On the morning of July 28, 2025, Vietnam National Reinsurance Corporation (VINARE) convened its Mid-Year Business Performance Review Conference to assess the results of the first six months and to outline key business objectives for the remainder of the year. The Conference was chaired by Mr. Nguyen Anh Tuan, Chairman of the Board of Directors, with the participation of Mr. Pham Phan Dzung, Independent Member of the Board of Directors; Mr. Vu Ngoc Vuong, Head of the Board of Control; and Mr. Mai Xuan Dzung, Chief Executive Officer, together with members of the Board of Control, the Board of Management, and the entire staff of VINARE. The event also welcomed representatives from the State Capital Investment Corporation (SCIC), a major shareholder of VINARE.

Vietnam’s economy in the first six months of 2025 exhibited a notably positive outlook. Gross Domestic Product (GDP) grew by 7.52%, marking the highest mid-year growth rate recorded during the 2011–2025 period. Merchandise trade also maintained an impressive upward trajectory compared to the same period of the previous year.

In parallel with the overall economic recovery, the non-life insurance market continued to demonstrate stable growth. According to preliminary estimates from the Insurance Association of Vietnam, total non-life insurance premium revenue for the first half of 2024 reached approximately VND 42,626 billion, representing a year-on-year increase of more than 10%. Notably, personal lines of insurance – accounting for more than 60% of the market share – remained the key growth driver, with health and personal accident (PA) insurance increasing by 11.8% and motor vehicle insurance by 13.2%. In contrast, commercial lines such as Property, Engineering, and Cargo insurance exhibited relatively modest growth, with Cargo insurance expanding by 4.3% and Property and Engineering insurance by 3.5%.

At the Conference, VINARE also announced its business results for the first six months of the year, reflecting overall market developments as well as the Company’s continued efforts to achieve notable progress.

VINARE’s total revenue for the first half of the year reached VND 2,163 billion, representing a 21.8% year-on-year increase and fulfilling 60.2% of the annual plan. Of this, reinsurance premium income rose by 25.8%. However, revenue from domestic Property treaties recorded a sharp decline, impacted by the minimum conditions applicable to all risk categories from 2024. This led to a reduction in ceded premium income from many domestic insurers, against the backdrop of intense market competition. For Engineering business, following a strong growth phase from mid-2022 to 2023, the market has started to level off with significant rate reductions, while delays in the progress of certain construction and erection projects also affected premium income.

Investment activities continued to be conducted prudently and effectively, generating a profit of VND 249.8 billion, thereby contributing to VINARE’s total profit before tax of VND 242.7 billion for the period.

In his directive remarks at the Conference, Mr. Mai Xuan Dzung – Chief Executive Officer of VINARE – emphasized:

“The Corporation currently has two major areas of operation: investment and reinsurance, in which reinsurance remains our core activity and the focus of our resources. However, reinsurance is a highly challenging field. Profit results for the first six months are still modest compared to expectations, yet we remain united in following the orientation of the Party and the Government, and are determined to achieve the registered growth targets for the year. As analyzed by the underwriting teams, competition in the market is extremely fierce. We fully understand the difficulties our colleagues are facing and call for the solidarity and efforts of each individual working at VINARE, not only to accomplish this year’s business objectives but also to establish a solid foundation for sustainable development in the years ahead. Finally, I look forward to the continued support and supervision from the members of the Board of Directors and the Board of Control. For our part, the Board of Management will make every effort to guide VINARE through the challenges and achieve the goals set forth”.

With regard to strengthening competitiveness and internal governance, VINARE continues to focus on enhancing system capabilities to meet operational requirements: completing the 2024 Risk Management Report; finalizing the Internal Audit Plan; and officially implementing the new accounting software. In its role as a market hub, VINARE has issued the Insurance–Reinsurance Bulletin No. 01/2025 in both Vietnamese and English, providing timely updates and in-depth analysis on domestic and international insurance markets. The publication has received positive feedback from partners and clients, thereby reinforcing VINARE’s professional image and affirming its position in both the Vietnamese and regional insurance markets.

In his remarks at the Conference, Mr. Nguyen Anh Tung – representative of major shareholder SCIC – emphasized:

“As a major shareholder of VINARE, this is an opportunity for us to gain deeper insights into the insurance sector, particularly reinsurance. Through the presentations of the professional divisions, we have come to recognize that reinsurance operations cover a very broad scope, encompassing multiple lines of business closely linked with primary insurance, fund management, and investment. Within the scope of activities of Investment Division 1, SCIC is not only able to utilize VINARE’s products and services, but this also opens up opportunities for VINARE to approach and tap into a potential customer base of enterprises within SCIC’s ecosystem. We also hope VINARE will continue to conduct research and expand its investment activities, exploring new opportunities, especially in light of the many current challenges in the reinsurance sector. We respectfully propose that the Board of Directors engage in discussions with major shareholders to focus on potential investment channels. On behalf of SCIC, I would like to sincerely thank VINARE for inviting us to this Conference, enabling us to gain a better understanding of its business operations, to exchange views, and to align on important strategic directions, thereby contributing to the successful achievement of the 2025 objectives.”

In his closing remarks at the Conference, Mr. Nguyen Anh Tuan – Chairman of the Board of Directors – acknowledged and highly appreciated the efforts and dedication of all VINARE staff in recent times.

““The first-half results demonstrate that we have maintained revenue growth and achieved profitability. However, our core business continues to face significant challenges. In a context of intensifying competition and declining premium income, we fully recognize the tremendous efforts made by our colleagues to expand services and explore new markets both domestically and internationally, ensuring stable operations. On behalf of the Board of Directors and the Board of Management, I sincerely acknowledge and commend these contributions. They form the foundation for us to persevere and make stronger breakthroughs going forward.

Looking at the broader picture, despite fierce competition at both domestic and international levels, we still see abundant opportunities thanks to the strong determination of the Party and the Government, the continued growth of the economy, and the progressive improvement of the legal framework. VINARE benefits from a long-standing and reputable brand, a diversified client portfolio both within and outside Vietnam, and a readiness to expand cooperation to enhance services. At the same time, our solid investment foundation – built across generations of leadership – has created favorable conditions for VINARE to advance confidently on the path of sustainable development.

Above all, our greatest pride lies in our dedicated workforce, who have stood by VINARE through all stages of development. VINARE is the shared home where everyone has left their mark – a place we have built and nurtured together. In today’s volatile environment, we cannot be content with what is ‘acceptable’; we must constantly strive to move forward. The Board of Management will always listen, support, and stand by sound initiatives, so that together we can take VINARE to new heights. I also hope and firmly believe that VINARE will continue to receive the valuable support of our long-standing major shareholders, as well as from the members of the Board of Directors and the Board of Control, in pursuit of VINARE’s sustainable development, thereby contributing to the growth of the insurance industry and the prosperity of the nation.”

In the second half of 2025, VINARE will continue to maintain strong focus on fulfilling its 2025 business targets while simultaneously implementing key steps towards realizing its Development Strategy for the period 2025–2030.

A forthcoming highlight will be the organization of the 9th Reinsurance Conference – a biennial flagship event not only for VINARE but also for the entire Vietnamese insurance industry. This will serve not only as an occasion for VINARE and its partners to connect and share in-depth insights with domestic and international stakeholders, but also as a forum to jointly discuss emerging trends, challenges, and opportunities in the reinsurance market amid ongoing changes. The continuation and development of this Conference demonstrates VINARE’s central role and strong commitment to fostering connectivity within the domestic and regional insurance and reinsurance community.

Entering the remainder of 2025, with the achievements recorded in the first half of the year and thorough preparation for key tasks ahead, VINARE is firmly committed to completing and striving to surpass its planned targets. Accordingly, ceded premium income is expected to reach VND 3,594 billion, while the Corporation’s profit before tax is projected at VND 503 billion.

Building on more than three decades of establishment and development, and with the solidarity, innovation, and determination of its staff, VINARE will continue to reaffirm its role as a reputable and dynamic national reinsurer, accompanying the growth of Vietnam’s insurance market while pursuing the goals of sustainable growth and deeper integration into regional and global markets.