On the morning of January 26, 2024, Vietnam National Reinsurance Corporation (VINARE) successfully held the Annual Business Review Meeting for the year 2023 and the Employees’ Conference. These conferences was attended by representatives from the Party Committee of the Ministry of Finance, the Trade Union of the Ministry of Finance, major shareholder SCIC, members of the Board of Directors, the Board of Control, the Board of Management, and all VINARE staff.

In 2023, the global economy continued to face numerous difficulties and challenges. According to preliminary data from the Insurance Association of Vietnam, the non-life insurance market only grew by just over 2%, the lowest growth rate recorded in the past 5 years. Nevertheless, with the determination of the Board of Directors, the Board of Management, and the entire staff, VINARE’s business activities yielded remarkably positive results. The total revenue reached VND3,433 billion, with the gross written premium amounted to VND2,677 billion, reflecting a 13% rise year-on-year and achieving 108.5% of the target. Investment revenue amounted to VND491.7 billion.

Notably, premium volume from core business posted a growth rate of 28.9% year-on-year, surpassing the initial forecasts for the year. This remarkable performance can be attributed to the successful writing of new business in overseas markets which increased by 41% y-o-y, mainly in Property line. Besides, revenue from treaties, particularly within the Engineering, Hull and Motor lines also witnessed decent growth rates.  

In addition, profits from financial investment activities also saw considerable growth thanks to an increase in investment assets, taking advantage of a short period of interest rate hike as well as increased investment in tier II bond issuance from banks with higher yields than those of the corresponding deposit interest rates.

As a result, pre-tax profit grew 7.8% year-on-year to VND473.6 billion.

Speaking at the Conference, Chief Executive Officier Mai Xuan Dung once again called for the unity and concerted efforts of all employees for the development of VINARE.

“We have successfully achieved and exceeded the targets set for the year, especially in the context of the Vietnamese insurance market growing by only about 2%. As the local market was already challenging, reaching out to overseas markets would be even more difficult. I call upon all of us to unite our efforts and strive to accomplish the goals set for 2024. “, Chief Executive Officier Mai Xuan Dung stated.

In the directive speech at the conference, Chairman of the Board of Directors Nguyen Anh Tuan highly praised the efforts of the Board of Management and all VINARE staff for their accomplishments in the past year. He affirmed the commitment of the Board of Directors to continue providing close guidance and maximum support to the Board of Management, as well as all staff members, to ensure the successful achievement of business objectives in 2024 and the subsequent years, in accordance with the resolutions of the General Meeting of Shareholders.

“It is thanks to the unity within our organization, starting from the highest levels such as the Board of Directors and our major shareholders, thus we can achive these results. We are confident as a national reinsurer because we not only care for ourselves but also contribute to the development of the entire insurance market. Over the years, VINARE has played a crucial role as a bridge in relations with international organizations, providing neutral information for the entire insurance market. We all understand that for sustainability, a business needs sustainable growth, shareholders’ support, and long-term commitment from employees. This is the consistent viewpoint of both the leadership and the Board of Directors. This year, VINARE will be celebrating its 30th Anniversary, a significant milestone in its formation and development. Once again, I would like to thank all VINARE members – those behind this growth, those who have contributed significantly to the development of our VINARE family”, Chairman Nguyen Anh Tuấn further shared.

In 2023, VINARE was listed in Top 500 largest enterprises in Vietnam, TOP 500 most profitable enterprises in Vietnam, TOP 10 Listed Mid-Cap Companies with best corporate governance, TOP 10 Listed Companies with good corporate governance in the evaluation period of 2021-2022, TOP 12 Board of Directors committed to corporate governance best practices as well as TOP 5 Board of Directors with good diversity.