PVIRe held Preliminary conference for the first 9 months and implementation of the last 3 months of 2014 plan

On 27th October 2014, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held the Preliminary performance meeting for the 1st 9 months and implementation of plan for the last 3 months of 2014 at PVI Tower, 168 Tran Thai Tong, Hanoi.

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 PVIRe delivering preliminary report

The domestic and global markets situation is remaining disadvantage for the first 9 months 2014. Redundant capacity of current international market continuously increasing of 6% in the 1st 6 months (equivalent to USD570 billion). The non-traditional reinsurance market (Cat Bond, ILS, Sidecar) got remarkable rising rate of more than 40%, reached USD 150 billion as record revenue. According to S&P report, combined ratio of reinsurance market reached at about 95-100% in 2014, in which, loss ratio was about 60-65%, global premium rate continued decreasing. Losses focused almost on Aviation and Fire lines, not on natural disasters, calamities as usual.

In Vietnam non-life insurance market, within the first 9 months of 2014, total written premium reached more than VND 18,000 billion (more than 10% increase compared with this time last year). PVI Insurance market share remains at the top with 23.97%, respectively followed by Bao Viet (19.45%), Bao Minh and PJICO. Loss paid in 8 months was about VND 6,500 billion, equivalent to 36.8% (the number of this time last year was 42.4%).

PVIRe asserted its progress with figures as follows: Total revenue of the 1st 9 months reached VND 1,546.6 billion, completed 119.2% of the plan (equivalent to 93.7% of 2014 revenue plan and 26% increase compared with this time of 2013). In which, income from reinsurance was VND 1,374.6 billion, 130% compared to the plan and 35.5% increase compared with this time of 2013. Profit before tax was VND 70 billion, completed 79.8% accumulated plan, equivalent to 50% of 2014 plan and 59% increase compared with this time of 2013.

At the meeting, leaders and staffs from different divisions/departments discussed on lessons and the difficulties those they have faced during operation, concurrently gave some solutions to achieve greater efficiency in the final Quarter of year 2014. In addition, members from the Board of Directors of PVI Holdings and General Director of PVI Insurance Corporation also gave opinions at the conference. Especially, Mr. Bui Van Thuan – CEO of PVI Holdings speeches his comments for the business results of the first 9 months and direction for the major tasks of the company in the last 3 months of year 2014.

PVI Reinsurance VietnamMr. Bui Van Thuan – CEO of PVI Holdings speaking at the meeting

Besides the business results, work-life balanced activities have been increasingly improved with dynamic and modern working environment. PVIRe’s officers have also positively participated in other charitable activities and social activities.

PVI Reinsurance VietnamPVIRe’s Leaders and Staffs

In the last 3 months of year 2014, PVIRe will continue to strive and commit to fulfil the targets set out, especially to complete profit targets and the objectives that were set up in 2014 to contribute to the overall achievement of PVI Holdings.