Attending the General Meeting of Shareholders were Mr. Ho Nam Thang, Chairman of the Board of Directors, and members of the Board of Directors; Mr. Phan Hoang Chung Thuy, Member of the Board of Directors, CEO, and members of the Executive Board; and Mr. Nguyen Nhu Thu, Head of the Supervisory Board, along with GIC's shareholders.

Shareholders completed procedures to attend the General Meeting (Image: GIC)

The setting for the 2024 GIC Annual General Meeting of Shareholders (Image: GIC)

At the meeting, Mr. Bui Huy Cuong, the Chief Financial Officer, who represents the GIC Executive Board, gave a report on business performance for 2023. Acording to him, Vietnam's economy confronted numerous challenges in 2023, including consumer demand and retail growth that fell short of expectations, weakening import and export, and a still-sluggish real estate market that would have a significant negative impact on the insurance sector. In light of the overall state of the market, GIC's revenue only reached 77% of the plan. The good news is that GIC's pre-tax profit reached 94 billion VND, completing 134% of the plan, thanks to outstanding results of the investment segment and improving the efficiency of the insurance operations segment.

Representative of the GIC Executive Board, Mr. Bui Huy Cuong - Chief Financial Officer reported at the Conference (Image: GIC)

In particular, this year's General Meeting of Shareholders agreed and approved the dividend plan for 2023, including paying cash dividends at a rate of 3% and issuing shares to pay dividends at a rate of 4%. "This is a harmonious combination between shareholders' rights and capital adequacy ratio for GIC", shared by Mr. Ho Nam Thang - Chairman of the Board of Directors of GIC during his speech at the Conference.

The payment of dividends by issuing shares is expected to increase GIC's charter capital from 465 billion VND to 483.6 billion VND. This form helps GIC strengthen its financial capacity, and also brings benefits to shareholders when GIC keeps up its good business practices.

Mr. Ho Nam Thang - Chairman of the Board of Directors of GIC shared at the Meeting (Image: GIC)

Shareholder representatives had questions for the Chairman of the Meeting (Image: GIC)

Assessing the year 2024 with the recovering economy, it will be be seen as a turning point for the insurance industry's growth, particularly in the non-life sector, GIC continues to pursue the goal of ranking among the Top 10 Non-Life Insurance Companies in Vietnam with the highest insurance premium revenue by 2025. With a revenue plan of 2,087 billion VND for 2024, an increase of 17.3% compared to 2023, GIC will continue to promote the implementation of key projects such as improving the quality of compensation appraisal; researching and developing of new products; expanding the transaction network, and a plan to open 06 new branches in 2024 - 2025.

GIC's 2024 Annual General Meeting of Shareholders took place successfully. The Conference approved the report of the Board of Directors, Supervisory Board, and Executive Board on operating results in 2023 and operating direction in 2024 with high consensus.