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Vinare to increase its charter capital
Viet Nam National Reinsurance Corporation (Vinare), coded VNR on HNX, has submitted to the State Securities Committee its proposal to raise charter capital to VND1.31 trillion (US$60,000), news website baodautu.vn reported.
The capital increase, which will be done by issuing additional shares, aims to improve the financial capacity of the reinsurer, expand the market and diversify reinsurance products.
At the annual shareholder meeting in April, Vinare planned to gain a gross written premium of VND1.51 trillion ($68 million), net written premium of VND575 billion ($26 million) and pre-tax profit of VND445 billion ($20 million). It also expected a projected dividend of 15 per cent.
In 2013, Vinare earned a gross written premium excluding pilot agriculture insurance of VND1.425 trillion ($64 million), net written premium of VND500 billion ($22 million) and net underwriting profit of VND92.7 billion ($4.21 million). Vinare's income from investment and other activities was VND309 billion ($14 million) and pre-tax profit was VND401 billion ($18 million).
Vinare was assigned a financial strength rating of B++ (Good) by international credit rating agency A.M. Best.
Yesterday, VNR closed at VND17,800 (80 US cents), down 0.71 per cent.
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