FWD Vietnam Life Insurance has announced a remarkable 70% increase in its net profit for the first half of 2024, reaching $11.6 million compared to the same period last year. This notable profit boost, however, comes amid a 22% drop in insurance premium revenue, which fell to $78.4 million, according to The Investor VAFIE.
Despite the profit surge, the company faced rising operational costs, which grew by 4% year-on-year to $46 million. This rise in costs led to a decline in gross profit, which stood at $32 million, marking a 43.2% decrease from the previous year.
By the end of June, FWD Vietnam reported a loss of $232.5 million, a slight improvement from the $243.5 million loss reported at the end of 2023. The company’s total assets reached $817 million, reflecting a 4.5% increase from the end of last year. In contrast, liabilities increased by 1.5% to $283.6 million. Owner’s equity rose by 2.2% to $540 million, bolstered by a charter capital of $770 million.
