Agricultural Bank Insurance Company (stock code ABI) has just announced its financial report for the third quarter of 2024 with a pre-tax loss of VND 20.1 billion. Meanwhile, in the same period last year, the company reported a pre-tax profit of VND 71.2 billion. In the third quarter of 2024, the company suffered losses mainly due to damage from storm No. 3.
Insurance company reports loss in Q3/2024 due to impact of storm No. 3
PHOTO: DAO NGOC THACH
Specifically, ABI's net profit from insurance business decreased by 57%, down to VND73.1 billion, in the context of total insurance compensation expenses soaring to VND294 billion, nearly double the same period last year. According to the company's explanation, the compensation expenses under its responsibility to retain increased sharply due to the impact of Typhoon Yagi . Most of the increase in compensation expenses came from the increase in the reserve for original insurance compensation and reinsurance, reaching VND203.5 billion in the third quarter of 2024, compared to only VND12.5 billion in the same period last year. However, in total, after 9 months of this year, the company still achieved pre-tax profit of VND162.8 billion, down nearly 39% compared to the same period last year.
Meanwhile, the Military Insurance Corporation (stock code MIG) has just announced its financial report for the third quarter of 2024 with pre-tax profit of VND30.8 billion, down 42% year-on-year. According to the company, it is estimated that compensation payments for customers affected by storm No. 3 will be about VND230 billion. In the first 9 months of this year, the company's profit decreased by 3.3% year-on-year to VND207.4 billion, equivalent to 47.1% of the yearly plan.
Typhoon No. 3 (Yagi) has greatly affected the business results of the insurance industry in general. The total estimated damage caused by the storm and floods is up to nearly 12,000 billion VND. This is the largest damage caused by Typhoon Yagi in the non-life insurance industry...
Source: https://thanhnien.vn/cong-ty-bao-hiem-bao-thua-lo-do-anh-huong-bao-so-3-185241021112918539.htm
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