The Vietnam National Reinsurance Corporation (VINARE) is ranked 13th out of the top 30 most profitable insurance companies in Vietnam for the year 2023 in the PROFIT500 ranking. This ranking is published by Vietnam Report Joint Stock Company in collaboration with VietnamNet and highlights the 500 most profitable businesses in Vietnam.
During the initial six months of 2023, VINARE’s total revenue reached VND1.567 trillion, marking a 21.7% increase year-on-year. Notably, the gross written premium amounted to VND1.430 trillion, reflecting a 32.7% rise year-on-year. This performance can be attributed to the successful writing of new business in both local and overseas markets and increasing revenue from treaties, particularly within Engineering and Hull business. However, it’s essential to acknowledge the prevailing sluggish market growth trend, as revenue in traditional lines such as property and marine cargo exhibited signs of stagnation in the domestic market.
VINARE’s investment activities continued to uphold safety and efficiency through well-balanced and rational allocation of investment capital. Investment profit in first half 2023 rose to VND275 billion owing to an extraordinary income from dividend from the equity portfolio and the high interest rate environment during the 4th quarter 2022. The company’s overall pre-tax profit reached VND367.4 billion, showcasing a robust growth of 73.2% year-on-year.
Being recognized in prestigious rankings is not just an acknowledgment of the dedicated and persevering efforts of the entire VINARE, but also a motivation for VINARE to continue steadfastly on its journey towards becoming a leading reinsurer in the region.