PVI successfully organized Analyst Meeting 2023

On February 27, 2023, PVI successfully organized Analyst Meeting with the theme “Resilient leaders” at 02 locations in Hanoi and Ho Chi Minh City. This is PVI’s annual event with the aim of connecting directly and more often with the financial community, namely financial institutions, institutional investors and shareholders, analysts in the industry, the media agencies. At the conference, PVI announced its business results in 2022, as well as presented its development strategy orientation and business plan in the coming time.

Overview of the Conference at the headquarters

Mr. Jens Holger Wolthat – Chairman of PVI’s Board of Directors delivered the opening speech

In 2022, PVI has made its mark for 27 years with total assets of more than 26 trillion VND; total revenue reached more than 14 trillion VND, up 30% compared to 2021; pre-tax profit reached more than 1.1 trillion VND, maintaining the increase for 5 consecutive years. Despite a difficult year for the economy in general and the insurance sector in particular, PVI continues to maintain its leading position in terms of revenue, profit and market share in both non-life insurance segments. Life and Reinsurance. In terms of financial capacity and liquidity, PVI holds a large amount of cash and large short-term deposits of over 7,000 billion VND along with a portfolio of highly liquid securities that are ready to pay obligations to customers and partners.

The largest contribution to PVI’s total revenue still comes from the non-life insurance business, with the original premium revenue in 2022 surpassing the 10 trillion VND mark, contributing 70% to total revenue of PVI system. At the end of the last financial year, PVI’s non-life insurance sector accounted for 14.8% of the domestic market share thanks to the continued consolidation of corporate governance in the direction of transparency and sustainable development.

Reinsurance has had an impressive year of growth with reinsurance premium revenue reaching 2.4 trillion VND, increased 50% compared to the same period last year and growing at 14% CAGR since 2017, contributing 17% to the total revenue of the system in 2022. The reinsurance activities of the company are developed in the right direction, effectively arrange reinsurance programs for the domestic market and expand to the market area. 2022 was also an important year when PVI Re leads the domestic reinsurance market for the first time.

With a strong financial position, outstanding business performance, and a transparent management system, PVI Insurance Corporation was upgraded its credit rating from B++ to A- by the international credit rating agency A.M Best. This is the highest rating in the current Vietnamese market for non-life insurers.

In particular, the dividend payout ratio in 2022 is up to 33% and the stock price remains stable and growing in the context of a 30% decline in the stock market and still in the accumulation phase.

Regarding the investment activities of the system, PVI has shifted the investment portfolio to fixed-income assets, and at the same time reduced the proportion of investment in stocks in 2022. Specifically, profit from financial activities contributed more than 63% to total profit before tax, maintaining a positive growth rate for the past 5 years. This shows the stable financial performance of the system, especially in a year when the macro economy and stock market witnessed many unfavorable developments for investment activities. In the future, PVI will maintain a flexible asset allocation strategy to realize “dual goals” to bring high investment efficiency and better control risks.

With the active expansion of the market, transformation of the brand identity in the past year and the right strategy of building and development, PVI has marked a strong transformation on the journey to becoming a leading insurance -financial institution in Vietnam market with prestigious brand, top quality of service and maintaining sustainable development in the coming years.

After the event, the Board of Management answered questions and concerns of investors, committed to transparency in corporate governance, accuracy in the process of information disclosure. trust, towards the goal of sustainable development and ensure the maximum benefits of shareholders, investors and shareholders. The company would like to express its sincere thanks to the investors, shareholders and media agencies who participated to make this year’s event a success, bringing the most value to the financial community.

Mr. Nguyen Xuan Hoa – Standing Vice President of Board of Directors cum CEO answered questions from investors