Company’s Name: Bao Minh Insurance Corporation

Abbreviated Name: BAO MINH

Incorporation and Operation form :


* Date of incorporation: 28 November 1994
* From 1994-2004: 100% State-owned enterprise under the Ministry of Finance.
* From October 2004 - up till now: joint-stock insurance enterprise

Oriented operations:


* General aims: “To build and develop Bao Minh into a leading joint-stock insurance corporation of Vietnam with multi-sectorial operations in the field of financial services with good brand name, high prestige and large market share for insurance business”
* Guideline of actions: “Safety, happiness and success of clients and society serves as the aim of our operations”
* Motto of operations: Bao Minh – whole-hearted service.

Scope of activities:


* Provide non-life insurance, reinsurance and carry out financial investment.
* Provide consultancy and provision of about 20 groups of insurance commercial products for aviation, maritime, property, liability, casualty, automobile ưith a nation-wide operation netwwork.

Personnel:

More than 1,800 staffs; more than 8,000 agents and collaborators

Organizational structure:

* 59 subsidiary companies in major cities and provinces throughout the country
* 16 functional departments under the Head Office of the Corporation

Market share: Bao Minh 2007’s market share: 21.80%

Business result in 2007


* Gross premium income VND 1,708 billion
* After-tax profit: VND 135 billion
* State budget contribution: VND 125 billion

Investment: Long-term investment: VND 245 bilion

* At present, Bao Minh has to joint venture being Union Insurance Company (UIC) which was set up in 1997 with the total investment of US$5,550,000.
* Capital is contributed by Bao Minh to a number of joint-stock companies such as Post Insurance Company, Saigon-Kim Lien Hotel, Saigon – Ha Long Hotel, Ninh Chu Hotel, Khanh Hoa Passenger Car Company, National Appraisal Company, Ho Chi Minh City Security Company, Tay Ninh Travel Company with the total fund of VND22,560 billion.
* Bao Minh participates in investment of bonds, government bonds, long term bills.

Short-term investment: VND 950 billion.

* Fixed term bank deposits
* Lending, real estate business

Total investment by the year end of 2007 is VND 1200 billion.

Quality policy

* Bao Minh is the first insurer of Vietnam who has successfully built the quality management system according to ISO 9001:2000 standard.
* Bao Minh has made investment to the development of information technology.
* Bao Minh has successfully carried out the project FAST – SAP (financial management with accounting software.