PVI Holdings first-half profit to beat forecast, chairman says

Bloomberg

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PVI Holdings Nguyen Anh Tuan.
PVI Holdings (PVI), Vietnam’s second-largest listed insurer, forecast first-half earnings will beat its target by 19 percent, buoyed by an increase in non-life-insurance revenue.
After-tax profit for the first six months may be 95.5 billion dong ($4.5 million), while revenue is estimated at 4.17 trillion dong, Chairman Nguyen Anh Tuan said in an interview in his office in Hanoi yesterday. Full-year profit may be 259.2 billion dong, 6.9 percent more than targeted, Tuan said.
Non-life revenue rose 9.2 percent in the January-June period to 3.14 trillion dong, according to Tuan.
PVI, partly owned by Talanx AG, Germany’s third-largest insurer, plans to establish a financial services unit next quarter. Called PVI Asset Management, the unit will have capital of between 50 billion dong and 100 billion dong, Tuan said.
The company’s shares dropped 1 percent to 19,600 dong yesterday, paring this year’s advance to 8.3 percent. The benchmark Ho Chi Minh Stock Index has jumped 19 percent.
HDI-Gerling Industrie Versicherung AG, a unit of Talanx, owns a 33.06 percent stake in PVI, according to data compiled by Bloomberg. Vietnam Oil & Gas Group is the largest shareholder with 36.89 percent.

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