HA NOI (VNS) — The A.M. Best Company, the world's oldest insurance rating and information source, has upgraded the financial strength rating of Viet Nam's PVI Insurance Corporation (PVI Insurance) from B+ to B++.
The improved rating reflects PVI Insurance's satisfactory business results, prudent investment strategy, safe liquidation performance, and strong capital capacity in Viet Nam's non-life insurance market.
The ranking also recognises the support from PVI's shareholders, such as Viet Nam National Oil&Gas Group (PetroVietnam), Germany's Talanx Group, and the Oman Investment Fund (OIF).
PVI Insurance was ranked as the largest industrial insurer in Viet Nam in 2013, successfully renewing and providing new insurance services to large projects in and outside the energy sector, such as Nghi Son oil refinery complex, Phu My 3 Thermal Power Plant, and Lai Chau Hydro Power Plant.
With the upgrade, PVI became the third insurer in Viet Nam to have achieved the B++ rating level. The other two are the Samsung Vina Joint-Venture Insurance Company and Vinare Insurance Viet Nam.— VNS