monthly report feb 2010 accounting, finance and investment
TRANSCRIPT
Monthly Report Feb 2010Monthly Report Feb 2010
Accounting, Finance and Investment
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Contents
Activities and plans1
Financial figures2
2009 Life insurance results3
Market updates4
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Activities and plans1
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Activities and Achievements
Working on the profit center projectto determine the revenues andexpenses at each branch office.
Working with IT on the phase 2 ofBudget system.
Tax reports: VAT,CIT, Withholdingtax & the invoice finalization report
Accounting & Accounting & FinanceFinance
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Activities and Achievements
Deal with the short-term deposits(lower than one month), both USD& VND to raise investment income.
Overview 2010 Vietnam economyoutlook
Follow up bond market (domestic &international), both economicindicators & bond trading activities
InvestmentInvestment
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Auto-pay premium via Sacombank & IVB.
Insurance payment by ID and bank transfer.
2009 Tax Finalization.
Conduct a training on the phase 2 of budget system.
Profit center project
3B Golden Mind project / Cost Saving program
Plans
Plans Project
Accounting & FinanceAccounting & Finance
Project
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Meet the
security
companies to
study the stock
market
mechanism.
Follow up the macro economy & bond market.
Evaluate the
possibility of each
equity investment.
Start investment project - schedule time and topic on the financial market and do an internal presentation.
Plans
Plans Plans
InvestmentInvestment
Project
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ount
ing,
Fin
ance
and
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estm
ent
Financial figures2
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ount
ing,
Fin
ance
and
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estm
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Financial figures
2010 Cathay Life insurance results
4,464
6,706
3,596
5,881
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GROSS PREMIUM (VND m)Actual Budget
YTD : 64% TARGET
Acc
ount
ing,
Fin
ance
and
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estm
ent
Financial figures
2010 Cathay Life insurance results
10,668
11,049
9,681
12,729
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
INVESTMENT INCOME (VNDm)Budget Actual
YTD : 117% TARGET
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Financial figures
2010 Cathay Life insurance results
4,098
3,813
2,904
3,957
-
1,000
2,000
3,000
4,000
5,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SALE EXPENSES (VNDm)
Actual Budget
YTD : 90% BUDGET
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Financial figures
2010 Cathay Life insurance results
8,946
8,547
9,237
8,037
-
2,000
4,000
6,000
8,000
10,000
12,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
ADMINISTRATION EXPENSES (VNDm)
Budget Actual
YTD : 91% BUDGET
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
2009 Life insurance results3
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Financial figures
2009 Life insurance industry results
4,731
3,718
1,257
781 744490
51 44 33 8 7
-
1,000
2,000
3,000
4,000
5,000
6,000
Prudential Bảo Việt Manulife AIA Dai-ichi ACE Life CathayLife
Prevoir Korea Life VCLI Great Eastern
GROSS PREMI UM (VND bn)
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Financial figures
1,084
401
139
91 5830
4 (3) (12) (33) (35)
(50)
150
350
550
750
950
1,150
Prudential Bảo Việt Manulife AIA VCLI Dai-ichi ACE Life Prevoir CathayLife
Korea Life Great Eastern
PROFI T BEFORE TAX (VND bn)
2009 Life insurance industry results
Acc
ount
ing,
Fin
ance
and
Inv
estm
ent
Financial figures
2009 Life insurance industry results
600
1,136
7891,052
600
647
966
989
960
975830
784 600
507
1,141
1,020
961
762
606
394
1,500
1,500
100
250
400
550
700
850
1,000
1,150
1,300
1,450
1,600
Prudential Manulife VCLI CathayLife
Korea Life Great Eastern
Prevoir Dai-ichi AIA ACE Life Bảo Việt
PAID-IN CAPITAL (VND bn)
Owners capital Paid-in capital
Acc
ount
ing,
Fin
ance
and
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estm
ent
Market updates4
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ount
ing,
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ance
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Vietnam economy – CPI 1/2010
A seasonal increase in price of food & food stuffs, sport, beverage, cigarettes, entertainment (accounted 48% CPI basket) by roughly 2%.
1.36% mom
7.62% yoy
CPI is forecasted to increase highly in Feb-10 due to rising demands and productions during the Lunar New Year. In reality, up 1.96% mom or 8.46% yoy
Acc
ount
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Fin
ance
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Vietnam economy–Trade balance 1/10
Trading
$4.9bn
10.9% mom
31.8% yoy
$6.2bn
16.2% mom
86.6% yoy
Export Import
Crude oil, Rice and coal
Garment, textile, shoes, rubber and aquatic products
Machinery, equipment, tools and accessories.
Oil and gas reached $540m up by 53%
Trade deficit $1.3bn
32.6% mom
Acc
ount
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ance
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Vietnam economy – FX rate 2/2010
At bank19,000
Free market19,350-19,400
Free market19,350-19,400
1 USD
At bank19,000
At bank19,000
Free market19,350-19,400
Some positive supporting news:
7 State of enterprises sold $470m to bank.
$1b was successfully raised through international bond market.
State bank has taken some strong measures on free market. VND was depreciated from 17,941 to 18,554 and kept trading 3% range.
The VND seems set to continue its long term depreciation due to the continuing trade deficit coupled with a relative lack of confidence in dong assets.
The gap is narrow currently
