Insurance

Non-life insurance companies are growing in the market

VIETNAM, Feb. 6 — Although the pandemic continues to be complicated, insurance companies remain confident in the development strategy. — Photo from VNS file

HÀ NỘI — Over the past year, the economic situation has changed a lot due to the pandemic, which has affected non-life insurance revenue, but many companies still made high profits.

PVI Insurance Corporation said its pre-tax profit reached VNĐ790 billion ($34.3 million) last year, beating its plan by 22.4%.

The new year begins against the backdrop of the “new normal”, and although the pandemic continues to be complicated, insurance companies remain confident in the defined development strategy.

“In 2021, we spent a lot of time building our business while strengthening our internal infrastructure in line with our profitable growth business strategy. Over the past year, all employees of the company have effectively pursued the two directions together. Going into 2022, we will focus on strengthening the internal resources of the corporate support departments,” a representative from Post and Telecommunication Joint Stock Insurance Corporation (PTI) told Đầu tư chứng khoán (Securities Investment) online journal.

Similarly, PVI has set itself a sustainable growth objective with double-digit revenue growth, while maintaining the leading position in the field of commercial and industrial insurance in the domestic market, and by s ‘gradually extending to Southeast Asia market.

The company is also confident of achieving its goal this year of becoming a leading international insurer in Southeast Asia.

A quick report from non-life insurance companies shows that this sector only grew by 1.7% in revenue last year compared to 2020, a record growth compared to previous years.

A decline in revenue growth is expected by companies, as revenue from the two main businesses of personal insurance and motor insurance has continued to decline, even recording negative growth for many months.

The revenue growth rate fell sharply, but some companies said that last year was not a year of great fluctuations, as the non-life insurance market in Việt Nam was constantly changing and the competition was getting fiercer.

Although there are different opinions and assessments regarding the market recovery, companies believe that the non-life insurance market will continue to grow. —VNS

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