The Company's pre-tax profit in the first quarter reached nearly VND90 billion, completing nearly 30% of the annual target and increasing by 6.3% over the same period last year, reflecting the effectiveness of revenue growth and risk control.
A bright spot in PJICO's Q1 business results shows the Company's continuous efforts in the context of the entire industry facing fierce competition, the non-life insurance market is still fluctuating.
Continuing to maintain stable profit growth also shows the Company's solid financial strength and high ability to adapt to market changes. Financial investment activities continue to bring stable cash flow, ensure payment capacity and increase profits.
According to newly published data from the Vietnam Insurance Association, the total revenue from the non-life insurance market in the first quarter of 2025 is estimated at VND 21,775 billion, up 8.8% over the same period last year. As of the end of March this year, the total amount of principal insurance compensation reached VND 5,477 billion, equivalent to a compensation rate of 25.2% (excluding compensation reserves).
The solid start of 2025 was inherited from the sustainable development journey that PJICO has maintained for the past 30 years, especially in the last 3 years. In the period of 2022–2024, PJICO has constantly strengthened its position in the non -life insurance industry, with the growth rate of revenue and profit always in the market leader, and highly effective and safe financial indicators.
For that reason, PJICO is continuously ranked by the international financial rating organization A.M.Best to maintain its assessment at the "B++" (good) level with a stable outlook, while also rating credit capacity at the "bbb" level and high national credit Top "aaa.VN". These reviews are clear evidence of the Company's solid financial capacity, reasonable development strategy and effective risk management capability. At the same time, it is an important milestone to strengthen confidence in the market, partners and international reinsurers.
In 2022, when the insurance industry began to recover after the heavy impact from Covid-19 pandemic, PJICO quickly made a breakthrough. Original premium revenue reached 3,772 billion dong, up 12.8% compared to the previous year, while profit before tax reached 253 billion dong - completed exceeding the plan. Combined Ratio is 92%, belonging to the top group of the market, along with a large vibrating reserve fund of up to 363 billion VND, showing that this enterprise not only grows but also operates on a cautious and effective financial platform.
2023 continues to be a year of strong growth as PJICO for the first time surpasses the 4,000 billion VND primary insurance premium revenue mark, reaching 4,023 billion VND, an increase of 6.7% compared to 2022. This growth rate is 2.5 times higher than the overall growth rate of the whole industry. In particular, pre-tax profit grew by more than 12% compared to the previous year, completing 111% of the plan, reaching VND 284 billion,
Entering 2024, the non-life insurance market faces many challenges due to natural disasters, especially typhoon YAGI, causing many insurance companies to suffer great losses. However, PJICO still recorded positive results with total revenue exceeding VND 5,000 billion for the first time, reaching VND 5,279 billion; principal insurance fee revenue reached VND 4,397 billion, up 9.3% compared to 2023, exceeding the plan by 109%. Pre-tax profit reached VND 291 billion, up 2.6%, an impressive result in the context of many businesses in the same industry recording a deep decline in profits. PJICO is considered one of the Top units in the market for effective business operations.
Total assets increased from VND 6,761 billion in 2022 to VND 8,424 billion at the end of 2024, equivalent to an increase of more than 24%, showing the ability to accumulate and expand strong financial scale. In addition, PJICO continues to maintain a high vibrating reserve fund - one of the key tools to help protect financial efficiency against abnormal fluctuations, while ensuring the commitment to pay proper, sufficient and timely to customers. According to the report, in 2024, PJICO set up a large reserve fund of 398.9 billion dong, the top high level in the non -life insurance block, far exceeding the nearly more than the general setting ratio of the whole industry.
In the context of the global economy still facing many potential uncertainties, the market is forecast to continue to face many challenges, PJICO continues to adhere to the goal of maintaining financial strength and good business performance.
According to the recently approved VBSP plan, in 2025, PJICO sets a profit growth target of 5%, equivalent to VND306 billion before tax, continuing to affirm the strong determination that the enterprise has been steadfastly accumulating over more than 30 years of development.
At the same time, the company also promotes digital transformation, improves governance efficiency, optimizes sales operations, diversifies distribution channels and improves customer experience. These are also important platforms to help PJICO realize sustainable growth goals, maintaining its top position in the non-life insurance market in Vietnam.
