INTRODUCTION

BIDV Insurance Corporation (BIC) 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.

According to the Association of Vietnam Insurers (AVI), BIC now ranks eighth 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.

15 years of insurance experience

1.077 persons

26 branches

2 overseas joint ventures

B++ rated by A.M.Best

1.172 billion dong charter capital

VISION AND MISSION

VISION

- To become 1 in Top 5 of non-life insurance enterprises in the market in term of equity, market share and profit;
- To develop BIC to a reputable insurance brand and one of the business pillars of BIDV financial group.

MISSION

- Providing clients with comprehensive solutions to manage financial risks.
- Creating sustainable profit and value for shareholders.

MILESTONES

On January 1st 2006, BIDV bought the shares of QBE in the joint venture and changed its name to the BIDV Insurance Company (BIC).

In 2007, BIC increased its chartered capital to 500 billion dong, and opened 11 new branches and 30 regional business offices.

In 2008, 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.

In 2010

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.

In 2011, 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.

In 2012 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.

Despite 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 2013, 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 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, 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.

In 2017, BIC provided satisfactory and sustainable business results and maintained its position as a top 5 non-life insurance company with the highest income in the market. BIC also became one of the few insurance companies with an in-house Actuary under the new requirements of the Ministry of Finance.

In 2018, BIC’s credit rating was upgraded by A.M. Best from B+ to B++. Business results were also impressive. Consolidated gross written premium exceeded VND 2,000 billion and consolidated pre-tax profit exceeded VND 200 billion.

In 2019, It is the first time written premium of the parent company - BIC reached the milestone of VND 2,000 billion. With the transformation of business structure towards efficiency, in 2019, BIC made profits from insurance business.

SCOPE OF OPERATIONS

Non-life insurance

Reinsurance

Financial Investments

Other activities regulated by the Law

AWARDS

Top 10 most prestigious non-life insurance companies in Vietnam from 2016 to 2020 (according to the Independent report of Vietnam Report).

Top 50 most efficient listed companies in Vietnam from 2014  to 2017 (according to the assessment result of Investment Bridge Magazine).

Top 500 fastest growing businesses in Vietnam from 2010 to 2015 and in 2019 (according to the Independent report of Vietnam Report).

Top 1000 enterprises of tax contribution in Vietnam (according to the Independent report of Vietnam Report).

Top 50 Fastest Growing Company of Vietnam for the period of 2009 - 2014 (according to the Independent report of Vietnam Report).

Best leverage index in the insurance sector in 2014 under the "Vietnam Best Company" (according to the assessment of Vietnam Chamber of Commerce and Industry- VCCI).

Labor Order, third class awarded by the Government’s President.

Central Enterprise Party Award 2008, 2013.

Ministry of Finance Award in 2009, 2010, 2013, 2019 recognizing the active contribution of BIC to the sustainable development of the financial market of Vietnam. 

Prime Minister’s Award in 2010 recognizing BIC’s contribution to national construction.

"Best non-life insurer in 2010" Certificate by the Vietnam Economic Forum.

Emulation Flag, Award Certificate of the Governor of the State Bank of Vietnam in 2008, 2010.

Vietnam Golden Star Award 2010.

Excellent Brand Award in Vietnam for consecutive years 2007 to 2009 and from 2013 to 2019.

Top Trade Service Award in 2008 and 2013 of Ministry of Industry and Trade.

Golden FDI Award in 2008.

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