A.M. Best has assigned aFinancial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of"bbb" to Bao MinhInsurance Corp. (BMI) (Vietnam). The outlook assigned to theseCredit Ratings (ratings) is stable.

The ratings reflect BMI's strongrisk-adjusted capitalization and its business profile in Vietnam's non-lifeinsurance market.

BMI's risk-adjustedcapitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is supportedby its underwriting leverage, which is low at a gross and net level, the goodquality of its reinsurance assets and its investment portfolio, with 70% ofinvestments allocated to cash and deposits. As the third-largest player inVietnam's non-life market, as of year-end 2015, BMI has a strong presenceacross the countries, with offices in 54 out of 63 provinces and cities.