A.M. Best Affirms Credit Ratings of PVI Reinsurance Joint-stock Corporation

Singapore, July 11, 2018.

A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of PVI Reinsurance Joint-stock Corporation (PVI Re) (Vietnam). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect PVI Re’s balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
PVI Re’s risk-adjusted capitalization remains strong, supported by a large proportion of investments in cash and deposits and a low net underwriting leverage. PVI Re has achieved a strong operating performance over the past five years, with an average combined ratio below 85%, outperforming local and regional peers.

Positive rating actions could result from a higher capital base and a stronger profile in PVI Re’s domestic market.