PVI Reinsurance Joint-Stock Corporation Annual General Meeting of Shareholder 2014

On April 21th 2014, PVI Reinsurance Joint-stock Corporation (PVIRe) has successfully held the Annual General Meeting (AGM) of Shareholders 2014 in PVI Tower, 168 Tran Thai Tong Street, Hanoi.

There were 46 shareholders and authorized representatives attending the meeting, representing 65,813,480 million shares which account for 98.53 % of the total shares with voting rights of PVIRe. At the AGM, the shareholders voted on the important issues of the corporation including the business report of the first fiscal year (calculated from the time PVIRe switched to joint stock company from 10/01/2013 to 31/12/2013) and the business plan of year 2014, the plan for distribution of profits, dividends, and other contents related to operating activities and management of the corporation.

At the end of the first fiscal year, PVIRe has grossed 401.3 billion, surpassing the plan by 121.2%; increased dividend payout rate from 3 % to 3.5 % (in 2013, the total revenue reached 1,630.9 billion with pre-tax profit of VND 79 billion); implemented the organizing-model transformation in accordance with PVIRe’s function departments. At the same time, PVIRe has also developed new technological solutions to enhance the quality of services, focused on building a strong system and workforce with extensive experience and enthusiasm in order to create professional work culture and sustainable development.

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On evaluating the results of the first fiscal year 2013, in the context of current macro-economy with many difficulties and challenges, but with the efficient strategies and the consistency of the Board of Directors (BOD) and Executive Board, PVIRe has made an effort to overcome difficulties and achieve the goal of sustainable, secure and efficient development.

At the AGM, the shareholders have also approved based on the business targets achieved in the first fiscal year with voting rate reaching 99.995 %. In 2014, considering that the market situation will continue to contain many potential challenges, financial objectives has been agreed by AGM with certain financial indices such as total revenue reaching 1.669 billion and pre-tax profit reaching 140 billion. In addition, the aims of achieving sustainable development through organizational structure improvement, strengthening risk management, human resources development, upgrading information technology systems and brand development will be continued.

Speaking at the AGM, Mr. Le Hoai Nam, PVIRe’s Chairman, emphasized that in the next year, with the credibility of the shareholders, the BOD and the Executive Board will continue to make an effort to complete the objectives set out, and strengthen PVIRe’s position as a professional reinsurer in Vietnam.

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Sourced by: PVI Reinsurance Vietnam