MIC successfully held the Annual General Meeting of Shareholders in 2021

On April 22, Military Insurance Corporation (MIC) held the 2021 Annual General Meeting of Shareholders at Pullman Hotel and approved the development orientation in the period of 2021 - 2025.

In 2020, the economy was severely affected by the Covid-19 pandemic; meanwhile, MIC strongly surpassed the original insurance revenue record of VND 3,157 billion, up by 26% (3 times the growth rate of the market). Pre-tax profit reached VND 242.5 billion, up by 37.2% compared to 2019, helping to maintain its performance with a profit target of 13% ROE, leading the market. In particular, in 2020, MIC has also fulfilled its commitment to shareholders to complete the listing of shares on HOSE and a 10% cash dividend for 2019.

In 2021, MIC sets a goal of digital transformation - fast growth - efficiency. Although in the context of the world economy as well as Vietnam, there are still aftershocks of Covid 19, MIC is still steadfast in its target of revenue growth in 2021 from 35% to 40%, reaching the Top 5 position in terms of market share of enterprises. In the non-life insurance industry, the profit reached VND 360 billion, up by 49% compared to 2020. In order to realize the goal, MIC has made positive moves to help enhance customer experience in addition to increasing "touch points" for multi-channel development on all fronts, either online or offline. Currently, MIC's insurance programs are available on affiliated apps of partners: credit institutions, Moncover, FE CREDIT. Besides, it is also present at Viettel post, Viettel store, The Mobile World chain nationwide, ... Especially with the advantage of being a member of MB Group, MIC has received great "support" from the parent bank, In 2020 alone, the Bancassurrance channel has grown by an impressive 53%. Bancassurance is considered by experts to be a strategic channel that brings sustainable strong sales growth. Therefore, in recent years, in addition to the strong coverage at MB's trading floor system across the country, MIC simultaneously expanded its connection and coverage at the trading floor systems of major banks such as: Techcombank, ACB, Pioneer Bank, MSB, PVBank, AB Bank, Eximbank, VIB, etc. Only in the first quarter, MIC connected with many big names with "unique products in the market" such as: Ha Viet Golf, Y chi, Nanogen, FIS Vietnam, MG moto, Novaland, Tech Lab, TidoGroup, ...
 

During this year's meeting of MIC, Senior Lieutenant General Le Huu Duc - Chairman of Military Commercial Joint Stock Bank, Mr. Bui Gia Anh - General Secretary of Vietnam Insurance Association were present. Speaking at the Congress, Senior Lieutenant General Le Huu Duc highly appreciated MIC's 2020 business results. In particular, the Corporation has completed the target of listing MIC shares (code: MIG) on the Ho Chi Minh City Stock Exchange and MIC's shares have grown in value ~ 20%, this is very good news to the shareholders of the company. In 2021, with the available potentials and the "technology pioneer" development strategy to raise the rank, at the same time, Military Bank is committed to always accompanying, supporting and helping the company in all aspects. Surely MIC will achieve more outstanding results in 2021 and become a leading unit of MB Group.

According to preliminary business estimates, MIC recorded a growth rate of primary insurance revenue in the first 3 months of 2021 up to 14.4%, which is a spectacular growth rate compared to the average growth rate at just 6% of the market in this period. Profit before tax reached ~47 billion dong, up by 27.59% over the same period.

During this year's Annual General Meeting of Shareholders, MIC submitted a 2020 dividend payment report with a dividend of 10% in stock to submit to the General Meeting of Shareholders for approval; and the planned dividend of 2021 is expected to be 10%. 
 

With the current internal resources and strong support from the parent bank MBBank, in the future, MIC is fully confident to aim for the strategic goal of being in TOP 3 non-life insurance enterprises in 2025. With the aspiration to create the future of Vietnam's non-life insurance industry, MIC brings faster customers experience with dedicated advice and protection through an integrated multi-channel service system and leading digitization technology application.