VINARE bags $14.27m pre-tax profit in H1 2024

It targets to reach pre-tax profit of $20.2m by yearend.

Vietnam National Reinsurance Corporation (VINARE) faced challenges in public investment fund disbursement and complications in managing import-export activities due to the ongoing situation in Russia and Ukraine also contributed to this decline.

Despite these challenges, VINARE's investment activities remained stable and efficient, with investment profits reaching $9.6m (VND240b) in the first half of the year (H1 2024), fulfilling 55.8% of the annual plan. The company's pre-tax profit amounted to $14.27m (VND356.7b).

Meanwhile, total revenue of $67.84m (VND1,696b) for the first six months of 2024 marked an 8.2% increase compared to the same period last year, achieving 58.1% of its annual target.

Gross written premiums rose by 11.2% year-on-year (YoY) to $64.28m (VND1,607b) in H1 2024, reaching 57.9% of the yearly goal. This growth was driven by successful new business acquisition in both domestic and international markets, particularly in the Engineering and Property lines, and increased revenue from facultative accounts.

Looking ahead, VINARE aims to exceed the targets set by its General Shareholders’ Meeting for 2024. The company projects reinsurance premium revenue to reach $116.72m (VND2,918b), with $111.12m (VND2,778b) coming from its core business, and pre-tax profit is expected to reach $20.2m (VND505b).

($1.00 = VND25,094.98)