BIC's pre-tax profit increased by nearly 40% over the same period.

Attending the Conference were Mr. Tran Xuan Hoang - Member of BIDV Board of Directors, Chairman of BIC Board of Directors, Mr. Tran Hoai An - Member of Board of Directors, General Director of BIC and members of Board of Directors, BIC Board of Directors, Directors of Departments at Headquarters and Member Companies, General Directors of 2 joint ventures of BIC in Laos and Cambodia.

The conference focused on analyzing and evaluating BIC's business performance in the first 6 months of 2024. Accordingly, BIC's total insurance premium revenue in the first half of 2024 reached nearly VND 2,700 billion, an increase of approximately 15% over the same period last year, completing nearly 50% of the annual plan.

Of which, original insurance premium revenue reached nearly VND 2,600 billion, growing approximately 15% over the same period in 2023, higher than the overall growth rate of the whole market (11.2%, according to the General Statistics Office).

With this business result, BIC has risen to 5th place in market share in the first half of 2024. Total consolidated pre-tax profit in the first 6 months of 2024 reached nearly 370 billion VND, an increase of approximately 40% over the same period last year, completing 60% of the annual plan. Of which, individual pre-tax profit reached nearly 360 billion VND, an increase of approximately 40%, completing 60% of the annual plan. In particular, BIC continues to make profits from insurance business activities.

In the first 6 months of 2024, BIC also continued to record positive results from the insurance distribution channel through banks (Bancassurance). In particular, in the first half of 2024, the Bancassurance channel paid insurance to more than 1,000 customers. In which, the largest payment case was up to 7.7 billion VND for a customer in Phu Tho. With practical benefits and profound human values, BIC's Bancassurance products have accompanied and shared financial difficulties with customers, while continuing to affirm their role as an effective risk management tool for banks and credit institutions.

In addition to good business results, in the first 6 months of 2024, BIC was ranked 5th in the Top 10 most prestigious Non-life Insurance Companies in Vietnam by Vietnam Report.

Mr. Tran Xuan Hoang - Member of BIDV Board of Directors, Chairman of BIC Board of Directors spoke at the conference.

Speaking at the Conference, BIC Chairman Tran Xuan Hoang acknowledged and highly appreciated BIC's operating results in the first 6 months of 2024, and expected that the entire BIC system would continue to strive to successfully complete the 2024 business plan, grow revenue strongly, while ensuring operational efficiency and safety.

Chairman Tran Xuan Hoang also requested that the BIC system be determined to maintain its 5th position in market share by the end of 2024, completing the strategic goal by 2025 assigned by the Board of Directors early. Chairman Tran Xuan Hoang requested that BIC continue to strongly implement solutions for the Bancassurance channel to adapt to the new regulations of the Law on Credit Institutions 2024, effective from July 1, 2024, while focusing on further improving the quality of compensation appraisal work; promoting research and development of new products; strengthening training for agents and partners; speeding up the implementation of IT projects; preparing well to establish new member units in the last 6 months of 2024...

Mr. Tran Hoai An - Member of Board of Directors, General Director of BIC.

On behalf of BIC, receiving the instructions of BIC Chairman Tran Xuan Hoang, Mr. Tran Hoai An - Member of the Board of Directors, General Director of BIC affirmed that the entire BIC system will closely follow the guiding motto "Discipline, Quality, Transformation of operations" in 2024 of BIC's Board of Directors, making every effort to complete the goals assigned by the two major shareholders BIDV and Fairfax, becoming an insurance company with strong growth in both revenue and profit.

On the sidelines of the 2024 Mid-Year Review Conference, BIC organized the 2024 Sports Finals with the participation of a large number of employees nationwide. The Sports Festival created a useful playground, an opportunity for the entire BIC system to exchange, connect, and together determine to complete the business goals in 2024 and for many years to come.

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