Customers at a branch of Bao Viet Life. (Photo: VNA) 

Bao Viet Holdings (BVH) has announced that its revenue increased by 12% to VND408 billion (US$17.4 million) in the period.

However, operating expenses soared by 286% to VND104 billion, which made its profit after tax to drop by 9% compared to that of the first quarter last year.

BVH's consolidated financial statements showed that insurance premium revenue increased by 9% to VND8.75 trillion.

In the first quarter which coincided with the COVID-19 pandemic, Bao Viet Insurance Corporation, a subsidiary of BVH, applied a 20% discount on some health insurance programmes.

Life insurance sector is contributed by Bao Viet Life with VND225 billion in revenue, up 16% year-on-year.

PetroVietnam Insurance Corporation (PVI), an enterprise operating in the field of non-life insurance, reported that its revenue in the first quarter grew by 51% to VND79 billion.

Vien Dong Insurance Joint Stock Company reported its net revenue from insurance increased slightly by 2% to VND541 billion, but after-tax profit decreased by 32% to VND10.7 billion.

Military Insurance Corporation (MIC) reported net revenue from insurance increased by 26% year-on-year to VND499 billion.

However, the total cost of the insurance business increased 37% to VND423 billion, which led to a 5% decrease in profit in the first quarter to VND28 billion.