LPBank leader resigns as XuanThanh Insurance chairman

Nguyen Van Thuy, deputy chairman of LPBank, formerly known as LienVietPostBank, has resigned as chairman of Xuan Thanh Insurance Joint Stock Corporation with effect from August 15.

Thuy served the insurance firm for eight years as chairman and nearly two years its general director.

In April this year, he joined LPBank, where his brother Nguyen Duc Thuy is chairman. LPBank is also a partner that distributes Xuan Thanh Insurance products.

Xuan Thanh Insurance has replaced Thuy with 33-year-old Dinh Thu Huong.

Huong, who has master's degree in development planning, joined Xuan Thanh Insurance in 2012. By 2019, she had become the firm’s deputy director of finance and accounting; and was promoted director of the department in 2022.

Xuan Thanh Insurance is a non-life insurance company with total assets of more than VND1.5 trillion ($62.97 million) as of 2022.

In 2022, the firm reported net revenues from its insurance business of VND702 billion ($29.5 million), up nearly 40% year-on-year, while finance revenue rose 20% to VND57 billion ($2.4 million). However, its after-tax profits of more than VND1 billion ($42,000) was down nearly 35% year-on-year.

According to the 2021 insurance yearbook, two major shareholders who accounted for more than 10% of the insurance company’s charter capital were Xuan Thai Development and Investment Company Ltd. and Xuan Thanh Construction Invesment and Development Company Ltd.