BIDV Insurance Corporation

On January 1st 2006, BIDV bought the shares of QBE in the joint venture and changed its name to the BIDV Insurance Company (BIC).

In 2007, BIC increased its chartered capital to 500 billion dong, and opened 11 new branches and 30 regional business offices.

In 2008, with the strategy promoting the expansion of operations throughout Indochina, BIC cooperated with the Lao-Viet Joint Venture Bank (LVB) and Banque Pour Le Commerce Exterior Laos (BCEL) to establish the Lao - Viet Insurance Joint Venture Company (LVI)

In the same year, BIC launched its Bancassurance product; and was granted Quality Management System Certification under the ISO9001:2000. The bank also won the 2008 Strong Brandname of Vietnam Award.

In September 2009, after being entrusted with full management of the Cambodia Vietnam Insurance Company (CVI), BIC became the first Vietnamese insurance company to simultaneously operate in Vietnam, Laos and Cambodia.

After just one year, BIC’s Bancassurance product received industry acknowledgement through the Excellent Service Cup 2009 award.

Due to its role in the development of the Vietnamese insurance market, BIC was honored by the Head of the Vietnamese Ministry of Finance.

In 2010,

BIC was nominated among the top 100 Golden Star Vietnamese brand names.

From the October 1 2010, BIC officially transformed from a 100% state owned company to a joint stock company under the new Bank for Investment and Development of Vietnam Insurance Corporation – BIC.

In this year BIC was granted the Certificate of The Prime Minister, adknowledging BIC’s contribution to the country development and the Socialism protection.

In 2011, BIC opened 2 new wholly-owned subsidiaries named BIC Bac Bo and BIC Sai Gon, added 17 business offices nationwide, expanded the operation network to 21 wholly-owned subsidiaries and 91 business offices.

In an aim to approach individual clients, BIC launched the website www.BaoHiemTrucTuyen.com.vn, providing insurance products online

66 billions shares of BIC was listed on the HCMC Stock Exchange (HOSE) under the code of BIC on 6th September 2011.

In 2012 BIC focused on retail business with the debut of range of individual products and the improvement of almost distribution channels, especially Bancassurance and E-bussiness.

Despite difficulties due to the Vietnam's economy's recession, BIC successfully met the target of 2012 and remained one of the most efficient insurance companies in the market.

In 2013, in an aim to expand the operation to oversea, BIC bought the share of Lao Viet Joint Venture Bank in Lao Viet Insurance Joint Venture Company to increase the share of BIC in LVI to 65% and issued consolidated financial statement since Quarter 3.

In 2014, despite difficulties of the economy, BIC achieved almost business goals of the year and registered an impressive increase ever in 10 years of operation.

After two increases in BIC’s chartered capital, including the issue of 3.3 million shares to employees in ESOP program and the 10% of devidend payment to shareholders, BIC’s chartered capital increased from 600 billion dong to over 762 billion dong.

In 2014, BIC set up 3 wholly-owned subsidiaries namely BIC Cuu Long, BIC Lao Cai and BIC Tay Bac, raising the total wholly-owned subsidiaries to 25, widely cover all nation’s focus areas.

Thanks to its excellent performance during 10 years, BIC was assigned a financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" by A.M.Best. The outlook assigned to both ratings is stable.

In 2015, BIC officially opened Representative Office in Myanmar. It plays a role as a bridge to connect commercial trade and promote insurance business between Vietnam and Myanmar. Thanks to the impressive business results, BIC continued to be affirmed the financial strength rating of B+ (Good) by A.M. Best.

Especially, in 2015, BIC entered into a share subscription agreement with Fairfax Asia Limited, a wholly-owned subsidiary of Fairfax Financial Holdings, a global insurer and reinsurer headquartered in Toronto, Canada. In which, Fairfax Asia Limited acquired 35% of the outstanding shares of BIC to become a strategic investor of BIC.

Thanks to memorable achievements for 10 years of operation and positive contribution to socio-economy of the country, BIC was awarded the Third-Class Labor Medal by the Party and State.

In 2016, In 2016, A.M.Best revised the outlooks for BIC to positive from stable and affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-”. Especially, BIC was honored to be one of the few non life insurance companies in Vietnam to have an actuary approved by the Ministry of Finance.

In 2017, BIC provided satisfactory and sustainable business results and maintained its position as a top 5 non-life insurance company with the highest income in the market. BIC also became one of the few insurance companies with an in-house Actuary under the new requirements of the Ministry of Finance.

In 2018, BIC’s credit rating was upgraded by A.M. Best from B+ to B++. Business results were also impressive. Consolidated gross written premium exceeded VND 2,000 billion and consolidated pre-tax profit exceeded VND 200 billion.

In 2019, It is the first time written premium of the parent company - BIC reached the milestone of VND 2,000 billion. With the transformation of business structure towards efficiency, in 2019, BIC made profits from insurance business.

In 2020, BIC has launched BIC Online mobile application with many modern utilities for customers.

In the 15th year of operation, BIC has achieved many impressive business results. The direct premium of BIC stand-alone reached VND 2,363 billion, grew 17.4% compared to last year. It doubled the general growth rate of non-life insurance market that helped BIC rise to the 7th position in term of direct premium market share.

In 2021, BIC launched and puts into operation a brand new online insurance selling website mybic.vn. BIC also joined the group of 500 billion VND in pre-tax profit for the first time, and was valued at 10 million USD by Forbes Vietnam, the third highest in Vietnam's insurance market.

In 2022, BIC's direct premium exceed VND 3,500 billion, up 33%, double the growth rate of the whole market. In the third quarter of 2022, BIC also officially opened 3 new branches (BIC Quang Binh, BIC Quang Ngai and BIC Phu Tho), bringing the total number of branches nationwide to 30.

In 2023, BIC entered the Top 6 leading non-life insurance companies in terms of market share. The business network continued to be expanded to 33 branches via the establishment of BIC Kien Giang, BIC Gia Dinh, BIC Trang An.