PVIRE exceeded the planned targets in the first quarter of 2021

According to data from Department of Insurance Supervisory and Authority – Ministry of Finance, insurance market in the first quarter of 2021 are estimated to increase by 9% over the same period in 2020, of which non-life insurance premium revenue increases by 6%. By the end of March 2021, the total assets of insurance companies were estimated at VND 600,818 billion, an increase of 22.8% over the same period in 2020. The Government assessed that the insurance market currently shows a stable growth in both size and volume of investment returned to the economy. However, the low interest rate in the market has reduced income from financial investment and weakened the investment capital of reinsurance companies.

In that context, based on diversified, flexible and effective business policy in the right direction of development, PVIRe has exceeded the planned targets for the first quarter of 2021. Specifically, total revenue in the first quarter of 2021 was VND 589.5 billion, completed 146% of the plan and increased 5% over the same period. Profit before tax reached VND 40.4 billion, equivalent to 108% of the target. In which, profit from reinsurance business and profit from financial investment both over-achieved the target, reached VND 15.4 billion and 25.0 billion respectively.

In the first quarter of 2021, PVIRe successfully organized the Extraordinary General Meeting of Shareholders and strengthened the members of the Board of Directors, elected the Chairman of the Board of Directors and got approval from the Ministry of Finance. PVIRe also completed the first dividend advance payment of 2020 by cash at the rate of 9% in January 2021.

In the second quarter of 2021, PVIRe will continue to implement solutions to achieve the plan for the first 6 months and the whole year 2021 in terms of revenue and profit, ensuring a dividend rate of 16% for shareholders. Along with the expansion of business activities in the domestic and regional markets, PVIRe will continue to promote the provision of added value to customers, especially the deployment of electronic portal for reinsurance transaction to improve service management capacity, minimizing document processing time.

As planned, in the second quarter of 2021, PVIRe will hold the 2021 Annual General Meeting of Shareholders, expected in May 2021.