On February 26th 2014, Vietnam National Reinsurance Corporation – VINARE has organized meeting on 2013 business review & business tasks and directions for 2014.

Mr. Pham Dinh Trong – Deputy Manager of Insurance Supervisory Authority, Ministry of Finance; Mr. Le Song Lai – Deputy CEO of State Capital Investment Corporation (SCIC); Mr. Phung Dac Loc – General Secretary of Association of Vietnamese Insurers; Mr. Mai Hung Son – Observer of Swiss Re and many representatives from Human Resource Department, Trade Union, Party Committee of Ministry of Finance, etc attented the meeting.  

In 2013, VINARE has overfulfilled all targets assigned by the Board of Management. Some key criteria as follows:

*/ Business results (excluding pilot agriculture insurance activities): Gross written premium: VND1,425 billion, outperforming target by 1%. Net written premium: above VND500 billion, outperforming target by 6.9%.

*/  Pilot agriculture insurance results: Gross written premium: VND124,4 billion, increasing by 43.3% in comparison with 2012. Net written premium: VND11.7 billion, increasing by 40.9% in comparison with 2012. Underwriting loss of pilot agriculture insurance in 2013 was VND22.3 billion.

*/ Profit before tax (excluding pilot agriculture insurance activities) was nearly VND402 billion, increasing by 30% in comparison with 2012 and outperforming target by 11.6%.

In terms of enhancing competitiveness, VINARE has had important achievements: Successful corporate restructuring Phase II; Improved internal corporate governance; Successful implementation of IT system; Achieving best rating results in Vietnam insurance market: B++ (Good)

2014 business plan (excluding pilot agriculture insurance): Gross written premium: VND1,510 billion – increasing by 6.0% in comparison with 2013; Net written premium: VND575 billion – increasing by 15% in comparison with last year; Profit before tax: VND445 billion – increasing by 11% in comparison with 2013.

VINARE has continued to enhance risk management (domestic and overseas) and reinsurance business profitability: step by step expanding reinsurance market, enhancing our value propositions and sustainable solutions. In addition, in agriculture insurance area, VINARE has reviewed pilot period to set up goals, solutions for the scheme after pilot period. In investment area, VINARE has allocated asset for investment portfolio, implemented investment strategy towards safety, efficiency, sustainability directions and enhanced analysis, evaluation, risk management capability in investment activities.

On behalf of the Board of Directors, Mr. Pham Cong Tu – Chief Executive Officer of Corporation would like to thank Board of Management and Board of Control for their close directions, Ministry of Finance and relating agencies for facilitating VINARE’s operations, our shareholders, business partners for strong cooperation with VINARE and all VINARE staff for putting in their best efforts to materialize 2013 plan as well as strategic development goals approved by the Annual General Meeting of Shareholders.