Exceeding its targets for the first nine months of 2024, PVI Insurance continues its steady growth with total revenue reaching VND 15,539 billion, reflecting a 45.2% increase. Pre-tax profit stands at VND 561.3 billion, a 5.1% growth compared to the same period last year.
Sustained growth and market leadership
At the review conference of 2024’s third quarter, PVI Insurance announced its impressive performance for the first nine months, achieving 131.7% of its nine-month target and 97.5% of the full-year plan. The company’s pre-tax profit reached 114.7% of the nine-month goal, fulfilling 75% of the annual target. With these results, after the first three quarters of 2024, PVI Insurance continues to lead the non-life insurance market in Vietnam in terms of market share.
Focus on Innovation and Digital Transformation
Along with developing new products tailored to market demand, PVI Insurance has expanded its partnerships, serving both corporate and individual clients, while diversifying its distribution channels from traditional sales to e-commerce. Moreover, the company has strengthened its use of information technology in management and operations to enhance governance capacity and business efficiency, ensuring readiness for the digital transformation era. This approach fosters a competitive edge and promotes sustainable growth for the future.
Quick response after Typhoon Yagi
Typhoon Yagi, one of the most intense storms in the East Vietnam Sea, caused severe damage across 26 northern provinces in Vietnam. The total estimated damage from the typhoon and subsequent floods exceeds VND 13,000 billion, with PVI Insurance estimating insured losses at over VND 3,500 billion. Leveraging its expertise in loss management, PVI Insurance quickly deployed teams and independent assessors to ensure fast claims processing. By October 11, 2024, the company had advanced VND 75 billion in compensation, demonstrating its financial strength and commitment to supporting clients through the crisis.
Milestones of pride
In the first nine months of 2024, PVI Insurance achieved several noteworthy milestones. AM Best has reaffirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of PVI Insurance Corporation (PVI Insurance) (Vietnam). The ratings reflect PVI Insurance’s balance sheet strength, which AM Best assesses as resilient, as well as its strong operating performance, neutral business profile and proper enterprise risk management (ERM).
PVI Insurance also successfully increased its charter capital from VND 3,300 billion to VND 3,900 billion in two rounds, reinforcing its financial strength and competitive edge in both domestic and international markets.
Furthermore, PVI Insurance is the only non-life insurance company to be honored among Top 50 Vietnam Best Profitable Companies for four consecutive years (2021-2024), as announced by Vietnam Report. The company also leads the Top 10 Vietnam Most Reputable Insurance Companies in 2024.
On August 1, 2024, InsuranceAsia News recognized PVI Insurance as the Best General Insurer in Vietnam at the Country Awards for Excellence 2024. With these remarkable achievements, PVI Insurance continues to demonstrate its strong growth and commitment to providing reliable insurance solutions in Vietnam and beyond.