Non-life insurance enterprises expand in market

Although the pandemic continues to be complicated, insurance companies are still confident in the development strategy. (Photo: VNA)

Hanoi (VNS/VNA) - Over the past year, the economic situation has changed a lot due to the pandemic, which has affected non-life insurancerevenue, but many businesses still achieved high profits.

PVI Insurance Corporation said that its pre-tax profit reached 790billion VND (34.3 million USD) last year, exceeding 22.4 percent of its plan.

The new year begins in the context of the "newnormal", and although the pandemic continues to be complicated, insurancecompanies are still confident in the set development strategy.

“In 2021, we spent a lot of time expanding our business whilestrengthening our internal infrastructure in line with our profitable growthbusiness strategy. During the past year, all employees of the company haveeffectively pursued both directions together. Entering 2022, we will focus onstrengthening the internal resources of the supporting departments at the headoffice,” said a representative of Post and Telecommunication Joint StockInsurance Corporation (PTI) to Dau tu chung khoan (Securities Investment)online newspaper.

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

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

A quick report of non-life insurance businesses shows that thissector only grew 1.7 percent in revenue last year compared to 2020, a recordlow growth compared to previous years.

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

The revenue growth rate dropped sharply, but some businessessaid that last year was not a year of great fluctuations, because the non-lifeinsurance market in Vietnam was always changing and the competition was gettingfiercer.

Although there are different views and assessments about themarket's recovery, businesses believe that the non-life insurance market willcontinue to grow./.

VNA