On the morning of 28 January 2025, Vietnam National Reinsurance Corporation (VINARE) convened its 2025 Business Review Conference. The Conference was attended by representatives of major shareholders including the State Capital Investment Corporation (SCIC) and Bao Viet Holdings, members of the Board of Directors, the Board of Control, the Board of Management, all VINARE employees, and representatives of the Insurance Association of Vietnam.

The year 2025 concluded with many positive growth signals for the Vietnamese economy, despite the continued complexity and uncertainties in the global economic and geopolitical environment. With GDP growth exceeding 8% – placing Vietnam among the fastest-growing economies worldwide – together with well-controlled inflation and stable macroeconomic fundamentals, the domestic economy created an important foundation for the production and business activities of the corporate sector.

Against this backdrop, with the continued and significant support of its major shareholders, the decisive leadership and close direction of the Board of Directors and the Board of Management, as well as the collective commitment and efforts of all employees, VINARE successfully fulfilled and exceeded its 2025 business plan.

The Corporation’s total revenue reached VND 3,870 billion, representing a 16.6% increase compared with 2024 and 107.7% of the annual target. Investment income amounted to VND 460 billion, up 9.8%, making a meaningful contribution to overall performance. Profit before tax reached VND 507 billion, marking 9.1% growth, further demonstrating the Corporation’s solid financial capacity, adaptability, and effective corporate governance in a market environment characterized by considerable volatility.

In parallel with maintaining operational efficiency, VINARE has placed particular emphasis on strengthening corporate governance in line with both domestic and international best practices. Beyond mere regulatory compliance, the Corporation aims to develop a proactive, transparent, and effective governance system.

Corporate governance initiatives have been implemented comprehensively across multiple dimensions, including the enhancement of governance frameworks and policies, strengthening the oversight role of the Board of Directors, and improving transparency and accountability throughout the organization. These efforts have helped reinforce the confidence of shareholders, partners, and the market, while also earning VINARE recognition through numerous prestigious awards in corporate governance. Notable achievements include:

• Top 10 Mid-cap Companies with Best Corporate Governance 2025 at the Listed Company Awards (VLCA) 2025
• Top 10 Companies with Best Corporate Governance 2024–2025 on the Hanoi Stock Exchange (HNX)
• Top 5 “Rising and Leading Companies” in the ASEAN Corporate Governance Scorecard (ACGS) 2024
• Top VNCG50 – Pioneering Companies Committed to Good Corporate Governance Practices
• Top 5 “Board of the Year” 2025 at the 8th Annual Corporate Governance Forum (AF8)

Notably, 2025 marked an important milestone in VINARE’s sustainable development journey with the development and completion of its Corporate Culture Code of Conduct. Built upon the Corporation’s 32 years of formation and development, the Code of Conduct helps clearly define VINARE’s core values, behavioral standards, and shared working style, fostering alignment in awareness and action among employees across the organization. This initiative not only strengthens internal cohesion but also contributes to enhancing governance capacity, human resource quality, and VINARE’s brand image in the marketplace.

Entering 2026, VINARE identifies its key priorities as successfully fulfilling its 2026 business objectives while effectively implementing the goals of its 2025–2029 Business Strategy.

The Corporation will continue to strengthen research and development activities to propose new products and services, while enhancing reinsurance solutions and capabilities to support the insurance market. These initiatives aim to further reinforce VINARE’s role and position within the insurance industry’s value chain.

At the same time, VINARE will focus on expanding value-added services for clients and continue to develop and broaden its markets on the basis of efficiency and sustainability.

Alongside business development, the Corporation will continue reviewing and improving its human resource development policies, recognizing people as the foundation for long-term growth. Risk management will be further strengthened through a comprehensive approach, covering both internal risks and the provision of value-added risk management services to the market. VINARE also aims to maintain and gradually improve its international credit rating from AM Best, while continuing to enhance cost management efficiency, strengthen investment capabilities, and intensify oversight of investment portfolios through regular evaluations to ensure the safety, efficiency, and sustainability of its operations in the years ahead.

In 2025, VINARE’s efforts in business performance, corporate governance, and sustainable development continued to receive recognition from reputable domestic and international organizations. The Corporation was ranked among the Top 500 Most Profitable Enterprises in Vietnam (PROFIT500) and the Top 500 Largest Enterprises in Vietnam (VNR500), affirming its scale, operational efficiency, and strong market position.

In the field of corporate governance, VINARE was recognized in several prestigious rankings, including Top 10 Companies with Best Corporate Governance, and was included in notable lists such as VNCG50 and ACGS20, reflecting its strong commitment to transparency, accountability, and advanced governance practices.

From a sustainability perspective, VINARE was recognized among the Top 10 Green ESG Insurance Companies in Vietnam, the Top 500 Enterprises Creating the Most Value in Vietnam (VALUE500), and the Top 500 Best Employers in Vietnam, reflecting the Corporation’s strong brand reputation, positive working environment, and effective human capital development.

In particular, the VINARE collective was commended by the Insurance Association of Vietnam for its outstanding business performance. Meanwhile, Mr. Nguyen Anh Tuan, Chairman of the Board of Directors, was honored among the Top 30 Outstanding Young Vietnamese Entrepreneurs – Sao Do Award 2025, further reinforcing VINARE’s image as a pioneering enterprise committed to efficient and sustainable development.

Representing major shareholder SCIC, Mr. Nguyen Anh Tung acknowledged and highly appreciated VINARE’s achievements in the context of a volatile global and domestic economic environment, intensified competition in the non-life insurance market, and rapidly evolving customer demands.

“VINARE’s premium revenue and investment activities exceeded the planned targets, while profit after tax remained at a solid level, ensuring shareholder returns and providing resources for reinvestment and long-term development. These results demonstrate the unity and collective efforts of the shareholders, the Board of Directors, and the Board of Management of VINARE”.

He noted that 2026 is expected to be a pivotal year for the economy, with higher requirements for implementing action programs and sustaining growth amid ongoing institutional reforms. While the insurance industry – and VINARE in particular – will continue to face challenges, SCIC expressed confidence in the development goals and strategic direction set by the Corporation. He also encouraged the Board of Directors to closely monitor and update the development strategy as necessary and report to the General Meeting of Shareholders to ensure timely alignment with market developments and new growth requirements.

Mr. Bui Gia Anh congratulated VINARE on achieving “dual success” in recent years.

 “The Board of Directors has developed an appropriate development strategy, and the entire VINARE team has worked diligently to implement and achieve the growth targets. The results demonstrate the effectiveness of this strategy, reflected in both revenue growth and profitability – an outcome that the Association also expects from its member companies.”

According to Mr. Bui Gia Anh, the insurance market in 2025 faced numerous challenges, particularly from natural disaster risks and increasing competitive pressure. VINARE itself was affected by severe natural catastrophe events, including Typhoon Yagi in 2024 and various storms and floods in 2025.

He also emphasized VINARE’s important role in providing market data, sharing information, and facilitating industry connectivity, thereby supporting insurers in strengthening risk management capabilities and promoting sustainable development.

Mr. Vu Ngoc Vuong affirmed that the s will continue working closely with the leadership and employees to strengthen governance foundations and support the Corporation’s stable and sustainable development.

He emphasized: “VINARE will continue maintaining its growth momentum in the coming years while paying close attention to improving the material and spiritual well-being of employees. On behalf of the Board of Control, I commit to working alongside the leadership and all employees to achieve the Corporation’s strategic objectives for sustainable and long-term development.”

In his closing remarks, Chairman Nguyen Anh Tuan highly appreciated VINARE’s achievements over the past year, particularly highlighting the Corporation’s proactive approach in its core business operations. The increase in the retention rate, he noted, clearly reflects the confidence and capability of a professional insurance enterprise in its underwriting and risk management practices. At the same time, technical reserves were strengthened to ensure claim-paying capacity for customers, while investment activities continued to be managed with a focus on safety and efficiency.

“VINARE’s greatest achievement in the past year is not only reflected in financial figures but also in the stabilization of our organizational structure, human resources, and internal institutional framework. This is a crucial foundation for VINARE’s sustainable development in the years ahead.”

He further noted that, at the 2025–2030 term General Meeting of Shareholders, with the support of major shareholders, VINARE successfully consolidated and stabilized its senior leadership team while strengthening unity within the governance and management system. The issuance of the Corporate Culture Code of Conduct has also contributed to reinforcing cohesion and collaboration among employees across the Corporation.

Looking ahead to 2026, Mr. Nguyen Anh Tuan reaffirmed VINARE’s commitment to sustainable development, ensuring a balanced alignment of interests among shareholders, employees, and domestic as well as international partners. The Corporation will also proactively explore new investment and business opportunities, particularly within the SCIC ecosystem, with the continued support of its major shareholder.

On behalf of the Party Committee, the Board of Directors, and the leadership team, the Chairman expressed his sincere appreciation to all VINARE employees and extended heartfelt thanks to the Corporation’s shareholders – especially SCIC – for their continued trust, partnership, and support throughout VINARE’s development journey.

Following the conclusion of the 2025 Business Performance Review Conference, VINARE also organized a warm gathering with retired employees on the occasion of the Lunar New Year 2026. This activity reflects the Corporation’s respect for the valuable traditions nurtured and preserved across generations. The gathering provided an opportunity for VINARE to express its gratitude to former employees – those who made significant contributions to the establishment and development of the Corporation – while also fostering connections between generations of staff.