BAOVIET INSURANCE CORPORATION

BAOVIET INSURANCE CORPORATION (TỔNG CÔNG TY BẢO HIỂM BẢO VIỆT) is a prominent player in Vietnam’s non-life insurance sector, operating as a one-member limited liability company wholly owned by BAOVIET HOLDINGS—a state-invested enterprise. The company is registered under Business ID: 45 GP/KDBH, with a Tax Identification Number (TIN): 0101527385, and has been officially active since November 23, 2007, under the supervision of the Ministry of Finance.

Headquartered at No. 7 Ly Thuong Kiet Street, Phan Chu Trinh Ward, Hoan Kiem District, Hanoi, BAOVIET INSURANCE CORPORATION provides a wide range of non-life insurance and reinsurance services, serving millions of customers nationwide. With a charter capital and paid-up capital of USD 119.14 million, the company is fully capitalized and maintains an extensive network backed by its parent group’s financial and institutional support.

Financial Performance: Stable Assets, Steady Profit, and Moderate Growth

In 2023, BAOVIET INSURANCE CORPORATION recorded total revenue of USD 312.62 million, a slight 1.11% increase over 2022. The company has shown steady year-over-year revenue growth following a significant boost of nearly 20% between 2021 and 2022.

Net profit also improved to USD 11.3 million, up 12.02% from the previous year, continuing a positive profitability trend after two strong years of profit growth. Over a three-year period, profits have grown by more than 30%, highlighting the company’s ability to sustain earnings even in a competitive insurance market.

The company’s total assets reached USD 577.37 million, a modest rise of 1.18% year-over-year, while owner’s equity stood at USD 137.36 million, reflecting a stable capital base. However, working capital was reported at negative USD 18.05 million, which may indicate short-term liabilities outpacing current assets—a risk factor to monitor, especially in sectors reliant on claims and payout reserves.

Management and Governance

BAOVIET INSURANCE CORPORATION is led by Mr. Nguyen Dinh An, who serves as Chairman. The executive team includes General Director Mr. Nguyen Hong Tuan and Deputy General Director Mr. Quach Thanh Nam, all of whom are Vietnamese nationals with significant industry experience. The company employs approximately 3,500 staff, demonstrating its nationwide operational reach and institutional scale.

Being a state-linked entity, the corporation follows strict regulatory compliance and governance policies, consistent with other subsidiaries under BAOVIET HOLDINGS, whose registered address is No. 8 Le Thai To Street, Hang Trong Ward, Hoan Kiem District, Hanoi.

Strategic Outlook and Verification Insights

BAOVIET INSURANCE CORPORATION continues to play a leading role in Vietnam’s non-life insurance market. Its strong brand, affiliation with the state, and consistent financial growth make it a reliable player in the industry. That said, the negative working capital figure and limited profit margins suggest that while stable, the business faces constraints in cash flow flexibility and may benefit from operational restructuring or improved underwriting efficiency.

For clients, partners, or institutional investors looking to assess the company’s risk profile, capital adequacy, and solvency, independent due diligence is crucial. Platforms like Vanguard Business Information (VBI) offer access to private financial data, legal compliance reports, and business verification services, ensuring well-informed engagement with BAOVIET or any enterprise in the insurance and financial services space.

In summary, BAOVIET INSURANCE CORPORATION stands as a trusted and long-standing insurer with consistent growth and government backing. Its future success will depend on how it balances regulatory responsibilities, operational efficiency, and profitability within a dynamic and evolving financial landscape.