Illustrated photo TL Generali Group’s Deputy Chief Financial Officer, Mr. Cristiano Borean, commented: “Generali Group ended the first quarter of 2021 with excellent results, in line with the set targets and affirming the effectiveness of the strategy. Generali 2021′”. “The Group continues to be one of the market’s leading insurers, with a strong financial position. We are in the process of rebalancing our life insurance product portfolio and thus have been able to maintain positive profitability in the context of low interest rates. Generali also continues to achieve the best and most consistent mix ratios in the market, as well as impressive results in asset management and other businesses. The strong growth in operating profit and net profit also shows that the group continues to operate effectively in the context of the macro economy still facing many uncertainties caused by the pandemic.” – Mr. Cristiano Borean shared. Specifically, as of March 31, 2021, Generali’s operating profit reached 1.6 billion euros (up 11%), thanks to the profit growth of non-life insurance, asset management and other business activities. At the same time, the life insurance segment achieved a stable profit compared to the same period last year. Gross premium revenue reached 19.7 billion euros (+4.2%), of which life insurance increased by 5.5% and non-life increased by 1.9%. Net cash flow from life insurance business amounted to €3 billion (up 1%), focused on unit-linked and protection products. The combined ratio hit 88% (down 1.4 percentage points) and the return on new mining revenue also recorded impressive results, leading the market at 4.44% (up 0.4 points). percent). Net profit of up to 802 million euros (compared to 113 million euros in the same period last year) – the first quarter of 2020 was significantly affected by the decline in investment assets and funding costs for the Special International Fund Covid-19. Strong financial position, with a solvency margin of 234%, thanks to an effective capital optimization strategy and positive market situation in the first quarter of 2021.

In the 2021 annual general meeting of shareholders on the morning of April 23, Mr. Le Quoc Binh, General Director of the company, explained the reason. Mr. Binh said that CII really wants to pay dividends because the BT project of Thu Thiem new urban area (total investment of over 10,000 billion dong) will finish this year and create cash flow for the company. However, this cash flow is late, and the debt index of the company at the end of 2020 will increase due to having to issue a large amount of bonds. In fact, bondholders forced CII to stop paying dividends to shareholders. Besides, the negotiation with foreign partners is quite difficult, so it is impossible to say when it is possible to close the right to pay dividend, Mr. Binh said. Shareholders suggest the company should use retained earnings from previous years to pay dividends in cash for shareholders. In response, Mr. Binh shared that according to the law, in order to pay dividends, the debt obligation criteria must be guaranteed in advance for a third party. Not to mention, CII needs to accumulate money to invest. Mr. Binh noted that it will be difficult for the company to ensure both debt repayment and investment and also pay dividends to shareholders. Therefore, Mr. Binh suggested that shareholders agree to the decisions of the Board of Directors to distribute profits, but Mr. Binh also affirmed that the company will do its best to ensure dividends to shareholders. 2021 is 12% cash (1,200 dong / share) “. The audited consolidated financial statements show that by the end of 2020, CII’s total liabilities are over 21,761 billion dong, of which short-term debt is 8,293 billion dong and long-term debt is over 13,468 billion dong. Debt to equity ratio is about 2.81 times. At the end of the stock trading session on April 24, the price of CII stock was temporarily stopped at VND 21,350 / share, a slight increase compared to the previous session, but down more than 6% within a week. CII share price fell by nearly 12% within a month and nearly 8% within a quarter.

This result is due to the improvement of domestic market demand as the COVID-19 epidemic has gradually been controlled. Demand for diesel oil is high and gasoline demand is quite good. Demand for Jet A1 jet fuel has improved compared to the COVID-19 outbreak in late January 2021. Binh Son Refining and Petrochemical Joint Stock Company. In addition, oil prices in recent months have increased, making production and business activities of Dung Quat Oil Refinery more favorable. At the beginning of March 2021, the price of Brent oil sometimes increased to nearly 70 USD / barrel. In particular, the drastic implementation of the COVID-19 response solution package and oil price volatility are also very important factors to help BSR overcome all difficulties and exceed the targets. In addition, the Board of Directors of BSR has devised a strategy to overcome difficulties during a pandemic, implemented many drastic solutions such as adjusting the capacity range to suit market needs, enhancing cash flow management, and reducing maximizing costs and promoting activities of scientific research, innovation, innovation, and labor creation. With these foundations and the results achieved in the first quarter of 2021, BSR continues to propose flexible and trendy solutions and strategies to make stronger breakthroughs in the coming time. Accordingly, the company set targets to strive to achieve an output of about 6,497 million tons; revenue is 70,661 billion dong, paid to the State budget 7,698 billion dong and profit after tax is about 864 billion dong. To complete the tasks of 2021, BSR has proactively built business scenarios and plans to actively respond to unpredictable market fluctuations such as: Focusing on safe and stable plant operations in high capacity with optimal operating mode and product structure; continue to do well in market forecast work; promote innovation, research, application and diversification of new products with higher value. BRS also continues to thoroughly implement the work of reducing, saving costs and managing cash flow; improve governance capacity, increase digitalization of the management system to improve operational efficiency; continue to well implement the PetroVietnam Cultural Restoration Project, build BSR’s foundational culture based on the program “7 effective habits” to strengthen employees’ spiritual strength. In 2020, BSR also successfully overcame the crisis with positive results. BSR completed the 4th general maintenance of Dung Quat Oil Refinery; operating the plant safely, continuously and stably; production output reached 5.93 million tons, finishing 19 days before, exceeding 7% of the year plan. Notably, BSR achieved revenue of 57,895 billion VND, paid to the State budget 6,242 billion VND and reduced the loss to only 2,852 billion VND, lower than originally expected. BSR started to be profitable again from the third quarter of 2020, ending the accumulated loss for 2 consecutive quarters; cost reduction is nearly 2,000 billion VND; over 350 innovations and 40 initiatives were put into use, benefiting the company hundreds of billion dong.