On the afternoon of May 25th , 2023, at PVI Tower, the second meeting of PVI’s Board of Directors of 2023 took place with the participation of members of Board of Directors, Board of Management, Board of Supervisors and Representatives of Subsidiaries and affiliated Centers and relevant functional divisions.

At the meeting, Board of Directors highly appreciated results and achievements that the whole PVI system achieved in the first quarter of 2023, specifically: By the end of Q1/2023, the total consolidated revenue of the whole PVI system reached 4,325 billion VND, achieved 113% of Q1 plan. In which, total revenue from insurance activities reached 3,954 billion VND, the revenue from financial activities and other activities reached 371 billion VND. Consolidated pre-tax profit reached 318 billion VND, completing 149% of Q1 plan.

Insurance business is PVI's core activity, still ensuring a high growth rate, primary insurance revenue reached 3,231 billion VND, completing 110% of Q1 plan, profit from insurance business reached 102 billion VND, completing 115% of the plan for the first quarter of 2023 because PVI always focuses on improving services, improving management and product distribution although the insurance market in 2023 continues to record a high level of growth in compensation costs and price competition domestically as well as internationally.

Reinsurance activity also experienced strong growth from the beginning of 2023 with reinsurance revenue reaching 708 billion VND, completing 118% of first quarter of 2023 plan and growing 14% over the same period last year.

The financial market in early 2023 recorded many fluctuations in interest rates, products and investor sentiment. However, with the advantage of cash flow in the first months of 2023, PVI has taken advantage of a relatively large amount of investment capital with a favorable interest rate, ensuring high profitability in investment activities for both in 2023. Consolidated investment activities brought in a gross profit of 209 billion VND, an increase of 31% compared to the same period last year, the result was achieved through a reasonable investment portfolio arrangement, quick decision making in a timely manner before market fluctuations.

As a result, financial investment revenue of the whole system reached 303 billion VND, completing 149% of the plan and growing by nearly 60% over the same period due to the benefit of deposit interest rate level remaining at high level.

For the parent company, in the first three months of the year, the parent company exceeded the plan for both revenue and pre-tax profit by 101% and 123%, respectively. Total revenue reached 215 billion VND; Profit before tax reached 143 billion VND.

Regarding governance, PVI will implement and improve management, compliance monitoring, transparent governance, and strengthen systemic risk management. At the same time, PVI also improves professionalism in insurance/reinsurance business, invests in fund management on the principles of effective business, capital preservation and sustainable growth, continues to maintain the leading position in the Vietnam non-life insurance market.

At the meeting, Board of Directors also exchanged strategic orientations on the 5-year business plan for the period of 2023-2027. Committees under the Board of Directors also report to update their work such as investment status of the whole system, review of personnel at member units, etc. to strengthen the role and performance of the Committees in corporate governance of PVI.