PVI Re held the preliminary conference for the first half of 2017 and implementation of 2017 third quarter plan

PVI Re
05:44' CH - Tuesday, 11/07/2017

On July 11, 2017, at PVI Tower, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held the Preliminary Conference for the first half of 2017 and implementation of 2017 third 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

The insurance market in the first half of 2017 continued to grow steadily. The total premium income is estimated to have increased by 20.7%, in which non-life premium income has increased by 9%, comparing to last year. However, the steady growth mainly results from the retail sector, whereas several lines with reinsurance business such as engineering, energy, marine cargo and aviation have little increase or even lower profits. For instance, Engineering Insurance in the first half of 2017 is believed to have made no progress. Indeed, most insurance companies did not meet their targets of premium income for Engineering insurance.

Mr. Truong Quoc Lam – CEO of PVI Insurance

In this period, there are some catastrophes that malevolently affected the market: the fire accidents at Vinh Tan 4 Thermal Power Plant (estimated loss of USD 25 millions), Kwong Lung Meko factory (estimated loss of USD 18 millions) and Truong Hai Car Factory (estimated loss of USD 16 millions).

The abundant reinsurance capital of international market, together with the growing potential of non-traditional reinsurance (Deposit, Sidecar, Cat Bond,..) have eventually led to high competition, which resulted in the lowering level of premium.

Mr. Duong Thanh Danh, Director of HDI Global at Asia-Australia region

During the end of June, even though facing harsh competition from the insurance/reinsurance market and numerous challenges from the oil and gas industry, PVIRe has succeeded in accomplishing its business targets and profits before tax, completing 110% the proposed plan. The revenue from reinsurance was approximately VND 674.6 billion, achieving 101% of the first half plan for the year 2017. 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. Especially, in Quarter 2 of 2017, PVIRe has successfully organized the event called “Dong hanh 2017’ for local reinsurance market, enhancing the company reputation in the market and with its business partners.

Mr. Bui Van Thuan – CEO of PVI Holdings

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 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 half of 2017. He also discussed the important missions of PVIRe in Quarter 3 of 2017.

In Quarter 3 of 2017, PVIRe is expected to achieve its business target and accomplish its goal for this year. Additionally, the company also needs to focus on analyzing the market and collaborating with member companies in PVI to acquire the best results.

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PVI Financial Statements 2016

PVI would like to present the audited financial statements of the year 2016 to our valued shareholders, clients and partners
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