On 16/07/2024, at PVI Tower, PVI Holdings (PVI) successfully organized a preliminary conference to summarize business activities in the first 6 months of 2024 and implement the last 6-month business plan of 2024.

The conference was held at two locations, Hanoi and Ho Chi Minh City, Mr. Nguyen Xuan Hoa – Standing Vice Chairman of the Board of Directors/CEO of PVI chaired the conference at Hanoi (PVI Tower - headquarters) and Mr. Duong Thanh Danh Francois -  Vice Chairman of the Board of Directors chaired the conference at Ho Chi Minh city.

Attending the conference, there were Mr. Doan Linh – BOD Member of PVI, Head of the Supervisory Board, Board of Management, Directors of Divisions/Centers under the Parent Company and Executive Board of member companies in PVI system including PVI Insurance Corporation, Hanoi Reinsurance Joint Stock Corporation, PVI Asset Management Joint Stock Company.

At the end of the first 6 months of 2024, the entire PVI system exceeded the plan for the targets of Total Revenue and Consolidated Profit before Tax with rates of 138% and 134%, respectively. All indicators grew highly over the same period. The main growth driver comes from insurance sales activities of the entire system (especially from PVI Insurance Corporation)

6months consolidated revenue is estimated at 11,988 billion VND, growing 51% over the same period last year, completing 68.9% of the year's plan.

Consolidated pre-tax profit is estimated at 785 billion VND, an increase of 13.3% over the same period last year, mainly due to insurance profit growth of 77% over the same period.

ROE (annualized) is estimated at 15.77%, higher than plan and higher than the same period last year.

In the first 6 months of the year, the parent company exceeded the plan for both revenue and pre-tax profit targets at rates of 118% and 146%, respectively.

Total revenue is estimated at 501 billion VND, growing 14.57% over the same period; Pre-tax profit is estimated at 365 billion VND, growing 25.4% over the same period.

During the reporting period, the Parent Company approved the policy of increasing capital for PVI Insurance from VND 3,300 billion to VND 3,900 billion to ensure solvency margin to maintain AMBest's A- credit rating, as well as approving the principle of increasing PVIAM's charter capital by issuing shares to strategic shareholders. It is expected that after successfully increasing capital, PVI's ownership ratio in PVIAM will be 61.96%. Increasing the operating capital for subsidiaries aims to create conditions for subsidiaries to increase their financial capacity, promote their strengths, increase competitiveness and thereby bring more sustainable profits to the parent company.

Insurance activities are still a core activity. During the reporting period, the financial credit rating organization AM Best reaffirmed the Financial Capacity Rating at A- (Excellent) and the Issuer Credit Rating at level "a-" (Excellent) for PVI Insurance Corporation (PVI Insurance) and also PVI Insurance has been approved by the Ministry of Finance in principle to increase charter capital from VND 3,500 billion to VND 3,900 billion, continues to be the non-life insurance enterprise with the largest charter capital in the Vietnamese market in the first 6 months of 2024.

Reinsurance activities also have strong growth from the beginning of 2024 with the strategy of expanding international markets on the principle of ensuring safety and efficiency with 6M reinsurance revenue estimated at VND 4,440 billion, completely reaching 303.2% of the 6M2024 plan and growing 281.8% over the same period last year.

During the evaluation period, Hanoi Reinsurance Joint Stock Corporation (Hanoi Re) was adjusted by the international credit rating organization A.M Best to upgrade the issuer's long-term credit capacity rating to bbb from Stable to Positive. AMBest also affirmed Hanoi Re's financial capacity rating of B++ (Good) with the positive outlook.

Investment activities in the first 6 months of the year continued to be the core profitable activity, contributing over 50% of PVI's profit structure. 6-month financial investment revenue reached 636 billion VND, 120% completed compared to the 6M plan with the total investment portfolio of the entire system reaching 15,359 billion VND, an increase of 7.3% over the same period in 2023.

CSR activities:

Continuing to implement the 2024 sustainable development program of the entire PVI system, beside the charity activities and blood donation programs, on 05/07/2024, PVI coordinated with the People's Committee of Tu Le commune, Yen Bai province to organize the donation of TVs to ethnic minorities in Khau Than village, Tu Le commune, Van Chan district, Yen Bai province.

Besides focusing on business development, PVI will always join hands to develop the community, improving the living conditions of people in difficult areas; and once again affirmed PVI's principle of "effective business, transparent management and sustainable development".