On April 24^th 2014, Vietnam National Reinsurance Corporation – VINARE organized Annual General Meeting of Shareholders 2014 at Nikko Hotel, Hanoi. The Meeting has passed 2013 business results and 2014 business plan, reappointment of Chief Executive Officer, election of new Board of Management member, charter capital increase, etc.

In the context of general difficulties in Vietnam insurance market in 2013: non-life market had the lowest growth rate in recent years (7% growth), businesses which require reinsurance protection mostly did not grow, some businesses even had negative growth (hull, engineering, etc.); losses were unpredictable, etc. VINARE insisted on risk management policies, refusing unqualified risks, tightening terms and conditions, enhancing value added services to clients, etc. VINARE has excellently fulfilled the targets assigned by AGM: Gross written premium (excluding pilot agriculture insurance) was VND1,425 billion; Net written premium was VND500 billion; Net underwriting profit was VND92.7 billion; Income from investment & other activities was VND309 billion; Pre-tax profit was VND401 billion.

2013 was the year that VINARE successfully implemented corporate restructuring, enhanced corporate governance; officially rolled out new IT system. In particular, VINARE has been assigned a Financial strength rating of B++ (Good) by international credit rating agency A.M. Best – this is the best rating in Vietnam insurance market.

In 2014, Vietnam insurance market has had more positive changes than 2013, with the estimated growth rate of 9%; VINARE continues to enhance its competitiveness comprehensively in all areas: risk management, relationships with local market, step by step expanding to overseas market, enhancing value added services and sustainable solutions. Gross written premium in 2014 is estimated at VND1,510 billion; Net written premium at VND575 billion and pre-tax profit at VND445 billion; Projected dividend at 15%.

To ensure adequacy of charter capital according to the law, step by step materialize capital increase strategy, enhance financial strength, expand reinsurance market and products and increase shareholder’s interests, VINARE will issue bonus shares in 2014; Expected charter capital after issuance is VND1,310 billion.

The Meeting has approved Board of Management Decision on reappointment of Mr. Pham Cong Tu as Chief Executive Officer with the term of 5 years. In the term of 2009 – 2013, Mr. Pham Cong Tu has fulfilled excellently all the tasks assigned by BOM and AGM.

The Meeting also agreed to appoint Mr Hoang Viet Ha – Head of Operations Division of Bao Viet Group in replacement of Mr Tran Trong Phuc as the Capital representative of Bao Viet Group at VINARE and to participate in VINARE’s Board of Management.