In 2023, the Vietnamese insurance market in general and the non-life insurance sector in particular will continue to face many difficulties. According to data from the Insurance Supervision and Management Department (Ministry of Finance), the total premium revenue of the whole market in 2023 is estimated at VND 211,187 billion, down 4.43% over the same period last year, of which premium revenue in the non-life insurance sector is estimated at VND 71,149 billion, up 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, BIC General Director Tran Hoai An said that the total insurance premium revenue of BIC's parent company last year reached nearly 5,000 billion VND, an increase of nearly 30% compared to the previous year, completing 104% of the annual plan. Of which, original insurance premium revenue was over 4,600 billion VND, an increase of nearly 30% compared to 2022, completing 105% of the annual plan, helping BIC rise and maintain its position in the Top 6 in terms of market share of original insurance premium revenue.
BIC's performance indicators in 2023 also had a strong breakthrough. Total consolidated profit before tax reached nearly 580 billion VND, up nearly 50% over the previous year, completing 120% of the annual plan. Of which, pre-tax profit alone reached nearly 560 billion VND, up over 50% over 2022. In particular, BIC continued to record high profits from insurance business activities. Return on total assets (ROA) and return on equity (ROE) also increased sharply, at 6.4% and 17.0%.
BIC determined to complete challenging goals in 2024
In addition to good business results, in 2023, BIC also achieved many positive results in other aspects of operation such as: being ranked by AM Best at the highest level of aaa.VN in financial capacity in Vietnam; being honored with many prestigious titles and awards such as Top 10 Most Prestigious Non-Life Insurance Companies in Vietnam, Top 50 Best Growth 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.
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 Board of Directors and all BIC staff 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 suggested that the BIC system continue to grow revenue strongly while 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 3 leading non-life insurance companies in terms of profitability in the market; Improve governance and risk management in a prudent, safe and effective manner.
Within the framework of the 2023 Year-end Conference, BIC also organized many meaningful programs including the Gala to launch the 2024 business plan and the 2023 Venus Awards Ceremony for the most outstanding individuals and groups of the year, along with a workshop to discuss professional, business and accounting policies for 2024. The programs have contributed to enhancing the spirit of solidarity, fanning the fire of determination of the BIC system, ready to face difficulties, challenges and reap successes in 2024./.
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