PVI : The first PVI BOD Meeting in 2024

The first PVI BOD Meeting in 2024

• 12:00
• Wednesday, 20/03/2024

On the morning of March 21, 2024, in Ho Chi Minh City, PVI Holdings held the first Board of Directors meeting in 2024 with the participation of PVI Board of Directors' members and the Board of Management, Supervisory Board, Representatives of Subsidiaries, Affiliated Centers, relevant functional departments and a number of representatives of shareholders HDI Global SE and IFC.

Overview of the meeting

At the first Board of Directors meeting in 2024, BOD members discussed important issues related to production and business activities, strengthening risk management measures, and promoting financial investment activities, reviewing human resources issues, distributing additional salary funds as well as approving the sustainable development action program.

In addition, the meeting also approved contents submitted to the upcoming AGMS 2024 such as Report on business result in 2023 and Business Plan in 2024; Report on activities of the BOD in 2023; Direction of the BOD in 2024; Proposal for approving 2023 Audited Financial Statements; Proposal on Profit Distribution Plan in 2023 and Profit Distribution Plan in 2024; Proposal for the Payment of Remuneration in 2023 and the estimated Remuneration in 2024 of the Board of Directors and the Supervisory Board; Report on supervising the business operations of PVI in 2023 of the Supervisory Board; Proposal on selecting the independent audit firm providing audit services for financial statements of PVI and subsidiaries in 2024.

The Board of Directors highly appreciates the results and achievements that the entire PVI system achieved in 2023, specifically: Total consolidated revenue in 2023 of the entire PVI system reached 16,083 billion VND, reaching 119% of the plan. Of which, total revenue from insurance activities reached 14,466 billion VND, revenue from financial activities and other activities reached 1,524 billion VND. Consolidated pre-tax profit reached 1,243 billion VND, completing 103% of the plan.

In the field of Non-life Insurance: PVI Insurance continues to affirm its leading role in the entire system, affirming its position as the No. 1 non-life insurance enterprise in the Vietnamese market: Total revenue of Insurance PVI reached 14,553 billion VND, completing 120% of the plan; Pre-tax profit reached 794 billion VND, completing 117% of the plan.

In the field of Reinsurance: PVI's reinsurance arrangement activities continue to be deployed in the right direction, promoting reinsurance arrangements in the domestic market, improving insurance business efficiency for the entire system. In 2023, Hanoi Re will be marked by achievements: pre-tax profit reaches 256 billion VND, completing 115% of the 2023 plan; total revenue of 2,990 billion VND, completing 112% of the 2023 plan;

The investment activities of the entire system have promptly shifted the asset structure, proactively welcomed market opportunities, and accordingly remained stable, continuing to be the main source of profit for the entire system. Investment and asset management activities continue to affirm their important role for the entire system.

Regarding governance, PVI will implement and improve management, compliance monitoring, transparent governance, and strengthen systemic risk management. At the same time, improve professionalism in insurance/reinsurance business, investment and fund management based on the principles of effective business, capital preservation and sustainable growth, continuing to maintain the leading position in non-life insurance market in terms of professional efficiency.