PVI marks 30 years of growth from oil industry roots to billion-dollar insurer

PVI marks 30 years of growth from oil industry roots to billion-dollar insurer

From a modest startup with 30 employees to a billion-dollar insurer with global credibility – PVI's 30-year journey mirrors Việt Nam's rise on the world stage.

Dương Thanh Francois, chairman of the Members’ Council of PVI Insurance, and Phạm Anh Đức, general director of PVI Insurance, receive a trophy marking the US$1 billion revenue milestone from Dr Edgar Puls, CEO of HDI Global SE and Lê Ngọc Sơn, chairman of the Members’ Council of Petrovietnam. — Photo courtesy of PVI

From a small oil and gas insurer to a billion-dollar insurance and finance institution with an international footprint, PVI Holdings marked its 30th anniversary this week, celebrating three decades of transformation and growth.

The celebration, held on Friday at the Vin Palace Convention Centre in Cổ Loa, Đông Anh, highlighted the company’s journey under the theme PVI – 30 Years of Boundless Innovator.

“Thirty years is not merely a milestone in time, it is a powerful testament to resilience, trust and continued transformation,” said Jens Holger Wohlthat, chairman of PVI Holdings’ Board of Directors.

“Throughout this journey, PVI has demonstrated that a Vietnamese enterprise grounded in strong values and guided by a global mindset can rise to international standards and build a legacy of excellence.”

PVI was established on January 23, 1996 as the Petrovietnam Insurance Corporation with a modest mission to protect national oil and gas projects.

The company began with just over 30 employees working from a small office at 10 Điện Biên Phủ Street in Hà Nội and initial capital of VNĐ22 billion.

Despite early challenges, including the global shock following September 11, 2001 and difficulties in international reinsurance, PVI steadily expanded its operations and financial capacity.

A major breakthrough came in the early 2000s when PVI secured its first direct energy reinsurance contract with the London market. It remains the only Vietnamese company to hold such an agreement.

The deal persuaded international contractors and oil companies to purchase insurance from PVIC, marking PVI’s deeper integration into global markets.

In 2006, PVIC was successfully equitised and became PVI, with charter capital rising to VNĐ500 billion. The initial public offering was notable for attracting the highest number of participants and recording the highest average winning bid price on the Vietnamese stock market.

By 2010, PVI became the first and only Vietnamese insurer to receive a B+ financial strength rating from international credit rating agency AM Best.

A year later, a strategic partnership between Petrovietnam and Germany’s HDI Global SE created PVI Holdings. The group encompasses non-life insurance, life insurance, reinsurance and asset management, with PVI Insurance as its core company.

This model helped PVI achieve sustained revenue growth. The company became the first and only insurer to be awarded the title Labour Hero in the renewal period by the Party and State.

Dương Thanh Francois, chairman of the Members’ Council of PVI Insurance, and Phạm Anh Đức, general director of PVI Insurance, receive a trophy marking the US$1 billion revenue milestone from Dr Edgar Puls, CEO of HDI Global SE and Lê Ngọc Sơn, chairman of the Members’ Council of Petrovietnam. — Photo courtesy of PVI

During the COVID-19 pandemic, PVI maintained uninterrupted operations for two years. In 2021, at the height of the crisis, PVI Insurance reached the number one market position with record revenue of VNĐ10 trillion.

The insurance sector has faced heavy losses over the past two years following Typhoon Yagi in 2024 and a series of natural disasters in 2025.

“In difficult times, the insurance industry continues to affirm its important role in accompanying the Government, businesses and people to share the burden for those affected by natural disasters,” said Lê Tấn Cận, Deputy Minister of Finance.

By 2025, PVI had grown into a regional insurance and finance institution. PVI Insurance reported total revenue of US$1 billion in 2025, becoming the first non-life insurer in Việt Nam to reach this milestone.

In the same year, it won the General Insurer of the Year and Underwriting Initiative of the Year awards at the InsuranceAsia News Awards for Excellence 2025 and ranked among the top three general insurers in Asia. It is also the only Vietnamese insurer rated A– (Excellent) by AM Best.

After 30 years, PVI has developed into a regional insurance and finance institution.

The group said its next phase will focus on safeguarding key national projects, expanding internationally and competing on equal terms in global markets.

PVI is focusing on three priorities: sustainable development in line with ESG standards and transparent governance, accelerating technology applications as a growth driver and long-term investment in human resources as the foundation of corporate strength and identity. 

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