FWD Life Vietnam’s H1 2024 profit soars 70% YoY

Year-to-date, it reported a loss of $232.5m.

FWD Vietnam Life Insurance’s first-half (H1 2024) achieved a net profit of $11.6m, a 70% increase year-on-year (YoY). However, its revenue from insurance premiums dropped 22% YoY to $78.4m, reported The Investor VAFIE.

Meanwhile, the costs associated with its insurance business increased by 4% YoY to $46m, leading to a gross profit of $32m, down 43.2%.

As of end-June, the company reported a $232.5m loss, versus the $243.5m loss at the end of 2023. As of the same month, FWD Vietnam's total assets amounted to $817m, reflecting a 4.5% YoY increase from the end of 2023. 

The company's liabilities rose by 1.5% to $283.6m, whilst owner’s equity edged up 2.2% to $540m, supported by $770m in charter capital.