Distinguished Client,

The year 2005, the memorable year of our country and of PJICO as well, marked a 60­­-year foundation of Socialist Republic of Viet Nam, a 30-year national unity and the final year implementing a five-year (2001-2005) plan of our country.

In 2005, PJICO celebrated the 10^th formation Anniversary. From a small joint-stock Company, with 15 staffs working in the Head Office in Hanoi and 3 branches in Ho Chi Minh City, Danang and Haiphong City, PJICO  has recently become one of the three leading non-life Insurance Companies in Vietnam, with 48 branches, more than 1000 staff and 4500  agents throughout the country. PJICO’s average Premium Turnover Growth Rate in the 10-year period (1995- 2005) is around 40%/per year, higher than the average growth rate of 23% of the non-life Vietnam Insurance market.

The year 2005 was really a tough time for PJICO. Besides the objective difficulties that other market players also have had to face, PJICO experienced its own big challenge in the middle of the year. And we overcame it. In 2005, the gross premium Income reached VND 730 billion, an increase of 20% compared to 2004 which is higher than the average ratio of 15% of the whole market. We are fully aware that  our   achievements came from the support of our clients; from the effective assistance of our main shareholders, especially Vietnam National Petroleum Corporation (PETROLIMEX); from the co-operation of our partners such as broking and reinsurance companies; the fair encouragement of  Governmental and local authorities in such provinces and cities where PJICO’s branches are operating. Besides, the creativeness, enthusiasm and high sense of responsibility of PJICO’s staff play an indispensable role in the company’s success.

On behalf of PJICO’s Board of Directors and Board of Management, I would like to express our sincere thanks to all of you.

Best regards,

General Director