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VINARE posted 14 per cent growth in 2021 profit

VINARE posted 14 per cent growth in pre-tax profit in 2021 despite a decline of 8.2 per cent in gross written premiums.

The decline was intentional as the company shifted its focus to core business lines which are more sustainable rather than cash-flow underwriting. The premium volume from core business increased 7.2 per cent year-on-year as a result of more active marketing efforts and close connection with the local market.

During the last year, VINARE increased its paid-up capital to over VND1,507 billion from surplus and paid out dividend of 15 per cent to its shareholders. The price of VINARE share also experienced a spike in the stock market which closely reflected its true value.

In the review period 2021, VINARE’s financial strength rating (FSR) is at B++ (Good) and the issuer credit rating (ICR) is at “bbb+” (by AM Best). VINARE is one of the first two insurance/reinsurance companies in Vietnam’s insurance market to have its financial strength rated by an international rating agency since 2013 and continuously maintains the rating B++ since then, reflecting its strong financial position and good operating results.

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