Nguyen Duc Binh, deputy general director of the Post and Telecommunication Joint Stock Insurance Corporation, made a speech at the launching ceremony of its online inquiry service for vehicle insurance in Ha Noi on September 25. — Photo vnmedia.vn

HA NOI (Biz Hub) — The Post and Telecommunication Joint Stock Insurance Corporation (PTI) became the first Vietnamese insurance company to provide an online inquiry service on the progress of motor vehicle insurance.

Customers may access the website on www.sms.pti.com.vn to track down information such as the date of insurance payments and the current status of documents undergoing processing.

Last August, the PTI management board agreed to increase its capital in two companies within this year. The company will raise its capital in Lane Xang Insurance Public Company (LAP) by US$150,000 to $1 million, which is equivalent to half of LAP's charter capital.

PTI will also buy shares of IBS Vietnam Company Ltd to increase its capital by VND10 billion (more than $476,000) to VND19.8 billion ($942.8 million), which is equivalent to 99 per cent of IBS's charter capital.

Seven shareholders, including Bao Minh Insurance Corporation, Viet Nam Posts and Telecommunications Group and VINACONEX Corporation, set up the company in 1998. It has a charter capital of approximately VND504 billion ($24 million).

In the first six months of the year, PTI earned VND660 billion ($31.4 million) in revenues from its insurance business. Its after-tax profits reached more than VND39.5 billion ($1.88 million), or VND13 billion ($619,000) more than that of same period last year. — VNS