By Tat Dat  August 11, 2022 | 06:55 pm PT
An investor appears at inventory costs on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Insurance corporations reported double-digit falls in earnings for the second quarter regardless of rising revenues after their securities market investments returned losses.
Baoviet Insurance, the largest participant, noticed earnings plummet by 28% year-on-year to VND317 billion ($13.55 million).
Petrolimex Joint Stock Insurance Company (PJICO)’s earnings tumbled by 30% to VND73.9 billion, and BIDV Insurance Corporation (BIC)’s by almost 50% to VND49.9 billion.
Military Insurance Corporation (MIC) reported a 78.5% fall to VND16.9 billion regardless of gross sales rising at 24%.
In six weeks beginning April the benchmark VN-Index misplaced a fifth of its worth, falling from 1,524.7 factors to 1,171.95 on May 16.
Baoviet misplaced 74% by marking its inventory holdings to market, and BIC and MIC misplaced 24% and 32%.
Brokerage VnDirect Securities mentioned inventory market investments generate most of insurance coverage corporations’ earnings although financial institution deposits and bonds often account for 90% of their portfolios, with the remaining 10% shared between fairness and property.
Insurance corporations’ earnings would develop this yr on the again of the inventory market’s restoration and better rates of interest, it added.
