Data from Insurance Association of Vietnam shows a slow growth of Vietnam’s non-life insurance market in the first five months of 2023. Total insurance premium was estimated at VND28,741 billion, increasing by 4.3% year-over-year. Despite the stagnant market, BIC’s business performance in the first 6 months of 2023 was still encouraging thanks to the relentless efforts of the whole system and effective and creative business solutions.

According to BIC CEO Mr. Tran Hoai An, the total insurance premium of BIC’s parent company in the first half of 2023 reached VND2,363 billion, increasing by 24.6% YoY, realizing 49.2% of the year plan. In which, direct insurance premium reached VND2,263 billion, increasing by 26.6% YoY, earning BIC the 6th position in terms of market share in 1H2023. Total consolidated pre-tax profit reached VND262 billion, increasing by 61.0% YoY, realizing 54.6% of the year plan. Single-entity pre-tax profit reached VND253.5 billion, increasing by 70.4%, realizing 55.1% of the year plan. BIC continues to earn profit from insurance business.

In addition to the good business performance, in the first 6 months of 2023, BIC also had many other achievements such as among Top 10 prestigious non-life insurers in Vietnam, Top 50 fastest growth enterprises in Vietnam in the 2017 - 2022 period, etc.

Speaking at the conference, BIC Chairman Mr. Tran Xuan Hoang acknowledged and spoke highly of BIC’s 1H2023 business performance, and expected that the entire system would continue their efforts to achieve the 2023 business targets. In particular: total single-entity insurance premium reaches VND4,800 billion, consolidated pre-tax profit reaches VND480 billion; market share is maintained, etc.

To achieve those targets, Mr. Tran Xuan Hoang requested BIC to further improve assessment quality; promote research and development of new products; deliver training for agents and partners; accelerate the implementation of digital transformation projects and core insurance systems; study and communicate the new Law on Insurance Business to the whole system; be well prepared to establish new member companies in 2023, etc.