CVI held the 7th Board of Management Meeting
The main contents approved at the meeting are: business results in 2011 and the first 2 months of 2012; 2011 audited financial statements; capital transfer and reshuffle of CVI’s Board of Management, Board of Supervisors, Board of Directors; 2012 business plan; organizational transitions and human resources plan in the period from 2012-2014.
According to the report of CVI’s Board of Directors, in 2011, CVI fulfilled 2011 business plan despite of the fierce competition in Cambodia insurance market:
- Premium revenue reached 2,197,625 USD, increasing by 53,90% compared with the plan entrusted at the start of 2011 (1.428.000 USD) and growing by 33,19% compared with the adjusted plan approved at the 6th Board of Management Meeting (1.650.000 USD).
- Pre-tax profit achieved 172,689 USD, exceeding 191% year plan.
- On December 30th 2011, CVI total assets reached 7,990,655 USD, owner capital achieved 7,004,250 USD, underwriting reserves reached 225,557 USD.
Compared with the same period of 2010, average growth rates of all insurance services were at least 120%. CVI is now the leader in aviation and cargo insurance in Cambodia.
On judging opportunities and threats of the market in 2012 as well as the strengths and weaknesses of CVI, Board of Management adopted the 2012 business plan with the following main criteria: revenue from insurance business to grow by 30 percent, revenue from financial investment to increase by 5%, pre-tax profit to rise by 63%. CVI will also strive to maintain the position in top 5 companies with the biggest market share in Cambodia insurance market.
At the meeting, Board of Management also approved the organizational transition plan of CVI. In which, CVI will separate the functions of each unit, each department to improve the risk management, optimize operation efficiency, exploit the strengths and available advantages of staff as well as the system.
Cambodian insurance market has 6 non life insurance companies, 1 life insurance company and 1 national reinsurance company. Few insurance companies were established in 2011 but the level of competition in the market was quite fierce. The total market gained good result in 2011, total premium revenue was 29.7 million USD, increased by 19% on year (this increase was lower than that of 2010, which was 24%). 4 leading insurance services in term of premium revenue include: Health Insurance increased by 31%, Property Insurance increased by 27.2%, Personal Insurance increased by 22.6%, Motor Vehicle Insurance increased by 17.6%.