Good news from the first quarter of 2023
According to the General Statistics Office, at the end of the first quarter of 2023, the premium revenue of the domestic non-life insurance sector is estimated at VND 19,870 billion, an increase of 15.2% over the same period last year. Although the market still has many difficulties and challenges, since the first months of the year, insurance companies have stepped up exploitation and quickly regained double-digit growth momentum.
PJICO's total original insurance premium revenue in the first quarter of 2023 increased by 13.7%.
Grasping this development momentum, in the first quarter of 2023, PJICO Corporation has resolutely implemented a multi-channel business plan, while focusing on effective operations. PJICO's efforts have produced positive results. By the end of March, total original insurance premium revenue reached VND 1,040 billion, up 13.7% over the same period in 2022; pre-tax profit is estimated at VND 64.3 billion.
In addition to positive business results, in the first quarter of 2023, PJICO also appointed two new Deputy General Directors. Specifically, the Board of Directors decided to appoint Mr. Bui Van Thao - Head of Marine Insurance Department and Mr. Tran Hoai Nam - Head of Motor Vehicle Insurance Claims Assessment Department to hold the position of Deputy General Directors, for a term of 5 years from April 1, 2023. It is known that the two newly appointed leaders have worked at PJICO since the early days of the Company's establishment, up to now 28 years, with experience in understanding the system and in their new positions, they will quickly work with the PJICO Board of Directors to complete the organizational structure, focus on serving customers with the motto of taking customers as the center and strengthening business operations to bring high efficiency in the coming time.
In the first quarter of 2023, PJICO appointed two new Deputy General Directors.
Consistent with the direction of sustainable, safe and effective development
According to the PJICO Board of Directors, the insurance market still has a lot of room for growth. The current non-life insurance market size is only nearly 3 billion USD, accounting for about 0.7% of Vietnam's GDP, while this rate in Southeast Asian countries is usually over 2% of GDP. There are still many opportunities for development, combined with the resonance from the growth of digital insurance technology (insurtech), which will help the non-life insurance sector achieve more breakthroughs in the future, while gradually changing the interaction between insurance companies and customers in a faster and more convenient direction.
In the second quarter of 2023, PJICO will continue to focus on synchronously implementing business solution groups based on the orientation of sustainable, safe and effective development, while accelerating the implementation of joint cooperation agreements with strategic partner Samsung Fire & Marine Insurance (SFMI) on improving and upgrading online sales channels to enhance position and competitiveness; implementing online compensation and moving towards centralized compensation through the information technology system to bring modern experiences to customers...
PJICO expects to have strong development steps in the coming time.
By the end of 2022, PJICO's total original insurance premium revenue reached VND 3,772 billion. In terms of market share - original insurance revenue in 2022, PJICO ranked in the top 6 in the group of enterprises with the largest insurance premium revenue in the market. However, in terms of combined ratio and ratio of Large Fluctuation Reserve Fund/original insurance revenue in 2022, PJICO ranked 2nd in the market, only after the insurance enterprise with the number 1 market share. PJICO's combined ratio in 2022 reached 92%, the large fluctuation reserve fund was VND 363 billion.
The combined ratio and the ratio of large fluctuating reserve funds/original insurance revenue are two important indicators to evaluate the financial health and business performance of insurance companies. The above figures show that PJICO's business activities are on the right track for sustainable, safe and effective development.
In 2023, PJICO sets a business plan with the following targets: total original insurance revenue of VND 4,150.7 billion, up 10% compared to 2022; pre-tax profit of VND 255.6 billion; dividend of 12%.
PV
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