AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Vietnam National Scale Rating of aaa.VN (Exceptional) of Bao Minh Insurance Corporation (BMI).

The Credit Ratings (ratings) reflect BMI’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings were placed under review with negative implications on 23 April 2026, reflecting concerns around BMI’s internal control environment and ERM following the occurrence of insider fraud. While downside risk is mitigated by favourable developments including the status of interim resolution and issuance of a clean audit opinion on BMI’s first half of 2026 results, further review is needed to evaluate the robustness of the company’s ERM framework.

AM Best expects to resolve the under review status once it can fully assess the impact of this incident on BMI’s credit fundamentals, alongside the effectiveness of the company’s remedial actions and improved 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, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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