PVIRe held Preliminary conference for the first 6 months and implementation of the last 6 months of 2014 plan

On 31st July 2014, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held the Preliminary performance meeting for the 1st 6 months and implementation of plan for the last 6 months of 2014 at Sapa town, Lao Cai.

Participating in the Meeting, PVIRe was honored to welcome the presence of Leaders from PVI Holdings, PVI Insurance Corporation and associated companies.

PVI reinsurance vietnamCEO of PVI Re delivering preliminary report

In the first 6 months of 2014, both domestic and global markets have experienced various difficulties. International market suffered a number of big claims in aviation, marine and energy, which contributed to the increasing claim ratio. However, total redundant capacity of current market makes the premium reduced. In respect of local market, total non-life insurance premium is estimated at about VND12.9 billion while claim is about VND 4.6 billion (10% decrease compared with this time last year period) mainly due to motor vehicle. In addition, the market also witnessed lots of big claims in Property, Marine Hull and Energy.

Facing the whole market difficulties and of along with the business results of previous years, PVI Re’s asserted its progress with figures as follows: Total revenue of the 1st 6 months reached VND 990.5 billions, completed 138% of the plan. In which, reinsurance premium income was VND 896.4 billions, achieved 153.5% compared to the plan, profit before tax was VND 40.2 billions.

In addition to the above results, after 06 months operating under the new organisational structure, PVIRe has almost completed the system of governance to match the performance of the new structure and maximum effectiveness and efficiency.

PVI reinsurance vietnamMr. Bui Van Thuan – CEO of PVI Holdings delivered speech at the meeting

At the meeting, Mr. Pham Khac Dung, the new Chairman of the BOD, also expressed commitments and determinations of the BOD in directing and supervising company’s administration as well as operation to complete 2014 plan.

Besides the business results, staff benefits have been increasingly improved with dynamic and modern working environment. PVIRe’s team have also positively participated in other charitable activities and social activities.

In the last 6 months of year 2014, PVIRe will continue to strive and commit to fulfil the targets set out, particularly continue to improve governance system, risk management, and business as well as business supporting tools to ensure that PVIRe will become a professional reinsurer and complete the objectives that were set out in 2014.