AsemconnectVietnam - The General Meeting of Shareholders of Bao Minh Corporation (BMI) has just approved the business plan for 2026 with notable financial targets.

Specifically, total revenue in 2026 is VND7,260 billion, a 2.08% increase compared to the results achieved in 2025. Pre-tax profit is expected to reach at least VND340 billion, while the dividend payout ratio is expected to be at least 10%.
To achieve the above targets, Bao Minh's management board has identified several key directions. Regarding business development, the company will maintain and expand its brand through its member units, while also diversifying its service channels. Specifically in the Reinsurance sector, the premium revenue growth target for 2026 is set higher than the 2025 performance. Regarding cost management, Bao Minh aims to control the claims ratio for ordinary claims, focusing on technical property, motor vehicle, and healthcare insurance. The combined ratio (claims plus costs) is required to be maintained at no more than 97% of total retained premium revenue, ensuring the overall operational efficiency of the Corporation.
Previously, Bao Minh's management assessed that the market context in 2026 will continue to present many challenges, especially the increasing reinsurance pressure from international reinsurers, which could lead to higher insurance costs and a reduced reinsurance capacity for major risks. In this context, Bao Minh advocates for a cautious plan, focusing on improving service quality and minimizing risks, rather than pursuing revenue at all costs.
At the General Meeting, a matter of particular concern to Bao Minh shareholders was the qualified opinion issued by PwC (Vietnam) Limited regarding the 2025 financial statements. This was also the direct cause of BMI shares being placed under warning status and a number of securities companies ceasing margin lending for this stock.
Specifically, the auditing firm issued a qualified opinion regarding a pending asset shortfall of nearly VND156 billion. PwC stated that it had not yet obtained sufficient appropriate audit evidence regarding the recoverability of this item, and therefore could not determine whether a provision for doubtful receivables was necessary.
In his explanation to shareholders, Mr. Dinh Viet Tung, Chairman of the Board of Directors of Bao Minh, said that the incident occurred at the end of 2025 and the company had submitted a written explanation to the relevant authorities. According to Mr. Tung, the essence of the issue was a discrepancy in the balances arising during the reconciliation process between the bank and the company. Besides, there were also cases of employees violating the law; however, the majority of the aforementioned value stemmed from discrepancies in balances when reconciling between the two parties. Currently, the bank and the Corporation are still in the process of reconciling documents, but have not yet agreed on the figures, making it difficult for the auditors to draw conclusions according to standards.
"The incident also partly stemmed from Bảo Minh's employees, but not entirely. The company is working from the perspective of protecting the maximum interests of the business and shareholders. The Corporation affirms that it will handle the matter strictly, fairly, and minimize losses if any occur. The company has also developed contingency plans for these risks," Mr. Tùng emphasized.
N.Nga
Source: VITIC/Dau tu Chung khoan