Vietnam's PVI Insurance achieves historic VND20 trillion revenue milestone in 2024

PVI Insurance has made history as the first and only non-life insurance company in Vietnam to exceed VND20 trillion (roughly $786.2 million) in revenue in 2024.

This remarkable milestone is a testament to the company’s resilience and leadership, especially during a challenging year for the insurance sector.

The effects of typhoon Yagi posed enormous difficulties for insurers in 2024. Widespread damage caused by the storm led to a surge in claims, straining resources across the industry. For PVI Insurance, the challenge was even greater, given its position as a market leader.

The company stands out in the industry for its professional handling and quick disbursement of advance compensation, which has reached nearly $70 billion to support customers impacted by typhoon Yagi, showcasing its commitment to helping those in need during difficult times.

Despite these difficulties, the company maintained robust growth, showcasing its financial stability and operational excellence.

At the heart of this success was the performance of the primary insurance division.

According to the Insurance Association's quick report, the total revenue of the whole industry reached VND71.7 trillion ($2.82 billion) by November 2024.

PVI Insurance’s gross premiums accounted for VND12.5 trillion ($491.35 million), holding a 17.5% market share. PVI’s growth rate was 27.1%, more than double the sector’s 13.6%, and it contributes nearly one-sixth of the sector’s total revenue, out of 30 companies.

Another key driver of this success was the strong expansion of the reinsurance division, driven by PVI Insurance’s ability to leverage its A- (Excellent) credit rating from AM Best earned in 2023.

This rating enhanced the company’s reputation in international markets, enabling it to attract high-value contracts and establish long-term partnerships with major global players.

PVI’s ability to handle large, complex projects also sets it apart. Its reinsurance revenue share stands out as many domestic insurers lack the resources to assess risks and set premiums for such services. While leading reinsurance firms usually manage these tasks, PVI’s strong network and credit rating have given it the financial strength to handle them effectively.

In November 2024, PVI Insurance strengthened its global position by participating in the 20th Singapore International Reinsurance Conference (SIRC), one of the region's two largest reinsurance events, providing a platform to explore trends and form strategic partnerships.

During the event, the company held meetings with over 600 representatives from 132 reinsurance and brokerage firms across 20 countries, including Hannover Re, Swiss Re and AXA Insurance.

These discussions not only strengthened existing relationships but also opened doors to new collaborations, positioning PVI Insurance for continued international expansion.

Despite the industry-wide challenges brought about by typhoon Yagi, PVI Insurance’s ability to fulfil its commitments and deliver record-breaking results reflects its resilience and adaptability. With the achievement of surpassing VND20 trillion ($786.2 million) in revenue, PVI Insurance has firmly established itself as the market leader in non-life insurance, both in terms of charter capital and revenue.

Looking forward, PVI Insurance remains focused on leveraging global partnerships, enhancing efficiency and exploring new opportunities to sustain growth.