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BIC targets VND5,570 billion revenue in 2024 

 Friday, March 8,2024

AsemconnectVietnam - According to the latest 2024 business plan announcement, this year, BIDV Insurance Corporation (BIC) sets a total insurance premium revenue target of VND5,570 billion.

Of which, the original insurance premium revenue target is VND5,450 billion, the individual profit target is VND530.4 billion (consolidated profit target is VND540 billion).
In 2024, BIC strives to be in the Top 5 leading non-life insurance companies in terms of market share, while continuing to maintain its position as 1 of the 3 leading non-life insurance companies in terms of profitability ratio on the market.
It is known that in 2023, the total insurance premium revenue of BIC Parent Company will reach nearly VND5,000 billion, growing nearly 30% compared to the previous year, completing 104% of the year's plan. Of which, original insurance premium revenue is over VND4,600 billion, growing nearly 30% compared to 2022, completing 105% of the year's plan, helping BIC rise and maintain the Top 6 position in market share of insurance premium revenue.
BIC's efficiency indicators in 2023 will also have a strong breakthrough. Total consolidated profit before tax reached nearly VND580 billion, growing nearly 50% compared to the previous year, completing 120% of the year's plan. Of which, pre-tax profit alone reached nearly VND560 billion, growing over 50% compared to 2022. In particular, BIC continued to record high profits from insurance business activities. Return on total assets ROA and return on equity ROE also increased, at 6.4% and 17.0%.
Thus, compared to the targets achieved in 2023, in 2024 BIC targets total revenue growth of more than 10% compared to the previous year. The consolidated profit target is currently lower than in 2023, however, through the reality of monitoring BIC's business plans over the past many years, it is possible that BIC's profit plan will be adjusted by shareholders and increased compared to 2023. It is known that on April 4, BIC will hold a shareholders' meeting and will also officially approve the business plans and profits of 2024.
Source: VITIC/Tinnhanhchungkhoan


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