VINARE marks 30 years with anniversary event in Hanoi

VINARE marks 30 years with anniversary event in Hanoi | Insurance Business America

Reinsurance

VINARE marks 30 years with anniversary event in Hanoi

Reinsurer celebrates its milestones, highlighting partnerships and future goals

Reinsurance

By
Kenneth Araullo

Vietnam National Reinsurance Corporation (VINARE) marked its 30th anniversary on Sept. 27 with a ceremony in Hanoi.

Attendees at the event included representatives from the Ministry of Finance, the Insurance Supervisory Authority, the Insurance Association of Vietnam, the State Capital Investment Corporation (SCIC), as well as major shareholders like Swiss Re.

Representatives from domestic and international insurance and reinsurance companies, brokers, and loss adjusters were also present. Current and former members of VINARE’s Board of directors, supervisory board, and employees attended the celebration.

VINARE, established on Sept. 27, 1994, under a decision by the Ministry of Finance, began with a charter capital of VND 40 billion. Over three decades, the company has grown significantly, with total assets reaching VND 7,713 billion by the end of 2023, and a charter capital of VND 1,658 billion.

Owners’ equity stood at VND 3,446 billion, and the company’s market capitalization as of December 29, 2023, was VND 4,228 billion.

VINARE was one of the first two insurance/reinsurance companies in Vietnam to be rated by AM Best, an international credit rating agency, and has maintained a B++ rating since 2013, reflecting its solid financial position and business performance.

During its 30-year journey, VINARE has received numerous awards from the government, including the Third-Class Independence Order and several First-, Second-, and Third-Class Labor Orders. The company has also been recognized for its corporate governance and information disclosure practices.

At the anniversary event, VINARE’s chairman of the board, Nguyễn Anh Tuấn, expressed gratitude for the government’s guidance, particularly from the Ministry of Finance, and the support from shareholders, including SCIC, Swiss Re, Bao Viet Holdings, and others. He also acknowledged the company’s strong partnerships with both domestic and international clients and partners.

During the celebration, VINARE also announced that it would redirect funds initially allocated for sporting events to support communities affected by storms and floods. These funds will help in the reconstruction efforts following natural disasters.

In collaboration with domestic insurance companies, VINARE quickly responded to disaster sites, assessed damages, advanced compensation payments, and implemented measures to mitigate losses. The company also supported the recovery of businesses and communities impacted by Typhoon No. 3.

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