On 17^th February 2017, Vietnam National Reinsurance Corporation (VINARE) has organized the 2016 Business Review Conference.

In the context of continuing harsh competition and low or declined growth in businesses which require reinsurance protection of non-life insurance market, VINARE has fulfilled the profit target assigned by the Board of Directors.

Gross written premium was at VND1,655.6 billion, increasing by 2.4% in comparison with last year. Net underwriting profit was at VND57.3 billion, increasing by 73.1% in comparison with 2015. Income from investment and other activities was at VND213.5 billion, outperforming the target by 6.7%. Profit before tax was at VND270.8 billion, outperforming the target by 4.1%.

In addition to the achievements in business activities, VINARE has focused on providing value added services for the market through training on underwriting knowhow, cooperating in doing risk survey and risk assessment for the big businesses.

In particular, in 2016, VINARE has organized many seminars: Offshore Fishing insurance review conference according to Decree 67/2014/ND-CP of the Government, review, evaluation and discussion on Agriculture insurance, seminar on introduction of Nat Cat insurance for Da Nang city. VINARE has cooperated with Swiss Re and Bao Viet to successfully launch the Cancer insurance product.

According to the periodic rating results of A.M. Best, VINARE continued to maintain the financial strength rating of B++ (stable outlook) and the issuer credit rating of “bbb” (positive outlook).

In 2017, VINARE makes our best efforts to outperforming the business plan 2017, enhancing resources for the following areas and new products: Nat Cat risk, Bancasssurance and insurance products for public sector, etc. and continue to enhance value added services for clients. In addition, VINARE focuses on enhancing risk management capability, actuary capability and developing pricing tool to ensure the safety, efficiency and sustainability of business activities.

On behalf of the Board of Management, Mr. Pham Cong Tu – Chief Executive Officer of VINARE thanked the Board of Directors, Board of Control, the Ministry of Finance and relating agencies for the close direction and support for VINARE’s activities. He also thanked VINARE’s shareholders, business partners for the close and sustainable cooperation in the company business activities, VINARE employees for the great efforts in fulfilling the targets in 2016 as well as strategic development targets approved by the Annual General Meeting of Shareholders.