BIDV Insurance sets a target of 241 billion dong of pre-tax profit
According to the plan approved by the Annual General Meeting of Shareholders, in 2020, BIC aims to achieve consolidated profit before tax of VND 241 billion, down 10.7% compared to the previous year. Dividends in 2020 are expected to be 8%.
Mr. Tran Hoai An, Member of the Board of Directors, General Director of BIC, presented to the Congress about the business results of 2019 and the plan for 2020. (Source: BIC)
On June 24, 2020, in Hanoi, BIDV Insurance Corporation (BIC) successfully organized the Annual General Meeting of Shareholders (GMS) in 2020.
At the meeting, the company’s shareholders approved the business plan in 2020 with the goal of reaching VND 2,425 billion in revenue from the insurance premium of the Parent Company and VND 241 billion of consolidated profit before tax, down 10.7%. Compared with the last year. Dividends in 2020 are expected to be 8%.
According to Mr. Tran Hoai An, member of the Board of Directors, General Director of BIC, in 2019, the separate premium revenue of the parent company BIC reached VND 2,251 billion, up 7% compared to 2018, completing 101.4% of annual plan assigned by General Assembly of Shareholders. In particular, the original premium revenue exceeded VND 2,000 billion, up 13% compared to last year (higher than the average growth of the market).
BIC’s consolidated profit before tax in 2019 reached VND 270 billion, up 25% compared to 2018, fulfilling 121.2% of the year plan. Especially, in 2019, BIC will gain profits from insurance business.
In order to manage BIC’s activities in the next 5-year period, the congress also elected the Board of Directors and Supervisory Board of BIC for the 2020-2025 term.
In which, members of the Board of Directors include: Chairman is Mr. Tran Xuan Hoang, Member of the Board of Directors of BIDV; Vice Chairman is Mr. Ramaswamy Athappan, President of FairFax Asia; the members are Mr. Tran Hoai An, General Director of BIC, Ms. Pham Thi Van Khanh, Director of BIDV’s Small and Medium-sized Enterprise Customer Division, Ms. Nguyen Thi Ngoc Tu, Deputy Director of BIDV Retail Banking Development Department, Mr. Gobinath Arvind Athappan, Member of FairFax Asia’s Board of Directors; together with independent Board members, Mr. Nguyen Huy Tua and Mr. Dang The Vinh were elected to the Board of Directors at the BIC General Meeting of Shareholders in 2019.
The Supervisory Board for the term 2020 – 2025 includes: Head of the Board is Ms. Lai Ngan Giang, members are Mr. Do Viet Dung, Ms. Nguyen Thi Thu Thuy, Mr. Osith Ramanathan and Mr. Ravishankar Wickneswaran.
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