Bank for Investment and Development of Vietnam Insurance Corporation (BIC)
BIC was established as part of the strategy to create a BIDV-branded financial group; this was achieved through BIDV’s acquisition of the equity stake held by QBE Insurance Group (Australia) in the Vietnam-Australia Insurance Joint Venture—a foreign-invested enterprise that had been operating in Vietnam since 1999. The company officially commenced operations under its new name, BIC, on January 1, 2006.
According to statistics from the Insurance Association of Vietnam, BIC currently ranks among the top 10 non-life insurers in terms of direct insurance market share and is one of the top three non-life insurers with the highest profitability in the market. BIC leads the market in the development of bancassurance and online insurance (e-business) channels. It is also the first insurance company to establish an operational network covering the entire Indochina region.
2,020
Billion VND in charter capital
2
Overseas Joint Venture
B++
Rated by A.M. Best
1,491
Staff
38
Branches
21
Years of development
Vision
•
Entered the Top 3 leading companies by direct premium market share.
•
Solidifying its position among the top three companies with the highest profitability in the market.
•
Ranked #1 in revenue through the bancassurance channel.
Mission
For customers
Providing comprehensive solutions to manage financial risks for customers
For Employees
Build a high-performance work culture that maximizes employee potential.
For Shareholders
Create sustainable value and profit.
For the community
Contribute to the development of society.
Core values
Innovation
Continuously innovating products - processes - technology (digitalizing the journey, integrating the BIDV ecosystem) to bring better experiences to customers.
Beyond
Expanding reach across the region and internationally through sustainable growth; solidifying a Top 3 position and the role of a “comprehensive insurance platform” for customers.
Insightful Caring
Adopting a customer-centric approach—prioritizing transparency, rapid response, and effective compensation—and building and nurturing mutually beneficial partnerships with customers and partners.
Certainty
Discipline, rigorous risk management, and consistent service standards; reliably and credibly protecting client interests.
Journey and Development
1999
1999, BIDV and QBE International Insurance Company cooperated to establish the BIDV–QBE Insurance Joint Venture.
2005
December 2005, BIDV acquired QBE’s shares in the joint venture and renamed the company Bank for Investment and Development of Vietnam Insurance Company (BIC).
2007
2007, BIC increased its charter capital to VND 500 billion and expanded its network to 11 branches and 30 regional sales offices.
2008
2008, BIC cooperated with Lao Viet Joint Stock Commercial Bank (LVB) and Lao Commercial Bank (BCEL) to establish Lao Viet Insurance Joint Venture Company (LVI).
2009
2009, BIC became the first insurance company in Vietnam to operate across all three Indochina countries (Vietnam – Laos – Cambodia).
2010
2010, BIC officially transformed from a wholly state-owned enterprise into a joint stock company under the name Bank for Investment and Development of Vietnam J/S Insurance Corporation.
2011
In 2011, BIC was officially listed on the Ho Chi Minh Stock Exchange (HOSE). In the same year, the company launched its online insurance sales channel, contributing to the expansion of its retail insurance business.
2012
2012, BIC fulfilled its 2012 business plan and remained one of the most profitable insurers in the market despite the recession.
2013
2013, BIC increased its ownership in LVI to 65% and began publishing consolidated financial statements from Q3/2013.
2014
In 2014, BIC launched three new branches - BIC Cuu Long, BIC Lao Cai, and BIC Tay Bac. In the same year, for the first time, A.M. Best rated BIC B+ for financial strength and bbb- for issuer credit rating.
2015
2015, BIC completed a strategic equity transaction with Fairfax, a leading global insurer and reinsurer from Canada.
2016
2016, A.M. Best revised BIC’s outlook to Positive and reaffirmed its B+ (Good) financial strength rating and bbb- issuer credit rating.
2017
In 2017, BIC became one of the few insurance companies with an in-house actuary for technical reserves and solvency qualified under the Ministry of Finance's new standards.
2018
2018, A.M. Best upgraded BIC’s financial strength rating from B+ to B++ and its long-term issuer credit rating from “bbb-” to “bbb”.
2019
2019, BIC surpassed VND 2,000 billion in direct premium for the parent company for the first time. With a shift toward efficiency, BIC achieved underwriting profit.
2020
2020, BIC launched the BIC Online mobile application. Direct premium of the parent company reached VND 2,363 billion, up 17.4%, raising BIC to 7th place in direct premium market share.
2021
2021, BIC launched the new online insurance platform mybic.vn. BIC also joined the VND 500 billion pre-tax profit group for the first time and was valued at USD 10 million by Forbes Vietnam, ranking third among insurers in Vietnam.
2022
2022,BIC’s direct premium exceeded VND 3,500 billion, up 33%, doubling the market’s growth rate. BIC opened three new branches (Quang Binh, Quang Ngai, Phu Tho). BIC reaffirmed its position among the Top 3 most profitable non-life insurers.
2023
2023, BIC achieved impressive revenue growth and entered the Top 6 non-life insurers by market share. The network expanded to 33 branches with the establishment of Kien Giang, Gia Dinh, and Trang An branches.
2024
BIC made a major breakthrough by entering the Top 5 non-life insurers by market share while maintaining its position among the Top 3 most profitable insurers. The network expanded to 37 branches nationwide with four new branches established.
2025
2025, BIC launched its new brand identity while maintaining its position in the Top 5 non-life insurers by direct premium market share and the Top 3 insurers with the highest profitability ratio in the market.
Reward
Rating B++ by AM Best
Top 10 Most Reputable Non-Life Insurance Companies in Vietnam
Third-Class Labor Order
Vietnam Top 100 Best Places to Work
Gold Star Award
Vietnam Top Trade Services
Top 100 Vietnam Excellent Brands
Top 500 Most Profitable Enterprises in Vietnam
Top 500 Fastest-Growing Enterprises in Vietnam
Top 500 Largest Enterprises in Vietnam
Customers and partners
Reinsurer
