PVI Insurance holds its nine-month business review conference in Bangkok, Thailand. — Photos courtesy of the company

HÀ NỘI — PVI Insurance Corporation is seeking to expand its international business through partnerships in Southeast Asia, Central Asia, the South Caucasus and the Middle East, with reinsurance emerging as a key area for growth.

The Vietnamese non-life insurer signed a memorandum of understanding with KASIKORNBANK (KBank), one of Thailand’s major commercial banks, on October 20, opening the way for the two sides to explore customer referrals and financial and insurance solutions.

The signing took place on the sidelines of PVI Insurance’s business review conference for the first nine months of 2026, held in Bangkok under the theme “Differentiate – Break Limits”.

The conference was attended by Somporn Suebthawilkul, chairman of the Thai General Insurance Association (TGIA), providing an opportunity for exchanges with Thailand’s insurance industry on management experience and possible areas of cooperation.

The company also met with Muang Thai Insurance (MTI), one of Thailand’s major non-life insurers, to discuss professional expertise and potential cooperation.

The choice of Bangkok reflects PVI Insurance’s efforts to establish closer links with regional partners and explore opportunities in the Thai market and elsewhere in Asia.

KBank brings a customer network and expertise in financial services and digital banking, which could support the development of insurance products and services. Meanwhile, discussions with MTI focused on insurance operations and the potential for cooperation between the two companies.

PVI Insurance and KBank executives sign a cooperation agreement in Bangkok, Thailand.

Together, the meetings represent different approaches to market development, from working with financial institutions to reach customers to building relationships with local insurers that understand domestic market conditions and can help serve cross-border clients. The Bangkok engagements are an initial step towards building local partnerships that could help the company develop new business in the region in the coming years.

Reinsurance opens opportunities in emerging markets

Beyond Southeast Asia, PVI Insurance is seeking to expand its international reinsurance business, diversify its sources of business and participate in larger insurance programmes involving more complex risks.

During the third quarter of 2026, the company held in-depth discussions with international insurers, reinsurers and brokers in Central Asia and the South Caucasus. The talks covered participation in existing reinsurance programmes, opportunities linked to new investment projects and the development of long-term business relationships.

Demand for insurance in these markets is being supported by investment in energy, industry and transport infrastructure. Upgrades to electricity systems, new energy supply projects and the expansion of transport links across the Caspian Sea are creating potential demand for cover against construction and installation risks, industrial property damage, operational risks and business interruption.

Such projects require insurers to assess risks, design appropriate policy terms and arrange reinsurance capacity for large-scale investments. PVI Insurance said its experience in energy and industrial insurance, as well as handling major claims, provided a basis for considering suitable opportunities in line with its underwriting capacity and risk appetite.

The company is also looking at cooperation with local insurers to provide insurance solutions for Vietnamese businesses investing overseas. Under this approach, local partners would contribute market knowledge and implementation capacity, while PVI Insurance would bring its experience in risk management, insurance placement and understanding of Vietnamese customers.

The Middle East is another target market, particularly for projects in energy, industry and large-scale infrastructure. Building relationships with insurers and reinsurers in the region is intended to diversify business sources, improve access to international expertise and create opportunities to participate in cross-border insurance programmes.

PVI Insurance explores reinsurance business opportunities in Central Asia and the South Caucasus.

Financial performance supports expansion

PVI Insurance’s international ambitions are backed by growth in its domestic business and its existing reinsurance network.

In the first nine months of 2026, the company recorded total revenue of nearly VNĐ25.2 trillion (US$969 million), up 16.3 per cent year-on-year. Pre-tax profit rose 22.2 per cent to VNĐ1.4 trillion, equivalent to 143.7 per cent of its full-year profit target.

The company retained its leading position in Việt Nam’s non-life insurance market, with a 17.4 per cent share of the direct insurance segment.

Reinsurance is a key part of its international strategy, allowing it to seek additional revenue, diversify its risk portfolio and gradually establish a presence in new markets. The approach also requires careful risk selection, portfolio management and compliance with international underwriting standards.

PVI Insurance continues to draw on its relationships with international reinsurers, particularly in London, as well as partners in Asia and other European markets. These relationships provide access to financial capacity and technical expertise for managing large and complex risks, especially in energy, industry and infrastructure.

Notably, the company has received an A- (Excellent) financial strength rating from AM Best continuously since 2023. Such a rating is an important consideration when building relationships with international partners and participating in reinsurance programmes that require confidence in an insurer’s financial capacity and ability to meet claims obligations.

PVI Insurance’s next stage of international development will depend on turning these relationships into viable business opportunities while maintaining appropriate underwriting standards. Its focus on Asia and the Middle East is intended to expand its participation in the insurance and reinsurance value chain, strengthen its competitiveness and raise the profile of Việt Nam’s insurance industry in regional and international markets. — VNS