PVI Re completed 96% of the revenue plan in the first 9 months of 2021 and will implement the plan of raising charter capital to VND 1,044 billion

In the first 9 months of 2021, especially in the third quarter, the spread of Covid-19 pandemic in Vietnam was very complicated, seriously affecting the whole economy, slowing down the growth of many industries. In the context of pandemic, insurance is one of the few sectors that continues to maintain a growth rate. Total premium revenue in Q3-2021 is estimated to increase 7% against the same period last year, this is the lowest growth in the quarters from the beginning of 2021. Total premium revenue in first 9 months of 2021 is estimated to increase 13%, in which, non-life insurance premium revenue only reaches 5% growth.

In that context, compared to the business plan, PVI Reinsurance Joint-Stock Corporation (PVI Re) has exceeded both revenue and profit. In particular, the total revenue in the first 9 months recorded VND 1.700 billion, completed 128% of the plan, an increase by 17% against the same period. In which, revenue from reinsurance activities reached VND 1.423 billion, equivalent to 134% of the plan, an increase by 22%. Profit before tax reached VND 114 billion, completed 101% of the plan. In particular, profit from reinsurance activities and profit from financial activities reached VND 42 billion and VND 72 billion respectively.

Gradually expanding business activities as well as promoting the brand in the international market, PVI Re is currently a reinsurer in the largest insurance programs in Indochina countries (Laos, Cambodia) and strengthening reinsurance activities in other countries in Southeast Asia such as Brunei, Myanmar.

In particular, July 20, 2021 is also a milestone marking 10 years of PVI Re's presence in the market. After 10 years of growth and development, PVI Re has transformed from a one-member limited liability company in 2011 into a joint-stock company listed on the stock exchange with total assets of VND 4,876 billion and underwriting reserve of more than VND 3,000 billion.

On October 27, 2021, PVI Re completed the result of shareholders’ written opinions collection in 2021 and was approved the charter capital raising plan to increase charter capital to VND 1,044 billion by public offering, accordingly, PVI Holdings is expected to hold the dominant rate of 51% of PVI Re’s charter capital.