AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating of “a-” (Excellent) and the Vietnam National Scale Rating of aaa.VN (Exceptional) of PVI Insurance Corporation (PVI Insurance). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect PVI Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement from PVI Insurance’s ultimate parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.).

PVI Insurance’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level over the medium term. PVI Insurance benefits from good financial flexibility, given its majority ownership by HDI V.a.G. AM Best views the company’s investment portfolio to be of moderate risk, with investments mostly allocated toward cash and term deposits and the remainder held in non-rated corporate bonds, affiliated private equity investments and real estate. Offsetting factors include the company’s high dividend payout ratio and high reinsurance dependence to support the underwriting of large commercial property, engineering and energy risks.

AM Best assesses PVI Insurance’s operating performance as strong, supported by the company’s five-year average return-on-equity ratio of 16.7% (fiscal year [FY] 2021-FY 2025). Operating earnings improved in FY 2025, supported by an improvement in loss experience and favourable reserve development relating to Typhoon Yagi losses. Underwriting performance is expected to remain robust over the medium term, supported by profitable results in both commercial and retail lines of business. Investment income, consisting mainly of interest and dividend income, is expected to remain a key contributor to the company’s overall earnings.

AM Best assesses PVI Insurance’s business profile as neutral. The company is the largest non-life insurer in Vietnam based on both 2024 and nine months of 2025 direct premiums written. The company has a strong market position in commercial and industrial lines of business, including energy, property, engineering, aviation and marine insurance. Support from HDI V.a.G. has enhanced PVI Insurance’s technical expertise and service offerings, strengthening its position in the regional industrial risks insurance segment. Business expansion in inwards reinsurance was a major contributor to recent growth, although prudent accumulation management remains an area to be monitored.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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