PVIRe held the preliminary Conference for the first quarter and implementation of 2018 second quarter plan

On April 16, 2017, at PVI Tower, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held the Preliminary Conference for the first quarter of 2018 and implementation of 2018 second quarter plan.

Together with PVIRe, the chief directors of PVI Holdings, PVI Insurance Corporation, PVI Asset Management JSC and Vietnam Asset Development JSC also attended the meeting. The conference was hosted by Mr. Ton Thien Viet – Chairman and Mr. Trinh Anh Tuan – Chief Executive Officer of PVIRe.

Mr. Ton Thien Viet (on the right) and Mr. Trinh Anh Tuan (on the left) are running the conference

After lots of catastrophic losses incurred in 2017, international leading reinsurers have demanded to improve premium rate, tighten terms and conditions, and reduce reinsurance commissions to promote the market. However, in some Asian markets, insurance companies continue to renew their protection contracts with unchanged terms and conditions and capacity.

The local insurance market in the first 3 months of 2018 continued to grow steadily. The total premium income is estimated to increase by 19%, in which non-life premium income has increased by 9%, comparing to last year. In this period, there are some fire losses inccurred that malevolently affected the market: the fire accidents at Duyen Hai 3 Thermal Power Plant (estimated loss of USD 50 millions), Vina Korea factory (estimated loss of USD 6.7 millions), FTN Vietnam factory (estimated loss of USD 2.1 millions) and Carina Apartment Building,…

At the end of the first quarter, PVIRe has succeeded in accomplishing its business targets and profits before tax, completing 101% the proposed plan. The revenue from reinsurance was approximately VND 288 billion, achieving 101.4% of the plan. This is also marked as the first time PVIRe on behalf of local insurers works directly with international P&I Clubs with estimated P&I written premium increasing by 63% in comparison with last year.

Aside from the achievements in business and market development, PVIRe has continued to further improve its human resource management, training, renovate internal systems and thoroughly renew the information technology system. In this quarter, PVIRe has also completed the task of consolidating the management structure according to 2017-2022 human resources strategy.

On the other hand, at the conference, all the weaknesses were candidly brought up in order to address and find suitable solutions. Mr. Duong Thanh Danh, Regional Manager of Global Division of HDI Global also delivered a speech at the conference. At the same time, CEO of PVI Holdings acknowledged the efforts and contribution of PVIRe staff to achieve the outstanding results in the first quarter of 2018. He also discussed the important missions of PVIRe in Quarter 2 of 2018.

In Quarter 2 of 2018, PVIRe needs to focus on analyzing the market and collaborating with member companies in PVI to achieve its business target and accomplish its goal for this year.

Please find more pictures during the conference below:

Mr. Duong Thanh Danh – Regional Manager of Global Division of HDI Global

Mr. Truong Quoc Lam – Chief Executive Officer of PVI Insurance Corporation

Mrs. Le Thi Thuy – Deputy Chief Executive Officer

Mr. Nguyen Hong Long – Deputy Chief Executive Officer