PVI Insurance sees strong start in Q1, targets $1 billion revenue in 2025

PVI Insurance sees strong start in Q1, targets $1 billion revenue in 2025

The company achieved strong financial results, expanded distribution channels, and secured an A- (Excellent) credit rating from AM Best amid economic volatility.

PVI Insurance rewards outstanding teams for Q1/2025. — Photo pvi.com.vn

PVI Insurance has started 2025 on a strong note, maintaining its position as the leader in Việt Nam’s non-life insurance market.

The company recorded positive financial results and made strategic moves by expanding its distribution channels while securing an A- (Excellent) credit rating from AM Best, amid a volatile economic environment.

For the first quarter (Q1) of 2025, PVI Insurance reported total revenue of nearly VNĐ7.22 trillion (US$281 million), achieving 120.7 per cent of its Q1 target and 36.3 per cent of its annual 2025 goal, marking an 18.9 per cent year-on-year growth.

Pre-tax profit stood at VNĐ288 billion, exceeding its Q1 target by 163.3 per cent, reflecting effective growth and risk management practices.

The reinsurance segment proved to be a highlight, reaching nearly VNĐ2.2 trillion in revenue, a 54.5 per cent increase compared to the same period last year.

The social insurance (SI) collection activity also recorded positive results, with total collected fees reaching over VNĐ743 billion, an increase of 48.5 per cent year-on-year.

Innovating distribution and expanding influence

Additionally, PVI Insurance saw substantial growth in e-commerce. Revenue from cross-selling with major partners like Thế giới di động, Samsung, Momo, Zalopay and Shopee grew significantly, reaching VNĐ291 billion, 1.8 times higher than the previous year. E-commerce has become a key focus for customer acquisition and improving customer experience through seamless insurance purchasing and after-sales service.

In addition, PVI Insurance has partnered with VnPost to introduce property and technical insurance distribution through the postal network, reaching new customer segments and raising awareness in underserved communities.

Despite the complexities of the global economy and rising natural disaster risks, PVI Insurance has remained focused on its business objectives. Financial investments continue to provide stable cash flow, ensuring liquidity and boosting profitability.

AM Best reaffirmed PVI Insurance’s A- (Excellent) rating with a stable outlook for the third consecutive year, highlighting the company’s strong financial foundation, stable payout capabilities, and professional international risk management standards.

Last year, PVI Insurance made history as the first and only non-life insurance company in Việt Nam to exceed VNĐ20 trillion (roughly US$800 million) in revenue.

With a solid start to 2025, PVI Insurance is on track to achieve its goal of becoming a $1 billion company, a milestone that marks its 30th anniversary and strengthens its leadership position in Việt Nam’s non-life insurance industry. 

Bizhub