PetroVietnam Insurance Corp ranked finance rating B+

The world’s leading finance rating organisation A.M. Best yesterday announced that PetroVietnam Insurance Joint Stock Corp (HNX listed PVI) was assigned a finance rating B+ with a firm financial safety and capacity.

To date, PVI is the only insurance and finance enterprise of Vietnam reaching the high grade.

Roger Sellek, Managing director – Global Financial Services of A.M. Best spoke at the announcement ceremony held yesterday in Hanoi that the ranking was based on three criteria including total assets, business contacts and efficiency through collecting all information of PVI relating to financial capacity, vision of management board, business strategy and overseas business expansion plan.

He added that if wanting to list on the international market, a Vietnamese firm must meet two important standards namely professional and rating level. A.M. Best’s ranking will help PVI be organised on the world’s finance market.

According to the chair of PVI Nguyen Anh Tuan, his firm is speeding up the process of raising charter capital from 1.035,5 trillion dong to 1.6 trillion dong for seeking foreign strategic partners. In future, PVI will set up life insurance arm and fund management company.

PVI now has second highest market share in Vietnam in sectors of retail and wholesale, 21 percent. In field of industry insurance, PVI is the biggest insurer with the nearly absolute market share in energy.

Tags: PVI, Vietnam insurance, Vietnam insurance industry, Vietnam insurance markets, Vietnam insurance sector