Thursday, October 11, 2007

Introduction of Bao Minh Insurance Corporation

Introduction of Bao Minh Insurance Corporation

Company’s Name: Bao Minh Insurance Corporation

Abbreviated Name: BAO MINH

Head office: 26 Ton That Dam Street, District 1, Ho Chi Minh City

Tel: (848) 8294180

Fax: (848) 8294185; 8213653

Website: http://www.baominh.com.vn

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.

Chartered capital: VND1,100 billion

Total assets 2006: VND1,439 billion

Scope of activities: - Provide non-life insurance and carry out financial investment mainly shared by the State (63% by the Ministry of Finance and more than 20% by other State-owned enterprises)

- Provide consultancy and provision of about 20 groups of insurance commercial products for aviation, maritime, property, liability, casualty, automobile, and business activities throughout the country

Personnel: More than 1,700 staffs; more than 8,000 agents and collaborators

Organization: -57 subsidiary companies in major cities and provinces throughout the country

-16 functional departments under the Head Office of the Corporation

Market share: Bao Minh 2006’s market share: 21.80%

(ranking second in the market)

Business result gross premium income: VND1,386 billion

in 2006 After-tax profit: VND101 billion

Budget contribution: VND92.8 billion

Investment: Long-term investment

1- At present, Bao Minh is in joint venture with Union Insurance Company (UIC) which was set up in 1997 with the total investment of US$5,550,000.

2- 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.

3. Bao Minh participates in investment of bonds, government bonds, long term bills.


Short-term investment

  1. Fixed term bank deposits

  2. Lending, real estate business

  3. Total investment by the year end of 2006 is VND800 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).
Posted by NNH at 8:40 PM
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