On October 25th, 2024, at the PVI Tower Headquarters, PVI Holdings (PVI) successfully held a conference to review business activities in the first 9 months of 2024 and deploy the business plan for the last 3 months of 2024.
The conference was held at the Hanoi and online, Mr. Nguyen Tuan Tu – BOD Vice Chairman /CEO of PVI chaired the conference at Hanoi (PVI Tower Headquarters) and Mr. Duong Thanh Danh Francois – BOD Standing Vice Chairman of PVI attended online.
Attending the conference 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 the Executive Board of member companies in PVI system including PVI Insurance Corporation, Hanoi Reinsurance Corporation, PVI Fund Management Joint Stock Company.
At the end of the first 9 months of 2024, the entire PVI system exceeded the planned target of Total Revenue and Consolidated Profit Before Tax at rates of 129% and 116%, respectively. Revenue grew strongly compared to the same period (growth of 41%) and Profit Before Tax decreased slightly by 5.6%. The main growth driver came from the insurance business activities of the entire system (especially from PVI Insurance Corporation).
Consolidated revenue for the first 9 months reached VND 16,728 billion, up 41% over the same period last year, completing 96.2% of the yearly plan.
Consolidated profit before tax reached VND 981 billion, down 5.6% over the same period last year, mainly due to the impact of Typhoon Yagi.
ROE (annualized) reached 13.52%, higher than the plan.
In the first 9 months of the year, the parent company exceeded the plan for both revenue and profit before tax targets with rates of 111.5% and 131%, respectively.
Total revenue reached VND 740 billion, up 15.12% over the same period; Profit before tax reached VND 526 billion, up 24.4% over the same period.
During the reporting period, the parent company completed the capital increase for PVI Insurance from VND 3,300 billion to VND 3,900 billion to ensure the solvency margin to maintain AMBest's A- credit rating, as well as implementing procedures to increase PVIAM's charter capital by issuing shares for sale to strategic shareholders. Increasing the operating capital for subsidiaries to create conditions for subsidiaries to increase financial capacity, promote strengths, increase competitiveness and thereby bring more sustainable profits to the parent company.
Insurance activities are the core activities with Insurance business revenue growing by 46% to VND 15,522 billion. PVI Insurance recorded revenue growth 2 times higher than the market. During the reporting period, financial credit rating agency AM Best affirmed the Financial Capacity Rating at A- (Excellent) and the Issuer Credit Rating at “a-” (Excellent) for PVI Insurance Corporation (PVI Insurance) as well as the fact that PVI Insurance has been approved by the Ministry of Finance in principle to increase its charter capital from VND 3,500 billion to VND 3,900 billion, continuing to be the non-life insurance enterprise with the largest charter capital in the Vietnamese market in the first 9 months of 2024.
Reinsurance activities also had strong growth from the beginning of 2024 with a strategy to expand the international market on the principle of ensuring safety and efficiency with 9-month reinsurance revenue reaching VND 4,771 billion, completing 154.5% of the 9-month plan of 2024 and growing 115% over the same period last year.
During the review period, Hanoi Reinsurance Corporation (Hanoi Re) was upgraded by the international credit rating agency AM Best to upgrade the long-term issuer credit rating from stable to positive. AMBest also affirmed the financial capacity rating of Hanoi Re at B++ (Good) with a stable outlook.
Investment activities in the first 9 months of the year continued to be the main profit-generating activity, contributing over 50% of PVI's profit structure. Financial investment revenue in 9 months reached VND 971 billion, completing 127% of the 9-month plan with the total investment portfolio of the entire system reaching VND 16,205 billion, up 8% over the same period in 2023.
During the period, PVI continued to affirm its position and reputation when it was awarded the Top 50 Best Listed Companies by Forbes for the 8th time. PVI Insurance topped the list of Most Prestigious Insurance Companies in 2024 and won the award for Best non-life Insurance Company in Vietnam by Asia Magazine.
CSR social security activities:
Continuing to implement the 2024 sustainable development program of the entire PVI system, in addition to volunteer programs, humanitarian blood donation, as well as supporting people to overcome their lives after Typhoon Yagi, PVI coordinated with the People's Committee of Yen Bai province to start the operation of a domestic water supply project, as well as carry out volunteer programs to donate money and necessities to help improve the lives of families in difficult circumstances and support and help students go to school.
In addition to focusing on business development, PVI will always join hands to develop the community, improve the living conditions of people in disadvantaged areas; and once again affirm PVI's motto of "effective business, transparent management and sustainable development".
