STATE CAPITAL INVESTMENT CORPORATION

Swiss Re visited and had meeting with SCIC’s leader

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On the business trip to Vietnam to attend the Annual General Meeting of Shareholders 2023 of Vietnam National Reinsurance Corporation (VINARE), on the morning of 19th April 2023, a representative of Swiss Re Corporation ( as a foreign strategic shareholder of VINARE), Mr. Seng Lee, Director of Strategic Investment Department in Asia – Pacific region, had meetings with Madam Dinh Thi Bich Diep, Member of SCIC’s Board of Members. Currently, SCIC and Swiss Re are the two main shareholders of VINARE. Both parties agree that mutual sharing between key shareholders is essential to the long-term development of VINARE.

 

Representative of SCIC’s Board of Directors and Representative of Swiss Re Corporation’s Board of Management.

At the meeting, Madam Dinh Thi Bich Diep, Member of SCIC’s Board of Directors confirmed that VINARE is classified as one of the long-term holding enterprises of SCIC. Thus, SCIC assigned a representative to attend VINARE’s Board of Management, supporting VINARE in connecting effectively and more actively in the market, contributing to accelerating VINARE’s activities more efficiently.

Regarding the policy, institution, and increasing enlightenment with government authorities, SCIC is willing to accompany Swiss Re, via VINARE, in order to promote meetings and activities with the Government, Ministry of Finance as well as other ministries or industries.

SCIC confirms to continue coordinating with main shareholders, including Swiss Re, in order to promote effective & sustainable growth of VINARE in the future. Sharing the reasons for holding VINARE for the long term, Madam Diep shared that VINARE has obtained good & positive performance results; besides, VINAREA is the enterprise whose impacts are significant to the development of Vietnam insurance market, as the bridge between the domestic market and the global market. On behalf of SCIC, Madam Diep stated sincere thanks and appreciation for the effective support of Swiss Re toward VINARE within 15 years since Swiss Re became the strategic shareholder.

 

Overview of the meeting between SCIC and Swiss Re Corporation.

Regarding Swiss Re, Mr. Seng Lee - Director of the Strategic Investment Department in Asia – the Pacific region stated that he was delighted to have a chance to meet the representative of SCIC’s Board of Directors. As the strategic shareholder of VINARE, Swiss Re stated thank-you and appreciated the efforts as well as vital contributions of SCIC in the tasks of management, supervising, and supporting effective business activities of VINARE in the previous time and in the upcoming time.

Representative of Swiss Re Corporation stated that in the role of global reinsurance institution and the strategic shareholder of VINARE, Swiss Re is willing to provide essential support to VINARE, sharing VINARE opportunities to develop the international market. At the same time, Swiss Re will accelerate coordination in the task of forewarning and risk management. The insurance and reinsurance market has characteristics of the cycle (up and down by SINE CURVE), thus, Swiss Re will assist VINARE develop effectively and sustainably, which truly matches the characteristics of one national leading reinsurance enterprises.

 Both parties also share information, and opinions on the positive impacts of insurance business law which takes effect on 1st January 2023, with higher requirements toward enterprise such as higher risk-based capital standards, risk management, and product development,…

Swiss Re is one of the leading global reinsurance institutions with more than 160 years of business, continuously obtaining rank A+ of AM Best for many years. Total asset is estimated at roughly 170 billion USD, Charter capital as more than 23 billion USD, and Revenue in 2022 as nearly 50 billion USD ( at the time 31st December 2022). Since January 2008, Swiss Re became the foreign strategic shareholder who holds 25 percent of shares, with the aim of cooperation and supporting VINARE lifting up competitive capacity and influence in the domestic and foreign markets. Before becoming the strategic partner of VINARE, Swiss Re was the reinsurance partner toward VINARE’s contracts with big proportion, providing reinsurance capacity to VINARE and the Vietnam market. Recently, VINARE together with Swiss Re is doing research on risk-transferring solutions that provide the best protection to state enterprises or corporations in Vietnam; as well as vital projects of the Government and Ministries of Finance.


ABOUT US
Leadership

Mr Nguyen Chi Thanh

Chairman of the Board of Members

Mr Nguyen Quoc Huy

Board Member, General Director

Mr Le Huy Chi

Board Member

Ms Dinh Thi Bich Diep

Board Member

Mr Dinh Viet Tung

Deputy General Director

Mr Nghiêm Xuân Đa

Deputy General Director

Mr Lê Thanh Tuấn

Deputy General Director

Mr Vu Tri Thuc

Chief Accountant

Mr Chu Thanh Long

Supervisor

Mr Thoi Van Tan

Supervisor

Mr Nguyen Duc Nam

Supervisor
Our vision
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State Capital Investment Corporation (SCIC). Address: Level 23-24 Charmvit Tower, 117 Tran Duy Hung St., Cau Giay Dist., Hanoi. License: No. 338/GP-BC dated November 10th, 2006. Website: www.scic.vn