Vietnam's major insurer PVI aims for billion-dollar revenue in 2025

PVI Insurance Corporation is endeavoring to achieve a billion-dollar revenue by end-2025, a significant milestone in its 30th anniversary year which will reaffirm its leading position in Vietnam’s non-life insurance market.

The company has continued to solidify its position as a leading non-life insurer in Vietnam, with positive financial results and strategic strides in expanding distribution channels, its leaders said at a conference to review Q1 performance in Hanoi on April 18.

The insurer also maintained its international credit rating of A- (Excellence) by AM Best despite a volatile economic environment.

Sustaining growth momentum in Q1

According to its Q1 preliminary report, PVI Insurance recorded an estimated revenue of VND7.22 trillion ($277.46 million), an 18.9% increase year-on-year. The figure is equivalent to 120.7% of the Q1 target and 36.3% of the year's plan.

Its pre-tax profit reached approximately VND288 billion ($11.07 million), or 163.3% of the Q1 target, reflecting efficient revenue growth and risk management.

The reinsurance segment remained a bright spot, generating VND2.17 trillion ($83.4 million) in revenue, up 54.5% year-over-year.

The tally shows that PVI Insurance's international cooperation strategy is yielding significant values, the company stated in a release.

Cross-selling channels through key partners also saw impressive growth, creating VND291 billion ($11.18 million) in revenue, 1.8 times higher than the same period last year.

The growth was derived from enhanced partnerships with major companies such as Mobile World, Samsung, MoMo, ZaloPay, and Shopee.

In the face of complex global economic dynamics and increasing natural disaster risks, the company remains committed to sustainable and effective business performance.

Its financial investment activities continue to generate stable cash flow, ensuring liquidity and profitability.

Innovating distribution channels, expanding influence

A standout achievement in Q1 was the strong revenue growth from the e-commerce channel, which saw a 1.8-fold increase compared to Q1/2024.

E-commerce is becoming a core distribution channel and a golden opportunity for businesses to expand their customer base and improve customer experience on technology-driven platforms, from insurance purchase to quality post-sale services.

Social insurance premium collection activities also recorded positive results, with total amount exceeding VND743 billion ($28.55 milion), a 48.5% rise year-over-year.

Notably, in collaboration with VnPost, PVI Insurance launched a distribution model for property and engineering insurance via the postal network. This strategic move aims to reach customer segments unfamiliar with insurance, raising community awareness and broadening insurance service coverage to each residential area.

Also in Q1, global credit rating agency AM Best reaffirmed the financial strength rating of A- (Excellent) for PVI Insurance with a stable outlook. This marks the third consecutive year the company has maintained this rating from the prestigious organization.

Amid an ever-changing business landscape, maintaining a high credit rating underscores PVI Insurance’s solid financial foundation, reliable payment capacity, and internationally aligned risk management practices. It is also a crucial milestone in reinforcing trust in the market, partners, and global reinsurers.