VINARE has just released Q2 financial statements which showed gross written premiums amounting to VND1,287 billion, increasing by 10.5% over the same period last year and achieving 58.2% of the year target. Notably, premium revenue from core business lines posted a growth rate of 19.1%, the highest ever recorded in recent years. Most traditional lines such as property, engineering, or marine cargo, etc. recorded positive development in revenue.
Profit before tax posted VND212.1 billion, in which both underwriting profit and investment returns exceeded the expectation, at VND77.9 billion and VND143.2 billion, respectively.
In addition to focusing on business operation, VINARE has actively cooperated with several partners to develop new products and invest in future revenue-generating capabilities. VINARE is also working on its own ESG roadmap to adapt to sustainable growth.
In the review period of 2022, VINARE has maintained its Financial Strength Rating of B++ and Long-term Issuer Credit Rating of bbb+++ since 2013, being one of the first market players to be rated by an international rating agency of the time. The rating reflects VINARE’s balance sheet strength, which AM Best assesses as very strong, as well as strong operating performance, neutral business profile and appropriate enterprise risk management.
VINARE will be well on-track to achieve the full-year targets of both top and bottom line.