The A.M. Best Company, the world's oldest insurance rating and information source , has improved the financial strength rating of Vietnam’s PVI Insurance Corporation (PVI Insurance) from B+ to B++.
The upgrade reflects PVI Insurance's satisfactory business results, prudent investment strategy, safe liquidation performance and strong capital capacity in the Vietnam non-life insurance market.
The ranking also recognises the support from PVI’s shareholders, including Vietnam National Oil & Gas Group (PetroVietnam), Germany’s Talanx Group and the Oman Investment Fund (OIF).
PVI Insurance was ranked as the largest industrial insurer in Vietnam in 2013, successfully renewing and providing new insurance services to large projects in and outside the energy sector, such as Nghi Son oil refinery complex, Phu My 3 Thermal Power Plant and Lai Chau hydropower plant.
It also paid more than 1.1 trillion VND (51.7 million USD) in coverage across 126,600 cases last year.
The company plans to further foster its retail system, while building the strategy of selling its insurance and financial products through an intermediate party in the coming time, in a bid to maintain its current rating level.
With the upgrade, PVI became the third insurer in Vietnam to have reached the rating level B++. The other two are the Samsung Vina Joint-Venture Insurance Company and Vinare Insurance Vietnam.-VNA
The upgrade reflects PVI Insurance's satisfactory business results, prudent investment strategy, safe liquidation performance and strong capital capacity in the Vietnam non-life insurance market.
The ranking also recognises the support from PVI’s shareholders, including Vietnam National Oil & Gas Group (PetroVietnam), Germany’s Talanx Group and the Oman Investment Fund (OIF).
PVI Insurance was ranked as the largest industrial insurer in Vietnam in 2013, successfully renewing and providing new insurance services to large projects in and outside the energy sector, such as Nghi Son oil refinery complex, Phu My 3 Thermal Power Plant and Lai Chau hydropower plant.
It also paid more than 1.1 trillion VND (51.7 million USD) in coverage across 126,600 cases last year.
The company plans to further foster its retail system, while building the strategy of selling its insurance and financial products through an intermediate party in the coming time, in a bid to maintain its current rating level.
With the upgrade, PVI became the third insurer in Vietnam to have reached the rating level B++. The other two are the Samsung Vina Joint-Venture Insurance Company and Vinare Insurance Vietnam.-VNA
