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PVI Insurance’s financial strength rating upgraded

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 A.M. Best Company, the world's oldest insurance rating andinformation source , has improved the financial strength rating ofVietnam’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 strongcapital capacity in the Vietnam non-life insurance market.

Theranking also recognises the support from PVI’s shareholders, includingVietnam National Oil & Gas Group (PetroVietnam), Germany’sTalanx Group and the Oman Investment Fund (OIF).

PVI Insurancewas ranked as the largest industrial insurer in Vietnam in 2013,successfully renewing and providing new insurance services to largeprojects in and outside the energy sector, such as Nghi Son oil refinerycomplex, 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.

Thecompany plans to further foster its retail system, while building thestrategy of selling its insurance and financial products through anintermediate party in the coming time, in a bid to maintain itscurrent rating level.

With the upgrade, PVI became the thirdinsurer in Vietnam to have reached the rating level B++. The other twoare the Samsung Vina Joint-Venture Insurance Company and VinareInsurance Vietnam.-VNA
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