PVIRe’s Preliminary conference for the first quarter of 2014

On 22^nd April 2014, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held the Preliminary performance meeting for the 1st quarter and implementation of plan for the 2nd quarter of 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.

Mr. Vu Van Thang – CEO of PVI Re delivering preliminary report of the 1^st quarter
and implementation for the 2^nd quarter of 2014

In the 1^st quarter of 2014, both domestic and global insurance markets got into difficulties. International reinsurance premium reduced (20%) while loss had intention of increasing, especially in Aviation and Energy. Vietnam market showed the sign of recovery but not remarkable. In the 1^st quarter, domestic market witnessed a lot of large losses.

In such context, PVIRe continued to assert its progress with impressive figures as follows: the 1^st quarter total income of the company reached 479 billion dong, completed 135% of the 1^st quarter plan. In which, income from reinsurance was 387.9 billion dong, 138% compared to the plan. Profit before tax reached 26 billion dong, completed 109% of the profit plan. Combined ratio was 93.05%.

Not only exceeding the revenues target but PVI Re also maintained A.M.Best rating B+ with positive outlook. In addition, after 03 months operating under the block-model management, PVIRe has almost perfected the system of governance to match the performance of the new model and ensure maximum effectiveness and efficiency.

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

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.

In the 2^nd quarter of 2014, PVI Re continues to achieve the targets, especially the system of management, risk management, underwriting and operating tools, making sure that PVI Re is the leading professional reinsurer and operating effectively, fulfilling the targets set by PVI Holdings in 2014.

Sourced by: PVI Reinsurance Vietnam