PVIRe – 5 years of achieving development

On 22nd July 2016, PVI Reinsurance Joint Stock Corporation (PVIRe) held a Jubilee of five years establishment the company (from 2011 to 2016).

Attending the ceremony were Mr. Tran Xuan Ha- Deputy Minister of Finance ; representatives of Ministry of Finance; Chairman of PVI Joint Stock Company – Mr. Nguyen Anh Tuan; General Director of PVI – Mr. Bui Van Thuan, together with representatives of PVI.

pvire-5-nam-but-pha-thanh-cong_15 years Jubilee of PVIRe’s Establishment

Addressing the opening ceremony, Chairman of PVIRe – Mr. Pham Khac Dung reviewed steps of formation and development of the firm during first five years. The Corporation has grown enormously, significantly and has achieved certain successes, that be confirmed its position on Insurance in general and particularlyin Reinsurance market.

pvire-5-nam-but-pha-thanh-congChairman Pham Khac Dung in the Ceremony

In July 2011, PVI Reinsurance Corporation (PVIRe)- PVI Holdings subsidiary, directly under PetroVietnam Corporation was established with the aim to becomea professional Reinsurerthat the brand benamed in theinternationalmarket as well as provided additional capacity for the Vietnamese Reinsurance market.

In October 2013, increasing its chartered capital to 668 billion VND through Equitization is a milestone in the business, that naming PVIRe asPVI Reinsurance Joint Stock Corporation, contributing to improve retention levels and reinsurance capacity of the company.

PVIRe has continuously achieved significantly revenue and profitability, operational efficiency is described constantly growth throughout years by years. The companymaintains the international credit rating B + (Good) and has prospect of improvingorganizationrating A.M. Best. Experiencing five years of constant striving, on 30th June 2016, PVIRe has reached following achievements:
5-years total revenue reached 7.786 billion VND, the average growth rate of revenue was 24.1%;
Total profit before tax reached 476.2 billion VND, the average growth rate of profit was 68.9%;
Compensation paying was 2,781.5 billion VND;
Contributingto the State budget was 102.1 billion VND;
Total assets reached 3,605 billion, asset size increased 6.6 times compared to 2011.

Along with this improving, PVIRecompleted creation thenecessary resources for long-term development, as well as sustained management system transparently and satisfied international standards including full rules, regulations, strict operating procedures, and governance activities, risk management ability.

pvire-5-nam-but-pha-thanh-cong_2Board of Direction gave Medals for Staffs
contributing outstanding achievements in the last 5 years

After five years of participation in the Insurance domestic and internationalmarkets, the most important achievementof PVIRe is to build a reputation and confidence among customers, partners; establish long-term, sustainable relationships with hundreds of insurers, reinsurers and reinsurance brokers; arrange guarantee of extremely capacity of PVIRe.

pvire-5-nam-but-pha-thanh-cong_3Speaking of Deputy Minister of Finance Tran Xuan Ha at the Ceremony

On behalf of the Ministry of Finance, Deputy Minister Tran Xuan Ha has congratulated the employers and employees of PVIReto the achievement today. He also seeks PVIRe to continuing improve financial capability, risk management andenhancing the level of trust, that creating greater competitiveness to deserving worthy position in the Insurance and Reinsurance market.

pvire-5-nam-but-pha-thanh-cong_4General Director of PVIReVu Van Thang thanks to customers, partners
accompanied company for 5 years

On behalf of PVIRe, General Director Vu Van Thang thanks to customers, partners and shareholders in recent years, whose has accompanied and cooperated for development of PVIRe and will continue supporting to create new successes in next stages.