PVI Re exceeded 69% profit plan after first 6 months of 2022

On the afternoon of July 26, 2022, PVI Reinsurance Joint-Stock Corporation (PVI Re) held a Conference to review business activities in the first 6 months of the year and implement the business plan for the last 6 months of 2022 with positive results.

Total revenue was VND 1,511 billion, completed 141% of the accumulated plan as well as equivalent to more than 70% of the whole year plan. First 6 months’ profit reached VND 104.5 billion, completed 169% of the accumulated plan and 61% of the plan for 2022. PVI Re was also recognized and evaluated by IR Awards as one of the businesses that fully and promptly met the information disclosure obligation on the stock market in 2022.

During the first 6 months, PVI Re implemented some important management tasks. PVI Re has successfully held the Annual General Meeting of Shareholders in 2022, in which approved many strategic contents including: strengthening the BOD personnel, approving the plan to increase the charter capital, and adding Insurance auxiliary services to the content of company’s activities.

With the growth momentum in the first half year, PVI Re continues to set a target of double-digit revenue growth rate in the last half year while ensuring efficiency, sustainability, and strive to achieve the profit of VND 200 billion, 18% higher than the plan for 2022.

PVI Re is actively implementing the plan to increase charter capital to VND 1,044 billion and expected to be completed this year.

On the same day, PVI Re was honored to welcome the attendance of Mr. Ngo Viet Trung – Director of Insurance Supervision and Administration Department, Ministry of Finance. Mr. Ngo Viet Trung offered the Certificate of Merit from the Minister of Finance for PVI Re’s outstanding business activities achievements in 2021 and contribution to the development of Vietnam's insurance industry in the period 2011 – 2021. This is the recognition of PVI Re's unceasing efforts in providing reinsurance services for the non-life insurance market as well as social security activities.

Through the process of formation and continuous development, PVI Re always strives to achieve many outstanding achievements in business activities, which are highly appreciated by customers for the quality of services and the values when arranging reinsurance programs. In addition, from 2020, PVI Re together with several partners signed the reinsurance ceding agreement, which is the basis for building the Electronic Reinsurance Transaction Portal connecting insurers/reinsurers and contributing to digital transformation. Besides, PVI Re as an enterprise operating in the insurance industry, always determines the responsibility to support the community and accompany the Government in social security work.

The Certificate of Merit from the Minister of Finance is a great reward for PVI Re's who have strived to gain achievements in the early stages of business formation and development. And at the same time, this Certificate of Merit creates motivation for PVI Re to continue its efforts for sustainable development in the upcoming period as well as to contribute creative breakthrough solutions for the development of Vietnam's insurance industry.

Source: Cafef.vn