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2017: BIC aims to reach 1,900 billion VND of premium revenue

Attendees to the BIC conference included Mr. Tran Anh Tuan, BIDV Board Member (in charge of the Board), Mr. Nguyen Huy Tua, BIDV Board Member, Mr. Le Trung Thanh, BIDV Deputy General Director, and relating Directors in BIDV head office. On BIC's side, there were Mr. Tran Luc Lang, BIDV Deputy General Director cum BIC Chairman, Mr. Tran Hoai An, BIC Board Member cum CEO, along with other members of Board of Management and nearly 200 BIC’s key officers across the whole system. The meeting also welcomed the participation of managers from BIC's subsidiaries in Laos, Cambodia and Head of Representative Office in Myanmar.

Speaking at the conference, Mr. Tran Hoai An, BIC CEO, said that in 2016, BIC continued to pursue objectives of efficiency, implemented many strict risk management policies, selected services with appropriate level of risk, strictly controlled human health insurance and motor vehicle insurance despite the fierce competition in the market. Although not as expected, the 2016 business results show positivity and sustainability. Specifically, premium revenue reaches VND 1,671 billion, up 13%, in particular, direct written premiums reaches VND 1,476 billion, up 15% compared to that of 2015 (higher than the average growth rate of the entire market estimated at 12.5%). Profit before tax of the parent company BIC reaches VND 137.8 billion, an increase of 19%. The premium receivable reaches the lowest level, at 3.1% of the direct written premiums.

In addition, in 2016, BIC also achieved many other achievements, including: A.M.Best, the world’s leading financial credit rating agency, revised BIC’s outlooks to Positive from Stable and affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-”; Expanding its network, increasing the total number of wholly-owned subsidiares to 26 and of business departments to over 140; Ranking No. 5 in the top 10 Vietnam most reputable insurers for 2016; Recognized as one of Vietnam’s 50 best performing companies for the 3rd consecutive year; Standed for 7th consecutive year in the Top 1000 enterprise of tax contribution and continued to be voted into the Top 100 Vietnam Excellent Brand; successfully celebrating the 10th anniversary of BIC establishment and receiving the third class labor medal... Especially, BIC was honored to be one of the few non life insurance companies in Vietnam to have an actuary approved by the Ministry of Finance.

For the 2017 plan, according to Mr. Tran Hoai An, BIC is determined to focus on solutions for effective growth, safety and sustainability, and bigger market share in the non-life insurance market in Vietnam. BIC aims to achieve 2017 total premium revenue of VND 1.9 trillion, consolidated profit before tax of VND 186 billion, focus on developing solutions for greater business efficiency, management and operation quality and service quality before, during and after the sale.

Speaking at the conference, Mr. Tran Anh Tuan, BIDV Board Member (in charge of the Board), determined that insurance is the opportunity for BIDVin the roadmap of restructuring for greater income from non-credit service products. Mr. Tuan also directed relevant Divisions of BIDV to create internal mechanisms to support the operation of BIC, making the provision of insurance products a condition in the credit process. "BIDV's staff needs to determine that insurance not only benefits customers, but also limits and controls credit risks to BIDV itself," said Mr. Tuan.

Listening to the speech by Mr. Tran Anh Tuan, Mr. Tran Luc Lang, BIC Chairman, said that BIC continued to set the target of efficiency and would gradually increase performance indicators for BIC affiliates by efficiency and profit. The BIC Chairman suggested that BIDV continue to provide support to BIC especially in terms of training, information technology, and Bancassurance. As for BIC's operations in the coming period, BIC Chairman expected to implement changes in management model, effectively restructure the operations of BIC and continue to look into the Holdings model before the official transformation to ensure compliance with the BIC's operations.

In addition to the business conference, in preparation for a challenging business year of 2017, BIC also carried out a variety of training programs in areas including Bancassurance, Claims assessment, Financial Accounting, discussion programs on Underwritting and Re-insurance, etc. In particular, on this occasion, BIC organized a Gala Dinner to kick off the 2017 Business Plan and give acknowledgement to 7 best performers across the BIC system in all areas.

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