A.M. Best Company

04/23/2026 | Press release | Distributed by Public on 04/23/2026 07:23

AM Best Places Credit Ratings of Bao Minh Insurance Corporation Under Review With Negative Implications

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APRIL 23, 2026 09:20 AM (EDT)

AM Best Places Credit Ratings of Bao Minh Insurance Corporation Under Review With Negative Implications

CONTACTS:

Xin Ya Ong
Financial Analyst
+65 6303 5024
[email protected]

Chris Lim, FCII, CFA
Director, Analytics
+65 6303 5018
[email protected]
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
[email protected]

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
[email protected]

FOR IMMEDIATE RELEASE

SINGAPORE - APRIL 23, 2026 09:20 AM (EDT)
AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of "bbb" (Good) and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) of Bao Minh Insurance Corporation (BMI).

The under review with negative implications status reflects concerns around BMI's internal control environment and enterprise risk management following the occurrence of insider fraud, which may negatively impact the company's credit fundamentals.

AM Best expects to resolve the under review status once it can assess the impact of these transactions on BMI's credit fundamentals, alongside the effectiveness of the company's remedial actions and risk management control measures.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.


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