Analyst Pin-board PGI – 9M2018 Business Results
Direct written premiums in the first nine months reached VND 2,012 bn, increasing by 11% yoy and fulfilled 74% of the year plan. The company continues to focus on the retail segment. Vehicle insurance reached VND 765 bn, health care and accident insurance came at VND 390 bn, with growth rates of -6% YoY and 72% YoY respectively, accounting for 38% and 19% of total direct written premiums. In the same period of 2017, the proportion of these two segments in direct written premiums were 44% and 12.5% ​​respectively. The reason of changes in the product mix is that PGI is restructuring its business to boosts health and accident insurance (due to low loss ratios) while scaling down vehicle insurance (due to a high loss ratio). Vehicle insurance is planned to be reduced gradually but stay at 35% of total direct premiums.
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