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BAO VIET LIFE CORPORATION – THE BEST LIFE INSURANCE COMPANY VIETNAM 2015

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BAO VIET LIFE CORPORATION – THE BEST LIFE INSURANCE COMPANY VIETNAM 2015

Bao Viet Life Corporation is a member of Bao Viet Holdings – one of leading financial-insurance groups in Vietnam with 100% of the capital owned by Bao Viet Holdings. As a pioneer in the Vietnamese life insurance market, for over last 19 years, Bao Viet Life continuously sustained the leading position in the market despite the fact that Bao Viet Life is the only domestic company to compete with 16 foreign insurance companies. Bao Viet Life is life insurer with largest chater capital 100 million USD.

Bao Viet Life is only life insurance Company in Vietnam market which has national-wide distribution network. Over the past 19 years (1996 – 2015), Bao Viet Life Corporation has provided financial plan and protection for more than 5,000,000 customers; nearly 1,5 billion USD amounts of benefits were paid out to the customers.

Currently, the product portfolio provides to customers a wide range of selection of nearly 50 products. Particularly for many years, the universal life product is one of the most attractive products in the market with high guaranted interest rate and flexible benefits. Bao Viet Life’ products reach the international standards with localized features to meet the demand of customers and to bring the added value to customers.

In 2014, Bao Viet Life was recognized as a leading insurer in the market in terms of contributing the corporate income tax to the national budget. Bao Viet Life also received other rewards such as: Strong Brand Award, recognition as one of the top 30 corporations with active donation activities for children.

The corporate governance structure in accordance with international standards: After more than 7 years of successful equitization of Bao Viet Holding, Bao Viet Life Corporation had completed the transition process. Especially an advanced corporate governance structure had been build up in accordance with international practices. The emphasis was put on operational management, actuarial, risk management and compliance to ensure the long- term sustainable growth. Bao Viet Life Corporation currently is the only domestic life insurance in the market but it work with international standards.

Continues growth in business performance

In 2014, total Revenue reached 10.765 billion dong, increase 26.9% compared with 2013; New Business revenue reached 2.093 billion dong, increase 31% compared with 2013, which was higher the market rate  (16.2%). Growth rate of 2014 was the result of growth from the previous year (2012, 2013) with annual growth rate is 24%.

Profits also increased steadily over the years, in 2014 profit before tax was 755 billion dong, increase 7.4% compared with 2013, to be continued to contribute greatly to the consolidated profit of Bao Viet Group. ROE in 2014 was 29.5%, ROE in 2013 was 26.5%.

Declared Interest rates for 2014 fiscal year for universal life product was 10% and traditional product is 8.5% – the highest rate in the market.

Strong and sound financial strength: With investments from Bao Viet Holdings, Bao Viet Life Corporation is the life insurance having largest charter capital in the market. Total assets of Bao Viet Life Corporation stably grew over years. At the end of 2014, total assets was over 30 trillion VND, increased 15% as compared to 2013.

The asset structure of Bao Viet Life Corporation has been stable over the years thank to prudent and sound investment policies with optimized portfolio. Bao Viet Life Corporation assets were mostly invested in long-term assets such as government bond, deposits in accordance with law requirements.  The total amount of re-investment of Bao Viet Life Corporation accounted the biggest proportion of the total investment in life industry. At 31/12/2014, solvency margin of Bao Viet Life Corporation was 144% which could meet all short-term and long-term financial liabilities.

Multi-channel and nationwide distribution network: in order to serve all customer segmentations, Bao Viet Life Corporation has a multi-channel network, which includes agent, banccasurance and telesales channels. With centralized management model and system of 60 branches with more than 300 sale points, Bao Viet Life Corporation has the advantages in both business development and customer service. For customer services, the wide office branches system helps to meet the demand of customers in term of customer care services. The agent force has been continually expanded, the total number of agent at the end of 2014  reached nearly 52.000 agents, increased 53% compared to 2013 with highest agents’ productivity compared to market level.

BAO VIET LIFE CORPORATION – THE BEST LIFE INSURANCE COMPANY VIETNAM 2015

BAO VIET LIFE CORPORATION – THE BEST LIFE INSURANCE COMPANY VIETNAM 2015

Bao Viet Life Corporation always complete the duty to the State budget: Bao Viet Life Corporation was recognized as the top corporate in term of paying income tax in Vietnam in 2014 (award by Vietnam Report Joint Stock Company, General Department of Taxation of Vietnam, VietNamNet Newspaper and other local and international independent consultants).

Environment and community responsibilities: Every year, Bao Viet Holdings invested 10% of profit after tax for community activities. Bao Vietnam Life had followed the Holding’s guidance and actively implemented activities in poverty reduction; education and young people; natural disasters resistances. Activities on environment, green business were also implemented.

Additionally, Bao Viet Life Corporation actively participated in other community activities such as: Poverty alleviation, Investment in education and youth projects, Appreciation of war martyrs, Natural disaster recovery.

In 2015, marking 11 years on Bao Viet Life Corporation accompanies Life Children Protection Fund of Vietnam (Foundation) implement scholarship program and presented gifts to poor and studious children on special occasion such as Children Festival, Full Moon Festival, and Lunar New Year. In 2015, Bao Viet Life Corporation donated more than 1.200 bicycles to the Fund through the program “Education Scholarships – Free Bike to School”. The most significant thing the program does not mean only giving 1,200 bicycles to poor and talented children but through this program has had many personal, social organizations, enterprises are more interested in small children which tend to drop out from school due to lack of school facilities.

Besides Bao Viet Life sponsored programs on the Internet ViOlympic math which is organized by the Ministry of Education and Training, FPT University. More specifically, dated 20 January 2015, Bao Viet Life, Ministry of Education and Training and FPT University launches website ViOlympic (baovietnhantho.violympic.vn) satisfy the desire of millions of students and parents across the country. 2014 is also the year that Bao Viet Life Corporation was recognized by Government for positively contributed social activities for children in 2014.

High growth rate in business performance in the past years and outstanding growth rate in 2014 has showed Bao Viet Life’s sustainable growth with the increasing trust of customers.

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Battling Covid collateral damage, Renault says 2021 will be volatile

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Battling Covid collateral damage, Renault says 2021 will be volatile 1

By Gilles Guillaume

PARIS (Reuters) – Renault said on Friday it is still fighting the lingering effects of the COVID-19 pandemic, including a shortage of semiconductor chips, that could make for another rough year for the French carmaker.

Renault reported an 8 billion euro ($9.7 billion) loss for 2020 which, combined with gloomy take on the market, sent its shares down more than 5% in late morning trading.

“We are in the midst of a battle to try to manage a difficult year in terms of supply chains, of components,” Chief Executive Luca de Meo told reporters. “This is all the collateral damage of the Covid pandemic… we will have a fairly volatile year.”

De Meo, who took over last July, is looking at ways to boost profitability and sales at Renault while pushing ahead with cost cuts. There were early signs of improving momentum as margins inched up in the second half of 2020.

The group gave no financial guidance for this year, although it said it might reach a target of achieving 2 billion euros in costs cuts by 2023 ahead of time, possibly by December.

Executives said they were confident the carmaker could be profitable in the second half of 2021, but that they lacked sufficient market visibility to provide a forecast.

Renault struck a cautious note, saying it was focused on its recovery but warned orders had faltered in early 2021 as pandemic restrictions continued in some countries.

The group is facing new challenges as the European Union tightens emissions regulations and after rivals PSA and Fiat Chrysler joined forces to create Stellantis, the world’s fourth-biggest automaker.

The auto industry endured a tough 2020 but a swift rebound in premium car sales in China helped companies such as Volkswagen and Daimler to weather the storm.

Auto companies globally have since been hit by a shortage of semiconductors that has forced production cuts worldwide.

“The beginning of the year has shown some signs of weakness,” De Meo told analysts, but added the chip shortage should be resolved by the second half of 2021. “We have taken the necessary measures to anticipate and overcome challenges.”

Renault estimated the chip shortage could reduce its production by about 100,000 vehicles this year.

SHARP HIT

The group was already loss-making in 2019, but took a sharp hit in 2020 during lockdowns to fight the pandemic, which also hurt its Japanese partner Nissan.

Analysts polled by Refinitiv had expected a 7.4 billion euro loss for 2020. The group posted negative free cash flow for 2020.

The 2018 arrest of Carlos Ghosn, who formerly lead the alliance between Renault and Nissan, plunged the automakers into turmoil.

In a further sign that the companies have been working to repair the alliance, De Meo told journalists that Renault and Nissan will announce new joint products together in the coming weeks or months.

Renault has begun to raise prices on some car models, and group operating profit, which was negative for 2020 as a whole, improved in the last six months of the year, reaching 866 million euros or 3.5% of revenue.

Analysts at Jefferies said the operating performance was better than expected. Sales were still falling in the second half, but less sharply.

Renault is slashing jobs and trimming its range of cars, allowing it to slice spending in areas like research and development as it focuses on redressing its finances. It is also pivoting more towards electric cars as part of its revamp.

It was already struggling more than some rivals with sliding sales before the pandemic, after years of a vast expansion drive it is now trying to rein in, focusing on profitable markets.

De Meo told journalists on Friday that the French carmaker will make three new higher-margin models at its Palencia plant in Spain, where manufacturing costs are lower, between 2022 and 2024.

($1 = 0.8269 euros)

(Reporting by Gilles Guillaume and Sarah White in Paris, Nick Carey in London; Editing by Christopher Cushing, David Evans and Jan Harvey)

 

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UK delays review of business rates tax until autumn

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UK delays review of business rates tax until autumn 2

LONDON (Reuters) – Britain’s finance ministry said it would delay publication of its review of business rates – a tax paid by companies based on the value of the property they occupy – until the autumn when the economic outlook should be clearer.

Many companies are demanding reductions in their business rates to help them compete with online retailers.

“Due to the ongoing and wide-ranging impacts of the pandemic and economic uncertainty, the government said the review’s final report would be released later in the year when there is more clarity on the long-term state of the economy and the public finances,” the ministry said.

Finance minister Rishi Sunak has granted a temporary business rates exemption to companies in the retail, hospitality, and leisure sectors, costing over 10 billion pounds ($14 billion). Sunak is due to announce his next round of support measures for the economy on March 3.

($1 = 0.7152 pounds)

(Writing by William Schomberg, editing by David Milliken)

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Discounter Pepco has all of Europe in its sights

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Discounter Pepco has all of Europe in its sights 3

By James Davey

LONDON (Reuters) – Pepco Group, which owns British discount retailer Poundland, has targeted 400 store openings across Europe in its 2020-21 financial year as it expands its PEPCO brand beyond central and eastern Europe, its boss said on Friday.

The group opened a net 327 new stores in its 2019-20 year, taking the total to 3,021 in 15 countries. The PEPCO brand entered western Europe for the first time with openings in Italy and it plans its first foray into Spain in April or May.

Chief Executive Andy Bond said its five stores in Italy have traded “super well” so far.

“That’s given us a lot of confidence that we can now start building PEPCO into western Europe and that expands our market opportunity from roughly 100 million people (in central and eastern Europe) to roughly 500 million people,” he told Reuters.

To further illustrate the brand’s potential he noted that the group has more than 1,000 PEPCO shops in Poland, which has a significantly smaller population and gross domestic product than Italy or Spain.

The company, which also owns the Dealz brand in Europe but does not trade online, has already opened more than 100 of the targeted 400 new stores this financial year.

Pepco Group is part of South African conglomerate Steinhoff, which is still battling the fallout of a 2017 accounting scandal.

Since 2019 Steinhoff and its creditors have been evaluating a range of strategic options for Pepco Group, including a potential public listing, private equity sale or trade sale.

That process was delayed by the pandemic, but Steinhoff said last month that it had resumed.

“The business will be up for sale at the right time. It’s a case of when, rather than if,” said Bond, a former boss of British supermarket chain Asda.

Pepco Group on Friday reported a 31% drop in full-year core earnings, citing temporary coronavirus-related store closures.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) were 229 million euros ($277 million) for the year to Sept. 30, against 331 million euros the previous year.

Sales rose 3% to 3.5 billion euros, reflecting new store openings.

($1 = 0.8279 euros)

(Reporting by James Davey; Editing by David Goodman)

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