2021 gross written premium fell because of the pandemic. PAT surged 100% YoY to VND 352 bn (USD 15.3 mn) owing to low compensation payment and a sharp drop of health insurance sales, the product that has the highest expense ratio. Combined ratio declined, meaning the insurance business is more profitable than last year. However, we do not expect that to maintain in 2022, as total sales will recover following the economic recovery and health insurance sales will rise on the low base of 2021. F...
9M2021 gross written premium fell because of the pandemic. PBT surged 52% YoY owing to the sharper drop of health insurance sales, the product that has the highest expense ratio. 2021 combined ratio is expected to keep the improving trend of 1H, meaning the insurance business is more profitable. However, we do not expect that to maintain in the next year, as total sales will recover following the economic recovery and health insurance sales will rise on the low base of 2021. We forecast sale...
A director at Petrolimex Insurance Corp sold 126,100 shares at 0.000VND and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
Q1 20: Health insurance revenue skyrocket; investment profits rise slightly Direct written premium reached VND861bn, up 29.2% yoy, mainly due to strong increase in health insurance. Claim settlement expenses dropped 6.6% yoy as customers reduced social interaction. However, underwriting expenses surged 43.2% yoy due to the high growth in premium of health insurance and accident insurance – the segment that has the highest expenses. Hence, the loss ratio fell to 43.5% (Q1 19: 52.4%) and the ex....
COVID-19 creates systemic risks that prevents insurers from adapting through risk diversification. Therefore, the insurance business will inevitably face obstacles. However, the impact on revenue may occur only in the short term until the pandemic is contained, particularly by the end of 2Q2020, according to our expectation. In the long term, PGI's business performance will still be positive due to many factors including Good B+ credit rating, the ability to reduce costs thanks to the applicatio...
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