Nguyen Quang Phi has just appointed as general director of Bao Viet Insurance Corporation for a five-year term from June 25. — VNS Photo

HA NOI (Biz Hub) — The management board of the Bao Viet Insurance Corporation has appointed Nguyen Quang Phi as its general director for a five-year term from June 25.

Phi, born in 1973, held the position of deputy general director of the corporation from March 2011. According to his profile sent by Bao Viet, he has a master's degree in business management from the Solvey Business School in Belgium and a bachelor's degree in finance and insurance from the National Economics University in Viet Nam.

This is the second time Bao Viet has got a new CEO this year. At the beginning of April, the group selected Duong Duc Chuyen to temporarily replace Tran Trong Phuc, who was prosecuted on April 21, 2014 for failing to do his duty and for causing serious losses to the State budget.

Though Bao Viet is not allowed to pay commission to its agents, it paid to an agent in the southern province of Ben Tre between 2009 and 2011. This caused a loss of VND4.5 billion, or more than US$214,000, to the State budget.

Chuyen continues to work as a director in charge of investment for Bao Viet.

The firm's business results in the first quarter of 2014 showed that it gained a revenue of VND4,468 billion or $212.7 million, 15.4 per cent higher year over year. Its profit before tax was VND539 billion or $25.6 million, a 28.4 per cent increase year over year. — VNS