On March 19, 2026, AM Best upgraded the Long-Term Issuer Credit Rating (ICR) of Hanoi Reinsurance Joint Stock Corporation (Hanoi Re) to “bbb+” (Good) from “bbb”. At the same time, AM Best affirmed the Financial Strength Rating (FSR) at B++ (Good) and the Vietnam National Scale Rating (NSR) at aaa.VN (Exceptional). The outlook for the Long-Term ICR was revised to stable from positive, while the outlooks for the FSR and NSR remain stable.

According to AM Best, the upgrade reflects Hanoi Re’s strengthened balance sheet fundamentals in recent years, with risk-adjusted capitalization expected to remain at the strongest level over the medium term. The company’s operating performance continues to be viewed positively, with a five-year average return on equity (ROE) of 14.4%. In 2025, earnings improved, supported by better underwriting performance, expense management, and premium rate increases.

AM Best also noted that Hanoi Re maintains a moderate-risk investment portfolio and utilizes retrocession arrangements to manage large risks. In addition, the company continues to benefit from support from its parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G.

Hanoi Re is one of the two domestic reinsurers in Vietnam, with a significant portion of its business sourced from PVI Insurance Corporation.