On 21 August 2014, Vietnam National Reinsurance Corporation – VINARE organized the half yearly review & business tasks and direction for the second half of 2014 meeting at Hanoi Nikko Hotel.

Mr Phung Ngoc Khanh – Director of Insurance Supervisory Authority – Ministry of Finance; Mr Phung Dac Loc – General Secretary of Association of Vietnamese Insurers and many representatives from Human Resource Department, Trade Union, Party Committee of Ministry of Finance, State Capital Investment Corporation (SCIC) attended the meeting.

In the first 6 months of 2014, VINARE has achieved some business results, details as follows:

• Gross written premium (excluding pilot agriculture insurance) was VND767.4 billion, increasing by 1.26% in comparison with 2012 and being equal to 50.5% of whole year target. Net written premium was VND256.1 billion, being equal to 52.13% of 2014 target.
• Profit before tax (excluding pilot agriculture insurance) was more than VND235 billion, increasing by 17.6% in comparison with same period of 2013 and being equal to 52.13% of 2014 target.

Mr Pham Cong Tu – Chief Executive Officer of VINARE has given his evaluations on the business results of VINARE: In the general difficulties of the Vietnamese economy as well as non-life insurance market, together with tightened risk management, ensured business profitability, enhanced traditional market, cautious expansion to international market, etc., 2014’s six-month business results were very encouraging. However, to complete the 2014 business plan approved by the BOM, VINARE needs to enhance risk management, maintain good credit rating, enhance value added services for clients, improve client relationships, etc.

At the end of the meeting, on behalf of the Board of Directors, Mr Pham Cong Tu thanked the Board of Management, Board of Control, Ministry of Finance and relevant agencies for facilitating the business operations of VINARE, thanked shareholders, business partners for close and sustainable cooperation with VINARE in our operations, thanked all the staff for tireless efforts in implementing 2014 targets as well as strategic development targets approved by the Annual General Meeting of Shareholders.