As the world continues to evolve at an unprecedented pace, 2025 marks a transformative era for Vietnam—an era of national awakening and boundless ambition for prosperity. In sync with the country’s vision for advancement, PVI Insurance, the leading non-life insurer in Vietnam, is charting a strategic course to contribute to this national momentum.
In an exclusive interview with Toquoc Online, Mr. Duong Thanh Danh Francois—CEO of HDI in Vietnam, Executive Vice Chairman of the PVI Board of Directors, and Chairman of the PVI Insurance Members’ Council—discussed the challenges facing the non-life insurance sector and how PVI Insurance is executing its 2025 strategy.
Super Typhoon Yagi: A Stress Test for the Insurance Industry
Toquoc Online: Super Typhoon Yagi left widespread destruction across northern Vietnam, inflicting an estimated VND 81.5 trillion in economic losses and property damage. Insurance claims totaled approximately VND 10.6 trillion, primarily for property and motor vehicles. As a major player in the market, how did PVI Insurance respond to protect customer interests?
Mr. Duong Thanh Francois: The Insurance Association’s data confirms that Yagi inflicted unprecedented damage on the business sector and insurers—especially non-life companies—which suffered losses several times greater than other storms in the past decade. Events like this truly test the resilience of insurers.
PVI Insurance took early action ahead of the storm, issuing warnings and advising customers to safeguard their assets. In the aftermath, we faced a massive workload, including damage assessment, claim verification, and processing complex loss documentation.
To expedite support, we mobilized experienced adjusters and engaged reputable independent assessors. Our technical teams worked around the clock to swiftly process claims. Collaborating with both local and international partners, we evaluated losses quickly and streamlined internal procedures to reduce waiting times. We also made early partial payouts to help clients resume operations promptly.
By December 2024, PVI Insurance had disbursed over VND 120 billion in advance compensation, helping businesses recover and minimize disruptions.
Toquoc Online: You described Yagi as a “trial by fire” for insurers. How did PVI Insurance manage to maintain its market-leading position during this crisis?
Mr. Duong Thanh Francois: Despite widespread sectoral disruption, PVI Insurance delivered on its commitment to clients while exceeding its own ambitious revenue targets. We achieved over VND 20 trillion in revenue—up 40% from the previous year—underscoring our strength, vision, and execution.
This success stems from a well-defined strategy, a culture of innovation, and seamless collaboration between management and staff. In 2024, we led the market in gross written premiums with VND 13.33 trillion—nearly double the industry average growth rate. Our pre-tax profit reached VND 766 billion, surpassing the annual plan despite the storm’s impact. We also increased our charter capital to VND 3.9 trillion and maintained an A- (Excellent) Financial Strength Rating from AM Best.
Reinsurance contributed significantly, bringing in VND 5.885 trillion—28% of total revenue—far exceeding our VND 4 trillion target. This growth was bolstered by our A- rating, which elevated our credibility, attracted high-value contracts, and expanded our reach in global markets.
We also invested in technology, integrating API systems with distribution partners and expanding e-commerce channels, which generated nearly VND 800 billion in revenue—a 50% increase. We launched digital solutions including online hospital guarantee payments, electronic receipts for social insurance premiums, and end-to-end digital claims processing, along with cybersecurity and e-signature initiatives.
Additionally, PVI Insurance is expanding its direct sales channel through social insurance collection services. This initiative helped secure 120,000 voluntary social insurance participants and over 1.6 million voluntary health insurance enrollments. Our 2024 collections reached VND 2.1 trillion, a 32.8% increase, positioning us as the second-largest among nearly 600 service providers in just two years.
Toquoc Online: How does PVI Insurance collaborate with international partners to enhance competitiveness?
Mr. Duong Thanh Francois: Despite a challenging year, PVI Insurance remained financially stable and growth-oriented. We continued strengthening our international presence, highlighted by our participation in the 20th Singapore International Reinsurance Conference (SIRC) in November 2024—one of the top two insurance events in the Asia-Pacific.
There, we connected with over 600 representatives from 132 companies across 20 countries, including global leaders such as Hannover Re, Swiss Re, and AXA Insurance. These meetings not only deepened existing partnerships but also unlocked new collaboration opportunities.
We are also forging strategic ties in China—one of the world’s largest economies. Capital and technology from major Chinese firms are creating new development prospects in Vietnam. PVI Insurance has established partnerships with top Chinese insurers such as China Pacific Insurance (CPIC), Ping An, Taiping, and China Re.
These collaborations are enhancing our reinsurance capabilities and strengthening our risk assessment expertise. All parties have pledged mutual support in serving large clients, fostering value creation, and driving sustainable industry growth.
2025: A Year of Ambition and Breakthroughs
Toquoc Online: In 2024, PVI Insurance made history by surpassing VND 20 trillion in revenue—a 38% year-on-year increase. What are your goals for 2025?
Mr. Duong Thanh Francois: With Vietnam targeting GDP growth above 8% in 2025, public and foreign investment is set to accelerate. As a leading insurer for businesses and infrastructure projects, PVI Insurance is well-positioned to offer comprehensive risk solutions and participate in major tenders.
Our strong financial foundation and internationally recognized brand make us the insurer of choice for foreign investors entering Vietnam. We aim to provide tailored insurance plans and partner with top-tier global insurers to meet the needs of our clients.
In 2025, we are committed to exceeding targets set by PVI Holdings and retaining our leadership across all financial metrics. Priorities include expanding digital channels, broker networks, and bancassurance; shifting revenue structures towards high-margin products; and building a sustainable and efficient retail business.
We also plan to grow international reinsurance revenues by leveraging our current advantages and pursuing global market expansion.
With a visionary leadership team and a dedicated workforce, PVI Insurance is poised to reach new heights—celebrating its 30th anniversary while embracing Vietnam’s new era of bold, dynamic growth.
As the Lunar New Year approaches, on behalf of the leadership of PVI Insurance, I extend our warmest wishes to the readers of Toquoc Online and our valued clients and partners: may you enjoy a New Year of health, prosperity, and happiness.
—Thank you very much!
Source: Toquoc.vn