PVI Insurance: firmly moving forward

10:17' SA - Thursday, 20/01/2022

On January 14, 2022, PVI Insurance held a Year-end Conference to review 2021 operations and to implement the 2022 plan. The highlight of the conference is PVI Insurance surpassing the milestone of VND 10,000 billion of revenue for the year 2021.

Due to the prolonged pandemic in the past two years, especially in 2021, many provinces and cities across the country had to implement social distancing for a long time, which has severely affected business activities of many industries, sectors; many businesses had to suspend operations or close down.

PVI Insurance also faced challenges and difficulties caused by the impact of the pandemic and the complicated socio-economic context, etc. However, PVI Insurance's management is still persistent to pursue the strategy of growth associated with efficiency, and at the same time deploys flexible solutions to promptly adapt to the pandemic, applies and makes the most of information technology in business and management activities.

At the end of 2021, PVI Insurance exceeded the assigned targets, and for the first time, it exceeded the total revenue of VND 10,000 billion. Specifically, total revenue reached VND 10,200 billion, equivalent to 106.4 % of the plan; Pre-tax profit reached VND 790 billion, equivalent to 122.4% of the plan. PVI Insurance continues to be the leader in the non-life insurance market in terms of charter capital, total assets, total revenue, profit from insurance business, profit before tax and profit/equity ratio.

In 2021, PVI Insurance has signed cooperation agreements with many domestic and foreign partners: a cooperation agreement with Zurich on the Global Employee Benefits Solution (ZGEBS) network, cooperation agreements with FLC Biscom, Viettel Store, Hyundai Thanh Cong Vietnam, TC Advisors, VETC Electronic Toll Collection Co., Ltd.

PVI Insurance is also one of the pioneers in providing and cooperating with e-commerce partners to provide online insurance products, to implement the issuance of electronic compulsory civil liability insurance certificates, and has achieved high efficiency. PVI Insurance has leveraged its early and methodical investment in digital technology to optimize its business, assessment and compensation activities and achieved high efficiency despite the complicated situation of the pandemic.

Amid difficult business conditions, PVI Insurance has still managed to improve the salary, bonus and welfare for its employees, always ensuring stable and improved income and benefits for employees. This is a practical way to motivate employees and strengthen the relationship between the company and the employees, to encourage them to make more contribution to the company.

Policies were quickly issued and implemented to support entities and individuals in the system that have been impacted by the pandemic and social distancing. This help the whole system feel secured and stabilize its operations in the context of the pandemic.

Not only focusing on improving the efficiency of business operations, PVI Insurance has also actively implemented corporate social activities, accompanied the Government in the fight against the pandemic. In 2021, PVI Insurance has donated and supported billions of VND to the Vaccine Fund, Health Trade Union and frontline hospitals and health workers, to collaborate with the Health Trade Union to sign an cooperation agreement to implement the “Safety insurance for health workers in the Covid-19 pandemic prevention and control period” program.

Thanks to these achievements, PVI Insurance is honored to be the sole insurance company named in the Top 50 most profitable enterprises in Vietnam, as announced by Vietnam Report. PVI Insurance has also maintained the position of No. 1 Industrial Insurer in the market with revenue from corporate insurance growing by 16.3% over the same period in 2020. PVI Insurance is also honored to receive 2 awards from the UK’s International Finance Magazine (IFM). In Vietnam, PVI Insurance is the only non-life insurer to receive IFM awards.

The year 2022 begins in the “new normal” context, although the pandemic development is still very complicated, the management and the entire PVI Insurance system still maintain their determination to the strategy that has been proved efficient during the past 3 years.

Accordingly, PVI Insurance aims to achieve sustainable growth with enhanced efficiency, double-digit revenue growth and maintaining the profit/equity ratio at a high level as in the recent years; to maintain its leading position in the field of commercial and industrial insurance in the domestic market, taking steady steps on the path to reaching out to the Southeast Asian market; to upgrade financial capacity from B++ (Good) to A- as soon as possible to ensure sustainable and effective development not only in the domestic market but also in regional and international markets.

PVI Insurance will continue to help officers and employees reaching their full potential through training courses, including training courses with HDI, a strategic shareholder, so that they can further contribute to the strong and stable growth of the company.

In 2022, PVI Insurance will also promote investment in digital technology to bring new experiences to its clients as well as continue to improve the efficiency of business operations, management, and claim settlement for clients.

Thanks to the cooperation commitments of major shareholders, the sound business strategies, the transparent management methods in accordance with international standards, the flexible and agile management policies, the reward mechanism that enhances and honors the value of contributions of each team and individual, the experience in responding to the pandemic in the year 2020 - 2021, PVI Insurance is confident to complete the goal set for 2022 and to become a high-ranking international insurance enterprise in Southeast Asia.

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