PVIRe held preliminary conference for the first 9 months and implementation of the fourth quarter 2016 plan

On 18th October 2016, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held the preliminary conference to review its performance during the first nine months of year 2016 and set out plan for the fourth quarter of 2016 at PVI Tower, 1st Pham Van Bach, Cau Giay, Hanoi.

In the event, PVIRe was honored to welcome the presence of Leaders from PVI Holdings, PVI Insurance Corporation and other associated companies. The meeting was chaired by Mr. Ton Thien Viet – Chairman and Mr. Trinh Anh Tuan – CEO of PVIRe

CEO of PVIRe delivering preliminary report

In the first 9 months of year 2016, insurance market continues to maintain positive growth. Premium revenue was estimated to increase by 23% over the same period last year. The growth was focused on the retail sector, while other lines such as construction and erection, energy, freight and aviation were declined or had low growth.

Also in this context, the local insurance market witnessed some big losses namely damage of Dong Thien Phu vessel, fire at a warehouse in Bac Ninh Province, at a wooden company in Binh Duong Province, at Dorco Vina Company in Hung Yen Province and at Viglacera Factory in Phu Tho Province.
International reinsurance capital is continuously redundant together with the increase of non-traditional reinsurance capacity leading to high competition and decrease in premium. A.M Best forecasts that reinsurance business picture of year 2016 is relatively bleak.

Mr. Duong Thanh Danh, Director of HDI Global at Asia-Australia region

At the end of first 9 months in 2016, overcoming the difficulties of the reinsurance market, PVIRe continues to achieve positive results of most business indicators. In particular, total revenue rounded up nearly VND 1,097 billion achieving 110% of the original plan. Profit before tax was estimated at 120.2 billion, completing 101% of plan. Besides the achievement of business activities and market development, PVIRe continued to improve personnel governance, training, unions, and in the third quarter of year 2016, PVIRe successfully held five-year establishment celebration.

At the meeting, some remaining issues as well as key performance indicators were clarified, discussed and analyzed closely for the first nine months of 2016. Representatives from different divisions and departments had presentation about achievement and improvement in business activity in order to get the best result, concurrently pointed out some business solutions to address current problems and enhance efficiency to accomplish successfully target plan for the fourth quarter and the whole year 2016. Besides, Mr. Duong Thanh Danh, Director of HDI Global at Asia-Australia region and CEO of PVI Holdings also delivered the speech with comments on PVIRe’s business results in first nine months of 2016 and recommended direction for the major tasks of the company in the last quarter 2016.

Mr. Bui Van Thuan – CEO of PVI Holdings

Regarding the orientation tasks for the last 3 months, in parallel with the aim of completing the proposed plan, PVIRe will continue to actually research, analyze and assess the market to grow on the current strong foundation, improve some remaining limitations and strive further to fulfill the targets for the whole 2016, which ultimately contribute to the achievement of PVI Holdings.

Management Team