Hanoi: AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) of Hanoi Reinsurance Joint Stock Corporation (Hanoi Re) to 'bbb+' from 'bbb'. The Financial Strength Rating (FSR) of B++ and the Vietnam National Scale Rating (NSR) of aaa.VN have been affirmed. Additionally, AM Best has revised the outlook of the Long-Term ICR to stable from positive, with the outlook of the FSR and NSR remaining stable.

According to BERNAMA News Agency, the upgraded ratings reflect Hanoi Re's balance sheet strength, which AM Best assesses as strong, as well as its operating performance, which is categorized as strong. The ratings also consider Hanoi Re's limited business profile and appropriate enterprise risk management practices. The assessment incorporates rating enhancement from its ultimate parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G.