At the end of 2015, Vietnam National Reinsurance Corporation (VINARE) has completed comprehensively and outperformed all the targets assigned by the Board of Management although the loss situation and investment environment were not favorable.

In reinsurance business, gross written premium volume was at VND1,617 billion, increasing by 7% in comparison with 2014. Net written premium of the Corporation was at VND613.4 billion, increasing by 10% in comparison with 2014. VINARE has enhanced value added services to clients through: organizing seminars, supporting the risk assessment activities, technical training on reinsurance, providing market information, etc.

Gross claim payments was at VND1,074 billion, net claim payments was at VND329.3 billion, slightly increasing in comparison with last year. Loss situation of Property and Hull business continued to worsen, affecting the underwriting profit. Underwriting profit was at VND32.6 billion. Profit before tax was at VND278 billion, increasing by 11% in comparison with the target assigned.

In investment activities, income from financial investment and other activities in 2015 was at VND245 billion, outperforming the target by 16%. Risk management in investment activities has been strengthened, ensuring security, with no loss or doubtful debts.

In 2016, VINARE’s gross written premium and net written premium target are expected to increase by 7% and 9% respectively in comparison with 2015. VINARE continues to enhance profit in reinsurance business, risk management, step by step expanding the reinsurance market through providing value added services for the market in the following areas: risk management, training, product development and sustainable development solutions.