PETROLIMEX INSURANCE CORPORATION

PETROLIMEX INSURANCE CORPORATION (TỔNG CÔNG TY CỔ PHẦN BẢO HIỂM PETROLIMEX) – A Key Player in Vietnam’s Non-Life Insurance Sector

With a solid 13-year track record and strong backing from state-owned and international stakeholders, PETROLIMEX INSURANCE CORPORATION (PJICO) has carved out a prominent place in Vietnam’s non-life insurance market. Officially registered under the Ministry of Finance with license number 67GP/KDBH, the company operates from its headquarters on the 21st and 22nd floors of MIPEC Tower in Hanoi and is publicly listed on the Ho Chi Minh Stock Exchange (HOSE) under the ticker PGI.

As of 2023, PETROLIMEX INSURANCE CORPORATION managed total assets of USD 306.02 million, marking a healthy 10.16% year-over-year increase, while sales reached USD 192.48 million, up 8.03% from 2022. The company also recorded a net profit of USD 9.41 million, a 12.45% increase compared to the prior year, showing signs of recovery after a previous profit dip in 2022.

Equity levels rose to USD 76.6 million, reflecting improved capital stability, though the fact that paid-up capital remains at only USD 45.56 million—well below the charter capital of USD 63.3 million—is a point of concern from a financial compliance perspective. This discrepancy suggests either pending capital contributions or retained earnings not yet allocated to capital reserves.

Despite the recovery, it is worth noting that PJICO’s profit margin remains relatively thin for a financial services firm, especially given its substantial asset base and extensive shareholder backing. The working capital of USD 27.84 million, although improved, represents less than 10% of total assets, which may raise caution among creditors depending on the liquidity structure and claims liabilities.

Leadership is spearheaded by Chairman Mr. DINH THAI HUONG and General Director Mr. DAO NAM HAI, with strategic shareholders including Vietnam National Petroleum Group (Petrolimex) holding 40.95%, and Samsung Fire & Marine Insurance (20%) bringing international expertise into the firm’s governance. Other shareholders, such as Vietcombank and Vietnam National Reinsurance Corporation, round out a robust shareholder base that supports business expansion and market credibility.

The financial profile of PETROLIMEX INSURANCE CORPORATION shows a company in recovery mode with modest profitability but a strong asset and shareholder structure. From a credit risk management standpoint, continued monitoring is advisable, particularly in terms of capital adequacy, underwriting discipline, and sustainable profitability.

This analysis is based on verified data provided by VANGUARD BUSINESS INFORMATION LLC (VBI), a trusted provider of company financial intelligence, credit reporting, risk assessment, and due diligence services in Vietnam. For in-depth insights or to access other corporate reports, visit https://www.vnbis.com.