PVI targets over VND3.8 trillion revenue in 2010

VNStockNews.com - Till November 15, PetroVietnam Insurance Joint Corp (PVI) obtained three trillion dong of revenue, fulfilling this year's target. The group also reported the biggest ownership capital and assets in Vietnam's non-life insurance market.

Thus, after over 12 years of operation (since 1996) so far, PVI has gained significant developments. With this result, PVI becomes an insurer with highest growth in Vietnam's insurance market and is the leading insurer in Vietnam. In the market, only two insurers reached the figure of three trillion dong revenue.

During last year, although the company had to face difficulties from the global financial crisis, PVI has overcome hardships and earned revenue of 2.694 trillion dong.

Aiming to enhance operation effect, PVI cooperated with A&M BEST to assess trust limit on finance, marking the first insurer in Vietnam being ranked trust limit by an international organisation.

Along with providing insurance products for large-scaled firms in oil and gas sector, PVI recently promoted building and developing retail system to inhabitants such as car insurance and motor insurance.

In addition, PVI has also strengthened export activities insurance products to foreign markets like Cuba, Russia and Algeria.

Most recently, PVI signed open reinsurance contracts with five foreign partners including C.V.Starr & Co, Inc, AON, Chartis, Zirich and Allianz whereby reinsurers committed to cooperate and support on finance worth some over $1.5 billion for PVI's projects.

Currently, PVI is selecting strategic shareholder to hike chartered capital from over 1.035 trillion dong to 1.6 trillion dong. As planned, the chartered capital increase will be finished in Q1 2010.

With careful preparation, in 2010, PVI targets to earn over 3.8 trillion dong of revenue and maintain the growth rate at 20 percent/year.

As for further development plan till 2015 and orientation till 2025, PVI will strive to become leading finance and insurance corporation via controlling the domestic market and developing to the international market for its finance investment activities and insurance business.