- 39 shareholders representing 79.9% of voting rights attended BMI’s online AGM on April 17. The Q&A session focused on BMI’s overall business outlook and the divestment progress by the State Capital Investment Corporation (SCIC). 

- 2023 guidance includes total direct insurance premium of VND5.8tn (USD246mn; +6.9% YoY), profit before tax (PBT) of VND375bn (USD16mn; +9.4% YoY) — 5% lower than our 2023F forecast — and a minimum ROE of 10%. We note that BMI’s PBT was on average 10% higher than AGM guidance over the last five years.

- Shareholders approved (1) a stock dividend at 10% of par value and (2) a cash dividend of 5% of par value (VND500/share) to be paid in 2023F. BMI also proposed a minimum dividend of 10% for FY2023.

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