BIC held 2017 Annual Shareholders General Meeting
Hanoi, March 28, 2017 - BIDV Insurance Corporation (BIC) held Annual General Shareholders Meeting of 2017.
The Meeting was participated by shareholders representing 100,905,472 shares, accounting for 86% of BIC voting shares. At the Meeting, 6 major issues were reported to General Shareholders, including:
- Proposal on appointing Mr. Tran Luc Lang, Senior Executive Vice President of BIDV as a Member of Board of Directors of BIDV Insurance Corporation.
- Business Results of 2016 and Business Plan of 2017.
- Financial statements 2016, allocation of after-tax profit and dividend 2016.
- Report on operation of Board of Directors and Board of Supervision 2016 and Plan for 2017
- Remuneration payment result for the Board of Directors and Board of Supervision for 2016 and remuneration payment plan for 2017.
- Audit firm selection plan in the period of 2017 - 2020.
CEO Tran Hoai An said that in 2016, BIC was determined to focus on solutions for effective growth through many strict risk management policies. As a result, total consolidated underwritten premium of BIC reached 1,794 billion VND, of which BIC's seperate underwritten premium reached 1,671 billion VND. BIC's consolidated profit was 165.7 billion VND, remaining one of the five highest rated insurance companies in terms of profitability in the non-life insurance market in Vietnam.
According to BIC's CEO, with efficiency orientation, the BIC’s Board of Management has tightened control over costs. Therefore, BIC's operating expenses in 2016 fell by 3.1 %. In addition, the BIC's premium receivable level was maintained at 3.1%, the lowest one ever.
Furthermore, BIC has achieved remarkable results, including: A.M.Best, the world’s leading financial credit rating agency, revised BIC’s outlooks to Positive from Stable and affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-”. Especially, BIC was honored to be one of the few non life insurance companies in Vietnam to have an actuary approved by the Ministry of Finance.
The General Assembly of Shareholders has discussed and approved the contents of all Reports and Statements presented at the Meeting. The General Assembly of Shareholders unanimously agreed on the contents presented and explained at the Meeting. The Presidium highly appreciated and acknowledged the shareholders' opinions and gave thorough answers in the spirit of inquiring minds and transparency to issues questioned by shareholders.
For the 2017 plan, according to CEO Tran Hoai An, BIC is determined to focus on solutions for effective growth, safety and sustainability, and bigger market share in the non-life insurance market in Vietnam. BIC aims to achieve 2017 total premium revenue of VND 1.9 trillion, consolidated profit before tax of VND 186 billion, focus on developing solutions for greater business efficiency, management and operation quality and service quality before, during and after the sale, investing in modern information technology systems in the upcoming 2-3 years to meet the requirements of improving competitiveness and executive administration as required by the Fourth Technology Revolution. For overseas joint ventures, BIC will continue to support business operations in Laos and Cambodia.
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04/04/2017 04:19:44 PM