3. Company Introduction
Key milestones
Vision to 2025
An internationally branding
financial and insurance
group operating under
2010 international practices
Obtained the Financial Strength
Rating of B+ (Good) for the first time
2011
Successfully transformed into a
2006 financial and insurance group with
Launched IPO and became a a wider scope of operations
public joint stock corporation
2007
Traded on the OTC market until
getting listed on Hanoi Stock
Exchange (HNX)
1996
Established as a captive insurer for Vietnam
National Oil and Gas Group (PVN) to provide
coverage for all of its assets and properties
PVI Holdings 3
4. Company Introduction
Continuous evolution and growth
PVI is the only market player that enjoys stable growth in direct insurance premiums.
2005 13.00% 38.60% 21.50% 13.00%
2006 18.30% 34.90% 21.80% 10.50%
2007 19.70% 31.10% 19.30% 10.50%
2008 18.60% 30.50% 17.30% 9.80%
2009 20.30% 26.90% 13.40% 9.50%
2010 20.60% 24.60% 11.40% 9.30%
2011E 20.60% 23.60% 10.70% 9.20%
PVI Bao Viet Bao Minh PJICO
Source: Vietnam Insurance Association PVI Holdings 4
5. Company Introduction
Continuous evolution and growth (cont.)
Growth in total assets and equity 2006 –2011
Unit: US$m
392
2011
261
308
2010
172
283
2009
115
235
2008
109
216
2007
83
57 Total assets
2006
34 Equity
Source: Management accounts PVI Holdings Exchange rate: 1 USD = 20,920 VND
5
6. Company Introduction
Continuous evolution and growth (cont.)
Performance has been continuously improved in all key segments
Unit: US$m 202.7
Direct insurance 167.9
Reinsurance
132.4
96.6
76.4
55.6
30.9
22.4
16.3
6.9 9.9
3.9
2006 2007 2008 2009 2010 2011
Source: Management accounts PVI Holdings Exchange rate: 1 USD = 20,920 VND
6
7. Company Introduction
The History of PVI’s Ratings
Petrovietnam Insurance JSC (PVI) approached A.M. Best since 2007 and obtained its ratings
for the first time in early 2010. In 2011, PVI has successfully re-affirmed its ratings. After the
business reorganization in June 2011, the road now continues for its insurance subsidiaries.
03/2012
B+ affirmed for
11/2011 PVI Ins. and assigned
B+ assigned to to PVI Re
03/2011
PVI Insurance
B+ affirmed
02/2010 (PVI Ins.)
to PVI JSC
B+ assigned
11/2007 to PVI JSC
Contract signed
with A.M. Best
PVI Holdings 7
8. Key Benefits of Getting an International Rating
Create more
Speed up the growth
confidence for foreign
of PVI
investors
Create an important
leverage for the
success of the
restructuring
PVI Holdings 8
9. Key Benefits (cont.)
1 CREATE MORE CONFIDENCE FOR FOREIGN INVESTORS
As the numbers can tell, many foreign investors have viewed secured ratings as an
assurance for their confidence in our capabilities and potentials.
After secured ratings were
assigned in early 2010, the 17.91% 16.32%
28.85% 24.47%
foreign ownership in PVI
has quickly increased by
3.7 times from 11.67% 35.60%
39.05%
(2009) to 43.05% (2011).
This trend is expected to 52.06%
continue in 2012 until the 59.48%
room for foreign investors
is full. 43.05% 48.08%
23.47%
11.67%
2009 2010 2011 2012E
Foreign investors Petrovietnam Other shareholders
PVI Holdings 9
10. Key Benefits (cont.)
2 SPEED UP THE GROWTH OF PVI
Compared to the period before 2009 2010 2011
Unit: US$m
ratings were
assigned, significant 392
improvement to key financials
of PVI has been observed.
Specifically, PVI has doubled 308
283
its owners’ equity within only 261 270
two years thanks to its 215
successful capital raising
172 170
plan.
115
Total assets Owners' equity Total revenue
Period growth: 38.37% 126.08% 59.02%
PVI Holdings 10
11. Key Benefits (cont.)
3 CREATE AN IMPORTANT LEVERAGE FOR THE SUCCESS OF THE RESTRUCTURING
In the development strategy of PVI, Rating has been a key link in our cycle of value creation.
Finance & Technology
Capital raising & selection
of strategic investors
Transparency The Re-
structuring
Secured
ratings
Sustainable development
PVI Holdings 11
12. Existing
Key Benefits (cont.) To-be-established in 2012
3 CREATE AN IMPORTANT LEVERAGE FOR THE SUCCESS OF THE RESTRUCTURING
Following the cycle of value creation, PVI has successfully transformed from one single
insurance entity into a financial and insurance group, which includes a parent
company, three insurance subsidiaries and a fund management company.
PVI Holdings
PVI Insurance PVI Reinsurance PVI Life PVI Capital
Market leader in Independent New license Manage cash
non-life reinsurance Leverage flows and
insurance in company, one resources from investments of
Vietnam of two existing PVI/ PVN PVI Group
Close ties with licenses in Leverage
Cross-selling to
many Vietnam Vietnam investment
employees of
industrial Strong support industrial clients opportunities in
companies from PVI/ PVN PVN Group
PVI Holdings 12
13. Experiences of Getting an International Rating
Three important contributors to our success in getting and maintaining secured ratings:
Management Good
Commitment preparation
Good
resources
PVI Holdings 13
14. Conclusion
From awareness to action
High commitment and involvement from top management is key to the whole preparation
process. This should be initiated first and foremost by their awareness of the necessity for
transparency and improvement to corporate governance.
Awareness
SUCCESS
Action Commitment
PVI Holdings 14
