AMBest continues to rate PJICO's financial strength at "B++" (good) and issuer strength at "bbb" (good). In particular, in 2023, AM Best will add a national scale rating (NSR) applicable to each country's market, converted from the rating results according to international standards. Accordingly, PJICO's rating after being converted according to the national rating is "aaa.VN" - the highest level in Vietnam. The outlook for upgrading the indicators is stable.
PJICO's development strategy based on two orientations "Green transformation" and "Digital transformation" is also considered suitable for the business and current operations.
This rating result was announced by AMBest based on a comprehensive assessment of PJICO's operations over many years, including financial capacity, business results, operational efficiency, development strategy and risk management system. To maintain the ranking, PJICO has made efforts to improve the assessment data and adjust the management system to comply with the strict standards of international credit rating organizations.
PJICO's financial capacity is measured through the capital adequacy ratio (BCAR), which is highly appreciated by AMBest. PJICO will maintain a prudent investment strategy, a stable and safe reinsurance structure, and continue to transfer reinsurance to markets with high credit ratings, contributing to supporting insurance capacity for large-scale risk groups such as: Property - Engineering, Maritime, Aviation - Energy, as well as managing other risk groups. In the period of 2018 - 2022, PJICO's average return on equity (ROE) is 12.2%, the combined cost ratio is 97.1%, helping the Company to have good profits from insurance business activities.
PJICO always maintains the Professional Reserve Fund and especially the Large Fluctuation Reserve Fund at the highest level in the Non-Life Insurance market. This also ensures that PJICO fully meets its financial capacity in compensation payment, ensures service quality and is the foundation for the enterprise to proactively implement future business strategies.
In addition, the restructuring of PJICO's operating model in recent times, along with a strict risk management framework and a development strategy based on the two orientations of "Green Transformation" and "Digital Transformation" of PJICO, is also considered suitable for the business and current operations.
By the end of October 2023, PJICO's insurance premium revenue reached more than VND 3,180 billion, an increase of more than 6% over the same period. Pre-tax profit in the first 9 months of the year reached more than VND 238 billion, an increase of 19% over the same period.
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