VINARE FORECASTS DONG1TRN REVENUE THIS YEAR

VIETNAM National Reinsurance Corporation (VINARE) has forecast its revenues should be more than Dong1trn this year. This year VINARE revealed it had declined to reinsure many local risks, mainly due to low direct rates and inadequate risk prevention practices. Its profile appears to be changing following the sale by the state of 25% of its equity to Swiss Re and the doubling of its charter capital to Dong672bn from Dong343bn. Swiss Re paid US$10m for its 25% stake in VINARE and this year VINARE itself has made an investment in a local IT company as well as purchased a 10% stake in the new non-life company HU Vuong Insurance Co (HVI).