Persisting with an effective business strategy, PVI Insurance continues to achieve success

Persisting with an effective business strategy, PVI Insurance continues to achieve success

In 2021, despite the difficulties caused by the prolonged epidemic, PVI Insurance broke through and reached the milestone of VND 10,000 billion in revenue for the first time, completing 106.4% of the plan; pre-tax profit of 790 billion VND, completing 122.4% of the plan.

In 2022, the whole country will move to a “new normal” state, remaining steadfast with the proposed strategy. At the end of 9 months, PVI Insurance’s business results still remain positive, exceeding its goals. set at the beginning of the year, with a total revenue of 9,560 billion VND, completing 118.6% of the 9-month plan and 90% of the 2022 plan, growing 26% over the same period last year. In terms of primary insurance alone, revenue grew by 20.8% compared to the first 9 months of 2021.

PVI Insurance always invests heavily in information technology systems to develop new products and services as well as bring the best experience to customers. Along with that, the company also actively builds electronic insurance products with many large domestic and foreign partners. Most recently, PVI Insurance collaborated with Igloo – the region’s leading insurance technology (insurtech) company to launch Weather Index Insurance, the first type of insurance in Vietnam for rice farmers. This is a product that will automatically pay compensation based on predetermined values ​​to farmers in the event of losses due to weather events or natural disasters.

With impressive results in business activities, PVI Insurance was honored in many prestigious awards such as: Top 50 most profitable enterprises in Vietnam in 2022, Top 10 prestigious non-life insurance companies, 7th consecutive year; Top 500 largest enterprises in Vietnam, 9 consecutive years./.

Sharing about the goal for 2023, a representative of PVI Insurance said that the company will build a sustainable and balanced distribution channel, including channels serving corporate customers, e-commerce channels and insurance agent systems. Stable insurance with support from social insurance and Vietnam Farmers’ Association. In the near future, PVI Insurance will raise its financial capacity rating to level A- and will also be the first insurance enterprise in Vietnam to apply IFRS 17 accounting from the beginning of 2023. With these advantages, PVI Insurance is confident that it will soon become a high-ranking insurance enterprise in the Southeast Asian market in the near future./.