On 29/11/2018, Police Investigation Agency - Ministry of Public Security issued a decision to institute the case "Violations of regulations on banking activities and other activities related to banking activities" Some of them are individuals, including Mr. Tran Luc Lang - former Deputy General Director of BIDV, former Chairman of BIDV Insurance Corporation (BIC). Tran Luc Lang's offenses relating to banking activities have been reported by BIDV to authorities. The operation of BIDV system in general and BIC in particular are not negatively affected by these violations.
On November 29, 1818, the Board of Directors of BIC issued Resolution No. 099 / NQ-HDQT to dismiss BIC Chairman Tran Luc Lang and unanimously appointed Mr. Ramaswamy Athappan - Vice Chairman BIC as in charge of the activities of the BIC Board, assuming the responsibilities, duties, powers of interim Chairman of the BIC until a new Chairman is decided.
BIC has two major shareholders, BIDV - the largest financial institution in Vietnam, and FairFax, the global insurer and reinsurer based in Canada. BIC is one of the eight leading non-life insurance companies in the market and ranks among the top 3 most profitable non-life insurance companies in the market. In 2018, BIC has been rated by the world's leading financial credit rating agency AMBest. AM Best recently raised BIC's financial strength from B+ to B++ and long-term rating from "bbb-" to "bbb". BIC's operations have continued to steadily grow profitably in the context of the extremely competitive non-life insurance market.
Since its inception, BIC has been operating profitably and sustainably. By the end of 10/2018, BIC's business activities continue to record positive results, aiming to fulfill the 2018 targets set by the General Meeting of Shareholders. Specifically, the total premium income for the first 10 months of 2018 was over VND 1,600 billion, up over 15% over the same period of 2017. Profit before tax was over VND 180 billion, more than 20% over the same period in 2017.
BIC is confident that its business activities will be safe, stable and not negatively affected by the above events. BIC expects to continue to receive trust and support from its customers, partners and shareholders. In the coming time, BIC is committed to improving and innovating business activities to bring the best products and services to customers and at the same time focus on building advanced information technology systems to improve customer service, provide diversified financial solutions to our customers and to focus on strengthening and building a more effective risk management system.