BIDV Insurance Corporation

A.M.Best is currently one of the world’s leading financial credit rating agencies, specialized in conducting credit rating for insurance and reinsurance companies throughout its experience of more than 100 years. In Vietnam, A.M.Best has conducted rating for Vietnam National Reinsurance Jointstock Company, PVI Insurance Company, PVI Reinsurance Company and Samsung Vina Insurance Company.

According to A.M.Best, those ratings reflect BIC’s strong risk-based capitalization capacity, along with support from its major shareholder i.e. BIDV, positive insurance performance as well as its diversified business portfolio in Indochina region via its two ventures in Laos (LVI) and Cambodia (CVI).

“BIC has recurrently strengthened its capitalization capacity as measured by Best's Capital Adequacy Ratio (BCAR). In addition, BIC has received immense support from its major shareholder i.e. BIDV in terms of brand credibility, operation network and customer base. Also, BIDV has catered BIC with necessary resources in corporate governance and risk management. Consequently, BIC has achieved relatively persuasive business results during the last 5 years. BIC’s abroad business activities have witnessed rather encouraging growth, assisting its revenue enhancement and diversification via its two ventures i.e. LVI and CVI”, stated in A.M.Best press release.

The obtained rating is considered as rather impressive for the initial grading on non-life insurance company in Vietnamese market, particularly during the period of economic difficulties.

Mr. Pham Quang Tung, BIC Chairman confirmed the rating by international rating agencies as a crucial component in BIC’s development strategy. “With BIC, as for its strategy to expand its operation to regional countries, credit rating receives priority in an effort to ensure the fulfillment of minimum credit rating regulations on reinsurance companies in its operating countries (including Cambodia and Laos for the time being). International credit rating offers a way for BIC to complete its risk management system, access to international standards on financial and accounting activities, profession management and corporate governance. Especially, credit rating results will enable BIC to improve its advantages in finding strategic investment partners, strengthen trust from partners and clients” shared Mr. Tung.

Since its inception in 2006, BIC has been implementing its mission of providing non-life insurance products appropriately designed in line with total full package financial services offered by BIDV to clients. With nearly 10 years operating under the brand of BIDV Insurance Company, BIC has fully exploited support from its major shareholder, simultaneously taken market opportunities and continuously grown. BIC is ranked as one of 50 best performing listed companies, one of 500 companies with highest growth and one of 1000 companies paying highest taxes during 2010-2013. At present, BIC’s market share ranks the 7th in the non-life insurance market, as well as being one of companies with the highest profitability. BIC is the first insurance company in Vietnam with operation network covering 03 Indochinese countries (including Laos, Cambodia and Vietnam), as well as a proactive insurance company in developing new modern retail distribution channels, for instance, Bancassurance, online insurance and Telesales.

For updated information on BIC’s rating results, please visit A.M.Best official website at www.ambest.com