On the morning of January 15, 2025, Vietnam National Reinsurance Corporation (VINARE) held the 2024 Business Performance Review Meeting in conjunction with the 2024 Employees’ Annual Meeting. The meeting was attended by representatives from major shareholder SCIC, members of the Board of Directors, the Board of Control, Board of Management, and the entire VINARE staff.

In 2024, Vietnam’s economy continued to exhibit promising momentum, with GDP growth estimated at 7.09% year-over-year — the fourth-highest increase recorded between 2011 and 2024, following the strong performances of 2018, 2019 and 2022. However, in stark contrast to the broader economic optimism, the non-life insurance sector faced unprecedented pressures. Typhoon No. 3 (Yagi), which made landfall in the third quarter of 2024, inflicted significant property damages to the non-life market. According to statistics from the Insurance Supervisory Authority (Ministry of Finance), as of October 31, 2024, non-life insurers had received nearly 15,000 loss notifications across various lines of business, including Health, Property and Engineering, Motor and Agriculture. The total estimated property damage claims related to the typhoon exceeded VND 11 trillion as of December 6, 2024. The surge in claim costs following the storm exerted substantial pressure on underwriting profitability, leading to a decline in the sector’s overall earnings.

Despite these challenges, VINARE reported total revenue of VND 3,153 billion, reflecting a robust 17.8% year-over-year increase and achieving 108.1% of the annual plan. Reinsurance business operations demonstrated significant growth, with core business lines achieving a 14.3% increase in revenue compared to the prior year. Notable contributions came from Engineering, Miscellaneous and Motor, which outperformed both the previous year’s results and the 2024 targets. This success was driven by favorable market expansion and the addition of new contracts in health and motor insurance from domestic insurers, alongside several international treaty participations. VINARE’s pre-tax profit reached VND 465 billion, reaffirming the corporation’s financial resilience and adaptability in a challenging year.

Speaking at the conference, Mr. Pham Phan Dzung, Independent Member of the Board of Directors, recognized the positive outcomes achieved under the leadership of the Chairman of the Board and the Board of Management.

“We have fulfilled our 2024 business targets despite the significant impact of Typhoon Yagi, while continuing to safeguard the interests of shareholders and employees. The ambitious targets set for 2025 reflect an optimistic outlook, especially as they are aligned with the country’s GDP growth rate, providing strong momentum to drive future success. I would like to extend my sincere gratitude to the Chairman of the Board, the Board of Management, and all VINARE employees for their exceptional efforts during a demanding year. As we recently celebrated the momentous milestone of our 30^th Anniversary, this solid foundation will enable VINARE to advance with renewed strength on its path of sustainable growth,” Mr. Pham Phan Dzung remarked.

Delivering his keynote address, Mr. Nguyen Anh Tuan, Chairman of the Board of Directors, commended the exceptional efforts of VINARE’s Board of Management and entire staff in achieving remarkable results over the past year. He reaffirmed the Board’s commitment to providing strong guidance and comprehensive support to enable the Board of Management and employees to meet the 2025 business objectives successfully.

“We have completed the 2024 business plan with the steadfast support of shareholders and the Board of Directors, particularly in the wake of Typhoon Yagi. This accomplishment fulfills stakeholder expectations and stems from the solid development of our core lines of business — the foundation for sustainable growth. Reflecting on our five-year journey, we have not only stayed the course but have also delivered clear, measurable results. The relentless dedication of VINARE employees has yielded success and garnered recognition from regulators, the market, and our stakeholders. However, alongside these achievements, we face the ongoing challenge of heightened competition both domestically and internationally. Moreover, increasingly stringent compliance requirements from macroeconomic policies and legal frameworks present opportunities for VINARE to solidify its leadership position. On this journey, we remain unwavered in our commitment to safe, stable, and sustainable growth, ensuring balanced benefits for VINARE, its shareholders, employees, and valued partners. We are entering an era of dynamic advancement as envisioned by our nation’s leadership. Yet, the most critical factor lies in our individual and collective efforts to rise to new heights. I am confident that VINARE will continue to soar to greater success. Once again, I extend my deepest appreciation to our shareholders for their unwavering support, to our partners and clients for their mutually beneficial collaboration, and to the Board of Directors, Board of Control, and Board of Management for their seamless coordination. Above all, I hold the highest regard for the entire VINARE team — the dedicated individuals whose tireless contributions form the backbone of our shared success and the proud home we have built together,” emphasized Chairman Nguyen Anh Tuan.

In 2024, VINARE was honored with a series of prestigious awards, reflecting its outstanding performance and commitment to excellence. These accolades include being recognized among the Top 500 Fastest Growing Enterprises and the Top 500 Most Profitable Enterprises by Vietnam Report; earning distinctions for Top 10 Mid-Cap Companies for Best Corporate Governance and Top 10 Financial Sector Companies for Best Annual Report at the 2024 Listed Companies Awards (VLCA); and being named among the Top 10 Companies for Best Corporate Governance 2023–2024 by the Hanoi Stock Exchange (HNX). Additionally, VINARE was awarded Top 10 Strong Brands for Impressive Growth by VnEconomy – Vietnam Economic Times and included in the Top 50 Pioneering and Committed Companies for Corporate Governance Excellence in Vietnam (VNCG50) by the Vietnam Institute of Directors (VIOD). VINARE’s contributions to the insurance industry were further recognized with a Certificate of Merit from the Minister of Finance for its role in developing Vietnam’s insurance market from 2022 to 2023, as well as a Certificate of Merit from the Insurance Association of Vietnam for outstanding business performance in 2023. These achievements affirm VINARE’s steadfast dedication to sustainable growth, superior governance, and industry leadership.

Immediately following the 2024 Business Performance Review Meeting, VINARE hosted a warm and heartfelt gathering for its retired employees in celebration of the traditional Lunar New Year 2025. This event represents a cherished cultural practice that VINARE has proudly upheld as a meaningful tradition for many years. The gathering not only served as an occasion to express gratitude to the generations who contributed to the sustainable growth of the Corporation but also provided a chance to strengthen the bond between past and present employees, carrying forward the spirit of unity and sharing that VINARE deeply values. The warm atmosphere, heartfelt New Year wishes, and the joy of reuniting with former colleagues made the event truly memorable and complete.