BIC held Mid - Year Meeting
On the BIDV’s side, there were some representative leaders of related divisions at Head Office and BIDV branches at Ba Ria - Vung Tau to attend the Meeting. BIC had the participation of all the members of the Board of Directors, the Board of Management, the Directors of Divisions at the Head Office, the Branch Directors, the General Directors of LVI and CVI, and Chief Representative Office of BIC in Myanmar.
According to the report of Mr. Tran Hoai An, member of the Board of Directors cum Chief Executive Officer of BIC, in the first 6 months of 2017, the gross premium revenue of BIC reached 855.8 billion dong, an increase of 8.2% over the same period last year, fulfilled 45% of the full year plan, of which direct premium was 772.8 billion dong, an increase of 9.9% compared to that of 2016 (higher than the growth rate of the non-life insurance market, estimated at about 8% according to data of Vietnam Insurance Association). Consolidated profit before tax of BIC in the first 6 months of 2017 was 91.8 billion dong, fulfilled 49.4% of the full year plan. Especially, compared to the same period in 2016, BIC made a profit from insurance business. According to Mr. Tran Hoai An, the focus and efforts of BIC for many years to restructure products, control operating and claim costs and increase to apply information technology to improve productivity and reduce costs are the reasons why BIC made a profit from insurance business.
In addition, in the first 6 months of 2017, BIC has completed the re-rating with the world’s leading financial credit rating agency - A.M.Best, which is expected will be officially announced in August 2017. BIC is also honored by prestigious organizations in Vietnam with many awards such as: Vietnam Top 10 non-life insurance reputation award 2017, Top 50 best-performing companies in Vietnam in 2017, Top 100 excellent brands in Vietnam in 2016...
With the business plan for the last 6 months of the year, the Chief Executive Officer affirmed that the entire BIC system would make efforts to complete the business plan in 2017: the gross premium reached 1,900 billion dong, combined ratio remained below 100% and consolidated profit before tax was 186 billion dong.
Speaking at the meeting, Mr. Tran Luc Lang, Chairman of Board of Directors of BIC not only appreciated the business results that BIC has achieved in the first 6 months of 2017, but also asked BIC to focus on distributing strengths, overcome weakness to continue to grow. In particular, special attention should be paid to building a good income mechanism for staff, expanding the network, investing in modern and advanced information technology systems to improve the competitiveness in the market.