On the afternoon of October 18, 2023, PVI Insurance Corporation held a conference to summarize the results of the third quarter and plan to implement tasks for the fourth quarter of 2023. Mr. Pham Anh Duc, CEO of PVI Insurance, chaired the conference while Mr. Duong Thanh Francois, Chairman of PVI Insurance, participates in the conference online.
At the Conference, Mr. Pham Anh Duc reported a summary of business performance in the first 9 months of the year and a plan to implement tasks in the last 3 months of 2023. Accordingly, at the end of the first 9 months of 2023, PVI Insurance had excellently completed its targets, continuing to maintain the No. 1 position in Vietnam's non-life insurance market, with total revenue reaching 10,721 billion VND, completing 118% of the plan for the first 9 months of the year, growing 12.2% compared to with the same period; pre-tax profit reached 536.5 billion VND, completing 128.6% of the 9-month plan; growth of 22.4% compared to the same period in 2022.
This outcome is gradually affirming the correct choice of transformation and strong international integration of PVI Insurance. In the first 9 months of the year, PVI Insurance actively signed cooperation agreements with many major partners such as: Signing a comprehensive cooperation agreement on participating in insurance for power plants of Vietnam oil and gas Group (PVN) with PetroVietnam Power Generation Branch (PVPGB) of PVN; Signing a comprehensive cooperation agreement (MOU) with NongHyup Property & Casualty Insurance Company Limited (NH P&C Insurance) of Korea; Signing the contract for Package No. 26 (BH03-QT1) - Construction insurance and civil liability insurance for third parties during the construction of the Main Factory - Quang Trach I Thermal Power Plant Project with Vietnam Electricity Corporation (EVN); continuing to sign a comprehensive cooperation agreement with Bamboo Aiways, etc.
In particular, on the afternoon of October 2, 2023, PVI Insurance was honored to welcome the delegation from the state of Lower Saxony (Germany) at PVI Tower, Hanoi. The meeting was attended by the state's Premier, Mr. Stephan Weil and other members of the delegation. This special visit marks an important milestone, opening opportunities for sustainable and long-term cooperation between PVI Insurance and the business communities of Vietnam and Germany.
With 9 months of unremitting efforts, in addition to a strong position in the market, the results PVI Insurance has achieved are prestigious awards from domestic and international organizations. Notably, PVI Insurance became the first and only enterprise in Vietnam to have its financial credit rating upgraded to A- (Excellent) by AM Best, marking a brilliant milestone on the Vietnam ‘s insurance market map.
In addition, PVI Insurance is the sole non-life insurance enterprise to be honored in the TOP 50 Most Profitable Enterprises in Vietnam for 3 consecutive years; voted to be in the list of Top Insurance Company in the Top 10 Reputable Non-Life Insurance Companies 2023 for 8 consecutive years by Vietnam Assessment Report Joint Stock Company (Vietnam Report); The Most Innovative Non-Life Insurance Enterprise 2023 voted by International Finance Magazine (IFM); was honored in the list of "Insurance Asia Awards" awards of Insurance Asia News - Asian Insurance Magazine in the category of Best Digital Insurance Enterprise in 2023.
PVI Insurance's goal for the last 3 months of the year is to reach business targets early, maintain the No. 1 position in the non-life insurance market; continue to promote the development of e-commerce and brokerage channels; take advantage of the A- rating to expand relationships with partners to improve the scale and efficiency of insurance operations; ensure that the retail sector grows both in scale and effectively; strictly control factors affecting ratings; use capital effectively; maintain and promote a democratic, proactive and creative working environment.