First half of 2015: BIC completed 56% of the annual plan
Hanoi, 22 July 2015 – BIDV Insurance Corporation (BIC) released its reviewed interim financial statements.
Notable business results are as follows:
Insurance revenue of the parent Company in the first six months of 2015 reached 727.9 billion VND, up 40.6% year-on-year, completing 56% of the annual plan. In particular, direct written premiums reached 628.1 billion VND, showing an increase of 31.7%, completing 54.2% of the annual plan. Consolidated profit before tax reached 74.3 billion VND, up 10.6% year-on-year, completing 51.6% of the annual plan. Notably, through effective control of operating expenses, BIC remained profitable from insurance business in the first half of 2015. Net claims payment ratio of BIC only was 43.8%, lower than the loss ratio of the non-life insurance market.
The two BIC’s joint ventures in Laos and Cambodia also got good business results, especially Lao - Viet Insurance Joint Venture Company (LVI). In the first half of 2015, LVI’s insurance revenue reached 5.4 million USD, and profit before tax reached 794,000 USD, up 41% year-on-year. In terms of market share, LVI remained in the top 2 insurance companies in Laos market.
In addition to stably growing business, in the first six months of 2015, BIC was successful in important plans such as: entering a strategic partner agreement with Fairfax, a global insurer and reinsurer; officially opening a Representative Office in Myanmar; and completing re-rating project with A.M.Best, the world’s leading financial credit rating agency. BIC was also honored to receive noble awards, including Top 50 best performing enterprises in Vietnam in 2015 elected by Nhip cau Dau tu Magazine, Top 500 fastest growing companies in Vietnam in 2015, Top 50 Vietnam Best Growth Companies in 2009-2014 announced by Vietnam Report, etc.
Looking forward to the tenth anniversary, BIC sets the objective of completing 100% of business targets right in November 2015. Besides, BIC also focuses on preparing facilities and human resources to obtain Ministry of Finance’s approval of opening a new wholly-owned subsidiary in Ho Chi Minh City; completes transactions with the strategic shareholder Fairfax on the basis of Vietnamese regulatory authorities’ approval, and quickly receives technical transfer from the strategic investor.