PTI received B++ financial strength rating four years in a row
The international financial credit rating agency A.M.Best has announced a re-affirm of financial rating in 2023 for the Post and Telecommunications Insurance Corporation (PTI). PTI has a proud financial rating of B++, a long-term credit rating of BBB.
According to A.M.Best, PTI's operating performance is still rated "Adequate" because the average return on equity (ROE) over the past five years (2017-2021) has remained stable at 9.5%. In 2022, although the insurance business performance is affected, the original insurance business still brings good profit. The increase in premium percentages of key insurance products containing motor vehicle insurance and health care insurance, along with an improved deposit interest rate has contributed significantly to stabilizing PTI's overall profit in the past five years and overcoming short-term adverse effects.
A.M.Best said that PTI has many strengths such as diversified distribution channels, a large sales network, and comprehensive customer care services. PTI currently has many competitive advantages through the exclusive distribution of insurance products across the network of post offices in the country. In addition, PTI also owns other extensive distribution channels such as agents, bancassurance, brokerage, and showrooms.
The PTI representative informed the B++ rating continues to be a recognition of efforts to change and improve system administration and risk management, and maintain stable mining channels of PTI. With this result, PTI once again affirms its financial capacity and sustainable development ability to meet the rigorous standards of the international financial markets.
Currently, PTI is an insurance company in the TOP 3 of the non-life insurance market in Vietnam, ranking first in motor vehicle insurance market share and second in personal insurance.
POST AND TELECOMMUNICATIONS INSURANCE CORPORATION