MIC (HOSE: MIG) closes the right to pay dividends on June 29

Military Insurance Corporation's (MIC) MIG stock has had a spectacular increase in the past 1 month, showing investors' confidence in the military insurance business.

Accordingly, the share price of MIG during this period has increased faster than other insurance stocks. Specifically, PGI stocks of Pjico Insurance increased by just over 5%, Bao Minh's BMI stocks increased by more than 26%, Postal Insurance's PTI increased by more than 17%, Vinare's VNR increased by 25%... A month ago, the stock market price of Military Insurance Corporation (MIC, HOSE: MIG) was only over 16,000 VND/share then now, the share price of MIG has surpassed the mark of 21,000 VND/share (increasing more than 31%).

The increase in MIG's share price is completely consistent with the impressive business results that this company achieved in the first quarter and first 6 months of 2021.

Noticeably, in the first 6 months of 2021, MIC's revenue grew by 34% over the same period last year, ranking 5th in the whole market. The company also recorded a profit in the first half of the year of 145 billion VND, completing the 6-month target and growing 44% over the same period. Accordingly, the growth rate of MIC increased much faster than the average growth rate of about 5% of the whole non-life insurance industry.

The high growth business numbers in the first half of 2021 were the result of strategy building and sustainable development built by MIC from the foundation of previous years.

In 2020, MIC recorded a full-year insurance business net revenue of 2,402.5 billion VND, an increase of 30% compared to 2019. Profit after tax also increased sharply by 36.7%, to nearly 194 billion VND.

Profits accumulated evenly over time helped MIC have the basis to gradually increase equity and increase financial resources. Until December 31, 2020, MIC still had 195.3 billion VND of undistributed after-tax profit, not to mention the Company had nearly 40 billion VND of compulsory reserve fund.

This was the basic factor for MIC to carry out the issuance of 13 million shares to pay dividends in the fiscal year 2020, which is expected to close the list of shareholders on June 29.

Issuance ratio 10:1, corresponding to shareholders owning 10 shares will receive 1 new share.

With these results, MIC was realizing the goals set by the General Meeting of Shareholders and the Board of Directors. It was expected that MIC's business results in the last 6 months of the year would continue to prosper with an impressive growth index closely following the target of 30-40%, ROE is at the top of the market.

On that basis, the Company was increasingly affirming its position as one of the fastest growing enterprises in the market, but continued to strengthen its solid foundation towards sustainable development. In particular, the appearance of MIC was increasingly evident with the body of a professional retail insurer with a leading mindset in digital transformation, committed to bringing customers the best experience.

In 2021, MIC achieves the goal of reaching the top 5 leading enterprises in the non-life insurance market. By 2025, MIC aims to be among the top 3 non-life insurance companies in Vietnam in terms of market share.

MIC also continues to build and develop on the basis of association with the general development of MB Group (including MB, MIC and other member companies and companies with affiliated relationships in MB Group).