Hanoi Re celebrates revenue milestone in monetary outcomes

Hanoi Re has introduced substantial progress in its monetary outcomes for 2023, with a 12% improve in income reaching VND2,990 billion (roughly US$122.8 million) and a notable 35% rise in pretax revenue to VND256 billion.

This efficiency, the corporate says, marks the best revenue stage since its inception in 2011 and signifies a big enchancment in its mixed ratio to under 95%.

In a information launch, Hanoi Re reported a managed mixed ratio of 94.6% for 2023, an enchancment from 95.2% in 2022, regardless of the worldwide insurance coverage market going through elevated loss ratios amid world uncertainties and geopolitical instabilities.

The corporate attributed this efficiency to its adherence to stringent underwriting tips and its deal with skilled threat engineering supported by an skilled workforce.

It efficiently elevated its constitution capital, considerably boosting its whole fairness by over 60% and strengthening its monetary basis. Moreover, Hanoi Re positioned higher emphasis on insurance coverage auxiliary actions and threat engineering consulting, receiving excessive recognition from shoppers for its skilled providers. The yr additionally marked the corporate’s rebranding from PVI Re to Hanoi Re, celebrated with a launch ceremony attended by quite a few native and worldwide companions.

Taking a look at 2024, Hanoi Re outlined a difficult marketing strategy in anticipation of difficulties in each the native and worldwide insurance coverage markets.

Phung Tuan Kien, chairman of Hanoi Re, emphasised the corporate’s dedication to rigorous threat evaluation and the position of its superior enterprise threat administration system in supporting sustainable growth and delivering worth to clients and shareholders.

Trinh Anh Tuan, CEO of Hanoi Re, described 2023 as a difficult yr for the Vietnamese insurance coverage market, but the corporate managed to exceed its monetary targets by means of strategic initiatives. These included leveraging further proprietor’s fairness to reinforce monetary funding effectivity, boosting retention capability, and increasing each native and abroad reinsurance actions.

The corporate’s success in 2023 was acknowledged throughout a go to by Torsten Leue, CEO of Talanx Group, and Edgar Puls, CEO of HDI World SE, who congratulated Hanoi Re on its achievements.

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