Vietnam’s Bao Viet beats 2009 net profit forecast

The Hanoi Times - Bao Viet Insurance & Finance Group, Vietnam’s biggest insurer, said pretax profit in 2009 exceeded its target by 19 percent to reach more than VND1 trillion (US$54 million).

The company, also known as Bao Viet Holdings, estimated revenue last year was VND10.2 trillion, General Director Nguyen Thi Phuc Lam said in a telephone interview Tuesday, without providing comparable figures.

The Hanoi-based insurer, which is partly owned by HSBC Holdings Plc, expects pretax profit this year to rise to VND1.24 trillion and revenue of around VND11.6 trillion, Lam said.