“A Bright Start: PJICO’s Impressive Performance in Q1”

PJICO’s impressive first-quarter results demonstrated a profit before tax of nearly VND 90 billion, completing almost 30% of the annual target and a 6.3% increase from the previous year. This reflects the company’s effective strategies in revenue growth and risk management.

The bright spot in PJICO’s first-quarter financial performance showcases the company’s unwavering efforts in a highly competitive market, where the non-life insurance industry faces constant fluctuations.

Maintaining stable profit growth also indicates PJICO’s strong financial fundamentals and adaptability to market changes. Their financial investments continue to generate consistent cash flow, ensuring solvency and increasing profits.

According to the Vietnam Insurance Association, the non-life insurance market’s total revenue in the first quarter of 2025 is estimated at VND 21,775 billion, an 8.8% increase year-on-year. As of March 2025, the total insurance payout reached VND 5,477 billion, corresponding to a payout ratio of 25.2% (excluding reserves).

The solid start to 2025 builds on PJICO’s sustainable development journey over the last 30 years, especially the past three years. During 2022–2024, PJICO solidified its position in the non-life insurance industry, consistently achieving top-tier growth rates in revenue and profits, coupled with efficient and safe financial indicators.

Consequently, the international financial rating organization, A.M. Best, maintained PJICO’s rating at “B++” (Good) with a stable outlook. They also assigned a credit rating of “bbb” and the highest national rating of “aaa.VN,” reflecting the company’s robust financial strength, sound development strategy, and effective risk management capabilities.

Chairman of the Board of Directors, Pham Thanh Hai, speaking at the annual general meeting of shareholders

In 2022, as the insurance industry recovered from the COVID-19 pandemic, PJICO made a remarkable breakthrough. Gross insurance revenue reached VND 3,772 billion, a 12.8% increase from the previous year, while pre-tax profit reached VND 253 billion, surpassing the planned target.

2023 was another year of robust growth for PJICO as they surpassed the VND 4,000 billion mark in gross insurance revenue, reaching VND 4,023 billion, a 6.7% increase from 2022. This growth rate was 2.5 times higher than the industry average. Notably, pre-tax profit grew by over 12% year-on-year, achieving 111% of the plan and reaching VND 284 billion.

In 2024, the non-life insurance market faced challenges due to natural disasters, particularly Typhoon YAGI, which caused significant losses for many insurance companies. Nonetheless, PJICO recorded positive results, with total revenue exceeding VND 5,000 billion for the first time, reaching VND 5,279 billion. Gross insurance revenue reached VND 4,397 billion, a 9.3% increase from 2023, surpassing the plan by 109%. Pre-tax profit reached VND 291 billion, a 2.6% increase, an impressive result considering the profit decline experienced by many industry peers. PJICO was recognized as one of the top-performing companies in the market.

Total assets increased from VND 6,761 billion in 2022 to VND 8,424 billion at the end of 2024, representing a significant growth of over 24%, showcasing PJICO’s strong financial accumulation and expansion capabilities. Additionally, PJICO maintained a high level of large fluctuation reserves, a critical tool for protecting financial stability and ensuring timely and sufficient customer payments.

According to the report, in 2024, PJICO set aside VND 398.9 billion for large fluctuation reserves, one of the highest in the non-life insurance industry and nearly double the average reserve rate of the entire industry.

PJICO employees working towards business targets

Amid global economic uncertainties and anticipated challenges in the market, PJICO remains committed to sustaining its financial strength and profitable operations.

As per the recently approved shareholders’ meeting, PJICO aims for a 5% profit growth in 2025, equivalent to VND 306 billion in pre-tax profit, reinforcing the company’s steadfast determination cultivated over three decades of development.

Chairman Pham Thanh Hai speaking at the conference on the 2025 Business Plan

Additionally, the company is accelerating digital transformation, enhancing governance efficiency, optimizing sales activities, diversifying distribution channels, and improving customer experience. These initiatives lay the foundation for PJICO to achieve sustainable growth and maintain its leading position in Vietnam’s non-life insurance market.