PVIRe held preliminary Conference for the first half 2015 and implementation of the second half 2015 plan

On 01st July 2015, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held the Preliminary performance meeting for 1st half and implementation of plan for the next 6-months period of 2015 at PVI Tower, 168 Tran Thai Tong, Hanoi.

1st half 2015 Conference and plan implementation for the following 6 months

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

For the first half of 2015, the international reinsurance capital continues to excess and reach to the maximum 575 billion USD, which leads to very high competitive market;. In that context of the market, increasing capital, diversify products and M&A activities continuously took place eventfully, for instance, Renaissance Holdings took over Platinum Underwriter with USD 1.9 billion, XL Group acquired Catlin Group with the amount of USD 4.1 billion; Partner Re merged with Axis worth USD 11 billion; USD 1.9 billion for acquiring Brit by Fairfax Financial; 85% of Miller Insurance’s shares were held by Willis Group Holdings, etc.

In the domestic market, the total insurance revenue in the first 06 months is predicted to reach VND 15.000 billion (increased 16% compare to it is in 2014). In which, the reinsurance premium takes 32% out of it. PVI Insurance is the leading company in the market share, following by Bao Viet, Bao Minh, PJICO and PTI. Within 06 months 2015, the paid loss ratio is around 45% (10% higher than it is in 2014). There are some significant changes on leaders of some insurance companies such as in Bao Viet, PTI, PJICO, BIC, MIC. Besides, a number of insurance company have announced their strategic partners: PTI have chosen Dongbu as its strategic partner and increase its charter capital to 804 billion dong; Fairfax Asia held 35% share of BIC; BIC operate its representative office in Myanmar.

At the end of the first 06 months 2015, thanks to the effort of all employees, PVIRe achieved satisfactory results: most business indicators exceeded compared to plan, especially profit target reached VND 81.7 billion, completed 109% of the plan. Total revenue is approximately VND 971 billion achieving 103% of the plan (increase of 15% in comparison with it in year 2014). In particular, VND 803 billion are premium revenue, completed 102% comparing to plan (equivalent to 90% of the same period in 2014)

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

At the meeting, leaders and staffs from different divisions/departments discussed on existing problems as well as analysed and clarified the business targets in first 6 months of year 2015. In addition, they also delivered report on main achievements, improvement in business to get greater efficiency, concurrently offered some solutions and proposals to fulfil targets of the second half and all year 2015. Especially, CEO of PVI Holdings also delivered the speeches with comments on PVIRe’s business results in first half 2015 and recommended direction for the major tasks of the company in the next period.

In the second half of year 2015, PVIRe will continue to strive and commit to fulfil the targets set out, bring into play achieved results, overcome obstacles and difficulties in order to complete the objectives for the all year 2015, which will contribute to the overall achievement of PVI Holdings.

Source: PVI Reinsurance