AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good) and the Vietnam National Scale Rating of aaa.VN (Exceptional) of Bao Viet Insurance Corporation (BVGI) (Vietnam). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect BVGI’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement from BVGI’s parent, Bao Viet Holdings (BVH), a major finance and insurance group in Vietnam.

AM Best assesses BVGI’s balance sheet strength as very strong, underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level over the medium term. In addition, AM Best views the company as having good financial flexibility, as demonstrated by historical capital injections from BVH. In addition, BVGI has a moderate-risk investment portfolio, with the majority of its investments allocated to cash, term deposits, bonds and the remainder held in equity investments and real estate. The company has a moderate reinsurance reliance to support its underwriting capacity and manage its catastrophe exposure. Exposure to credit risk is mitigated partially by the high credit quality of its reinsurance panel.

AM Best assesses BVGI’s operating performance as adequate, with a five-year weighted average return-on-equity ratio of 10% (fiscal-years 2021-2025). The company’s underwriting performance remained marginally profitable in 2025. In addition, its stable investment income, which is comprised mainly of interest and dividend incomes, is supportive of overall profitability. Prospective earnings are expected to be supported by the prudent underwriting strategy and pricing discipline.

BVGI is the second-largest non-life insurer in Vietnam, with a market share of 13% based on direct premiums written in 2025. The company holds market leading positions in several personal lines, including motor insurance, health and personal accident insurance. BVGI’s underwriting portfolio shows moderate diversification by line of business. In addition, the company distributes its products mainly through agencies and brokers.

BVGI’s ratings incorporate rating enhancement from its ownership and integration with BVH. The company benefits from group-wide corporate governance, as well as access to shared resources and services across various business functions. Although BVGI’s operations account for a small portion of the group’s consolidated revenue, the company is considered strategically important to the group.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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