opening securities accounts and preferential margin interest rates have also been implemented to attract both new and existing customers. In addition, research activities to update the mobile app trading platform are still carried out regularly with many new features, supporting customers' investment process.
Fund management sector continues to record steady growth
Facing a difficult and challenging market economy, after the first 9 months of 2023, Bao Viet Fund Management Company (BVF) recorded positive business results with VND 119 billion in total revenue and VND 56 billion in profit after tax, up 24.3% and 45.3% respectively over the same period in 2022. With total assets under management reaching nearly VND 121,000 billion, BVF continues to maintain its position in the top 2 fund management companies with the largest total assets under management in the market.
As of September 30, 2023, BVF's open-end funds showed remarkable performance results: Bao Viet Dynamic Equity Investment Fund (BVFED) and Bao Viet Prospective Equity Investment Fund (BVPF) grew by 21.4% and 13.7% respectively, exceeding both the average growth of the market and the benchmark.
Bao Viet Bond Fund (BVBF) grew by 6.5%, twice as high as the benchmark, which is the 6-month deposit interest rate of 4 banks (Vietcombank, BIDV, Vietinbank and MBBank). In addition, despite the volatile market situation, customers' investment portfolios still achieved good growth and followed the set plan.
2023 is also a year of good news for Bao Viet Fund Management Company when BVF successfully launched the ETF BVFVN DIAMOND (BVFVND) simulating the VNDIAMOND premium index basket of the Ho Chi Minh City Stock Exchange. By the end of the third quarter of 2023, about 2 months since its launch, the BVFVND fund has achieved a growth rate of 13.4% compared to its par value.
In addition, this year, BVF continues to be honored to receive the "Best Fund Manager - Vietnam 2023" award by International Finance Magazine. In the Financial Award category, Baoviet Fund is also the only representative of Vietnam to be honored.
PV
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