On the afternoon of July 7, at a press conference organized by the Ministry of Public Security , a representative of the Department of Investigation Police on corruption, economic crimes, and smuggling informed about the "Receiving bribes" case that occurred at PJICO.
Ms. Nguyen Thi Huong Giang (50 years old), General Director of Petrolimex Insurance Joint Stock Company (PJICO) was prosecuted and temporarily detained on charges of "Receiving bribes".
In addition to Ms. Giang, eight other subjects were prosecuted, including: Mr. Dao Nam Hai - former General Director of Petrolimex Group; Mr. Tran Hoai Nam, Deputy General Director of Petrolimex Insurance Joint Stock Company;
Mr. Dang Quang Dung, Deputy Director in charge of the Motor Vehicle Compensation Appraisal Board; Mr. Dinh Quoc Thinh, Deputy Director of the Motor Vehicle Compensation Appraisal Board;
Nguyen Dinh Son, Nguyen Ngoc Thang, Le Nam Duong, Vo Hoang Phuc - are all appraisers of the Motor Vehicle Compensation Appraisal Board.
Petrolimex Insurance Joint Stock Corporation (PJICO) was established in mid-1995. This is the first insurance company operating under the joint stock company model, with initial charter capital of 53 billion VND and 5 affiliated branches.
Mr. Dao Nam Hai was born on August 11, 1974 in Hai Phong . Mr. Hai has a master's degree in law and business administration and was the General Director of PJICO before being appointed as the General Director of the Vietnam National Petroleum Group (Petrolimex).
At PJICO, Mr. Dao Nam Hai has held many important positions. Mr. Hai was a member of the Board of Directors and General Director of this enterprise for 8 years, from 2014-2022.
Mr. Dao Nam Hai.
Mr. Hai's successor is Ms. Nguyen Thi Huong Giang, who has been with the company for nearly 30 years.
Born in 1975 in Hai Duong, Ms. Giang has a Master's degree in Finance - Banking - Insurance from Nantes University (France), and a Master's degree in Business Administration from Andrews University (USA).
Ms. Giang joined PJICO in mid-1997 as a specialist in the Technical Property Insurance Department. After that, she held many important positions, such as: Deputy Head of Reinsurance Department, Head of Technical Property Insurance Department, and then Deputy General Director of PJICO.
In March 2022, Ms. Nguyen Thi Huong Giang was appointed General Director of PJICO, succeeding Mr. Dao Nam Hai - who later became General Director of Petrolimex.
By April 2022, Ms. Giang will continue to be assigned the responsibility of Member of the Board of Directors at this insurance company.
Selling auto insurance is the "backbone" business
In 2018, PJICO had total original insurance premium revenue of over VND 2,800 billion, after-tax profit of over VND 144 billion. In 2019, original insurance premium revenue was over VND 3,000 billion, after-tax profit was over VND 162 billion.
By the end of 2024, PJICO will account for 5.5% of the market share of original insurance revenue and rank 6th in the entire Vietnamese insurance market.
PJICO's main business areas include motor vehicle insurance, marine insurance, health insurance, fire/composite insurance, aviation insurance and engineering project insurance.
Among them, motor vehicle insurance is considered by PJICO as the "backbone" business and has 100% coverage of member units.
According to the 2024 business performance report, PJICO's total revenue last year reached VND5,279 billion, up 8.9% and reaching 110.7% of the assigned plan. This is the first time the company's total revenue has exceeded the VND5,000 billion mark.
Of which, revenue from original insurance business reached 4,396.5 billion VND, up 9.3%.
After deducting expenses, the company earned a pre-tax profit of VND291.2 billion. formation, PJICO is one of the top "giants" in the non-life insurance market in Vietnam with effective business operations.
Notably, in the structure of original insurance revenue in 2024, motor vehicle insurance contributed up to VND 1,639 billion. This figure not only exceeded the plan but also increased by 6.5% compared to the same period in 2023.
Motor vehicle insurance is the "golden goose" of PJICO.
Revenue from motor vehicle insurance also accounts for an overwhelming proportion of 37.3% of PJICO's total original insurance revenue in 2024, surpassing all other insurance businesses.
Of which, auto insurance alone achieved revenue of VND 1,573 billion, up 6.7% over the same period; Retained compensation (compensation amount directly paid by PJICO - PV) was VND 888.8 billion, accounting for 57.4% of retained revenue and down 4.6% over the same period in 2023.
Motorcycle and motorbike business achieved revenue of VND 65.3 billion, up 3.4% over the same period; Retained compensation was VND 2.7 billion, accounting for 4.2% of retained revenue, up 0.4% over the same period in 2023.
According to this report, in 2025, PJICO will continue to identify motor vehicle insurance as a key business, accounting for a high proportion in the context that this segment is facing many difficulties due to weak market demand and increasingly fierce cost competition among businesses.
In addition, with the orientation of reducing costs equivalent to 5% of revenue of this business, it is expected that revenue of motor vehicle insurance in 2025 will not grow.
However, in the first quarter of 2025, motor vehicle insurance is still PJICO's "golden goose" when it brought in nearly 410 billion VND in original insurance premiums. This figure far exceeds the revenue of other insurance lines, while compensation costs were approximately 213 billion VND.
In 2025, PJICO aims to achieve original insurance revenue of VND4,400 billion, equivalent to the amount achieved in 2024; revenue from reinsurance of VND214 billion; from financial investment activities of VND220 billion and from house and office leasing activities of VND15 billion. The target pre-tax profit is VND306 billion.
Source: https://vtcnews.vn/pjico-noi-ong-dao-nam-hai-tung-lam-tong-giam-doc-hot-bac-nho-bao-hiem-o-to-ar952895.html
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