Bao Minh Insurance Corporation and the Viet Nam Insurance Corporation (Bao Viet ) on March 16 signed a 4 billion US$ insurance contract with Vietnam Airlines.
Over 2.5 billion US$ of the total will be spent on aircraft insurance while about 1.5 billion US$ will go towards liability insurance. Bao Minh is the lead company in the deal.
In the past few years, Vietnam Airlines has coordinated with leading national insurance companies such as Bao Minh and Bao Viet in insuring its planes and passengers under international standards.
Bao Minh, the second largest insurer in Viet Nam, listed its shares on the Ha Noi stock exchange in November, last year. It has forecasted revenues of 1.6 trillion VND (100mio US$) in 2007, a 6% increase over the 2006 figures. After-tax profits have been pegged at 110 billion VND (6.88mio US$).
Revenues last year reached more than 1.4 trillion VND (90.3mio US$). The re-insurance division was especially strong, earning 80.9 billion VND (5.05mio US$), up 58% from 2005.
Source: VNA
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