PVIRe – Preliminary performance meeting for 1st quarter and implement plans of 2nd Quarter of 2013

On 11th April 2013, PVIRe successfully held the Preliminary performance meeting for 1st quarter and implement plans of 2nd quarter of 2013. The meeting is hosted by Mr. Vu Van Thang – the chairman of PVIRe, Mr. Le Hoai Nam – CEO of PVIRe

PVI Reinsurance Vietnam

The meeting is held with the participation of Mr. Bui Van Thuan, CEO of PVI Holdings and other representative leaders from PVI Insurance, leaders from PVIRe, associated companies and managers of functional divisions of PVI Holdings.

PVI Reinsurance VietnamMr. Vu Van Thang – Chairman of PVIRe delivering a speech at the meeting

Reportedly, the total income of the company reached 322.4 billion dong, completed 181.7% plans. In which: income from PVI Insurance at 220.2 billion dong, contributed 210.9% of the plans; income from other domestic companies reached 35.2 billion dong, completed 140.8%; and achieved 67 billion dong, equal to 139.6% plans from overseas market.
PVIRe’s retention in 1st quarter of 2013 was 36.74 billion dong, 201.2% compared to the plan, retention rate is 21%. Profit before tax of PVI Re reached 19.2 billion dong, completed 104.9% of the profit plan. The total claims which reported in 1st quarter were 57.4 billion dong, with the net claims of PVI Re was 11.8 billion dong. As of 31/03/2013, claim reserve is 60.9 billion dong, including the addition claim reserves for 1st quarter at 13.1 billion dong.
In 1st quarter 2013, the company not only completed its business plans, but also achieved other successes, such as maintained A.M.Best rating B+, especially improved its credit rating outlook from “stable” to “positive”. Initially completed the prior step of increase capital project and reported to PVI Holdings, the Ministry of Finance. Research and development the new management software system in order to provide sustainable and long-term satisfy the management requirements of PVI Re.
At the meeting, all divisional and departmental heads also reported their operation results for 1st quarter of 2013, and advantages and difficulties they were faced within the quarter, therefore proposed solutions and approaches in order to achieve the target goals for 2nd quarter of 2013.

PVI Reinsurance VietnamMr. Bui Van Thuan – CEO of PVI Holdings delivering a speech at the meeting.

After reviewing the operation performance of first quarter of 2013, the meeting also proposed marketing, personnel, administration and technology plans with the aim to complete the targets for the second quarter of 2013 as well as 2013.