The President of Petrolimex Insurance Corporation Steps Down.

On May 16th, Petrolimex Joint Stock Insurance Corporation (PJICO – stock code: PGI) released an abnormal information disclosure, sent to the State Securities Commission and the Ho Chi Minh City Stock Exchange (HoSE) regarding changes in the company’s senior personnel.

Accordingly, the PJICO Board of Management approved the appointment of Mr. Pham Thanh Hai, Chairman of the PJICO Board of Management, as the legal representative, replacing Ms. Nguyen Thi Huong Giang, PJICO General Director.

The reason for this change is that Ms. Nguyen Thi Huong Giang no longer meets the current requirements to hold the position of legal representative.

In addition, the PJICO Board of Management also issued a resolution on the dismissal of the position of General Director for Ms. Nguyen Thi Huong Giang. This decision was based on the results of the vote among the members of the Board of Management.

Ms. Nguyen Thi Huong Giang has nearly 28 years of dedication to PJICO and has served as its General Director for the past 3 years. She holds a Bachelor’s degree in Russian and English from the University of Foreign Languages (Vietnam National University, Hanoi), a Master’s degree in Finance – Banking – Insurance from the University of Nantes (France), and an Executive Master of Business Administration from Andrews University (USA).

Ms. Giang joined PJICO in July 1997 as a specialist in the Property and Technical Insurance Department, gradually taking on important roles such as Deputy Head of Reinsurance, Head of Property and Technical Insurance, and eventually, Deputy General Director.

In March 2022, Ms. Nguyen Thi Huong Giang was appointed as the General Director of PJICO, succeeding Mr. Dao Nam Hai, who later became the General Director of Petrolimex. In April 2022, she was also elected as a member of the PJICO Board of Management.

In addition to her role at PJICO, from May 2022 to the present, Ms. Nguyen Thi Huong Giang has also been serving as a member of the Board of Management of the National Reinsurance Corporation of Vietnam (stock code: VNR).

Also, on May 16th, the PJICO Board of Management passed a resolution dismissing Mr. Tran Hoai Nam from his position as Deputy General Director. Mr. Nam has been with PJICO for almost 30 years, previously serving as Head of Motor Insurance, before being appointed as Deputy General Director in April 2023.

In the first quarter of this year, PJICO recorded a net revenue of over 890 billion VND from insurance business operations, with a post-tax profit of 71 billion VND.

The company’s motor insurance segment accounted for the largest proportion of revenue, at nearly 410 billion VND, or over 36.5%. The health and accident insurance segment contributed over 227 billion VND (20.29%), property and casualty insurance contributed over 123 billion VND (11.04%), and fire insurance contributed over 139 billion VND (12.44%).

Notably, the net cash flow from operating activities decreased by 58% compared to the same period last year, reaching 64 billion VND.

As of March 31st, PJICO’s total assets amounted to nearly 8,490 billion VND, with almost half of the asset structure comprising short-term investments of 4,140 billion VND, mainly in term deposits of 4,088 billion VND.

In terms of capital structure, the company’s total liabilities were over 6,620 billion VND, 3.5 times higher than its owners’ equity. Over 70% of PJICO’s liabilities comprised business provisions, including provisions for original insurance and reinsurance (2,320 billion VND), provisions for original insurance and reinsurance claims (1,913 billion VND), and large fluctuation provisions (406.8 billion VND).

For the full year of 2025, PJICO targets original insurance revenue of 4,400 billion VND, equivalent to the figure for 2024. The company also aims for a financial revenue of 220 billion VND and a pre-tax profit of 306 billion VND, a 5% increase compared to the previous year. PJICO plans to pay a dividend of 12% of charter capital in cash.