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Monthly Report Feb 2011

Cathay Life (VN). Monthly Report Feb 2011. Investment, Finance and Accounting. 2011.02.25. 1. This month activities. 4. 5. 3. Business result 2010. Market News. Next month plan. Contents. 2. New law update (Cir. 09/2011/TT-BTC). 1. 2010 Financial statement

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Monthly Report Feb 2011

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  1. Cathay Life (VN) Monthly Report Feb 2011 Investment, Finance and Accounting 2011.02.25

  2. 1 This month activities 4 5 3 Business result 2010 Market News Next month plan Contents 2 Newlaw update (Cir. 09/2011/TT-BTC)

  3. 1. 2010 Financial statement 2. 2010 Budget performance 3. Tax registration for 2011 invoice 4. Contract with ABBank about Salary payment 5. SMS Project (2I) – Form B –Project Appraisal Report Accounting Finance Activities

  4. Activities Investment • Enhance Investment Yield: • Real Estate Project: • Investigated land/buildings. (support from Real Estate Dep. TW) • Queried MPI (Ministry Of Planning and Investment) and MOF about some legal issue. • Market watch: • Follow up the evolution of financial market. • Seek opportunity to create other asset class.

  5. Cir.09/2011/TT-BTC • Guidance of VAT and CIT for Insurance business • VAT

  6. Cir.09/2011/TT-BTC • Guidance of VAT and CIT for Insurance business • VAT

  7. Cir.09/2011/TT-BTC Guidance of VAT and CIT for Insurance business 2. CIT There is no change from the last regulation. Legal expenses include:  Benefit payout  Reserve  Commission  Overrides  Other expense as current regulation

  8. 2011 Company Applicable invoice Start Using date : 01 March 2011

  9. 1 3 4 5 7 8 9 Differences of new and old 1.Colorful with logo shadow  Black and white, no logo shadow 2.Series and Sequence number  Sequence numbers are printed by company 2 2 6 6 2 Adding Adding • 3.Adding more information • Buyer tax code • Buyer address 3 1 4 5 6 7 8 9

  10. 2010 invoices expire date Expired 31/03/2011 Since 01/04/2011 RT/2011 change

  11. Commission payment contract with ABBank I. Procedure of opening bank account 5 days 2 days 7 days Trainer Agents • Acc opening applicant list • Acc opening forms • Come to C.Thay office • Get agent’s signature Inform Agent’s bank account ATM Card (ABBank)

  12. ATM ABBank Network

  13. Activities 2010 budget performance (VND mil)

  14. Activities Generally, mostly departments have controlled the budget well. The feedback are as following: 8/12 departments had to seek BOD approval for the expense items have exceeded the quota.4/12 departments had utilized less 70% approved budget. This should be aware of making the 2012 budget

  15. 2010 Results (VND mil) 74%

  16. Activities Gross Premium (VND mil) Investment 88% 188%

  17. Activities Record Premium trends 2008-2010 16.9 New Renewal

  18. Interest Rates News • Generally speaking, VND rate for 1 month is the highest. • USD deposit rate is still 1%.

  19. FX Rates News • SBV adjusted VND from 18932 to 20693, and narrow trading band from 3% to 1% in order to curb the trade deficit. • (As of 17 Feb 2011) Official rate = 20,683 ; Unofficial rate = 20,889; Black market = 22,050

  20. Marco Figures CPI Trade Deficit • Trade deficit:Jan export growth (18.1 % YoY) outpaced to import growth (15.5% YoY) which narrowed trade deficit to an estimated $1.0bn in Jan. • CPI: Jan CPI increased to its highest level since Feb 2009 : 12.17% YoY & 1.74% MoM. Food and foodstuffs led the increase, rising 16.6% YoY.

  21. Plan Accounting and Finance 1. The on-line biz trip reimbursement : Working with IT to figure out the issues and get the best solutions 2. 2010 Tax Finalization reports 3. SMS (2I) program – continue 1 2 3 4

  22. Investment Plan • Follow Investment strategy in 2011: • Reinvest Gov. bonds for bonds matured. • Real Estate Project: • Keep contact Real Estate Dep. TW • Research related legal document. • Support Bank insurance: • Prepare risk assessment report for potential counterparties. • Market watch: • Follow up the evolution of financial market. • Monthly investment presentation.

  23. THE END Accounting & Finance Thank You !

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