(TBTCO) – The insurance market in 2024 continues to face many pressures and difficulties. Non-life insurance companies have been determined to innovate from orientation to business strategy to adapt to the market, expecting that "new internal strength" will help businesses recover and complete their 2024 business goals.
Representatives of both sides performed the official flag-raising ceremony marking the merger between BSH & DBI. Photo: Phan Ha
Good news
BSH Insurance representative said that in 2024, BSH Insurance will enter a new phase with the support of major shareholder DBI Group - the second largest insurance group in Korea. Continuing to invest in non-life insurance companies shows the attractiveness of BSH Insurance in particular and the non-life insurance market in general despite the challenges that businesses have faced over the past time.
The participation of foreign strategic shareholder DBI (DB Insurance) is expected to make BSH Insurance become the leading non-life insurance enterprise in the Vietnamese insurance market, by combining DB Insurance's long-standing experience in the insurance business and advanced technology system into BSH Insurance's operations.
“DB Insurance’s strong financial potential, methodical business strategy and global network of operations will become a lever to help BSH expand its market; at the same time, promote technological development capacity and improve service quality. Together with DB Insurance, BSH Insurance hopes to create new miracles, shaping the company’s sustainable development future” – Mr. Do Quang Vinh – Chairman of the Board of Directors of BSH Insurance emphasized.
Previously, the Military Insurance Corporation (MIC) and Vietnam Post Corporation (Vietnam Post) cooperated to deploy the supplementary health insurance collection service in 2024. This is a cooperation program that opens up new services for both parties. Vietnam Post provides the service of collecting supplementary health insurance premiums for MIC Insurance for customers who are participating and newly participating in health insurance cards in localities from cities to districts and communes nationwide.
It is known that the supplementary health insurance program is a program that brings shared values to the community, aiming to encourage people to proactively take care of their health, built by MIC Insurance and collected by Vietnam Post. In addition to the type of health insurance supported by the state for medical examination and treatment costs, the supplementary health insurance program of MIC Insurance will accompany, share risks and support inpatient hospitalization costs in cases of accidents, illness, cancer treatment, etc.
In 2024, MIC Insurance and Vietnam Post will develop a plan to organize and deploy the service of collecting supplementary health insurance premiums across the entire network, providing services to people nationwide at more than 13,000 service points of Vietnam Post, especially people in remote areas, places that do not have access to comprehensive health care and medical services.
Recently, AM Best Financial Ratings has affirmed the financial strength rating of A- (excellent) and the issuer credit rating of “a-” (excellent) for PVI Insurance Corporation (PVI Insurance). The outlook for these ratings is stable. In addition, AM Best has assigned a national rating (NSR) of aaa.VN (special) for PVI Insurance with a stable outlook…; continuing to open up many new opportunities for businesses to accelerate, improve competitiveness, and tap into new customer sources, especially international customers.
Expect to maintain stable business operations
A representative of BIC Insurance said that, identifying that the insurance market in 2024 will continue to face many difficulties, this enterprise is determined to accelerate revenue growth. Accordingly, with the advantage of being a member company of BIDV, BIC will continue to focus on the product line that is bringing high efficiency.
In 2024, BIC Insurance targets total revenue of VND 5,570 billion, an increase of more than 16% (compared to the previous year), and consolidated profit of VND 600 billion, an increase of 4.5%. The company also aims to be in the top 5 non-life insurance companies in terms of market share by 2025, while continuing to maintain its position as one of the top 3 non-life insurance companies in terms of profitability in the market. This is a challenging business indicator, because the immediate economic context still faces many risks.
The annual general meeting of shareholders of PJICO Insurance is expected to be held in April 2024. Accordingly, in the plan submitted to the meeting, this enterprise expects that in 2024, the total revenue will reach VND 4,768.5 billion, of which the original insurance revenue will be VND 4,024 billion. The pre-tax profit plan for 2024 is VND 288.8 billion. The dividend plan is 10% of charter capital in cash. This plan is equivalent to the implementation results of 2023 (original insurance in 2023 has revenue of VND 4,023 billion and pre-tax profit of more than VND 287 billion).
Regarding the 2024-2028 period target, a representative of PJICO Insurance said that the company determines safe and sustainable business operations, including maintaining an average growth in original insurance revenue of at least 3-5%; maintaining an average growth in pre-tax profit of 3%/year; ensuring an average annual dividend payment of at least 8%/charter capital in cash. The company also plans to seek to expand its business scale in key areas to take advantage of market expansion opportunities.
Another insurance company, VietinBank Insurance, will also increase the exploitation of its strengths in 2024, which are product lines related to technical assets. This is a product that is considered to have high profits, in addition to other retail products such as health insurance, motor vehicle insurance, etc.
VietinBank Insurance representative said that in 2024, the company continues to set the target of increasing revenue growth associated with sustainable development, ensuring operational efficiency; increasing the efficiency of exploiting sales channels; focusing on improving the quality of products, sales team and distribution channels...
BSH – the first insurance company to welcome foreign capital In 2024, BSH Insurance will have the support of its major shareholder, DBI Group. Continuing to invest in non-life insurance companies shows the attractiveness of BSH Insurance in particular and the non-life insurance market in general. BSH Insurance is one of the first non-life insurance companies to welcome foreign capital in 2024. |
According to Financial Times
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