KEY TAKEAWAYS

At the 2026 Annual General Meeting (held on April 17, 2026), PVI announced its 2026 business plan with the following highlights:

• Consolidated revenue is projected at VND 28,815 billion, representing a slight increase compared to 2025 (VND 27,339 billion).
• Profit before tax (PBT) is expected to reach VND 1,243 billion, down 15% YoY.
• The 2025 dividend payout ratio stands at 33%, including 23% in cash and 10% in stock.

The AGM also provided an update on the divestment plan of PetroVietnam (PVN) in PVI. The divestment, initially expected to be completed in 2025, has faced delays due to regulatory changes and has yet to be finalized. The company is currently awaiting PVN’s restructuring plan for the 2026–2030 period, with expectations that the divestment process will be resumed thereafter.

COMMENT AND RECOMMENDATION

PVI remains one of Vietnam’s leading non-life insurers, with particular strength in infrastructure insurance, benefiting from its parent group’s ecosystem. The company maintains top-tier operating efficiency, reflected in a low combined ratio, while its investment portfolio provides stable cash flow. PVI has also received an A- credit rating from AM Best for four consecutive years, highlighting strong governance and financial strength.

The company’s 2026 business strategy reflects a cautious stance amid increasingly unpredictable natural disaster risks.

While the market holds certain expectations regarding PVN’s potential divestment in the near term, we recommend investors focus on PVI’s core fundamentals.