On July 21, 2022, in Ho Chi Minh City, PVI Insurance held a conference to review the result of the first 6 months and implement the plan for the second half of 2022 with positive results.
Fundamentally changing the business strategy from the traditional "focus on scale" to "focus on efficiency and only widen the scale if it is effective", PVI Insurance continuously reaps "sweet results" for the past three years. In particular, 2021, in spite of the complicated developments of the Covid -19 pandemic, PVI Insurance still exceeded the revenue of VND 10,000 billion, leading the non-life insurance market in terms of market share and maintaining the No. 1 in business efficiency.
Continuing the growth momentum, in 2022, in the context of the "new normal", the Board of Directors and the entire PVI Insurance system are determined to be firm and steadfast with the strategy that has been effective over the past time. In the first 6 months of 2022, PVI Insurance has completed 63.6% of the year plan, reached a total revenue of nearly VND 6,759 billion, equivalent to 118.5% of the 6-month plan, increased 24.2% compared to the same period last year, in which original insurance fee grew by 19.7%. Pre-tax profit reached VND 326.6 billion, completing 133% of the 6-month plan and 52.9% of the year plan.
Many agreements signed – retail system built consistently
In the first months of 2022, PVI Insurance has boosted its business activities throughout the system and has successfully arranged and renewed many large insurance policies. Specifically, the signing of the aviation insurance contract for the year 2022 - 2023 between Vietnam Helicopters Corporation (VNH) and the Consortium of PVI Insurance - Bao Viet Insurance - Military Insurance (MIC). For 13 consecutive years of this contract, PVI Insurance has been the leading original insurer in the partnership for many years.
Many long-term co-operations have also been successfully negotiated and signed by PVI Insurance. Notably the co-operation with the Central Committee of the Vietnam Farmer’s Union is to support and improve the welfare of members and farmers, to ensure social security life, improve the position and prestige of the Union and the brand, products and services of PVI Insurance as well. Following that, the Vietnam Farmers' Union and PVI Insurance coordinated to organize a National Conference to thoroughly grasp the cooperation agreement and quickly concretized it to the Farmers' Union of provinces and cities across the country.
At the meetings to implement the agreement, representatives of the Farmers' Union emphasized: This is a practically significant cooperation agreement for farmers since the agricultural sector has many risks. For example, thanks to personal accident insurance, farmers will experience the useful benefits in the event of an unfortunate accident or misfortune. Or health insurance for borrowers helps farmers reduce the burden of repaying loans to banks when they are unfortunate enough to be at risk.
Since the cooperation with Vietnam Farmer’s Union was implemented up to now, PVI Insurance has completed cooperation agreements with 56/63 provinces and cities’ Farmers' Union. The total number of Farmers Union members registered to participate in the training and certification exams of agents is up to nearly 10,000 people.
PVI Insurance was also selected to accompany Vietnam Social Security (VSS) to collect social insurance, health insurance fee, to develop voluntary social insurance and household health insurance participants through the system of PVI Insurance. The agreement has been implementing the pilot program in 25 provinces and cities and in the near future this program will be deployed nationwide. Besides these main tasks, PVI Insurance is also involved in communicating the benefits of voluntary insurance to people across the country.
In the insurance market, PVI Insurance is the first insurance company to cooperate with the Vietnam Farmers' Union and Vietnam Social Security to expand sales channels to individual customers. This is a breakthrough step of PVI Insurance and creates a consistent retail system for the enterprise as well as brings practical values to customers.
In addition, PVI Insurance continues to focus on promoting investment in digital technology to bring new experiences to customers, and at the same time improve the efficiency of business operations, management, and claim settlement for customers.
Confidently achieve the plan for 2022
In 2022, it is forecast that the insurance market will continue to face many difficulties and challenges when the risk factors of epidemics, economic growth, etc. are still very large. However, with the results achieved in the first 6 months and especially to be the No. 1 position in terms of market share, PVI Insurance is having specific plans to achieve the business goals in 2022.
Accordingly, in the last months of the year, PVI Insurance continued to set targets for sustainable growth while maintaining efficiency; revenue increased by double digits and maintained high return on equity; and continued to maintain its leading position in terms of market share. Along with that, raising financial ratings to ensure sustainable and effective development not only in the domestic market but also in regional and international markets.
The impressive business results gained in the first 6 months of 2022 will be the momentum for PVI Insurance to exceed the set targets of the business plan. At the same time, PVI insurance continues to retain the customers, improve service quality, to promote the development of e-commerce and brokerage channels, and to maintain the retail system with both scaling growth and good efficiency.
Photos of the Conference:
| According to the announcement of the Vietnam Report, PVI Insurance was voted as the leading insurance company in the Top 10 prestigious Non-life Insurance Companies. This is the 7th consecutive year, PVI Insurance has reached the Top 10 prestigious non-life insurance companies. |