VietinBank Insurance Secures A+ Credit Rating, Strengthening Its Position as a Leading Insurer

According to VIS Rating, the long-term issuer rating of A+ reflects VBI’s independent financial strength as “above average.” This rating underscores VBI’s rapidly growing market position, robust asset quality, and strong profitability, supported by effective product diversification and risk management, including adequate capitalization and reserves.

VietinBank Insurance (VBI), established in 2008, is a subsidiary of VietinBank (Vietnam Joint Stock Commercial Bank for Industry and Trade). Leveraging VietinBank’s extensive branch network, VBI distributes its products nationwide. Additionally, VBI has expanded partnerships with major financial institutions in Vietnam to broaden its customer reach. As of 2024, the company boasts a network of over 7,000 individual and corporate agents.

From 2020 to 2024, VBI achieved a compound annual growth rate (CAGR) of 19% in gross written premiums, outpacing the industry average of 9%. In the first half of 2025, the company maintained double-digit growth, with total revenue exceeding VND 2.2 trillion, ranking it 7th among Vietnam’s largest non-life insurers.

Pioneering Digital Transformation in Non-Life Insurance

VIS highlights that VBI’s credit rating is strengthened by its pioneering digital solutions, which enhance operational efficiency and customer experience.

Since 2016, VBI has digitized key sales and claims processes, making digital transformation a core strategic focus. The company has integrated its sales platform with partner banks’ digital applications, enabling customers to access products seamlessly online. VBI also leads in automated claims processing, handling 70-80% of small-value claims swiftly. Advanced technologies like Optical Character Recognition (OCR) and Artificial Intelligence (AI) further streamline sales and claims processing.

Customers can file claims for health, vehicle, and property insurance via the MyVBI app.

Strong Profitability and Risk Management

VIS Rating assesses VBI’s profitability as “Strong,” driven by robust core insurance revenue, rapid growth, and a prudent investment strategy ensuring stable returns. From 2022 to 2024, VBI’s average return on capital (ROC) was 9.2%, slightly below the industry average of 10.5%. However, VBI’s ROC stability surpasses peers, with a 3-year Sharpe ratio of 933%, compared to the industry’s 560%.

VBI effectively manages reinsurance risk through partnerships with leading domestic and international reinsurers, including Swiss Re Ltd. and Westfield.

Over nearly 17 years, VBI’s revenue growth, operational efficiency, and prestigious awards have culminated in its A+ rating from VIS. This recognition affirms VBI’s financial strength, risk management, and commitment to being a reliable financial partner for individuals and organizations, contributing to Vietnam’s transparent and sustainable insurance market.