On April 4, 2024, in Hanoi, BIDV Insurance Corporation (BIC) organized the 2024 Annual General Meeting of Shareholders. The meeting was attended by shareholders representing 101,118,752 shares, accounting for 86.22% of the total voting shares.

In 2023, Vietnam's economy was not immune to the effects of the global economic recession and continued to face many difficulties including interest rates continuously fell to the lowest level in the past 20 years; The disbursement rate of public investment capital was still low; Consumption of the automobile market decreased sharply. In addition, changes in Laws, Decree, Circulars and public opinions about the insurance market had not been positive which have significantly affected the operations of insurance businesses.

However, the Board of Directors, Board of Management and the entire BIC system remained steadfast in their growth goals associated with operational efficiency, and strive to implement effective, creative, and aiming for strong growth in revenue, while continuing to maintain the position of Top 3 non-life insurance enterprises in terms of profitability.

BIC answered shareholders' questions

In 2023, gross written premium of BIC alone reached VND 4,774 billion, growing 26.5% compared to the previous year, completing 104.1% of the plan assigned by the General Meeting of Shareholders. In which, direct premium reached VND 4,602 billion, growing by 27.9%, nearly 10 times higher than the overall market growth rate, helping BIC rise to the 6th position in the market in terms of market share of direct premium.

In 2023, BIC continued to record high profits from insurance business activities. Total consolidated profit before tax reached VND 574 billion, completing 119.6% of the plan assigned by the General Meeting of Shareholders. In which, profit before tax alone reached VND 558 billion. The AGM agreed on the 2023 dividend payout ratio at 15%, 2% higher than the previous year.

Besides good business results, last year, BIC also made its mark in other aspects of operations such as receiving A.M. Best ranks financial capacity at the highest aaa.VN level in Vietnam; was honored with many prestigious titles and awards such as Top 10 most prestigious non-life insurance companies in Vietnam, Top 50 best growing companies in Vietnam, Top 500 largest enterprises in Vietnam, Top 500 most profitable enterprises in Vietnam, Top 10 best places to work in the non-life insurance industry in Vietnam, etc.

The 2024 BIC General Meeting of Shareholders was successful

In 2024, BIC will continue to strive to accelerate the growth rate of written premium, striving to reach the Top 5 non-life insurers with the largest market share by 2025, while ensuring and improving business performance. The General Meeting of Shareholders agreed on BIC's goals in 2024 as follows: Gross written premium of the parent company alone reaches nearly VND 5,600 billion, growing 16.7%; Consolidated profit before tax reached over VND 600 billion, growing 4.5% compared to 2023.

In order to strengthen the personnel of the Board of Directors and BIC Board of Supervisory, the 2024 Annual General Meeting of Shareholders elected Ms. Vu Kim Chi as a new member of the Board of Directors to replace Ms. Pham Thi Van Khanh, electing Ms. Nguyen Bich Thao as a new member of the BOS, replacing Mr. Do Viet Dung. At the same time, to meet the provisions of the Law, the AGM continued to elect Mr. Nguyen Huy Tua and Mr. Dang The Vinh as independent members of the Board of Directors of BIC for the term 2024 - 2029.

The AGM discussed and approved all contents of the Reports and Proposals, and highly agreed on the contents of the presentations and explanations of the Presidium at the AGM. The Presidium recognized and appreciated shareholders' opinions and responded thoroughly in the spirit of inquiry and transparency to issues that shareholders had opinions on.