Thursday, May 30,2024 - 5:9 GMT+7  Việt Nam EngLish 

BIC sets a profit target of VND600 billion in 2024 

 Friday, April 5,2024

AsemconnectVietnam - The Board of Directors of BIDV Insurance Joint Stock Corporation (stock code BIC) has just announced business goals for 2024.

Specifically, in 2024, BIC sets a total revenue target of VND5,570 billion, growing more than 16% compared to the previous year, and a consolidated profit target of VND600 billion, an increase of 4.5% over the same period last year.
This insurance company also aims to be in the Top 5 leading non-life insurance companies in terms of market share by 2025, while continuing to maintain its position as 1 in 3 non-life insurance companies leads the market in terms of profitability.
This is a challenging business index, because the immediate economic context still faces many risks. One of the top risks named by the IMF is signs that global economic activities are losing momentum. Tightening monetary policy causes interest rates to increase, putting pressure on economic activities, credit growth slows, debt increases, and the real estate market suffers. The second risk is inflation.
Core inflation is forecast to fall from 6% in 2023 to 4.7% in 2024, but that is a story for next year. Currently, the big concern is that core inflation in developed economies will remain at 5.1% before decreasing to 3.1% in 2024.
In 2023, BIC's insurance premium revenue will reach VND4,774 billion, completing 104.1% of the assigned revenue target, rising to 6th position in terms of largest revenue share in the market; Consolidated pre-tax profit reached VND574 billion, completing 119% of the set target.
It is expected 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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