PVIRe has a ROE of 17% in the first 6 months of 2020

In the first half of 2020, Covid-19 pandemic has affected all economy sectors including insurance and reinsurance business activities globally.

In that context, based on diversified and flexible business policies, PVI Reinsurance Joint Stock Corporation (PVIRe) still achieved impressive business results. In the first half of 2020, PVIRe has exceeded the planned targets. Specifically, total revenue in the first 6 months was 1,010.3 billion dong, before-tax profit was 92.3 billion dong. In which, profit from reinsurance business was 45.3 billion dong, which implied an increase of 9% YoY.

Not only dealing with the Covid -19 pandemic, many insurance companies around the world also have to face a credit rating downgrade as a result of an unprecedented period of business and management like this. Despite such difficulties, PVIRe's operating model has proved effectiveness as on August 21, 2020, the world's leading financial credit rating agency, AMBest, announced to maintain PVIRe's financial capacity rating at B ++ (Good) and the credit capacity of the issuer at “bbb”, the prospects of both indicators remain stable (Stable). B ++ financial capacity credit rating shows that PVIRe's financial strength is rated as good by AMBest, and it also reflects stable business results and sustainable development throughout the years.

“Along with the expansion of business activities in domestic and regional markets, the Company will promote the provision of added value to customers, improve service management capacity and support customers through IT application and digital transformation. Investment activities will be carefully structured to ensure efficiency, increase liquidity, and ensure solvency margin in the context of a volatile financial market. “, Mr. Trinh Anh Tuan, CEO of the company said.

In the first 6 months of 2020, total assets of PVIRe reached 4,497 billion VND, owner’s equity was 870 billion VND, annualized ROE was 17%. In 2020, PVIRe sets a plan: total revenue of 1,759 billion VND; total before-tax accounting profit of 160 billion dong; dividend payout rate of 16%. As planned, in the fourth quarter of 2020, PVIRe will complete the listing of shares on the Hanoi Stock Exchange.

(Sources: https://cafef.vn/roe-6-thang-dau-nam-2020-cua-pvire-dat-17-20200824103723591.chn)