Hanoi Reinsurance Joint Stock Corporation (Hanoi Re) has posted a 12% increase in revenue to VND2,990 billion (US$122.8 million) for the full-year 2023, representing a 3% increase from 2022, and a 35% increase in pre-tax profit to VND256 billion.
At the same time, Hanoi Re’s total revenue for 2023 is estimated to sit at VND2,990 billion.
Hanoi Re noted that pre-tax profit is expected to reach VND256 billion, a robust 35% increase from 2022, marking the highest profit level since the company was established in 2011.
The company’s combined ratio for 2023 significantly improved to 94.6%, lower than 2022’s 95.2%.
Looking back at the year, Hanoi Re managed to successfully complete the increase in its charter capital, which resulted in substantial growth of over 60% in total equity.
If you recall, in August 2023, the company also officially rebranded from PVI Re to Hanoi Re.
Moreover, the business plan for Hanoi Re in 2024 is highly challenging, given the anticipated difficulties in both local and overseas insurance markets, the company noted.
However, in this context, the company acknowledges the importance of risk assessment, especially in the early stages.
Phung Tuan Kien, Chairman of Hanoi Re, commented: “With an advanced enterprise risk management system adhering to international standards and a significantly improved financial foundation following the capital increase, with the new brand, we anticipate that in 2024, the company will continue to expand and achieve sustainable development, delivering even more value to customers and shareholders.”
