Insurance market gradually warms up, businesses regain growth momentum

The insurance market is recovering at a positive pace, opening up new growth opportunities for businesses after a long period of difficulty.

After a long period of difficulties, the Vietnamese insurance market is gradually recovering and opening up many new growth prospects. According to the Vietnam Insurance Association, the total revenue from non-life insurance premiums in the whole market in 2024 reached VND 79,348 billion, an increase of 11.7% over the previous year. This is an encouraging result even though the economy still faces many challenges such as: Natural disasters, low public investment disbursement rate and many adjustments and changes of the Law on Insurance Business, Law on Credit Institutions have significantly affected the business activities of insurance enterprises...

In 2024, BIC will maintain a stable growth rate, with a solid operating foundation and flexible management capacity. Photo: Duy Minh

In that volatile picture, many insurance companies, including BIDV Insurance Corporation (BIC), still maintain a stable growth rate, with a solid operating foundation and flexible management capacity.

At the 2025 Annual General Meeting of Shareholders held today (May 8), BIC leaders said that in 2024, the insurance premium revenue of BIC's parent company reached nearly VND 5,100 billion, an increase of 10% over the same period. Consolidated pre-tax profit reached VND 650 billion, exceeding the plan by 8%, of which pre-tax profit reached VND 645 billion, an increase of 16%. With this positive result, the General Meeting approved the dividend payment plan for 2024 at 15%.

Entering 2025, the milestone marking 20 years of establishment and development, BIC sets a target of separate insurance premium revenue of VND 5,600 billion, consolidated pre-tax profit of VND 710 billion. At the same time, the company repositions its development strategy to welcome a new growth phase. One of the important orientations is the plan to increase charter capital from equity to VND 2,020 billion this year. From 2026, BIC will combine paying 10% cash dividends with issuing shares to increase capital, depending on business results each year.

With this strategy, BIC aims to be among the top 4 non-life insurance companies with the highest charter capital in the market, creating a foundation for expanding scale, investing in technology and developing new products.

BIC Board of Directors and Supervisory Board for the 2025 - 2030 term. Photo: Duy Minh

The Congress also elected the Board of Directors and Supervisory Board for the 2025 - 2030 term. The Board of Directors includes representatives of major shareholders BIDV and Fairfax, and members with extensive international experience. Mr. Tran Hoai An was elected Chairman of the Board of Directors, Mr. Athappan Gobinath Arvind as Vice Chairman. At the same time, Ms. Doan Thi Thu Huyen was introduced to hold the position of General Director. The new leadership structure ensures succession, while opening up expectations for governance innovation, improving operational capacity and monitoring effectiveness.

With a new mindset and strong development aspirations, BIC enters its 20th year with a clear strategic direction, committed to optimizing value for shareholders, consolidating its position as a prestigious and pioneering non-life insurance brand in Vietnam.

Duy Minh

Source: https://congthuong.vn/thi-truong-bao-hiem-dan-am-len-doanh-nghiep-tim-lai-da-tang-truong-386727.html