The Bao Viet Group, Vietnam’s largest insurance player, has recorded around VND25.7 trillion (US$1.13 billion) in revenue for 2016, a 24% improvement over the previous year, and 14% higher than the set target.
As stated in the group’s financial results released on Monday, life insurance made up majority of the firm’s revenue, at 52.4%. Non-life insurance was second at 28%, while revenue from other financial services and miscellaneous businesses made up the remainder at 19.6%.
The group’s total assets for 2016 stood at VND14.5 trillion (US$640 million), a 25% increase from the previous year.
Since it was privatised in 2007, Bao Viet has stated its aim to become the country’s leader in both life and non-life insurance, as well as in investment funds management, by 2020. The firm currently serves customers from 170 branches across Vietnam.
