On the morning of April 28, 2025, Vietnam National Reinsurance Corporation (VINARE) successfully convened its 2025 Annual General Meeting of Shareholders. The meeting was attended by representatives of major shareholder SCIC, strategic shareholder Swiss Re, founding shareholders (Bao Viet, Bao Minh, PJICO, BIC), other institutional and individual shareholders, representatives of the independent auditing firm PwC, as well as members of VINARE’s Board of Directors, Board of Control, and Board of Management.

In 2024, with the unanimous support of its shareholders, the close guidance and engagement of the Board of Directors and the Board of Control and the concerted efforts of the Board of Management and all employees, Vietnam National Reinsurance Corporation (VINARE) successfully achieved its business targets.

Despite various challenges, especially losses from Typhoon Yagi, VINARE reported gross written premium of VND 3,153 billion, reflecting a robust 17.8% year-over-year increase and achieving 108.1% of the annual plan. Reinsurance business 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 new overseas business.

Based on these results, VINARE submitted to the General Meeting of Shareholders a 2024 dividend distribution at a rate of 20%, comprising 10% in cash and 10% in shares.

One of the most memorable highlights of 2024 was the celebration of VINARE’s 30th anniversary – a golden milestone marking a proud and meaningful chapter in the Corporation’s development journey. The event offered VINARE an opportunity to reflect on its path of growth and transformation, and to express sincere gratitude for the valuable support and partnership of regulatory authorities, shareholders, partners, and its entire staff. This 30-year milestone not only commemorates a glorious past, but also serves as a solid foundation for VINARE to continue advancing its pioneering role and leadership in the insurance and reinsurance industry in the years ahead, with a vision toward sustainable and prosperous growth.

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 10Companies 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.

Mr. Seng Lee, Head of Strategic Investments for the Asia-Pacific region and representative of Swiss Re, expressed his delight at VINARE’s achievements in 2024.

“With the accomplishments VINARE has made over the past year, I would like to extend my sincere thanks to the leadership team of VINARE – Chairman of the Board Nguyen Anh Tuan, the CEO, and the entire Board of Management – for their relentless efforts in fulfilling the Corporation’s 2024 business targets as well as the goals set for the current five-year term. Notably, key indicators such as growth rate, pre-tax profit, combined ratio, and return on equity (ROE) all recorded positive outcomes. On behalf of Swiss Re, I reaffirm our commitment to continue supporting VINARE across all areas. This includes our active participation on VINARE’s Board of Directors and Board of Control and our ongoing collaboration under the Memorandum of Understanding between the two sides – renewed just last year. As we enter a new term, I am confident that VINARE will continue to thrive under the leadership of Chairman Nguyen Anh Tuan, Vice Chairman Nguyen Xuan Viet, and CEO Mai Xuan Dzung. I believe VINARE will sustain its growth momentum in both revenue and profitability, despite foreseeable challenges posed by global economic uncertainties, policy shifts, and the evolving regulatory landscape surrounding risk-based capital. Swiss Re remains committed to standing alongside VINARE on its path of continued development,” he affirmed.

Entering the new 2025–2030 term, VINARE remains firmly committed to sustainable, secure, and long-term efficient development – safeguarding the interests of its shareholders, employees, and long-standing partners. The Corporation also aims to achieve an international credit rating of “A-” when conditions permit. In the reinsurance business, VINARE pledges to maintain strict underwriting discipline, carefully assess and select risks, and ensure underwriting profitability, rather than pursuing top-line growth at the expense of prudence. In the investment domain, VINARE will continue to regularly review and improve the quality of its investment portfolio, upholding the principles of Safety – Liquidity – Efficiency.

Financial targets as follow:

❖ Total Revenue (including insurance premium, financial investment income, and others):

• 2025: VND 3,594 billion, an 8% increase from 2024, aligned with the GDP growth target set by the Government.

• 2026–2029: Targeting an annual revenue growth of 8%, subject to annual review and reporting to the General Meeting of Shareholders.

❖ Pre-Tax Profit:

• 2025: VND503 billion, growing 8.1% from 2024.

• 2026–2029: Aiming for an annual pre-tax profit growth of 7%, subject to annual review and reporting to the General Meeting of Shareholders.

❖ Combined ratio: Not exceeding 98%.

❖ Average ROE: Minimum 10%.

❖ Strengthen financial capacity to comply with the Risk-Based Capital (RBC) framework effective from January 1, 2028 (as per related legal regulation).

❖ Dividend Payout Ratio: Minimum 10% per year.

At the General Meeting, shareholders elected the members of the Board of Directors and the Board of Control for the new 2025–2030 term. With a strong sense of responsibility and broad consensus, the Meeting endorsed a leadership team composed of individuals who have long been committed to VINARE – professionally competent, experienced, and dedicated – with the capacity to guide the company into its next stage of development. This marks a critical step in ensuring VINARE continues to leverage its internal strengths, enhance its governance capacity, and remain adaptable to evolving market demands both domestically and internationally.

In his closing remarks, Mr. Nguyen Anh Tuan, Chairman of the Board of Directors, expressed his gratitude to all shareholders in attendance, particularly the major shareholders who have accompanied VINARE over the years. He emphasized that the close coordination, active engagement, and regular exchanges between shareholders, the Board of Directors, the Board of Control, the Board of Management, and the continuous efforts of all VINARE employees have played a pivotal role in the Corporation’s stable, efficient, and sustainable growth. Mr. Nguyen Anh Tuan reaffirmed the Board’s commitment to working closely with shareholders, the Board of Control, the Board of Management, all employees and long-standing partners to support the successful implementation of VINARE’s business plan for 2025, as well as the strategic goals set for the 2025–2030 term.