PVI Insurance Corporation has once again received an ‘A-‘ (Excellent) financial strength rating from AM Best, a globally recognized credit rating agency. This marks the third consecutive year that the company has earned this distinction, solidifying its position as a leader in Vietnam’s non-life insurance sector.
The insurer also maintained its long-term issuer credit rating of ‘A-‘(Excellent) and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional), with a stable outlook across all ratings.
AM Best highlighted PVI Insurance’s solid financial footing, citing its very strong balance sheet, robust operating performance, neutral business profile, and effective enterprise risk management. The company also benefits from the support of its majority owner, Germany-based HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.), which provides financial and technical expertise.
According to AM Best, a key factor in PVI Insurance’s success is its strong operating performance. The company has maintained an average return-on-equity ratio of 17.1 percent over the past five years. Even in 2024, when underwriting results were affected by Typhoon Yagi, the insurer demonstrated resilience by sustaining a return on equity of 14 percent, illustrating its consistent profitability. Both commercial and retail insurance lines are expected to contribute positively to its earnings.
With a significant presence in key industrial insurance segments, including energy, property, engineering, aviation, and marine insurance, PVI Insurance has expanded its position in the regional market. The backing of HDI V.a.G. has enhanced its technical capabilities and service offerings, particularly in industrial risk insurance. Furthermore, the company’s association with PetroVietnam (PVN), one of Vietnam’s largest state-owned oil and gas corporations, supports its ongoing growth.
Recent growth in inwards reinsurance has also been a notable element in the company’s expansion strategy. Prudent accumulation management is a key focus for sustainable growth.
PVI Insurance’s continued recognition by AM Best underpins its strong financial standing and industry leadership in Vietnam’s non-life insurance sector, positioning it for sustained growth within domestic and regional markets.
