KUALA LUMPUR, Aug 13 (Bernama) -- AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to ‘bbb+’ from ‘bbb’ of PVI Insurance Corporation (PVI Insurance) Vietnam.
In a statement, AM Best also affirmed the Financial Strength Rating of B++ (good) of the company and the outlook of these credit ratings was stable.
The global rating agency also described the company’s balance sheet strength as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
In addition, PVI Insurance benefits from rating enhancement from HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI group).
The Long-Term ICR upgrade follows HDI group’s increased ultimate ownership of PVI Insurance and the resulting implicit support that AM Best expects the subsidiary to benefit from over the near term.
PVI Insurance’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation that AM Best expects to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio.
PVI Insurance is the second-largest insurer in Vietnam’s non-life insurance sector with a market share of 15 per cent in 2018, based on gross premium written.
More details at www.ambest.com