PVI records growth of 25.1%, earns higher credit rating from AM Best

Wednesday, Mar 08, 2023 16:00

PVI Insurance's Board of Directors receives A- certificate from AM Best's General Director for Asia Pacific. — Photo courtesy of PVI

PVI Insurance Corporation (PVI Insurance) on Tuesday announced it has achieved its twin goals of boosting its charter capital to VND3.3 trillion (US$140 million) and retaining its dominant position in the non-life insurance market in 2022.

PVI has undergone significant transformations in the 27 years since its inception. The charter capital has grown by 150-fold from less than VND22 billion to VND3.3 trillion, while its asset rose 600 times to nearly VND20 trillion from VND34 billion. It has also expanded from offering a limited scope of insurance operations to a full range of global business activities.

On Monday, the company was awarded the certificate recognising its financial strength rating A- (Excellent) from B++ (Good) and long-term issuer credit rating “a-“(Excellent) from “bbb+” for its strong financial position and robust performance from AM Best, the global credit rating agency specialising in the insurance industry.

The company’s spokesperson said the rating upgrades serve as testament to the company's performance in recent years and will aid in realising its vision for future development.

PVI Insurance prioritises efficiency and growth effectiveness, achieving a 5-year average return on equity of 17 per cent from 2017 to 2021. It follows international operational processes and implements IFRS 17, aided by HDI Global, to provide transparent information to stakeholders.

In 2022, it recorded a total revenue of VND12,765 billion, a growth of 25.1 per cent year-on-year. It has also maintained its position as the leader in the non-life insurance market for the fourth consecutive year, with a 14.8 per cent market share and a profit before tax of VND680 billion. — VNS

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