MSIG Insurance (Vietnam) Co., Ltd (MSIG Vietnam) was set up under the Establishment and Operation Certificate No. 54/GP/KDBH dated September 18, 2008 and started official operations in March 2009. The company provides a wide range of nonlife insurance products for different groups of customers.
Foundation for success
In 2009, the first year of operation, the company outstandingly beat all business targets. It built up the governance regulations, operating processes and necessary policies to ensure the sustained and effective operations. The company was committed to abide by legal regulations on its business sphere while always maintaining the code of conduct at the highest level.
In the context that global and Vietnamese economies were wrecked by the global financial crisis, the company had to double its effort to fulfil and beat business targets set for 2009.
The financial situation of the company was very with 23.78 times higher of solvency margin than the limit set by the Ministry of Finance. Quick ratio and current ratio were always maintained at high levels and satisfied all payment demand of the company. As of December 31, 2009, the company did not have overdue debts or irrecoverable debts. Financial investments including short-term savings targeted at internationally reputed banks and financial institutions. Other liabilities were mainly short-term and immature. Provision funds were established in accordance with professional regulations.
The company attained very encouraging insurance business results. Insurance premiums exceeded VND95 billion, 15.1 percent higher than the plan. Incomes from reinsurance commission, loss valuation, compensation settlements and capital investments were also good. Meanwhile, corporate expenses and cost of sales were much lower than the plan.
Operating loss in the year was VND4.764 million, 83 percent lower than the plan. The company always maintained high liquidity and operating stability. Current ratio and quick ratio were 6.3 times and 0.63 times as of December 31, 2009, respectively.
Besides, the depreciation of Vietnamese dong against the US dollar benefited the company.
Confidence in the future
With these initial results and solid foundation of the mother company, MSIG Vietnam targets to become a leading insurer in Vietnam in the coming years with advanced insurance techniques and best service quality.
With these initial results and solid foundation of the mother company, MSIG Vietnam targets to become a leading insurer in Vietnam in the coming years with advanced insurance techniques and best service quality.
According to the medium and long term development strategies, in 2010 and subsequent years, the company will continue expanding its traditional market while stepping into other market segments. In addition to traditional products, the company will focus on developing new ones to meet a diversified demand of customers. To improve the service quality for customers, MSIG Vietnam will apply advanced technologies and expand personnel training.
Remarking the future development orientation, Mr Shinji Morioka, CEO of MSIG Vietnam, said: "In the following years, the company will continue accelerating the penetration into the traditional market while expanding to other potential segments. The company targets to become a leading insurer in Vietnam with advanced technology and best services.”
Anh Son
Vietnamese
