Chairman and member of the Board of Directors of Military Insurance suddenly resigns

Military Insurance Corporation (stock code MIG) has just announced the resignation letter of Mr. Uong Dong Hung as Chairman of the Board of Directors (BOD) and member of the BOD written on March 18. On the same day, Ms. Nguyen Thi Thuy and Ms. Ngo Bich Ngoc also submitted their resignation letters as members of the BOD of this company. All 3 stated that it was for personal reasons.

At the same time, the Chairman and 2 members of the Board of Directors, 2 members of the Board of Supervisors of the Military Insurance Company resigned.

PHOTO: MIG

Mr. Uong Dong Hung has nearly 20 years of experience in the field of finance and banking and has held many leadership positions at the Military Commercial Joint Stock Bank before becoming Chairman of the Board of Directors of Military Insurance Company since April 2017.

At the same time, two members of the Board of Supervisors, Ms. Bui Thi Hong Thuy and Ms. Hoang Thi Tuyet Mai, also submitted their resignations and requested the General Meeting of Shareholders to consider and approve them at the upcoming meeting. The resignation of a series of senior leaders at the company is quite surprising when the 2025 Annual General Meeting of Shareholders is scheduled to be held on March 31.

According to the supplementary documents of the General Meeting of Shareholders, the company has announced the list of candidates to replace the positions in the Board of Directors and the Board of Supervisors for the new term. Specifically, it has added a proposal to dismiss 3 members of the Board of Directors who have submitted their resignations, and to elect Mr. Tran Minh Dat, Ms. Vu Thai Huyen and Mr. Chu Hai Cong, who are currently leaders in the Executive Board and members of the Board of Directors of the Military Bank (MB).

The company proposed to shareholders to elect Ms. Le Thi Thu Trang - Deputy Head of Member Company Management Department at MB and Ms. Nguyen Thi Tuoi - Auditing Expert at MB to the Board of Supervisors of the insurance company.

In 2024, Military Insurance Company achieved total revenue of VND 5,384 billion, completing 82% of the plan, up 7%. Pre-tax profit reached VND 308 billion, completing 70% of the plan. Entering 2025, the company submitted a business plan to shareholders with the goal of maintaining market share, insurance revenue growing by 25%, profit growing by 75%, and a minimum dividend rate of 10%. The insurance company also asked shareholders to approve the 2024 dividend payment at a rate of 10%, of which 5% is in cash and 5% is in shares.