News eDaily20 Apr 2017

Vietnam:Large life insurers led profit race in 2016

20 Apr 2017

The pre-tax profits of Vietnam's life insurance market stood at VND2.36 trillion (US$103.6 million) on total revenue of VND50.37 trillion last year.

Excluding MB Ageas Life, which is a new market entrant, the number of life insurers reporting a profit was 10 last year, compared to seven which reported losses, reported VN Economic Times citing data from the Vietnam Insurance Association.

The senior manager of one large life insurer said that high profit levels are still concentrated among insurers which have been operating in Vietnam for at least 10 years.

The top performers were Prudential, Bao Viet Life, and Manulife, with profits of VND1.6 trillion, VND900 billion and VND554.6 billion, respectively.

The profit rankings were in line with revenue rankings, with Prudential, Bao Viet Life, and Manulife recording premiums of VND13.53 trillion, VND13.44 trillion and VND6.13 trillion, respectively.

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