In 2023, PJICO exceeded 111% of its profit plan, growing 12.3% compared to 2022.

On April 10, 2024, Petrolimex Insurance Joint Stock Corporation (PJICO, code PGI) successfully held the 2024 Annual General Meeting of Shareholders (AGM).

The congress approved the personnel plan, business plan for 2024 and business development orientation for the next 5 years. Mr. Pham Thanh Hai was re-elected as Chairman of the Board of Directors for the 2024 - 2029 term.

Exceeded 111% of profit plan, reaching original insurance revenue of over 4,000 billion for the first time

Reporting on 2023 business results, a representative of PJICO's Board of Directors said that although the economy has recovered, insurance companies, including PJICO, continue to face many difficulties and challenges due to high compensation costs and a decrease in demand for some business segments.

In that context, with the strong efforts and determination of the entire system, PJICO has completed 100% of its 2023 business plan with total revenue reaching VND 4,847 billion, of which original insurance revenue reached VND 4,023 billion. This is the first time PJICO has reached the VND 4,000 billion milestone.

PJICO's pre-tax profit in 2023 reached VND 283.68 billion, completing 111% of the plan, up 12.3% compared to 2022. The return on assets (ROA) and return on equity (ROE) also increased sharply at 3.81% and 8.37%, respectively. With this result, PJICO is one of the specialized corporations with the highest profit in the Petrolimex ecosystem and one of the top units in the market in terms of business performance.

For core business segments such as: motor vehicle insurance, health insurance, technical project insurance, PJICO continues to affirm its leading position with outstanding growth compared to the general growth of the market, contributing to expanding market share. Specifically: motor vehicle insurance business grew by 3.9%; health insurance business grew by 25.3%; technical project insurance business grew by 61.9%...

Chairman of the Board of Directors Pham Thanh Hai presented a report at the Congress.

In 2023, PJICO is one of the insurance companies with a large fluctuating reserve fund balance in the leading group of the market. This is one of the extremely important indicators to assess the health of the enterprise in ensuring financial capacity and commitment to timely, correct and sufficient compensation for customers' legitimate rights.

With outstanding financial indicators, in 2023, PJICO continues to be rated by AMBest - the world's leading financial credit rating organization - at "B++" (good), stable outlook, issuer credit rating at "bbb" (good), and is rated by AM Best at "aaa.VN" - the highest level in Vietnam.

Change new logo and maintain minimum original insurance revenue growth of 3% - 5%/year in the next 5 years

Towards the 30th anniversary of the Corporation's establishment, and to adapt to the new development stage, the PJICO Board of Directors has submitted and received approval from the General Meeting of Shareholders for the Brand Identity Strategy. Accordingly, PJICO will replace the current logo with a completely new brand identity, contributing to bringing a new vitality and spirit to the Corporation's brand.

General Director Nguyen Thi Huong Giang presented a report at the Conference.

Regarding the development goals for 2024, considering the general market context that still has many potential risks and challenges, PJICO's Board of Directors said that the expected revenue plan for 2024 is VND 4,768 billion, of which, original insurance revenue is VND 4,024 billion; pre-tax profit is VND 288.8 billion.

The General Meeting of Shareholders also approved the business targets for the period 2024 - 2029, accordingly, PJICO will firmly follow the direction of green, sustainable, safe development and maintain an average growth in original insurance revenue of at least 3-5%/year; an average growth in pre-tax profit of 3%/year; ensure an average annual dividend payment of at least 8%/charter capital in cash; continue to maintain and improve the international credit rating...

To achieve this plan, PJICO will focus on developing core business groups and diversifying exploitation channels. Strengthening and promoting insurance exploitation for large customers, FDI enterprises and SMEs... Implementing comprehensive digital transformation in all aspects of the Corporation's operations to aim at improving competitiveness, increasing customer experience and optimizing management efficiency...

The 2024 PJICO General Meeting of Shareholders also voted to approve the list of members of the PJICO Board of Directors for the 2024-2029 term. Immediately after the meeting, the Board of Directors met and unanimously elected:

- Mr. Pham Thanh Hai - Chairman of the Board of Directors

- Ms. Nguyen Thi Huong Giang - Member of Board of Directors, General Director of PJICO

- Mr. Lee, Jae Hoon - Member of Board of Directors

- Ms. Ha Kim Anh - Member of Board of Directors

- Ms. Tran Thi Bao Ngoc - Member of Board of Directors

- Ms. Truong Dieu Linh - Member of Board of Directors

- Ms. Le Thi Lan Anh - Independent member of the Board of Directors

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