BIC among Top 500 most profitable companies 2020

ManH HaI

BIDV Insurance Corporation (BIC) was honoured to be named among Vietnam’s 500 most profitable companies this year during an award ceremony in Hanoi. This is the fourth consecutive year BIC has been included in the list.

The Vietnam Profit 500 recognised enterprises based on several main indicators reflecting their profitability such as return on asset (ROA), return on equity (ROE), return on revenue (ROR), pre-tax profit and revenue. The companies appearing in the Vietnam Profit 500 were capable of generating healthy profits and contributing to the overall economic development of the country, supporting Vietnamese brands both at home and abroad.

In 2020, the Covid-19 pandemic has had negative impacts on the Vietnamese economy. The insurance market in general, particularly non-life insurance, is no exception. According to the Insurance Association of Vietnam, in the first six months of 2020, the total direct premium revenue of the whole non-life insurance market grew by only 7 percent year-on-year.

For BIC, by adhering to its business targets and implementing creative solutions, the insurer achieved quite good results. In the first half of 2020, BIC's direct premium saw growth of 12 percent, and consolidated profit before tax increased by 30 percent compared to the same period last year. The difficulties caused by Covid-19 became the driving force for the company to change and innovate technology and business methods as well as improving operations and service quality.

BIC confirmed it would introduce modern features for the BIC Online app to the market by the end of 2020 in cooperation with major partners, especially those in the field of technology, in order to distribute insurance products as well as offering preferential programs and promotions to bring greater benefits to customers.