Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Vietnam
  4. HANOI STOCK EXCHANGE
  5. PVI Holdings
  6. News
  7. Summary
    PVI   VN000000PVI1

PVI HOLDINGS

(PVI)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensus 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

PVI : AM Best revises Outlooks to Positive for PVI Insurance

09/08/2020 | 03:05am EDT

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb+' of PVI Insurance.

The ratings reflect PVI Insurance's balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). In addition, PVI Insurance benefits from rating enhancement from HDI group.

The revised outlooks reflect operating performance metrics that have strengthened in recent years and compare favourably with industry peers and global benchmarks. Underwriting performance has shown good stability over time, supported by robust earnings from profitable commercial and industrial business achieved through an ongoing focus on risk selection and expense control. While other major lines of businesses, including personal accident and motor insurance, have seen high competition leading to elevated loss ratios, the company has undertaken portfolio remediation measures, which included tighter underwriting controls, more refined performance monitoring, nonrenewal of unprofitable accounts and centralisation of claims management processes.

The ratings also reflect the implicit support for various aspects of the business that PVI Insurance receives from the HDI group. Although PVI Insurance's operations account for a small portion of HDI group's overall revenues and earnings, the company is viewed to be a strategic component to the HDI group's international expansion plans.

PVI Insurance's balance sheet strength assessment is underpinned by risk-adjusted capitalisation that remains at the strongest level, as measured by AM Best's Capital Adequacy Ratio (BCAR). Good financial flexibility was demonstrated by a history of capital injections, including a most recent round of VND 500 billion (USD 22 million) from its immediate parent, PVI Holdings, in second-quarter 2020. At the same time, the company has exhibited a high dividend payout ratio over recent years, although retained earnings combined with periodic capital contributions have remained sufficient to support business growth. An offsetting balance sheet factor continues to be the company's high reinsurance usage and dependence to enable the underwriting of large commercial property, energy and engineering risks.

The company benefits from business sourced from its second largest shareholder, PetroVietnam group (PVN), the state-owned corporation operating in the oil and gas sector. The company's ultimate majority ownership by HDI is expected to strengthen its position in the regional industrial risks insurance market.

Going forward, AM Best expects PVI Insurance to benefit further from the HDI group's international product expertise in areas of risk selection, pricing and reserving, as well as its oversight and support in respect of risk management.

Disclaimer

PVI Holdings published this content on 08 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 September 2020 07:04:02 UTC


ę Publicnow 2020
All news about PVI HOLDINGS
09/19PVI : HDI Global SE announced its first partnership within the autonomous techno..
PU
09/10PVI : Mr. Christian Hinsch – Commemorating and honoring a true leader of t..
PU
09/10PVI : Work in the post-pandemic "New Normal" – HDI Group details arrangeme..
PU
09/08PVI : Establishment of the Information Technology Center – PVI Holdings Br..
PU
09/01PVI : Re and Bao Long launched electronic portal for reinsurance transactions
PU
08/13PVI : Talanx increases premiums by 9.4 percent and generates H1 Group net income..
PU
08/11PVI : IFC Becomes a Shareholder in PVI Holdings, Promoting Vietnam's Insurance S..
AQ
07/21Pvi Holdings Reports Earnings Results for the Second Quarter Ended June 30, 2..
CI
07/02PVI REINSURANCE JOINT STOCK : AM Best Places Credit Ratings of PVI Reinsurance J..
AQ
07/02An unknown buyer acquired unknown stake in PVI Holdings from HDI Global SE.
CI
More news
Financials
Sales 2020 5 608 B 247 M 247 M
Net income 2020 807 B 35,5 M 35,5 M
Net cash 2020 1 144 B 50,3 M 50,3 M
P/E ratio 2020 9,37x
Yield 2020 -
Capitalization 9 589 B 420 M 422 M
EV / Sales 2019 1,00x
EV / Sales 2020 1,06x
Nbr of Employees 2 561
Free-Float 10,7%
Chart PVI HOLDINGS
Duration : Period :
PVI Holdings Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Last Close Price 42 900,00 VND
Average target price 39 777,00 VND
Spread / Average Target -7,28%
Managers and Directors
Thuan Van Bui Chief Executive Officer & Director
Jens Holger Wohlthat Chairman
Danh Thanh Duong Director
Ulrich Heinz Wollschlńger Director
Tuan Anh Nguyen Director
Sector and Competitors
1st jan.Capi. (M$)
PVI HOLDINGS34.91%420
AMERICAN INTERNATIONAL GROUP, INC.42.13%46 018
THE TRAVELERS COMPANIES11.34%38 993
THE ALLSTATE CORPORATION19.19%38 743
TOKIO MARINE HOLDINGS, INC.13.92%37 842
SAMPO OYJ24.65%28 090