On the afternoon of March 7, 2023, at PVI Tower, the first meeting of the Board of Directors of 2023 took place with the participation of members of the Board of Directors of PVI, Board of Management, Board of Supervisors, Representatives of Member Units and affiliated Centers with relevant functional departments and some guests from HDI Global SE and IFC.
At the first meeting of Board of Directors (BOD) in 2023, BOD highly appreciated the results and achievements achieved by the whole PVI system in 2022, specifically: Total consolidated revenue in 2022 of the whole PVI system reached 14,364 billion VND, reaching 123% of target. In which, total revenue from insurance activities reached 12,832 billion VND, revenue from financial activities and other activities reached 1,532 billion VND. Consolidated pre-tax profit reached 1,105 billion VND, completing 121% of the target.
In the field of non-life insurance: PVI Insurance continues to maintain its position as the leading insurer in terms of revenue, operational efficiency and maintains the Number one position in the industrial insurance market. On 23rd February, 2023 – AM Best adjusted its Financial Strength Rating from B++ (Good) to Grade A – (Excellent) and the issuer's long-term credit rating from bbb+ (Good) to "a-" (Excellent) for PVI Insurance. The rating upgrade reflects that PVI Insurance has solid stability and high profitability.
Reinsurance activities had an impressive year of growth with reinsurance premium revenue reaching 2.4 trillion VND, up 50% compared to the same period last year and growing at 14% CAGR since 2017, contributing 17% to the total revenue of the system in 2022. The reinsurance activities of PVI are developed in the right direction, effectively arrange reinsurance programs for the domestic market and expand to the market. area. The rate of reinsurance from domestic sources has grown positively and is increasingly contributing to the scale and efficiency of reinsurance activities in general.
Regarding the investment activities of the system, PVI has shifted the investment portfolio to fixed-income assets, and at the same time reduced the proportion of investment in stocks in 2022. Specifically, profit from financial activities contributed more than 63% to total profit before tax, maintaining a positive growth rate for the past 5 years. This shows the stable financial performance of the system, especially in a year when the macro economy and stock market witnessed many unfavorable developments for investment activities. In the future, PVI will maintain a flexible asset allocation strategy to realize "dual goals" to bring high investment efficiency and better control risks.
Regarding governance, PVI is going to implement and improve management, compliance monitoring, transparent governance, and strengthen systemic risk management. At the same time, improve professionalism in insurance/reinsurance business, invest in fund management on the principles of effective business, capital preservation and sustainable growth, continue to maintain the leading position in the market. Vietnam’s non-life insurance market in terms of professional efficiency.
At the meeting, members of Board of Directors discussed important issues related to production and business activities, strengthening risk management measures, promoting financial investment activities, reviewing personnel issues, distribution of supplementary salary fund as well as approval of the sustainable development action program.
In addition, the meeting also approved contents to be submitted to the upcoming 2023 General Meeting of Shareholders such as the report on business results, the report on activities of the Board of Directors/BOD and report on the profit distribution plan in 2022, the 2023 profit distribution plan, the report on selection of the auditor for the financial statements of 2023 and some other contents.
