PVIRe held year-end summation conference for year 2014, imlementation of 2015 plan and employee meeting 2015

On 5th January 2015, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held 2014 year-end summation meeting and implementation of plan for year 2015 at PVI Tower, 168 Tran Thai Tong, Hanoi.

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

CEO of PVIRe delivered year-end summation report

In 2014, total revenue of domestic non-life insurance premium reached VND 25,250 billion (more than 10.5% increase in comparison with last year), while GDP of year 2014 grew up to about 5.8%. Although at the end of May 2014, the market suffered from some severe cases of vandalism in Binh Duong, Ha Tinh, Dong Nai provinces with total losses amounted to VND 2,500 billion, compensation ratio was about 41%, less than the ratio in year 2013 (44.3%). However, the insurance market in 2014 has also witnessed the competitive situation by lowering premium and extending coverage. It is forecasted that in 2015, non-life insurance market would have more positive changes with the growth of about 12%, large projects would be disbursed and foreign investments would increase.

Besides, due to the increased of global capacity, renewal rate as at 01/01/2015 tends to decrease slightly by 5%. Merger and acquisition (M&A) activities remarkably increased for the purpose of worldwide development of corporations, product development and expansion of distribution agencies.

Despite the difficulties of the market, PVIRe asserted its progress making another successful year with figures as follows: Total revenue reached VND 1,898 billion, completing 115% of the plan (an increase of 16% compared with year 2013). In which, income from reinsurance was VND 1,646 billion, completing 123% compared to the plan and 23% increase in comparison with the same period last year. Profit before tax was VND 118 billion, 84% completion of plan and 50% increase compared with year 2013.

At the meeting, leaders and staffs from different divisions/departments discussed on main achievements and the difficulties those they have faced during operation, concurrently gave some solutions to achieve greater efficiency in 2015. Chairman and CEO of PVI Holdings delivered the speeches with comments on the business results of year 2014 and recommended direction for the major tasks of the company in 2015.

Mr. Nguyen Anh Tuan – Chairman of PVI Holdings spoke at the meeting

On the other hand, leaders also recognized efforts and contributions of staff for firm’s business operation in 2014 by giving awards and certificates of merit for excellent collectives and individuals.

Leaders of PVI Holdings offered certificates of merit for staff earning the title
“Emulative soldier at the grassroots level” in 2014

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.

In the same day, PVIRe also held an Employee Meeting 2015 to summarize the activities of Trade Union, unions and work to ensure the rights of employees in 2014. In addition, opinion and comments of each staff to enhance and improve the lives of employees were recorded for Union’s plan 2015 as well. On behalf of workers, Union Chairman and CEO signed collective labour agreement for year 2015.

PVIRe’s Leaders and Staffs.

In 2015, 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 2015 to contribute to the overall achievement of PVI Holdings.

Source: PVI Reinsurance