Vietnam: Life sector more than doubles revenue in 1H2018
Source: Asia Insurance Review | Sep 2018
The total revenue of the 18 life insurance firms operating in Vietnam reached VND36tn ($1.55bn) in the first six months of this year, while their insurance premiums from new contracts reached VND12.5tn, up by 128% and 125%, respectively, against the corresponding period last year.
The top five market leaders were Bao Viet, Dai Ichi, Prudential, Manulife and AIA, according to the Vietnam Insurance Association. The Bao Viet Group ranked first among insurance companies with a revenue of more than VND9.9tn. The firm’s revenue from new insurance contracts in the period reached VND2.42tn, reports Vietnam News.
For this year, the insurance sector has targeted revenue of VND129.24tn, an increase of 22.38% against last year. If the industry reaches the target, it would be the fifth consecutive year that the sector posts annual growth of more than 20%. The industry’s total revenue jumped by 21.2% to VND105.61tn in 2017. A