2012- PVI Re remarks its success in Vietnamese insurance market

After more than a year of operation, PVI Re has proved itself the effectiveness of consistent business strategy as well as continued efforts of all the members of group through the announcement about 1000 billion revenue achieved by the end of the month 11/2012. “We will sitck with the strategy to become a recognized international reinsurance brand,” Mr. Vu Van Thang, PVI Re’s Chairman said.

Revenue: VND 1000 billion – PVI Re’s milestone
2012 was a turbulent year for the global economy, including the insurance market. According to the Insurance Supervisory Authority, global insurance market in general and Vietnamese in particular are affected, many insurers have to narrow the network and adjust its business plans. Market’s total premium revenue reached 40,858 billion, only 11.7% increased (including in non-life insurance is estimated at 22 942 billion, increased by 11.5%). That result was far under the forcast and impressive growth in the previous year. However, PVI Re was regarded as an outstanding successful case on Vietnamese insurance market.

Launched on August 2011, PVI Reinsurance Company (PVI Re) is a subsidiary of PVI Holdings – a member of Petro Vietnam Group (PVN), PVI Re has been quickly setting up the system with the diversified strategy to become professional reinsurer company.

Mr. Vu Van Thang, PVI Re’s Chairman, said the company inherited the achievements of PVI and take advantages of this for the solutions, its services and those have been welcomed by all the clients. That is proved by after 8 months of operation, PVI Re has earned a Financial Strength Rating (FSR) B+ (Good) issued by A.M.Best and the Issuer Credit Rating (ICR) bbb-. It officially lead PVI Re to be the first and only reinsurance company in Vietnam qualified an good international financial rating and facilitate PVI Re’s reputation and prestige in the market. He also noticed that reinsurance is an international business and having international rating is an active integration.

PVI Holdings congratulates the milestone of VND 1,000 billion revenue of PVI Re

PVI Re focuses on expanding business to overseas market. In Korean Market, with the strong support and cooperation from existing business partners, PVI Re has been accepted by FSS to provide capacity here. PVI Re has set our steps in Middle East, South America, Europe and Southeast Asia…

PVI Re has implemented a series of measures such as stabilize organization, step by step towards specialization, professionalism, training and recruitment of qualified and experienced staff…

PVI Re reported the 2012 result with overall turnover reached VND1.250 billion, net profit was 31 billion dong, fulfilling 116% of its target. One of the important factors influencing the financial strength is reserves. Additional reserve made by PVI Re in 2012 was 155,1 billion VND, making its total reserves be VND172,8 billion by the end of the year.

For those above results, Mr. Bui Van Thuan, The CEO of PVI Holdings has confirmed PVI Re’s success is due to the commitment of the leadership and staff, as well as taking advantages of PVI’s brand. Re PVI has remarked its succeed in the domestic, international insurance market and create a good foundation to step into 2013 and the following years. With the support of PVI he also expressed his expectation that PVI Re will become the leading reinsurer in Vietnamese market and well known international brand.

PVI Re is challenging itself to be a professional reinsurer.
PVI Re’s Chairman, Mr Vu Van Thang said, “Although the revenue growth targets are important but the bottom line is still a priority target, so in 2012, along with risk selective, PVI Re actively consult the insurance company in risk assessment terms and conditions in accordance to a professional and efficient manner. At the end, in 2012, we can say PVI Re has passed through the first stages of a start-up company with impressive results and will boost up in 2013.

Besides the maintaining an international rating, the increase its charter capital to VND800 billion will be striving to complete in 2013 and to 1.000 billion in the following years. Those will contribute for PVI Re to become a recognized brand in the region and also on the international market.

In 2013, along with domestic market, the company will continue expanding its overseas business activities in Singapore, Korea, Middle East, India, and gradually expand to new markets such as Myanmar, Indonesia and South Africa … “Our goal is to become a professional and recognized reinsurance company and our target is to maintain a rapid but sustainable development with a focus on mutual benefits ” Mr.Thang confirmed.