Shareholders of PVI Insurance Corporation (Stock code: PVI) have just approved the appointment of Mr. Nguyen Tuan Tu as the new CEO at the recent Extraordinary General Meeting of Shareholders.
Mr. Nguyen Tuan Tu, born in 1972, holds a Bachelor’s degree in Accounting and Foreign Languages. Before joining PVI, he served as the Deputy General Director of Petrovietnam Oil Corporation (PVOIL). With his extensive experience and knowledge, Mr. Tu is expected to contribute significantly to the company’s growth and development.
The shareholders also approved changes to the Board of Directors, with Mr. Tu being elected as a member, along with Ms. Christine Nagel, who was elected as an independent member. These appointments are effective immediately and will last for the remainder of the 2022-2027 term.
Mr. Nguyen Tuan Tu addresses the shareholders at the meeting. Source: PVI
Additionally, the company announced the resignation of Mr. Nguyen Xuan Hoa and Ms. Tatiana Pecastaing Pierre from their positions as members of the Board of Directors. The changes in the Board’s composition aim to bring new perspectives and expertise to support PVI’s strategic direction.
In the first half of 2024, PVI reported impressive financial results, with consolidated revenue reaching VND 11,278 billion, a 55% increase compared to the same period last year. The company’s pre-tax profit also increased by 13.7% to VND 787 billion. As of June 2024, PVI’s total assets were valued at VND 31,545 billion, a 17% increase from the beginning of the year, while equity increased by 7.6% to VND 8,720 billion.
PVI has consistently maintained its leading position in the non-life insurance market in Vietnam, as recognized by Vietnam Report in their recent publication. The company’s strong performance and market share are also attracting the attention of foreign investors. Recently, HDI Global SE, one of PVI’s foreign shareholders, has been actively increasing its stake in the company. On the other hand, IFC, another foreign shareholder, has reduced its holdings.
PVI’s stock price witnessed a significant surge from VND 50,000 per share in mid-May 2024 to a historical high of over VND 62,000 per share in June. However, the stock has since corrected, and it is currently trading at VND 53,000 per share, still representing an 18% increase since the beginning of the year.
