On 27^th July 2018, Vietnam National Reinsurance Corporation (VINARE) organized the First Half 2018 Business Review Meeting in Ninh Binh.

Although reinsurance-related business did not grow as expected and harsh competition still continued, VINARE still adheres to strict risk management, enhanced underwriting discipline and refusing substandard business.

Gross written premium reached VND891.9 billion, which was 105% of the same period of prior year and 49.6% of the target. Net underwriting profit achieved VND26.4 billion. Investment and other income reached VND132.3 billion, rising by 15.1% in comparison with the same period of 2017 and being equal to 52.1% of the target. Profit before tax was at VND153 billion, which was 106.1% of the same period of 2017 and 50% of the target assigned by the Board of Directors.

Along with the achievements in business activities, VINARE has focused on added value activities for the market through underwriting knowhow training and cooperation in risk survey and assessment for big accounts.

In particular, VINARE successfully organized many seminars in the first half of 2018: P&I Seminar in collaboration with West of England, Seminar on Offshore fishing insurance and Seminar on Technical reserve in collaboration with Guy Carpenter.

In the second half of this year, the insurance market is forecasted to continue to experience fierce competition whilst loss trend is still hard to predict, VINARE still perseveres with enhancing risk management, underwriting profit and added values to the market in order to successfully fulfill the 2018 business plan approved by the Annual General Meeting of Shareholders.