Surpassing the Covid-19 wave, Military Insurance's outstanding growth in the first half of 2021

Military Insurance Corporation (MIC) recently announced impressive business results in the first 6 months of 2021, recording a total revenue of 2,045 billion VND, of which original insurance revenue reached over 1,920 billion VND , a growth of 32.5% over the same period last year. Accordingly, the growth rate of MIC is nearly 5 times higher than the average growth rate of the whole non-life insurance industry.

According to the data released by the General Statistics Office of Vietnam, the insurance premium revenue of the whole market in the first 6 months of 2021 increased by 17% compared to the same period last year (the second quarter of 2020 was estimated to increase by 11%). In which, non-life insurance premium revenue increased by 7%. Thus, MIC recorded revenue growth of nearly 5 times compared to the general market of the whole industry. The company also recorded a profit in the first half of the year of 145 billion VND, completing the 6-month target and growing 44% over the same period. The above growth once again a highlight the strength of MIC.

With its own and unique direction, MIC has achieved impressive business results, despite the insurance market being significantly affected by the Covid-19 pandemic. In particular, thanks to technological development steps, by the end of the second quarter of 2021, digital insurance revenue recorded a remarkable growth of 3 times compared to the same period last year. The above results confirm that MIC has taken flexible steps in business strategy, promoting digital transformation in line with the times.

Investment in technology application and the development of digital insurance has helped MIC reach customers better through online transactions. The solution not only brings safety to customers, but also strengthens the company's strengths in the new context of the insurance market. In July 2021, MIC will launch two comprehensive solutions to enhance the experience, increase convenience and save time for customers: super-fast indemnification technology and fast online insurance shopping application. , convenient. Not only that, MIC will also focus on investing in product research to meet the needs of customers, thereby increasing new customers and expanding brand coverage. Particularly in the beginning of 2021, MIC continuously expanded its strong network, bringing the total number of affiliates to 69 units, 467 sales departments, aiming to serve customers anytime and anywhere.

The above results has somehow showed the great potential of the MIC brand - the leading enterprise in the non-life insurance industry. Besides effective business activities, MIC also shows its care for shareholders and investors. Accordingly, MIC has just completed the issuance of shares to pay dividends in 2020, with a payout ratio of 10% in accordance with the resolution of the 2021 General Meeting of Shareholders. The confidence of shareholders and investors in MIC Insurance has been increasingly strengthened, reflected in the increase in MIG's share price in the market, which fluctuated by about 31% in the past 3 months.
 

MIC is fully confident towards the strategic goal of being in the Top 3 non-life insurance companies in 2025. MIC also aim to reach out to the aspiration to create the future of Vietnam's non-life insurance industry, provide customers with experience to be advised and protected dedicately through integrated multi-channel service system and application of leading digitization technology.

Recently, Vietnam Report officially announced that MIC was on the list of Top 5 prestigious non-life insurance companies in 2021.

The reputation of the insurance companies was assessed objectively and independently, based on the results of the assessment of the enterprise's financial capacity; assess business reputation in the media by Media coding method; and the survey of research subjects from stakeholders was carried out in June 2021.