Petrolimex Insurance staff. The company has cut cash dividend rate by one percentage point to 12 percent for 2020 from 13 percent in 2019. (Photo: tinnhanhchungkhoan.vn)
Hanoi (VNS/VNA) 🦋— Non-life insurers have cut back cash dividend rates for2020 by maximum five percentage points as they prepare for a global economicdownturn.
According to business insiders,dividend is paid after the company completes tax duties and settles allfinancial obligations. Therefore, non-life insurance firms must have manyissues reviewed before deciding to pay cash bonuses. As economies are being ravagedby the COVID-19 pandemic, local companies are trying to secure cash to preparefor a rough period ahead. Thus, insurers’ cash dividend policy is considered apositive thing for the market. But compared to last year, 2020cash dividend rates are getting lower. Leading insurance-finance groupBao Minh (HoSE: BMI) at the annual shareholder meeting in late April announcedtotal revenue in 2019 was up 7.5 percent on-year to nearly 4.6 trillion VND (197.5million USD) and pre-tax profit gained 9.9 percent on-year to 220.6 billion VND.The cash dividend rate for 2019 performance was set at 15 percent. But the company forecast totalrevenue and pre-tax profit in 2020 will fall 15 percent year-on-year to nearly 3.9trillion VND and 188 billion VND, respectively. Lower earnings projection madeBao Minh cut its expected cash. Petrolimex Insurance reportedtotal revenue rose a tenth year-on-year to nearly 3.66 trillion VND in 2019 andpre-tax profit was up 12 percent on-year to 200 billion VND. The cash dividendrate for 2019 was 13 percent. But this year, the company’searnings are expected to contract to 3.47 trillion VND in total revenue and 180.8billion VND in pre-tax profit. The cash dividend rate is also slashed to 12 percent. At Military InsuranceCorporation, the cash dividend rate is promised at 8-10 percent for 2020instead of fixed 10 percent for 2019. Aside from less-worse earningsprojections and cash-dividend policies, interest in insurance firms hasincreased as investors are betting the companies are allowed to raise theforeign capital limit. The presence of foreign investors is widely expected toboost their performances. According to KIS VietnamSecurities Co, local insurers will soon sell shares to strategic investors andlaunch IPOs for their divisions to lure foreign capital./.
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Petrolimex Insurance staff. The company has cut cash dividend rate by one percentage point to 12 percent for 2020 from 13 percent in 2019. (Photo: tinnhanhchungkhoan.vn) 
