According to the 2021 financial statements, PVI Reinsurance Joint stock Corporation (PVI Re) achieved the pre-tax profit of over VND 182.6 billion for the whole year - completing 107% of the 2021 plan and reaching the highest profit milestone in history.

In 2021, the Covid-19 pandemic in Vietnam and around the world was very complicated, seriously affecting all sectors of the economy in general and insurance/ reinsurance business activities in particular. Domestic production and business activities faced many challenges due to the prolonged social distancing period. Financial investment activities were also negatively affected when bank deposit interest rates remained low. In that context, with the background of diversified, flexible, and effective business policies, PVI Re still achieved many impressive achievements.

PVI Re's total revenue in 2021 reached more than VND 2,000 billion, completing 114% of the plan, an increase of 7% against the same period. Profit before tax reached more than VND 182.6 billion, completing 107% of the plan for 2021; in which, profit from reinsurance activities and profit from financial activities both exceeded the plan. Thus, the 2021 revenue and profit of PVI Re both reached the highest level in the 10-year history of company establishment.

Gradually expanding business activities as well as promoting the company brand in the international market, PVI Re is now a highly appreciated reinsurer in Vietnam and Southeast Asia.

In addition, information technology continues to be a lever to help improve business efficiency, increase labor productivity, actively support remote working, connecting with international partners, especially during a prolonged epidemic. Software applications are deployed not only within the company but also cooperate and connect through the electronic reinsurance transaction portal with external customers. PVI Re always keeps the pioneering spirit and contributes to promoting the digital transformation of Vietnam's insurance market.

Besides effective business activities, PVI Re always puts the interests of shareholders first. Accordingly, in 2021, PVI Re has completed the 2020 dividend payment with a cash payment ratio of 16%, and the first 2021 dividend advance to shareholders in December 2021 with the ratio of 9%.

In 2021, PVI Re continues to be confirmed by A.M.Best with a credit rating of B++. After 10 years of establishment and development, the company has become a public company, listed on the Hanoi stock exchange, and is gradually reaching out to the world. In order to facilitate further development in the upcoming time, PVI Re will implement the project to change the brand name to Hanoi Re (Hanoi Reinsurance Joint stock Corporation) in 2022.

Source: Cafef.vn