Today, Vietnam National Reinsurance Corporation (VINARE) solemnly celebrates the 20^th Anniversary of establishment and the Third Class Independence Order presented by the State.

I would like to express our sincere thanks to Her Excellency Mrs Nguyen Thi Kim Ngan, Member of the Politbureau of the Communist Party, Deputy Chairman of the National Assembly of the Socialist Republic of Vietnam, Mr Tran Xuan Ha, Deputy Finance Minister, former leaders of Ministry of Finance, Central agencies and all valued guests for attending this solemn ceremony.

Ladies and Gentlemen,

VINARE was established on September 27^th 1994 – after 20 years of operations – VINARE has successfully fulfilled all the tasks assigned by the State:

1.      In reinsurance business

–          Total gross written premium is VND13,873 billion. Average annual growth is 13%.

–          Total profit before tax is VND2,052 billion. In which, in 2014, we expect to fulfill and over fulfill profit target of VND450 billion.

–          VINARE was among 50 best performers in Vietnam.

–          Total corporate income tax paid to state budget is nearly VND450 billion – VINARE was among top 1000 tax payers to State Budget.

–          Reinvestment in the economy is nearly VND3,000 billion per year.

–          Total assets (as at 2013) has increased by 69 times and was at VND4,454 billion.

–          Charter capital has increased by 32 times and was more than 1,310 billion.

              2. In supporting Vietnamese insurance market development

–          Being the exchange centre for inward and outward reinsurance in the market, ceding to the local market premium volume of more than VND4,000 billion – helping to reduce premium volume ceded to foreign market.

–          Supporting, consulting local insurers in inward and outward reinsurance placement with international market, being contact point in terms of information, training, risk management for the market – Together with big insurers to implement general tasks for the market – Agriculture insurance, Export Credit insurance, Nat Cat insurance, etc.

–          VINARE’s reputation has been increasingly enhanced in the local and international market.

–          VINARE was the first insurer listed on the Vietnam stock market (2006).

–          VINARE was assigned a Financial Strength Rating of B++ (in 2013) by international credit rating agency A.M. Best

–          VINARE marked a historical milestone in its development and reaffirmed its strong brand in Vietnamese insurance market. The ratings reflect VINARE’s solid risk-based capitalization, consistent operating performance, sound liquidity and its strong presence in local and international market.

With the above achievements, after 15 years of operation, VINARE was awarded three Labour Orders (First, Second and Third Class) and today, after 20 years of operation, VINARE is honoured to be awarded Third Class Independence Order by the State. This is a great honor for VINARE.

              On this occasion, on behalf of the leaders and all VINARE staff, I would like to express my deep gratitude to the Communist Party, State, Government, Ministry of Finance, State Capital Investment Corporation, Swiss Re, Munich Re, shareholders and clients for their support, cooperation with VINARE’s activities over the past years. VINARE wants to continue to receive directions and support from the Government, Ministry of Finance and relevant agencies, cooperation from shareholders, clients for VINARE to better fulfill the assigned tasks.

My thanks to all media agencies who have come and reported about this event.

Lastly, I would like to sincerely thank the Board of Directors and all VINARE staff for your united strength and continuous efforts which have contributed to our achievements today.

Thank you for your attention and wish you all good health, wellbeing and prosperity./.