[Corporate News] PVI: Efforts to achieve more than VND 5,400 billion in revenue in the first half of 2021

On July 23rd, 2021, PVI Insurance held an online conference to summarize the first-6-month results and deploy the last-6-month tasks of the year 2021 under the chairmanship of Mr. Pham Anh Duc, General Director of PVI Insurance.

The Covid-19 pandemic has been becoming extremely complicated and strongly impacted on all aspects of life. In such general context, PVI Insurance reached success for first-6-month plan with total revenue estimated at VND 5,443.7 billion, completing 114.4 percent of the 6-month plan and 56.8% of the annual plan, growing 12.7% over the same period last year. From which, primary insurance fee grew by 13% over the same period last year and higher than the average level of the market.

Mr. Pham Anh Duc - General Director of PVI Insurance operates the conference

PVI Insurance keeps persisting with business strategy of “priority to business efficiency and developing effectively” indicated the reasonableness and correctness during the past 2 years. Together with aforementioned revenue, its pre-tax profit was estimated at VND 415 billion, completing 64.2% of the annual plan and growing by 8.3% over the same period in 2020; PVI Insurance is also the leading enterprise in the market over indicators: Total assets, Revenue, Profit, Rate of Return / Equity...

Since the outbreak of the COVID-19 pandemic, up to now, PVI Insurance has practically executed the Government policies on “dual goal”: Preventing the epidemic while developing business. In the whole PVI Insurance system, prevention and control measures to the COVID-19 pandemic have been properly and effectively implemented to minimize its impact on daily activities.

As for society, PVI Insurance has donated more than VND 2 billion to the National Vaccine Fund of the Government, or frontline hospitals against the pandemic such as Thong Nhat Hospital (Hochiminh city), Medical University Hospital, Vietnam National Children's Hospital, 108 Military Central Hospital (Hanoi) and Hochiminh city Department of Health, Hue Department of Health. Many member units also had a direct contribution to epidemic prevention activities in the locality where they are headquartered.

Commendation and reward to the units with excellent achievements

Another effective pandemic prevention activity performed by PVI Insurance is the Cooperation Agreement between PVI Insurance and the Vietnam Health Trade Union on the Welfare Program for union members and medical staffs and employees. Accordingly, two parties have cooperated to implement the program “Safety insurance for medical staffs and employees during the period of COVID-19 pandemic prevention and control” with preferential premium, extensive insurance benefits, and taking priority in compensation process. Up to now, the agreement has been concretized in many localities across the country.

In parallel with the epidemic prevention and control, business operations on e-commerce platform have been implemented by PVI Insurance through cooperation with partners such as: Got It e-gift platform, Fclass car booking App, VETC Electronic Toll Collection Co., Ltd. PVI Insurance was also a pioneer in providing online insurance products and one of the few companies issuing e-Certificate of Compulsory Civil Liability Insurance in accordance with the effective Decree 03/2021-ND/CP.

Awarding Honor Trophy to PVI Insurance Quang Nam’s Representative

In terms of international cooperation, PVI Insurance has recently signed a cooperation agreement with Zurich regarding the Zurich Global Employee Benefits Solutions (ZGEBS) network. Participation in this network is subject to PVI Insurance’s strategy to offer a multiform, flexible and appropriate health insurance program for multinational corporations. Domestically, cooperation agreements with the great partners such as Mobifone, Viettel, TC Advisors have brought practical effects to both parties in terms of revenue and brand.

From June until now, impact of the pandemic has become more severe and unpredictable, especially for economic center of Hochiminh city and the southern provinces. PVI Insurance, however, still strived to reach the revenue milestone of VND 10,000 billion and stood firmly at the No. 1 position in the market in terms of efficiency. This is an aspirational goal, but by experience in facing with market fluctuations in 2020 and the desirable results as achieved in the first half of 2021, PVI Insurance is very confident on its proper direction and expects to reach its goal as set forth.

Particularly, PVI Insurance continues its strong investment in IT to promote e-commerce exploitation channels (especially in cooperation with the big partners), create new experiences for customers as well as optimize the inspection and compensation activities. At the same time, PVI Insurance, by its own strengths recognized by the market for the past 25 years such as relationship with the international market and deep expertise in the fields of industrial insurance including oil and gas, energy, aviation, marine, engineering, reinsurance..., shall constantly promote to maintain and hold its position as the No. 1 Industrial Insurer in Vietnam insurance market.

In the coming time, PVI Insurance shall both actively take advantage of market opportunities, deal with challenges, and persistently deploy its business strategy as implemented over time. Thereby, business target in each year will be completed, at the same time, PVI Insurance shall continually build up a steady foundation, prepared to accelerate to complete its long-term goal as becoming the leading insurance firm in the Southeast Asia region.

In addition, within the framework of the conference, the whole PVI Insurance system honored PVI Insurance Quang Nam as the best unit for the first 6 months of 2021. PVI Insurance Quang Nam is the fourth unit in the system which is honored to be awarded the Honor Trophy for outstanding business achievements: completing 109.3% of the 6-month revenue plan and reaching 70.6% of the annual plan, completing 177.2% of business plan for the whole year of 2021.

Also, 8 excellent collectives, 6 units whose issuance rate of e-Certificate of Automobile Physical Damage Insurance, 3 units with issuance rate of e-Certificate of Civil Liability Insurance of Automobiles, 3 units with granting rate of e-Certificate of Civil Liability Insurance of Motor Vehicles being over target and 14 individuals who had good achievements were honored in this conference.

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