Manulife Vietnam falls out of the Top 10 prestigious life insurance companies in 2023

According to the announcement, the Top 10 prestigious life insurance companies in 2023 include familiar names such as Bao Viet Life Corporation, Dai-Ichi Vietnam Life Insurance Company Limited, AIA Life Insurance Company Limited (Vietnam), Prudential Vietnam Life Insurance Company Limited, Generali Vietnam Life Insurance Company Limited... Notably, Manulife Company Limited (Vietnam) this year is no longer in the Top 10 list above.

Previously, Manulife Vietnam ranked 8th in the Top 10 prestigious life insurance companies in 2022. Replacing Manulife is Mirae Asset Prévoir Life Insurance Company Limited and this is also the first time the unit has entered this list.

The report said that, looking back at 2022 with profound fluctuations in both the global macroeconomic and the domestic Vietnamese economy, the insurance industry, although recording a slower growth rate than before, is still relatively stable, ensuring its role as a shield for the economy against risks. According to data from the Insurance Management and Supervision Department, premium revenue of the entire insurance market increased by 15.1% compared to the previous year. Of which, premium revenue in the life insurance sector increased by 15% and non-life insurance recorded a strong breakthrough with an increase of 15.3% compared to a modest increase of 4.3% in 2021.

In the first 5 months of this year, a series of scandals related to the bancassurance distribution channel have caused confidence in the life insurance market in particular and the insurance industry in general to decline to the lowest level in the history of nearly 30 years of development in Vietnam. Negative information about life insurance has appeared widely in the media.

Manulife Việt Nam rớt khỏi Top 10 công ty bảo hiểm nhân thọ uy tín năm 2023 - Ảnh 2. — Top 10 reputable life insurance companies in 2023

Up to 81.8% of businesses and experts of Vietnam Report believe that the appearance of many negative information about life insurance is the biggest challenge that businesses will face in 2023. Statistics from social networking platforms show that after negative information about bancassurance channels and two incidents of false and irresponsible consultants towards customers, the amount of discussion about the insurance industry increased 15 times, from 4,700 discussions/day in 2022 to 73,000 discussions/day in April 2023...

As a result, total insurance premium revenue in the first 5 months of 2023 is estimated at VND 93,178 billion, down nearly 1.5% over the same period last year. Many insurance companies admit that this is a difficult period for the market. The psychology of hesitation, concern and skepticism cannot be completely eliminated, and there will still be risks affecting business activities in the coming time.

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