SVIC planned 916 million profit

  On 25/6, the General Shareholders SHB-Vinacomin Insurance Corporation (SVIC) has adopted most of the newspaper business plan in 2013.


    Notably, in 2013, the company plans to only 916 million profit, while in 2012 reached 22.4 billion net profit, with 58% planning and 41% reduction compared to 2011. Activity in the insurance business in 2013 3.5 times expected losses than done in 2012, estimated losses 27.8 billion (8.5 billion loss in 2012).


    Revenue insurance plan that SVIC set for 2013 increased 41%, to $ 485 billion, of which the original insurance revenue is 465 billion, up 48.6%. Meanwhile, in 2012, SVIC relegated both revenue and market share, down 1 level of revenue compared to 2011, standing at No. 15/29 companies and decreased 0.1% market share (up 1 , 4% market share).


    Explaining making plans, CEO SVIC, Bui Anh Gia said, why bring the outside markets as the economic situation in general difficult, it is also due to intrinsic factors SVIC. That is the reality of business, the potential in the management areas, as well as base and the ability to deploy collaborative business partners, including large shareholders such as SHB, SHS ...


    Another reason is the company is in the process of restructuring following the divestment activities Vinacomin last year, leading to most of the unit is not stable organizations, many regional offices as well as the subsidiary not operating effectively, while remaining thin SVIC network. So, in 2013, one of the central tasks of structural strengthening SVIC is held in the Company as well as the member units, building and developing business systems, identifying changes and development branding.


    In 2012, investment income decreased 4% of SVIC, reaching 63.2 billion, operating expenses of investment increased 47%, reaching 25.1 billion, resulting in a return on investment down 22% compared to 2011 , to $ 37.8 billion. Explaining this, he said Anh Bui, which is due to provision for overdue for some great value as Song Da Thang Long Bond 15 billion in cash securities account Hoa Binh Securities 10 billion.


    Financial targets set for the year 2013 show that the above SVIC, insurance losses from rising, while profits from financial investments fell and can not compensate for the loss of insurance, reserve fund set aside for ( estimated 47 billion), the company should make a modest profit targets as above. 2013, SVIC planned interest from financial investments 28.7 billion, while profit 37.8 billion in 2012.