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M anh Hai
BIDV Insurance holds AGM 2021 fulfilling 105.6 percent of the year’s plan. Direct insurance premiums reached VND2,363 billion (USD103 million), an increase of 17.3 percent compared to last year (more than double the growth rate of the whole market). With this result, BIC rose from the eighth to seventh position in the top non-life insurance companies in terms of market share of direct premiums.
BIC logo seen on its office building in Hanoi
On 16 April 2021, BIDV Insurance Corporation (BIC) held its Annual General Meeting of Shareholders 2021, posting positive results.
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n 2020, the Vietnamese non-life insurance market faced many challenges due to the Covid-19 pandemic. Social distancing which made it difficult to reach customers, limited domestic and foreign flights, and tightened personal and business spending, etc., had a strong impact on business activities of insurance companies. According to data from the Insurance Association of Vietnam, total non-life insurance premiums for the whole market in 2020 were estimated at VND57,102 billion (USD2.5 billion), an increase of 8 percent compared to 2019. Despite the challenges of the pandemic, with relentless efforts and effective business solutions, BIC had the most successful business year over the 15 years of operation. Particularly, total revenue of insurance premium of BIC alone in 2020 reached VND2,562 billion (USD111 million), up 13.8 percent compared to 2019, and
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B I D V review
BIC's 2020 business indicators all achieved good results. BIC's total consolidated pre-tax profit in 2020 reached VND375 billion (USD16.3 million), an increase of 38.8 percent compared to 2019, completing 155.7 percent of the year’s plan as assigned by the General Meeting of Shareholders. Of which, BIC's pre-tax profit was VND364 billion (USD15.8 million), up 38.9 percent year-on-year. In 2020, BIC continued to see high profits in insurance business. Besides the good business results, BIC also achieved many positive results in other areas including getting a B++ rating by A.M. Best, being honoured with many prestigious titles and awards such as Top 10 most prestigious non-life insurance companies in Vietnam, Top 500 most profitable enterprises in Vietnam, etc. In 2021, given Vietnam and the world still facing the impact of the Covid-19 pandemic, BIC continues to bolster growth in association with operational efficiency. Accordingly, the company strives to achieve VND2,830 billion (USD123 million) in premium revenue for BIC alone (up 10.5 percent compared to 2020), continuing to maintain profits in the insurance business and paying dividend at the expected rate of 10 percent.
