Dear Valued Shareholders,

The year 2025 concluded amid continued volatility in the global economy. Global growth remained at a moderate level, while the recovery outlook was constrained by the prolonged impact of geopolitical tensions, rising trade protectionism, mounting public-debt pressures in many advanced economies, and escalating risks associated with climate change. Although inflationary pressures in several countries showed signs of easing and labor markets remained relatively stable, the divergence in growth trajectories across regions indicates that the global business environment continues to face significant challenges.

In Vietnam, the economy sustained its growth momentum in 2025, reflecting increasingly strengthened adaptability and resilience. Production and business activities gradually recovered, public investment continued to be accelerated, and the service sector remained a key growth driver. Nevertheless, the economy continued to face pressures from exchange rate fluctuations, rising input costs, adverse developments in several major export markets, and the increasingly visible impacts of natural disasters.

In line with the overall economic recovery, Vietnam’s non-life insurance market continued to grow steadily. Gross-written premiums sustained double-digit growth, reaffirming the increasingly important role of insurance in supporting economic development and enhancing society’s overall risk-management capability.

Against this backdrop, 2025 marked a particularly significant milestone for PVI – the 30th anniversary of its establishment and development. Thirty years represents not merely the passage of time, but a testament to PVI’s resilience, enduring belief and continuous transformation, grounded in strong core values and an internationally oriented mindset.

Throughout its 30-year journey, PVI has consistently reinforced its leading position in Vietnam’s non‑life insurance market while progressively expanding its regional and international presence. In 2025, the PVI system continued to record several important achievements. In addition to sustaining many long-standing prestigious awards, PVI was, for the first time, recognized among the Top 10 Annual Reports in the financial sector as selected by the Ho Chi Minh City Stock Exchange, thereby affirming the quality of its information disclosure and corporate governance standards.

As the parent company, PVI Holdings continued to enhance the quality of strategic and business planning, capital and investment management, brand development and risk control in line with international best practices, thereby establishing a solid foundation for the system’s safe and sustainable growth. Under the strategic direction of PVI Holdings, member companies also recorded significant achievements in 2025.

In the non‑life insurance segment, PVI Insurance Corporation surpassed USD 1 billion in revenue for the first time and received multiple prestigious international awards. PVI Insurance was honored with three major awards at the Insurance Asia News – Country Awards for Excellence 2025 (Best General Insurer, Outstanding Claims Management and Best Digital Insurer) and was ranked among the Top 3 “Non-Life Insurer of the Year” at the 29th Asia Insurance Industry Awards (AIIA). These achievements further demonstrate PVI Insurance’s competitiveness, service quality, claims management capabilities and progress in digital transformation in line with international standards.

In the reinsurance segment, Hanoi Reinsurance Joint Stock Corporation (Hanoi Re) recorded 2025 as a breakthrough year, with revenue and profit exceeding the approved business plan. These results were driven by stable growth in both domestic and international markets; the strict maintenance of underwriting discipline, resulting in a marked improvement in profitability; and the continued strengthening of financial and technical capacity through prudent investment management. Beyond its financial performance, Hanoi Re further enhanced its market position and brand reputation through the expansion of its international operations, the successful organization of the Hanoi Re International Reinsurance Conference 2025, and the acceleration of digital transformation across governance, management, and operations. These achievements reaffirm Hanoi Re’s role as a leading reinsurance company in Vietnam and provide a solid foundation for sustainable growth in the next phase.

In the asset and fund management segment, PVI Fund Management Joint Stock Company (PVI AM) continued to operate under a disciplined and sustainable strategy, delivering stable value for investors, with fund management remaining the core profit driver. At the same time, PVI AM is entering a new phase of development with an expanded product ecosystem serving a diverse base of individual and institutional investors, including insurance companies and financial technology firms.

As PVI enters its 30th year, the Company has defined a renewed development mindset with a dual mission. First, PVI will continue to uphold its role as a “Protector” – serving as a trusted partner for national key projects, energy ecosystems and critical economic sectors, through the continuous enhancement of professional insurance, reinsurance and risk-management capabilities. Second, PVI remains firmly committed to its role as a “Pioneer” – proactively expanding its growth horizon and strengthening competitiveness to integrate and compete effectively in regional and international markets.

Under the Board of Directors’ governance, strategic orientation and oversight responsibilities, together with the Executive Management, we have agreed to focus on three strategic pillars in the coming period: sustainable development in accordance with ESG standards and international best practices; leadership in technology and data to enhance growth capacity and management efficiency; and long-term investment in people – the fundamental foundation of PVI’s competitiveness and corporate identity.

The Board of Directors and strategic shareholders are committed not only to accompanying PVI, but also to co-creating its future through resources, knowledge, governance experience and international networks.

Over the past thirty years, PVI has affirmed itself as a pioneering, resilient and trustworthy enterprise. The next thirty years will be a journey towards new heights, accompanying the development of the national economy, built upon sound governance, sustainable development and an unwavering aspiration for innovation.

Entering 2026, PVI will focus on the comprehensive implementation of solutions aimed at enhancing operational efficiency and system-wide competitiveness, and at achieving and exceeding the targets approved by the General Meeting of Shareholders and the Board of Directors. Key priorities include improving the quality of growth through strengthened risk control, more efficient capital utilization, accelerated digital transformation, customer-centric product and service development, and the further reinforcement of corporate governance in line with international best practices. PVI will continue to maintain its leading position in Vietnam’s non-life insurance market, strengthen its reinsurance capacity, and expand its international presence in alignment with its risk appetite and long-term sustainable growth strategy.

On behalf of the Board of Directors, I would like to express my sincere and profound appreciation to our valued shareholders, partners and close friends who have consistently trusted, accompanied and supported PVI throughout its development journey. Your enduring commitment, trust and invaluable support are a powerful source of motivation and a vital foundation enabling PVI to continue its progress and consolidate the position it holds today.

I would also like to extend my deepest appreciation to the Executive Management and all employees across the system – the individuals who have devoted themselves quietly with dedication, responsibility and a strong spirit of service, and who have contributed significantly to building PVI’s identity, reputation and internal strength over the past thirty years.