On his trip to Vietnam to attend the Annual General Meeting of Shareholders 2023 of VINARE, Mr. Seng Lee – Regional Head Principal Investments and Acquisitions Asia Pacific, Swiss Re – the foreign strategic shareholder of VINARE – met up with Ms. Dinh Thi Bich Diep, the Council Member of State Capital Investment Corporation (SCIC) the day before the AGM. SCIC and Swiss Re are currently the two largest shareholders of VINARE and shared mutual vision on the long-term development of VINARE.
During the meeting, Ms. Dinh Thi Bich Diep, SCIC Council Member, affirmed that VINARE is one of the companies on the long-term holding list of SCIC. Therefore, SCIC has strengthen its representation in VINARE’s management team to support its effective connection with the market. Through its representatives at VINARE, SCIC is able to help coordinate and promote its development more effectively. In terms of macro policy and connection with other state agencies, SCIC is willing to collaborate with Swiss Re, via VINARE, to maintain close connection with the Government, Ministry of Finance and other agencies. SCIC will continue to coordinate with major shareholders, including Swiss Re, to promote the efficient and sustainable development of VINARE in the future. On behalf of SCIC, Ms. Diep expressed gratitude and appreciation for the steady and extensive supports of Swiss Re for VINARE over the course of 15 years since becoming strategic shareholder.
On Swiss Re’s side, Mr. Seng Lee – Regional Head Principal Investments and Acquisitions Asia Pacific – expressed his pleasure in meeting with high-level representatives of SCIC. As the strategic shareholder of VINARE, Swiss Re acknowledges and appreciates SCIC’s active role in shaping VINARE’s past and future business operations. Being an international reinsurance company and the strategic shareholder of VINARE, Swiss Re is willing to continue providing necessary supports to VINARE, sharing opportunities to help VINARE expand to overseas markets. Along with that, Swiss Re will also support VINARE in risk alert and management. The insurance and reinsurance market is cyclical, so Swiss Re will help VINARE develop effectively and sustainably, consistent with the nature of a national-level reinsurance company.
The two sides also shared information and views on the positive impacts of the Insurance Business Law, which came into effect on 01/01/2023, with higher requirements for compliance.
Swiss Re is one of the world’s leading reinsurers, with over 160 years of establishment (founded in 1863) and consistently maintains an A+ rating by AM Best for many years. As of December 31, 2022, its total shareholder equity was over USD 23 billion, total assets were over USD 170 billion, and its 2022 revenue was USD 48 billion. Swiss Re is currently the second largest and foreign strategic shareholder after acquiring 25% stake in VINARE since January 2008. Before that, Swiss Re had long been one of VINARE’s key reinsurers. Since becoming the strategic partner, Swiss Re has always been the lead Reinsurer with major share in VINARE’s reinsurance programme. Recently, VINARE and Swiss Re have worked together to offer to provide risk transfer solutions for State-owned enterprises in Vietnam.