In 2023, the Vietnamese insurance market in general and the non-life insurance sector in particular will continue to face many difficulties. According to data from the Insurance Supervision Administration (Ministry of Finance), total insurance premium revenue in the entire market in 2023 is estimated to reach VND 211,187 billion, down 4.43% over the same period last year, of which revenue Insurance premiums in the non-life insurance sector are estimated to reach VND 71,149 billion, growing about 2% compared to 2022. In that context, with efforts and proactive and creative business solutions, BIC still achieve positive and comprehensive results in 2023.
Reporting to the Conference on business results in 2023, BIC General Director Tran Hoai An said that the total insurance premium revenue of BIC Parent Company last year reached nearly 5,000 billion VND, growing nearly 30% compared to the previous year. , completing 104% of the year’s plan. Of which, original insurance premium revenue is over VND 4,600 billion, growing nearly 30% compared to 2022, completing 105% of the yearly plan, helping BIC rise and maintain the Top 6 position in market share of insurance premium revenue. root danger.
BIC General Director Tran Hoai An reported to the Conference on BIC’s 2023 business results.
BIC’s efficiency indicators in 2023 will also have a strong breakthrough. Total consolidated profit before tax reached nearly 580 billion VND, growing nearly 50% compared to the previous year, completing 120% of the year’s plan. Of which, pre-tax profit alone reached nearly 560 billion VND, growing over 50% compared to 2022. In particular, BIC continued to record high profits from insurance business activities. Return on total assets ROA and return on equity ROE also increased, at 6.4% and 17.0%.
In addition to good business results, in 2023, BIC also achieved many positive results in other aspects of operations such as: being ranked by AM Best for financial capacity at the highest aaa.VN level in Vietnam; was honored with many prestigious titles and awards such as Top 10 most prestigious non-life insurance companies in Vietnam, Top 50 best growth companies in Vietnam, Top 500 largest enterprises in Vietnam, Top 500 most profitable enterprises in Vietnam, Top 10 best places to work in the non-life insurance industry in Vietnam.
Chairman of the BIC Board of Directors Tran Xuan Hoang spoke to direct the Conference.
Speaking at the Conference, Mr. Tran Xuan Hoang – Chairman of the Board of Directors of BIC, highly appreciated the impressive results that BIC has achieved in 2023. Mr. Tran Xuan Hoang also congratulated and thanked the Board of Directors. Leaders and all BIC employees for a year of dedication and efforts to contribute to the overall business results of the system. Looking forward to 2024, Mr. Tran Xuan Hoang proposed that the BIC system continue to grow strongly in revenue associated with ensuring operational efficiency, striving to be in the Top 5 leading non-life insurance companies in terms of scale. market share, while continuing to maintain its position as one of the three leading non-life insurance companies in terms of profitability in the market; Improve governance and risk management in a prudent, safe and effective manner.
BIC is determined to complete the challenging goals of 202
Within the framework of the 2023 Summary Conference, BIC also organized many meaningful programs including the 2024 business plan launching Gala and the 2023 Venus Awards Ceremony for the most outstanding individuals and groups in the industry. year with the Workshop to exchange professional, business and accounting policies for 2024. The programs have contributed to enhancing the spirit of solidarity, fanning the fire of determination of the BIC system, ready to face difficulties. difficulties, challenges and reap successes in 2024.