18/03/2021
PVI Re successfully completed the 2020 business plan
As per the newly issued 2020 financial statements of PVIRe which was audited by Deloitte Vietnam Co., Ltd., the company has successfully fulfilled both its revenue and profit targets: Total revenue reached 1,894.6 VND billion and completed 107.7% of the planned target; in which revenue from inward reinsurance reached 1,481.7 billion VND and fulfilled 108.0% of the plan. Profit before tax reached VND 180.9 billion, completed 112.8% of the plan and increased by 6.1% compared to the respective period of last year’s. This is the largest profit before tax since PVI Re’s establishment. Out of this VND 180.9 billion, profit from insurance business amounts to 56.4 billion VND, reaching 112.5% of the target and marking a growth rate of 18.0% above the level of 2019’s figure. Profit from investment activities reached 124.5 billion VND, fulfilling 112.9% of the plan and growing by 1.5% compared to what was seen in 2019.
Along with impressive business results, PVI Re has succeeded in maintaining a credit rating of B ++ (Good) while a number of reinsurers around the world were downgraded due to heavy impacts of Covid-19 pandemic.
On 24 December 2020, PVI Re’s shares – stock code PRE – were officially traded on Hanoi Stock Exchange (HNX) with a reference price of VND 20,000/share. The successful listing on HNX is an important event that confirmed PVI Re’s maturity and transparency in the long run.
In 2020, the Ministry of Finance issued a minutes of conclusions following a periodic inspection of PVI Re. The Ministry confirmed that PVI Re's business activities have basically complied with the State's regulations on insurance business. Necessary adjustments to provisional reserve was also immediately made by the company following advices from The Ministry. Specifically, PVI Re has paid an addition of 33.6 million VND of corporate income tax. As and after the minor adjustments are completed, PVI Re's business activities shall continue to expect a vigorous improvement focusing on increasing business partners’ and shareholders’ welfare.