VINARE faces risk despite 10.8% ROE

The reinsurer recorded a five year average return on equity between 2021 and 2025.

Vietnam National Reinsurance Corporation is expected to continue delivering strong operating performance, driven by its core commercial underwriting lines and consistent investment income. 

This follows a period of robust earnings, including a five-year average return-on-equity of 10.8% between 2021 and 2025, AM Best said in a research note.

In the 2025 fiscal year, investment income served as the primary contributor to total earnings, recording a net investment income ratio of 22.6%.

Whilst VINARE holds a leading position in the domestic market through long-standing relationships with local insurers, it faces ongoing exposure to large commercial and industrial risks.Its balance sheet strength is supported by high capital 

adequacy levels as of year-end 2025, though this is partially offset by moderate investment risks in listed stocks and private placements.