22:16 (GMT +7) - Saturday 20/01/2018

Business

Vietinbank Insurance targets 2017 premium revenue of $40mn

Released at: 20:22, 26/04/2017 Vietnam golden dragon awards & Vietnam Excellent Brand Awards

Vietinbank Insurance targets 2017 premium revenue of $40mn

VBI’s Deputy CEO received the Certificate of Top 500 fastest growing enterprises in Vietnam (Source: VBI)

Company sees revenue growth of more than 55% in last five years.

by Uy Vu

Vietinbank Insurance (VBI)’s premium revenue reached VND781 billion ($34.3 million) in 2016, an increase of 42 per cent compared to 2015 and comparing handsomely with the average of 16 per cent in Vietnam’s non-life insurance market. The achievement set the groundwork for the company to set a target of VND1 trillion ($44 million) in premium revenue in 2017.

At a ceremony announcing and honoring Vietnam’s 500 fastest-growing enterprises in 2017, held on April 12, VBI was listed No.1 in the insurance industry and 79th in the FAST500 - a list of “rising stars” in the country’s economy.

The FAST500 ranking is based on objective and independent principles and qualified scientifically in conformity with current international standards. The rankings of companies in the FAST500 are based on double growth criteria (CAGR) in terms of revenue and business performance. Criteria such as total assets, total workforce, after-tax profits, and corporate prestige in the media are also regarded as supporting factors to define the size and position of a business in the industry.

VBI is a strongly growing insurance company, with annual revenue growth of over 55 per cent during the five years from 2012 to 2016. Its growth has been consistently higher than the average in the market.

In addition to the FAST500, VBI was also honored with a “Vietnam Excellent Brand” by Vietnam Economic Times on April 8. This is the third year VBI has picked up the award.

Such prestigious rankings confirm VBI’s continuous efforts in business as well as in building and developing its brand. It also provides motivation for it to confidently expect more aggressive growth in the future.

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