MIC aims for third place in non-life insurance market

PANO The Military Insurance Joint Stock Corporation (MIC) has just completed its shareholders' congress for the tenure of 2017-2022, aiming at landing on the third place in the non-life insurance market in Vietnam.

In 2018, the corporation made a lot of efforts amid common difficulties of the market to reach the targets set by the corporation's shareholders. Particularly, the corporation made a revenue of VND 2,169 billion (more than USD 93.5 million), including the pre-tax profit of VND 135.2 billion (USD 5.8 million).

The revenue structure of MIC has been developing in a sustainable manner, seeing a decrease in insurance for vehicles and an increase in insurance for people, technologies, maritime operations, and a boost in insurance via the Bancass channel, which has brought about high efficiency to the operation of the corporation.

Besides, MIC has also boosted the progress of information technology projects and actively look for strategic partners and increased its registered capital from VND 800 billion (over USD 34.4 million) to VND 1,300 billion (more than USD 56 million), and more.

Addressing the congress, MIC Chairman of the Board of Directors Uong Dong Hung emphasized that MIC is highly determined to complete its tasks and plans for 2019 well, with the aim of becoming one of the top five businesses in 2020 and top three in the market in 2025. MIC will also continue to expand and develop sales, cross-sales with banks, consumer credit, and brokerage.

In the coming time, MIC will boost investment in information technology infrastructure to increase its core capacity as well as research and develop technological solutions with the aim of improving customers' experiences of products through digitized channels. More efforts will be made to complete the structure and quality of its staff, serving as the core for the development of MIC.

Source: People's Army Newspaper