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Military Insurance targets top four spot in non-life insurance market for 2024
Military Insurance Corporation (MIC) targets to secure a position among the top four on the non-life insurance market in 2024, achieving 33 per cent growth in insurance revenue, 25 per cent growth in profit compared to 2023, and maintaining a minimum dividend ratio of 10 per cent.
Customers at a branch of Military Insurance Corporation (MIC). Despite the challenging conditions faced by the insurance industry in 2023, MIC managed to maintain efficient operations and achieve noteworthy accomplishments. — Photo MIC
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These objectives were approved at the company's Annual Shareholders' Meeting on Wednesday, where they presented the business results for 2023 and outlined the development direction for the period of 2024-2026.
According to the report presented at the meeting, as of the end of the first quarter of 2024, MIC had already shown promising signs. Their insurance revenue reached VNĐ1.3 trillion (US$52 million), marking a growth of 7 per cent, while their pre-tax profit stood at VNĐ96.3 billion, indicating a 12 per cent increase compared to the same period in the previous year.
Despite the challenging conditions faced by the insurance industry in 2023, with various unfavourable factors impacting the political and socio-economic landscape, MIC managed to maintain efficient operations and achieve noteworthy accomplishments. They successfully maintained their position within the top five market shares, recording a pre-tax profit of VNĐ352 billion, which reflected an impressive year-on-year growth rate of 76 per cent and surpassed their planned targets by 101 per cent.
The report further highlighted the expansion of MIC's total assets, which reached VNĐ8.82 trillion, exhibiting a 3 per cent growth compared to the previous year. MIC demonstrated effective utilisation of shareholder equity, with a return on equity (ROE) exceeding 14 per cent. The company also effectively controlled operating costs, leading to significant improvements in operational efficiency and productivity. As a result, the combined ratio decreased to 96.6 per cent, a decrease of 1 per cent compared to the same period.
During the shareholders' meeting, MIC proposed a cash dividend payment of 10 per cent for the year 2023, reinforcing their commitment to providing returns to their shareholders. Additionally, in the stock market, MIC's stock code "MIG" is currently trading at a price of VNĐ18,000 per share.
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