PVI Insurance surpasses 9-month targets, securing top spot in non-life insurance market

Monday, Oct 30, 2023 12:27

PVI's representative receives the certificate recognising the company among the Top 50 Most Profitable Enterprises in Việt Nam for 2023. — Photo courtesy of PVI

PVI Insurance has reported robust nine-month business results, exceeding targets across all key indicators.

The company's total revenue reached more than VNĐ10.7 trillion (US$446.7 million), surpassing the 9-month target by 18 per cent, showing a remarkable growth of 12.2 per cent compared to the same period last year. Pre-tax profit stood at VNĐ536.5 billion, exceeding the 9-month target by 28.6 per cent, up 22.4 per cent year-on-year.

Throughout the first nine months of the year, PVI Insurance successfully forged strategic partnerships with numerous major partners, garnering accolades from reputable domestic and international rating organisations. These achievements solidify PVI Insurance's position as the foremost player in the non-life insurance market in Việt Nam.

In February 2023, PVI Insurance achieved a significant milestone by becoming the first and only Vietnamese company to have its financial capacity rated A- by AM Best, aligning with the financial reports of prominent international companies. This recognition attests to PVI Insurance's outstanding financial performance, effective risk management systems, and its commitment to global standards, notably the International Financial Reporting Standards (IFRS) 17.

Moreover, the company's inclusion in the Top 50 Most Profitable Enterprises in Việt Nam for three consecutive years by Vietnam Report further underscores PVI Insurance's sustained growth, financial health, and its vital role in contributing to Việt Nam's economic development.

PVI Insurance's commitment to excellence extends beyond financial metrics, as evidenced by its recognition as one of the Top 10 life insurers with the best working environment and ranking 54th out of 500 leading employers in Việt Nam for 2023. Additionally, the company has been consistently acknowledged as a leading non-life insurer, innovative in 2023 by the International Finance Magazine and recognised in the "Insurance Asia Awards" for the best digital insurance enterprise in 2023 by Insurance Asia News.

The company's open collaboration with major partners is evident in comprehensive agreements with entities such as PetroVietnam Power Corporation (PV Power) and NongHyup Property & Casualty Insurance (NH P&C) from South Korea. These collaborations underline PVI Insurance's capability and vision to maintain its leading position in the market, ensuring maximum safety for domestic customers while exploring international opportunities through strategic alliances with top regional partners. — VNS

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