PVI, formerly known as PetroVietnam Insurance Company (PVIC), was established in 1996 as part of the Vietnam Oil and Gas Group (now Vietnam National Oil and Gas Group – Petrovietnam). Its initial mission was to ensure the safety of national oil and gas projects. At its inception, PVIC had over 30 employees, operated from a small office at 10 Dien Bien Phu, Hanoi, and had an initial charter capital of 22 billion dong.

The opening ceremony of PetroVietnam Insurance Company in 1996. Photo: PVI

In the early 2000s, as the international energy insurance market experienced significant fluctuations, PVI faced challenges related to reinsurance and cross-border risks. In response, PVI adopted a strategy to reduce its reliance on traditional joint ventures, directly signing energy reinsurance contracts with the London market, United Kingdom. To date, this remains the first and only such contract in the Vietnamese market.

"This reinsurance contract helped bridge the gap between the domestic insurance market and international standards, thereby allowing foreign oil and gas contractors to confidently implement projects in Vietnam", a company representative shared.

The PVI delegation in London, United Kingdom in the early 2000s. Photo: PVI

**Equitization: A pivotal moment**

In 2006, PVIC underwent equitization, officially operating as PetroVietnam Insurance Joint Stock Corporation, with its charter capital increasing to 500 billion dong. The company was listed on the stock market under the ticker PVI. This transaction attracted significant investor interest, drawing a large number of participants and achieving a high bid price compared to the market average at that time.

By 2010, PVI became the first Vietnamese insurance company to receive a B+ credit rating from AM Best. A year later, Petrovietnam and HDI Global SE (Germany) collaborated to establish PVI Holdings, creating a financial-insurance ecosystem that includes non-life insurance, life insurance, reinsurance, and asset management, with PVI Insurance Corporation serving as the core business.

This model enabled PVI to continuously expand its operations and achieve numerous growth milestones in revenue. It also became the first insurance enterprise to be awarded the title "Labor Hero in the Renovation Period" by the Party and the State.

**Breakthrough during the pandemic**

In 2019, PVI entered a phase of transitioning its governance model and business orientation between PVN and HDI, laying the groundwork for a new development cycle. Immediately afterward, the Covid-19 pandemic caused global and domestic economies to stagnate, severely impacting the insurance industry. Despite this challenging environment, PVI maintained continuous operations, ensuring uninterrupted service delivery. In 2021, at the peak of the pandemic, the company recorded revenue exceeding 10,000 billion dong for the first time, rising to the forefront of the domestic non-life insurance market.

"The solidarity, aspiration, and perseverance of our team were key factors that helped us maintain stable operations during volatile periods", a PVI representative stated.

By the end of 2025, the consolidated revenue for the entire system is estimated to reach 28,488 billion dong, completing 132.89% of the annual plan. Profit before tax reached 1,484 billion dong, and profit after tax was 1,178 billion dong, completing 136.14% and 135.66% of the annual plan, respectively.

PVI Insurance, a subsidiary of PVI, achieved a revenue milestone of 1 billion USD in 2025. The company was also honored in two categories, "General Insurer of the Year" and "Underwriting Initiative of the Year", at the InsuranceAsia News Awards for Excellence 2025 for the Asia-Pacific region, and ranked among the Top 3 "General Insurance Company of the Year" in Asia by the Asia Insurance Industry Awards 2025. Notably, PVI Insurance is currently the only insurance company in Vietnam rated A- (Excellent) by the international credit rating organization AM Best.

These efforts have progressively established PVI as a significant financial-insurance institution in the region. A company representative noted that international recognition reinforces PVI's position and reputation, while also affirming the competitive capability of the Vietnamese insurance brand on the continental map.

Mr. Duong Thanh Francois, Chairman of the Board of Members, and Mr. Pham Anh Duc, General Director of PVI Insurance, receiving the "General Insurer of the Year" award from Mr. Yawar Tharia, representing InsuranceAsia News Magazine. Photo: PVI Insurance

On 23/1, PVI will host its 30th anniversary celebration (23/1/1996 - 23/1/2026) at the Vin Palace Co Loa Convention Center in Dong Anh, Hanoi, under the theme "PVI - 30 years of unlimited pioneering". This event marks a significant milestone in the development journey of an insurance enterprise deeply connected with the energy sector and the integration process of the Vietnamese insurance market.

Entering a new phase, the company has set two primary objectives: continuing its role in ensuring the safety of key projects and critical economic sectors, and expanding its development scope in the international market. To achieve this, PVI will focus on three key actions: sustainable development aligned with ESG standards through transparent and global governance; accelerating technology application in business operations; and making long-term investments in human resources, considering these as the foundation for the company's strength and identity.

Minh Ngoc