PVI Re Annual General meeting of shareholders: Rise to the Number 1 of the reinsurance market 2022

On April 27, PVI Reinsurance Joint Stock Corporation (PRE) convenes the Annual General Meeting of Shareholders 2023, approving the 2023 business plan with the revenue and profit that higher than the previous year. Specifically, the revenue target is VND 2,665 billion, the plan of profit before tax is VND 223 billion, and a growth rate target is 17% compared to 2022. PVI Re is expected to pay a 16% dividend ratio for 2023.

According to the audited financial statements of PVI Re in 2022, PVI Re has become the leading domestic reinsurer with the highest premium revenue in the market, achieving a total reinsurance premium of VND 2,444 billion, equivalent to 140% of the target, and an increase of 50% compared to 2022. Profit after tax reached VND 152 billion, equivalent to 112% of the plan. EPS reached VND 2,007, up 9% from 2021. The AGM approved an additional dividend payment ratio of 1.4% to shareholders. Previously, the company advanced the dividend in 2022 at the rate of 14% as planned. This is the 10th consecutive year that PVI Re has paid cash dividends at a high two-digit level in the context of a fluctuating economy.

On February 14, 2023, PVI Re submitted documents to Ministry of Finance for adjusted license to record the new charter capital of VND 1,044 billion after existing shareholders completed their capital contribution as approved in principle. On March 31, 2023, Ministry of Finance has sent an official letter No. 2958/BTC-QLBH which mentioned the process would have been resolved right after the Government issuing the decree detailing of implemention of 2022 Law on Insurance business.

In addition, PVI Re’s Board of Directors has also reported to shareholders on the process of renaming the company to Hanoi Reinsurance Joint Stock Corporation (Hanoi Re). The renaming and the launching of new brand identity are expected to be done in 2023.

In 2022, PVI Re rose to become the Number 1 of the domestic reinsurer in Vietnam in terms of total reinsurance premium .
The 2023 plan of the dividend payout ratio is 16%.
The company will change its name to Hanoi Re in 2023.