The second largest insurer in Viet Nam Bao Minh (BMI), is forecasting revenues of 1.6 trillion VND (100mio US$) in 2007.
That would represent a 6% increase over 2006 figures, according to the company, listed at Hanoi. After tax profits have been pegged at 110 billion VND (6.9mio US$).
Revenues from re-insurance plans are predicted to account for 100 billion VND (6.25mio US$).
To reach the 2007 targets, the company plans to complete its corporate regulations and start training courses for junior and senior managers.
The changes will help Bao Minh stay competitive with foreign insurers expected to flow into the country following Viet Nam’s integration into the World Trade Organisation, company officials said.
The firm also recently released its results from 2006. According to its annual report, revenues last year reached more than 1.4 trillion VND (90.3mio US$), a 20% increase over 2005. Its re-insurance division was especially strong, earning 80.9 billion VND (5.1mio US$), up 58% from 2005.
The price of Bao Minh shares have doubled in the last two months.
The company attributed its success to domestic expansion and the strength of the developing insurance sector. The company has decided to offer dividends of 700 VND a piece based on its strong 2006 performance. The payments will be made next month.
Source: VNS
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