On January 17, 2024, in Hanoi, BIDV Insurance Corporation (BIC) held a conference to summarize the year 2023 and deploy the 2024 business plan.

In 2023, the Vietnam’s insurance market in general and the non-life insurance sector in particular continued to face many difficulties. According to data from the Department of the Insurance Supervisory Authority (Ministry of Finance), total premium of the insurance market in 2023 is estimated to reach VND 211,187 billion, down 4.43% compared to the previous year, of which, non-life premium is estimated to reach VND 71,149 billion, growing about 2% compared to 2022. In that context, with efforts and proactive and creative business solutions, BIC still achieved positive and comprehensive results in 2023.

Reporting to the Conference on business results in 2023, CEO Tran Hoai An said that the gross written premium of BIC Parent Company last year reached nearly VND  5,000 billion, growing nearly 30% compared to the previous year, completing 104% of the year's plan. Of which, direct premium was over VND 4,600 billion, growing nearly 30% compared to 2022, completing 105% of the year's plan, helping BIC rise to 6th position in the market in terms of market share of direct premium.

BIC's efficiency indicators in 2023 also had a strong breakthrough. Total consolidated profit before tax reached nearly VND 580 billion, growing nearly 50% compared to the previous year, completing 120% of the year's plan. Of which, pre-tax profit alone reached nearly VND 560 billion, growing over 50% compared to 2022. In particular, BIC continued to maintain profits from insurance business activities. Return on total assets (ROA) and return on equity (ROE) also increased, at 6.4% and 17.0%.

BIC is determined to complete challenging goals by 2024

Besides good business results, last year, BIC also made its mark in other aspects of operations such as receiving A.M. Best ranks financial capacity at the highest aaa.VN level in Vietnam; was honored with many prestigious titles and awards such as Top 10 most prestigious non-life insurance companies in Vietnam, Top 50 best growing companies in Vietnam, Top 500 largest enterprises in Vietnam, Top 500 most profitable enterprises in Vietnam, Top 10 best places to work in the non-life insurance industry in Vietnam, etc.

Speaking at the Conference, Mr. Tran Xuan Hoang - Chairman of the Board of Directors of BIC, highly appreciated the impressive results that BIC achieved in 2023. Mr. Tran Xuan Hoang also congratulated and thanked the BIC’s Board of Managements and all employees for a year of dedication and efforts to contribute to the overall business results of the system. Looking forward to 2024, Mr. Tran Xuan Hoang proposed BIC to continue to grow strongly in premium associated with ensuring operational efficiency, striving to be in the Top 5 leading non-life insurance companies in terms of market share, while continuing to maintain its position as one of the three leading non-life insurance companies in terms of profitability; Improve governance and risk management in a prudent, safe and effective manner.

Along with the 2023 summary conference, BIC also organized many meaningful programs including the 2024 business plan launching Gala and the 2023 Sao Kim Awards Ceremony for the most outstanding individuals and groups of the year, Workshop to exchange professional, business and accounting policies for 2024. The programs contributed to enhancing the spirit of solidarity, fanning the fire of determination of the BIC, ready to face difficulties, challenges and reap successes in 2024.