Bao Viet Group (BVH): Consolidated profit after tax in 2024 exceeds 2,000 billion VND

Consolidated profit after tax reached VND 2,194 billion, up 16.6%

In 2024, although the domestic and foreign markets have many challenges, with synchronous and flexible business solutions to promote business across the system towards the 60th anniversary of its establishment (January 15, 1965 - January 15, 2025), Bao Viet Group has achieved many positive results.

Bao Viet Group's consolidated profit after tax in 2024 exceeds 2,000 billion VND

Bao Viet Group's total consolidated assets as of December 31, 2024 reached more than 10 billion USD, equivalent to VND 251,286 billion, an increase of 13.6% compared to December 31, 2023. Total consolidated revenue in 2024 reached VND 56,875 billion, exceeding the 2024 Plan by 1.4%. Consolidated pre-tax and after-tax profits reached VND 2,663 billion and VND 2,194 billion, respectively, up 17.7% and 16.6%, exceeding the full-year plan at a high level.

The Parent Company's total revenue will reach VND 1,693 billion, profit after tax will reach VND 1,180 billion, up 7.5% and 5.7% respectively compared to 2023. The Parent Company's total assets will reach VND 18,266 billion, equity will reach VND 18,071 billion as of December 31, 2024.

With strong financial potential, leading capital and asset scale among insurance companies, Bao Viet always fulfills its commitments to shareholders, increasing value for investors. In 2024, Bao Viet Group paid cash dividends at a rate of 10.037% on par value of shares, equivalent to more than VND 745 billion in dividends to shareholders. Thus, the total amount of dividends paid to shareholders of BVH since equitization (2007) to date has reached more than VND 13,100 billion.

Bao Viet is the first Vietnamese enterprise to be recognized and ranked as a Sustainable Enterprise in the Dow Jones Sustainability Indices - DJSI for three consecutive years and continues to be recognized in the Corporate Sustainability Assessment (CSA) of S&P Global.

In addition, Bao Viet has been honored by the League of American Communication Professionals (LACP) for 14 consecutive years with many important awards: the prestigious Platinum Award in the Finance - Insurance industry for both Annual Report and Sustainable Development Report, TOP 5 Best Annual Reports in Vietnam, Gold Award for Internal Publishing Report and Award for Excellent Technology Application Report; Ranked 1/100 Best Annual Reports in Asia and 17/100 Best Annual Reports in the world.

Life insurance sector leads the market in both total revenue and new business revenue.

Bao Viet Life Corporation recorded positive growth in business efficiency when after-tax profit reached VND 1,510 billion, an increase of 33.7% compared to 2023. Bao Viet Life continued to lead in total life insurance premium revenue and new business revenue.

In 2024, Bao Viet Life was honored to be the 8th leading "Prestigious Life Insurance Company in Vietnam" and 6th "Best Workplace in Asia". In the face of common difficulties of the entire life insurance industry, Bao Viet Life has proactively promoted service quality, focusing on customer benefits for all activities, and at the same time implementing many customer care programs such as: Protecting the whole family - Travel freely, Saying instead of words - Wrapping up love, New Year brings peace - A year of happiness, Increasing protection - Living healthy and happy...

In early 2025, in order to meet the increasingly diverse protection needs of Vietnamese people, Bao Viet Life launched two joint insurance products, An Tam Chuong Duong and An Khang Nhu Y, with insurance benefits of up to 25 billion VND and long-term savings benefits.

In addition, social security programs and community value creation are also actively implemented by Bao Viet Life such as: Happy gifts to school, For a beautiful Vietnam, International Yoga Day, Bicycle Fund for dreams...

Non-life insurance sector maintains growth momentum despite being affected by natural disasters

By the end of 2024, Bao Viet Insurance Corporation's total revenue will reach VND 11,928 billion, up 1.3%; after-tax profit will reach VND 298 billion, up 2.9% compared to 2023.

Marking 60 years of establishment and development, Bao Viet Insurance was honored to receive the "60 years of outstanding achievements" award presented by Global Banking & Finance Review and was recognized by the Government as "National Brand 2024 for non-life insurance services". This is a worthy recognition for Bao Viet Insurance's persistent contributions to protecting customers' rights and accompanying the country's socio-economic development. In 2024, Bao Viet Insurance, with its professional, transparent and fast processing procedures, helped customers quickly overcome damage and stabilize production and business in the face of severe damage from Typhoon Yagi. In addition, the "Tet Nu Cuoi" space organized by Bao Viet attracted thousands of visitors of all ages and professions, bringing diverse cultural experiences to the people of the capital and tourists.

From January 1, 2025, with the goal of constantly improving and enhancing customer experience, Bao Viet Insurance officially launched the toll-free hotline 1800 1118, helping customers access support services faster and more conveniently than ever. Bao Viet Insurance is deploying a variety of health insurance solutions, providing customers with many flexible options with the largest hospital fee guarantee system including more than 245 highly specialized medical facilities, present in most provinces and cities across the country.

Securities business sector achieved positive results

In 2024, Bao Viet Securities Company (BVSC) will achieve VND 949 billion in total revenue and VND 206 billion in profit after tax (actual figures) , up 9.1% and 29.2% respectively compared to 2023.

In 2024, BVSC will maintain its pioneering position and strong development in the Vietnamese finance and securities industry through many prestigious awards such as: Top 50 Pioneering Enterprises and Commitment to Improving Corporate Governance in Vietnam, Top 100 Best Places to Work in Vietnam 2024, Typical M&A Consulting Organization 2023-2024 at the Vietnam M&A Forum 2024, Top 100 Sustainable Enterprises in Vietnam 2024, Top 10 Best Annual Reports, Outstanding Member in Basic Securities Transaction Payment Activities 2024... In addition, BVSC has launched a new mobile application platform "BVSC Invest" with outstanding experiences for customers.

In 2025, BVSC is implementing a series of attractive promotional programs, fee incentives, and margin interest rates such as the program "Preferential loan fees - Freely lock in profits" and the Margin interest rate promotion program from only 9.5%/year implemented until June 25, 2025 and the product "Margin T+" - 5 days of interest-free period implemented from January 1, 2025 - June 30, 2025. Along with that, BVSC organizes the program "Open a good account - Get incentives immediately": Customers who open an account from February 14, 2025 to April 14, 2025, immediately receive 100,000 VND when opening a securities account and logging in successfully for the first time (from the B-Wise trading website or BVSC Mobile app). BVSC continues to carry out a series of webinars and promotional programs, customer care throughout the year to celebrate the 25th anniversary of BVSC and the 60th anniversary of Bao Viet.

Fund management sector continues to record steady growth

Bao Viet Fund Management Company (BVF) demonstrates its role as one of the leading fund management companies in the industry with growth in both asset management scale, business results and investment. As of December 31, 2024, BVF's total net assets under management reached VND 140,235 billion, an increase of 11.9% compared to the end of 2023 and an average growth rate of 15.7% over the past 5 years. BVF's total revenue in 2024 reached VND 175.8 billion, profit after tax reached VND 72.6 billion; growth of 11.8% and 13.6% respectively compared to 2023.

Along with the recovery of the stock market, the open-end fund market is particularly active in 2024 with an increase in the number of newly established open-end funds, the size of the market and the number of investors participating in open-end funds. In line with that trend, all 3 open-end funds of BVF scored particularly well with growth performance exceeding the growth of the reference index as well as the average growth of the market. Bao Viet Prospective Stock Investment Fund (BVPF) grew by 25.2%, maintaining its position in the top 10 funds with the highest growth rate in the market in 2024, Bao Viet Dynamic Stock Investment Fund (BVFED) grew by 16.9% and Bao Viet Bond Investment Fund (BVBF) grew steadily at 6.9%.

Phuong Hanh

Source: https://congthuong.vn/tap-doan-bao-viet-bvh-loi-nhuan-sau-thue-hop-nhat-nam-2024-vuot-moc-2000-ty-dong-380939.html