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PVI Insurance Confirms the Excellence of Its Ratings According to AM Best
In 2025, the insurer became the first non-life insurance company in Vietnam to surpass USD 1 billion in total revenue, marking a significant milestone for the domestic market.
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 support from its ultimate parent company, HDI Haftpflichtverband der Deutschen Industrie 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. The company benefits from good financial flexibility due to its majority ownership by HDI V.a.G. Its investment portfolio is considered to carry a moderate level of risk, consisting mainly of cash and term deposits, with the remainder invested in non-rated corporate bonds, affiliated private equity, and real estate. Offsetting factors include a high dividend payout ratio and significant reliance on reinsurance to support large commercial risks (property, engineering, energy).
AM Best assesses PVI Insurance’s operating performance as strong, supported by a five-year average return on equity of 16.7% (2021–2025). Earnings improved in 2025, driven by better loss experience and favourable reserve development related to Typhoon Yagi. Underwriting performance is expected to remain robust over the medium term, supported by profitable results in both commercial and retail segments. Investment income, mainly from interest and dividends, is expected to remain a key contributor to overall earnings.
AM Best views PVI Insurance’s business profile as neutral. The company is the largest non-life insurer in Vietnam based on both 2024 and the first nine months of 2025 in terms of direct premiums written. It holds a strong position in industrial and commercial segments, including energy, property, engineering, aviation, and marine insurance. Support from HDI V.a.G. has enhanced its technical expertise and service offering, strengthening its position in the regional industrial risk insurance market. Growth has been supported by expansion in inward reinsurance, although prudent risk accumulation management remains an area to monitor.
Source: AM Best
