PVI Insurance's pre-tax profit reached VND 536.5 billion, completing 128.6% of the 9-month plan; growing 22.4% over the same period in 2022. In the first 9 months of the year, PVI Insurance also signed cooperation agreements with many major partners and especially received ratings from prestigious domestic and foreign rating organizations, affirming its position as a leading enterprise in the Vietnamese Non-life market.
PVI Insurance – The first and only enterprise in Vietnam to be rated A- (Excellent) by AM Best.
Financial credit rating A-: Realizing the aspiration to reach out to the ocean
In February 2023, PVI Insurance officially became the first and only enterprise with capital from a Vietnamese enterprise and not consolidated with the financial statements of large international companies to be rated by AM Best as having excellent financial capacity meeting international standards A-, becoming the pioneer representative of the Vietnamese insurance industry to plant the flag on the international insurance market map. These ratings show that PVI Insurance's financial capacity is assessed by AM Best as having good operational efficiency, and a suitable risk management system (ERM). The adjustment of the upgrade outlook also reflects the stability and high profitability of PVI Insurance's insurance business.
The A- (Excellent) rating is also a 'certificate of recognition' for PVI Insurance's efforts in the recent period: the average return on equity for 5 years (2017-2021) is 17%; safe and effective investment activities; changing to a business strategy of "prioritizing efficiency and only growing in scale if effective" along with corresponding adjustments in organization, operations, and business policies; applying international standards to all operating processes with technical support from strategic shareholder HDI Global; being the first Vietnamese insurance company to apply the international standard reporting system IFRS 17 to provide shareholders, customers, and the public with the most transparent and clear information about operations.
With this rating, PVI Insurance has improved its competitiveness and ability to exploit new customer sources, especially international customers, who only work with partners with high credit ratings. In fact, PVI Insurance's reinsurance premium revenue has increased by 14% over the same period and has the potential to grow significantly in the coming time due to the positive effects of the credit rating upgrade to A-.
PVI Insurance is proud to be in the Top 50 most profitable enterprises in Vietnam for 3 consecutive years.
Another clear example is that in early October 2023, PVI Insurance was honored to welcome a delegation from the state of Lower Saxony, one of the largest states in Germany, at the PVI Tower. The meeting was attended by the state's Prime Minister, Mr. Stephan Weil, and other members of the delegation, including many German businesses. This special visit has opened up opportunities for sustainable and long-term cooperation between PVI Insurance and the German market in particular and the international market in general.
Top 50 Most Profitable Enterprises in Vietnam in 2023
In 2021, PVI Insurance's total revenue reached VND 10,200 billion, completing 106.4% of the plan; pre-tax profit reached VND 790 billion, completing 122.4% of the plan.
In 2022, PVI Insurance recorded total revenue of VND 12,765 billion, completing 120.2% of the plan; pre-tax profit reached VND 680 billion, completing 110.1% of the plan.
At the end of the first 9 months of 2023, PVI Insurance's total revenue reached VND 10,721 billion, completing 118% of the 9-month plan, up 12.2% over the same period; pre-tax profit reached VND 536.5 billion, completing 128.6% of the 9-month plan; up 22.4% over the same period. It is expected that in 2023, PVI Insurance's original insurance revenue will reach far beyond the VND 10 trillion mark and insurance business activities will continue to grow sustainably, laying the foundation for PVI Insurance's long-term development. Along with business growth, PVI Insurance's financial health is also ensured with the solvency margin maintained at 161.9%.
With solid growth statistics, PVI Insurance has become the only non-life insurance company to be in the Top 50 most profitable companies in Vietnam (Top 50) for 3 consecutive years, standing shoulder to shoulder with the biggest names in Vietnam's key economic sectors.
The Top 50 ranking is based on the results of independent research and evaluation according to international standards of Vietnam Report to recognize and honor the Top 50 Enterprises with the best profits in Vietnam, making great contributions to the development of Vietnam's economy while maintaining stable and sustainable business performance.
Chairman of the Board of Directors Duong Thanh Francois welcomed the delegation from the state of Lower Saxony.
In addition to this prestigious recognition, in the first 9 months of 2023, PVI Insurance was also honored to be voted Top 10 Non-Life Insurance Enterprises with the Best Workplace and ranked 54/500 Top Employers in Vietnam in 2023; Leading Insurance Company in the Top 10 Prestigious Non-Life Insurance Companies 2023 by Vietnam Assessment Report Joint Stock Company (8 consecutive years); Most Innovative Non-Life Insurance Enterprise 2023 voted by International Finance Magazine (IFM); honored in the list of "Insurance Asia Awards" by Insurance Asia News - Asian Insurance Magazine in the category of Best Digital Insurance Enterprise 2023...
Open cooperation with many major partners
Implementing the signing of a comprehensive cooperation agreement on insurance participation for power plants of the Vietnam Oil and Gas Group (PVN) with the Oil and Gas Power Generation Branch (PVPGB) of PVN; Signing a comprehensive cooperation agreement (MOU) with NongHyup Property & Casualty Insurance Company Limited (NH P&C Insurance) Korea; Signing the contract for Package No. 26 (BH03-QT1) - Construction insurance and civil liability insurance for third parties during the construction of the main plant - Quang Trach I Thermal Power Plant Project with Vietnam Electricity Corporation (EVN); continuing to sign a comprehensive cooperation agreement with Bamboo...
By signing cooperation agreements with large domestic and foreign corporations and enterprises, PVI Insurance demonstrates its capacity and vision in maintaining its position as the leading insurer in the market, ensuring maximum safety for domestic customers, while seeking opportunities to activate international services, through strategic cooperation with leading regional partners. Step by step, PVI Insurance is realizing its further vision in a new development phase, ready to stand shoulder to shoulder with powerful insurance enterprises globally.
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