Non-life insurance enterprises expand in market

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Although the pandemic continues to be complicated, insurance companies are still confident in the development strategy. — VNS File Photo

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 businesses still achieved high profits.

PVI Insurance Corporation said that its pre-tax profit reached VNĐ790 billion (US$34.3 million) last year, exceeding 22.4 per cent of its plan.

The new year begins in the context of the “new normal”, and although the pandemic continues to be complicated, insurance companies are still confident in the set development strategy.

“In 2021, we spent a lot of time expanding our business while strengthening our internal infrastructure in line with our profitable growth business strategy. During the past year, all employees of the company have effectively pursued both directions together. Entering 2022, we will focus on strengthening the internal resources of the supporting departments at the head office,” said a representative of Post and Telecommunication Joint Stock Insurance Corporation (PTI) to Đầu tư chứng khoán (Securities Investment) online newspaper.

Similarly, PVI has set a sustainable growth target with double-digit revenue growth, while maintaining the leading position in the field of commercial and industrial insurance in the domestic market, and gradually reaching out to the Southeast Asian market.

The company is also confident of completing its target this year and becoming a high-ranking international insurer in Southeast Asia.

A quick report of non-life insurance businesses shows that this sector only grew 1.7 per cent in revenue last year compared to 2020, a record low growth compared to previous years.

Declining revenue growth is expected by businesses, because the revenue of the two main business lines, which are personal insurance and motor vehicle insurance, has continuously decreased, even recording negative growth for many months.

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

Although there are different views and assessments about the market’s recovery, businesses believe that the non-life insurance market will continue to grow. — VNS

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