Vietinbank Insurance Corporation
About the Issuer
VBI began operations in 2008 and is a key subsidiary of Vietinbank, one of Vietnam’s largest state-owned commercial banks by assets. Vietinbank collaborates closely with its subsidiaries and affiliates to provide a comprehensive range of banking, insurance, securities, and fund management products and services to its customers.
Through Vietinbank’s extensive nationwide physical network, VBI is able to distribute its insurance products and services to Vietinbank’s customers. Additionally, VBI has established bancassurance partnerships with 15 other commercial banks in Vietnam, thereby expanding its reach. Bancassurance serves as VBI’s main distribution channel and supporting its rapid business expansion over the past five years. VBI also maintains one of the largest agency forces among non-life insurers in Vietnam with over 7,000 individual and institutional agents as of 2024.
Rating Results
Credit Opinion
(1) capital adequacy improves, evidenced by a sustained gross underwriting leverage ratio below 3.0x; or
(2) return on capital remains above 18.5%, supported by consistent growth in its core insurance business and stable investment returns
(1) product risks increase due to rapid expansion into new or higher-risk segments without commensurate risk mitigation and increase in buffers to cover losses under adverse scenarios; or
(2) rising exposure to high-risk assets increases the likelihood of balance sheet losses and income volatility; or (3) return on capital falls below 7%, for example, from sustained losses in insurance operations or investments
(1) ranked among the largest non-life insurers;
(2) strong bancassurance network, which enables lower distribution costs, and its strong digital capabilities;
(3) robust and fast-growing core insurance income, and a conservative investment strategy, which provides stable investment returns;
(4) prudent underwriting practices and supported by its automated claim-handling
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for Unlisted.
VIS Rating has not issued a Second Party Opinion for this company
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