PVIRe held Year-end Review Meeting 2013 and implementation of Plan 2014

On 17th January 2014, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held Year-end Review Meeting 2013 and implementation of Plan 2014 at the new office 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.

Leaders of PVI Holdings and associated companies at the Meeting

In 2013, global insurance markets had excess capital capacity which leads to competition in international markets continued to rise, the average loss ratio of non-life insurance was 61.3% which was higher than in 2012 (57%). Asia Pacific region had the highest growth rate of premium of 12.4% in comparison to 2012, but this was also the region with the highest combined ratio (102.5%) due to the fact that this region often witnessed various natural disasters. Domestic insurance market had slow growth in 2013 (5%) consecutive natural disasters imposed a negative effect on profitability and operational efficiency.

In such context, PVIRe continued to assert its progress with impressive figures. Revenues in 2013 reached over 1.630 billion dong 130% growth over the same period of 2012.

Not only exceeding the revenues target, in 2013, PVIRe has also completed the process of capital increase from 460 billion dong to 668 billion dong and transformed operating model into Joint Stock Corporation. PVIRe has successfully maintained Rating B + by AM Best with positive outlook and being approved in the Security List of Talanx, Hannover Re, and Aon Benfield. Accordingly, PVIRe will be given priority to participate in reinsurance programs from leading insurers, reinsurers, with territory expanded to all continents.

Recognition of outstanding departments and personnel

Besides the obtained business results, life of the employees and staffs have been improved, with dynamic, modern working environment. Charity and other social activities are enthusiastically engaged in by PVIRe staff.

Signing the labour agreement between the Company and Trade Union

In 2014, with the new operating model, PVIRe continues to provide reinsurance capacity with high quality services to best meet the requirements of the reinsured, striving to reach revenue of 118% in comparison to 2013 and profit growth of 150%.

With the above results, PVIRe continues to strengthen its brand and position of a professional reinsurer in the market in Vietnam and the region.