Bao Long Insurance Loading...
Business Performance

2023 BUSINESS Performance report

The year 2023 presented numerous challenges including an economic recession that has led to changes in consumer habits and impacted insurance businesses, particularly non-life insurance. Despite these challenges, Bao Long maintains its position and operational stability with a strong business strategy. After achieving positive results in 2023, Bao Long confidently continues towards the goals outlined in the 5-year strategy(2023-2027).

GROSS WRITTEN PREMIUM
In 2023

1,520,822

(Million VND)

gained 94% of planned

PROFIT BEFORE TAX
In 2023

111,019

(Million VND)

gained 111% of planned

BUSINESS RESULTS

Item

Estimated 2023
Million VND

TH 2023
Million VND

Actual/ Planned
%
INSURANCE OPERATION
- Premium 1,610,000 1,520,822 94%
- Underwriting expenses 1,351,134 1,285,142
‐ Operating income 258,866 235,680 91%
FINANCIAL INVESTMENT
‐ Revenue 128,900 122,542
‐ Expenses 25,000 2,700
‐ Gross profit from financial activities 103,900 119,843 115%
Incomes from other activities 0 239
Incomes from other activities 263,086 244,743
Profit before taxes 99,680 244,743 111%

ASSETS AND OWNER EQUITY

Item

Estimated 2023
Million VND

TH 2023
Million VND

Actual/ Planned
%
Professional Reserve Fund 849,714 786,487 93%
Owners’ equity 827,711 836,905 101%
Investment portfolio 1,390,000 1,439,482 104%
Total assets 2,602,365 2,328,999 89%
circle

TOTAL ASSETS

2,329 Billion VND
IN 2023
circle

GROSS WRITTEN PREMIUM

1,521 Billion VND
IN 2023
circle

PROFIT BEFORE TAX

111 Billion VND
IN 2023

REPORT ON BUSINESS solutions implementation in 2023

BUSINESS SOLUTIONS IMPLEMENTATION RESULTS IN 2023

Gradually perfected the Megamind digital insurance system: completed phase 2 for human products, continued to implement phase 3 for property - engineering - goods products as well as the reinsurance subsystem
Implemented "Building additional sales modules via API protocol" to support connection with systems of external partners, "Personal insurance product distribution platform".
Adjusting the operation of the model in Hanoi.

Finished standards for title appointment and being applied shortly to the entire system.
Completed building regulations on operational models, minimum scale, and productivity margin for Business Units, and being applied shortly to the entire system.

STRATEGIC OBJECTIVES For the period of 2023-2027

The goals for 2024 align with the development strategy of this period, focusing on three strategic priorities: (1) Technologization, (2) Operational capacity, (3) Culture and brand.

Technologization

Utilizing and selecting new technology trends to create a breakthrough change in market position, operational efficiency, and brand reputation among clients.

Operational capacity

Ensuring sustainable and efficient business operations that are resilient to a volatile and high-risk business environment.

Culture and brand

Focusing on human-centered culture to build corporate culture, thereby building the image of "each individual is a brand ambassador", and each experience with client as a media story.
In 2024, as we enter the second year of implementing the Business period strategy for 2023-2027, Bao Long remains steadfast in the face of the high-risk global economic landscape and the absence of domestic economic recovery signs. Our focus continues to be on core issues, prioritizing system stability and operational safety.

THE 2024 outlook

In 2024, Bao Long plans a target of reaching a total premium of 1,530 billion VND, equivalent to the achieved target in 2023. Owners' equity increases by 7. 7%, an estimate of 901. 7 billion VND. Total assets reach 2,350 billion VND.

Financial planning 2024

Item

TH 2023
Million VND

KH 2024
Million VND

Growth
%
INSURANCE OPERATION
- Premium Income 1,520,822 1,530,000 1%
- Underwriting expenses 1,285,142 1,277,972 -
- Operating income 235,680 252,028 7%
FINANCIAL INVESTMENT
- Revenue 122,542 77,000
- Financial expenses 2,700 1,300
- Gross proft from fnancial activities 119,843 75,700 (37%)
Incomes from other activities 239 -
Incomes from other activities 244,743 246,678
Profit before taxes 111,019 81,050 (27%)

ASSETS AND OWNER EQUITY

Item

2022 Actual
Million VND

Estimated 2023
Million VND

Growth
%
Professional Reserve Fund 816,083 871,864 6.8%
Owners’ equity (*) 747,967 820,767 9.7%
Investment portfolio 1,244,258 1,300,300 4.5%
Total assets 2,522,621 2,591,021 2.9%

HUMAN RESOURCES AND TRAINING

Bao Long has constantly believed that by maximizing employee motivation, it can increase customer satisfaction and continually enhance shareholder value. Bao Long always strives to create a working environment in which every member feels satisfied with their work and promotes themselves to develop constantly with Bao Long.
Read more xem thêm

29%

EMPLOYEES WITH MORE THAN 10-YEAR EXPERIENCES IN INSURANCE SECTOR

35

AVERAGE AGE OF BAO LONG EMPLOYEES

THE WORKING REGIME CONSISTS OF 5

DAYS/WEEK, 40 HOURS/WEEK

80%

EMPLOYEES HOLD GRADUATE AND POST-GRADUATE DEGREE

TOTAL EMPLOYEES

(As of December 2023)

944

EMPLOYEES