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Bao Viet Insurance a major player

Released at: 17:58, 12/04/2016 What's on

Bao Viet Insurance a major player

Insurer picks up a Vietnam Excellent Brand Award 2015 - 2016 for its customer-focused products and services.

Bao Viet Insurance Corporation has affirmed its leading position in Vietnam's financial-insurance market by being continuously placed among the top insurers in terms of market share in non-life insurance and been ranked as the No.1 insurance retailer.

In 2015 the non-life insurance market saw signs of flourishing, with growth of around 14 per cent. In keeping with this trend Bao Viet Insurance also recorded impressive achievements, which were not merely reflected in its revenue and profit figures but also in its brand via major projects and contracts.

According to its business report last year, Bao Viet Insurance exceeded its business plan, with total sales in 2015 reaching VND6,934 billion, of which original insurance revenue was VND5,928 billion ($266 million), profit before tax increasing by 15.7 per cent to stand at VND368 billion ($16.5 million), the rate of payouts on written premiums being well-controlled, and the average monthly income of employees increasing by 13 per cent.

A variety of contracts with major partners proves its professionalism and status. Vietjet Air, after signing a credit contract to purchase new aircraft, signed an agreement with Bao Viet Insurance and two other insurers on May 6, 2015, in Paris, France, insuring its fleet for $1.5 billion in the 2015-2016 period.

Aviation insurance is a highly intensive and professional sector and Bao Viet Insurance has maintained its leading position despite the growing competition. Thanks to its prestige, Vietnam Airlines, the Vietnam Helicopter Corporation, Vietjet Air, Jetstar Pacific Airlines, the Northern Helicopters Company and the Southern Helicopter Company have all agreed to terms with Bao Viet Insurance.

Bao Viet Insurance has confirmed its leading position in Vietnam’s non-life insurance market in many aspects of its business operations, making it the best choice for major national projects such as the APEC Summit, the Seagames and Paragames, the National Convention Center, the Son La Hydropower Plant, the Lai Chau Hydropower Plant, and the Vinasat-1 and Vinasat-2 projects.

Mr. Phan Kim Bang, General Director of the Bao Viet Insurance Corporation, said that Bao Viet, a member of the Bao Viet financial-insurance group, has been gradually improving its management and investing in essential areas to enhance its competitiveness and sustainable development as well as delivering practical value to all customers.

Bao Viet will continue its restructuring, implementing a business model oriented towards centered-management, handling payout issues, and innovating its organizational models, which will contribute to improving its competitiveness and the specialization of member companies in concentrating on sales and promoting customer service quality based on information technology.

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