It was a difficult year, with insurance premium revenue falling by 4.43%.

December 27, 2023 14:15 Nhat Linh Print article

ANTD.VN - Total insurance premium revenue decreased by 4.43% compared to the same period last year, estimated at VND 211,187 billion. Meanwhile, insurance benefit payments increased by as much as 32.52%, estimated at VND 81,162 billion.

According to data from the Ministry of Finance , as of November 30, 2023, the insurance market had 82 insurance businesses. These included 31 non-life insurance companies, one branch of a foreign non-life insurance company; 19 life insurance companies, two reinsurance companies, and 29 insurance brokerage companies.

In 2023, the total assets of insurance companies were estimated at VND 908,380 billion (an increase of 11.71% compared to the same period in 2022). Of this, non-life insurance companies accounted for an estimated VND 126,809 billion, while life insurance companies accounted for an estimated VND 781,571 billion.

Total equity capital is estimated at VND 189,927 billion, an increase of 7.56% compared to the same period last year.

Doanh thu phí bảo hiểm sụt giảm trong năm 2023

Insurance premium revenue declined in 2023.

However, total insurance premium revenue decreased by 4.43% compared to the same period last year, estimated at VND 211,187 billion. Of this, insurance premium revenue in the non-life insurance sector is estimated at VND 71,149 billion, and in the life insurance sector at VND 140,038 billion.

According to the Ministry of Finance, insurance premium revenue decreased in 2023, mainly due to the difficult economic situation and shortcomings in sales consulting, especially in the bancassurance channel. This led to disputes during the conclusion and execution of insurance contracts recently, eroding public trust and affecting people's decisions to purchase insurance.

Meanwhile, insurance benefit payments increased by 32.52%, estimated at VND 81,162 billion. Of this, non-life insurance companies accounted for an estimated VND 23,814 billion, and life insurance companies accounted for an estimated VND 57,348 billion.

Investments back into the economy are estimated at VND 757,652 billion (an increase of 12.56% compared to the same period last year). Total insurance reserves are estimated at VND 593,474 billion (an increase of 14.25% compared to the same period last year).

Regarding insurance brokerage activities, in 2023, the total insurance premiums arranged through insurance brokers were estimated at VND 16,824 billion, an increase of 0.4% compared to the same period of the previous year (of which original insurance premiums arranged through brokers were estimated at VND 9,338 billion, and reinsurance premiums arranged through brokers were estimated at VND 7,486 billion).

Brokerage commissions for original insurance products are estimated at VND 894 billion (up 1.1% year-on-year), and brokerage commissions for reinsurance products are estimated at VND 265 billion (up 10.7% year-on-year).

The Ministry of Finance forecasts that in 2024, the total assets of non-life insurance companies will increase by 7.27%; and those of life insurance companies by 10.4% compared to 2023.

Total insurance premium revenue is estimated at VND 243,472 billion (an increase of 7.19% compared to the same period last year), of which non-life insurance premium revenue is estimated at VND 79,687 billion (an increase of 12% compared to the same period last year), and life insurance premium revenue is estimated at VND 163,785 billion (an increase of 5.0% compared to the same period last year).

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