Petrolimex Joint Stock Insurance Corporation (PJICO) has announced unusual information to the State Securities Commission and the Ho Chi Minh City Stock Exchange regarding the Resolution of the Board of Directors.
Accordingly, the PJICO Board of Directors has decided to relieve Mrs. Nguyen Thi Huong Giang from her position as General Director, effective May 15, 2025.
PJICO has also relieved Mr. Tran Hoai Nam from his position as Deputy General Director, also effective May 15, 2025.
The Board of Directors of PJICO has appointed Mr. Pham Thanh Hai, Chairman of the Board of Directors of PJICO, as the legal representative of the company.
Both leaders who were relieved from their positions had nearly 30 years of dedication to the company. Mrs. Giang, in particular, joined PJICO in July 1997 as a specialist in the Technical Property Insurance Division and gradually took on important roles, including Deputy Head of Reinsurance Division, Head of Technical Property Insurance Division, and eventually Deputy General Director.
In March 2022, Mrs. Nguyen Thi Huong Giang was appointed as the General Director of PJICO, succeeding Mr. Dao Nam Hai.
Mr. Hai has recently been temporarily suspended from his position as the representative of state capital in the Vietnam National Petroleum Group (Petrolimex) by the Ministry of Finance, along with his roles as a member of the Board of Directors and General Director of Petrolimex, pending conclusions from authorized agencies.
According to the Vietnam Insurance Association (IAV), as of December 31, 2024, the seven non-life insurance companies, including PVI, Bao Viet, VBI, MIC, BIC, PJICO, and VNI, accounted for 60.7% of the total market share in the Vietnamese insurance industry.
Among them, PJICO (stock code: PGI) held a 5.5% market share in 2024, with insurance premium revenue reaching VND 4,394 billion, an increase of 7.9% compared to the previous year. The original insurance premium reached nearly VND 4,397 billion, an increase of over 9% over the same period. As a result, pre-tax profit was estimated at over VND 291 billion, an increase of nearly 3% compared to 2023.
Recently, PJICO announced its first-quarter 2025 financial report, showing lackluster business results with revenue and profits almost identical to the same period in 2024.
Specifically, net revenue from insurance business activities amounted to over VND 894 billion, unchanged from the previous year’s figure of VND 894 billion. Similarly, total expenses for insurance business activities reached VND 652 billion, a slight increase from the previous year’s figure of VND 647 billion.
PJICO’s pre-tax profit in the first quarter reached nearly VND 90 billion, a slight increase from the previous year’s figure of nearly VND 85 billion, representing a corresponding increase of almost 6%.
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