BIDV Insurance Corporation

BIC targets 1.300 billion VND insurance revenue.

At The 2014 Review and the 2015 Business Plan Implementation Conference, Mr. Tran Hoai An - BIC's CEO, on behalf of the Board of Managers, presented BIC’s Income statement in 2014. According to the BIC’s CEO, in 2014, the economy has recovered but very slowly and enterprises still faced many difficulties and challenges; however, 2014 can be regarded as a very successful year for BIC with the highest growth rate in 9 years of operation in terms of both speed and absolute value. Remarkable results include: Total insurance revenue reached 1,112.5 billion VND which includes the 988.3 billion VND direct premium revenue, up 24.7% compared to that of 2013 and such percentage is higher than the average growth rate of the entire insurance market (10.5% ); Consolidated profit reached 137 billion VND including 110 billion VND of BIC’s profit, which made the company continue to earn interest in the insurance business; the rate of net claims was 37,8%, which allowed BIC to maintain the safety of the insurance business. BIC has consistently been recognized as an excellent subsidiary of BIDV system and continues to be one of the 500 fastest-growing companies in Vietnam and one of the 50 most effective listed companies in operations.

Mr. Tran Hoai An - BIC's CEO, presented BIC’s Income statement in 2014

In terms of targets in 2015, BIC’s CEO emphasized that the whole system shall make every effort to achieve the objective of stable growth at a minimum rate of 17% which is 5% higher than the market average, to make insurance business profitable and to have ROE in the top 5 ranking of non-life insurance companies. Specifically: Striving to achieve a insurance revenue of 1,300 billion VND, a consolidated profit of 147 billion VND, continuing to maintain net claim rate below 40%. Some central activities are: maintaining credit worthiness through credit rating confirmed by AM Best, completing the sale of shares to strategic investors, establishing a Representative Office in Myanmar,...

Contributing to the success of BIC in 2014, 7 outstanding individuals and collectives involved in all business activities were honored in The BIC Sao Kim Awards Ceremony 2014. This is a prestigious award, which is held annually by BIC with tightly and strictly controlled nomination and voting process. Winners of Sao Kim Awards are outstanding individuals / collectives who have made significant contributions to BIC during the last year which was full of hardships and difficulties.

Excellent individuals and collectives of BIC in 2014

Aiming for the 2015 challenges and objectives, in Panel Discussion on solutions to business executives, policy mechanisms in 2015, all of the units actively took part in coming up with solutions for professions, retail activities, finance and accounting, business solutions and salary, personnel mechanisms.

Panel Discussion on solutions to business executives, policy mechanisms in 2015

Besides the official conferences, nearly 200 key officials of BIC also participated Scenic tour and picnic program to Bai Dinh – Trang An (Ninh Binh) which is located in the complex newly recognized as the World's Cultural and Natural Heritage by UNESCO. The picnic has given moments of relaxation to, enhanced solidarity among all the key staffs of BIC and increased determination to complete the business tasks in 2015.

Nearly 200 key officials of BIC participated Scenic tour and picnic program to Bai Dinh – Trang An (Ninh Binh)