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VINARE Underwriting profit improved in Q3

VINARE’s gross written premiums amounted to VND 1,888 billion by the end of Quarter 3, increasing by 9.85% year-on-year and achieving 85.4% of the year’s target. Notably, premium revenue from core business lines posted a growth rate of 19.4% as most traditional lines, such as property, engineering, marine cargo, etc., recorded positive development in revenue.

Profit before tax reached VND 294.8 billion, in which underwriting profit exceeded the expectation whilst investment returns were lower than expected due to the downfall of the stock market.

Vietnam economy recorded another all-time high quarterly growth of 13.67% in the third quarter of 2022, pushing nine-month GDP growth to 8.83% year-on-year. At the same time, non-life insurance sector has increased by 17%. GDP for the whole 2022 is projected to grow 7.5 – 8%.

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