Military Insurance Corporation actively "developed a vaccine" to overcome the pandemic

The third quarter of 2021 recorded the most difficult period of the economy since the Covid-19 pandemic appeared. The Military Insurance Corporation (MIC), on the other hand, has taken proactive and flexible steps to overcome the pandemic.

Which vaccination is available to businesses ahead of the Covid wave?

According to data from the General Statistics Office, Vietnam's gross domestic product (GDP) fell 6.1% in the third quarter of 2021 compared to the same period of the previous year, i.e. the largest drop since the country began calculating and announcing quarterly GDP. Due to the Covid-19 pandemic, which has seriously impacted all sectors of the economy, GDP increased by only 1.42% in the first nine months of 2021 compared to the same period last year. As a result, many key economic localities must implement prolonged social distancing to prevent the pandemic.
 

As for the insurance market, premium revenue in the third quarter is estimated to increase by 7% over the same period. This is the lowest growth rate in the quarters since the beginning of the year, but generally, thanks to the pull from the growth momentum in the first half of 2021, insurance premium revenue in the first 9 months of 2021 climbed by 13% from the beginning of the year. Meanwhile, the non-life insurance sector increased at a slower pace, with a growth of only 5% in the third quarter of 2021, compared to a 17% increase in life insurance premium revenue.

MIC actively "produced a vaccine" in response to the pandemic, offering flexible solutions to deal with the new circumstances. MIC has invested in product research and customer understanding in order to provide the best solutions for sharing life's risks, namely Cybersecurity Insurance, Card Insurance, Olympic Insurance - specialized insurance for sports activities, Nanocovax Vaccine Clinical Trial Liability Insurance, Mobile Device Breakage Insurance, MIC Miracle Cancer Insurance, etc. Steadfast Dedication Insurance - accompanying & overcoming difficulties with businesses. Besides, it's impossible not to mention health insurance programs, which have shown to be a reliable safety net for customers during the pandemic.

The timely implementation of digital transformation technologies, for instance, has aided MIC in providing services to consumers even during the pandemic or social distancing periods.

MIC has invested in improving the customer experience and convenience by offering an online insurance purchasing application that can be used at any time and from any location. In particular, the application is now integrated with the online claim technology, which eliminates the need for an assessor and reduces the time it takes to process a claim. Customers can use this claim system to proactively declare losses at any time and from any location during the current pandemic. These factors aided MIC in developing a vaccination against Covid's impact in order to turn the table during the pandemic season.

Future prospects

MIC's products and services are increasingly meeting the expectations of customers, and the company has established itself as a trustworthy address. As a result, the growth rate of MIC in the third quarter still recorded impressive growth numbers.

Total revenue for the year ended September 30, 2021 was VND 2,872 billion, increasing 21.7% over the same period. In particular, the revenue from original insurance premiums reached VND 2,684 billion, up 23% over the same period of the previous year, consistently growing at a rate four times faster than the market and standing in the top five in terms of market share. MIC's 9-month operating profit hit VND 186 billion. The bancassurance segment alone also recorded good achievements with the revenue of the branches of VND 366 billion and a 6.5% rise over the same period previous year.
 

The marine and life insurance sectors have made substantial contributions to MIC's impressive growth. Human insurance revenue increased by 92.3% over the same period last year to VND 512 billion, while marine insurance revenue increased by 1% to VND 441 billion.

The boldness and fortitude displayed by MIC at various phases are improving the confidence of shareholders and investors in MIG shares, as seen by the stock's recent steady ascent.

The stock price of MIG has risen steadily over the last six months, indicating that the rising trend is still intact. In April 2021, the market price of MIG shares was just 15,000 VND/share, but it has since risen to over 26,000 VND/share. MIG's stock price is forecasted to continue to enter a new growth phase after MIC officially publishes the full financial report for the third quarter of 2021 with good business and financial figures.
 

With increasing prestige, MIC has continuously received valuable awards, namely Top 2 Non-life Insurance Companies with The Highest Customer Satisfaction in Terms of Digital Experience awarded by IDG (International Data Group); Wind Power Insurance Products as Typical and Innovative Products announced by IDG; According to a survey by Vietnam Report published on October 21, 2021, MIC was honored to rise to the 5th position in the "Top 10 Prestigious Non-life Insurance Companies in 2021," up two places compared to the previous year, etc.