07/05/2013
PVIRe and PVI Insurance have been upgraded their credit rating outlooks by A.M.Best
On 11th April 2013, A.M.Best Pacific Asia officially upgraded the credit rating outlook of PVIRe from “Stable” to “Positive”, at the same time reaffirmed its financial strength rating B+ (Good) and issuer credit rating “bbb-” (qualified).
On the same day, A.M.Best also readjusted the credit rating outlook from “Stable” to “Positive”, reaffirmed the financial strength rating B+ (Good) and issuer credit rating “bbb-” (qualified) for PVI Insurance.
The rating results reflect the ability to meet the requirements of risk-adjusted capital of PVIRe, conservative investment strategy, high liquidity and committed support from the major shareholders of PVI Holdings .
FY 2012 marked the first year of operation of PVIRe. Total premium income in 2012 was approximately complete the business plan set out in 2011, however, the profit of business lines increased.
In the context of investment, 90% of invested assets focus on cash and bank savings. When PVIRe’s total assets increasing gradually in the following years, the company will maintain and gradually increase cash investments and bank savings investment, the rest is expectantly invested largely in bonds. In general, the liquidity of PVIRe is rated at a high level.
The major shareholders of PVI Holdings include Petro Vietnam (PVN), Talanx Group (Talanx) and Oman Investment Fund (OIF) support PVI Holdings and its subsidiaries in many areas. While PVI inherits the advantages of the brand and the existing customer base network of PVN, Talanx and OIF support the company in accessing international markets and knowledge transferences.