- Official name: Bank for Investment and Development of Vietnam Insurance Joint Stock Corporation
- Transaction name in English: BIDV Insurance Corporation
- Chartered capital: 1,172,768,950,000 VND
- Head office: Floor 16, Block A, Vincom tower, 191 Ba Trieu Street, Hai Ba Trung district, Hanoi, Vietnam
- Tel: 024. 22200282 Fax: 024.22200281
- Website: www.bic.vn Email: firstname.lastname@example.org
The BIDV Insurance Corporation was established based on the development strategy conceived of by the Bank for Investment and Development of Vietnam as a financial group operating under the BIDV trademark. BIDV bought the shares of the QBE Insurance Group (Australia) to establish the BIDV – QBE joint venture (a foreign company established in Vietnam in 1999). BIC officially began operating under the new brand name from January 1 2006.
Inheriting six year’s of experience in the non-life insurance market accumulated by the joint venture and 55 years of experience in the financial markets through BIDV, BIC continues providing non-life insurance products and service package to BIDV customers.
According to the Association of Vietnam Insurers (AVI), BIC has been one of the fastest growing insurance companies over the past four years and now ranks sixth among 29 non-life insurance companies in term of written premiums. Besides being the leading company in developing Bancassurance and e-business channels, BIC is also the first company to develop a network of operations across the entirety of Indochina.
From October 1 2010, following agreement by the Ministry of Finance, BIC was officially transformed into Corporation and increased its chartered capital to 660 billion dong. BIC’s 19 branches were also upgraded to wholly-owned subsidiaries.
BIC now has 700 staff serving customers in 25 subsidiaries in 120 offices, and employs over 1,500 agents nationwide. Our goal is to become one of five largest and most prestigious insurance companies in Vietnam and will continue to act as one of two core BIDV businesses.
BIC listed its shares on the Ho Chi Minh City Stock Exchange (HOSE) under the code of BIC on 6th September 2011.
- Bank for Investment and Development of Vietnam (BIDV) and QBE International Insurance Company cooperate to establish the BIDV – QBE Insurance Joint Venture.
- On January 1st 2006, BIDV bought the shares of QBE in the joint venture and changed its name to the BIDV Insurance Company (BIC).
- BIC increased its chartered capital to 500 billion dong, and opened 11 new branches and 30 regional business offices.
- With the strategy promoting the expansion of operations throughout Indochina, BIC cooperated with the Lao-Viet Joint Venture Bank (LVB) and Banque Pour Le Commerce Exterior Laos (BCEL) to establish the Lao - Viet Insurance Joint Venture Company (LVI)
- In the same year, BIC launched its Bancassurance product; and was granted Quality Management System Certification under the ISO9001:2000. The bank also won the 2008 Strong Brandname of Vietnam Award.
- In September 2009, after being entrusted with full management of the Cambodia Vietnam Insurance Company (CVI), BIC became the first Vietnamese insurance company to simultaneously operate in Vietnam, Laos and Cambodia.
- After just one year, BIC’s Bancassurance product received industry acknowledgement through the Excellent Service Cup 2009 award.
- Due to its role in the development of the Vietnamese insurance market, BIC was honored by the Head of the Vietnamese Ministry of Finance.
- BIC was nominated among the top 100 Golden Star Vietnamese brand names.
- From the October 1 2010, BIC officially transformed from a 100% state owned company to a joint stock company under the new Bank for Investment and Development of Vietnam Insurance Corporation – BIC.
- In this year BIC was granted the Certificate of The Prime Minister, adknowledging BIC’s contribution to the country development and the Socialism protection.
- BIC opened 2 new wholly-owned subsidiaries named BIC Bac Bo and BIC Sai Gon, added 17 business offices nationwide, expanded the operation network to 21 wholly-owned subsidiaries and 91 business offices.
- In an aim to approach individual clients, BIC launched the website www.BaoHiemTrucTuyen.com.vn, providing insurance products online
- 66 billions shares of BIC was listed on the HCMC Stock Exchange (HOSE) under the code of BIC on 6th September 2011.
- BIC focused on retail business
with the debut of range of individual products and the improvement of
almost distribution channels, especially Bancassurance and E-bussiness.
difficulties due to the Vietnam's economy's recession, BIC successfully
met the target of 2012 and remained one of the most efficient insurance
companies in the market.
- In an aim to expand the operation to oversea, BIC bought the share of
Lao Viet Joint Venture Bank in Lao Viet Insurance Joint Venture Company
to increase the share of BIC in LVI to 65% and issued consolidated
financial statement since Quarter 3.
- In September 2013, pursuing the restructuring strategy to BIC Holdings model and bring to
clients the fulfilled insurance package including life and non-life
insurance services, BIC, BIDV and Metlife – one of the biggest life
insurance firm in United State signed the Joint-Venture contract to
establish BIDV-Metlife insurance limited company in Vietnam.
- In this
year, BIC established the 22nd subsidiary - Dong Do BIDV Insurance
Company, marking the strategy of focusing on key and potential markets.
In 2014, despite difficulties of the economy, BIC achieved almost business goals of the year and registered an impressive increase ever in 10 years of operation.
After two increases in BIC’s chartered capital, including the issue of 3.3 million shares to employees in ESOP program and the 10% of devidend payment to shareholders, BIC’s chartered capital increased from 600 billion dong to over 762 billion dong.
In 2014, BIC set up 3 wholly-owned subsidiaries namely BIC Cuu Long, BIC Lao Cai and BIC Tay Bac, raising the total wholly-owned subsidiaries to 25, widely cover all nation’s focus areas.
Thanks to its excellent performance during 10 years, BIC was assigned a financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" by A.M.Best. The outlook assigned to both ratings is stable.
In 2015, BIC officially opened Representative Office in Myanmar. It plays a role as a bridge to connect commercial trade and promote insurance business between Vietnam and Myanmar. Thanks to the impressive business results, BIC continued to be affirmed the financial strength rating of B+ (Good) by A.M. Best.
Especially, in 2015, BIC entered into a share subscription agreement with Fairfax Asia Limited, a wholly-owned subsidiary of Fairfax Financial Holdings, a global insurer and reinsurer headquartered in Toronto, Canada. In which, Fairfax Asia Limited acquired 35% of the outstanding shares of BIC to become a strategic investor of BIC.
Thanks to memorable achievements for 10 years of operation and positive contribution to socio-economy of the country, BIC was awarded the Third-Class Labor Medal by the Party and State.
In 2016, A.M.Best revised the outlooks for BIC to positive from stable and affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-”. Especially, BIC was honored to be one of the few non life insurance companies in Vietnam to have an actuary approved by the Ministry of Finance.
SCOPE OF OPERATIONS
- Non-life insurance
- Financial Investments
- Other activities regulated by the Law
KEY PRODUCTS & SERVICES
- Contractor and Construction Risk
- Contractor Plant and Machinery
- Machinery Breakdown
- Property All Risks
- Fire and Allied Perils Insurance
- Business Interruption Insurance
- Money Insurance
- Personal Accident Insurance
- Travel Insurance
- Liability Insurance
- Marine Cargo Insurance
- Hull Insurance
- Motor Vehicle Insurance
- Credit and Financial Risks Insurance
- Aviation Insurance
- Other insurance products
Reinsurance: Receiving and ceding reinsurance in relation to all classes of non life insurance
Financial Investment: Trading in stocks and bonds, participating in joint stock companies and other financial investments.
- Loss Prevention
- Loss Surveys
- Other activities regulated by the Law: real estate trading, lending activities (as outlined under the Credit Organization Law).