On the afternoon of April 22nd, 2025, at the headquarters of PVI Tower, Lot VP2, Pham Van Bach Street, Cau Giay District, Hanoi, PVI Joint Stock Company successfully held its 2025 Annual General Meeting of Shareholders (AGM).
The meeting was attended by representatives of PVI’s major shareholders, including HDI Global SE, Vietnam National Industry – Energy Group (Petrovietnam), and other shareholders/proxies, with an attendance rate of 93.10% of total voting shares. Also present were leaders of PVI and its subsidiaries, including PVI Insurance Corporation, Hanoi Reinsurance Joint Stock Corporation (Hanoi Re), and PVI Fund Management Joint Stock Company. The AGMS was chaired by Mr. Jens Holger Wohlthat, Chairman of PVI’s Board of Directors (BOD); Mr. Duong Thanh Danh Francois, Standing Vice Chairman of PVI’s BOD; and Mr. Nguyen Tuan Tu, Vice Chairman of the BOD and CEO of PVI.
In 2024, the global situation continued to evolve with complex and unpredictable risks, and the insurance market faced significant challenges and volatility, particularly due to the severe impact of Super Typhoon Yagi, which caused total losses exceeding VND 13 trillion to Vietnam insurance market. However, thanks to a well-directed development strategy and synchronized solutions, the entire PVI system overcame difficulties and successfully fulfilled all tasks and targets assigned by the AGM and BOD.
Specifically, PVI’s consolidated revenue in 2024 reached VND 21,824 billion, achieving 125% of the annual plan, while pre-tax profit stood at VND 1,118 billion, meeting 104% of the target. Due to these strong business results, the 2025 AGMS approved a 2024 dividend payout ratio of 31.5%, exceeding the committed rate of 28.5%. This marked the tenth consecutive year PVI has maintained a dividend payout ratio above 20%, the second-highest in its operating history. This achievement demonstrated PVI’s internal strength and resilience amid unpredictable domestic and global market fluctuations.
“Resilient Leader, Trusted Partner”
The AGMS 2025 voted to agree all agenda items with a high rate (over 99% of voting shares), reflecting consensus and satisfaction among shareholders regarding PVI’s development.
Responding to a shareholder’s question about seeking a strategic investor for Hanoi Re, Mr. Jens Holger Wohlthat, Chairman of the BOD, stated that PVI Holdings currently holds over 80% of Hanoi Re’s shares, leaving room for strategic shareholders. This potential restructuring aligns with PVI’s strategic vision to support Hanoi Re in improving its credit rating, diversifying revenue sources, and strengthening financial capacity. PVI Holdings aims to find one or more like-minded strategic partners committed to long-term collaboration and actively support Hanoi Re’s business by facilitating additional reinsurance business to Hanoire, while PVI Holdings still retains its control ownership at Hanoi Re. Up until now, no decisions have been made yet.
“Fire tests gold, hardship tests strength”
Making statement at the Meeting, Mr. Jens Holger Wohlthat affirmed the success of PVI 2025 AGMS. As Chairman of the BOD, he sincerely thanked shareholders and investors for attending the meeting and for their continued trust in PVI’s leadership. He emphasized the open, transparent, and collaborative atmosphere of the AGMS—a rare achievement even in advanced economies.
On behalf of the BOD, he reaffirmed the importance of all shareholders, whether majority or minority, and PVI always prioritizes shareholder interests in its decisions, with safety as the foremost principle in its operations. Typhoon Yagi served as a test not only for risk management, claims handling, and reinsurance effectiveness but also as clear proof of this principle. It was through overcoming such challenges that PVI demonstrated its excellence compared to other insurers in Vietnam.
He further shared that in 2024, PVI’s stock price reached an all-time high, driven by impressive revenue and performance figures rather than promotional campaigns. PVI is among the few companies globally that can distribute over 90% of profit after tax, with a dividend yield exceeding 5%. “We are committed to making every effort to preserve and develop the capital that our shareholders have entrusted to us, and to strive for new milestones, reaching out to the world and using new international standards as a measure of our performance.”
In the coming time, PVI aims to maintain its leading position in Vietnam’s non-life insurance market, renew and expand services in both traditional and non-traditional sectors, enhance retail efficiency, strengthen domestic and international reinsurance operations, and maintain international credit ratings (A- for PVI Insurance and B++ for Hanoi Re). Additionally, PVI will continue restructuring efforts and closely coordinate with PVN to ensure the successful divestment of PVN’s capital in PVI.
The year 2025 holds special significance as it lays the groundwork for the development phase of 2026-2030, connecting with the streamlined government reform as Vietnam enters a new era of national advancement & also marks the acceleration and breakthrough period for entire PVI system of over 2,500 employees as we race toward the finish line to celebrate PVI's 30th anniversary (1996-2026).
