Doanh thu tăng trưởng cao, Bảo hiểm BSH hướng mục tiêu TOP 6 mảng phi nhân thọ (Mới)

(TBTCO) – In 2022, BSH aims to maintain TOP 7 and get close to TOP 6 non-life insurance enterprises with the largest revenue scale in Vietnam. Revenue growth is associated with operational efficiency, in which, primary insurance premium revenue grows at least 19%, and profit reaches at least 27 billion dong.

Most member companies meet and exceed targets

According to the Vietnam Insurance Association, the original premium revenue of the non-life insurance market in 2021 reached VND 57,881 billion, an increase of 3.98% compared to 2020. This is a record low growth rate. since the non-life insurance market came into operation.

The low growth of the non-life insurance market in the context of Covid-19 is not unexpected, because the Covid-19 epidemic has caused a large and prolonged social distance, which has had a great impact. Typically, the two business groups have the largest proportion of revenue in the market and have been the growth engine of the market for many years, but in 2021 there will be a big decrease. That is, motor vehicle insurance decreased by 6.33%, accident and health insurance increased by only 2.67% – all much lower than the overall growth rate of the market.

Although in 2021, Vietnam’s non-life insurance market is seriously affected by the Covid-19 pandemic (Vietnam’s non-life insurance market only grows about 3.98% – a record low), However, BSH still made efforts and maintained a high revenue growth rate (growth of 13.4% in original premium). The company has shifted its professional structure in a positive direction: TSKT- HH insurance business achieved a growth rate of 29% (market growth was 13.6%) and accounted for 14.3% of revenue, up 2% compared to 2020. This is the premise for BSH to continue to increase the proportion of this business revenue in the following years.

Although the market faces many difficulties, however, thanks to the initiative and flexibility in business plans, in 2021, BSH will still maintain the TOP 7 insurance companies with the largest original premium revenue in the market. Vietnam market with a market share increase of 0.39%, reaching 4.65%.

Also in 2021, BSH achieved a growth rate of 13.4% – being one of the 3 insurance companies in the TOP 10 with the highest growth rate. BSH’s original insurance revenue reached VND 2,691 billion, an increase of 13.4% compared to 2020 and completed 106% of the plan assigned by the Board of Directors. Reinsurance premium revenue reached 61 billion VND, completing 87% of the plan. Profit from financial investment activities reached 195 billion VND, completing 108% of the plan. Pre-tax profit reached VND 257 billion, an increase of VND 240 billion compared to 2020, completing 114% of the plan.

High revenue growth, BSH Insurance targets TOP 6 non-life segments

A product highlight in the past year, BSH has completed a vaccination liability insurance product (Couple 19). BSH is a pioneering insurance company when it launches vaccination liability products in order to join hands to contribute to bringing peace of mind to people getting vaccinated.

It can be seen that BSH’s business performance has been increasingly improved after 3 years (from 2018 to 2020) maintaining a high revenue growth rate, especially in 2021, BSH will start to make profits from operations. insurance business. The year 2021 is a record year in terms of the number and percentage of member companies completing revenue expenditure: with 31/48 units (65%) completing and exceeding the target.

For the first time, BSH has a member company with revenue exceeding VND 150 billion (BSH Hanoi with a revenue of VND 165 billion). In addition, BSH has affirmed its ability to exploit technical asset groups as a leader with Trung Nam Wind Power service with a fee of up to VND 25 billion.

Continue to set growth goals

The socio-economic development target in 2022 was approved by the National Assembly, in which: GDP increases from 6.0 to 6.5%, GDP per capita reaches 3,900 USD, the rate of increase in consumer price index (CPI) CPI) averages around 4.0%… With non-life insurance penetration rate estimated at 0.68% GDP (in 2021, market penetration rate is about 0.63%), revenue Non-life insurance premiums in 2022 are estimated to grow by 15%.

Profits of insurance companies in 2022 may be better than in 2021, according to forecasts, deposit interest rates will increase in 2022, which will increase the profit of investment activities of insurance businesses. (most of the profits of insurers come from deposits) and increase the profits of enterprises in general.

High revenue growth, BSH Insurance targets TOP 6 non-life segments
BSH aims to maintain the TOP 7 and get close to the TOP 6 non-life insurance enterprises with the largest revenue scale in Vietnam.

With the recovery of the economy, Vietnam’s non-life insurance market is also forecast to regain growth momentum on the background of declining premiums in 2021. Insurers will compete fiercely through through lowering insurance premiums, increasing costs, and expanding insurance terms and conditions to regain growth momentum and market share in 2022.

With the advantages of the insurance market in general and the quite solid premise achieved over the years, BSH aims to maintain the TOP 7 and get close to the TOP 6 non-life insurance enterprises with the largest scale. largest revenue scale in Vietnam.

The company will also continue to grow revenue associated with operational efficiency, in which primary insurance premium revenue will grow at least 19% and profit will reach at least 27 billion dong. Increase the proportion of revenue of the group of technical and marine assets (TSKT-HH) from 14.3% to 16.8% (minimum growth rate of 39%). In which, increasing the proportion of revenue in the South region of the Company to at least 27% (25.4 % in 2021), a growth of about 30%.

In addition, BSH aims to be in the TOP 3 markets in terms of revenue from motor vehicle insurance and the compensation rate does not exceed 54%, aiming to make a profit from this service.

The 2022 Annual General Meeting of Shareholders of BSH elected Mr. Do Quang Vinh to join the Board of Directors (BOD) for the term 2018 – 2023. It is known that Mr. Do Quang Vinh is the son of Mr. Do Quang Hien (elect Hien). – who has just resigned from the position of Chairman of the Board of Directors of BSH in order to comply with the provisions of the Law on Credit Institutions.

High revenue growth, BSH Insurance targets TOP 6 non-life segments
Mr. Do Quang Vinh (in the middle) – New Chairman of the Board of Directors of Saigon – Hanoi Insurance Corporation.

Immediately after the meeting, the members of the BSH Board of Directors met to elect the Chairman of the Board of Directors and assigned specific tasks to the members. Accordingly, BSH’s Board of Directors unanimously elected Mr. Do Quang Vinh to hold the position of Chairman of the Board of Directors of the Corporation, with a plan to bring BSH into a new phase of development and stronger integration.

Mr. Do Quang Vinh was born in 1989, holds a master’s degree in Finance – Administration from the University of East Anglia, UK. He has worked for many years in the field of finance – banking and once held the position of General Director of T&T US branch. Currently, Mr. Do Quang Vinh is a member of the Board of Directors – Deputy General Director cum Head of Digital Banking Division, Saigon – Hanoi Commercial Joint Stock Bank (SHB), and Chairman of the Board of Directors of Saigon Securities Joint Stock Company. Saigon – Hanoi (SHS).