A high-level delegation from Talanx Group and HDI Global SE (Germany) visited and engaged in discussions at PVI Holdings

Preceding the upcoming official state visit to Vietnam by German President Frank-Walter Steinmeier from January 23 to 24, a high-level delegation from Talanx Group and its subsidiary HDI Global SE (HDI) has arrived in Vietnam. The delegation conducted visits and held discussions at the Vietnam Oil and Gas Group (Petrovietnam) and PVI Holdings – one of the prominent names in the financial and insurance sector in Vietnam.

Over the course of January 22 and 23, Torsten Leue, the CEO of Talanx Group, and Edgar Puls, the CEO of HDI Global SE (a major shareholder of PVI), paid visit and engaged in discussions at PVI Holdings company (PVI Holdings) and its affiliated units within the entrie system [PVI Insurance, Hanoi Re and PVI AM].

Mr. Nguyen Xuan Hoa, CEO of PVI Holdings, has been honored for the outstanding achievements of the entire PVI system in surpassing the 2023 business plan, as acknowledged by the leadership of Talanx Group and HDI Global SE.

In this working program, PVI Holdings has presented a comprehensive overview of its 28-year journey of establishment and development. Originating as an in-house insurance company of Petrovietnam with a modest capital of VND 22 billion, PVI underwent a series of reforms to evolve into a robust Financial – Insurance entity, firmly positioned in the Vietnamese and regional markets. Senior leadership from Talanx Group and HDI Global SE acknowledged and congratulated PVI for its achievements in 2023 and the overall developmental journey spanning 28 years.

During the delegation’s visit, high-level representatives engaged with various member units within the system. Leaders of these units highlighted the accomplishments of 2023 and outlined the goals for the upcoming 5-year strategic period from 2024 to 2028. The leadership from Talanx Group and HDI emphasized their commitment, along with Petrovietnam and IFC shareholders, to support PVI comprehensively, particularly in terms of governance and risk management. This backing aims to ensure that PVI continues to achieve resounding success in the foreseeable future.

The high-level delegation captured photographs with representatives from the Leadership Board of PVI Insurance.

The high-level delegation captured photographs with Leadership Board of Hanoi Re.

The high-level delegation captured a commemorative photo with PVI AM

At the end of 2023, the entire PVI system has excellently fulfilled its mission and the Annual General Meeting’s plans, achieving a consolidated total revenue of VND 16,083 billion, surpassing the plan by 119%. The consolidated pre-tax profit reached VND 1.253 billion, exceeding the targeted plan by 26%, and the dividend payout ratio is expected to be higher than the Annual General Meeting’s targeted level. Additionally, the subsidiary companies within the system have maintained their results and market positions steadily. The most notable outcome of this financial ranking is the inward premium income, which has grown by over 55% compared to the same period in 2022.

The collaboration and investment between Talanx/HDI in PVI are deemed a “beautiful affinity” between the two countries’ businesses. This partnership not only brings positive results for both parties but also serves as an effective investment cooperation model between Vietnam and Germany. The robust development of PVI in recent years is a clear testament to this model. Specifically, with the training support from Talanx, PVI has successfully implemented projects related to compliance and risk management, becoming the first and only entity to apply the latest international financial reporting standard, IFRS 17, in the insurance sector in Vietnam.

Headquartered in Hanover, Talanx Group is a leading multinational financial services group in Germany, specializing in insurance, reinsurance, and asset management. Ranked as the third-largest insurance group in Germany and one of the major insurance groups in Europe based on premium income, Talanx plays a crucial role in the global financial market.
HDI Global SE, a wholly-owned subsidiary of Talanx Group, is one of Germany’s top industrial insurers. Currently, as a strategic shareholder, it holds a controlling stake in PVI with a 51.5% ownership.