BIC receives Vietnam Top Trade Services Awards 2013
Mr Vu Minh Hai – Deputy General Director of BIC received Vietnam Top Trade Services Awards in 2013
BIC has been recognized as a young and dynamic player in Vietnam insurance sector with just only 8 operating years. Competitive advantage from the youth contributes a significant contribution to the company success which has stably growing revenue and bigger market share year after year. In the end of 2013, BIC’s market share on gross premium is over 3%, marked at 7thin the non-life insurance market. Although insurance sector has the lowest growth in the 3 recent years, BIC’s growth within 2013 stands at 18.2%, which is 2.5% higher than market average. It’s also the year that BIC’s business performance is better than plan and the company has announced the dividend of 10% for shareholders in 3 continuous years after equitization.
BIC is now acknowledged as leading player in providing distribution channel via bank, known as bancassurance, which revenue growth is 50-60% per year. The company is also seen as the pioneer in providing online distribution channel at www.baohiemtructuyen.com.vn. Especially, BIC is the first enterprise which has the business operation covers the Indochina area, having major capital in both Lao Viet Insurance JV and Cambodia Vietnam Insurance Company.
In the time being, BIC is setting up the Holding model operating in the mechanism of investing capital to subsidiaries, associates (operating in non-life insurance, life insurance, broker, financial investment and asset business and management, etc.). The company also prepares for the charter capital increasing roadmap to over 1000 billion dong in the period 2014-2015.
In the year 2014, BIC’s performance plan is to achieve at least 1000 billion dong, with the profit before tax is 130 billion dong, and finalizes the oversea strategic partner selection project so as to sharpen the company competitiveness.
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