According to data from the Vietnam Insurance Association, total insurance premium revenue for the entire market in the first six months of the year is estimated at VND 77,831 billion, a decrease of 7.9% compared to the same period last year.
Compared to the first six months of 2022, premium revenue for many insurance companies in the market has decreased.
Of these, four companies saw reductions of over 1,000 billion VND: Manulife (down 1,988 billion VND), AIA (down 1,177 billion VND), Prudential ( down 1,157 billion VND), and MB Ageas (down 1,040 billion VND).
Several other businesses also recorded decreases of hundreds of billions of dong compared to the first six months of last year, including Dai-ichi Life (down 665 billion dong), Generali (down 211 billion dong), Bao Viet Life (down 186 billion dong), and Sun Life (down 111 billion dong)...
Many major insurance companies saw trillions of dong in premium revenue decrease. (Illustrative image)
According to the Vietnam Insurance Association, total new insurance premium revenue for the entire market in the first six months of 2023 is estimated at VND 15,508 billion, a decrease of 38.2% compared to the same period last year.
Leading in new premium revenue are Prudential with VND 2,741 billion, Dai-ichi Life with VND 2,046 billion, Manulife with VND 1,976 billion, Bao Viet Life Insurance with VND 1,912 billion, and Sun Life with VND 1,183 billion. However, the order has changed significantly.
Prior to that, in the first six months of last year, Manulife led in new premium revenue with VND 4,685 billion, followed by Prudential with VND 4,490 billion, Dai-ichi Life with VND 3,322 billion, Bao Viet Life Insurance with VND 2,678 billion, and MB Ageas with VND 2,197 billion.
As a result, Manulife experienced a 58% decline and lost its top position in new premium revenue to its closest competitor, Prudential, even falling behind Dai-ichi Life.
The number of new exploration contracts in the first six months of 2023 reached nearly 1.03 million contracts (main product), a decrease of 31.3% compared to the same period last year.
Of these, investment-linked insurance products accounted for 61.2%, a decrease of 34.4% compared to the same period; term life insurance products accounted for 30.7%, a decrease of 17.6%; hybrid insurance products accounted for 0.7%, a decrease of 48.9%; and other insurance products accounted for 7.4%, a decrease of 44.9%, including: health insurance products accounting for 6.5%; retirement insurance products accounting for 0.05%; and whole life insurance products accounting for 0.77%.
Ngoc Vy
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