PVI Holdings - Top Industrial Insurer in Vietnam

In the past 15 years, PVI Holdings successfully completed its tasks of risk management and security insurance programme arrangement for oil and gas projects, including projects in buffer areas, and other national key projects. Thus, PVI Holdings has made important contributions to guaranteeing energy security, protecting national sovereignty over territorial sea waters, and keeping US$50 million (from insurance premiums) for the country. PVI Holdings is the only Vietnamese insurer to have direct relationship with the London insurance market through energy reinsurance contracts. PVI Holdings has most oil and gas insurance policies from domestic and foreign oil companies in Vietnam. Not only collecting foreign currencies for the country, PVI Holdings’ activity also contributed positively to managing the operations of foreign oil and gas contractors in Vietnam. To date, PVI Holdings is the fastest-growing non-life insurance company in Vietnam, with rapidly expanding capital scale and the largest assets. The corporation is the leading industrial insurer on the market and takes the lead in major insurance fields like energy insurance (holding absolute market share), technical and property insurance (40 percent), and marine insurance (30 percent).

 

In addition, PVI Holdings is lighting the way in ‘exporting’ insurance products to the world market, with current annual revenues amounting to US$20 million. With its very good profile on global insurance markets, PVI Holdings is the first insurance company in Vietnam to have financial capacity rated B+ (Good) for two straight years (2009 and 2010) by A.M Best and named the World Finance Insurance Company of Vietnam in 2010 by World Finance, a London-based financial magazine. To hold the leading light for the insurance market, PVI Holdings actively applies scientific and technological innovations to business operations. The corporation is the first to succeed in building software systems for non-life insurance business.

 

Mr Nguyen Anh Tuan, Secretary of Party Committee and Chairman of the Board of Directors of PVI Holdings, said: The current noble title is the outcome of 15 years of continuous renovation and development, endless effort and constant readiness to accept challenges. PVI Holdings has chosen a different path, which is more difficult but creative, rough but inspiring. Currently, PVI Holdings is accelerating its development strategy set for the 2011 - 2015 phase. One of outstanding jobs is its corporate restructuring to become a world-class holding business entity. Mr Bui Van Thuan, General Director of PVI Holdings, said: The parent company will administer subsidiaries in terms of capital, development strategy, branding, marketing and technology. Subsidiaries will provide life insurance, non-life insurance, reinsurance, fund management, asset management, project investment project and other financial services. The formation of PVI Holdings and two subsidiaries (PVI Insurance Corporation specialising in non-life insurance, and PVI Reinsurance Company specialising in reinsurance) is a stepping stone in renovating corporate administration of a listed company on the Vietnamese stock exchange and an inner change of PVI Holdings toward international integration.