On 21 November 2014, A.M. Best affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb” of Vietnam National Reinsurance Corporation (VINARE). The outlook for both ratings is stable.

According to A.M. Best, the ratings reflect VINARE’s solid risk-based capitalization, consistent operating performance, improving enterprise risk management and strong shareholder support.

In 2013, VINARE achieved gross written premium of VND1,425 billion (excluding VND 124.3 billion from the Pilot Agriculture Insurance Programme) and pre-tax profit of VND 401.8 billion (excluding loss of VND 22.3 billion from the Pilot Agriculture Insurance Programme). Total equity and assets as of 31 December 2013 were VND 2,431 billion and VND 4,568 billion respectively (consolidated balance sheet). Return on equity was 13.2%.

VINARE also affirms its strategy to provide clients with extensive added values and support Vietnam insurance industry for sustainable market growth with enhanced and stable profitability.

Link to A.M. Best’s press release:

http://www3.ambest.com/ambv/bestnews/PressContent.aspx?altsrc=14&refnum=21912