Vietnam's top non-life insurer PVI surpasses $1 bln in revenue

PVI Insurance, a leading non-life insurer in Vietnam, has surpassed $1 billion in revenue, becoming the first non-life insurance company in the country to reach this revenue scale.

This milestone carries special significance not only for PVI, but also for Vietnam’s insurance market, particularly as the global and regional economy faces increasingly complex volatility - from natural disasters and supply chain disruptions to escalating challenges for business operations.

$1 billion milestone and foundations for long-term growth

The $1 billion revenue milestone reaffirms the scale, resilience, and pioneering position of the top Vietnamese non-life insurer.

Reaching the $1 billion threshold not only reflects PVI’s operational scale, but also clearly demonstrates its solid financial strength, deep management expertise, and long-term ability to honor insurance commitments, even amid major market fluctuations.

This achievement is the result of a sustainable development strategy that has been consistently implemented over many years, built on a robust risk governance framework aligned with international standards and deep insights into the economy’s key sectors, the company stated in a release on Monday.

On this stable and sustainable growth foundation, PVI not only continues to lead Vietnam’s non-life insurance market in terms of market share, but also increasingly reinforces its core role in shaping long-term development trends of Vietnam’s insurance industry, while creating a platform to expand its presence regionally and internationally.

Growth driven by strong core capabilities

PVI’s $1 billion revenue milestone has been built on its capacity to insure large and complex risks across pivotal sectors of the economy such as energy, oil & gas, aviation, industry, infrastructure, and logistics.

These sectors are large-scale by nature and demand strong financial capacity, extensive technical expertise, and advanced risk management capabilities.

In 2025, the company completed the increase of its charter capital from VND3.9 trillion to VND4.32 trillion ($164 million), further strengthening its financial base to invest in technology, expand market reach, and enhance financial capacity - a critical factor in reinforcing customer confidence and solidifying brand strength in the insurance market.

Alongside primary insurance operations, inward and outward reinsurance activities continue to serve as a key pillar in PVI’s sustainable development strategy.

Notably, international reinsurance recorded impressive growth, not only contributing meaningfully to overall business results but also demonstrating PVI’s risk governance strength, financial capacity, and increasingly solid reputation in regional and international markets.

The successful expansion of reinsurance operations into international markets shows that the firm has steadily deepened its participation in the global insurance value chain, while enhancing risk diversification and optimizing capital efficiency.

A stronger footprint in regional and international markets

The year 2025 also marks visible progress for PVI in strengthening its position internationally. The company has been consecutively recognized at multiple prestigious regional insurance awards.

Most notably, PVI became the first and only Vietnamese non-life insurer to win two major categories simultaneously at the InsuranceAsia News Awards for Excellence 2025 - an annual award organized by InsuranceAsia News and regarded as one of the most reputable awards in the region, with stringent selection standards.

The two awards, “General Insurer of the Year” and “Underwriting Initiative of the Year,” not only recognize scale, operational effectiveness, and outstanding business performance, but also reflect the company’s underwriting capability, risk management strength, and execution quality aligned with international standards.

Previously, PVI Insurance was also ranked in the Top 3 “Non-Life Insurance Company of the Year” at the 29th Asia Insurance Industry Awards (AIIA) — an award program that draws participation and competition from many of the region’s leading insurers.

Continued recognition in these respected rankings and honor lists demonstrates that PVI Insurance is not only maintaining its market leadership domestically, but is also increasingly reinforcing its stature, credibility, and operational capability in line with regional and international benchmarks.

Supporting social security – Effectiveness of a public-private partnership model

In parallel with business performance, PVI continues to reaffirm its role in supporting social welfare through effective implementation of social insurance and health insurance premium collection on behalf of the state system.

In 2025, this collection activity continued to record growth. In particular, the targets for expanding participation in social insurance (BHXH) and health insurance (BHYT) committed by PVI with Vietnam Social Security were completed at 100% of the annual plan.

This result not only demonstrates large-scale execution capability, but also affirms the effectiveness of the cooperation model between enterprises and state agencies, contributing to broader social security coverage and delivering sustainable value to the community.

$1 billion in revenue is not merely a scale milestone - it is a testament to the effectiveness of a sustainable growth strategy, strong financial and risk governance foundations, and the resilience of a market-leading enterprise.

With this platform, PVI Insurance is well positioned to continue playing a pillar role in Vietnam’s non-life insurance market, while expanding its presence and strengthening its standing across regional and international markets — ready to move forward with the nation into a new era.