2022 sustainable growth on the foundation of 2021
In 2022, PJICO exceeded the original insurance revenue and profit plan approved by the General Meeting of Shareholders, specifically original insurance revenue reached VND 3,772 billion, an increase of 13.2% compared to 2021; pre-tax profit reached VND 252.7 billion, completing 101% of the plan. Based on the high growth of 2021, this is a very encouraging result for the Company, especially in the context of a challenging business environment.
Compared to the top 6 insurance companies, PJICO's current revenue growth rates are cargo and aviation, up 57.9% and 46.8% respectively compared to 2021. Other lines of business such as motor vehicle insurance, student and teacher health insurance, fire and property insurance, etc. all recorded positive growth rates.
With the comprehensive results achieved, AMBest rating organization continues to rate PJICO at B++, with stable outlook in 2022.
2023 Annual General Meeting of Shareholders of Petrolimex Insurance Corporation (PJICO Insurance - code PGI).
The congress unanimously approved a 12% cash dividend payment. This is a testament to PJICO's solid financial capacity, and at the same time demonstrates the viewpoint of maintaining a reasonable dividend policy, always ensuring the interests of shareholders.
Major shareholders including Vietnam National Petroleum Group, Samsung Fire and Marine Insurance Co., LTD (SFMI), and Joint Stock Commercial Bank for Foreign Trade of Vietnam all highly appreciated the efforts of PJICO's Board of Directors and employees in overcoming difficulties in 2022, bringing the Company to sustainable growth in all aspects, creating a good foundation for the following years.
Also at the Congress, shareholders dismissed Mr. Tran Ngoc Nam from the position of member of the Board of Directors at the request of shareholders of Vietnam National Petroleum Group.
Immediately after the General Meeting of Shareholders, the Board of Directors elected Mr. Pham Thanh Hai, currently a member of the Board of Directors - Deputy General Director of PJICO, to assume the position of Chairman of the Board of Directors for the 2019 - 2024 term. Mr. Hai was born in 1975, has worked at PJICO for more than 10 years, is an expert with extensive experience in management and operations, and is also proficient in many professional fields. The completion of senior personnel is expected to contribute to the Company's new, fast, strong and sustainable development in the future.
New Chairman of PJICO Board of Directors Pham Thanh Hai.
2023: PJICO targets compound growth in revenue and profit
In 2023, the domestic and foreign economies will have many fluctuations such as sharp increase in interest rates, weakening consumer demand, and businesses facing many difficulties beyond forecasts. Inflation and recession are likely to occur in the world economy, which will bring many unpredictable impacts on the Vietnamese economy, including the insurance sector. In addition, competition in the insurance market will continue to be fierce, and the reinsurance capacity of many companies will decline significantly...
On the positive side, the new Law on Insurance Business, effective from January 1, 2023, will help perfect the legal framework for the insurance market, change the method of financial management and risk management, thereby creating conditions for financially strong businesses to develop. In addition, the trend of digital insurance (Insurtech) in 2023 and the long term is forecast to completely change the insurance industry, helping insurance companies reach customers quickly, shorten the time to provide insurance products and streamline unnecessary costs.
On that basis, the Board of Directors of PJICO submitted to the Congress a plan for original insurance revenue of nearly VND 4,151 billion, an increase of 10% compared to 2022; pre-tax profit of nearly VND 256 billion, a slight increase compared to the previous year; cash dividend payment rate of 12%.
To achieve this plan, PJICO's leadership representative said that it will focus on business groups and exploitation channels, focusing on strengthening relationships with large customers, implementing insurance for FDI enterprises and SMEs...; encouraging units to research and exploit new insurance products, promoting digital transformation and IT application...
The company also proactively reviews and restructures key and potential products to improve competitiveness and expand its customer base.
PJICO's core goal is stable growth associated with efficiency and financial safety, ensuring long-term sustainable development.
PV
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