PVIRe held Preliminary Conference for the first quarter 2015 and promulgated plan for the second quarter of 2015

Afternoon 15th April 2015, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held the preliminary conference to review its performance during the first three months of year 2015 and set out plan for the second quarter of 2015 at PVI Tower, 168 Tran Thai Tong, Cau Giay, Hanoi.

1st quarter 2015 Conference and promulgation of plan for the 2nd quarter of 2015

In the event, PVIRe was honored to welcome the board of leaders from PVI Holdings, PVI Insurance Corporation and other associated companies.

Leaders, guests and delegates at the Conference

Based on the first quarter report, both domestic and global markets are relatively stable; the total chartered capital of the international reinsurance market continues to exceed, which drives up competition in this field. With regards to loss situation, despite taking into account a number of airplane losses, there were not much of catastrophic losses, except for the blizzard in Japan costing the insurance industry USD 1.0 billion in total.

In renewal season from 01/01/2015 to 01/04/2015, worldwide reinsurance premium decreased slightly at 5%. On the other hand, the original premium in domestic insurance market went up by 16% more than that of the same period in 2014 because there were not many significant loss events during the first quarter of 2015.

At the end of first quarter 2015, thanks to the effort of all the staffs, PVIRe has achieved positive results: most business indicators exceeded those of the targeted plan; especially, in that profit reached VND 53.8 billion, which completed 168% of the plan. Total revenue rounded up nearly VND 492.7 billion achieving 114% of the original plan(an increase of 15% in comparison with year 2014). In particular, VND 407.8 billion belonged to reinsurance revenue, completed 116% comparing to plan (equivalent to 105% of the same period in 2014).

Mr. Nguyen Anh Tuan – Chairman of PVI Holdings delivered a speech at the meeting

At the meeting, some remaining issues as well as key performance indicators were clarified, discussed and analyzed closely for the first three months of 2015. Additionally, representatives from different divisions and departments also presented ideas and business solutions to address current problems and enhance efficiency in order to accomplish successfully target plan for the 2nd quarter and the year 2015 as a whole. Besides, Mr. Nguyen Thanh Danh – Regional Director of HDI-Gerling in Asia together with Chairman and CEO of PVI Holdings also delivered the speeches with comments on PVIRe’s business results in first quarter 2015 and recommended direction for the major tasks of the company in the next period.

PVIRe’s Leaders and Staffs

Heading towards the second quarter of year 2015, PVIRe is committed to grow on the current strong foundation, improve some remaining limitations and strive further to fulfil the designated targets for the next period, which ultimately serve to complete successfully the yearly plan for 2015.

Source: PVI Reinsurance